WEYCO GROUP INC Goodwill & Intangibles Disclosure
8. INTANGIBLE ASSETS
Our indefinite-lived intangible assets, comprised of goodwill and trademarks, are predominantly recorded in our Wholesale segment. These assets were recorded in the Consolidated Balance Sheets as follows:
| December 31, | | December 31, | |||
2025 | 2024 | |||||
| (Dollars in thousands) | |||||
Indefinite-lived intangibles: | ||||||
Goodwill | $ | 12,317 | $ | 12,317 | ||
Trademarks |
| 32,868 |
| 32,868 | ||
Total | $ | 45,185 | $ | 45,185 | ||
We evaluate goodwill and indefinite lived intangible assets 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 2025 and 2024, 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 2025 or 2024, nor has there ever been an impairment on this goodwill.
As of December 31, 2025, our trademark balance consisted of the Florsheim and BOGS trademarks. For the Florsheim trademark, we performed qualitative assessments as of December 31, 2025 and 2024, 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, 2025. 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 similar quantitative assessment for the BOGS trademark as of December 31, 2024, noting no impairment.
Our trademark balance previously included the Forsake trademark; however, its remaining carrying value was written off in 2024. The related impairment charge of $0.3 million was 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, 2025 | December 31, 2024 | ||||||||||||||||||
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 | $ | (3,461) | $ | 39 | $ | 3,500 | $ | (3,227) | $ | 273 | |||||||
Total amortizable intangible assets | $ | 3,500 | $ | (3,461) | $ | 39 | $ | 3,500 | $ | (3,227) | $ | 273 | |||||||||
Amortization expense related to the intangible assets was $0.2 million in both 2025 and 2024. Excluding the impact of any future acquisitions, we anticipate amortization expense will be nominal in 2026, as the related asset will be fully amortized during the year.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 13, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 14, 2019 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 9, 2017 | |
| 2015 | Mar 10, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.