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GOODWILL AND INTANGIBLE ASSETS
9 Months Ended
Jul. 31, 2011
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

NOTE D                GOODWILL AND INTANGIBLE ASSETS

 

The change in the carrying amount of goodwill for the nine months ended July 31, 2011, is presented in the table below.  There were no changes in the carrying amount during the third quarter of fiscal 2011.

 

(in thousands)

 

Grocery
Products

 

Refrigerated
Foods

 

JOTS

 

Specialty
Foods

 

All Other

 

Total

 

Balance as of October 31, 2010

 

$

123,316

 

$

94,791

 

$

203,214

 

$

207,028

 

$

674

 

$

629,023

 

Goodwill acquired

 

 

1,684

 

 

 

 

1,684

 

Balance as of July 31, 2011

 

$

123,316

 

$

96,475

 

$

203,214

 

$

207,028

 

$

674

 

$

630,707

 

 

The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below.

 

 

 

July 31, 2011

 

October 31, 2010

 

(in thousands)

 

Gross Carrying
Amount

 

Accumulated
Amortization

 

Gross Carrying
Amount

 

Accumulated
Amortization

 

Customer lists/relationships

 

$

22,378

 

$

(11,967

)

$

22,378

 

$

(10,194

)

Proprietary software & technology

 

22,000

 

(14,197

)

23,650

 

(13,974

)

Formulas & recipes

 

18,354

 

(9,512

)

22,404

 

(11,914

)

Non-compete covenants

 

5,370

 

(5,059

)

7,200

 

(6,275

)

Distribution network

 

4,120

 

(3,268

)

4,120

 

(2,959

)

Other intangibles

 

8,660

 

(4,656

)

9,740

 

(5,011

)

Total

 

$

80,882

 

$

(48,659

)

$

89,492

 

$

(50,327

)

 

Amortization expense was $2.3 million and $7.2 million for the third quarter and nine months ended July 31, 2011, respectively, compared to $2.6 million and $7.8 million for the third quarter and nine months ended July 25, 2010.

 

Estimated annual amortization expense (in thousands) for the five fiscal years after October 31, 2010, is as follows:

 

Fiscal Year

 

Estimated
Amortization
Expense

 

2011

 

$

9,434

 

2012

 

8,906

 

2013

 

7,699

 

2014

 

6,303

 

2015

 

3,192

 

 

The carrying amounts for indefinite-lived intangible assets are presented in the table below.

 

(in thousands)

 

July 31, 2011

 

October 31, 2010

 

Brands/tradenames/trademarks

 

$

94,123

 

$

94,373

 

Other intangibles

 

7,984

 

7,984

 

Total

 

$

102,107

 

$

102,357