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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 26, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 5 – Goodwill and Intangible Assets Identifiable intangible assets subject to amortization consist of the following:
|  | September 26, 2024 |  |  | June 27, 2024 |  |  | September 28, 2023 |
Customer relationships |  | $ | 21,350 |  |  | $ | 21,350 |  |  | $ | 21,350 |
Brand names |  |  | 17,070 |  |  |  | 17,070 |  |  |  | 17,070 |
Product formulas |  |  | 850 |  |  |  | 850 |  |  |  | - |
Non-compete agreement |  |  | 300 |  |  |  | 300 |  |  |  | 300 |
|  |  | 39,570 |  |  |  | 39,570 |  |  |  | 38,720 |
Less accumulated amortization: |  |  |  |  |  |  |  |  |
Customer relationships |  |  | (20,842 | ) |  |  | (20,680 | ) |  |  | (20,095 | )
Brand names |  |  | (12,845 | ) |  |  | (12,668 | ) |  |  | (12,134 | )
Product formulas |  |  | (162 | ) |  |  | (121 | ) |  |  | - |
Non-compete agreement |  |  | (280 | ) |  |  | (279 | ) |  |  | (275 | )
|  |  | (34,129 | ) |  |  | (33,748 | ) |  |  | (32,504 | )
Net intangible assets |  | $ | 5,441 |  |  | $ | 5,822 |  |  | $ | 6,216 |
Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of Squirrel Brand, Southern Style Nuts and Just the Cheese brand names. Product formulas relate to the acquisition of certain snack bar assets completed in fiscal 2024. Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was $381 for the quarter ended September 26, 2024. Amortization expense for the remainder of fiscal 2025 is expected to be approximately $993 and expected amortization expense the next five fiscal years is as follows:
Fiscal Year Ending |  |  |
June 25, 2026 |  | $ | 1,038 |
June 24, 2027 |  |  | 863 |
June 29, 2028 |  |  | 685 |
June 28, 2029 |  |  | 496 |
June 27, 2030 |  |  | 400 |
Our net goodwill at September 26, 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 29, 2023 are as follows:
Gross goodwill balance at June 29, 2023 |  | $ | 20,516 |
Accumulated impairment losses |  |  | (8,766 | )
Net goodwill balance at June 29, 2023 |  |  | 11,750 |
Goodwill acquired during fiscal 2024 |  |  | — |
Net balance at June 27, 2024 |  |  | 11,750 |
Goodwill acquired during fiscal 2025 |  |  | — |
Net balance at September 26, 2024 |  | $ | 11,750 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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