
(In thousands)	Goodwill
Balance as of August 31, 2024	$	591,687
Acquisition of business measurement period adjustments	(1,713)
Balance as of August 30, 2025	$	589,974
Accumulated impairment	(38,000)
Balance as of August 29, 2026	$	551,974

The change in Goodwill during the fifty-two weeks ended August 29, 2026 was the result of a loss on impairment during the third quarter of fiscal year 2026. The change in Goodwill during the fifty-two weeks ended August 30, 2025, was the result of the acquisition method of accounting related to the OWYN Acquisition as described in Note 3. There were no impairment charges related to goodwill during the fifty-two weeks ended August 30, 2025.

the third quarter of fiscal year 2026, the Company identified a triggering event indicating that it was more likely than not that the fair value of the goodwill reporting unit was less than its carrying amount. The Company conducted a quantitative interim goodwill assessment as of the last day of its third quarter, utilizing a weighted combination of the discounted cash flow method under the income approach and the guideline public company method under the market approach to estimate the fair value of the equity of the Company. Based on testing, the carrying value was greater than its fair value, resulting in an impairment of $38.0 million related to goodwill for the fifty-two weeks ended August 29, 2026.


				August 29, 2026
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	849,000	$	—	$	849,000
Intangible assets with finite lives:
Customer relationships	15 years			$	194,500	$	91,105	$	103,395
Licensing agreements	10 years			16,072		16,072		—
Proprietary recipes and formulas	7 years			7,000		7,000		—
Software and website development costs	3	-	5 years	6,641		6,032		609

				$	1,073,213	$	120,209	$	953,004


				August 30, 2025
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	1,142,000	$	—	$	1,142,000
Intangible assets with finite lives:
Customer relationships	15 years			$	194,500	$	78,138	$	116,362
Licensing agreements	10 years			16,072		14,319		1,753
Proprietary recipes and formulas	7 years			7,000		7,000		—
Software and website development costs	3	-	5 years	6,641		5,153		1,488

				$	1,366,213	$	104,610	$	1,261,603

Changes in Intangible assets, net during the fifty-two weeks ended August 29, 2026, were primarily related to the impairment of both the OWYN and Atkins brands and trademarks indefinite-lived intangible assets, and recurring amortization expense. Changes related to the fifty-two weeks ended August 30, 2025, were primarily related to the impairment of the Atkins brand and trademarks indefinite-lived intangible asset and the licensing agreements finite-lived intangible asset, and recurring amortization expense.

As a result of the declines of net sales and future revenue projections assessed during the second quarter of fiscal year 2026, the Company identified a triggering event indicating that it was more likely than not that the fair value of both the OWYN and Atkins brands and trademarks indefinite-lived intangible assets were less than their respective carrying amounts. The Company conducted a quantitative assessment as of the last day of its second quarter, utilizing the relief from royalty methodology under the income approach to estimate the fair value of the intangible assets. Based on testing, the respective assets’ carrying values exceeded their fair values, resulting in a loss on impairment for OWYN and for Atkins.

As a result of the sustained decline in the Company’s stock price and declines in the Company’s market capitalization assessed during the third quarter of fiscal year 2026, the Company identified a triggering event indicating that it was more likely than not that the fair value of both the OWYN and Atkins brands and trademarks indefinite-lived intangible assets were less than their respective carrying amounts. The Company conducted a quantitative assessment as of the last day of its third quarter, utilizing the relief from royalty methodology under the income approach to estimate the fair value of the intangible assets. Based on testing, the respective assets’ carrying values exceeded their fair values, resulting in a loss on impairment for OWYN and for Atkins. In addition, the Company included the Quest brand and trademark indefinite-lived intangible asset within the quantitative assessment, utilizing the relief from royalty methodology under the income approach to estimate the fair value of the intangible asset. Based on testing, Quest’s fair value exceeded its carrying value, resulting in no impairment.

During the fifty-two weeks ended August 29, 2026, the Company recorded a loss on impairment of $200.0 million and $93.0 million for the OWYN and Atkins brand indefinite-lived intangible assets, respectively. During the fifty-two weeks ended August 30, 2025, the Company recorded a loss on impairment of $60.9 million for the Atkins brand indefinite-lived intangible asset and the licensing agreements finite-lived intangible asset.

The Company performed its annual qualitative impairment assessment of goodwill and its indefinite-lived and finite-lived intangible assets as of the first day of the fourth quarter of fiscal year 2026, which did not identify any incremental indicators of impairment from its previously performed quantitative assessment as of the last day of its third quarter. It was determined that it was more likely than not that goodwill and each indefinite-lived intangible asset had fair values in excess of or equal to their carrying values and its finite-lived intangible assets did not indicate that their carrying amounts may not be recoverable.

We believe the estimates and assumptions utilized in our impairment assessments are reasonable and are comparable to those that would be used by other marketplace participants. However, actual events and results could differ substantially from those utilized in our initial valuations. Significant declines of future revenue projections or changes of other assumptions used in estimating fair values versus those utilized at the time of the initial valuations could result in impairment charges that could materially affect the consolidated financial statements.

Amortization expense related to intangible assets was $15.6 million for the fifty-two weeks ended August 29, 2026, $15.1 million for the fifty-two weeks ended August 30, 2025, and $15.2 million for the fifty-three weeks ended August 31, 2024.