GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Jul. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill by reportable segment for the years presented are as follows:


	U.S. Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In thousands)
Carrying amount as of June 27, 2020	$	1,358,124	$	2,153,761	$	32,607	$	187,977	$	3,732,469


Currency translation/other	(4,520)		216,012		—		178		211,670
Carrying amount as of July 3, 2021	$	1,353,604	$	2,369,773	$	32,607	$	188,155	$	3,944,139
Goodwill acquired during year	851,899		9,227		—		—		861,126

Currency translation/other	6,012		(268,797)		—		(165)		(262,950)
Carrying amount as of July 2, 2022	$	2,211,515	$	2,110,203	$	32,607	$	187,990	$	4,542,315

Amortizable intangible assets acquired during fiscal 2022 were $424.7 million, with a weighted-average amortization period of 14.4 years. Amortizable intangible assets acquired during fiscal 2022 by category were customer relationships, amortizable trademarks, and non-compete of $286.5 million, $132.9 million, and $5.3 million respectively, with a weighted-average amortization period of 14.6 years, 14.2 years, and 4.6 years respectively.

Fully amortized intangible assets have been removed in the period fully amortized in the table below, which presents the company’s amortizable intangible assets in total by category as follows:


	Jul. 2, 2022						Jul. 3, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(In thousands)
Customer relationships	$	1,280,809	$	(594,691)	$	686,118	$	1,125,464	$	(552,444)	$	573,020
Non-compete agreements	22,147		(10,943)		11,204		19,525		(9,926)		9,599
Trademarks	148,151		(17,175)		130,976		14,360		(6,943)		7,417

Total amortizable intangible assets	$	1,451,107	$	(622,809)	$	828,298	$	1,159,349	$	(569,313)	$	590,036

The table below presents the company’s indefinite-lived intangible assets by category as follows:


	Jul. 2, 2022		Jul. 3, 2021
	(In thousands)
Trademarks	$	123,419	$	155,071
Licenses	966		966
Total indefinite-lived intangible assets	$	124,385	$	156,037

Amortization expense for 2022, 2021 and 2020 was $132.9 million, $103.5 million and $95.3 million, respectively. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of July 2, 2022 is shown below:


	Amount
	(In thousands)
2023	$	124,436
2024	120,582
2025	114,735
2026	73,165
2027	65,118