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Note 5 - Acquired Intangible Assets and Goodwill

12 Months Ended

Dec. 25, 2021

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:

	2021				2020
In Thousands	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization

Patents		24,715		24,068		24,715		23,860
Non-compete agreements		2,749		2,749		2,749		2,749
Customer list		18,017		8,100		18,017		6,669
Trademarks		9,736		266		9,736		174
Developed technology		475		301		475		206
License agreements		700		130		700		89
		56,392		35,614		56,392		33,747

Amortization expense was $1.9 million, $1.5 million and $1.5 million for 2021, 2020 and 2019, respectively.

Estimated future amortization expense is summarized in the following table:

In Thousands	2022		2023		2024		2025		2026		Thereafter

Sporting Goods		1,847		1,769		1,644		1,595		1,547		4,592

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 28, 2019	$	26,749
Acquisition		5,946
Balance at December 26, 2020	$	32,695
Acquisition		--
Balance at December 25, 2021	$	32,695

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 implied estimated fair value calculated, an impairment charge to current operations is recorded to reduce the carrying value to the implied estimated fair value.