XML 48 R34.htm IDEA: XBRL DOCUMENT v3.22.2.2
Goodwill and Intangible Assets (Tables)
12 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets
Intangible assets subject to amortization consist of the following:
 
    
June 30, 2022
    
June 24, 2021
 
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
     (18,795      (17,643
Non-compete
agreements
     (248      (194
Brand names
     (11,252      (10,562
    
 
 
    
 
 
 
Total accumulated amortization
     (30,295      (28,399
    
 
 
    
 
 
 
Net intangible assets
   $ 8,065      $ 9,961  
    
 
 
    
 
 
 
Amortization of Intangible Assets
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 30,
2022
 
  
Year Ended
June 24,
2021
 
  
Year Ended
June 25,
2020
 
Amortization of intangible assets
   $ 1,896      $ 2,164      $ 2,501  
    
 
 
    
 
 
    
 
 
 
Summary of Expected Amortization Expense
Expected amortization expense the next five fiscal years is as follows:
 
Fiscal year ending
      
June 29, 2023
   $ 1,657  
June 27, 2024
     1,414  
June 26, 2025
     1,156  
June 25, 2026
     861  
June 24, 2027
     690  
Summary of Changes in Carrying Amount of Goodwill
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 30, 2022 are as follows:
 
Gross goodwill balance at June 26, 2020
   $ 18,416  
Accumulated impairment losses
     (8,766
    
 
 
 
Net balance at June 26, 2020
     9,650  
Fiscal 2021 and 2022 activity
     —    
    
 
 
 
Balance at June 30, 2022
   $ 9,650