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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 7 – Goodwill and Other Intangible Assets The following table provides a rollforward of the carrying amount of goodwill by reporting unit as of December 31, 2023 and 2024:
(in thousands) | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Net Carrying Amount
Balance at January 1, 2023 | $ | 90,173 |  |  | $ | 62,688 |  |  | $ | 15,224 |  |  | $ | 168,085 |
Acquisitions(1) | — |  |  | 10,937 |  |  | — |  |  | 10,937 |
Translation | 490 |  |  | — |  |  | 491 |  |  | 981 |
Balance at December 31, 2023 | 90,663 |  |  | 73,625 |  |  | 15,715 |  |  | 180,003 |
Acquisitions and divestitures(2)(3) | — |  |  | 1,958 |  |  | 3,807 |  |  | 5,765 |
Translation | (662) |  |  | — |  |  | (1,369) |  |  | (2,031) |
Balance at December 31, 2024 | $ | 90,001 |  |  | $ | 75,583 |  |  | $ | 18,153 |  |  | $ | 183,737 |
(1) During 2023, the Company completed the acquisition of the Almost Famous business, which is included within our Wholesale Accessories/Apparel segment. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information. (2) During 2024, the Company acquired ATM and recorded goodwill of $2,195, of which $1,317 was recorded in the Wholesale Accessories/Apparel segment and $878 was recorded in the Direct-to-Consumer segment. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information. (3) During 2024, the Company completed the sale of our GREATS business, which was previously included within our Direct-to-Consumer reporting unit. Goodwill decreased $700 related to the divestiture. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information. The following tables summarize the Company’s other intangible assets as of December 31, 2024 and 2023:
| As of December 31, 2024
(in thousands) | Estimated Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Trademarks(1)(2) | 10-20 years |  | $ | 16,075 |  |  | $ | (16,075) |  |  | $ | — |
Customer relationships(1)(3) | 10-20 years |  | 61,585 |  |  | (30,216) |  |  | 31,369 |
Re-acquired rights | 2 years |  | 1,450 |  |  | (659) |  |  | 791 |
Total finite-lived other intangible assets |  |  | 79,110 |  |  | (46,950) |  |  | 32,160 |
Re-acquired right | indefinite |  | 24,292 |  |  | — |  |  | 24,292 |
Trademarks(3) | indefinite |  | 56,980 |  |  | — |  |  | 56,980 |
Total indefinite-lived other intangible assets |  |  | 81,272 |  |  | — |  |  | 81,272 |
Total other intangible assets |  |  | $ | 160,382 |  |  | $ | (46,950) |  |  | $ | 113,432 |
(1) During 2024, the Company recognized an impairment charge of $1,700 and completed the sale of its GREATS business. As part of the divestiture, the remaining carrying amounts of the intangible assets of GREATS, which included a trademark and customer relationships, were written off. See below for further information. (2) During 2024, the Company recognized an impairment charge of $8,635 related to its Almost Famous trademark. See below for further information. (3) During 2024, the Company acquired a trademark of $6,300 and customer relationships of $1,500, in connection with its acquisition of ATM. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.
| As of December 31, 2023
(in thousands) | Estimated Lives |  | Gross Carrying Amount(1) |  | Accumulated Amortization |  | Net Carrying Amount
Trademarks(1) | 20 years |  | $ | 25,200 |  |  | $ | (16,263) |  |  | $ | 8,937 |
Customer relationships(1) | 10-20 years |  | 61,198 |  |  | (27,267) |  |  | 33,931 |
Total finite-lived other intangible assets |  |  | 86,398 |  |  | (43,530) |  |  | 42,868 |
Re-acquired right | indefinite |  | 26,338 |  |  | — |  |  | 26,338 |
Trademarks(2) | indefinite |  | 57,061 |  |  | — |  |  | 57,061 |
Total indefinite-lived other intangible assets |  |  | 83,399 |  |  | — |  |  | 83,399 |
Total other intangible assets |  |  | $ | 169,797 |  |  | $ | (43,530) |  |  | $ | 126,267 |
(1) During 2023, the Company acquired a trademark of $9,050 and customer relationships of $23,900, in connection with its acquisition of Almost Famous. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information. (2) During 2023, the Company recorded an impairment charge of $6,520 related to the GREATS® trademark. The gross carrying amount and accumulated amortization of certain intangible assets as of December 31, 2024 and 2023, include the impact of changes in foreign currency exchange rates. A qualitative assessment of goodwill and other indefinite-lived intangible assets was performed as of July 1, 2024. In conducting the qualitative impairment assessments, 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. A quantitative assessment of goodwill and other indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments, the Company concluded 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. In fiscals 2024, 2023, and 2022, as a result of the annual test, no impairment charges were recorded for goodwill and other intangibles. Impairment of GREATS intangible assets In the fourth quarter of 2023, certain circumstances occurred that indicated potential impairment and the Company performed a valuation of the GREATS® trademark. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.8% which was developed using market participant-based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS® trademark was written down from the carrying value of $12,670 to its fair value of $6,150, resulting in a pre-tax non-cash impairment charge of $6,520. This charge was recorded in impairment of intangibles in the Company’s Consolidated Statements of Income and recognized in the Direct-to-Consumer segment. In the first quarter of 2024, circumstances occurred that caused a change in the estimated useful life of the GREATS® trademark from an indefinite life to an estimated useful life of 10 years, and as a result, the Company performed an impairment test. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.0% which was developed using market participant-based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS® trademark was written down from the carrying value of $6,150 to its fair value of $4,450, resulting in a pre-tax non-cash impairment charge of $1,700, which was recorded in impairment of intangibles in the Company’s Consolidated Statements of Income and recognized in the Direct-to-Consumer segment. During the third quarter of 2024, the Company completed the sale of its GREATS business. As part of the divestiture, the remaining carrying amounts of the net intangible assets of GREATS, which included a trademark of $4,287 and customer relationships of $861, were written off. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information. Impairment of Almost Famous intangible assets During the third quarter of 2024, the Company decided to discontinue the use of its Almost Famous brand and transition its marketing and sales efforts to the Madden Girl brand for the related product offerings. As a result of this decision, the Company reassessed the carrying amount of its Almost Famous trademark for impairment in accordance with ASC 350, Intangibles – Goodwill and Other. Based on this assessment, the Company determined that the estimated future cash flows related to the Almost Famous trademark was less than its carrying value, and therefore, the asset was impaired. As such, the Company recognized an impairment charge of $8,635, representing the remaining carrying amount of the asset, which was recorded within impairment of intangibles in our Consolidated Statements of Income for the year ended December 31, 2024. The impairment charge was recognized in the Wholesale Apparel/Accessories segment. Amortization The amortization of intangible assets amounted to $4,413, $2,082, and $9,001 for 2024, 2023, and 2022 and is included in operating expenses in the Company's Consolidated Statements of Income. The estimated future amortization expense for intangibles as of December 31, 2024 was as follows:
(in thousands) |
2025 | $ | 3,737 |
2026 | 2,984 |
2027 | 2,739 |
2028 | 2,705 |
2029 | 2,612 |
Thereafter | 17,383 |
Total | $ | 32,160 |

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