| Goodwill and Other Intangibles, Net |
Note 4—Goodwill and Other Intangibles, Net
Goodwill
The following table details the changes in goodwill (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
Balance at beginning of the year |
|
$ |
180,698 |
|
|
$ |
173,513 |
|
Acquisitions, net of measurement period adjustments |
|
|
— |
|
|
|
7,185 |
|
Balance at the end of the year |
|
$ |
180,698 |
|
|
$ |
180,698 |
|
Other Intangible Assets
Other intangible assets consisted of the following as of September 28, 2024 (in thousands, except weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Remaining
Useful Life
(in Years) |
|
|
Gross
Carrying
Value |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Trade name and trademarks (finite life) |
|
|
8.9 |
|
|
$ |
22,100 |
|
|
$ |
(5,355 |
) |
|
$ |
16,745 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
9,350 |
|
|
|
— |
|
|
|
9,350 |
|
Non-compete agreements |
|
|
4.4 |
|
|
|
2,260 |
|
|
|
(1,368 |
) |
|
|
892 |
|
Consumer relationships |
|
|
6.6 |
|
|
|
15,400 |
|
|
|
(8,038 |
) |
|
|
7,362 |
|
Other intangibles |
|
|
4.1 |
|
|
|
4,000 |
|
|
|
(3,920 |
) |
|
|
80 |
|
Total |
|
|
|
|
$ |
53,110 |
|
|
$ |
(18,681 |
) |
|
$ |
34,429 |
|
Other intangible assets consisted of the following as of September 30, 2023 (in thousands, except weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Remaining
Useful Life
(in Years) |
|
|
Gross
Carrying
Value |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Trade name and trademarks (finite life) |
|
|
9.8 |
|
|
$ |
26,740 |
|
|
$ |
(7,958 |
) |
|
$ |
18,782 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
9,350 |
|
|
|
— |
|
|
|
9,350 |
|
Non-compete agreements |
|
|
5.4 |
|
|
|
8,683 |
|
|
|
(7,585 |
) |
|
|
1,098 |
|
Consumer relationships |
|
|
7.4 |
|
|
|
24,100 |
|
|
|
(15,317 |
) |
|
|
8,783 |
|
Other intangibles |
|
|
5.1 |
|
|
|
6,620 |
|
|
|
(6,476 |
) |
|
|
144 |
|
Total |
|
|
|
|
$ |
75,493 |
|
|
$ |
(37,336 |
) |
|
$ |
38,157 |
|
Other intangible assets consisted of the following as of October 1, 2022 (in thousands, except weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Remaining
Useful Life
(in Years) |
|
|
Gross
Carrying
Value |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Trade name and trademarks (finite life) |
|
|
11.0 |
|
|
$ |
24,440 |
|
|
$ |
(5,907 |
) |
|
$ |
18,533 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
9,350 |
|
|
|
— |
|
|
|
9,350 |
|
Non-compete agreements |
|
|
6.5 |
|
|
|
8,683 |
|
|
|
(7,379 |
) |
|
|
1,304 |
|
Consumer relationships |
|
|
7.9 |
|
|
|
24,100 |
|
|
|
(13,339 |
) |
|
|
10,761 |
|
Other intangibles |
|
|
6.2 |
|
|
|
6,620 |
|
|
|
(6,380 |
) |
|
|
240 |
|
Total |
|
|
|
|
$ |
73,193 |
|
|
$ |
(33,005 |
) |
|
$ |
40,188 |
|
Amortization expense was $3.7 million, $4.3 million, and $3.0 million in fiscal 2024, 2023, and 2022, respectively. No impairment of goodwill or other intangible assets was recorded during fiscal 2024, 2023, and 2022.
The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our consolidated balance sheet as of September 28, 2024 (in thousands):
|
|
|
|
|
|
|
Amount |
|
2025 |
|
|
3,632 |
|
2026 |
|
|
3,385 |
|
2027 |
|
|
3,262 |
|
2028 |
|
|
3,154 |
|
2029 |
|
|
2,833 |
|
Thereafter |
|
|
8,813 |
|
Total |
|
$ |
25,079 |
|
|