Goodwill and Intangible Assets, Net

6 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

3. Goodwill and Intangible Assets, Net

The Company performs its annual goodwill impairment assessment on the first day of its fourth fiscal quarter, or more frequently if it believes that indicators of impairment exist. The Company’s goodwill balance was $197.5 million as of both September 30, 2023 and April 1, 2023. As of September 30, 2023, the Company had identified no indicators of impairment with respect to its goodwill and intangible asset balances.

During both the thirteen and twenty-six weeks ended September 30, 2023 and September 24, 2022, the Company did not record any long-lived asset impairment charges.

Net intangible assets as of September 30, 2023 and April 1, 2023 consisted of the following (in thousands, except for weighted average useful life):

	September 30, 2023
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
Customer lists—definite lived	$	345	$	(298)	$	47	5.0
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	61,022	$	(298)	$	60,724

	April 1, 2023
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
Customer lists—definite lived	$	345	$	(271)	$	74	5.0
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	61,022	$	(271)	$	60,751

Amortization expense for intangible assets totaled less than $0.1 million for both the thirteen weeks ended September 30, 2023 and September 24, 2022, and is included in selling, general and administrative expenses.

Amortization expense for intangible assets totaled less than $0.1 million for both the twenty-six weeks ended September 30, 2023 and September 24, 2022, and is included in selling, general and administrative expenses.

As of September 30, 2023, estimated future amortization of intangible assets was as follows:

Fiscal Year	(in thousands)
2024	$	27
2025		20
Thereafter		-
Total	$	47