Goodwill and Intangible Assets
|9 Months Ended|
Sep. 28, 2019
|Goodwill And Intangible Assets Disclosure [Abstract]|
|GOODWILL AND INTANGIBLE ASSETS||
7. GOODWILL AND INTANGIBLE ASSETS
A summary of changes in goodwill by segment for the nine months ended September 28, 2019, is as follows:
At September 28, 2019, and December 29, 2018, intangible assets consisted of the following:
During the third quarter of 2019, the Company terminated its technology licensing agreement with Sturman Industries, Inc. A phase out of all digital logic valve (“DLV”) related products was completed and no further sales of any related products or technologies will occur. The termination of the agreement resulted in the recognition of a loss on disposal of the related intangible asset totaling $2,713.
Amortization expense for the nine months ended September 28, 2019, and September 29, 2018, was $13,544 and $17,174, respectively. Total estimated amortization expense for the remainder of 2019 and for the years 2020 through 2024 is presented below.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef