Goodwill and Other Intangible Assets

9 Months Ended

Jan. 25, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill for the nine months ended January 25, 2012 and fiscal year ended April 27, 2011, by reportable segment, are as follows:



	North American Consumer Products			Europe			Asia/Pacific			U.S. Foodservice		Rest of World			Total
	(Thousands of Dollars)
Balance at April 28, 2010	$	1,102,891		$	1,106,744		$	289,425		$	257,674	$	14,184		$	2,770,918
Acquisitions	—			—			77,345			—		300,227			377,572
Purchase accounting adjustments	—			(278		)	(10,688		)	—		—			(10,966		)
Translation adjustments	8,846			114,774			35,998			—		1,299			160,917
Balance at April 27, 2011	1,111,737			1,221,240			392,080			257,674		315,710			3,298,441
Purchase accounting adjustments	—			—			—			—		1,380			1,380
Translation adjustments	(8,093		)	(103,344		)	2,868			—		(42,999		)	(151,568		)
Balance at January 25, 2012	$	1,103,644		$	1,117,896		$	394,948		$	257,674	$	274,091		$	3,148,253

During the second quarter of Fiscal 2012, the Company finalized the purchase price allocation for the Coniexpress S.A. Industrias Alimenticias ("Coniexpress") acquisition in Brazil resulting primarily in immaterial adjustments between goodwill, income taxes and non-pension postretirement benefits.

Total goodwill accumulated impairment losses for the Company since Fiscal 2003 were $84.6 million consisting of $54.5 million for Europe, $2.7 million for Asia/Pacific and $27.4 million for Rest of World as of April 28, 2010, April 27, 2011 and January 25, 2012.

Trademarks and other intangible assets at January 25, 2012 and April 27, 2011, subject to amortization expense, are as follows:



	January 25, 2012							April 27, 2011
	Gross		Accum Amort			Net		Gross		Accum Amort			Net
	(Thousands of Dollars)
Trademarks	$	279,956	$	(85,476	)	$	194,480	$	297,020	$	(83,343	)	$	213,677
Licenses	208,186		(162,515		)	45,671		208,186		(158,228		)	49,958
Recipes/processes	88,674		(34,567		)	54,107		90,553		(31,988		)	58,565
Customer-related assets	213,388		(64,709		)	148,679		224,173		(57,555		)	166,618
Other	49,236		(25,836		)	23,400		79,045		(54,833		)	24,212
	$	839,440	$	(373,103	)	$	466,337	$	898,977	$	(385,947	)	$	513,030

Amortization expense for trademarks and other intangible assets was $7.5 million and $7.0 million for the third quarters ended January 25, 2012 and January 26, 2011, respectively, and $24.4 million and $20.8 million for the nine months ended January 25, 2012 and January 26, 2011, respectively. The remaining reduction in net trademarks and other intangible assets, subject to amortization expense, since April 27, 2011 is primarily due to translation adjustments. Based upon the amortizable intangible assets recorded on the balance sheet as of January 25, 2012, annual amortization expense for each of the next five fiscal years is estimated to be approximately $30 million.

Intangible assets not subject to amortization at January 25, 2012 totaled $1,021.9 million and consisted of $886.2 million of trademarks, $116.0 million of recipes/processes, and $19.7 million of licenses. Intangible assets not subject to amortization at April 27, 2011 totaled $1,085.7 million and consisted of $942.5 million of trademarks, $122.5 million of recipes/processes, and $20.7 million of licenses.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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