Goodwill and Intangibles (Tables)
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3 Months Ended |
Nov. 28, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of Goodwill |
Changes to Goodwill during the thirteen week period ended November 28, 2020 were as follows: | | | | | | | | | (in thousands) | | Goodwill | Balance as of August 29, 2020 | | $ | 544,774 | | Acquisition of business, measurement period adjustment | | 1,178 | | Sale of business | | (2,818) | | Balance as of November 28, 2020 | | $ | 543,134 | |
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Schedule of Finite-Lived Intangible Assets |
Intangible assets, net in the Consolidated Balance Sheets consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 28, 2020 | (In thousands) | | Useful life | | Gross carrying amount | | Accumulated amortization | | Net carrying amount | Intangible assets with indefinite life: | | | | | | | | | | | Brands and trademarks | | Indefinite life | | $ | 974,000 | | | $ | — | | | $ | 974,000 | | Intangible assets with finite lives: | | | | | | | | | | | Customer relationships | | 15 years | | 174,000 | | | 21,403 | | | 152,597 | | Proprietary recipes and formulas | | 7 years | | 7,000 | | | 3,381 | | | 3,619 | | Licensing agreements | | 14 years | | 22,000 | | | 5,313 | | | 16,687 | | Software and website development costs | | 3 | - | 5 years | | 5,302 | | | 2,365 | | | 2,937 | | Intangible assets in progress | | 3 | - | 5 years | | 55 | | | — | | | 55 | | | | | | | | $ | 1,182,357 | | | $ | 32,462 | | | $ | 1,149,895 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | August 29, 2020 | (In thousands) | | Useful life | | Gross carrying amount | | Accumulated amortization | | Net carrying amount | Intangible assets with indefinite life: | | | | | | | | | | | Brands and trademarks | | Indefinite life | | $ | 979,000 | | | $ | — | | | $ | 979,000 | | Intangible assets with finite lives: | | | | | | | | | | | Customer relationships | | 15 years | | 174,000 | | | 18,503 | | | 155,497 | | Proprietary recipes and formulas | | 7 years | | 7,000 | | | 3,131 | | | 3,869 | | Licensing agreements | | 14 years | | 22,000 | | | 4,920 | | | 17,080 | | Software and website development costs | | 3 | - | 5 years | | $ | 5,967 | | | $ | 2,645 | | | $ | 3,322 | | | | | | | | $ | 1,187,967 | | | $ | 29,199 | | | $ | 1,158,768 | |
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Schedule of Indefinite-Lived Intangible Assets |
Intangible assets, net in the Consolidated Balance Sheets consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 28, 2020 | (In thousands) | | Useful life | | Gross carrying amount | | Accumulated amortization | | Net carrying amount | Intangible assets with indefinite life: | | | | | | | | | | | Brands and trademarks | | Indefinite life | | $ | 974,000 | | | $ | — | | | $ | 974,000 | | Intangible assets with finite lives: | | | | | | | | | | | Customer relationships | | 15 years | | 174,000 | | | 21,403 | | | 152,597 | | Proprietary recipes and formulas | | 7 years | | 7,000 | | | 3,381 | | | 3,619 | | Licensing agreements | | 14 years | | 22,000 | | | 5,313 | | | 16,687 | | Software and website development costs | | 3 | - | 5 years | | 5,302 | | | 2,365 | | | 2,937 | | Intangible assets in progress | | 3 | - | 5 years | | 55 | | | — | | | 55 | | | | | | | | $ | 1,182,357 | | | $ | 32,462 | | | $ | 1,149,895 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | August 29, 2020 | (In thousands) | | Useful life | | Gross carrying amount | | Accumulated amortization | | Net carrying amount | Intangible assets with indefinite life: | | | | | | | | | | | Brands and trademarks | | Indefinite life | | $ | 979,000 | | | $ | — | | | $ | 979,000 | | Intangible assets with finite lives: | | | | | | | | | | | Customer relationships | | 15 years | | 174,000 | | | 18,503 | | | 155,497 | | Proprietary recipes and formulas | | 7 years | | 7,000 | | | 3,131 | | | 3,869 | | Licensing agreements | | 14 years | | 22,000 | | | 4,920 | | | 17,080 | | Software and website development costs | | 3 | - | 5 years | | $ | 5,967 | | | $ | 2,645 | | | $ | 3,322 | | | | | | | | $ | 1,187,967 | | | $ | 29,199 | | | $ | 1,158,768 | |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Estimated future amortization for each of the next five fiscal years and thereafter is as follows: | | | | | | | | | (In thousands) | | Amortization | Remainder of 2021 | | $ | 11,530 | | 2022 | | 15,224 | | 2023 | | 14,938 | | 2024 | | 14,257 | | 2025 | | 13,171 | | 2026 and thereafter | | 106,720 | | Total | | $ | 175,840 | |
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