Company: UTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047281
Chunk: 40

Company: Utz Brands, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 Company announced in July 2025 the closure of its Grand Rapids, Michigan manufacturing facility. This closure is expected to be completed by early 2026.

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5.GOODWILL AND INTANGIBLE ASSETS, NET

A roll-forward of goodwill is as follows:(in millions)Balance as of December 29, 2024$870.7 Balance as of September 28, 2025$870.7 Intangible assets, net, consisted of the following:(in millions)As of September 28, 2025As of December 29, 2024Subject to amortization:  Distributor/customer relationships$647.7 $647.7 Trademarks59.9 59.9 Amortizable assets, gross707.6 707.6 Accumulated amortization(178.9)(151.8)Amortizable assets, net528.7 555.8 Not subject to amortization:Trade names428.7 428.7 Route assets15.6 12.0 Intangible assets, net$973.0 $996.5 Amortization of distributor/customer relationships, technology and trade names amounted to $9.1 million and $9.0 million for the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $27.1 million and $27.3 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively. The expense related to the amortization of intangibles is included in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss).

6.NOTES RECEIVABLE

Contracts are executed between the Company and its independent operators (“IOs”) for the sale of product distribution routes, including notes in favor of the Company, in certain cases. The notes bear interest at rates ranging from 7.00% to 10.00% with terms ranging generally from one to ten years. The notes receivable balances due from IOs at September 28, 2025 and December 29, 2024 totaled $15.6 million and $13.8 million, respectively, and are collateralized by the routes for which the loans are made. The Company also sold certain notes to Bank of America and two other banks. The Company has a corresponding notes payable related to the sale of IOs notes receiv