NOTE E — INTANGIBLE ASSETS

Intangible assets consist of:


		January 31,
	Estimated Life	2019		2018
		(In thousands)
Finite-lived intangible assets
Licenses	14 years	$	19,395	$	19,714
Trademarks	8-12 years		2,194		2,194
Customer relationships	15-17 years		48,261		48,371
Other	5-10 years		7,313		5,876
Subtotal			77,163		76,155
Accumulated amortization			(34,759)		(29,750)
Total finite-lived intangible assets		$	42,404	$	46,405
Indefinite-lived intangible assets
Goodwill			261,137		262,710
Trademarks			439,742		442,265
Total indefinite-lived intangible assets			700,879		704,975
Total intangible assets, net		$	743,283	$	751,380

Amortization expense

Amortization expense with respect to finite-lived intangibles amounted to $4.6 million, $4.5 million and $2.5 million for the years ended January 31, 2019, 2018 and 2017, respectively.

The estimated amortization expense with respect to intangibles for the next five years is as follows:


Year Ending January 31,	Amortization Expense
	(In thousands)
2020	$	4,367
2021		3,871
2022		3,421
2023		3,154
2024		2,928

Trademarks and customer relationships having finite lives are amortized over their estimated useful lives and measured for impairment when events or circumstances indicate that the carrying value may be impaired.

Change in Goodwill

Changes in the amounts of goodwill for each of the years ended January 31, 2019 and 2018 are summarized by reportable segment as follows (in thousands):


	Wholesale		Retail		Total
January 31, 2017	$	268,546	$	716	$	269,262
Adjustments to acquired goodwill		(8,973)		—		(8,973)
Goodwill impairment		—		(716)		(716)
Currency translation		3,137		—		3,137
January 31, 2018		262,710		—		262,710
Currency translation		(1,573)		—		(1,573)
January 31, 2019	$	261,137	$	—	$	261,137

Goodwill represents the excess of the purchase price and related costs over the value assigned to net tangible and identifiable intangible assets of businesses acquired and accounted for under the purchase method. The Company reviews and tests its goodwill and intangible assets with indefinite lives for impairment at least annually, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may be impaired. The Company performs the test in the fourth fiscal quarter of each year using a qualitative evaluation or a quantitative test that is a combination of a discounted cash flow analysis and a market approach. The discounted cash flow approach requires that certain assumptions and estimates be made regarding industry economic factors and future profitability. The market approach estimates the fair value based on comparisons with the market values and market multiples of earnings and revenues of similar public companies.

In fiscal 2018, the Company reduced goodwill recorded in connection with the acquisition of DKI by $9.0 million due to certain adjustments related to unrecorded indemnification obligations from LVMH, asset reserves, fixed assets and the section 338(h)(10) tax election adjustment. The Company also wrote off the goodwill associated with the retail operations segment of $0.7 million as a result of the performance of the retail operations segment.