Goodwill and Other Intangible Assets

6 Months Ended

Jul. 31, 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 July 31, 2021 and August 1, 2020, was as follows:

	July 31, 2021			August 1, 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 July 31, 2021 and August 1, 2020 was as follows:

			July 31, 2021					August 1, 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		(71.3	)		110.0		(64.4	)
Total intangible assets			$	445.1	$	(71.3	)	$	445.1	$	(64.4	)

The Company recognized intangible asset amortization of $1.7 million and $3.4 million for the thirteen and twenty-six weeks ended July 31, 2021, respectively. The Company recognized intangible asset amortization of $1.7 million and $3.5 million for the thirteen and twenty-six weeks ended August 1, 2020, respectively. The weighted average amortization period of amortizable intangible assets as of July 31, 2021 approximated 5.6 years.