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Goodwill and Intangible Assets | 3 Months Ended
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Apr. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There was no change in the carrying amount of goodwill during the three months ended April 29, 2023. The g oodwill balance consisted of the following (dollars in thousands):
|  | April 29, 2023 |  | January 28, 2023
Goodwill, gross |  | $ | 521,576 |  |  | $ | 521,576 |
Accumulated impairment losses |  | (249,031) |  |  | (249,031) |
Total |  | $ | 272,545 |  |  | $ | 272,545 |
The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of our geographic presence and strengthening of our customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The profitability of individual reporting units may suffer periodically due to downturns in customer demand, increased costs of providing services, and the level of overall economic activity. Our customers may reduce capital expenditures and defer or cancel pending projects due to changes in technology, a slowing or uncertain economy, merger or acquisition activity, a decision to allocate resources to other areas of their business, or other reasons. The profitability of reporting units may also suffer if actual costs of providing services exceed the costs anticipated when the Company enters into contracts. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of our reporting units. The cyclical nature of our business, the high level of competition existing within our industry, and the concentration of our revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets. The Company performs its annual goodwill assessment as of the first day of the fourth fiscal quarter of each fiscal year. As a result of the Company’s fiscal 2023 period assessment, the Company determined that the fair values of each of the reporting units and the indefinite-lived intangible asset were in excess of their carrying values and no impairment had occurred. As of April 29, 2023, the Company continues to believe the remaining goodwill and the indefinite-lived intangible asset are recoverable for all of its reporting units. Intangible Assets Our intangible assets consisted of the following (dollars in thousands):
| April 29, 2023 |  | January 28, 2023
| Weighted Average Remaining Useful Lives (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net
Customer relationships | 7.3 |  | $ | 311,317 |  |  | $ | 233,803 |  |  | $ | 77,514 |  |  | $ | 312,017 |  |  | $ | 231,028 |  |  | $ | 80,989 |
Trade names, finite | 7.3 |  | 9,250 |  |  | 8,475 |  |  | 775 |  |  | 9,250 |  |  | 8,448 |  |  | 802 |
Trade name, indefinite | Indefinite |  | 4,700 |  |  | — |  |  | 4,700 |  |  | 4,700 |  |  | — |  |  | 4,700 |
Non-compete agreements | 4.5 |  | 75 |  |  | 7 |  |  | 68 |  |  | 75 |  |  | — |  |  | 75 |
|  |  | $ | 325,342 |  |  | $ | 242,285 |  |  | $ | 83,057 |  |  | $ | 326,042 |  |  | $ | 239,476 |  |  | $ | 86,566 |
Amortization of our customer relationship intangibles is recognized on an accelerated basis as a function of the expected economic benefit. Amortization of our other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life. Amortization expense for finite-lived intangible assets was $3.5 million and $3.9 million for the three months ended April 29, 2023 and April 30, 2022, respectively. As of April 29, 2023, we believe that the carrying amounts of our intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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