Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Oct. 07, 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 October 7, 2023 and December 31, 2022, respectively, each of which is explained in additional detail below (amounts in thousands):

	October 7, 2023		December 31, 2022
Goodwill	$	677,796	$	545,244
Amortizable intangible assets, net		537,968		537,281
Indefinite-lived intangible assets		127,100		127,100
Total goodwill and other intangible assets	$	1,342,864	$	1,209,625

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the forty weeks ended October 7, 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 October 7, 2023	$	677,796

Amortizable Intangible Assets

As of October 7, 2023 and December 31, 2022, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):

	October 7, 2023						December 31, 2022
Asset	Cost		Accumulated Amortization		Net Value		Cost		Accumulated Amortization		Net Value
Trademarks	$	481,715	$	104,131	$	377,584	$	477,115	$	92,763	$	384,352
Customer relationships		340,221		180,378		159,843		318,021		167,688		150,333
Non-compete agreements		5,454		5,179		275		5,154		5,114		40
Distributor relationships		4,123		3,857		266		4,123		3,673		450
Distributor routes held and used		4,040		4,040		—		3,249		1,143		2,106
Total	$	835,553	$	297,585	$	537,968	$	807,662	$	270,381	$	537,281

Aggregate Amortization Expense

Aggregate amortization expense for the twelve and forty weeks ended October 7, 2023 and October 8, 2022 was as follows (amounts in thousands):

	Amortization Expense
For the twelve weeks ended October 7, 2023	$	7,572
For the twelve weeks ended October 8, 2022	$	7,334
For the forty weeks ended October 7, 2023	$	24,891
For the forty weeks ended October 8, 2022	$	24,415

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	$	7,336
2024	$	31,409
2025	$	30,746
2026	$	28,891
2027	$	27,242