Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v2.4.0.8
Intangible Assets
12 Months Ended
Dec. 28, 2013
Intangible Assets [Abstract]  
Intangible Assets

NOTE – INTANGIBLE ASSETS

 

The Company performed its annual goodwill impairment test during the third quarter of 2013. The Company performed a qualitative assessment of each reporting unit and determined that is was not more-likely-than-not that the fair value of each reporting unit was less than its carrying amount. As a result, the two-step goodwill impairment test was not required and no impairments of goodwill were recognized in 2013.

 

The Company performed its annual indefinite-lived intangible asset impairment test during the third quarter of 2013. The Company performed a qualitative assessment of the indefinite-lived intangible assets and determined that is was not more-likely-than-not that the fair value of the indefinite-lived intangible assets was less than the carrying amount. As a result, the quantitative impairment test was not required and no impairments of indefinite-lived intangible assets were recognized in 2013.

 

The changes in the carrying amount of goodwill are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 29,

 

December 28,

 

 

 

2012

 

2013

 

 

 

 

 

 

 

Balance at beginning of year:

 

 

 

 

 

Gross goodwill

 

$             17,740

 

$             17,890

 

Accumulated impairment losses

 

 -

 

 -

 

Net goodwill as of beginning of year

 

17,740 

 

17,890 

 

 

 

 

 

 

 

Goodwill acquired during the year

 

 -

 

 -

 

Impairment loss

 

 -

 

 -

 

Currency translation adjustment

 

150 

 

353 

 

 

 

 

 

 

 

Balance as of end of year

 

 

 

 

 

Gross goodwill

 

17,890 

 

18,243 

 

Accumulated impairment losses

 

 -

 

 -

 

Net goodwill as of end of year

 

$             17,890

 

$             18,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 29, 2012

 

 

 

 

 

 

 

 

 

 

Weighted-average

 

 

Gross carrying

 

Accumulated

 

Net carrying

 

amortization

 

 

amount

 

amortization

 

amount

 

period (years)

 

 

 

 

 

 

 

 

 

Amortized intangible assets

 

 

 

 

 

 

 

 

Trade name and trademarks

 

$              4,256

 

$            (1,011)

 

$              3,245

 

10

Customer relationships

 

2,073 

 

(1,641)

 

432 

 

3

 

 

 

 

 

 

 

 

 

 

 

6,329 

 

(2,652)

 

3,677 

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets

 

 

 

 

 

 

 

 

Product formulas

 

9,384 

 

 

 

9,384 

 

 

Direct sales license

 

29,024 

 

 

 

29,024 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,408 

 

 

 

38,408 

 

 

 

 

 

 

 

 

 

 

 

 

 

$            44,737

 

 

 

$            42,085

 

 

 

 

 

 

 

 

 

 

 

 

NOTE – INTANGIBLE ASSETS – CONTINUED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 28, 2013

 

 

 

 

 

 

 

 

 

 

 

Weighted-average

 

 

 

Gross carrying

 

Accumulated

 

Net carrying

 

amortization

 

 

 

amount

 

amortization

 

amount

 

period (years)

 

 

 

 

 

 

 

 

 

 

 

Amortized intangible assets

 

 

 

 

 

 

 

 

 

Trade name and trademarks

 

$              4,372

 

$            (1,505)

 

$              2,867

 

10

 

Customer relationships

 

2,130 

 

(2,130)

 

 -

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

6,502 

 

(3,635)

 

2,867 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets

 

 

 

 

 

 

 

 

 

Product formulas

 

9,641 

 

 

 

9,641 

 

 

 

Direct sales license

 

29,821 

 

 

 

29,821 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,462 

 

 

 

39,462 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$            45,964

 

 

 

$            42,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Amortization Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

438 

 

 

 

 

 

 

 

2015

 

438 

 

 

 

 

 

 

 

2016

 

438 

 

 

 

 

 

 

 

2017

 

438 

 

 

 

 

 

 

 

2018

 

438 

 

 

 

 

 

 

 

Thereafter

 

677 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$              2,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate amortization of intangible assets for the years ended 2011, 2012, and 2013 was $1,515,  $1,090, and $897, respectively.