Goodwill and Other Intangible Assets

12 Months Ended

Apr. 24, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

In the fourth quarter, we completed our annual impairment test required under the provisions of ASC 350. In addition, we assess the carrying value of our goodwill and other indefinite lived intangible assets annually or whenever circumstances indicate that a decline in the carrying value may have occurred. The carrying value of goodwill as of the end of fiscal 2015 and fiscal 2014 is $19,634 and $19,634, respectively, and is included within the BEF Foods segment.

As part of our fiscal 2013 acquisition of Kettle Creations, we also recorded an indefinite life intangible asset related to the Kettle Creations trade name. In the fourth quarter of fiscal 2015 we completed a long-range strategic plan of the BEF Foods business and determined that the Kettle Creations trade name would no longer be used in our efforts to operate and grow the business. We considered this an indication that the trade name may be impaired and performed a fair value assessment in accordance with the provisions of ASC 360. Based on this analysis, we determined the Kettle Creations trade name no longer had any fair value and recorded a charge of $2,761 to fully write off the asset. The charge was recorded in the S,G&A line on the Consolidated Statements of Net Income.

Definite-lived intangible assets recorded on the Consolidated Balance Sheets consist of noncompetition agreements that are amortized over a 5-year life and are recorded to the BEF Foods segment.

Intangible assets are summarized below:



(in thousands)	Business Trade Name			Noncompetition Agreements			Total
April 26, 2013, net intangible carrying amount	$	2,761		$	666		$	3,427
Amortization expense	—			(157		)	$	(157	)
April 25, 2014, net intangible carrying amount	$	2,761		$	509		$	3,270

Amortization expense	$	—		$	(157	)	$	(157	)
Impairment of trade name	$	(2,761	)	$	—		$	(2,761	)
April 24, 2015, net intangible carrying amount	$	—		$	352		$	352

We expect to record $157 of amortization expense in each fiscal year until our definite lived intangible assets are fully depreciated.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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