| Goodwill and Other Intangibles, Net |
Note 4 —Goodwill and Other Intangibles, Net
Goodwill
The following table details the changes in goodwill (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 2, 2022 |
|
|
October 2, 2021 |
|
|
July 3, 2021 |
|
Balance at beginning of the period |
|
$ |
101,114 |
|
|
$ |
93,295 |
|
|
$ |
93,295 |
|
Acquisitions, net of measurement period adjustments(1) |
|
|
24,160 |
|
|
|
7,819 |
|
|
|
5,374 |
|
Balance at the end of the period |
|
$ |
125,274 |
|
|
$ |
101,114 |
|
|
$ |
98,669 |
|
(1)Includes immaterial measurement period adjustments related to acquisitions completed in fiscal 2021.
Other Intangible Assets
Other intangible assets consisted of the following as of July 2, 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) |
|
|
9.5 |
|
|
$ |
10,440 |
|
|
$ |
(5,505 |
) |
|
$ |
4,935 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
17,750 |
|
|
|
— |
|
|
|
17,750 |
|
Non-compete agreements |
|
|
6.7 |
|
|
|
8,683 |
|
|
|
(7,328 |
) |
|
|
1,355 |
|
Consumer relationships |
|
|
6.0 |
|
|
|
19,000 |
|
|
|
(12,926 |
) |
|
|
6,074 |
|
Other intangibles |
|
|
6.4 |
|
|
|
6,620 |
|
|
|
(6,345 |
) |
|
|
275 |
|
Total |
|
|
|
|
$ |
62,493 |
|
|
$ |
(32,104 |
) |
|
$ |
30,389 |
|
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) |
|
|
6.6 |
|
|
$ |
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 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 |
|
Other intangibles |
|
|
7.9 |
|
|
|
6,620 |
|
|
|
(5,886 |
) |
|
|
734 |
|
Total |
|
|
|
|
$ |
58,643 |
|
|
$ |
(29,572 |
) |
|
$ |
29,071 |
|
Amortization expense was $0.7 million for the three months ended July 2, 2022 and July 3, 2021, respectively. Amortization expense was $2.1 million and $1.0 million for the nine months ended July 2, 2022, and July 3, 2021, respectively. No impairment of goodwill or other intangible assets was recorded during the three and nine months ended July 2, 2022, and July 3, 2021, respectively.
The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of July 2, 2022 (in thousands):
|
|
|
|
|
|
|
Amount |
|
Remainder of fiscal 2022 |
|
$ |
649 |
|
2023 |
|
|
2,373 |
|
2024 |
|
|
1,735 |
|
2025 |
|
|
1,638 |
|
2026 |
|
|
1,392 |
|
Thereafter |
|
|
4,852 |
|
Total |
|
$ |
12,639 |
|
|