| Goodwill and Other Intangibles, Net |
Note 4 —Goodwill and Other Intangibles, Net
Goodwill
The carrying amounts of goodwill are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
October 2, 2021 |
|
|
October 3, 2020 |
|
Balance at beginning of the year |
|
$ |
93,295 |
|
|
$ |
89,739 |
|
Acquisitions |
|
|
7,819 |
|
|
|
3,556 |
|
Balance at the end of the year |
|
$ |
101,114 |
|
|
$ |
93,295 |
|
Other Intangible Assets
Other intangible assets consisted of the following as of October 2, 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) |
|
|
2.6 |
|
|
$ |
5,940 |
|
|
$ |
(5,274 |
) |
|
$ |
666 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
17,750 |
|
|
|
— |
|
|
|
17,750 |
|
Non-compete agreements |
|
|
7.5 |
|
|
|
8,633 |
|
|
|
(7,123 |
) |
|
|
1,510 |
|
Consumer relationships |
|
|
6.4 |
|
|
|
19,000 |
|
|
|
(11,688 |
) |
|
|
7,312 |
|
Other intangibles |
|
|
7.0 |
|
|
|
6,620 |
|
|
|
(5,952 |
) |
|
|
668 |
|
Total |
|
|
|
|
$ |
57,943 |
|
|
$ |
(30,037 |
) |
|
$ |
27,906 |
|
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 |
|
Other intangibles |
|
|
7.4 |
|
|
|
6,584 |
|
|
|
(5,687 |
) |
|
|
897 |
|
Total |
|
|
|
|
$ |
55,707 |
|
|
$ |
(27,816 |
) |
|
$ |
27,891 |
|
Amortization expense was $2.2 million, $2.6 million and $2.5 million in fiscal 2021, 2020 and 2019, respectively. No impairment of goodwill or other intangible assets was recorded during fiscal 2021, 2020 and 2019.
The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our balance sheet as of October 2, 2021 (in thousands):
|
|
|
|
|
|
|
Amount |
|
2022 |
|
$ |
2,202 |
|
2023 |
|
|
1,969 |
|
2024 |
|
|
1,331 |
|
2025 |
|
|
1,234 |
|
2026 |
|
|
988 |
|
Thereafter |
|
|
2,432 |
|
Total |
|
$ |
10,156 |
|
|