Goodwill and Other Intangible Assets

9 Months Ended

Oct. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 2

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by segment were as follows:

(In thousands)	Journeys Group			Genesco Brands Group			Total Goodwill
Balance, January 28, 2023	$	9,662		$	28,461		$	38,123
Impairment		—			(28,453	)		(28,453	)
Effect of foreign currency exchange rates		(379	)		(8	)		(387	)
Balance, October 28, 2023	$	9,283		$	—		$	9,283

Goodwill Valuation (Genesco Brands Group)

Due to an ongoing dispute with a Genesco Brands Group licensor regarding renewal of their current license in the normal course which has not yet been resolved and based on the requirements of ASC 350, “Intangibles - Goodwill and Other,” we identified indicators of impairment in the second quarter of Fiscal 2024. When indicators of impairment are present on an interim basis, we must assess whether it is "more likely than not" (i.e., a greater than 50% chance) that an impairment has occurred. Due to the identified indicators of impairment in the second quarter of Fiscal 2024, we determined that it was "more likely than not" that an impairment had occurred and performed a full valuation of our Togast reporting unit. Consistent with our annual valuation, our analyses included preparing an income approach and a market approach model. These updated models utilize financial forecasts which exclude cash flows for the disputed license beyond completion of the current contract term. Based upon the results of these analyses, we concluded the goodwill attributed to Togast was fully impaired. As a result, the Company recorded a non-cash impairment charge of $28.5 million in the second quarter of Fiscal 2024.

Other intangibles by major classes were as follows:

	Trademarks				Customer Lists						Other						Total
(In thousands)	Oct. 28, 2023		Jan. 28, 2023		Oct. 28, 2023			Jan. 28, 2023			Oct. 28, 2023			Jan. 28, 2023			Oct. 28, 2023			Jan. 28, 2023
Gross other intangibles	$	23,514	$	24,077	$	6,445		$	6,475		$	400		$	400		$	30,359		$	30,952
Accumulated amortization		—		—		(3,517	)		(3,122	)		(400	)		(400	)		(3,917	)		(3,522	)
Net Other Intangibles	$	23,514	$	24,077	$	2,928		$	3,353		$	—		$	—		$	26,442		$	27,430