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Intangible Assets
 3 Months Ended
May 05, 2018
Intangible Assets  
Intangible Assets

5.           Intangible Assets

Intangible assets consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 5, 2018

 

February 3, 2018

(In thousands)

 

Gross
Amount

    

Accumulated Amortization

    

 

Net Book
Value

    

Gross
Amount

    

Accumulated Amortization

    

Net Book
Value

Amortizable trademarks

 

$

30,899

 

(19,377)

 

$

11,522

 

$

30,861

 

(19,029)

 

$

11,832

Amortizable franchise agreements

 

 

1,300

 

(300)

 

 

1,000

 

 

1,300

 

(271)

 

 

1,029

Indefinite lived trademarks

 

 

56,687

 

 —

 

 

56,687

 

 

56,687

 

 —

 

 

56,687

 

 

$

88,886

 

(19,677)

 

$

69,209

 

$

88,848

 

(19,300)

 

$

69,548

 

The Hi-Tec Acquisition during Fiscal 2017 resulted in trademarks valued at $52.4 million that are classified as indefinite lived and not subjected to amortization.  Other indefinite lived trademarks include certain Cherokee brand trademarks in the school uniforms category that were acquired in historical transactions.  The Company has acquired other trademarks and franchise agreements that are being amortized over their estimated useful lives, which average 10.0 and 11.0 years, respectively, with no residual values.  Amortization of intangible assets was $0.4 million and $0.2 million for the three months ended May 5, 2018 and April 29, 2017, respectively.   Goodwill arose from historical acquisitions and the Hi-Tec Acquisition that occurred during Fiscal 2017.