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Note 12

9 Months Ended

Jun. 25, 2022

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