Goodwill and Other Intangible Assets

12 Months Ended

Jun. 03, 2023

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 8 - Goodwill and Other Intangible Assets

Goodwill and other intangibles consisted of the following (in thousands):

Other Intangibles

Franchise

Customer

Non-compete

Right of

Water

Total

Goodwill

rights

relationships

agreements

Use

rights

Trademark

intangibles

Balance May 29, 2021

$

35,525

$

16,699

$

1,688

$

1,019

$

29

$

720

$

186

$

55,866

Additions

8,481

—

—

—

10

—

—

8,491

Amortization

—

(1,628)

(362)

(159)

(21)

—

(50)

(2,220)

Balance May 28, 2022

44,006

15,071

1,326

860

18

720

136

62,137

Amortization

—

(1,657)

(356)

(152)

(18)

—

(51)

(2,234)

Balance June 3, 2023

$

44,006

$

13,414

$

970

$

708

$

—

$

720

$

85

$

59,903

For the Other Intangibles listed above, the gross carrying amounts and accumulated amortization are as follows (in thousands):

June 3, 2023

May 28, 2022

Gross carrying

Accumulated

Gross carrying

Accumulated

amount

amortization

amount

amortization

Other intangible assets:

Franchise rights

$

29,284

$

(15,870)

$

29,284

$

(14,213)

Customer relationships

9,644

(8,674)

9,644

(8,318)

Non-compete agreements

1,450

(742)

1,450

(590)

Right of use intangible

239

(239)

239

(221)

Water rights *

720

—

720

—

Trademark

400

(315)

400

(264)

Total

$

41,737

$

(25,840)

$

41,737

$

(23,606)

* Water rights are an indefinite life intangible asset.

No significant residual value is estimated for these intangible assets. Aggregate amortization expense for fiscal years 2023, 2022,

and 2021 totaled $

2.2

 million, $

2.2

 million, and $

2.5

 million, respectively. 

The following table presents the total estimated amortization of intangible assets for the five succeeding years (in thousands):

For fiscal year

Estimated amortization expense

2024

$

2,170

2025

2,035

2026

1,831

2027

1,828

2028

1,758

Thereafter

5,555

Total

$

15,177