v3.24.1.1.u2
Goodwill and Other Intangible Assets (Tables)
 4 Months Ended
Apr. 20, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill and Other Intangible Assets

The table below summarizes our goodwill and other intangible assets at April 20, 2024 and December 30, 2023, respectively, each of which is explained in additional detail below (amounts in thousands):

 

 

 

April 20, 2024

 

 

December 30, 2023

 

Goodwill

 

$

679,896

 

 

$

677,796

 

Amortizable intangible assets, net

 

 

520,926

 

 

 

530,642

 

Indefinite-lived intangible assets

 

 

127,100

 

 

 

127,100

 

Total goodwill and other intangible assets

 

$

1,327,922

 

 

$

1,335,538

 
Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the sixteen weeks ended April 20, 2024, during which time we finalized the purchase accounting for the acquisition of Papa Pita, are as follows (amounts in thousands):

 

 

 

Total

 

Balance as of December 30, 2023

 

$

677,796

 

Measurement period adjustment (see Note 4, Acquisition)

 

 

2,100

 

Balance as of April 20, 2024

 

$

679,896

 
Amortizable Intangible Assets

As of April 20, 2024 and December 30, 2023, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):

 

 

 

April 20, 2024

 

 

December 30, 2023

 

Asset

 

Cost

 

 

Accumulated
Amortization

 

 

Net
Value

 

 

Cost

 

 

Accumulated
Amortization

 

 

Net
Value

 

Trademarks

 

$

481,715

 

 

$

112,137

 

 

$

369,578

 

 

$

481,715

 

 

$

107,562

 

 

$

374,153

 

Customer relationships

 

 

340,221

 

 

 

189,309

 

 

 

150,912

 

 

 

340,221

 

 

 

184,222

 

 

 

155,999

 

Non-compete agreements

 

 

5,454

 

 

 

5,229

 

 

 

225

 

 

 

5,454

 

 

 

5,206

 

 

 

248

 

Distributor relationships

 

 

4,123

 

 

 

3,912

 

 

 

211

 

 

 

4,123

 

 

 

3,881

 

 

 

242

 

Total

 

$

831,513

 

 

$

310,587

 

 

$

520,926

 

 

$

831,513

 

 

$

300,871

 

 

$

530,642

 
Aggregate Amortization Expense

Aggregate amortization expense for the sixteen weeks ended April 20, 2024 and April 22, 2023 was as follows (amounts in thousands):

 

 

 

Amortization
Expense

 

For the sixteen weeks ended April 20, 2024

 

$

9,716

 

For the sixteen weeks ended April 22, 2023

 

$

9,723

 
Estimated Amortization of Intangibles

Estimated amortization of intangibles for each of the next five years is as follows (amounts in thousands):

 

 

 

Amortization of
Intangibles

 

Remainder of 2024

 

$

21,691

 

2025

 

$

30,747

 

2026

 

$

28,891

 

2027

 

$

27,242

 

2028

 

$

25,610