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Goodwill and Other Intangible Assets (Tables)

4 Months Ended

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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