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Note 5 - Goodwill and Intangible Assets, Net | 9 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 – Goodwill and Intangible Assets, Net The following table presents goodwill by segment and the related change in the net carrying amount:
|  |  |  |  |  |  |  |  |  | Gourmet |  |  |  |  |
|  | Consumer |  |  |  |  |  |  | Foods & |  |  |  |  |
|  | Floral & |  |  |  |  |  |  | Gift |  |  |  |  |
|  | Gifts |  |  | BloomNet |  |  | Baskets |  |  | Total |
|  | (in thousands) |
Balance at July 2, 2023 |  | $ | 153,376 |  |  | $ | - |  |  | $ | - |  |  | $ | 153,376 |
Measurement period adjustment for Things Remembered Acquisition |  |  | 201 |  |  |  | - |  |  |  | - |  |  |  | 201 |
Balance at March 31, 2024 |  | $ | 153,577 |  |  | $ | - |  |  | $ | - |  |  | $ | 153,577 |
The Company’s other intangible assets consist of the following:
|  |  |  |  | March 31, 2024 |  |  | July 2, 2023 |
|  |  |  |  | Gross |  |  |  |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  |  |
|  | Amortization |  |  | Carrying |  |  | Accumulated |  |  |  |  |  |  | Carrying |  |  | Accumulated |  |  |  |  |
|  | Period |  |  | Amount |  |  | Amortization |  |  | Net |  |  | Amount |  |  | Amortization |  |  | Net |
|  | (in years) |  |  | (in thousands) |
Intangible assets with determinable lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in licenses |  | 14 - 16 |  |  | $ | 7,420 |  |  | $ | 6,648 |  |  | $ | 772 |  |  | $ | 7,420 |  |  | $ | 6,569 |  |  | $ | 851 |
Customer lists |  | 3 - 10 |  |  |  | 29,071 |  |  |  | 24,830 |  |  |  | 4,241 |  |  |  | 29,071 |  |  |  | 21,611 |  |  |  | 7,460 |
Other |  | 5 - 14 |  |  |  | 2,946 |  |  |  | 2,649 |  |  |  | 297 |  |  |  | 2,946 |  |  |  | 2,604 |  |  |  | 342 |
Total intangible assets with determinable lives |  |  |  |  |  | 39,437 |  |  |  | 34,127 |  |  |  | 5,310 |  |  |  | 39,437 |  |  |  | 30,784 |  |  |  | 8,653 |
Trademarks with indefinite lives |  |  |  |  |  | 111,473 |  |  |  | - |  |  |  | 111,473 |  |  |  | 131,235 |  |  |  | - |  |  |  | 131,235 |
Total identifiable intangible assets |  |  |  |  | $ | 150,910 |  |  | $ | 34,127 |  |  | $ | 116,783 |  |  | $ | 170,672 |  |  | $ | 30,784 |  |  | $ | 139,888 |
Future estimated amortization expense is as follows: remainder of fiscal 2024 - $1.1 million, fiscal 2025 - $1.9 million, fiscal 2026 - $1.3 million, fiscal 2027 - $0.5 million, fiscal 2028 - $0.2 million and thereafter - $0.3 million. The Company performs its annual assessment of goodwill and indefinite-lived intangible impairment during its fiscal fourth quarter, or more frequently if events occur or circumstances change such that it is more likely than not that an impairment may exist. During the quarter ended December 31, 2023, as a result of a decline in the actual and projected revenue for the Company’s PersonalizationMall tradename (indefinite-lived intangible asset), as well as a higher discount rate resulting from the higher interest rate environment, the Company determined that an impairment assessment was required. The Company’s impairment test for the indefinite-lived intangible asset encompassed calculating a fair value of the indefinite-lived intangible asset and comparing that result to its carrying value. To determine fair value of the indefinite-lived intangible asset, the Company used an income approach, the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. Indefinite-lived intangible assets’ fair values require significant judgments in determining both the assets’ estimated cash flows as well as the appropriate discount and royalty rates applied to those cash flows to determine fair value. Based on the impairment assessment performed for the quarter ended December 31, 2023, the Company recorded a non-cash impairment charge of $19.8 million to reduce the recorded carrying value of the PersonalizationMall tradename to its estimated fair value. This impairment charge was recorded in the Company’s Consumer Floral & Gifts reporting unit. The Company concluded that goodwill and other indefinite-lived intangible assets, excluding its PersonalizationMall tradename, did not require an impairment assessment.

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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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