GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Jul. 01, 2023

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 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
Goodwill acquired during year	38,827		—		—		—		38,827

Currency translation/other	(2,941)		67,587		—		(34)		64,612
Carrying amount as of July 1, 2023	$	2,247,401	$	2,177,790	$	32,607	$	187,956	$	4,645,754

Amortizable intangible assets acquired during fiscal 2023 were $15.2 million, with a weighted-average amortization period of 6.2 years. Amortizable intangible assets acquired during fiscal 2023 by category were customer relationships and non-compete arrangements of $10.1 million and $5.1 million, respectively, with a weighted-average amortization period of 7.0 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. 1, 2023						Jul. 2, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(In thousands)
Customer relationships	$	1,284,045	$	(684,815)	$	599,230	$	1,280,809	$	(594,691)	$	686,118
Non-compete agreements	26,010		(14,966)		11,044		22,147		(10,943)		11,204
Trademarks	146,986		(26,037)		120,949		148,151		(17,175)		130,976

Total amortizable intangible assets	$	1,457,041	$	(725,818)	$	731,223	$	1,451,107	$	(622,809)	$	828,298

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


	Jul. 1, 2023		Jul. 2, 2022
	(In thousands)
Trademarks	$	127,341	$	123,419
Licenses	966		966
Total indefinite-lived intangible assets	$	128,307	$	124,385

Amortization expense for 2023, 2022 and 2021 was $126.3 million, $132.9 million and $103.5 million, respectively. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of July 1, 2023 is shown below:


	Amount
	(In thousands)
2024	$	126,173
2025	117,551
2026	74,241
2027	66,383
2028	63,116