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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets In connection with the acquisition of Cedar Creek, we acquired certain intangible assets. As of March 30, 2019, our intangible assets consist of goodwill and other intangible assets including customer relationships, noncompete agreements, trade names, and favorable leasehold interests. Goodwill Goodwill is the excess of the cost of an acquired entity over the fair value of tangible and intangible assets (including customer relationships, noncompete agreements, trade names and favorable lease interests) acquired, and liabilities assumed, under acquisition accounting for business combinations. As of March 30, 2019, goodwill was $47.8 million. Goodwill is not subject to amortization but must be tested for impairment at least annually. This test requires us to assign goodwill to a reporting unit and to determine if the implied fair value of the reporting unit’s goodwill is less than its carrying amount. We evaluate goodwill for impairment during the fourth quarter of each fiscal year. In addition, we will evaluate the carrying values of these assets for impairment between annual impairment tests if an event occurs or circumstances change that would indicate the carrying amounts may be impaired. Such events and indicators may include, without limitation, significant declines in the industries in which our products are used, significant changes in capital market conditions and significant changes in our market capitalization. Definite-Lived Intangible Assets. At March 30, 2019, in connection with the acquisition of Cedar Creek, we had definite-lived intangible assets that related to customer relationships, noncompete agreements, trade names and favorable leasehold interests. At March 30, 2019, the gross carrying amounts, the accumulated amortization and the net carrying amounts of our definite-lived intangible assets were as follows:
(In thousands) |  | Gross carrying amounts |  | Accumulated Amortization | [2] | Net carrying amounts
Customer relationships |  | $ | 25,500 |  |  | $ | (4,087 | ) |  | $ | 21,413 |
Noncompete agreements |  |  | 8,254 |  |  |  | (1,984 | ) |  |  | 6,270 |
Trade names |  |  | 6,826 |  |  |  | (2,188 | ) |  |  | 4,638 |
Favorable leasehold interests[1] |  |  | 800 |  |  |  | (64 | ) |  |  | 736 |
Total |  | $ | 41,380 |  |  | $ | (8,323 | ) |  | $ | 33,057 |
____________________ [1] Amortized to rent expense [2] Intangible assets except customer relationships are amortized on straight line basis. Customer relationships are amortized on a double declining balance method. Amortization Expense The weighted average estimated useful life remaining for customer relationships, noncompete agreements, trade names and favorable leasehold interest is approximately 12 years, 4 years, 3 years and 12 years, respectively. Amortization expense for the definite-lived intangible assets was $2.1 million for the three-month period ended March 30, 2019. There were no amortization charges for the comparative periods of the prior year. Estimated annual amortization expense for definite-lived intangible assets over the next five fiscal years is as follows:
(In thousands) |  | Estimated Amortization
2019 |  | $ | 8,152 |
2020 |  | 7,527 |
2021 |  | 5,035 |
2022 |  | 3,183 |
2023 |  | 1,873 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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