Goodwill and Other Intangible Assets

6 Months Ended

Jul. 13, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 4 – Goodwill and Other Intangible Assets

The Company has two reporting units, Wholesale and Retail. Changes in the carrying amount of goodwill were as follows:

(In thousands)	Wholesale		Retail		Total
Balance at December 30, 2023	$	181,035	$	1,125	$	182,160
Acquisitions		—		8,054		8,054
Balance at July 13, 2024	$	181,035	$	9,179	$	190,214

The Company has indefinite-lived intangible assets that are not amortized, consisting primarily of indefinite-lived trade names. Changes in the carrying amount of indefinite-lived intangible assets were as follows:

	Indefinite-lived
(In thousands)	Intangible Assets
Balance at December 30, 2023	$	67,826
Acquisitions		9,750
Impairment (Note 5)		(6,059	)
Balance at July 13, 2024	$	71,517

Within the Retail reporting unit, the Company acquired goodwill of $8.1 million and an indefinite-lived trade name of $9.8 million related to an immaterial acquisition during the second quarter of 2024.

The Company reviews goodwill and other indefinite-lived intangible assets for impairment annually, during the fourth quarter of each year, and more frequently if circumstances indicate impairment is probable. Except for the impairment described in Note 5, such circumstances have not arisen in the current fiscal year. Testing goodwill and other indefinite-lived intangible assets for impairment requires management to make significant estimates about the Company’s future performance, cash flows, and other assumptions that can be affected by potential changes in economic, industry or market conditions, business operations, competition, or the Company’s stock price and market capitalization.