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Intangible Assets, Net
12 Months Ended
Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

10.  Intangible Assets, Net

Intangible assets, net consists of the following:

 

 

 

June 30, 2019

 

 

June 24, 2018

 

Customer lists

 

$

23,615

 

 

$

23,615

 

Non-compete agreements

 

 

1,875

 

 

 

1,925

 

Trademarks, licenses and other

 

 

416

 

 

 

185

 

Total intangible assets, gross

 

 

25,906

 

 

 

25,725

 

 

 

 

 

 

 

 

 

 

Accumulated amortization – customer lists

 

 

(23,166

)

 

 

(22,527

)

Accumulated amortization – non-compete agreements

 

 

(438

)

 

 

(108

)

Accumulated amortization – trademarks, licenses and other

 

 

(132

)

 

 

(100

)

Total accumulated amortization

 

 

(23,736

)

 

 

(22,735

)

Total intangible assets, net

 

$

2,170

 

 

$

2,990

 

 

In fiscal 2007, UNIFI purchased certain texturing operations that are included in the Polyester Segment.  The valuation of the customer list acquired was determined by estimating the discounted net earnings attributable to the customer relationships that were purchased after considering items such as possible customer attrition.  Based on the length and trend of the projected cash flows, an estimated useful life of 13 years was determined.  The customer list is amortized through December 2019, in a manner which reflects the expected economic benefit that will be received over its 13-year life.  The non-compete agreement was fully amortized in fiscal 2018 and removed from the accompanying consolidated balance sheets accordingly.

A customer list and a non-compete agreement were recorded in connection with a business combination in fiscal 2014, utilizing similar valuation methods as described in the above fiscal 2007 transaction. The customer list is amortized over a nine-year estimated useful life based on the expected economic benefit.  The non-compete agreement was fully amortized in December 2018 and removed from the accompanying consolidated balance sheets accordingly.

In fiscal 2018, UNIFI purchased certain dyeing assets that are included in the Polyester Segment. The associated non-compete agreement was valued at $1,875 and is amortized using the straight-line method over its five-year term.

UNIFI capitalizes costs incurred to register trademarks for REPREVE® and other PVA products in various countries. UNIFI has determined that these trademarks have varying useful lives of up to three years and are being amortized using the straight-line method.

Amortization expense for intangible assets consists of the following:

 

 

 

For the Fiscal Year Ended

 

 

 

June 30, 2019

 

 

June 24, 2018

 

 

June 25, 2017

 

Customer lists

 

$

639

 

 

$

843

 

 

$

1,020

 

Non-compete agreements

 

 

379

 

 

 

205

 

 

 

287

 

Trademarks, licenses and other

 

 

94

 

 

 

62

 

 

 

74

 

Total amortization expense

 

$

1,112

 

 

$

1,110

 

 

$

1,381

 

 

The following table presents the expected intangible asset amortization for the next five fiscal years:

 

 

 

Fiscal 2020

 

 

Fiscal 2021

 

 

Fiscal 2022

 

 

Fiscal 2023

 

 

Fiscal 2024

 

Expected amortization

 

$

831

 

 

$

538

 

 

$

473

 

 

$

328

 

 

$