Goodwill and Intangible Assets

12 Months Ended

Dec. 28, 2019

Goodwill and Intangible Assets

H. Goodwill and Intangible Assets

The change in the carrying value of goodwill and intangible assets during the fifty-two weeks ended December 28, 2019 and December 29, 2018 were as follows:

	Fifty-two weeks ended
	December 28,		December 29,
	2019		2018
	(in thousands)
Goodwill as of beginning of period	$	3,683	$	3,683
Acquired goodwill		108,846		—
Impairment of goodwill		—		—
Goodwill as of end of period	$	112,529	$	3,683

The $108.8 million of goodwill acquired during the fifty-two weeks ended December 28, 2019 is related to the Dogfish Head Transaction disclosed in Note C. No impairment of existing goodwill was recorded in the period.

The Company’s intangible assets as of December 28, 2019 and December 29, 2018 were as follows:

			As of December 28, 2019							As of December 29, 2018
	Estimated Useful		Gross Carrying		Accumulated			Net Book		Gross Carrying		Accumulated		Net Book
	Life (Years)		Value		Amortization			Value		Value		Amortization		Value
			(in thousands)							(in thousands)
Customer Relationships		15	$	3,800	$	(127	)	$	3,673	$	—	$	—	$	—
Trade Names		Indefinite		100,599		—			100,599		2,099		—		2,099
Total intangible assets			$	104,399	$	(127	)	$	104,272	$	2,099	$	—	$	2,099

During the fifty-two weeks ended December 28, 2019, the Company acquired intangible assets as part of the Dogfish Head Transaction disclosed in Note C, that consists of $98.5 million for the value of the Dogfish Head brand name and $3.8 million for the value of customer relationships. The customer relationship intangible asset will be amortized on a straight-line basis over the 15 year useful life. Amortization expense in the fifty-two weeks ended December 28, 2019 was approximately $127,000. The Company expects to record amortization expense as follows over the five subsequent years:

Fiscal Year	Amount (in thousands)
2020		253
2021		253
2022		253
2023		253
2024		253