Goodwill and Intangible Assets

12 Months Ended

Oct. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill: Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies. The changes in the carrying amount of goodwill for the fiscal years ended October 29, 2023 and October 30, 2022, are:


In thousands	Grocery Products		Refrigerated Foods		Jennie-O Turkey Store		Retail		Foodservice		International		Total


Balance at October 31, 2021	$	2,398,354	$	2,094,421	$	176,628	$	—	$	—	$	259,699	$	4,929,102

Foreign Currency Translation	—		—		—		—		—		(3,273)		(3,273)
Balance at October 30, 2022	$	2,398,354	$	2,094,421	$	176,628	$	—	$	—	$	256,427	$	4,925,829


Goodwill Reallocation	(2,398,354)		(2,094,421)		(176,628)		2,916,796		1,750,594		2,013		—
Foreign Currency Translation	—		—		—		—		—		2,635		2,635
Balance at October 29, 2023	$	—	$	—	$	—	$	2,916,796	$	1,750,594	$	261,074	$	4,928,464

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


	October 29,		October 30,
In thousands	2023		2022
Brands/Trade Names/Trademarks	$	1,636,807	$	1,665,190
Other Intangibles	184		184
Foreign Currency Translation	(5,893)		(6,599)
Total	$	1,631,098	$	1,658,775

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


	October 29, 2023				October 30, 2022
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
In thousands	Amount		Amortization		Amount		Amortization
Customer Lists/Relationships	$	168,239	$	(82,658)	$	168,239	$	(69,779)
Other Intangibles	59,241		(15,857)		59,241		(11,606)
Trade Names/Trademarks	6,540		(5,089)		10,536		(7,828)
Foreign Currency Translation	—		(4,344)		—		(4,551)
Total	$	234,020	$	(107,947)	$	238,016	$	(93,764)

Amortization expense on intangible assets for the last three fiscal years was:


In thousands
2023	$	18,386
2022	19,274
2021	17,518

Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows:


In thousands
2024	$	16,381
2025	14,681
2026	14,210
2027	13,940
2028	13,009

During the fourth quarter of fiscal years 2023, 2022, and 2021, the Company completed required annual impairment tests of indefinite-lived intangible assets and goodwill. In fiscal 2023, an impairment was indicated for the Justin's® trade name, resulting in an impairment charge of $28.4 million. The expense is reflected in the Retail segment and included in Goodwill and Intangible Impairment in the Consolidated Statements of Operations. No other impairment was indicated. Useful lives of intangible assets were also reviewed during this process with no material changes identified.