GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The following table summarizes the carrying amount of our goodwill at the dates indicated below (in thousands):

	September 26, 2020		December 28, 2019
Goodwill	$	54,293	$	54,293

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

	September 26, 2020
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Tradename	Indefinite	$	31,363	$	—	$	31,363
Trade dress	Indefinite	14,152		—		14,152
Trademarks	Indefinite	13,082		—		13,082
Customer relationships	11 years	42,205		(31,824)		10,381
Trademarks	6 - 30 years	18,864		(5,562)		13,302
Patents	4 - 25 years	9,497		(973)		8,524
Non-compete agreements	5 years	2,815		(2,815)		—
Other intangibles	15 years	1,043		(275)		768
Total intangible assets		$	133,021	$	(41,449)	$	91,572

	December 28, 2019
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Tradename	Indefinite	$	31,363	$	—	$	31,363
Trade dress	Indefinite	13,917		—		13,917
Trademarks	Indefinite	9,245		—		9,245
Customer relationships	11 years	42,205		(28,947)		13,258
Trademarks	6 - 30 years	19,872		(4,307)		15,565
Patents	4 - 25 years	7,407		(719)		6,688
Non-compete agreements	5 years	2,815		(2,815)		—
Other intangibles	15 years	1,041		(227)		814
Total intangible assets		$	127,865	$	(37,015)	$	90,850

Goodwill and indefinite-lived intangible assets are recorded at cost, or at their estimated fair values at the date of acquisition. We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of the fiscal year or an interim basis if circumstances indicate it is more likely than not that the fair value of our reporting unit is less than its carrying value.

As a result of the events and impacts surrounding the COVID-19 pandemic, including the sharp decline in sales beginning in mid-March 2020 and reduced cash flow forecasts during the beginning of the second quarter of 2020, we considered whether these conditions indicated that it was more likely than not that our goodwill of $54.3 million and indefinite-lived intangible assets were impaired as of March 28, 2020. Based on the qualitative assessment of the facts and circumstances in existence as of March 28, 2020 and the results of our annual impairment test performed during the fourth quarter of 2019, we determined that the fair values more likely than not significantly exceeded the carrying values of both our reporting unit and indefinite-lived intangible assets and, therefore, an interim quantitative impairment test was not performed.

Although we believe our assumptions and estimates of fair value related to both our reporting unit and indefinite-lived intangible assets are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial or other underlying assumptions could have a significant impact and future impairment charges could be required.