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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 24, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 5 – GOODWILL AND INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following:
|  | June 24, 2021 |  |  | June 25, 2020 |
Customer relationships |  | $ | 21,100 |  |  | $ | 21,100 |
Non-compete agreements |  |  | 270 |  |  |  | 270 |
Brand names |  |  | 16,990 |  |  |  | 16,990 |
Total intangible assets, gross |  |  | 38,360 |  |  |  | 38,360 |
Less accumulated amortization: |  |  |  |  |  |  |  |
Customer relationships |  |  | (17,643 | ) |  |  | (16,223 | )
Non-compete agreements |  |  | (194 | ) |  |  | (139 | )
Brand names |  |  | (10,562 | ) |  |  | (9,873 | )
Total accumulated amortization |  |  | (28,399 | ) |  |  | (26,235 | )
Net intangible assets |  | $ | 9,961 |  |  | $ | 12,125 |
Customer relationships relate to the Squirrel Brand acquisition completed in fiscal 2018 and the Orchard Valley Harvest (“OVH”) acquisition completed in fiscal 2010. The customer relationships resulting from the OVH acquisition were fully amortized in fiscal 2017. The brand names consist primarily of the Squirrel Brand and Southern Style Nuts brand names acquired in fiscal 2018 and the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name was fully amortized in fiscal 2011. The remainder of the brand name relates to the OVH acquisition, which was 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 24, 2021 |  |  | Year ended June 25, 2020 |  |  | Year ended June 27, 2019 |
Amortization of intangible assets |  | $ | 2,164 |  |  | $ | 2,501 |  |  | $ | 3,028 |
Expected amortization expense the next five fiscal years is as follows:
Fiscal year ending |  |  |
June 30, 2022 |  |  | 1,896 |
June 29, 2023 |  |  | 1,657 |
June 27, 2024 |  |  | 1,414 |
June 26, 2025 |  |  | 1,156 |
June 25, 2026 |  |  | 861 |
Our net goodwill of $9,650 relates entirely to the Squirrel Brand acquisition completed in fiscal 2018. The changes in the carrying amount of goodwill during the two fiscal years ended June 24, 2021 are as follows:
Gross goodwill balance at June 28, 2019 |  | $ | 18,416 |
Accumulated impairment losses |  |  | (8,766 | )
Net balance at June 28, 2019 |  |  | 9,650 |
Fiscal 2020 and 2021 activity |  |  | — |
Balance at June 24, 2021 |  | $ | 9,650 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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