Goodwill and Intangible Assets

9 Months Ended

Mar. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6 – Goodwill and Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:


	March 28, 2024			June 29, 2023			March 30, 2023
Customer relationships	$	21,350		$	21,350		$	21,350
Brand names		17,070			17,070			17,070
Product formulas		850			-			-
Non-compete agreement		300			300			300
		39,570			38,720			38,720
Less accumulated amortization:
Customer relationships		(20,518	)		(19,834	)		(19,572	)
Brand names		(12,491	)		(11,955	)		(11,776	)
Product formulas		(81	)		-			-
Non-compete agreement		(277	)		(273	)		(272	)
		(33,367	)		(32,062	)		(31,620	)
Net intangible assets	$	6,203		$	6,658		$	7,100

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 $381 and $1,305 for the quarter and thirty-nine weeks ended March 28, 2024, respectively. Amortization expense for the remainder of fiscal 2024 is expected to be approximately $381 and expected amortization expense the next five fiscal years is as follows:


Fiscal Year Ending
June 26, 2025	$	1,374
June 25, 2026		1,038
June 24, 2027		863
June 29, 2028		685
June 28, 2029		496

Our net goodwill at March 28, 2024 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 March 28, 2024	$	11,750