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INTANGIBLE ASSETS
6 Months Ended
Jun. 29, 2019
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

 

3. INTANGIBLE ASSETS

 

Intangible assets consisted of the following at the dates indicated below (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 29, 2019

 

 

 

    

Gross

    

 

 

    

Net

 

 

Useful

 

Carrying

 

Accumulated

 

Carrying

 

 

Life

    

Amount

    

Amortization

    

Amount

Tradename

 

Indefinite

 

$

31,363

 

$

 —

 

$

31,363

Trade dress

 

Indefinite

 

 

13,333

 

 

 —

 

 

13,333

Trademarks

 

Indefinite

 

 

9,122

 

 

 —

 

 

9,122

Customer relationships

 

11 years

 

 

42,205

 

 

(27,028)

 

 

15,177

Trademarks

 

6 - 30 years

 

 

18,169

 

 

(3,481)

 

 

14,688

Patents

 

4 - 25 years

 

 

6,435

 

 

(584)

 

 

5,851

Non-compete agreements

 

5 years

 

 

2,815

 

 

(2,815)

 

 

 —

Other intangibles

 

15 years

 

 

1,036

 

 

(195)

 

 

841

Total intangible assets

 

  

 

$

124,478

 

$

(34,103)

 

$

90,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 29, 2018

 

 

 

    

Gross

    

 

 

    

Net

 

 

Useful

 

Carrying

 

Accumulated

 

Carrying

 

 

Life

    

Amount

    

Amortization

    

Amount

Tradename

 

Indefinite

 

$

31,363

 

$

 —

 

$

31,363

Trade dress

 

Indefinite

 

 

13,466

 

 

 —

 

 

13,466

Customer relationships

 

11 years

 

 

42,205

 

 

(25,110)

 

 

17,095

Trademarks

 

6 - 30 years

 

 

14,867

 

 

(2,696)

 

 

12,171

Patents

 

4 - 25 years

 

 

5,522

 

 

(461)

 

 

5,061

Non-compete agreements

 

5 years

 

 

2,815

 

 

(2,815)

 

 

 —

Other intangibles

 

15 years

 

 

1,026

 

 

(163)

 

 

863

Total intangible assets

 

  

 

$

111,264

 

$

(31,245)

 

$

80,019

 

Acquisition

 

In March 2019, we acquired the intellectual property rights related to the YETI brand across several jurisdictions, primarily in Europe and Asia, for $9.1 million, pursuant to certain purchase agreements we entered into with a European outdoor retailer.  The intellectual property rights include trademark registrations and applications for YETI formative trademarks for goods and services as well as domain names that include the YETI trademark. The purchase price has been allocated on a preliminary basis to trademarks.