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INTANGIBLE AND OTHER ASSETS
6 Months Ended
Jul. 05, 2014
INTANGIBLE AND OTHER ASSETS  
INTANGIBLE AND OTHER ASSETS

12. INTANGIBLE AND OTHER ASSETS

 

The following table summarizes intangible and other assets (in thousands):

 

 

 

 

 

July 5, 2014

 

December 28, 2013

 

 

 

Useful

 

Gross

 

Accumulated

 

Gross

 

Accumulated

 

 

 

Lives

 

Amount

 

Amortization

 

Amount

 

Amortization

 

Intangibles-subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

10 yrs.

 

$

4,175

 

$

2,824

 

$

4,175

 

$

2,695

 

Customer lists

 

5-10 yrs.

 

43,248

 

16,086

 

43,367

 

14,065

 

Patents

 

3-20 yrs.

 

2,273

 

1,632

 

2,273

 

1,360

 

Noncompete agreement

 

6 yrs.

 

1,908

 

715

 

1,913

 

558

 

Other

 

7-20 yrs.

 

307

 

246

 

263

 

207

 

Total intangibles-subject to amortization

 

 

 

51,911

 

21,503

 

51,991

 

18,885

 

Intangibles-not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

 

83,657

 

 

 

83,659

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

Key money deposits

 

 

 

35,875

 

18,699

 

35,535

 

17,038

 

Other deposits

 

 

 

23,729

 

 

 

22,574

 

 

 

Deferred compensation plan assets

 

 

 

2,450

 

 

 

2,360

 

 

 

Deferred tax asset-net

 

 

 

10,152

 

 

 

10,044

 

 

 

Restricted cash

 

 

 

749

 

 

 

752

 

 

 

Shop-in-shop

 

 

 

18,682

 

9,719

 

16,334

 

7,767

 

Interest rate swap

 

 

 

2,977

 

 

 

4,307

 

 

 

Other

 

 

 

4,018

 

 

 

4,466

 

 

 

Total other assets

 

 

 

98,632

 

28,418

 

96,372

 

24,805

 

Total intangible and other assets

 

 

 

$

234,200

 

$

49,921

 

$

232,022

 

$

43,690

 

Total intangible and other assets-net

 

 

 

 

 

$

184,279

 

 

 

$

188,332

 

 

Key money is the amount of funds paid to a landlord or tenant to acquire the rights of tenancy under a commercial property lease for a certain property. Key money represents the “right to lease” with an automatic right of renewal. This right can be subsequently sold by the Company or can be recovered should the landlord refuse to allow the automatic right of renewal to be exercised. Key money is amortized over the initial lease term, which ranges from approximately four to 18 years.

 

Amortization expense for intangible assets was approximately $1.3 million in each of the Second Quarter and Prior Year Quarter, and $2.6 million in each of the Year to Date Period and Prior Year YTD Period. Estimated aggregate future amortization expense by fiscal year for intangible assets is as follows (in thousands):

 

Fiscal Year

 

Amortization
Expense

 

2014 (remaining)

 

$

2,586

 

2015

 

4,784

 

2016

 

4,646

 

2017

 

4,387

 

2018

 

4,021

 

2019

 

3,923