GOODWILL

9 Months Ended

Jun. 27, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

GOODWILL

The changes in goodwill during the nine months ended June 27, 2025 and June 28, 2024 were as follows:

	June 27, 2025		June 28, 2024
Balance at beginning of period	$	—	$	11,172
Acquisitions	10,231		—
Amount attributable to movements in foreign currency rates	(69)		(12)
Balance at end of period	$	10,162	$	11,160

The goodwill at June 27, 2025 relates to the acquisition of Endless Summer Technologies Proprietary, Ltd. See Note 18 below for additional information on the acquisition.

The Company evaluates the carrying value of goodwill for a reporting unit on an annual basis or more frequently when events and circumstances warrant such an evaluation.  In conducting this analysis, the Company uses the income approach to compare the reporting unit's carrying value to its indicated fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable management judgment and long-term assumptions and is considered a Level 3 (unobservable) fair value determination in the fair value hierarchy (see Note 12) below.

During the fourth quarter of fiscal 2024, the Company's annual goodwill impairment test indicated the carrying value of the Fishing reporting unit exceeded its estimated fair value as of the measurement date of August 30, 2024. As a result, the Company recognized a goodwill impairment charge in the fourth quarter of fiscal 2024, which reduced the carrying value of the balance of goodwill reported as of June 28, 2024 of $11,167 to $0 as of September 27, 2024. This non-cash impairment was primarily driven by reduced cash flow projections in the Fishing reporting unit, prompted by ongoing market challenges and competitive pressure occurring in this segment.