XML 22 R13.htm IDEA: XBRL DOCUMENT v3.22.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The balances and changes in the carrying amount of Goodwill attributable to each segment were as follows:
(dollars in thousands)U.S. RetailU.S. WholesaleInternationalTotal
Balance at January 2, 2021$83,934 $74,454 $53,388 $211,776 
Foreign currency impact— — 1,419 1,419 
Balance at July 3, 2021(*)
$83,934 $74,454 $54,807 $213,195 
Balance at January 1, 2022$83,934 $74,454 $53,635 $212,023 
Foreign currency impact— — (776)(776)
Balance at July 2, 2022(*)
$83,934 $74,454 $52,859 $211,247 
(*)Goodwill for the International reporting unit is net of accumulated impairment losses of $17.7 million.
A summary of the carrying value of the Company’s intangible assets were as follows:
July 2, 2022January 1, 2022
(dollars in thousands)Weighted-average useful lifeGross amountAccumulated amortizationNet amountGross amountAccumulated amortizationNet amount
Carter’s tradename
Indefinite$220,233 $— $220,233 $220,233 $— $220,233 
OshKosh tradename
Indefinite70,000 — 70,000 70,000 — 70,000 
Skip Hop tradename
Indefinite15,000 — 15,000 15,000 — 15,000 
Finite-life tradenames
5-20 years
3,911 1,626 2,285 3,911 1,501 2,410 
Total tradenames, net$309,144 $1,626 $307,518 $309,144 $1,501 $307,643 
Skip Hop customer relationships15 years$47,300 $16,598 $30,702 $47,300 $15,010 $32,290 
Carter’s Mexico customer relationships10 years3,066 1,520 1,546 3,047 1,368 1,679 
Total customer relationships, net$50,366 $18,118 $32,248 $50,347 $16,378 $33,969 
July 3, 2021
(dollars in thousands)Weighted-average useful lifeGross amountAccumulated amortizationNet amount
Carter’s tradename
Indefinite$220,233 $— $220,233 
OshKosh tradename
Indefinite70,000 — 70,000 
Skip Hop tradename
Indefinite15,000 — 15,000 
Finite-life tradenames
5-20 years
3,911 1,376 2,535 
Total tradenames, net$309,144 $1,376 $307,768 
Skip Hop customer relationships15 years$47,300 $13,422 $33,878 
Carter’s Mexico customer relationships10 years3,116 1,217 1,899 
Total customer relationships, net$50,416 $14,639 $35,777 
Amortization expense for intangible assets subject to amortization was approximately $0.9 million for both the second quarter of fiscal 2022 and the second quarter of fiscal 2021. Amortization expense was approximately $1.9 million for both the first two quarters of fiscal 2022 and the first two quarters of fiscal 2021.
The estimated amortization expense for the next five fiscal years is as follows:
(dollars in thousands)Amortization expense
Remainder of 2022$1,865 
2023$3,688 
2024$3,658 
2025$3,658 
2026$3,658 
2027$3,532