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Goodwill and Other Intangible Assets (Tables) | 4 Months Ended
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Apr. 22, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of 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 |
Summary of Changes in Carrying Amount of Goodwill | 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 |
Amortizable Intangible Assets | 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 | 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 | 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 |

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