XML 22 R10.htm IDEA: XBRL DOCUMENT v3.22.2.2
Goodwill And Intangible Assets
 3 Months Ended
Oct. 30, 2022
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:
(Millions)Meals & BeveragesSnacksTotal
Net balance at July 31, 2022$993 $2,986 $3,979 
Foreign currency translation adjustment(6)— (6)
Net balance at October 30, 2022
$987 $2,986 $3,973 

Intangible Assets
The following table summarizes balance sheet information for intangible assets, excluding goodwill:
October 30, 2022July 31, 2022
(Millions)CostAccumulated AmortizationNetCostAccumulated AmortizationNet
Amortizable intangible assets
Customer relationships$830 $(192)$638 $830 $(181)$649 
Non-amortizable intangible assets
Snyder's of Hanover$620 $620 
Lance350 350 
Kettle Brand318 318 
Pace292 292 
Pacific Foods280 280 
Various other Snacks(1)
689 689 
Total trademarks$2,549 $2,549 
Total net intangible assets$3,187 $3,198 
____________________________________
(1)Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance).
Amortization of intangible assets was $11 million for both the three-month periods ended October 30, 2022 and October 31, 2021. As of October 30, 2022, amortizable intangible assets had a weighted-average remaining useful life of 16 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year.
As of our 2022 annual impairment testing, indefinite-lived trademarks with 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $434 million and included Pacific Foods and certain other Snacks trademarks.
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.