| Goodwill and Other Intangibles, Net |
Note 4 —Goodwill and Other Intangibles, Net
Goodwill
The carrying amounts of goodwill are as follows (in thousands):
|
|
|
Carrying Value
|
|
|
Balance, July 3, 2021
|
|
$
|
98,669
|
|
|
Balance, October 3, 2020
|
|
|
93,295
|
|
|
Balance, June 27, 2020
|
|
|
92,821
|
|
Changes in the carrying value of goodwill relate to acquisition activity.
Other Intangible Assets
Other intangible assets consisted of the following as of July 3, 2021 (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)
|
|
|
2.9
|
|
|
$
|
5,940
|
|
|
$
|
(5,236
|
)
|
|
$
|
704
|
|
|
Trade name and trademarks (indefinite life)
|
|
Indefinite
|
|
|
|
17,750
|
|
|
|
—
|
|
|
|
17,750
|
|
|
Non-compete agreements
|
|
|
7.4
|
|
|
|
9,333
|
|
|
|
(7,174
|
)
|
|
|
2,159
|
|
|
Consumer relationships
|
|
|
6.5
|
|
|
|
19,000
|
|
|
|
(11,276
|
)
|
|
|
7,724
|
|
|
Internally developed software
|
|
|
7.4
|
|
|
|
4,000
|
|
|
|
(3,577
|
)
|
|
|
423
|
|
|
Other intangibles
|
|
|
0.5
|
|
|
|
2,620
|
|
|
|
(2,309
|
)
|
|
|
311
|
|
|
Total
|
|
|
|
|
|
$
|
58,643
|
|
|
$
|
(29,572
|
)
|
|
$
|
29,071
|
|
Other intangible assets are as follows as of October 3, 2020 (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)
|
|
|
3.6
|
|
|
$
|
5,540
|
|
|
$
|
(5,139
|
)
|
|
$
|
401
|
|
|
Trade name and trademarks (indefinite life)
|
|
Indefinite
|
|
|
|
17,750
|
|
|
|
—
|
|
|
|
17,750
|
|
|
Non-compete agreements
|
|
|
8.3
|
|
|
|
8,633
|
|
|
|
(6,872
|
)
|
|
|
1,761
|
|
|
Consumer relationships
|
|
|
6.1
|
|
|
|
17,200
|
|
|
|
(10,118
|
)
|
|
|
7,082
|
|
|
Internally developed software
|
|
|
8.2
|
|
|
|
4,000
|
|
|
|
(3,434
|
)
|
|
|
566
|
|
|
Other intangibles
|
|
|
1.3
|
|
|
|
2,584
|
|
|
|
(2,253
|
)
|
|
|
331
|
|
|
Total
|
|
|
|
|
|
$
|
55,707
|
|
|
$
|
(27,816
|
)
|
|
$
|
27,891
|
|
Other intangible assets are as follows as of June 27, 2020 (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)
|
|
|
3.9
|
|
|
$
|
5,540
|
|
|
$
|
(5,111
|
)
|
|
$
|
429
|
|
|
Trade name and trademarks (indefinite life)
|
|
Indefinite
|
|
|
|
17,750
|
|
|
|
—
|
|
|
|
17,750
|
|
|
Non-compete agreements
|
|
|
7.0
|
|
|
|
8,633
|
|
|
|
(6,410
|
)
|
|
|
2,223
|
|
|
Consumer relationships
|
|
|
6.3
|
|
|
|
17,200
|
|
|
|
(9,683
|
)
|
|
|
7,517
|
|
|
Internally developed software
|
|
|
8.5
|
|
|
|
4,000
|
|
|
|
(3,371
|
)
|
|
|
629
|
|
|
Other intangibles
|
|
|
1.5
|
|
|
|
2,584
|
|
|
|
(2,242
|
)
|
|
|
342
|
|
|
Total
|
|
|
|
|
|
$
|
55,707
|
|
|
$
|
(26,817
|
)
|
|
$
|
28,890
|
|
Amortization expense for the three months ended July 3, 2021 and June 27, 2020 was $0.7 million and $0.5 million, respectively. Amortization expense for the nine months ended July 3, 2021 and June 27, 2020 was $1.0 million and $1.6 million, respectively. No impairment of goodwill or other intangible assets was recorded during the three and nine months ended July 3, 2021 and June 27, 2020.
The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our balance sheet as of July 3, 2021 (in thousands):
|
|
|
Amount
|
|
|
Remainder of Fiscal 2021
|
|
$
|
657
|
|
|
2022
|
|
|
2,375
|
|
|
2023
|
|
|
2,009
|
|
|
2024
|
|
|
1,371
|
|
|
2025
|
|
|
1,274
|
|
|
Thereafter
|
|
|
3,635
|
|
|
Total
|
|
$
|
11,321
|
|
|