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INTANGIBLE AND OTHER ASSETS
6 Months Ended
Jul. 04, 2015
INTANGIBLE AND OTHER ASSETS  
INTANGIBLE AND OTHER ASSETS

12. INTANGIBLE AND OTHER ASSETS

 

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

 

 

 

 

 

July 4, 2015

 

January 3, 2015

 

 

 

Useful

 

Gross

 

Accumulated

 

Gross

 

Accumulated

 

At Fiscal Year End

 

Lives

 

Amount

 

Amortization

 

Amount

 

Amortization

 

Intangibles-subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

10 yrs.

 

$

4,175 

 

$

3,074 

 

$

4,174 

 

$

2,950 

 

Customer lists

 

5-10 yrs.

 

44,096 

 

19,211 

 

41,703 

 

17,457 

 

Patents

 

3-20 yrs.

 

2,273 

 

2,046 

 

2,273 

 

1,902 

 

Noncompete agreement

 

6 yrs.

 

1,823 

 

987 

 

1,855 

 

851 

 

Other

 

7-20 yrs.

 

573 

 

465 

 

353 

 

341 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangibles-subject to amortization

 

 

 

52,940 

 

25,783 

 

50,358 

 

23,501 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles-not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

 

83,634 

 

 

 

83,610 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

Key money deposits

 

 

 

30,165 

 

19,117 

 

31,892 

 

18,661 

 

Other deposits

 

 

 

22,159 

 

 

 

21,854 

 

 

 

Deferred compensation plan assets

 

 

 

2,515 

 

 

 

2,477 

 

 

 

Deferred tax asset-net

 

 

 

7,617 

 

 

 

8,583 

 

 

 

Restricted cash

 

 

 

529 

 

 

 

575 

 

 

 

Shop-in-shop

 

 

 

12,655 

 

9,587 

 

16,333 

 

9,660 

 

Interest rate swap

 

 

 

743 

 

 

 

1,724 

 

 

 

Forward contracts

 

 

 

664 

 

 

 

1,802 

 

 

 

Other

 

 

 

7,067 

 

 

 

6,978 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other assets

 

 

 

84,114 

 

28,704 

 

92,218 

 

28,321 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangible and other assets

 

 

 

$

220,688 

 

$

54,487 

 

$

226,186 

 

$

51,822 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangible and other assets-net

 

 

 

 

 

$

166,201 

 

 

 

$

174,364 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $1.4 million and $1.3 million for the Second Quarter and Prior Year Quarter, respectively, and $2.5 million and $2.6 million for the Year To Date Period and Prior Year YTD Period, respectively. Estimated aggregate future amortization expense by fiscal year for intangible assets is as follows (in thousands):

 

Fiscal Year

 

 

Amortization
Expense

 

2015 (remaining)

 

$

2,441 

 

2016

 

$

4,871 

 

2017

 

$

4,613 

 

2018

 

$

4,258 

 

2019

 

$

4,163 

 

2020

 

$

3,655