Goodwill and Other Intangible Assets

3 Months Ended

May 01, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 6—Goodwill and Other Intangible Assets

The carrying amount of goodwill at May 1, 2021 and May 2, 2020, was as follows:

	May 1, 2021			May 2, 2020
`	(Dollars 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 May 1, 2021 and May 2, 2020 was as follows:

			May 1, 2021					May 2, 2020
	Estimated Life in Years		Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
			(Dollars in millions)
Indefinite-lived intangible assets:
JOANN trade name		—	$	325.0	$	—		$	325.0	$	—
Joann.com domain name		—		10.0		—			10.0		—
Intangible assets subject to amortization:
Creativebug trade name		10		0.1		—			0.1		—
Customer relationships		16		110.0		(69.6	)		110.0		(62.7	)
Total intangible assets			$	445.1	$	(69.6	)	$	445.1	$	(62.7	)

The Company recognized intangible asset amortization of $1.7 million and $1.8 million for the thirteen weeks ended May 1, 2021 and for the thirteen weeks ended May 2, 2020, respectively. The weighted average amortization period of amortizable intangible assets as of May 1, 2021 approximated 5.9 years.