Quarterly report [Sections 13 or 15(d)]

Goodwill and Other Intangibles, Net

v3.25.1
Goodwill and Other Intangibles, Net
6 Months Ended
Mar. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles, Net

Note 3 —Goodwill and Other Intangibles, Net

Goodwill

The following table details the changes in goodwill (in thousands):

 

 

 

March 29, 2025

 

 

September 28, 2024

 

 

March 30, 2024

 

Balance at beginning of the period

 

$

180,698

 

 

$

180,698

 

 

$

180,698

 

Acquisitions, net of measurement period adjustments

 

 

-

 

 

 

-

 

 

 

-

 

Balance at the end of the period

 

$

180,698

 

 

$

180,698

 

 

$

180,698

 

Other Intangibles

Other intangible assets consisted of the following as of March 29, 2025 (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)

 

 

8.5

 

 

$

22,100

 

 

$

(6,341

)

 

$

15,759

 

Trade name and trademarks (indefinite life)

 

Indefinite

 

 

 

9,350

 

 

 

 

 

 

9,350

 

Non-compete agreements

 

 

3.9

 

 

 

2,260

 

 

 

(1,471

)

 

 

789

 

Consumer relationships

 

 

6.3

 

 

 

15,400

 

 

 

(8,744

)

 

 

6,656

 

Other intangibles

 

 

3.6

 

 

 

4,000

 

 

 

(3,937

)

 

 

63

 

Total

 

 

 

 

$

53,110

 

 

$

(20,493

)

 

$

32,617

 

 

 

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 March 30, 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)

 

 

9.4

 

 

$

22,100

 

 

$

(4,350

)

 

$

17,750

 

Trade name and trademarks (indefinite life)

 

Indefinite

 

 

 

9,350

 

 

 

 

 

 

9,350

 

Non-compete agreements

 

 

4.9

 

 

 

2,260

 

 

 

(1,265

)

 

 

995

 

Consumer relationships

 

 

7.0

 

 

 

15,400

 

 

 

(7,332

)

 

 

8,068

 

Other intangibles

 

 

4.6

 

 

 

4,000

 

 

 

(3,888

)

 

 

112

 

Total

 

 

 

 

$

53,110

 

 

$

(16,835

)

 

$

36,275

 

 

Amortization expense was $0.9 million and $0.9 million for the three months ended March 29, 2025 and March 30, 2024, respectively. Amortization expense was $1.8 million and $1.9 million for the six months ended March 29, 2025 and March 30, 2024, respectively. No impairment of goodwill or other intangible assets was recorded during the three and six months ended March 29, 2025 and March 30, 2024.

The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of March 29, 2025 (in thousands):

 

 

Amount

 

Remainder of fiscal 2025

 

$

1,889

 

2026

 

 

3,382

 

2027

 

 

3,262

 

2028

 

 

3,150

 

2029

 

 

2,899

 

Thereafter

 

 

8,685

 

Total

 

$

23,267