XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.4

Goodwill and Intangible Assets | 6 Months Ended
--- | ---
Dec. 26, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 5 – Goodwill and Intangible Assets Identifiable intangible assets that are subject to amortization consist of the following:
|  | December 26, 2024 |  |  | June 27, 2024 |  |  | December 28, 2023 |
Customer relationships |  | $ | 21,350 |  |  | $ | 21,350 |  |  | $ | 21,350 |
Brand names |  |  | 17,070 |  |  |  | 17,070 |  |  |  | 17,070 |
Product formulas |  |  | 850 |  |  |  | 850 |  |  |  | 850 |
Non-compete agreement |  |  | 300 |  |  |  | 300 |  |  |  | 300 |
|  |  | 39,570 |  |  |  | 39,570 |  |  |  | 39,570 |
Less accumulated amortization: |  |  |  |  |  |  |  |  |
Customer relationships |  |  | (21,004 | ) |  |  | (20,680 | ) |  |  | (20,356 | )
Brand names |  |  | (13,024 | ) |  |  | (12,668 | ) |  |  | (12,314 | )
Product formulas |  |  | (202 | ) |  |  | (121 | ) |  |  | (40 | )
Non-compete agreement |  |  | (283 | ) |  |  | (279 | ) |  |  | (276 | )
|  |  | (34,513 | ) |  |  | (33,748 | ) |  |  | (32,986 | )
Net intangible assets |  | $ | 5,057 |  |  | $ | 5,822 |  |  | $ | 6,584 |
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. 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 expenses” in the Consolidated Statement of Comprehensive Income, was $384 and $765 for the quarter and twenty-six weeks ended December 26, 2024, respectively. Amortization expense for the remainder of fiscal 2025 is expected to be approximately $629 and 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 December 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 December 26, 2024 |  | $ | 11,750 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration