Goodwill And Intangible Assets

12 Months Ended

Aug. 01, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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 28, 2019	$	977	$	3,040	$	4,017
Divestiture(1)	—		(34)		(34)
Foreign currency translation adjustment	(2)		5		3
Net balance at August 2, 2020	$	975	$	3,011	$	3,986
Divestiture(1)	(12)		—		(12)
Foreign currency translation adjustment	7		—		7
Net balance at August 1, 2021	$	970	$	3,011	$	3,981

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(1)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:

	2021						2020
Intangible Assets	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships(1)	$	830	$	(140)	$	690	$	851	$	(112)	$	739
Non-amortizable intangible assets
Trademarks(1)					2,549						2,611
Total net intangible assets					$	3,239					$	3,350

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(1)Net Customer relationships of $8 and Trademarks of $62 were divested with the sale of the Plum baby and snack foods business. See Note 3 for additional information.

As of August 1, 2021, the carrying value of indefinite-lived trademarks is detailed below:

	Various Other(1)		Snyder's of Hanover		Lance		Pace		Pacific Foods
Carrying value	$	1,007	$	620	$	350	$	292	$	280

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(1) Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance).

Amortization of intangible assets in Earnings from continuing operations was $42 for 2021, $43 for 2020 and $48 for 2019. As of August 1, 2021, amortizable intangible assets had a weighted-average remaining useful life of 17 years. Amortization expense for the next 5 years is estimated to be approximately $41 per year.

Amortization of intangible assets in discontinued operations was $9 for 2019.

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.