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Goodwill and Other Intangible Assets (Tables) | 9 Months Ended
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Oct. 05, 2024
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 5, 2024 and December 30, 2023, respectively, each of which is explained in additional detail below (amounts in thousands):
|  | October 5, 2024 |  |  | December 30, 2023 |
Goodwill |  | $ | 679,896 |  |  | $ | 677,796 |
Amortizable intangible assets, net |  |  | 506,444 |  |  |  | 530,642 |
Indefinite-lived intangible assets |  |  | 127,100 |  |  |  | 127,100 |
Total goodwill and other intangible assets |  | $ | 1,313,440 |  |  | $ | 1,335,538 |
Summary of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during the forty weeks ended October 5, 2024, during which time we finalized the purchase accounting for the acquisition of Papa Pita, are as follows (amounts in thousands):
|  | Total |
Balance as of December 30, 2023 |  | $ | 677,796 |
Measurement period adjustment (see Note 4, Acquisition) |  |  | 2,100 |
Balance as of October 5, 2024 |  | $ | 679,896 |
Amortizable Intangible Assets | As of October 5, 2024 and December 30, 2023, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):
|  | October 5, 2024 |  |  | December 30, 2023 |
Asset |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |  |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |
Trademarks |  | $ | 481,715 |  |  | $ | 119,000 |  |  | $ | 362,715 |  |  | $ | 481,715 |  |  | $ | 107,562 |  |  | $ | 374,153 |
Customer relationships |  |  | 340,221 |  |  |  | 196,846 |  |  |  | 143,375 |  |  |  | 340,221 |  |  |  | 184,222 |  |  |  | 155,999 |
Non-compete agreements |  |  | 5,454 |  |  |  | 5,264 |  |  |  | 190 |  |  |  | 5,454 |  |  |  | 5,206 |  |  |  | 248 |
Distributor relationships |  |  | 4,123 |  |  |  | 3,959 |  |  |  | 164 |  |  |  | 4,123 |  |  |  | 3,881 |  |  |  | 242 |
Total |  | $ | 831,513 |  |  | $ | 325,069 |  |  | $ | 506,444 |  |  | $ | 831,513 |  |  | $ | 300,871 |  |  | $ | 530,642 |
Aggregate Amortization Expense | Aggregate amortization expense for the twelve and forty weeks ended October 5, 2024 and October 7, 2023 was as follows (amounts in thousands):
|  | Amortization Expense |
For the twelve weeks ended October 5, 2024 |  | $ | 7,218 |
For the twelve weeks ended October 7, 2023 |  | $ | 7,572 |
For the forty weeks ended October 5, 2024 |  | $ | 24,198 |
For the forty weeks ended October 7, 2023 |  | $ | 24,891 |
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 2024 |  | $ | 7,182 |
2025 |  | $ | 30,746 |
2026 |  | $ | 28,891 |
2027 |  | $ | 27,242 |
2028 |  | $ | 25,611 |

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