Other Intangible Assets
|6 Months Ended|
Mar. 26, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Other Intangible Assets||Other Intangible AssetsThe following table summarizes the components of gross and net acquired intangible assets:
Other acquired intangible assets include contract-based and technology-based intangible assets.
As part of its acquisition of Green Garden Products in the second quarter of fiscal 2021, the Company acquired approximately $147.6 million of marketing related intangible assets, $242.8 million of customer related intangible assets and $2.5 million of other intangible assets.
The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. Factors indicating the carrying value of the Company’s amortizable intangible assets may not be recoverable were not present in the six months ended March 26, 2022, and accordingly, no impairment testing was performed on these assets.
The Company amortizes its acquired intangible assets with definite lives over periods ranging from two years to 25 years; over weighted average remaining lives of two years for marketing-related intangibles, 12 years for customer-related intangibles and six years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately and $7.8 million and $3.3 million for the three months ended March 26, 2022 and March 27, 2021, respectively, and $14.7 million and $6.7 million for the six months ended March 26, 2022 and March 27, 2021, respectively, and is classified within selling, general and administrative expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $32 million per year from fiscal 2022 through fiscal 2024, $25 million in fiscal 2025 and 2026, and approximately $20 million per year thereafter.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef