GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jul. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amounts of goodwill for the nine months ended July 31, 2022 are:

in thousands	Grocery Products		Refrigerated Foods		Jennie-O Turkey Store		International & Other		Total
Balance at October 31, 2021	$	2,398,354	$	2,094,421	$	176,628	$	259,699	$	4,929,102
Foreign Currency Translation	—		—		—		235		235
Balance at July 31, 2022	$	2,398,354	$	2,094,421	$	176,628	$	259,935	$	4,929,337

Intangible Assets: The carrying amounts for indefinite-lived intangible assets are:

in thousands	July 31, 2022		October 31, 2021
Brands/Tradenames/Trademarks	$	1,665,190	$	1,665,190
Other Intangibles	184		184
Foreign Currency Translation	(6,318)		(6,646)
Total	$	1,659,056	$	1,658,728

The gross carrying amount and accumulated amortization for definite-lived intangible assets are:

	July 31, 2022				October 31, 2021
in thousands	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer Lists/Relationships	$	168,239	$	(66,558)	$	168,239	$	(56,882)
Other Intangibles	59,241		(10,544)		60,241		(8,356)
Tradenames/Trademarks	10,536		(7,308)		10,536		(5,700)
Foreign Currency Translation	—		(4,426)		—		(4,534)
Total	$	238,016	$	(88,836)	$	239,016	$	(75,471)

Amortization expense was $4.8 million and $14.5 million for the quarter and nine months ended July 31, 2022, respectively, compared to $4.4 million and $12.3 million for the quarter and nine months ended July 25, 2021.

Estimated annual amortization expense for the five fiscal years after October 31, 2021, is as follows:

in thousands	Amortization Expense
2022	$	19,244
2023	18,351
2024	16,352
2025	14,627
2026	14,170