XML 33 R15.htm IDEA: XBRL DOCUMENT
v3.22.4

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are presented as follows:
Carrying amount as of December 25, 2020 | $ | 214,864 |
Acquisitions | 6,845 |
Foreign currency translation | 66 |
Carrying amount as of December 24, 2021 | 221,775 |
Goodwill adjustments | (792) |
Acquisitions | 66,249 |
Foreign currency translation | (112) |
Carrying amount as of December 30, 2022 | $ | 287,120 |
Other intangible assets as of December 30, 2022 and December 24, 2021 consisted of the following:
|  | Weighted Average Remaining Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Amount
December 30, 2022 |  |  |  |  |  |  |  |
Customer relationships |  | 232 months |  | $ | 205,608 |  |  | $ | (85,447) |  |  | $ | 120,161 |
Non-compete agreements |  | 73 months |  | 8,899 |  |  | (8,293) |  |  | 606 |
Trademarks |  | 250 months |  | 51,137 |  |  | (16,201) |  |  | 34,936 |
Total |  |  |  | $ | 265,644 |  |  | $ | (109,941) |  |  | $ | 155,703 |
December 24, 2021 |  |  |  |  |  |  |  |
Customer relationships |  | 120 months |  | $ | 155,678 |  |  | $ | (74,644) |  |  | $ | 81,034 |
Non-compete agreements |  | 26 months |  | 8,579 |  |  | (8,018) |  |  | 561 |
Trademarks |  | 179 months |  | 36,514 |  |  | (13,366) |  |  | 23,148 |
Total |  |  |  | $ | 200,771 |  |  | $ | (96,028) |  |  | $ | 104,743 |
During the second quarter of fiscal 2021, the Company recorded a $597 impairment charge, $433 net of tax, to fully write-down the net book value of its Cambridge trademark. During fourth quarter of fiscal 2020, the Company committed to a plan to shift its brand strategy, to commence in the second quarter of fiscal 2021, to leverage its Allen Brothers brand in its west region and determined its Del Monte, Ports Seafood and Bassian Farms trademarks did not fit the Company’s long-term strategic objectives. The Company assessed these trademarks for impairment and used the relief of royalty method to determine fair value. Significant assumptions used include future sales forecasts, royalty rates and discount rates. As a result of the assessment, the Company recorded a $24,200 impairment charge, $17,545 net of tax, to write-down the value of its Del Monte and Bassian Farms trademarks. This impairment charge is presented within other operating expense s on the consolidated statements of operations. Amortization expense for other intangibles was $13,913, $12,967 and $13,502 for the fiscal years ended December 30, 2022, December 24, 2021 and December 25, 2020, respectively. As of December 30, 2022, estimated amortization expense for other intangible assets for each of the next five fiscal years and thereafter is as follows:
2023 | $ | 16,664 |
2024 | 15,811 |
2025 | 15,388 |
2026 | 15,286 |
2027 | 14,706 |
Thereafter | 77,848 |
Total | $ | 155,703 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration