Goodwill and Intangible Assets

9 Months Ended

Mar. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6 – Goodwill and Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:


	March 30, 2023			June 30, 2022			March 24, 2022
Customer relationships	$	21,350		$	21,100		$	21,100
Brand names		17,070			16,990			16,990
Non-compete agreement		300			270			270
		38,720			38,360			38,360
Less accumulated amortization:
Customer relationships		(19,572	)		(18,795	)		(18,537	)
Brand names		(11,776	)		(11,252	)		(11,080	)
Non-compete agreement		(272	)		(248	)		(234	)
		(31,620	)		(30,295	)		(29,851	)
Net intangible assets	$	7,100		$	8,065		$	8,509

Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the Squirrel Brand, Southern Style Nuts and Just the Cheese brand names.

Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was $441 and $1,325 for the quarter and thirty-nine weeks ended March 30, 2023, respectively. Amortization expense for the remainder of fiscal 2023 is expected to be approximately $442 and expected amortization expense the next five fiscal years is as follows:


Fiscal Year Ending
June 27, 2024	$	1,565
June 26, 2025		1,213
June 25, 2026		880
June 24, 2027		706
June 29, 2028		528

The intangibles related to the Just the Cheese brand acquisition, which are reflected in the above table, and the expected amortization expense are based on the final valuation report with respect to such intangible assets.

Our net goodwill at March 30, 2023 was comprised of $9,650 from the Squirrel Brand acquisition completed in the second quarter of fiscal 2018 and $2,100 from the Just the Cheese brand acquisition completed in the second quarter of fiscal 2023. The changes in the carrying amount of goodwill since June 25, 2021 are as follows:


Gross goodwill balance at June 25, 2021	$	18,416
Accumulated impairment losses		(8,766	)
Net balance at June 25, 2021		9,650
Goodwill acquired during the period		2,100
Net balance at March 30, 2023	$	11,750