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Goodwill and Intangible Assets

3 Months Ended

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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- References

No definition available.

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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

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