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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 11. Goodwill and Other Intangible Assets The table below summarizes our goodwill and other intangible assets as of December 28, 2024 and December 30, 2023, respectively, each of which is explained in additional detail below (amounts in thousands):
|  | December 28, 2024 |  |  | December 30, 2023 |
Goodwill |  | $ | 679,896 |  |  | $ | 677,796 |
Amortizable intangible assets, net of amortization |  |  | 499,269 |  |  |  | 530,642 |
Indefinite-lived intangible assets |  |  | 127,100 |  |  |  | 127,100 |
Total goodwill and other intangible assets |  | $ | 1,306,265 |  |  | $ | 1,335,538 |
The changes in the carrying amount of goodwill during Fiscal 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 7, Acquisition) |  |  | 2,100 |
Balance as of December 28, 2024 |  | $ | 679,896 |
On February 17, 2023, the company completed the acquisition of Papa Pita for total consideration of $274.8 million, inclusive of a net working capital adjustment payment. The acquisition included several amortizable intangible assets which total $27.1 million and are included in the table below. See Note 7, Acquisition, for details of the assets and the respective amortization period by category. Goodwill was no t impaired in Fiscal 2024, 2023, or 2022. As of December 28, 2024 and December 30, 2023, the company had the following amounts related to amortizable intangible assets (amounts in thousands):
|  | December 28, 2024 |  |  | December 30, 2023 |
Asset |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |  |  | Cost |  |  | Accumulated Amortization |  |  | Net Value |
Trademarks |  | $ | 481,715 |  |  | $ | 122,432 |  |  | $ | 359,283 |  |  | $ | 481,715 |  |  | $ | 107,562 |  |  | $ | 374,153 |
Customer relationships |  |  | 340,221 |  |  |  | 200,549 |  |  |  | 139,672 |  |  |  | 340,221 |  |  |  | 184,222 |  |  |  | 155,999 |
Non-compete agreements |  |  | 5,454 |  |  |  | 5,281 |  |  |  | 173 |  |  |  | 5,454 |  |  |  | 5,206 |  |  |  | 248 |
Distributor relationships |  |  | 4,123 |  |  |  | 3,982 |  |  |  | 141 |  |  |  | 4,123 |  |  |  | 3,881 |  |  |  | 242 |
Total |  | $ | 831,513 |  |  | $ | 332,244 |  |  | $ | 499,269 |  |  | $ | 831,513 |  |  | $ | 300,871 |  |  | $ | 530,642 |
In Fiscal 2020, the company reclassified certain California distribution rights from held for sale to held and used. In conjunction with the agreement to settle the California distributor-related litigation, reached in Fiscal 2023, the company fully impaired these distribution rights and recorded a charge of $2.3 million in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during Fiscal 2023. See Note 24, Commitments and Contingencies, for details of this settlement. As of December 28, 2024 and December 30, 2023, there was $127.1 million of indefinite-lived intangible trademark assets separately identified from goodwill. These trademarks are classified as indefinite-lived because there is no foreseeable limit to the period over which the asset is expected to contribute to our cash flows. They are well established brands with a long history and well-defined markets. In addition, we are continuing to use these brands both in their original markets and throughout our expansion territories. We believe these factors support an indefinite-life assignment with an annual impairment analysis to determine if the trademarks are realizing their expected economic benefits. Amortization expense Amortization expense for Fiscal 2024, 2023, and 2022 was as follows (amounts in thousands):
|  | Amortization expense |
Fiscal 2024 |  | $ | 31,371 |
Fiscal 2023 |  | $ | 32,218 |
Fiscal 2022 |  | $ | 31,752 |
Estimated amortization of intangibles for Fiscal 2025 and the next four years thereafter is as follows (amounts in thousands):
Fiscal year |  | Amortization of Intangibles |
2025 |  | $ | 30,747 |
2026 |  | $ | 28,891 |
2027 |  | $ | 27,241 |
2028 |  | $ | 25,611 |
2029 |  | $ | 23,411 |

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