Goodwill and Other Intangible Assets

12 Months Ended

May 28, 2022

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 8 - Goodwill and Other Intangible Assets

Goodwill and other intangibles consisted of the following (in thousands):

Other Intangibles

Franchise

Customer

Non-compete

Right of

Water

Total

Goodwill

rights

relationships

agreements

Use

rights

Trademark

intangibles

Balance May 30, 2020

$

35,525

$

18,327

$

2,354

$

1,179

$

—

$

720

$

236

$

58,341

Additions

—

—

—

—

39

—

—

39

Amortization

—

(1,628)

(666)

(160)

(10)

—

(50)

(2,514)

Balance May 29, 2021

35,525

16,699

1,688

1,019

29

720

186

55,866

Additions

8,481

—

—

—

10

—

—

8,491

Amortization

—

(1,628)

(362)

(159)

(21)

—

(50)

(2,220)

Balance May 28, 2022

$

44,006

$

15,071

$

1,326

$

860

$

18

$

720

$

136

$

62,137

For the Other Intangibles listed above, the gross carrying amounts and accumulated amortization are as follows (in thousands):

May 28, 2022

May 29, 2021

Gross carrying

Accumulated

Gross carrying

Accumulated

amount

amortization

amount

amortization

Other intangible assets:

Franchise rights

$

29,284

$

(14,213)

$

29,284

$

(10,957)

Customer relationships

9,644

(8,318)

20,544

(18,190)

Non-compete agreements

1,450

(590)

1,450

(271)

Right of use intangible

239

(221)

191

(191)

Water rights *

720

—

720

—

Trademark

400

(264)

400

(164)

Total

$

41,737

$

(23,606)

$

52,589

$

(29,773)

* Water rights are an indefinite life intangible asset.

No significant residual value is estimated for these intangible assets. Aggregate amortization expense for fiscal years 2022, 2021,

and 2020 totaled $

2.2

 million, $

2.5

 million, and $

2.9

 million, respectively. 

The following table presents the total estimated amortization of intangible assets for the five succeeding years (in thousands):

For fiscal year

Estimated amortization expense

2023

$

2,216

2024

2,170

2025

2,041

2026

2,008

2027

1,703

Thereafter

7,273

Total

$

17,411