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INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended
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Jan. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets Disclosure [Text Block] | NOTE 10 – INTANGIBLE ASSETS AND GOODWILL Our goodwill, some trademarks and trade names have indefinite useful lives and, consequently, are not subject to amortization for financial reporting purposes but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our non-amortizable intangible assets consist of:
| ■ | Goodwill related to the Shenandoah (acquired 2017), Sunset West (acquired 2022) and BOBO (acquired 2023) acquisitions; and
| ■ | Trademarks and tradenames related to the acquisitions of Bradington-Young (acquired 2002), Home Meridian (acquired 2016), and BOBO Intriguing Objects (acquired 2023).
We review goodwill and other intangible assets annually for impairment or more frequently if events or circumstances indicate that it might be impaired. Based on our internal analyses, at January 28, 2024, we concluded our non-amortizable trademarks and trade names are not impaired and Shenandoah, Sunset West and BOBO goodwill is not impaired. During fiscal 2024, we recorded $500,000 in trademarks with indefinite lives and $84,000 in goodwill as a result of the BOBO acquisition. Our amortizable intangible assets are recorded in the Home Meridian and in Domestic Upholstery segments. During the fiscal 2024 first quarter, we announced the rebranding of the Sam Moore product line to “HF Custom”. As a result, we reassessed the characteristics of the Sam Moore trade name and the roll-out process, and determined it qualified for amortization; consequently, we began amortizing the Sam Moore trade name over a 24-month period using the straight-line method beginning mid-April 2023. Details of our intangible assets were as follows:
|  | January 28, 2024 |  |  | January 29, 2023 |
|  | Gross carrying amount |  |  | Accumulated Amortization |  |  | Gross carrying amount |  |  | Accumulated Amortization |
Intangible assets with indefinite lives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic Upholstery - Shenandoah * |  |  | 490 |  |  |  | - |  |  |  | 490 |  |  |  | - |
Domestic Upholstery - Sunset West |  |  | 14,462 |  |  |  | - |  |  |  | 14,462 |  |  |  | - |
All Other - BOBO Intriguing Objects |  |  | 84 |  |  |  | - |  |  |  | - |  |  |  | - |
Goodwill |  |  | 15,036 |  |  |  | - |  |  |  | 14,952 |  |  |  | - |
Trademarks and Trade names * |  |  | 8,011 |  |  |  | - |  |  |  | 7,907 |  |  |  | - |
Intangible assets with definite lives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Relations |  |  | 38,001 |  |  |  | (18,982 | ) |  |  | 38,001 |  |  |  | (15,618 | )
Trademarks and Trade names |  |  | 2,334 |  |  |  | (741 | ) |  |  | 1,938 |  |  |  | (449 | )
Intangible assets, net |  |  | 48,346 |  |  |  | (19,723 | ) |  |  | 47,846 |  |  |  | (16,067 | )
*: The amounts are net of impairment charges of $16.4 million related to Shenandoah goodwill and $4.8 million related to certain Home Meridian segment trade names, which were recorded in fiscal 2021. The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows:
Fiscal Year |  | Amount |
2025 |  |  | 3,685 |
2026 |  |  | 3,528 |
2027 |  |  | 3,487 |
2028 |  |  | 2,178 |
2029 |  |  | 2,178 |
2030 and thereafter |  |  | 5,555 |
|  | $ | 20,611 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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