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Intangible Assets, Net
12 Months Ended
Jun. 28, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

10.  Intangible Assets, Net

Intangible assets, net consists of the following:

 

 

 

June 28, 2020

 

 

June 30, 2019

 

Customer lists

 

$

1,615

 

 

$

23,615

 

Non-compete agreements

 

 

1,875

 

 

 

1,875

 

Trademarks

 

 

455

 

 

 

416

 

Total intangible assets, gross

 

 

3,945

 

 

 

25,906

 

 

 

 

 

 

 

 

 

 

Accumulated amortization – customer lists

 

 

(1,493

)

 

 

(23,166

)

Accumulated amortization – non-compete agreements

 

 

(813

)

 

 

(438

)

Accumulated amortization – trademarks

 

 

(227

)

 

 

(132

)

Total accumulated amortization

 

 

(2,533

)

 

 

(23,736

)

Total intangible assets, net

 

$

1,412

 

 

$

2,170

 

 

In fiscal 2007, UNIFI purchased certain texturing operations that are included in the Polyester Segment.  The valuation of the customer list acquired was determined by estimating the discounted net earnings attributable to the customer relationships that were purchased after considering items such as possible customer attrition.  Based on the length and trend of the projected cash flows, an estimated useful life of 13 years was determined.  The customer list was fully amortized during fiscal 2020 and the customer list and related accumulated amortization was removed from the Consolidated Balance Sheet in fiscal 2020.

A customer list was recorded in connection with a business combination in fiscal 2014, utilizing similar valuation methods as described in the above fiscal 2007 transaction. The customer list is amortized over a nine-year estimated useful life based on the expected economic benefit.

In fiscal 2018, UNIFI purchased certain dyeing assets that are included in the Polyester Segment. The associated non-compete agreement was valued at $1,875 and is amortized using the straight-line method over its five-year term.

UNIFI capitalizes costs incurred to register trademarks primarily for REPREVE® in various countries. UNIFI has determined that these trademarks have varying useful lives of up to three years and are being amortized using the straight-line method.

Amortization expense for intangible assets consists of the following:

 

 

 

For the Fiscal Year Ended

 

 

 

June 28, 2020

 

 

June 30, 2019

 

 

June 24, 2018

 

Customer lists

 

$

326

 

 

$

639

 

 

$

843

 

Non-compete agreements

 

 

375

 

 

 

379

 

 

 

205

 

Trademarks

 

 

154

 

 

 

94

 

 

 

62

 

Total amortization expense

 

$

855

 

 

$

1,112

 

 

$

1,110

 

 

The following table presents the expected intangible asset amortization for the next five fiscal years:

 

 

 

Fiscal 2021

 

 

Fiscal 2022

 

 

Fiscal 2023

 

 

Fiscal 2024

 

 

Fiscal 2025

 

Expected amortization

 

$

570

 

 

$

505

 

 

$

337

 

 

$

 

 

$