Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v2.4.0.8
Goodwill and Intangible Assets
6 Months Ended
Jun. 29, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS
A summary of changes in goodwill at June 29, 2013 is as follows:
Balance, December 29, 2012
$
4,472

Acquisitions
726

Currency translation
(116
)
Balance, June 29, 2013
$
5,082


Goodwill is made up of amounts relating to the acquisitions of Sun Korea, HCT, Seungwon, and WhiteOak. Valuation models reflecting the expected future cash flow projections are used to value reporting units. A valuation of the reporting unit at December 29, 2012, indicated that there was no impairment of the carrying value of the goodwill at Sun Korea. A valuation of the reporting unit at September 29, 2012 indicated that there was no impairment of the carrying value of the goodwill at HCT. As of June 29, 2013, no factors were identified that indicated impairment of the carrying value of goodwill.

The Company recognized $2,658 and $746 in identifiable intangible assets as a result of the acquisitions of HCT and WhiteOak, respectively. Intangible assets are held in other assets on the balance sheet. At June 29, 2013, and December 29, 2012, intangible assets consisted of the following: 
 
June 29, 2013

December 29, 2012
 
Gross  carrying
amount
 
Accumulated
amortization
 
Net carrying
amount
 
Gross  carrying
amount
 
Accumulated
amortization
 
Net carrying
amount
Definite-lived intangibles:











Trade Name
$
774


$
(136
)

$
638


$
756


$
(95
)

$
661

Non-compete agreement
11


(2
)

9







Technology
868


(86
)

782


697


(256
)

441

Customer Relationships
1,751


(134
)

1,617


1,475


(92
)

1,383


$
3,404


$
(358
)

$
3,046


$
2,928


$
(443
)

$
2,485


Technology associated with our original equity method investment in WhiteOak is included in the prior year numbers above. As a result of the acquisition, our original investment is eliminated upon consolidation. This includes gross technology of $270 and $209 of accumulated amortization through March 30, 2013.
Total estimated amortization expense for the years 2014 through 2018 is presented below. The remaining amortization for 2013 is approximately $139.
Year:

2014
264

2015
256

2016
255

2017
255

2018
255

Total
$
1,285


Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No such events or circumstances occurred during the six months ended June 29, 2013.