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Note 12 - Goodwill and Intangible Assets

6 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

Note 12 Goodwill and Intangible Assets

Intangible Assets

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 March 29, 2025 and September 28, 2024 are as follows:

	March 29, 2025				September 28, 2024
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
	(in thousands)
FOOD SERVICE

Indefinite lived intangible assets
Trade names	$	85,424	$	-	$	85,424	$	-

Amortized intangible assets
Trade names		4,024		2,012		4,024		1,006
Franchise agreements		8,500		2,338		8,500		1,913
Customer relationships		23,550		13,571		23,550		12,369
Technology		23,110		6,315		23,110		5,170
License and rights		1,690		1,692		1,690		1,650

TOTAL FOOD SERVICE	$	146,298	$	25,928	$	146,298	$	22,108

RETAIL SUPERMARKETS

Indefinite lived intangible assets
Trade names	$	11,938	$	-	$	11,938	$	-

TOTAL RETAIL SUPERMARKETS	$	11,938	$	-	$	11,938	$	-


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		906		1,439		844
Licenses and rights		1,400		1,317		1,400		1,282

TOTAL FROZEN BEVERAGES	$	48,254	$	2,223	$	48,254	$	2,126

CONSOLIDATED	$	206,490	$	28,151	$	206,490	$	24,234

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 March 29, 2025 and March 30, 2024 was $2.0 million and $1.6 million, respectively. Aggregate amortization expense of intangible assets for the six months ended March 29, 2025 and March 30, 2024 was $3.9 million and $3.2 million, respectively.

Estimated amortization expense for the next five fiscal years is approximately $3.8 million in 2025 (excluding the six months ended March 29, 2025), $6.6 million in 2026, $4.7 million in 2027, and $4.3 million in both 2028 and 2029.

The weighted amortization period of the intangible assets, in total, is 10.0 years. The weighted amortization period by intangible asset class is 10 years for Technology, 10 years for Customer relationships, 20 years for Licenses & rights, 10 years for Franchise agreements, and 2 years for Trade names.

Goodwill

The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows:

	March 29,		September 28,
	2025		2024
	(in thousands)
Food Service	$	124,426	$	124,426
Retail Supermarket		4,146		4,146
Frozen Beverages		56,498		56,498
Total goodwill	$	185,070	$	185,070