YETI Holdings Inc
For the period ended Dec 28, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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7. Intangible Assets
- INTANGIBLE ASSETS
Intangible assets consisted of the following at the dates indicated below (dollars in thousands):
| December 28, 2024 | ||||
|---|---|---|---|---|
| Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |
| Tradename | Indefinite | $31,363 | $— | $31,363 |
| Trade dress | Indefinite | 25,573 | — | 25,573 |
| Trademarks | Indefinite | 36,989 | — | 36,989 |
| Tradename | 8 years | 3,500 | (401) | 3,099 |
| Customer relationships | 11 - 15 years | 44,205 | (42,327) | 1,878 |
| Trademarks | 6 - 30 years | 23,437 | (14,190) | 9,247 |
| Patents(1) | 4 - 25 years | 69,556 | (6,468) | 63,088 |
| Other intangibles | 15 years | 1,348 | (562) | 786 |
| Total intangible assets | $235,971 | $(63,948) | $172,023 | |
(1)The gross carrying amount includes $32.5 million of powered cooling technology patents acquired in November 2024. The acquired patents have useful lives of 14 years.
| December 30, 2023 | ||||
|---|---|---|---|---|
| Useful Life | Gross Carrying Amount | AccumulatedAmortization | Net Carrying Amount | |
| Tradename | Indefinite | $31,363 | $— | $31,363 |
| Trade dress | Indefinite | 16,707 | — | 16,707 |
| Trademarks | Indefinite | 33,850 | — | 33,850 |
| Customer relationships | 11 years | 42,205 | (42,205) | — |
| Trademarks | 6 - 30 years | 22,323 | (11,939) | 10,384 |
| Patents | 4 - 25 years | 28,803 | (4,041) | 24,762 |
| Other intangibles | 15 years | 1,049 | (486) | 563 |
| Total intangible assets | $176,300 | $(58,671) | $117,629 | |
Amortization expense was $5.3 million, $5.3 million, and $6.9 million, for 2024, 2023, and 2022, respectively. Amortization expense related to intangible assets is expected to be $7.7 million for 2025, $6.9 million for 2026, $6.3 million for 2027, $6.0 million for 2028, and $5.9 million for 2029.
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