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Note 12 | 9 Months Ended
--- | ---
Jun. 25, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 12 | Our 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 Beverages segments as of June 25, 2022 and September 25, 2021 are as follows:
|  | June 25, 2022 |  |  | September 25, 2021 |
|  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |
|  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Accumulated |
|  | Amount |  |  | Amortization |  |  | Amount |  |  | Amortization |
|  |  |  |  |  | (in thousands) |  |  |  |  |
FOOD SERVICE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 86,496 |  |  | $ | - |  |  | $ | 10,408 |  |  | $ | 812 |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non compete agreements |  |  | 670 |  |  |  | 670 |  |  |  | 670 |  |  |  | 670 |
Franchise agreements |  |  | 8,500 |  |  |  | - |  |  |  | - |  |  |  | - |
Customer relationships |  |  | 25,100 |  |  |  | 7,163 |  |  |  | 13,000 |  |  |  | 6,188 |
Technology |  |  | 22,900 |  |  |  | - |  |  |  | - |  |  |  | - |
License and rights |  |  | 1,690 |  |  |  | 1,460 |  |  |  | 1,690 |  |  |  | 1,396 |
TOTAL FOOD SERVICE |  | $ | 145,356 |  |  | $ | 9,293 |  |  | $ | 25,768 |  |  | $ | 9,066 |
RETAIL SUPERMARKETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 12,316 |  |  | $ | - |  |  | $ | 12,777 |  |  | $ | 461 |
Amortized intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 649 |  |  |  | 649 |  |  |  | 649 |  |  |  | 649 |
Customer relationships |  |  | 7,907 |  |  |  | 6,500 |  |  |  | 7,907 |  |  |  | 5,931 |
TOTAL RETAIL SUPERMARKETS |  | $ | 20,872 |  |  | $ | 7,149 |  |  | $ | 21,333 |  |  | $ | 7,041 |
FROZEN BEVERAGES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 9,315 |  |  | $ | - |  |  | $ | 9,315 |  |  | $ | - |
Distribution rights |  |  | 36,100 |  |  |  | - |  |  |  | 36,100 |  |  |  | - |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 1,439 |  |  |  | 509 |  |  |  | 1,439 |  |  |  | 400 |
Licenses and rights |  |  | 1,400 |  |  |  | 1,124 |  |  |  | 1,400 |  |  |  | 1,072 |
TOTAL FROZEN BEVERAGES |  | $ | 48,254 |  |  | $ | 1,633 |  |  | $ | 48,254 |  |  | $ | 1,472 |
CONSOLIDATED |  | $ | 214,482 |  |  | $ | 18,075 |  |  | $ | 95,355 |  |  | $ | 17,579 |
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 25, 2022 and June 26, 2021 was $584,000 and $639,000, respectively. Aggregate amortization expense of intangible assets for the nine months ended June 25, 2022 and June 26, 2021 was $1,766,000 and $2,096,000, respectively Estimated amortization expense for the next five fiscal years is approximately $3,500,000 in 2022, $6,700,000 in 2023, $6,400,000 in 2024, $5,800,000 in 2025, and $5,800,000 in 2026. The weighted amortization period of the intangible assets, in total, is 10.4 years. The weighted amortization period by intangible asset class is 10 years for Technology, 10 years for Customer relationships, 20 years for Licenses & rights, and 10 years for Franchise agreements. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverages segments are as follows:
|  | Food |  |  | Retail |  |  | Frozen |  |  |  |  |
|  | Service |  |  | Supermarket |  |  | Beverages |  |  | Total |
|  | (in thousands) |
Balance at June 25, 2022 |  | $ | 127,823 |  |  | $ | 4,146 |  |  | $ | 56,498 |  |  | $ | 188,467 |
Balance at September 25, 2021 |  | $ | 61,189 |  |  | $ | 4,146 |  |  | $ | 56,498 |  |  | $ | 121,833 |

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- 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
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