Intangible Assets

6 Months Ended

Nov. 28, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

5.  INTANGIBLE ASSETS

Intangible assets are initially recorded at their fair market values determined by quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives and are tested for impairment when events or changes in circumstances occur that indicate possible impairment.

Our intangible assets represent the fair value for trade name, customer relationships, non-compete agreements and technology acquired in connection with our acquisitions. Intangible assets subject to amortization were as follows (in thousands):

	November 28, 2020		May 30, 2020
Gross Amounts:
Trade Name	$	659	$	659
Customer Relationships(1)		3,408		3,388
Non-compete Agreements		177		177
Technology		230		230
Total Gross Amounts	$	4,474	$	4,454
Accumulated Amortization:
Trade Name	$	659	$	659
Customer Relationships		1,125		1,000
Non-compete Agreements		177		176
Technology		125		114
Total Accumulated Amortization	$	2,086	$	1,949
Net Intangible Assets	$	2,388	$	2,505

(1) Change from prior periods reflect impact of foreign currency translation.

The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands): 

Fiscal Year	Amortization Expense
Remaining 2021	$	123
2022		252
2023		246
2024		232
2025		219
Thereafter		1,316
Total amortization expense	$	2,388

The weighted average number of years of amortization expense remaining is 13.3 years.