Goodwill and Intangible Assets

12 Months Ended

Jun. 26, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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