Goodwill and Intangible Assets

3 Months Ended

Jun. 18, 2011

Goodwill and Intangible Assets [Abstract]

NOTE 2 — GOODWILL AND INTANGIBLE ASSETS

Changes in the Company’s Goodwill and Intangible assets consisted of the following:


	February 26,							Other net		June 18,
	2011			Additions		Impairments		adjustments		2011
Goodwill:
Retail food goodwill	$	6,116		$	—	$	—	$	—	$	6,116
Accumulated impairment losses		(4,842	)		—		—		—		(4,842	)

Total Retail food goodwill, net		1,274			—		—		—		1,274
Independent business goodwill		710			—		—		—		710

Total goodwill	$	1,984		$	—	$	—	$	—	$	1,984


	February 26,			Additions/					Other net			June 18,
	2011			Amortization			Impairments		adjustments			2011
Intangible assets:
Trademarks and tradenames — indefinite useful lives	$	780		$	—		$	—	$	—		$	780
Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $296 and $280 as of June 18, 2011 and February 26, 2011, respectively)		663			3			—		(2	)		664
Non-compete agreements (accumulated amortization of $4 and $4 as of June 18, 2011 and February 26, 2011, respectively)		11			—			—		—			11

Total intangible assets		1,454			3			—		(2	)		1,455
Accumulated amortization		(284	)		(18	)				2			(300	)

Total intangible assets, net	$	1,170										$	1,155

Amortization expense of intangible assets with definite useful lives was $18 for the first quarter ended June 18, 2011 and June 19, 2010. Future amortization expense will be approximately $36 per fiscal year for each of the next five fiscal years.

- 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.

+ References+ Details