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Goodwill and Intangible Assets | 6 Months Ended
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Dec. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 6 – Goodwill and Intangible Assets Identifiable intangible assets that are subject to amortization consist of the following:
|  | December 29, 2022 |  |  | June 30, 2022 |  |  | December 23, 2021 |
Customer relationships |  | $ | 21,370 |  |  | $ | 21,100 |  |  | $ | 21,100 |
Brand names |  |  | 17,070 |  |  |  | 16,990 |  |  |  | 16,990 |
Non-compete agreement |  |  | 300 |  |  |  | 270 |  |  |  | 270 |
|  |  | 38,740 |  |  |  | 38,360 |  |  |  | 38,360 |
Less accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | (19,311 | ) |  |  | (18,795 | ) |  |  | (18,279 | )
Brand names |  |  | (11,598 | ) |  |  | (11,252 | ) |  |  | (10,908 | )
Non-compete agreement |  |  | (270 | ) |  |  | (248 | ) |  |  | (220 | )
|  |  | (31,179 | ) |  |  | (30,295 | ) |  |  | (29,407 | )
Net intangible assets |  | $ | 7,561 |  |  | $ | 8,065 |  |  | $ | 8,953 |
Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the Squirrel Brand, Southern Style Nuts and Just the Cheese brand names. Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was $440 and $884 for the quarter and twenty-six weeks ended December 29, 2022, respectively. Amortization expense for the remainder of fiscal 2023 is expected to be approximately $913 and expected amortization expense the next five fiscal years is as follows:
Fiscal Year Ending |  |  |
June 27, 2024 |  | $ | 1,561 |
June 26, 2025 |  |  | 1,222 |
June 25, 2026 |  |  | 874 |
June 24, 2027 |  |  | 705 |
June 29, 2028 |  |  | 521 |
The intangibles related to the Just the Cheese brand acquisition, which are reflected in the above table, and the expected amortization expense are based on the preliminary valuation report with respect to such intangible assets. Any necessary adjustments will be made in the third quarter of fiscal 2023 based on the final valuation report. Our net goodwill at December 29, 2022 was comprised of $9,650 that relates to the Squirrel Brand acquisition completed in the second quarter of fiscal 2018 and $2,380 that relates to the Just the Cheese brand acquisition completed in the second quarter of fiscal 2023. The changes in the carrying amount of goodwill since June 25, 2021 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 |  |  | 2,380 |
Net balance at December 29, 2022 |  | $ | 12,030 |

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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