NOTE 7. EXCLUSIVE BRAND LICENSES, TRADEMARKS AND INTANGIBLES, NET AND GOODWILL

The following summarizes the cost basis amortization and weighted average estimated life associated with the Company's intangible assets:


							June 30, 2014
		December 31,			June 30,		Weighted Average
*(Amounts in thousands)*		2014			2014		Estimated Life
Elizabeth Arden brand trademarks	$	122,415		$	122,415		Indefinite
Exclusive brand licenses and related trademarks		107,641			162,771		14
Exclusive brand trademarks		105,262			102,064		16
Other intangibles ⁽¹⁾		18,580			18,580		18
Exclusive brand licenses, trademarks and intangibles, gross		353,898			405,830
Accumulated amortization:
Exclusive brand licenses and related trademarks		(63,094	)		(72,018	)
Exclusive brand trademarks		(53,966	)		(52,185	)
Other intangibles		(7,194	)		(6,623	)
Exclusive brand licenses, trademarks and intangibles, net	$	229,644		$	275,004

(1) Primarily consists of customer relationships, customer lists, non-compete agreements and product formulas.

At December 31, 2014, the Company had goodwill of $31.6 million recorded on its consolidated balance sheet. The entire amount of the goodwill in all periods presented relates to the North America segment. The Company did not record any impairments during the three months ended December 31, 2014, as there were no events that triggered an impairment analysis.

During the second quarter of fiscal 2015, net sales of Justin Bieber and Nicki Minaj fragrances fell significantly below expectations. The Company reviewed these license agreements for potential impairment. Given the significant decline in net sales during the second quarter of fiscal 2015 and the expectation for a continued decline of sales in future periods, the Company determined that these intangible assets were fully impaired. As a result, the Company recorded a total impairment charge of approximately $39.6 million during the second quarter of fiscal 2015 to write off the carrying values of both the Justin Bieber and Nicki Minaj licenses.

Amortization expense was $4.6 million and $4.9 million for the three months ended December 31, 2014 and 2013, respectively, and $9.1 million and $9.8 million for the six months ended December 31, 2014 and 2013, respectively. At December 31, 2014, the Company estimated annual amortization expense for each of the next five fiscal years as shown in the following table. Future acquisitions, renewals or impairment events could cause these amounts to change.


		Remainder
*(Amounts in millions)*		of 2015		2016		2017		2018		2019
Amortization expense	$	6.0	$	11.5	$	10.2	$	9.8	$	9.4