lululemon athletica inc
For the period ended Jan 28, 2024. Filed Mar 21, 2024.
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FY2024 · Filed Mar 21, 2024
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Intangible Assets
Note 7. Intangible Assets
A summary of the balances of the Company's intangible assets as of January 28, 2024, January 29, 2023, is presented below:
| Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment | Net Carrying Amount | |
|---|---|---|---|---|
| (In thousands) | ||||
| MIRROR brand | $26,500 | $(4,089) | $(22,411) | $— |
| Customer relationships | 28,000 | (7,492) | (20,508) | — |
| Technology | 25,500 | (12,632) | (12,868) | — |
| Content | 5,000 | (3,250) | (1,750) | — |
| Other | 270 | (270) | — | — |
| Intangible assets | $85,270 | $(27,733) | $(57,537) | $— |
| Gross Carrying Amount | Accumulated Amortization | Impairment | Net Carrying Amount | Remaining Useful Life (Years) | |
|---|---|---|---|---|---|
| (In thousands, except in years) | |||||
| MIRROR brand | $26,500 | $(3,423) | $(20,077) | $3,000 | 3.0 |
| Customer relationships | 28,000 | (7,492) | (20,508) | — | n/a |
| Technology | 25,500 | (8,956) | — | 16,544 | 3.0 |
| Content | 5,000 | (2,583) | — | 2,417 | 2.4 |
| Other | 270 | (270) | — | — | n/a |
| Intangible assets | $85,270 | $(22,724) | $(40,585) | $21,961 | 2.9 |
Amortization of intangible assets was $5.0 million, $8.8 million, and $8.8 million in 2023, 2022, and 2021, respectively.
During 2022 and 2023, the Company recognized intangible asset impairment charges of $40.6 million and $17.0 million, respectively. These impairment charges related to the intangible assets that were recognized on the acquisition of MIRROR. Please refer to Note 8. Impairment of Goodwill and Other Assets, Restructuring Costs for further information.
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