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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As of December 28, 2024 and December 30, 2023, our intangible assets consist of goodwill and other intangible assets including customer relationships, noncompete agreements, and trade names. Goodwill Goodwill is the excess of the cost of an acquired entity over the fair value of tangible and intangible assets (including customer relationships, noncompete agreements, and trade names) acquired and liabilities assumed under the acquisition method accounting for business combinations. The Company’s goodwill as of December 28, 2024 originated as follows: $47.8 million from the 2018 acquisition of Cedar Creek and $7.6 million from the 2022 acquisition of Vandermeer. Public business entities are not permitted to amortize goodwill but must instead assess goodwill for impairment at least annually at the reporting unit level using a quantitative method or the optional qualitative method. Since the Company operates within a single reporting unit, goodwill is assessed at the enterprise level. The Company assesses goodwill for impairment as of the first day of fiscal fourth quarter, which was September 29, 2024 for fiscal 2024. The annual assessments for fiscal 2024 and fiscal 2023 utilized quantitative methods and were performed by the Company with the assistance of an independent third-party expert. Based on the assessments, the Company concluded that its goodwill was not impaired and therefore no impairment charge was needed. In addition, the Company must evaluate the carrying value of goodwill for impairment between annual impairment tests if an event occurs or circumstances change that would indicate that the carrying amount of goodwill may be impaired. Such events and indicators may include significant declines in the industries in which the Company’s products are used, significant changes in capital market conditions, and significant changes in the Company’s market capitalization. No such indicators were identified during fiscal 2024 or fiscal 2023. The carrying amounts of the Company’s goodwill were as follows:
|  | Total Carrying Amount
|  | (In thousands)
Balance as of December 31, 2022 |  | $ | 55,372 |
Balance as of December 30, 2023 |  | 55,372 |
Balance as of December 28, 2024 |  | 55,372 |
Definite-Lived Intangible Assets The gross carrying amounts, accumulated amortization, and net carrying amounts of our definite-lived intangible assets as of December 28, 2024 were as follows:
| Weighted Average Remaining Useful Lives |  | Gross Carrying Amounts |  | Accumulated Amortization (1) |  | Net Carrying Amounts |
|  |  | ($ amounts in thousands) |
Customer relationships | 8 |  | $ | 48,500 |  |  | $ | (22,254) |  |  | $ | 26,246 |  |
Non-compete agreements | 3 |  | 700 |  |  | (315) |  |  | 385 |  |
Trade names | 1 |  | 1,000 |  |  | (750) |  |  | 250 |  |
Total |  |  | $ | 50,200 |  |  | $ | (23,319) |  |  | $ | 26,881 |  |
(1) Intangible assets except customer relationships are amortized on straight-line basis. Certain of our customer relationships are amortized on a double declining balance method and certain others are amortized on a straight-line basis. The gross carrying amounts, accumulated amortization, and net carrying amounts of our definite-lived intangible assets as of December 30, 2023 were as follows:
| Weighted Average Remaining Useful Lives |  | Gross Carrying Amounts |  | Accumulated Amortization (1) |  | Net Carrying Amounts |
|  |  | ($ amounts in thousands) |
Customer relationships | 9 |  | $ | 48,500 |  |  | $ | (18,816) |  |  | $ | 29,684 |  |
Non-compete agreements | 4 |  | 8,954 |  |  | (8,429) |  |  | 525 |  |
Trade names | 2 |  | 7,826 |  |  | (7,243) |  |  | 583 |  |
Total |  |  | $ | 65,280 |  |  | $ | (34,488) |  |  | $ | 30,792 |  |
(1) Intangible assets except customer relationships are amortized on straight-line basis. Customer relationships are amortized on a double declining balance method. Definite-lived intangible assets are subject to impairment testing if events or circumstances occur that indicate the carrying amounts may be impaired. No such indicators were noted during fiscal 2024 and fiscal 2023. Amortization Expense Amortization expense for the definite-lived intangible assets was $3.9 million, $4.2 million, and $3.4 million for the years ended December 28, 2024, December 30, 2023, and December 31, 2022, respectively. Estimated annual amortization expense for definite-lived intangible assets over the next five fiscal years is as follows:
Fiscal Year |  | Estimated Amortization
|  | (In thousands)
2025 |  | $ | 3,730 |
2026 |  | 3,480 |
2027 |  | 3,445 |
2028 |  | 3,340 |
2029 |  | 3,340 |

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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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