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Goodwill and Intangible Assets, Net

3 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

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3. Goodwill and Intangible Assets, Net

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The Company performs its annual goodwill impairment assessment on the first day of its 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 July 1, 2023 and April 1, 2023. As of July 1, 2023, the Company had identified no indicators of impairment with respect to its goodwill and intangible asset balances.

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During both the thirteen weeks ended July 1, 2023 and June 25, 2022, the Company did not record any long-lived asset impairment charges.

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Net intangible assets as of July 1, 2023 and April 1, 2023 consisted of the following (in thousands, except for weighted average useful life):

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	July 1, 2023
​	​	Gross			​	​		​	​		Weighted
​	​	Carrying		​	Accumulated		​	​	​	​	Average
​		Amount			Amortization			Net			Useful Life
Customer lists—definite lived	​	$	345	​	$	(285)	​	$	60		5.0
Trademarks—indefinite lived	​		60,677	​		—	​		60,677	​	​
Total intangible assets	​	$	61,022	​	$	(285)	​	$	60,737	​	​

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	April 1, 2023
​	​	Gross		​	​	​	​	​	​	​	Weighted
​	​	Carrying		​	Accumulated		​	​	​	​	Average
​		Amount			Amortization			Net			Useful Life
Customer lists—definite lived	​	$	345	​	$	(271)	​	$	74		5.0
Trademarks—indefinite lived	​		60,677	​		—	​		60,677	​	​
Total intangible assets	​	$	61,022	​	$	(271)	​	$	60,751	​	​

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Amortization expense for intangible assets totaled less than $0.1 million for both the thirteen weeks ended July 1, 2023 and June 25, 2022, and is included in selling, general and administrative expenses.

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As of July 1, 2023, estimated future amortization of intangible assets was as follows:

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​	​	​	​
Fiscal Year		(in thousands)
2024		$	41
2025	​		19
Thereafter	​		-
Total	​	$	60

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- References

No definition available.

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350-30/tableOfContent

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