Intangible Assets and Goodwill

12 Months Ended

Jan. 28, 2023

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Note 4. Intangible Assets and Goodwill

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

	January 28,		January 29,
	2023		2022
Intangible assets with finite lives	$	108,513	$	51,929
Accumulated amortization and impairment		(50,068)		(44,122)
Total intangible assets with finite lives, net		58,445		7,807
Intangible assets with indefinite lives:
Tommy Bahama Trademark	$	110,700	$	110,700
Lilly Pulitzer Trademark		27,500		27,500
Johnny Was Trademark		77,900		—
Southern Tide Trademark		9,300		9,300
Total intangible assets with indefinite lives	$	225,400	$	147,500
Total intangible assets, net	$	283,845	$	155,307

Intangible assets, by operating group and in total, for Fiscal 2020, Fiscal 2021 and Fiscal 2022 are as follows (in thousands):

	Tommy		Lilly		Johnny		Emerging		Lanier		Corporate
	Bahama		Pulitzer		Was		Brands		Apparel		and Other		Total
Balance, February 1, 2020	$	110,700	$	28,741	$	—	$	35,349	$	215	$	—	$	175,005
Acquisition		—		—		—		—		—		—		—
Impairment		—		—		—		(17,500)		(207)		—		(17,707)
Amortization		—		(424)		—		(679)		(8)		—		(1,111)
Balance January 30, 2021	$	110,700	$	28,317	$	—	$	17,170	$	—	$	—	$	156,187
Acquisition		—		—		—		—		—		—		—
Impairment		—		—		—		—		—		—		—
Amortization		—		(220)		—		(660)		—		—		(880)
Balance, January 29, 2022	$	110,700	$	28,097	$	—	$	16,510	$	—	$	—	$	155,307
Acquisition		—		—		134,640		—		—		—		134,640
Impairment		—		—		—		—		—		—		—
Amortization		—		(238)		(5,194)		(670)		—		—		(6,102)
Balance, January 28, 2023	$	110,700	$	27,859	$	129,446	$	15,840	$	—	$	—	$	283,845

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 $15 million, $11 million, $8 million, $6 million and $4 million.

Goodwill, by operating group and in total, for Fiscal 2020, Fiscal 2021 and Fiscal 2022 is as follows (in thousands):

	Tommy		Lilly		Johnny		Emerging		Corporate
	Bahama		Pulitzer		Was		Brands		and Other		Total
Balance, February 1, 2020	$	711	$	19,522	$	—	$	46,345	$	—	$	66,578
Acquisition		—		—		—		—		—		—
Impairment		—		—		—		(42,745)		—		(42,745)
Other, including foreign currency		77		—		—		—		—		77
Balance January 30, 2021	$	788	$	19,522	$	—	$	3,600	$	—	$	23,910
Acquisition		—		—		—		—		—		—
Impairment		—		—		—		—		—		—
Other, including foreign currency		(41)		—		—		—		—		(41)
Balance, January 29, 2022	$	747	$	19,522	$	—	$	3,600	$	—	$	23,869
Acquisition		—		—		96,637		—		—		96,637
Impairment		—		—		—		—		—		—
Other, including foreign currency		(8)		—		—		—		—		(8)
Balance, January 28, 2023	$	739	$	19,522	$	96,637	$	3,600	$	—	$	120,498

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 2022, Fiscal 2021 or Fiscal 2020. As discussed in Note 1, starting in Fiscal 2020 the COVID-19 pandemic 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 related to Southern Tide, which is included in our Emerging Brands operating group, as shown in the tables above. Impairment of goodwill and intangible assets are included in impairment of goodwill and intangible assets in our consolidated statements of operations. No interim impairment tests were required for any other interim periods of Fiscal 2022, Fiscal 2021 or Fiscal 2020.