Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a summary of the carrying amount of goodwill by reporting unit as of March 31, 2023:


	Wholesale						Net Carrying Amount
	Footwear		Accessories/ Apparel		Direct-to-Consumer
Balance at January 1, 2023	$	90,173	$	62,688	$	15,224	$	168,085


Translation	73		—		70		143
Balance at March 31, 2023	$	90,246	$	62,688	$	15,294	$	168,228

The following table details identifiable intangible assets as of March 31, 2023:



	Estimated Lives	Cost Basis		Accumulated Amortization		Impairment & Other(1)		Net Carrying Amount
Trade names	1–10 years	$	18,695	$	(16,075)	$	(2,620)	$	—
Customer relationships	10–20 years	38,680		(25,533)		(1,528)		11,619




		57,375		(41,608)		(4,148)		11,619
Re-acquired right	indefinite	35,200		—		(9,396)		25,804
Trademarks	indefinite	63,283		—		120		63,403
		$	155,858	$	(41,608)	$	(13,424)	$	100,826

(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

The following table details identifiable intangible assets as of December 31, 2022:



	Estimated Lives	Cost Basis(1)		Accumulated Amortization		Impairment & Other(2)		Net Carrying Amount
Trade names	1–10 years	$	18,695	$	(16,075)	$	(2,620)	$	—
Customer relationships	10–20 years	38,680		(25,059)		(1,574)		12,047




		57,375		(41,134)		(4,194)		12,047
Re-acquired right	indefinite	35,200		—		(9,432)		25,768
Trademarks	indefinite	63,283		—		94		63,377
		$	155,858	$	(41,134)	$	(13,532)	$	101,192

(1) During the year ended December 31, 2021, the Company purchased the trademark for Dolce Vita® Handbags for $2,000 and the cash consideration was paid in 2022.

(2) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

The Company evaluates its goodwill and indefinite-lived intangible assets for indicators of impairment at least annually in the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. A qualitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2022. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2022, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles.

The amortization of intangible assets amounted to $423 for the three months ended March 31, 2023 compared to $2,315 for the three months ended March 31, 2022 and is included in operating expenses on the Company's Condensed Consolidated Statements of Income. The estimated future amortization expense for intangibles as of March 31, 2023 was as follows:


2023 (remaining nine months)	$	1,259
2024	1,678
2025	1,678
2026	1,678
2027	1,451
Thereafter	3,875
Total	$	11,619