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Intangible Assets | 12 Months Ended
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May 28, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Intangible Assets Disclosure [Text Block] |
5. | INTANGIBLE ASSETS
Intangible assets are initially recorded at their fair market values determined by quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives and are tested for impairment when events or changes in circumstances occur that indicate possible impairment. No impairment was recognized in fiscal 2022, fiscal 2021 or fiscal 2020. Our intangible assets represent the fair value for trade name, customer relationships, non-compete agreements and technology acquired in connection with our acquisitions. Intangible assets subject to amortization were as follows (in thousands):
|  | May 28, 2022 |  |  | May 29, 2021 |
Gross Amounts: |  |  |  |  |  |  |  |
Trade Name |  | $ | 659 |  |  | $ | 659 |
Customer Relationships (1) |  |  | 3,393 |  |  |  | 3,426 |
Non-compete Agreements |  |  | 177 |  |  |  | 177 |
Technology |  |  | 230 |  |  |  | 230 |
Total Gross Amounts |  | $ | 4,459 |  |  | $ | 4,492 |
Accumulated Amortization: |  |  |  |  |  |  |  |
Trade Name |  | $ | 659 |  |  | $ | 659 |
Customer Relationships |  |  | 1,453 |  |  |  | 1,249 |
Non-compete Agreements |  |  | 177 |  |  |  | 177 |
Technology |  |  | 160 |  |  |  | 137 |
Total Accumulated Amortization |  | $ | 2,449 |  |  | $ | 2,222 |
Net Intangible Assets |  | $ | 2,010 |  |  | $ | 2,270 |
(1) Change from prior periods reflect impact of foreign currency translation. Companies must perform the annual test for impairment for indefinite life intangible assets, for which the Company has none, as well as test definite life assets for impairment in the event of a “trigger event” such as adverse changes in the business climate or market which might negatively impact the value of a reporting unit. We determined that the intangible assets were not impaired as of May 28, 2022 on the basis that no adverse events or changes in circumstances were identified that could indicate that the carrying amounts of such assets may not be recoverable. The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands):
Fiscal Year |  | Amortization Expense |
2023 |  | $ | 245 |
2024 |  |  | 232 |
2025 |  |  | 219 |
2026 |  |  | 185 |
2027 |  |  | 173 |
Thereafter |  |  | 956 |
Total amortization expense |  | $ | 2,010 |
The amortization expense associated with the intangible assets totaled approximately $0.2 million during fiscal 2022, fiscal 2021 and fiscal 2020. The weighted average number of years of amortization expense remaining is 11.6 years.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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