Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.1
Goodwill and Intangible Assets
 6 Months Ended
Apr. 01, 2023
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
Note O—Goodwill and Intangible Assets
 
Components of intangible assets consist of the following
 
(in thousands):
Goodwill represents the
 
acquired goodwill net
 
of the $
0.6
 
million impairment losses recorded
 
in fiscal year
 
2011. As
 
of March 2023,
 
the Delta Group
 
segment assets
include $
18.0
 
million of goodwill, and the Salt Life Group segment assets
 
include $
19.9
 
million.
 
Depending on the type
 
of intangible asset, amortization is
 
recorded under cost of goods
 
sold or selling, general and
 
administrative expenses. Amortization expense for
intangible assets for
 
the March 2023
 
and March 2022
 
quarters was $
0.6
 
million and $
0.6
 
million, respectively. Amortization
 
expense for the
 
six-months ended March
2023 and March 2022 was $
1.2
 
million and $
1.2
 
million, respectively. Amortization expense is estimated to be
 
approximately $
1.4
 
million for the year ended September
2023, approximately $
1.4
 
million for the year ended September 2024, and approximately
 
$
1.4
 
million for the years ended September 2025, 2026, and
 
2027.
March 2023
September 2022
Accumulated
Net
Accumulated
Net
 
Economic
Cost
Amortization
Value
Cost
Amortization
 
Value
Life
Goodwill
$
37,897
$
-
$
37,897
$
37,897
$
-
$
37,897
N/A
Intangibles:
Tradename/trademarks
$
16,000
$
(5,117)
$
10,883
$
16,000
$
(4,851)
$
11,149
20
 
–
30
 
yrs
Customer relationships
7,400
(3,583)
3,817
7,400
(3,213)
4,187
20
 
yrs
Technology
10,083
(3,059)
7,024
10,083
(2,610)
7,473
10
 
yrs
License agreements
2,100
(992)
1,108
2,100
(940)
1,160
15
 
–
30
 
yrs
Non-compete
 
 
agreements
1,657
(1,655)
2
1,657
(1,600)
57
4
 
–
8.5
 
yrs
Total intangibles
$
37,240
$
(14,406)
$
22,834
$
37,240
$
(13,214)
$
24,026