Intangible assets subject to amortization consist of the following:


	June 25, 2026			June 26, 2025
Customer relationships	$	21,350		$	21,350
Brand names		17,070			17,070
Product formulas		850			850
Non-compete agreements		300			300
Total intangible assets, gross		39,570			39,570
Less accumulated amortization:
Customer relationships		(21,350	)		(21,179	)
Brand names		(14,093	)		(13,388	)
Product formulas		(440	)		(283	)
Non-compete agreements		(300	)		(292	)
Total accumulated amortization		(36,183	)		(35,142	)
Net intangible assets	$	3,387		$	4,428

Customer relationships primarily relate to the fiscal 2018 Squirrel Brand acquisition and the fiscal 2010 Orchard Valley Harvest (“OVH”) acquisition, which are fully amortized. The brand names consist primarily of the Squirrel Brand, Southern Style Nuts, OVH and the Fisher brand names. The Fisher and OVH brand names are fully amortized.

Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was as follows for the last three fiscal years:


	Year Ended June 25, 2026		Year Ended June 26, 2025		Year Ended June 27, 2024
Amortization of intangible assets	$	1,041	$	1,394	$	1,686

Expected amortization expense the next five fiscal years is as follows:


Fiscal Year Ending
June 24, 2027	$	847
June 29, 2028		677
June 28, 2029		496
June 27, 2030		400
June 26, 2031		400

Our gross goodwill balance was $20,516 and accumulated impairment loss of $8,766 resulted in net goodwill of $11,750 as of June 25, 2026. The net goodwill is predominately from the Squirrel Brand acquisition. There were no changes in the carrying amount of goodwill during the last two fiscal years.