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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following:
|  | June 29, 2023 |  |  | June 30, 2022 |
Customer relationships |  | $ | 21,350 |  |  | $ | 21,100 |
Non-compete agreements |  |  | 300 |  |  |  | 270 |
Brand names |  |  | 17,070 |  |  |  | 16,990 |
Total intangible assets, gross |  |  | 38,720 |  |  |  | 38,360 |
Less accumulated amortization: |  |  |  |  |  |
Customer relationships |  |  | (19,834 | ) |  |  | (18,795 | )
Non-compete agreements |  |  | (273 | ) |  |  | (248 | )
Brand names |  |  | (11,955 | ) |  |  | (11,252 | )
Total accumulated amortization |  |  | (32,062 | ) |  |  | (30,295 | )
Net intangible assets |  | $ | 6,658 |  |  | $ | 8,065 |
Customer relationships relate to the Just the Cheese brand acquisition completed in fiscal 2023, 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 Just the Cheese brand acquisition completed in fiscal 2023 and 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 29, 2023 |  |  | Year Ended June 30, 2022 |  |  | Year Ended June 24, 2021 |
Amortization of intangible assets |  | $ | 1,767 |  |  | $ | 1,896 |  |  | $ | 2,164 |
Expected amortization expense the next five fiscal years is as follows:
Fiscal Year Ending |  |  |
June 27, 2024 |  | $ | 1,565 |
June 26, 2025 |  |  | 1,213 |
June 25, 2026 |  |  | 880 |
June 24, 2027 |  |  | 706 |
June 29, 2028 |  |  | 528 |
The intangibles related to the Just the Cheese brand acquisition, which are reflected in the above table, and the expected amortization expense is based on the final valuation report with respect to such intangible assets. Our net goodwill at June 30, 2022 was comprised of $9,650 from the Squirrel Brand acquisition completed in fiscal 2018. Our net goodwill at June 29, 2023 includes an additional $2,100 from the Just the Cheese brand acquisition completed in fiscal 2023. The changes in the carrying amount of goodwill during the two fiscal years ended June 29, 2023 are as follows:
Gross goodwill balance at June 25, 2021 |  | $ | 18,416 |
Accumulated impairment losses |  |  | (8,766 | )
Net balance at June 25, 2021 |  |  | 9,650 |
Goodwill acquired during the period |  |  | 2,100 |
Net balance at June 29, 2023 |  | $ | 11,750 |

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