Goodwill and Intangible Assets

Goodwill

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



	Meals & Beverages			Snacks			Total
Net balance at July 30, 2017	$	780		$	31		$	811
Acquisitions	202			2,866			3,068
Foreign currency translation adjustment	(4		)	(11		)	(15		)
Net balance at July 29, 2018	$	978		$	2,886		$	3,864
Changes in preliminary purchase price allocation	—			140			140
Acquisition	—			21			21
Foreign currency translation adjustment	(1		)	(7		)	(8		)
Net balance at July 28, 2019	$	977		$	3,040		$	4,017

In March 2018, we acquired Snyder's-Lance for $6,112. During the first quarter of 2019, 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 Snacks segment. Goodwill related to the Snyder's-Lance acquisition was $3,006. On October 30, 2018, we acquired the remaining ownership interest in Yellow Chips and began consolidating the business, which resulted in goodwill of $21. In addition, we acquired Pacific Foods in December 2017 for $688 and goodwill related to the acquisition was $202. See Note 4 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:



				2019							2018
Intangible Assets	Estimated Useful Lives			Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
Amortizable intangible assets
Customer relationships	10	to	22	$	855	$	(70	)	$	785	$	917	$	(26	)	$	891
Other	1.5	to	20	14		(13		)	1		14		(5		)	9
Total amortizable intangible assets				$	869	$	(83	)	$	786	$	931	$	(31	)	$	900
Non-amortizable intangible assets
Trademarks									2,629							2,764
Total net intangible assets									$	3,415						$	3,664

Non-amortizable intangible assets consist of trademarks. As of July 28, 2019, trademarks primarily included $1,996 associated with the acquisition of Snyder's-Lance, $280 associated with the acquisition of Pacific Foods and $292 related to Pace. Other amortizable intangible assets consist of recipes, non-compete agreements, trademarks, and patents.

Amortization of intangible assets in Earnings from continuing operations was $48 for 2019, $20 for 2018 and $1 for 2017. Amortization expense for the next 5 years is estimated to be $45 in 2020, $44 in 2021 through 2024.

Amortization of intangible assets in Loss from discontinued operations was $9 for 2019, $14 for 2018 and $18 for 2017. See Note 3 to the Consolidated Financial Statements for additional information on discontinued operations.

In the fourth quarter of 2019, we performed an assessment on the assets within the European chips business and recorded an impairment charge of $16 on customer relationships intangible assets. This business is included in the Snacks segment.

In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 on the Plum trademark, which reduced the carrying value to $61. In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. This business is included in the Meals & Beverages segment.

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

We also recorded impairment charges on goodwill and intangible assets included in Noncurrent assets of discontinued operations. See Note 3 for additional information.

The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. 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 business conditions, operating performance and economic conditions.