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Goodwill and Other Intangible Assets | 4 Months Ended
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Apr. 22, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 7. GOODWILL AND OTHER INTANGIBLE ASSETS The table below summarizes our goodwill and other intangible assets at April 22, 2023 and December 31, 2022, respectively, each of which is explained in additional detail below (amounts in thousands):
|  | April 22, 2023 |  |  | December 31, 2022 |
Goodwill |  | $ | 676,274 |  |  | $ | 545,244 |
Amortizable intangible assets, net |  |  | 555,159 |  |  |  | 537,281 |
Indefinite-lived intangible assets |  |  | 127,100 |  |  |  | 127,100 |
Total goodwill and other intangible assets |  | $ | 1,358,533 |  |  | $ | 1,209,625 |
The changes in the carrying amount of goodwill during the first quarter of Fiscal 2023, during which time we completed the acquisition of Papa Pita, are as follows (amounts in thousands):
|  | Total |
Balance as of December 31, 2022 |  | $ | 545,244 |
Acquisition |  |  | 131,030 |
Balance as of April 22, 2023 |  | $ | 676,274 |
On February 17, 2023, the company completed the acquisition of Papa Pita for total consideration of approximately $273.5 million, inclusive of a preliminary net working capital adjustment. The acquisition included several amortizable intangible assets which total $27.1 million and are included in the table below. See Note 4, Acquisition, for details of the assets and the respective amortization period by category. As of April 22, 2023 and December 31, 2022, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):
|  | April 22, 2023 |  |  | December 31, 2022 |
Asset |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |  |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |
Trademarks |  | $ | 481,715 |  |  | $ | 97,285 |  |  | $ | 384,430 |  |  | $ | 477,115 |  |  | $ | 92,763 |  |  | $ | 384,352 |
Customer relationships |  |  | 340,221 |  |  |  | 172,565 |  |  |  | 167,656 |  |  |  | 318,021 |  |  |  | 167,688 |  |  |  | 150,333 |
Non-compete agreements |  |  | 5,454 |  |  |  | 5,132 |  |  |  | 322 |  |  |  | 5,154 |  |  |  | 5,114 |  |  |  | 40 |
Distributor relationships |  |  | 4,123 |  |  |  | 3,757 |  |  |  | 366 |  |  |  | 4,123 |  |  |  | 3,673 |  |  |  | 450 |
Distributor routes held and used |  |  | 3,750 |  |  |  | 1,365 |  |  |  | 2,385 |  |  |  | 3,249 |  |  |  | 1,143 |  |  |  | 2,106 |
Total |  | $ | 835,263 |  |  | $ | 280,104 |  |  | $ | 555,159 |  |  | $ | 807,662 |  |  | $ | 270,381 |  |  | $ | 537,281 |
Aggregate amortization expense for the sixteen weeks ended April 22, 2023 and April 23, 2022 was as follows (amounts in thousands):
|  | Amortization Expense |
For the sixteen weeks ended April 22, 2023 |  | $ | 9,723 |
For the sixteen weeks ended April 23, 2022 |  | $ | 9,749 |
Estimated amortization of intangibles for each of the next five years is as follows (amounts in thousands):
|  | Amortization of Intangibles |
Remainder of 2023 |  | $ | 22,719 |
2024 |  | $ | 32,160 |
2025 |  | $ | 31,378 |
2026 |  | $ | 29,227 |
2027 |  | $ | 27,374 |
There were $127.1 million of indefinite-lived intangible trademark assets separately identified from goodwill at April 22, 2023 and December 31, 2022. These trademarks are classified as indefinite-lived because we believe they are well established brands with a long history and well-defined markets. We believe these factors support an indefinite life. We perform an annual impairment analysis, or on an interim basis if the facts and circumstances change, to determine if the trademarks are realizing their expected economic benefits.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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