Goodwill and Intangible Assets

12 Months Ended

Oct. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill: The change in the carrying amount of goodwill for the fiscal years ended October 27, 2024 and October 29, 2023, is:


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


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



Goodwill Sold	—		—		—		—		(2,239)		—		(2,239)
Foreign Currency Translation	—		—		—		—		—		(2,738)		(2,738)
Balance at October 27, 2024	$	—	$	—	$	—	$	2,916,796	$	1,748,355	$	258,336	$	4,923,487

Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies. The goodwill sold during fiscal 2024 was due to the divestiture of Hormel Health Labs.

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


In thousands	October 27, 2024		October 29, 2023
Brands/Trade Names/Trademarks	$	1,629,582	$	1,636,807
Other Intangibles	184		184
Foreign Currency Translation	(6,655)		(5,893)
Total Indefinite-lived Intangible Assets	$	1,623,112	$	1,631,098

The decrease in fiscal 2024 was primarily due to the trademarks associated with the divestiture of Hormel Health Labs.

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


	October 27, 2024				October 29, 2023
In thousands	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer Relationships	$	168,239	$	(93,536)	$	168,239	$	(82,658)
Other Intangibles	59,241		(20,107)		59,241		(15,857)
Trade Names/Trademarks	6,210		(5,996)		6,540		(5,089)
Foreign Currency Translation	—		(4,458)		—		(4,344)
Total Definite-lived Intangible Assets	$	233,690	$	(124,097)	$	234,020	$	(107,947)

Amortization expense on intangible assets for the last three fiscal years is as follows:


In thousands	Amortization Expense
2024	$	16,366
2023	18,386
2022	19,274

Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:


In thousands	Amortization Expense
2025	$	14,624
2026	14,169
2027	13,927
2028	12,972
2029	11,504

During the fourth quarter of fiscal years 2024, 2023, and 2022, 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 was 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.