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Note 12 - Intangible Assets and Goodwill | 9 Months Ended
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Jun. 24, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 12 | Intangible Assets and Goodwill
Our reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. Intangible Assets The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverages segments as of June 24, 2023 and September 24, 2022 are as follows:
|  | June 24, 2023 |  |  | September 24, 2022 |
|  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |
|  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Accumulated |
|  | Amount |  |  | Amortization |  |  | Amount |  |  | Amortization |
|  | (in thousands) |
FOOD SERVICE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | $ | 85,872 |  |  | $ | - |  |  | $ | 85,872 |  |  | $ | - |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non compete agreements |  |  | - |  |  |  | - |  |  |  | 670 |  |  |  | 670 |
Franchise agreements |  |  | 8,500 |  |  |  | 850 |  |  |  | 8,500 |  |  |  | 212 |
Customer relationships |  |  | 22,900 |  |  |  | 9,673 |  |  |  | 22,900 |  |  |  | 7,790 |
Technology |  |  | 23,110 |  |  |  | 2,307 |  |  |  | 23,110 |  |  |  | 576 |
License and rights |  |  | 1,690 |  |  |  | 1,544 |  |  |  | 1,690 |  |  |  | 1,481 |
TOTAL FOOD SERVICE |  | $ | 142,072 |  |  | $ | 14,374 |  |  | $ | 142,742 |  |  | $ | 10,729 |
RETAIL SUPERMARKETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite lived intangible assets Trade names |  | $ | 11,938 |  |  | $ | - |  |  | $ | 11,938 |  |  | $ | - |
Amortized intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | - |  |  |  | - |  |  |  | 649 |  |  |  | 649 |
Customer relationships |  |  | 7,687 |  |  |  | 7,063 |  |  |  | 7,907 |  |  |  | 6,693 |
TOTAL RETAIL SUPERMARKETS |  | $ | 19,625 |  |  | $ | 7,063 |  |  | $ | 20,494 |  |  | $ | 7,342 |
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 |  |  |  | 653 |  |  |  | 1,439 |  |  |  | 545 |
Licenses and rights |  |  | 1,400 |  |  |  | 1,194 |  |  |  | 1,400 |  |  |  | 1,142 |
TOTAL FROZEN BEVERAGES |  | $ | 48,254 |  |  | $ | 1,847 |  |  | $ | 48,254 |  |  | $ | 1,687 |
CONSOLIDATED |  | $ | 209,951 |  |  | $ | 23,284 |  |  | $ | 211,490 |  |  | $ | 19,758 |
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 24, 2023 and June 25, 2022 was $1.7 million and $0.6 million, respectively. Aggregate amortization expense of intangible assets for the nine months ended June 24, 2023 and June 25, 2022 was $5.1 million and $1.8 million, respectively. Estimated amortization expense for the next five fiscal years is approximately $1.6 million in 2023 (excluding the nine months ended June 24, 2023), $6.2 million in 2024, $5.6 million in 2025 and 2026, and $4.6 million in 2027. 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) |
June 24, 2023 |  | $ | 124,426 |  |  | $ | 4,146 |  |  | $ | 56,498 |  |  | $ | 185,070 |
September 24, 2022 |  | $ | 123,776 |  |  | $ | 4,146 |  |  | $ | 56,498 |  |  | $ | 184,420 |

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