Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.19.3.a.u2
Intangible Assets
12 Months Ended
Dec. 28, 2019
Intangible Assets [Abstract]  
Intangible Assets NOTE H—INTANGIBLE ASSETS

The Company performed its annual goodwill impairment test during the third quarter of 2019. The Company performed a qualitative assessment of each reporting unit and determined that it was not more-likely-than-not that the fair value of any reporting unit was less than its carrying amount. As a result, no impairments of goodwill were recognized in 2019.

The Company also performed its annual indefinite-lived intangible asset impairment test during the third quarter of 2019. The Company performed a qualitative assessment of the indefinite-lived intangible assets and determined that it was not more-likely-than-not that the fair value of any indefinite-lived intangible asset was less than the carrying amount. As a result, no impairments of indefinite-lived intangible assets were recognized in 2019.

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

 

December 28,

December 29,

2019

2018

Balance at beginning of year:

Gross goodwill

$

16,815

$

17,417

Net goodwill as of beginning of year

16,815

17,417

Currency translation adjustment

(179)

(602)

Balance as of end of year

Gross goodwill

16,636

16,815

Net goodwill as of end of year

$

16,636

$

16,815


NOTE H—INTANGIBLE ASSETS – CONTINUED

Intangible assets consists of the following:

 

As of December 28, 2019

Weighted-average

Gross carrying

Accumulated

Net carrying

amortization

amount

amortization

amount

period (years)

Amortized intangible assets

Trade name and trademarks

$

3,791

$

(3,548)

$

243

10

Product formulas

8,360

(4,621)

3,739

8

Indefinite-lived intangible assets

Direct sales license

25,858

25,858

$

38,009

$

29,840

 

Estimated Amortization Expense:

2020

$

1,278

2021

1,045

2022

1,045

2023

614

$

3,982

 

As of December 29, 2018

Gross carrying
amount

Accumulated
amortization

Net carrying
amount

Weighted-average
amortization
period (years)

Amortized intangible assets

Trade name and trademarks

$

3,858

$

(3,226)

$

632

10

Product formulas

8,506

(3,637)

4,869

8

Indefinite-lived intangible assets

Direct sales license

26,310

26,310

$

38,674

$

31,811

Aggregate amortization of intangible assets was $1,442, $1,505, and $1,480, for the years ended 2019, 2018, and 2017, respectively.