Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill by business segment:



	Meals and Beverages			Global Biscuits and Snacks			Campbell Fresh⁽¹⁾		Total
Net balance at July 29, 2018	$	978		$	3,602		$	—	$	4,580
Changes in preliminary purchase price allocation	—			140			—		140
Acquisition	—			21			—		21
Foreign currency translation adjustment	(1		)	(19		)	—		(20		)
Net balance at January 27, 2019	$	977		$	3,744		$	—	$	4,721

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⁽¹⁾	The balance of goodwill is reflected net of accumulated impairment charges of $837 as of January 27, 2019 and July 29, 2018, respectively, related to the Bolthouse Farms carrot and carrot ingredients reporting unit, the deli reporting unit, and the Bolthouse Farms refrigerated beverages and salad dressings reporting unit.

During the three-month period ended October 28, 2018, we made changes in the preliminary allocation of the purchase price of the Snyder's-Lance acquisition which resulted in a change in goodwill of $140 in the Global Biscuits and Snacks segment. On October 30, 2018, we acquired the remaining ownership interest in Yellow Chips and began consolidating the business, which resulted in goodwill of $21. See Note 3 for additional information.

Intangible Assets

The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization:



Intangible Assets	January 27, 2019			July 29, 2018
Amortizable intangible assets
Customer relationships	$	917		$	1,116
Technology	10			40
Other	41			43
Total gross amortizable intangible assets	$	968		$	1,199
Accumulated amortization	(87		)	(126		)
Total net amortizable intangible assets	$	881		$	1,073
Non-amortizable intangible assets
Trademarks	2,871			3,123
Total net intangible assets	$	3,752		$	4,196

Non-amortizable intangible assets consist of trademarks, which include Snyder's of Hanover, Lance, Kettle Brand, Pace, Pacific Foods, Snack Factory, Cape Cod, Pop Secret, Kjeldsens, Plum, and Late July. Other amortizable intangible assets consist of recipes, non-compete agreements, trademarks, patents and distributor relationships.

Amortization of intangible assets was $30 and $8 for six-month periods ended January 27, 2019 and January 28, 2018, respectively. Amortization expense for the next 5 years is estimated to be $58 in 2019, $50 in 2020 and $49 in 2021 through 2023. Asset useful lives range from 2 to 22 years.

On August 30, 2018, we announced plans to pursue the divestiture of our international biscuits and snacks operating segment and the Campbell Fresh operating segment. As we continue to pursue the divestiture of these businesses, in the second quarter of 2019 we performed interim impairment assessments on the intangible assets within Campbell Fresh, which includes Bolthouse Farms carrot and carrot ingredients, Bolthouse Farms refrigerated beverages and salad dressings and Garden Fresh Gourmet. We revised our future outlook for earnings and cash flows for each of these businesses as the divestiture process progressed and we received initial indications of value. Within Bolthouse Farms carrot and carrot ingredients, we recorded impairment charges of $18 on the trademark, which reduced the carrying value to $30; $40 on customer relationships, which reduced the carrying value to $15; and $15 on technology, which reduced the carrying value to $10. Within Bolthouse Farms refrigerated beverages and salad dressings, we recorded impairment charges of $74 on the trademark, which reduced the carrying value to $76; and $22 on customer relationships, which reduced the carrying value to $12. On Garden Fresh Gourmet, we recorded impairment charges of $23 on the trademark and $39 on customer relationships, which eliminated the carrying value of these assets.

The impairment charges were recorded in Other expenses / (income) in the Consolidated Statements of Earnings.

The estimates of future cash flows used in determining the fair value of intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions, cost of capital and potential divestitures. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in any of the assumptions.