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Goodwill and Indefinite Lived Intangible Assets

12 Months Ended

Jan. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Indefinite Lived Intangible Assets

NOTE 8. GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSET

The Company's intangible assets, consisting of a trade name and goodwill, were originally valued in connection with a business combination accounted for under the purchase accounting method. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired.

The following table summarizes the Company's indefinite-lived intangible asset and Goodwill:

(in thousands)	January 31, 2020		February 1, 2019
Goodwill balance	$	110,000	$	110,000
Trade name balance	$	257,000	$	257,000

ASC 350, Intangibles - Goodwill and Other, requires companies to test goodwill and indefinite-lived intangible assets for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. During Fiscal 2019, Fiscal 2018 and Fiscal 2017 the Company conducted impairment testing of its goodwill and indefinite-lived intangible asset. There were no impairment charges recorded for the indefinite-lived asset in Fiscal 2019 or Fiscal 2018.

There were no impairments of goodwill during any periods presented or since goodwill was first recognized. See also Note 2, Summary of Significant Accounting Policies-Goodwill and Intangible Asset Impairment Assessments, for further details.