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Trademarks and Other Intangibles
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Trademarks and Other Intangibles

4.   Trademarks and Other Intangibles

Trademarks and other intangibles, net consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Weighted

    

 

 

    

 

 

    

 

 

 

 

Average

 

December 31, 2020

 

 

Amortization

 

Gross Carrying

 

Accumulated

 

Net Carrying

($ in thousands)

 

Period

 

Amount

 

Amortization

 

Amount

Trademarks (indefinite-lived)

 

n/a

 

$

44,500

 

$

 —

 

$

44,500

Trademarks (finite-lived)

 

15 years

 

 

21,613

 

 

6,867

 

 

14,746

Trademarks (finite-lived)

 

18 years

 

 

38,194

 

 

4,192

 

 

34,002

Other intellectual property

 

7 years

 

 

762

 

 

537

 

 

225

Copyrights and other intellectual property

 

10 years

 

 

190

 

 

128

 

 

62

Total

 

 

 

$

105,259

 

$

11,724

 

$

93,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Weighted

    

 

 

    

 

 

    

 

 

 

 

Average

 

December 31, 2019

 

 

Amortization

 

Gross Carrying

 

Accumulated

 

Net Carrying

($ in thousands)

 

Period

 

Amount

 

Amortization

 

Amount

Trademarks (indefinite-lived)

 

n/a

 

$

62,900

 

$

 —

 

$

62,900

Trademarks (finite-lived)

 

15 years

 

 

16,213

 

 

4,560

 

 

11,653

Trademarks (finite-lived)

 

18 years

 

 

38,194

 

 

2,067

 

 

36,127

Other intellectual property

 

7 years

 

 

762

 

 

428

 

 

334

Copyrights and other intellectual property

 

10 years

 

 

190

 

 

109

 

 

81

Total

 

  

 

$

118,259

 

$

7,164

 

$

111,095

 

During the year ended December 31, 2020, the Company recorded a non-cash impairment charge of $13.0 million related to the Ripka Brand trademarks, driven by delays and uncertainty in implementing the brick-and-mortar retail store strategy for a portion of the brand, primarily as a result of the novel coronavirus disease pandemic. During the year ended December 31, 2019, the Company recorded a non-cash impairment charge of $6.2 million related to the Ripka Brand trademarks, driven by the timing of the continued transition from a licensing model to a wholesale and direct-to-consumer model.  No other intangible asset impairment charges were recorded for the years ended December 31, 2020 and 2019.

Amortization expense for intangible assets for the years ended December 31, 2020 and 2019 was approximately $4.6 million and $3.2 million, respectively.

Effective January 1, 2020, the Company determined that the Ripka Brand, inclusive of all its trademarks, has a finite life of 15 years, and is amortized on a straight-line basis accordingly. Prior to January 1, 2020, the Ripka Brand trademarks were considered indefinite-lived assets.

The trademarks of the Isaac Mizrahi Brand have been determined to have indefinite useful lives and accordingly, no amortization has been recorded for those intangible assets.

Estimated future amortization expense related to finite-lived intangible assets over the remaining useful lives is as follows:

 

 

 

 

 

($ in thousands)

 

Amortization

Year Ending December 31, 

    

Expense

2021

 

$

3,632

2022

 

 

3,632

2023

 

 

3,632

2024

 

 

3,617

2025

 

 

3,613

Thereafter

 

 

30,909

Total

 

$

49,035