Intangible Assets and Goodwill

12 Months Ended

Jan. 29, 2022

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Note 4. Intangible Assets and Goodwill

As discussed in Note 1, the COVID-19 pandemic has had a significant negative impact on each of our operating groups. Thus, certain goodwill and indefinite-lived intangible asset impairment testing was required in the First Quarter of Fiscal 2020, which resulted in significant impairment charges in Southern Tide as shown in the tables below. Impairment of goodwill and intangible assets are included in impairment of goodwill and intangible assets in our

consolidated statements of operations. No interim impairment tests were required for any other interim periods of Fiscal 2021, Fiscal 2020 or Fiscal 2019. No impairment was required based on our annual tests for impairment of goodwill and intangible assets with indefinite lives performed as of the first day of the Fourth Quarter of Fiscal 2021, Fiscal 2020 or Fiscal 2019.

Intangible assets by category are summarized below (in thousands):

	January 29,		January 30,
	2022		2021
Intangible assets with finite lives	$	51,929	$	51,929
Accumulated amortization and impairment		(44,122)		(43,242)
Total intangible assets with finite lives, net		7,807		8,687
Intangible assets with indefinite lives:
Tommy Bahama Trademarks	$	110,700	$	110,700
Lilly Pulitzer Trademarks		27,500		27,500
Southern Tide Trademarks		9,300		9,300
Total intangible assets with indefinite lives	$	147,500	$	147,500
Total intangible assets, net	$	155,307	$	156,187

Intangible assets, by operating group and in total, for Fiscal 2019, Fiscal 2020 and Fiscal 2021 are as follows (in thousands):

	Tommy		Lilly		Southern		Lanier		Corporate
	Bahama		Pulitzer		Tide		Apparel		and Other		Total
Balance, February 2, 2019	$	110,700	$	29,216	$	29,401	$	246	$	6,613	$	176,176
Impairment		—		—		—		—		—		—
Amortization		—		(475)		(291)		(31)		(374)		(1,171)
Balance February 1, 2020	$	110,700	$	28,741	$	29,110	$	215	$	6,239	$	175,005
Impairment		—		—		(17,500)		(207)		—		(17,707)
Amortization		—		(424)		(288)		(8)		(391)		(1,111)
Balance, January 30, 2021	$	110,700	$	28,317	$	11,322	$	—	$	5,848	$	156,187
Impairment		—		—		—		—		—		—
Amortization		—		(220)		(289)		—		(371)		(880)
Balance, January 29, 2022	$	110,700	$	28,097	$	11,033	$	—	$	5,477	$	155,307

Based on the current estimated useful lives assigned to our intangible assets, amortization expense for each of the next five years is expected to be less than $1 million per year.

Goodwill, by operating group and in total, for Fiscal 2019, Fiscal 2020 and Fiscal 2021 is as follows (in thousands):

	Tommy		Lilly		Southern		Corporate
	Bahama		Pulitzer		Tide		and Other		Total
Balance, February 2, 2019	$	754	$	19,522	$	42,745	$	3,600	$	66,621
Impairment		—		—		—		—		—
Other, including foreign currency		(43)		—		—		—		(43)
Balance February 1, 2020	$	711	$	19,522	$	42,745	$	3,600	$	66,578
Impairment		—		—		(42,745)		—		(42,745)
Other, including foreign currency		77		—		—		—		77
Balance, January 30, 2021	$	788	$	19,522	$	—	$	3,600	$	23,910
Impairment		—		—		—		—		—
Other, including foreign currency		(41)		—		—		—		(41)
Balance, January 29, 2022	$	747	$	19,522	$	—	$	3,600	$	23,869