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Goodwill and Intangible Assets | 9 Months Ended
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Mar. 27, 2025
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:
|  | March 27, 2025 |  |  | June 27, 2024 |  |  | March 28, 2024 |
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 |  |  | (21,094 | ) |  |  | (20,680 | ) |  |  | (20,518 | )
Brand names |  |  | (13,206 | ) |  |  | (12,668 | ) |  |  | (12,491 | )
Product formulas |  |  | (242 | ) |  |  | (121 | ) |  |  | (81 | )
Non-compete agreement |  |  | (288 | ) |  |  | (279 | ) |  |  | (277 | )
|  |  | (34,830 | ) |  |  | (33,748 | ) |  |  | (33,367 | )
Net intangible assets |  | $ | 4,740 |  |  | $ | 5,822 |  |  | $ | 6,203 |
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 $317 and $1,082 for the quarter and thirty-nine weeks ended March 27, 2025, respectively. Amortization expense for the remainder of fiscal 2025 is expected to be approximately $312 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 March 27, 2025 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 March 27, 2025 |  | $ | 11,750 |

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