(6) Goodwill and Intangible Assets

In accordance with FASB ASC Topic 350, goodwill and owned franchise rights with indefinite useful lives must be reviewed for potential impairment annually and when triggering events are detected. The Company performed its annual impairment test of its goodwill and franchise rights as of November 27, 2022 using a qualitative assessment. Using the qualitative approach, the Company evaluated factors, including but not limited to, recent financial performance; forecasts for future cash flows; the Company’s stock price and market capitalization; recent impairment tests; legal factors; the business climate; and the competitive environment. 

If the qualitative assessment is not performed, or if the Company determines that it is not more likely than not that the fair values of the intangible assets exceed the carrying values, then the Company performs an analysis for franchise rights and goodwill to measure fair values.

The financial statement carrying values of the Company's goodwill was as follows (amounts in thousands):

The financial statement carrying values of the Company’s franchise rights and other intangible assets were as follows (amounts in thousands):

Aggregate amortization expense for amortizing intangible assets was $2.4 million for the fiscal year 2022, $2.4 million for the fiscal year 2021 and $2.5 million for the fiscal year 2020. Estimated amortization expense for the next five years is: $2.4 million in fiscal years 2023, $2.2 million in fiscal year 2024, $1.6 million in fiscal year 2025 and $1.6 million in fiscal year 2026, $470 thousand in fiscal year 2027 and $243 thousand thereafter.