Company: UTZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001739566-25-000053
Chunk: 128

Company: Utz Brands, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 128
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 use of a third-party brand name. This intangible asset is classified as an indefinite life trade name. There were no other significant changes to intangible assets during the fiscal years ended December 29, 2024 and December 31, 2023 other than those which arise from the normal course of business from the buying and selling of Company-owned route assets and amortization. Amortization of the distributor/customer relationships, technology, and trademarks amounted to $36.3 million for the fiscal year ended December 29, 2024, and $37.7 million for both of the fiscal years ended December 31, 2023 and January 1, 2023. The expense related to the amortization of intangibles is classified in administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). Amortization expense is classified in administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). Estimated future amortization expense is as follows:(in thousands)As of December 29, 20242025$36,071 202636,071 202736,071 202836,071 202936,071 Thereafter375,399 Total$555,754 

6.NOTES RECEIVABLE

Contracts are executed between the Company and the IOs for the sale of the product distribution route, including a note in favor of the Company, in certain cases. The notes bear interest at rates ranging from 5.00% to 10.55% with terms ranging generally from one to ten years. The notes receivable balances due from IOs at December 29, 2024 and December 31, 2023 totaled $13.8 million and $17.6 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 one other bank. The Company has a corresponding notes payable liability, related to the IOs notes receivables. See Note 8. Long-Term Debt and Note 12. Contingencies.Other notes receivable totaled $0.1 million as of each of December 29, 2024 and December 31, 2023.

7.ACCRUED EXPENSES AND OTHER

Current accrued expenses and other consisted of the following:(in thousands)As of December 29, 2024As of December 31, 2023Accrued compensation and benefits$24,303 $21,466 Operating