Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jul. 13, 2024

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 13, 2024 and December 30, 2023, respectively, each of which is explained in additional detail below (amounts in thousands):

	July 13, 2024		December 30, 2023
Goodwill	$	679,896	$	677,796
Amortizable intangible assets, net		513,663		530,642
Indefinite-lived intangible assets		127,100		127,100
Total goodwill and other intangible assets	$	1,320,659	$	1,335,538

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the twenty-eight weeks ended July 13, 2024, during which time we finalized the purchase accounting for the acquisition of Papa Pita, are as follows (amounts in thousands):

	Total
Balance as of December 30, 2023	$	677,796
Measurement period adjustment (see Note 4, Acquisition)		2,100
Balance as of July 13, 2024	$	679,896

Amortizable Intangible Assets

As of July 13, 2024 and December 30, 2023, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):

	July 13, 2024						December 30, 2023
Asset	Cost		Accumulated Amortization		Net Value		Cost		Accumulated Amortization		Net Value
Trademarks	$	481,715	$	115,569	$	366,146	$	481,715	$	107,562	$	374,153
Customer relationships		340,221		193,099		147,122		340,221		184,222		155,999
Non-compete agreements		5,454		5,246		208		5,454		5,206		248
Distributor relationships		4,123		3,936		187		4,123		3,881		242
Total	$	831,513	$	317,850	$	513,663	$	831,513	$	300,871	$	530,642

Aggregate Amortization Expense

Aggregate amortization expense for the twelve and twenty-eight weeks ended July 13, 2024 and July 15, 2023 was as follows (amounts in thousands):

	Amortization Expense
For the twelve weeks ended July 13, 2024	$	7,263
For the twelve weeks ended July 15, 2023	$	7,596
For the twenty-eight weeks ended July 13, 2024	$	16,979
For the twenty-eight weeks ended July 15, 2023	$	17,319

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 2024	$	14,427
2025	$	30,747
2026	$	28,891
2027	$	27,241
2028	$	25,611