Assets Held for Sale and Subsequent Event Assets Held for Sale and Subsequent Event (Note) |
6 Months Ended |
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Jun. 30, 2016 | |
| Assets Held for Sale and Subsequent Event [Abstract] | |
| Disclosure of Long Lived Assets Held-for-sale [Table Text Block] |
ASSETS HELD FOR SALE AND SUBSEQUENT EVENT
During the second quarter of 2016, HSNi committed to a plan to sell Chasing Fireflies and TravelSmith, two of the apparel brands included within the Cornerstone segment. HSNi determined the sale of these businesses would not represent a strategic shift in its business nor will it have a major effect on its consolidated results of operations, financial position or cash flows. Accordingly, the disposal group is not presented in the consolidated financial statements as a discontinued operation.
The net assets and liabilities of Chasing Fireflies and TravelSmith were measured at their fair value less the estimated costs to sell resulting in a non-cash asset impairment charge of $20.4 million recorded in the second quarter of 2016. This impairment charge is recorded in the consolidated statements of operations in the line item “Asset impairment.” The assets are largely represented by $23.6 million of inventory and, net of impairment charges of $20.4 million, total $9.8 million and have been reclassified to “Prepaid expenses and other current assets” and approximately $5.5 million of current liabilities have been reclassified to “Accrued expenses and other current liabilities" as of June 30, 2016 in the accompanying balance sheet.
In July 2016, HSNi entered into a non-binding letter of intent with an exclusivity period of 30 days to sell its TravelSmith and Chasing Fireflies businesses.
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