Intangible Assets

9 Months Ended

Feb. 27, 2021

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):

	February 27, 2021		May 30, 2020
Gross Amounts:
Trade Name	$	659	$	659
Customer Relationships(1)		3,420		3,388
Non-compete Agreements		177		177
Technology		230		230
Total Gross Amounts	$	4,486	$	4,454
Accumulated Amortization:
Trade Name	$	659	$	659
Customer Relationships		1,189		1,000
Non-compete Agreements		177		176
Technology		131		114
Total Accumulated Amortization	$	2,156	$	1,949
Net Intangible Assets	$	2,330	$	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	$	62
2022		253
2023		246
2024		232
2025		220
Thereafter		1,317
Total amortization expense	$	2,330

The weighted average number of years of amortization expense remaining is 13 years.