Goodwill And Other Intangible Assets

9 Months Ended

Sep. 28, 2013

Goodwill And Other Intangible Assets [Abstract]

NOTE H - Goodwill and Other Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized but are subject to annual impairment tests, more frequently if events or circumstances occur that would indicate a potential decline in their fair value. The Company performs the assessments annually during the fourth quarter or on an interim basis if potential impairment indicators arise. The fair value of the reporting unit's goodwill is determined using established income and market valuation approaches and the fair value of other indefinite-lived intangible assets, consisting of two trade names, is determined using a forward relief from royalty method. For further discussion about impairment analysis, see the "Impairment Analysis" section of Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in our Form 10-K for the fiscal year ended December 29, 2012.

At September 28, 2013 and December 29, 2012, the approximate $15.3 million carrying value of goodwill, $11.9 million of which is expected to be tax deductible. Other intangibles consisted of the following:


(THOUSANDS OF DOLLARS)	SEPTEMBER 28, 2013						DECEMBER 29, 2012
	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		OTHER INTANGIBLES, NET		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		OTHER INTANGIBLES, NET
Amortized:
Trademarks	$	250	$	160	$	90	$	9,542	$	9,163	$	379
Patents		323		165		158		3,642		3,334		308
Customer relationships		3,170		2,490		680		3,170		2,151		1,019
	$	3,743	$	2,815	$	928	$	16,354	$	14,648	$	1,706
Not Amortized:
Trade names						6,900						6,900
Intangibles, Net					$	7,828					$	8,606

Amortization expense for the three and nine month periods ended September 28, 2013 was approximately $0.1 million and $0.5 million, respectively. The estimated future amortization expense for other intangibles remaining as of September 28, 2013 is as follows:


(THOUSANDS OF DOLLARS)	2013	2014	2015	2016	2017	THEREAFTER
	$ 158	$ 518	$ 165	$ 47	$ 38	$ 2

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details