Goodwill and Intangible Assets

3 Months Ended

Sep. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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