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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 26, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 6 — GOODWILL AND INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following:
|  | June 26, 2025 |  |  | June 27, 2024 |
Customer relationships |  | $ | 21,350 |  |  | $ | 21,350 |
Brand names |  |  | 17,070 |  |  |  | 17,070 |
Product formulas |  |  | 850 |  |  |  | 850 |
Non-compete agreements |  |  | 300 |  |  |  | 300 |
Total intangible assets, gross |  |  | 39,570 |  |  |  | 39,570 |
Less accumulated amortization: |  |  |  |  |  |
Customer relationships |  |  | (21,179 | ) |  |  | (20,680 | )
Brand names |  |  | (13,388 | ) |  |  | (12,668 | )
Product formulas |  |  | (283 | ) |  |  | (121 | )
Non-compete agreements |  |  | (292 | ) |  |  | (279 | )
Total accumulated amortization |  |  | (35,142 | ) |  |  | (33,748 | )
Net intangible assets |  | $ | 4,428 |  |  | $ | 5,822 |
Customer relationships relate to the fiscal 2023 Just the Cheese brand acquisition, the fiscal 2018 Squirrel Brand acquisition and the fiscal 2010 Orchard Valley Harvest (“OVH”) acquisition. The customer relationships resulting from the OVH acquisition are fully amortized. The brand names consist primarily of the Squirrel Brand and Southern Style Nuts and the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name is fully amortized. The remainder of the brand name relates to Just the Cheese brand acquisition and the OVH acquisition, which is fully amortized. Product formulas relate to the private label bars acquired in fiscal 2024 Lakeville Acquisition. Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was as follows for the last three fiscal years:
|  | Year Ended June 26, 2025 |  |  | Year Ended June 27, 2024 |  |  | Year Ended June 29, 2023 |
Amortization of intangible assets |  | $ | 1,394 |  |  | $ | 1,686 |  |  | $ | 1,767 |
Expected amortization expense the next five fiscal years is as follows:
Fiscal Year Ending |  |  |
June 25, 2026 |  | $ | 1,042 |
June 24, 2027 |  |  | 847 |
June 29, 2028 |  |  | 677 |
June 28, 2029 |  |  | 496 |
June 27, 2030 |  |  | 400 |
Our net goodwill at June 29, 2023 was comprised of $9,650 from the fiscal 2018 Squirrel Brand acquisition and $2,100 from the fiscal 2023 Just the Cheese brand acquisition. The changes in the carrying amount of goodwill during the two fiscal years ended June 26, 2025 are as follows:
Gross goodwill balance at June 29, 2023 |  | $ | 20,516 |
Accumulated impairment losses |  |  | (8,766 | )
Net 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 June 26, 2025 |  | $ | 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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