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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 5 – Goodwill and Intangible Assets Identifiable intangible assets that are subject to amortization consist of the following:
|  | September 28, 2023 |  |  | June 29, 2023 |  |  | September 29, 2022 |
Customer relationships |  | $ | 21,350 |  |  | $ | 21,350 |  |  | $ | 21,100 |
Brand names |  |  | 17,070 |  |  |  | 17,070 |  |  |  | 16,990 |
Non-compete agreement |  |  | 300 |  |  |  | 300 |  |  |  | 270 |
|  |  | 38,720 |  |  |  | 38,720 |  |  |  | 38,360 |
Less accumulated amortization: |  |  |  |  |  |  |  |  |
Customer relationships |  |  | (20,095 | ) |  |  | (19,834 | ) |  |  | (19,053 | )
Brand names |  |  | (12,134 | ) |  |  | (11,955 | ) |  |  | (11,425 | )
Non-compete agreement |  |  | (275 | ) |  |  | (273 | ) |  |  | (261 | )
|  |  | (32,504 | ) |  |  | (32,062 | ) |  |  | (30,739 | )
Net intangible assets |  | $ | 6,216 |  |  | $ | 6,658 |  |  | $ | 7,621 |
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 $442 for the quarter ended September 28, 2023. Amortization expense for the remainder of fiscal 2024 is expected to be approximately $1,123 and expected amortization expense the next five fiscal years is as follows:
Fiscal Year Ending |  |  |
June 26, 2025 |  | $ | 1,213 |
June 25, 2026 |  |  | 880 |
June 24, 2027 |  |  | 706 |
June 29, 2028 |  |  | 528 |
June 28, 2029 |  |  | 400 |
Our net goodwill at September 28, 2023 was comprised of $9,650 from the Squirrel Brand acquisition completed in fiscal 2018 and $2,100 from the Just the Cheese brand acquisition completed in fiscal 2023. The changes in the carrying amount of goodwill since June 30, 2022 are as follows:
Gross goodwill balance at June 30, 2022 |  | $ | 18,416 |
Accumulated impairment losses |  |  | (8,766 | )
Net goodwill balance at June 30, 2022 |  |  | 9,650 |
Goodwill acquired during fiscal 2023 |  |  | 2,100 |
Net balance at June 29, 2023 |  |  | 11,750 |
Goodwill acquired during fiscal 2024 |  |  | — |
Net balance at September 28, 2023 |  | $ | 11,750 |

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