Intangible Assets

12 Months Ended

Jun. 01, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

6. INTANGIBLE ASSETS

Intangible assets are initially recorded at their fair market values determined by quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives and are tested for impairment when events or changes in circumstances occur that indicate possible impairment. No impairment was recognized in fiscal 2024, fiscal 2023 or fiscal 2022.

Our intangible assets represent the fair value for customer relationships and technology acquired in connection with our acquisitions. Intangible assets subject to amortization were as follows (in thousands):

	June 1, 2024		May 27, 2023
Gross Amounts:
Customer Relationships	$	3,396	$	3,388
Technology		380		380
Total Gross Amounts	$	3,776	$	3,768
Accumulated Amortization:
Customer Relationships	$	1,886	$	1,671
Technology		249		205
Total Accumulated Amortization	$	2,135	$	1,876
Net Intangible Assets	$	1,641	$	1,892

The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands):

Fiscal Year	Amortization Expense
2025	$	239
2026		207
2027		194
2028		185
2029		174
Thereafter		642
Total amortization expense	$	1,641

The amortization expense associated with the intangible assets, which is classified as a selling, general and administrative expense ("SG&A") on the income statement, totaled approximately $0.3 million during fiscal 2024, $0.3 million during fiscal 2023 and $0.2 million during fiscal 2022.