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GOODWILL AND INTANGIBLE IMPAIRMENT CHARGES | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES | GOODWILL AND INTANGIBLES IMPAIRMENT CHARGES The Company evaluates its goodwill and intangible assets for impairment on an annual basis, or as facts and circumstances warrant. At the end of the fiscal year 2016, the Company's market capitalization exceeded the carrying amount of its net assets by 23%. At the end of the first quarter of fiscal 2017, the Company experienced a decline in market capitalization and, as a result of the decline, the Company's market capitalization was 14% below the carrying amount of its net assets as of April 1, 2017. During the second quarter of fiscal 2017, the Company's market capitalization continued to decline, at which point the Company determined the decrease in stock price to be sustained and thus a strong indicator of impairment. Due to a change in key assumptions used in interim testing, including the decline in market capitalization and decline in sales projections, the Company believed that impairment of goodwill and trade names was probable as of June 15, 2017, and therefore performed interim tests for each reporting unit and trade name. Using a combination of discounted cash flow and guideline public company methodologies, the Company compared the fair value of each of its three reporting units with their carrying value and concluded that goodwill was fully impaired. Accordingly, in the second quarter of fiscal 2017, the Company recognized a pre-tax impairment charge in operations of $202.3 million, $114.3 million and $42.9 million in the Americas, Europe and Asia segments, respectively. The changes in the carrying amount of goodwill were as follows (in thousands):
| Americas |  | Europe |  | Asia |  | Total
Balance at December 31, 2016 | $ | 202,187 |  |  | $ | 110,291 |  |  | $ | 42,785 |  |  | $ | 355,263 |
Foreign currency changes | 162 |  |  | 3,983 |  |  | 85 |  |  | 4,230 |
Impairment charges | (202,349 | ) |  | (114,274 | ) |  | (42,870 | ) |  | $ | (359,493 | )
Balance at September 30, 2017 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
During the second quarter of fiscal 2017, the SKAGEN trade name with a carrying amount of $55.6 million was written down to its implied fair value of $27.3 million, resulting in a pre-tax impairment charge of $28.3 million; the MISFIT trade name with a carrying amount of $11.8 million was deemed not recoverable, resulting in a pre-tax impairment charge of $11.8 million and the MICHELE trade name with a carrying amount of $18.5 million was written down to its implied fair value of $10.9 million, resulting in a pre-tax impairment charge of $7.6 million. The fair values of the Company's indefinite-lived SKAGEN and MICHELE trade names were estimated using the relief from royalty method. The fair value of the Company's definite-lived MISFIT trade name was estimated using a discounted cash flow methodology. A reduction in expected future cash flows negatively affected the valuation compared to previous valuation assumptions.

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- Definition The entire disclosure for goodwill. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2144439 + Details
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