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Goodwill And Intangible Assets
 9 Months Ended
Apr. 27, 2025
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 28, 2024
$2,102 $2,975 $5,077 
Divestitures(1)
(65)(21)(86)
Net balance at April 27, 2025
$2,037 $2,954 $4,991 
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(1)See Note 4 for additional information on divestitures.
Intangible Assets
The following table summarizes balance sheet information for intangible assets, excluding goodwill:
April 27, 2025July 28, 2024
(Millions)CostAccumulated Amortization
Divestiture(1)
NetCostAccumulated AmortizationNet
Amortizable intangible assets
Customer relationships$1,060 $(357)$(17)$686 $1,060 $(300)$760 
Definite-lived trademarks76 (2)(72)2 76 (2)74 
Total amortizable intangible assets$1,136 $(359)$(89)$688 $1,136 $(302)$834 
Indefinite-lived trademarks
Rao's$1,470 $1,470 
Snyder's of Hanover470 620 
Lance350 350 
Kettle Brand318 318 
Pace292 292 
Pacific Foods280 280 
Cape Cod187 187 
Various other Snacks(2) (3)
311 365 
Total indefinite-lived trademarks$3,678 $3,882 
Total net intangible assets$4,366 $4,716 
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(1)See Note 4 for additional information on the divestiture of our noosa yoghurt business.
(2)The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.
(3)Includes the Late July and Allied brands trademarks.
Amortization expense was $19 million and $58 million for the three- and nine-month periods ended April 27, 2025, and $18 million and $52 million for the three- and nine-month periods ended April 28, 2024, respectively. Amortization expense included accelerated amortization expense on customer relationships of $6 million and $20 million for both the three-month and nine-month periods ended April 27, 2025 and April 28, 2024, respectively, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of April 27, 2025, amortizable intangible assets had a weighted-average remaining useful life of 19 years. Amortization expense is estimated to be approximately $70 million in 2025 and $40 million per year for the following four years.
During the second quarter of 2025, we performed an interim impairment assessment on certain salty snacks and cookie trademarks within our Snacks segment, including Tom’s, Jays, Kruncher’s, O-Ke-Doke, Stella D’oro and Archway, collectively referred to as our "Allied brands." In 2025, sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $15 million on the Allied brands trademarks, reducing the carrying value to $28 million.
During the second quarter of 2025, we performed an interim impairment assessment on the Late July trademark within our Snacks segment. In 2025, sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $11 million on the trademark, reducing the carrying value to $47 million.
During the third quarter of 2025, we performed an interim impairment assessment on the Snyder's of Hanover trademark within our Snacks segment. In 2025, sales and operating performance were below expectations. In the third quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $150 million on the trademark, reducing the carrying value to $470 million.
The impairment charges were recorded in Other expenses / (income) in the Consolidated Statement of Earnings.
The $1.47 billion carrying value of the Rao's trademark associated with the Sovos Brands acquisition approximates fair value. Excluding the carrying value of the Rao's trademark, based on the 2024 annual impairment testing and interim
assessments described above, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $1.117 billion as of April 27, 2025, and included the Snyder's of Hanover, Pace, Pacific Foods, Late July and Allied brands 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, assumed royalty rates, 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, including the potential impact of tariffs.