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Note 5 - Acquired Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5 — Acquired Intangible Assets and Goodwill

The carrying basis and accumulated amortization of recognized intangible assets are summarized in the following table:

	2022				2021
In Thousands	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization

Patents		24,715		24,270		24,715		24,068
Non-compete agreements		2,749		2,749		2,749		2,749
Customer list		22,017		9,783		18,017		8,100
Trademarks		18,636		802		9,736		266
Developed technology		475		396		475		301
License agreements		700		172		700		130
		69,292		38,172		56,392		35,614

Amortization expense was $2.6 million, $1.9 million and $1.5 million for 2022, 2021 and 2020, respectively.

Estimated future amortization expense is summarized in the following table:

All Amounts in Thousands

2023	$	2,480
2024		2,356
2025		2,307
2026		2,259
2027		2,173
Thereafter		11,761
Subtotal		23,336
Indefinite-lived intangible asset balance		7,784
Total	$	31,120

All goodwill is allocated to the operating segment of the business. The changes in the carrying amount of goodwill were:

In Thousands	Sporting Goods

Balance at December 26, 2020	$	32,695
Acquisition		-
Balance at December 25, 2021	$	32,695
Acquisition		9,631
Balance at December 31, 2022	$	42,326

The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable, in accordance with guidance in FASB ASC 350, Intangibles – Goodwill and Other. A qualitative assessment is first performed to determine if the fair value of the reporting unit is “more likely than not” less than the carrying value. If so, we proceed to a quantitative assessment, in which the fair value of the reporting unit is compared to its carrying value. If the carrying value of goodwill exceeds the fair value, an impairment charge to current operations is recorded to reduce the carrying value to the fair value.