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Goodwill and Intangible Assets

9 Months Ended

Mar. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 – Goodwill and Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:


	March 26, 2020			June 27, 2019			March 28, 2019
Customer relationships	$	21,100		$	21,100		$	21,100
Brand names		16,990			16,990			16,990
Non-compete agreement		270			270			270

		38,360			38,360			38,360
Less accumulated amortization:
Customer relationships		(15,830	)		(14,466	)		(13,980	)
Brand names		(9,700	)		(9,182	)		(9,010	)
Non-compete agreement		(126	)		(86	)		(72	)

		(25,656	)		(23,734	)		(23,062	)

Net intangible assets	$	12,704		$	14,626		$	15,298

Customer relationships are being amortized on an accelerated basis. The brand names consist of the

Squirrel Brand

and

Southern Style Nuts

brand names.

Total amortization expense related to intangible assets, which is recorded within Administrative expense, was $578 and $1,922 for the quarter and thirty-nine weeks ended March 26, 2020, respectively. Amortization expense for the remainder of fiscal 2020 is expected to be approximately $579 and expected amortization expense the next five fiscal years is as follows:


Fiscal year ending
June 24, 2021	$	2,165
June 30, 2022		1,896
June 29, 2023		1,657
June 27, 2024		1,414
June 26, 2025		1,156

Our goodwill of $9,650 relates entirely to the Squirrel Brand acquisition (the “Acquisition”) completed in the second quarter of fiscal 2018. There was no change in the carrying amount of goodwill during the thirty-nine weeks ended March 26, 2020.