this standard, the Company evaluates its goodwill for impairment on an  annual basis based on values at the end of third quarter, or whenever  indicators of impairment exist. The Company has evaluated its goodwill  for impairment and has determined that the fair value of its reporting  units exceeds the carrying values and therefore, no impairment of  goodwill was recorded. Also pursuant to the standard, the Company has  ceased recording of goodwill and indefinite-lived intangibles amortiza- tion in 2002. The Company also owns a trademark having a net value  of $8.1 million as of January 3, 2004, December 28, 2002, and  December 29, 2001. The fair value of the trademark exceeds the car- rying value of the trademark and thus, no impairment was recorded.  The trademark is deemed to have an indefinite useful life because it  is expected to generate cash flows indefinitely. The Company ceased  amortizing the trademark in 2002. The table below summarizes amortizable definite-lived  intangible assets, which are reflected in Other Assets in the Company’s  consolidated balance sheets: During 2001, the Company completed the acquisition of three small  hearth product distributors for a total purchase price of approximately  $7.6 million. The acquisitions were accounted for using the purchase  method, and the results of the three distributors have been included in  the Company’s financial statements since the date of acquisition. Amortization expense for definite-lived intangibles for 2003, 2002, and  2001 was $2,690,100, $2,690,100, and $2,200,200, respectively.  Amortization expense is estimated to be approximately $2.7 million per  year through 2005, $2.4 million in 2006, $1.2 million in 2007, and  $1.0 million in 2008. The goodwill at December 29, 2001, included other intangi- ble assets that are required to be accounted for as assets apart from  goodwill under SFAS No. 142. The following table summarizes the  reclassification: The Company adopted Statement of Financial Accounting Stan- dards (SFAS) No. 142, “Goodwill and Other Intangible Assets” on  December 30, 2001, the beginning of its 2002 fiscal year. Pursuant to  Goodwill and Other Intangible Assets Property, Plant, and Equipment Inventories Business Combinations Facility  Asset  Severance Termination &  Impairment (In thousands) Costs  Other Costs Write-downs  Total Restructuring reserve at December 31, 2000 $  –  $  –  $  –  $  – Restructuring charge  3,090  4,710  16,200   24,000 Cash payments   (2,322)  (2,761)  –  (5,083) Charge against assets  –  –   (16,200)   (16,200) Restructuring reserve at December 29, 2001 $  768  $ 1,949  $  –  $  2,717 Restructuring charge  737  3,328  1,300  5,365 Restructuring credit (852)  (1,513)  – (2,365) Cash payments  (653)  (1,577)  – (2,230) Charge against assets  –  –  (1,300)  (1,300) Restructuring reserve at December 28, 2002 $  –  $ 2,187  $  –  $ 2,187 Restructuring charges  3,438   5,622  –  9,060 Restructuring credit –  (550)  –  (550) Cash payments  (3,104)   (6,159)  –   (9,263) Restructuring reserve   at January 3, 2004 $  334  $ 1,100  $  –  $ 1,434 (In thousands) 2003 2002  2001  Finished products  $ 31,407 $ 30,747  $ 33,280 Materials and work in process  28,287 26,266   26,469  LIFO reserve  (9,864)  (10,190)  (9,609) $ 49,830 $ 46,823  $ 50,140 (In thousands) 2003 2002  2001  Land and land improvements  $ 23,065 $  21,566  $  21,678 Buildings 211,005 208,124  212,352 Machinery and equipment  495,901 494,354   494,458 Construction and equipment installation in progress  9,865 10,227 14,247 739,836 734,271   742,735 Less: allowances for  depreciation  427,468  381,001   337,764 $ 312,368 $ 353,270  $ 404,971 Net Book Value  as modified for  Net Book Value  SFAS 142 December 29, SFAS 142  December 29,  (In thousands) 2001 Reclassification  2001 Goodwill  $ 214,337  $ (27,643)  $ 186,694 Customer lists and other  (included in Other Assets)  3,049  19,564  22,613 Trademarks (included in  Other Assets)  –  8,079  8,079 Patents (included in Other  Assets) 8,574  –  8,574  Total  $ 225,960  $  –  $ 225,960 47 (In thousands) 2003 2002 Patents $ 16,450 $ 16,450 Customer lists and other  26,076  26,076 Less: accumulated amortization  16,671 13,980 Net intangible assets  $ 25,855 $ 28,546 H O N I N D U S T R I E S I n c . a n d S U B S I D I A R I E S