Intangible Assets

12 Months Ended

Jun. 25, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 3 — INTANGIBLE ASSETS

Intangible assets subject to amortization consist of the following:


	June 25, 2015			June 26, 2014
Customer relationships	$	10,600		$	10,600
Non-compete agreement		5,400			5,400
Brand names		8,090			8,090

Total intangible assets, gross		24,090			24,090

Less accumulated amortization:
Customer relationships		(7,717	)		(6,203	)
Non-compete agreement		(5,204	)		(4,582	)
Brand names		(8,090	)		(8,059	)

Total accumulated amortization		(21,011	)		(18,844	)

Net intangible assets	$	3,079		$	5,246

Customer relationships and the non-compete agreement relate wholly to the Orchard Valley Harvest (“OVH”) acquisition completed in fiscal 2010. Customer relationships are being amortized on a straight line basis over seven years. The non-compete agreement is being amortized based upon the expected pattern of cash flow annual benefit over a five year period. The brand name consists primarily of the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name became fully amortized in fiscal 2011. The remainder of the brand name relates to the OVH acquisition which became fully amortized in fiscal 2015.

Total amortization expense related to intangible assets, which is classified in administrative expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years:


	Year ended June 25, 2015		Year ended June 26, 2014		Year ended June 27, 2013
Amortization of intangible assets	$	2,167	$	2,629	$	3,069

Expected amortization expense for the next five fiscal years is as follows:


Fiscal year ending
June 30, 2016	$	1,710
June 29, 2017		1,369
June 28, 2018		—
June 27, 2019		—
June 25, 2020		—

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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