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Note 10 | 9 Months Ended
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Jun. 27, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 10 | Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarkets and Frozen Beverages.
The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverage segments as of June 27, 2020 and September 28, 2019 are as follows:
|  | June 27, 2020 |  |  | September 28, 2019 |
|  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |
|  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Accumulated |
|  | Amount |  |  | Amortization |  |  | Amount |  |  | Amortization |
|  |  |  |  |  | (in thousands) |  |  |  |  |
FOOD SERVICE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 10,408 |  |  | $ | - |  |  | $ | 10,408 |  |  | $ | - |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non compete agreements |  |  | 670 |  |  |  | 603 |  |  |  | 858 |  |  |  | 665 |
Customer relationships |  |  | 19,737 |  |  |  | 11,247 |  |  |  | 19,900 |  |  |  | 9,954 |
License and rights |  |  | 1,690 |  |  |  | 1,291 |  |  |  | 1,690 |  |  |  | 1,227 |
TOTAL FOOD SERVICE |  | $ | 32,505 |  |  | $ | 13,141 |  |  | $ | 32,856 |  |  | $ | 11,846 |
RETAIL SUPERMARKETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 12,750 |  |  | $ | - |  |  | $ | 12,750 |  |  | $ | - |
Amortized Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 676 |  |  |  | 487 |  |  |  | 676 |  |  |  | 389 |
Customer relationships |  |  | 7,907 |  |  |  | 4,942 |  |  |  | 7,979 |  |  |  | 4,421 |
TOTAL RETAIL SUPERMARKETS |  | $ | 21,333 |  |  | $ | 5,429 |  |  | $ | 21,405 |  |  | $ | 4,810 |
FROZEN BEVERAGES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 9,315 |  |  | $ | - |  |  | $ | 9,315 |  |  | $ | - |
Distribution rights |  |  | 34,900 |  |  |  | - |  |  |  | 6,900 |  |  |  | - |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 1,439 |  |  |  | 222 |  |  |  | 737 |  |  |  | 102 |
Licenses and rights |  |  | 1,400 |  |  |  | 983 |  |  |  | 1,400 |  |  |  | 933 |
TOTAL FROZEN BEVERAGES |  | $ | 47,054 |  |  | $ | 1,205 |  |  | $ | 18,352 |  |  | $ | 1,035 |
CONSOLIDATED |  | $ | 100,892 |  |  | $ | 19,775 |  |  | $ | 72,613 |  |  | $ | 17,691 |
Fully amortized intangible assets have been removed from the June 27, 2020 amounts. Intangible assets of $21,769,000 were added in the frozen beverages segment from the acquisition of ICEE Distributors in the quarter ended December 28, 2019 and $6,933,000 from the acquisition of BAMA ICEE in the quarter ended March 28, 2020. Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three months ended June 27, 2020 and June 29, 2019 was $831,000 and $836,000, respectively. Aggregate amortization expense of intangible assets for the nine months ended June 27, 2020 and June 29, 2019 was $2,507,000 and $2,521,000, respectively. Estimated amortization expense for the next five fiscal years is approximately $3,100,000 in 2020, $2,500,000 in 2021, $2,300,000 in 2022, $2,300,000 in 2023 and $2,000,000 in 2024. The weighted amortization period of the intangible assets is 10.7 years. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows:
|  | Food |  |  | Retail |  |  | Frozen |  |  |  |  |
|  | Service |  |  | Supermarket |  |  | Beverages |  |  | Total |
|  | (in thousands) |
Balance at June 27, 2020 |  | $ | 61,189 |  |  | $ | 4,146 |  |  | $ | 57,698 |  |  | $ | 123,033 |
Balance at September 28, 2019 |  | $ | 61,189 |  |  | $ | 4,146 |  |  | $ | 37,176 |  |  | $ | 102,511 |
Goodwill of $16,973,000 was added in the frozen beverages segment from the acquisition of ICEE Distributors in the quarter ended December 28, 2019 and $3,549,000 from the acquisition of BAMA ICEE in the quarter ended March 28, 2020. `

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