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Goodwill and Other Intangible Assets
9 Months Ended
Oct. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 5—Goodwill and Other Intangible Assets

The carrying amount of goodwill at October 28, 2023 and October 29, 2022 was as follows:

 

 

 

October 28,
2023

 

 

October 29,
2022

 

 

 

(In millions)

 

Goodwill, gross

 

$

643.8

 

 

$

643.8

 

Accumulated impairment

 

 

(481.8

)

 

 

(481.8

)

Goodwill, net

 

$

162.0

 

 

$

162.0

 

The carrying amount and accumulated amortization of identifiable intangible assets at October 28, 2023 and October 29, 2022 was as follows:

 

 

 

 

 

October 28, 2023

 

 

October 29, 2022

 

 

 

Estimated
Life
in Years

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

 

 

 

(In millions)

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JOANN trade name

 

 

$

230.0

 

 

$

 

 

$

325.0

 

 

$

 

Joann.com domain name

 

 

 

10.0

 

 

 

 

 

 

10.0

 

 

 

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Creativebug trade name

 

10

 

 

0.1

 

 

 

(0.1

)

 

 

0.1

 

 

 

(0.1

)

Technology

 

3

 

 

5.3

 

 

 

(4.6

)

 

 

5.3

 

 

 

(1.2

)

Customer relationships

 

16

 

 

110.0

 

 

 

(86.7

)

 

 

110.0

 

 

 

(79.8

)

Total intangible assets

 

 

 

$

355.4

 

 

$

(91.4

)

 

$

450.4

 

 

$

(81.1

)

The Company recognized intangible asset amortization of $2.2 million and $6.5 million for the thirteen and thirty-nine weeks ended October 28, 2023, respectively. Additionally, the Company recognized impairment of intangible assets, related to Technology, of $1.7 million during the thirteen and thirty-nine weeks ended October 28, 2023. The Company recognized intangible asset amortization of $2.1 million and $6.3 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively. The weighted average amortization period of amortizable intangible assets as of October 28, 2023 approximated 3.3 years.