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Goodwill and intangibles | 3 Months Ended
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May 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and intangibles | Goodwill and intangibles The following summarizes the activity of the Company’s goodwill and intangible assets during the periods presented: Fiscal 2025 During the 13 weeks ended May 4, 2024, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the first quarter of Fiscal 2025 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets. Fiscal 2026 During the 13 weeks ended May 3, 2025, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the first quarter of Fiscal 2026 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets. Management noted uncertainties exist related to the post-election macroeconomic environment in the US and abroad, including tariffs, economic and tax policy, inflation and interest rates. These factors could unfavorably impact consumer confidence and discretionary spending, and thus may impact the key assumptions used to estimate fair value, such as sales trends, margin trends, long-term growth rates and discount rates. These factors could also negatively affect the share price of the Company’s common stock. An increase in the discount rate and/or a further softening of sales and operating income trends for any of the Company’s reporting units and related trade names, particularly during peak selling seasons, could result in a decline in the estimated fair values of the indefinite-lived intangible assets, including goodwill, which could result in future material impairment charges, particularly for Diamonds Direct and Digital brands. Goodwill The following table summarizes the Company’s goodwill by reportable segment:
(in millions) |  | North America |  |  |  |  |  |
Balance at February 1, 2025 (1) |  | $ | 482.0 |  |  |  |  |  |  |
Balance at May 3, 2025 (1) |  | $ | 482.0 |  |  |  |  |  |  |
(1) The carrying amount of goodwill is presented net of accumulated impairment losses of $848.5 million as of May 3, 2025 and February 1, 2025, respectively. Intangibles Definite-lived and indefinite-lived intangible assets consist of trade names and are recorded within intangible assets, net, on the condensed consolidated balance sheets. Intangible liabilities, net consists of unfavorable contracts and is recorded within accrued expenses and other current liabilities and other liabilities - non-current on the condensed consolidated balance sheets. The following table provides additional detail regarding the composition of intangible assets and liabilities:
|  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
(in millions) |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Intangible assets, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets |  | $ | 8.8 |  |  | $ | (6.1) |  |  | $ | 2.7 |  |  | $ | 11.2 |  |  | $ | (8.4) |  |  | $ | 2.8 |  |  | $ | 11.2 |  |  | $ | (7.9) |  |  | $ | 3.3 |
Indefinite-lived intangible assets (1) |  | 304.9 |  |  | — |  |  | 304.9 |  |  | 304.4 |  |  | — |  |  | 304.4 |  |  | 398.9 |  |  | — |  |  | 398.9 |
Total intangible assets, net |  | $ | 313.7 |  |  | $ | (6.1) |  |  | $ | 307.6 |  |  | $ | 315.6 |  |  | $ | (8.4) |  |  | $ | 307.2 |  |  | $ | 410.1 |  |  | $ | (7.9) |  |  | $ | 402.2 |
Intangible liabilities, net |  | $ | (38.0) |  |  | $ | 36.7 |  |  | $ | (1.3) |  |  | $ | (38.0) |  |  | $ | 36.2 |  |  | $ | (1.8) |  |  | $ | (38.0) |  |  | $ | 34.9 |  |  | $ | (3.1) |
(1) The change in the indefinite-lived intangible asset balances during the periods presented was primarily due to the trade name impairment charges recorded in the second and fourth quarters of Fiscal 2025.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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