Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.24.0.1
Intangible Assets
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets INTANGIBLE ASSETS
The Company performed its annual goodwill impairment test during the third quarter of 2023. 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 2023 and 2022.
The Company also performed its annual indefinite-lived intangible asset impairment test during the third quarter of 2023. 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 2023 and 2022.
The changes in the carrying amount of goodwill are as follows:
December 30,
2023		 December 31,
2022
Balance at beginning of year:
Gross goodwill $ 17,368  $ 17,668 
Goodwill as of beginning of year 17,368  17,668 
   
Goodwill acquired during the year —  582 
Currency translation adjustment (266) (882)
Balance as of end of year
Gross goodwill 17,102  17,368 
Goodwill as of end of year $ 17,102  $ 17,368 
Intangible assets consist of the following:
As of December 30, 2023
Gross carrying
amount		 Accumulated
 amortization		 Net carrying
amount		 Weighted-average
amortization
period (years)
Amortized intangible assets
Trade name and trademarks $ 2,285  $ (343) $ 1,942  10
Product formulas 8,480  (8,426) 54  8
Customer relationships 3,314  (1,243) 2,071  4
Non-compete agreements 467  (184) 283  4
Indefinite-lived intangible assets
Direct selling license 25,569  25,569 
$ 40,115  $ 29,919 
Estimated Amortization Expense:  
2024 $ 1,223 
2025 1,154 
2026 692 
2027 253 
2028 229 
Thereafter 799 
$ 4,350 
As of December 31, 2022
Gross carrying
amount		 Accumulated
amortization 		Net carrying
amount		 Weighted-average
amortization
period (years)
Amortized intangible assets
Trade name and trademarks $ 2,285  $ (114) $ 2,171  10
Product formulas 8,701  (7,983) 718  8
Customer relationships 3,313  (414) 2,899  4
Non-compete agreements 467  (61) 406  4
Indefinite-lived intangible assets
Direct selling license 26,238  26,238 
$ 41,004  $ 32,432 
Aggregate amortization of intangible assets was $1,835, $1,723, and $1,182 for the years ended 2023, 2022, and 2021, respectively.