Intangible Assets and Goodwill

12 Months Ended

Jan. 30, 2021

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Note 4. Intangible Assets and Goodwill

As discussed in Note 1, the COVID-19 pandemic has had a significant negative impact on each of our operating groups. Thus, certain goodwill and indefinite-lived intangible asset impairment testing was required in the First Quarter of Fiscal 2020, which resulted in significant impairment charges in Southern Tide as shown in the tables below. Impairment of goodwill and intangible assets are included in impairment of goodwill and intangible assets in our consolidated statements of operations. No additional tests were required in the Second Quarter of Fiscal 2020 or the

Third Quarter of Fiscal 2020. Further, no impairment was required based on our annual tests for impairment of goodwill and intangible assets with indefinite lives performed as of the first day of the Fourth Quarter of Fiscal 2020.

Intangible assets by category are summarized below (in thousands):

	January 30,		February 1,
	2021		2020
Intangible assets with finite lives	$	51,929	$	51,929
Accumulated amortization and impairment		(43,242)		(41,924)
Total intangible assets with finite lives, net		8,687		10,005
Intangible assets with indefinite lives:
Tommy Bahama Trademarks	$	110,700	$	110,700
Lilly Pulitzer Trademarks		27,500		27,500
Southern Tide Trademarks		9,300		26,800
Total intangible assets, net	$	156,187	$	175,005

Intangible assets, by operating group and in total, for Fiscal 2018, Fiscal 2019 and Fiscal 2020 are as follows (in thousands):

	Tommy		Lilly		Southern		Lanier		Corporate
	Bahama		Pulitzer		Tide		Apparel		and Other		Total
Balance, February 3, 2018	$	112,157		29,749		29,689		277		6,986	$	178,858
Impairment		—		—		—		—		—		—
Amortization		(1,385)		(533)		(288)		(31)		(373)		(2,610)
Other, including foreign currency		(72)		—		—		—		—		(72)
Balance February 2, 2019	$	110,700	$	29,216	$	29,401	$	246	$	6,613	$	176,176
Impairment		—		—		—		—		—		—
Amortization		—		(475)		(291)		(31)		(374)		(1,171)
Other, including foreign currency		—		—		—		—		—		—
Balance, February 1, 2020		110,700		28,741		29,110		215		6,239		175,005
Impairment		—		—		(17,500)		(207)		—		(17,707)
Amortization		—		(424)		(288)		(8)		(391)		(1,111)
Other, including foreign currency		—		—		—		—		—		—
Balance, January 30, 2021	$	110,700	$	28,317	$	11,322	$	—	$	5,848	$	156,187

Based on the current estimated useful lives assigned to our intangible assets, amortization expense for each of the next five years is expected to be $1 million per year.

Goodwill, by operating group and in total, for Fiscal 2018, Fiscal 2019 and Fiscal 2020 is as follows (in thousands):

	Tommy		Lilly		Southern		Corporate
	Bahama		Pulitzer		Tide		and Other		Total
Balance, February 3, 2018	$	821		19,522		42,745		3,615	$	66,703
Impairment		—		—		—		—		—
Other, including foreign currency		(67)		—		—		(15)		(82)
Balance February 2, 2019	$	754	$	19,522	$	42,745	$	3,600	$	66,621
Impairment		—		—		—		—		—
Other, including foreign currency		(43)		—		—		—		(43)
Balance, February 1, 2020		711		19,522		42,745		3,600		66,578
Impairment		—		—		(42,745)		—		(42,745)
Other, including foreign currency		77		—		—		—		77
Balance, January 30, 2021	$	788	$	19,522	$	—	$	3,600	$	23,910