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Note 12 - Goodwill and Intangible Assets | 9 Months Ended
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Jun. 28, 2025
Notes to Financial Statements |
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 June 28, 2025 and September 28, 2024 are as follows:
|  | June 28, 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 |  |  | 2,515 |  |  |  | 2,515 |  |  |  | 4,024 |  |  |  | 1,006 |
Franchise agreements |  |  | 8,500 |  |  |  | 2,550 |  |  |  | 8,500 |  |  |  | 1,913 |
Customer relationships |  |  | 23,550 |  |  |  | 14,151 |  |  |  | 23,550 |  |  |  | 12,369 |
Technology |  |  | 23,110 |  |  |  | 6,920 |  |  |  | 23,110 |  |  |  | 5,170 |
License and rights |  |  | 1,690 |  |  |  | 1,713 |  |  |  | 1,690 |  |  |  | 1,650 |
TOTAL FOOD SERVICE |  | $ | 144,789 |  |  | $ | 27,849 |  |  | $ | 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 |  |  |  | 937 |  |  |  | 1,439 |  |  |  | 844 |
Licenses and rights |  |  | 1,400 |  |  |  | 1,334 |  |  |  | 1,400 |  |  |  | 1,282 |
TOTAL FROZEN BEVERAGES |  | $ | 48,254 |  |  | $ | 2,271 |  |  | $ | 48,254 |  |  | $ | 2,126 |
CONSOLIDATED |  | $ | 204,981 |  |  | $ | 30,120 |  |  | $ | 206,490 |  |  | $ | 24,234 |
In connection with our quarterly triggering event analysis, we performed an impairment assessment for our amortizing trade name and determined that the carrying amount of the trade name exceeded its fair value as of June 28, 2025. As a result, the Company recorded an intangible asset impairment charge of $1.5 million in the third quarter of 2025. The intangible asset impairment charge is reflected in Intangible asset impairment charges in the Consolidated Statements of Earnings. The $1.5 million intangible asset impairment charge related to trade names in the Food Service segment. Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 10 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three months ended June 28, 2025 and June 29, 2024 was $1.9 million and $2.0 million, respectively. Aggregate amortization expense of intangible assets for the nine months ended June 28, 2025 and June 29, 2024 was $5.9 million and $5.2 million, respectively. Estimated amortization expense for the next five fiscal years is approximately $1.4 million in 2025 (excluding the nine months ended June 28, 2025), $5.6 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, and 10 years for Franchise agreements. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows:
|  | June 28, |  |  | 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 |

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