Customer Lists and Other Identifiable Intangible Assets, Net

12 Months Ended

Dec. 30, 2018

Customer Lists and Other Identifiable Intangible Assets [Member]

Other Identifiable Intangible Assets Net

11.	Customer Lists and Other Identifiable Intangible Assets, Net

Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of 5 to 12 years, consisted of the following:

(in thousands)	December 30, 2018		December 31, 2017
Customer lists and other identifiable intangible assets at cost	$	25,288	$	25,288
Less: Accumulated amortization		8,806		6,968
Customer lists and other identifiable intangible assets, net	$	16,482	$	18,320

A reconciliation of the activity for customer lists and other identifiable intangible assets, net in 2018 and 2017 is as follows:

	Fiscal Year
(in thousands)	2018			2017
Beginning balance - customer lists and other identifiable intangible assets, net	$	18,320		$	10,427
2017 System Transformation Transactions acquisitions⁽¹⁾		-			9,200
Measurement period adjustment⁽²⁾		-			150
Additional accumulated amortization		(1,838	)		(1,457	)
Ending balance - customer lists and other identifiable intangible assets, net	$	16,482		$	18,320

⁽¹⁾

2017 System Transformation Transactions acquisitions includes an increase of $0.5 million in 2017 from the opening balance sheets for the distribution territories and regional manufacturing facilities acquired in the System Transformation during 2017, as disclosed in the financial statements in the Company’s filed periodic reports. These adjustments are for post-closing adjustments made in accordance with the applicable asset purchase agreement or asset exchange agreement for each System Transformation Transaction. The adjustments to amortization expense associated with these measurement period adjustments were not material to the consolidated financial statements.

⁽²⁾

Measurement period adjustment relates to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement or asset exchange agreement for each System Transformation Transaction. The adjustments to amortization expense associated with this measurement period adjustment were not material to the consolidated financial statements.

Assuming no impairment of customer lists and other identifiable intangible assets, net, amortization expense in future years based upon recorded amounts as of December 30, 2018 will be approximately $1.8 million for each fiscal year 2019 through 2023.