7. INTANGIBLE ASSETS

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2014:

	Weighted Average Life (Years)		December 31, 2014
	Weighted Average Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
			(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill			$	11,112	$	—		$	11,112
Trademarks				34,748		—			34,748
Total indefinite-lived intangible assets			$	45,860	$	—		$	45,860
Amortizable intangible assets:
Non-compete agreement		5	$	200	$	(153	)	$	47
Customer relationships		15		3,500		(894	)		2,606
Total amortizable intangible assets			$	3,700	$	(1,047	)	$	2,653

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2013:

	Weighted Average Life (Years)		December 31, 2013
	Weighted Average Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
			(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill			$	11,112	$	—		$	11,112
Trademarks				34,748		—			34,748
Total indefinite-lived intangible assets			$	45,860	$	—		$	45,860
Amortizable intangible assets:
Non-compete agreement		5	$	200	$	(113	)	$	87
Customer relationships		15		3,500		(661	)		2,839
Total amortizable intangible assets			$	3,700	$	(774	)	$	2,926

The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 8.

The Company performs an impairment test for goodwill and trademarks on an annual basis and more frequently if an event or changes in circumstances indicate that their carrying values may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of the asset.

The Company’s $11.1 million of goodwill resulted from the 2011 acquisition of Bogs. The Company uses a two-step process to test this goodwill for impairment. The first step is to compare the applicable reporting unit’s fair value to its carrying value. The Company has determined the applicable reporting unit is its wholesale segment. If the fair value of the wholesale segment is greater than its carrying value, there is no impairment. If the carrying value is greater than the fair value, then the second step must be completed to measure the amount of the impairment, if any. The second step calculates the implied fair value of the goodwill, which is compared to its carrying value. If the value, an impairment loss is recognized equal to the difference. To date, the Company has never recorded an impairment charge on this goodwill.

The Company tests its trademarks for impairment annually by comparing the fair value of each trademark to its related carrying value. Fair value is estimated using a discounted cash flow methodology. To date, the Company has never recorded an impairment charge on these trademarks.

The Company recorded amortization expense for intangible assets of $273,000 in each of 2014, 2013 and 2012. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows:

(Dollars in thousands)	Intangible Assets
2015	$	273
2016		240
2017		233
2018		233
2019		233
Thereafter		1,441
Total	$	2,653

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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