GOODWILL AND INTANGIBLE ASSETS
|12 Months Ended|
Feb. 02, 2019
|GOODWILL AND INTANGIBLE ASSETS|
|GOODWILL AND INTANGIBLE ASSETS||
5. GOODWILL AND INTANGIBLE ASSETS
The gross carrying amounts and accumulated amortization of our intangible assets are as follows (in thousands):
In fiscal 2018, fiscal 2017 and fiscal 2016, we recognized amortization expense of $1.6 million, $1.9 million and $2.4 million, respectively, related to definite-lived intangible assets. As of February 2, 2019, the amortization expense related to our definite-lived intangible assets for the next five years will be approximately $0.5 million to $1.0 million each year.
On February 2, 2016, we acquired Lamrite West, Inc. and certain of its affiliates and subsidiaries (“Lamrite”) for $151.1 million, net of certain purchase price adjustments. Lamrite operated an international wholesale business under the Darice brand name and 36 arts and crafts retail stores under the Pat Catan’s brand name. In January 2019, we closed all 36 of our Pat Catan’s stores. As a result of the store closures, we recorded a $7.0 million impairment charge related to goodwill and a $3.0 million impairment charge primarily related to product tradenames. These amounts are included in restructure charges in our consolidated statements of comprehensive income.
As of February 2, 2019, goodwill totaled $112.1 million, including $94.3 million related to Michaels-U.S. and $17.8 million related to the acquisition of Lamrite on February 2, 2016.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef