Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Oct. 05, 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 October 5, 2024 and December 30, 2023, respectively, each of which is explained in additional detail below (amounts in thousands):

	October 5, 2024		December 30, 2023
Goodwill	$	679,896	$	677,796
Amortizable intangible assets, net		506,444		530,642
Indefinite-lived intangible assets		127,100		127,100
Total goodwill and other intangible assets	$	1,313,440	$	1,335,538

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the forty weeks ended October 5, 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 October 5, 2024	$	679,896

Amortizable Intangible Assets

As of October 5, 2024 and December 30, 2023, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):

	October 5, 2024						December 30, 2023
Asset	Cost		Accumulated Amortization		Net Value		Cost		Accumulated Amortization		Net Value
Trademarks	$	481,715	$	119,000	$	362,715	$	481,715	$	107,562	$	374,153
Customer relationships		340,221		196,846		143,375		340,221		184,222		155,999
Non-compete agreements		5,454		5,264		190		5,454		5,206		248
Distributor relationships		4,123		3,959		164		4,123		3,881		242
Total	$	831,513	$	325,069	$	506,444	$	831,513	$	300,871	$	530,642

Aggregate Amortization Expense

Aggregate amortization expense for the twelve and forty weeks ended October 5, 2024 and October 7, 2023 was as follows (amounts in thousands):

	Amortization Expense
For the twelve weeks ended October 5, 2024	$	7,218
For the twelve weeks ended October 7, 2023	$	7,572
For the forty weeks ended October 5, 2024	$	24,198
For the forty weeks ended October 7, 2023	$	24,891

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	$	7,182
2025	$	30,746
2026	$	28,891
2027	$	27,242
2028	$	25,611