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Goodwill and Other Intangible Assets (Tables) | 9 Months Ended
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Oct. 07, 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 October 7, 2023 and December 31, 2022, respectively, each of which is explained in additional detail below (amounts in thousands):
|  | October 7, 2023 |  |  | December 31, 2022 |
Goodwill |  | $ | 677,796 |  |  | $ | 545,244 |
Amortizable intangible assets, net |  |  | 537,968 |  |  |  | 537,281 |
Indefinite-lived intangible assets |  |  | 127,100 |  |  |  | 127,100 |
Total goodwill and other intangible assets |  | $ | 1,342,864 |  |  | $ | 1,209,625 |
Summary of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during the forty weeks ended October 7, 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 |  |  | 132,552 |
Balance as of October 7, 2023 |  | $ | 677,796 |
Amortizable Intangible Assets | As of October 7, 2023 and December 31, 2022, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):
|  | October 7, 2023 |  |  | December 31, 2022 |
Asset |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |  |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |
Trademarks |  | $ | 481,715 |  |  | $ | 104,131 |  |  | $ | 377,584 |  |  | $ | 477,115 |  |  | $ | 92,763 |  |  | $ | 384,352 |
Customer relationships |  |  | 340,221 |  |  |  | 180,378 |  |  |  | 159,843 |  |  |  | 318,021 |  |  |  | 167,688 |  |  |  | 150,333 |
Non-compete agreements |  |  | 5,454 |  |  |  | 5,179 |  |  |  | 275 |  |  |  | 5,154 |  |  |  | 5,114 |  |  |  | 40 |
Distributor relationships |  |  | 4,123 |  |  |  | 3,857 |  |  |  | 266 |  |  |  | 4,123 |  |  |  | 3,673 |  |  |  | 450 |
Distributor routes held and used |  |  | 4,040 |  |  |  | 4,040 |  |  |  | — |  |  |  | 3,249 |  |  |  | 1,143 |  |  |  | 2,106 |
Total |  | $ | 835,553 |  |  | $ | 297,585 |  |  | $ | 537,968 |  |  | $ | 807,662 |  |  | $ | 270,381 |  |  | $ | 537,281 |
Aggregate Amortization Expense | Aggregate amortization expense for the twelve and forty weeks ended October 7, 2023 and October 8, 2022 was as follows (amounts in thousands):
|  | Amortization Expense |
For the twelve weeks ended October 7, 2023 |  | $ | 7,572 |
For the twelve weeks ended October 8, 2022 |  | $ | 7,334 |
For the forty weeks ended October 7, 2023 |  | $ | 24,891 |
For the forty weeks ended October 8, 2022 |  | $ | 24,415 |
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 |  | $ | 7,336 |
2024 |  | $ | 31,409 |
2025 |  | $ | 30,746 |
2026 |  | $ | 28,891 |
2027 |  | $ | 27,242 |

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