Goodwill and Intangible Assets

12 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets [Abstract]

NOTE 5 – GOODWILL AND INTANGIBLE ASSETS

A summary of the changes in goodwill during fiscal 2020 and 2019 is as follows:



	Dollars in thousands
Balance at March 31, 2018	$	522,892
Fiscal 2019 acquisitions		42,124
Adjustments to fiscal 2018 purchase accounting		487
Balance at March 30, 2019		565,503
Fiscal 2020 acquisitions		106,930
Adjustments to fiscal 2019 purchase accounting		(590)
Balance at March 28, 2020	$	671,843

The composition of other intangible assets is as follows:



	Year Ended Fiscal March
	2020				2019
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
	(Dollars in thousands)
Customer lists	$	42,511	$	26,333	$	39,710	$	23,258
Favorable leases		—		—		30,315		11,049
Trade names		21,252		12,072		21,252		10,851
Franchise agreements		7,220		2,805		7,220		2,259
Other intangible assets		590		582		590		563
Total intangible assets	$	71,573	$	41,792	$	99,087	$	47,980

Monro’s intangible assets are being amortized over their estimated useful lives. The weighted average useful lives of Monro’s intangible assets are approximately 10 years for customer lists, 14 years for trade names, 13 years for franchise agreements and five years for other intangible assets.

Amortization of intangible assets, excluding amortization of favorable leases included in rent expense, during fiscal 2020, 2019 and 2018 totaled $4.8 million, $5.3 million and $5.0 million, respectively.

Estimated future amortization of intangible assets is as follows:



	Customer lists/
	Trade names/
	Franchise agreements/
Year Ending Fiscal March	Other
	(Dollars in thousands)
2021	$	4,101
2022		3,779
2023		3,523
2024		3,163
2025		2,806