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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

8. INTANGIBLE ASSETS

Our indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets were as follows:


	December 31,		December 31,
	2024		2023

	(Dollars in thousands)
Indefinite-lived intangibles:
Goodwill	$	12,317	$	12,317
Trademarks		32,868		33,168
Total	$	45,185	$	45,485

We evaluate goodwill for impairment annually as of December 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2024 and 2023, we completed qualitative assessments for goodwill noting no indicators of impairment. Accordingly, we did not record goodwill impairment charges for any of our reporting units in 2024 or 2023.

Our trademark balance is comprised of the Florsheim, BOGS and Forsake trademarks. For the Florsheim trademark, we performed qualitative assessments as of December 31, 2024 and 2023, noting no indicators of impairment. For the BOGS trademark, given the brand’s reduced sales during its key selling season (the third and fourth quarters), we determined potential impairment indicators were present and that a quantitative impairment test was warranted as of December 31, 2024. For this assessment, we estimated the fair value of the BOGS trademark based on an Income Approach using the Relief-from-Royalty Method. Based on the results of this assessment, we concluded that the fair value of the BOGS trademark exceeded its carrying value, and no impairment was recorded. We performed a qualitative assessment for the BOGS trademark as of December 31, 2023, noting no indicators of impairment.

For the Forsake trademark, given the brand’s reduced sales in 2024, we wrote-off the remaining value of its trademark of $0.3 million as of December 31, 2024. As of December 31, 2023, we performed a quantitative impairment test for the Forsake trademark and recorded an impairment of $0.5 million as of result of that assessment. The related impairment charges in both 2024 and 2023 were recorded within selling and administrative expenses in the Consolidated Statements of Earnings.

Our amortizable intangible assets, which were included within other assets in the Consolidated Balance Sheets, consisted of the following:


			December 31, 2024						December 31, 2023
	Weighted		Gross						Gross
	Average		Carrying		Accumulated				Carrying		Accumulated
	Life (Years)		Amount		Amortization		Net		Amount		Amortization		Net

			(Dollars in thousands)
Amortizable intangible assets
Customer relationships		15	$	3,500	$	(3,227)	$	273	$	3,500	$	(2,994)	$	506
Total amortizable intangible assets			$	3,500	$	(3,227)	$	273	$	3,500	$	(2,994)	$	506

Amortization expense related to the intangible assets was $0.2 million in both 2024 and 2023. Excluding the impact of any future acquisitions, we anticipate future amortization expense will be $0.2 million in 2025 and $0.1 million in 2026.