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Intangible Assets, Net and Goodwill

3 Months Ended

Jun. 25, 2022

3. Intangible Assets, Net and Goodwill

Net intangible assets as of June 25, 2022 and March 26, 2022 consisted of the following (in thousands, except for weighted average useful life):


	June 25, 2022
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
Customer lists—definite lived	$	345	$	(225)	$	120	5.0
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	61,022	$	(225)	$	60,797


	March 26, 2022
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
Customer lists—definite lived	$	345	$	(209)	$	136	5.0
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	61,022	$	(209)	$	60,813

Amortization expense for intangible assets totaled less than $0.1 million for both the thirteen weeks ended June 25, 2022 and June 26, 2021, and is included in selling, general and administrative expenses.

As of June 25, 2022, estimated future amortization of intangible assets was as follows:


Fiscal Year	(in thousands)
2023	$	46
2024		54
2025		20
2026		-
2027		-
Thereafter		-
Total	$	120

The Company performs its annual goodwill impairment assessment on the first day of the fourth fiscal quarter, or more frequently if it believes that indicators of impairment exist. The Company’s goodwill balance was $197.5 million as of both June 25, 2022 and March 26, 2022. As of June 25, 2022, the Company had identified no indicators of impairment with respect to its goodwill and intangible asset balances.

During both the thirteen weeks ended June 25, 2022 and June 26, 2021, the Company did not record any long-lived asset impairment charges.