Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jul. 15, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Other Intangible Assets

The table below summarizes our goodwill and other intangible assets at July 15, 2023 and December 31, 2022, respectively, each of which is explained in additional detail below (amounts in thousands):

	July 15, 2023		December 31, 2022
Goodwill	$	677,796	$	545,244
Amortizable intangible assets, net		547,709		537,281
Indefinite-lived intangible assets		127,100		127,100
Total goodwill and other intangible assets	$	1,352,605	$	1,209,625

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the twenty-eight weeks ended July 15, 2023, during which time we completed the acquisition of Papa Pita, are as follows (amounts in thousands):

	Total
Balance as of December 31, 2022	$	545,244
Acquisition		132,552
Balance as of July 15, 2023	$	677,796

Amortizable Intangible Assets

As of July 15, 2023 and December 31, 2022, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):

	July 15, 2023						December 31, 2022
Asset	Cost		Accumulated Amortization		Net Value		Cost		Accumulated Amortization		Net Value
Trademarks	$	481,715	$	100,699	$	381,016	$	477,115	$	92,763	$	384,352
Customer relationships		340,221		176,487		163,734		318,021		167,688		150,333
Non-compete agreements		5,454		5,153		301		5,154		5,114		40
Distributor relationships		4,123		3,821		302		4,123		3,673		450
Distributor routes held and used		3,896		1,540		2,356		3,249		1,143		2,106
Total	$	835,409	$	287,700	$	547,709	$	807,662	$	270,381	$	537,281

Aggregate Amortization Expense

Aggregate amortization expense for the twelve and twenty-eight weeks ended July 15, 2023 and July 16, 2022 was as follows (amounts in thousands):

	Amortization Expense
For the twelve weeks ended July 15, 2023	$	7,596
For the twelve weeks ended July 16, 2022	$	7,332
For the twenty-eight weeks ended July 15, 2023	$	17,319
For the twenty-eight weeks ended July 16, 2022	$	17,081

Estimated Amortization of Intangibles

Estimated amortization of intangibles for each of the next five years is as follows (amounts in thousands):

	Amortization of Intangibles
Remainder of 2023	$	15,103
2024	$	32,187
2025	$	31,407
2026	$	29,255
2027	$	27,410