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GOODWILL AND INTANGIBLE ASSETS
12 Months Ended
Oct. 30, 2011
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

Note F

 

GOODWILL AND INTANGIBLE ASSETS

 

The changes in the carrying amount of goodwill for the fiscal years ended October 30, 2011, and October 31, 2010, are presented in the table below. The additions during fiscal 2010 primarily relate to the Country Crock® acquisition.

 

 

 

Grocery

 

Refrigerated

 

 

 

 

 

 

 

 

 

(in thousands)

 

Products

 

Foods

 

JOTS

 

Specialty Foods

 

All Other

 

Total

 

Balance as of October 25, 2009

 

$123,316

 

$85,923

 

$203,214

 

$207,028

 

$674

 

$620,155

 

Goodwill acquired

 

 

8,868

 

 

 

 

8,868

 

Balance as of October 31, 2010

 

$123,316

 

$94,791

 

$203,214

 

$207,028

 

$674

 

$629,023

 

Goodwill acquired

 

 

1,861

 

 

 

 

1,861

 

Balance as of October 30, 2011

 

$123,316

 

$96,652

 

$203,214

 

$207,028

 

$674

 

$630,884

 

 

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

 

 

 

October 30, 2011

 

October 31, 2010

 

 

 

Gross

 

 

 

Weighted-

 

Gross

 

 

 

Weighted-

 

 

 

Carrying

 

Accumulated

 

Average

 

Carrying

 

Accumulated

 

Average

 

(in thousands)

 

Amount

 

Amortization

 

Life (in Years)

 

Amount

 

Amortization

 

Life (in Years)

 

Customer lists/relationships

 

$22,378

 

$(12,556

)

10.9

 

$22,378

 

$(10,194

)

10.9

 

Proprietary software & technology

 

22,000

 

(14,822

)

9.3

 

23,650

 

(13,974

)

9.0

 

Formulas & recipes

 

18,354

 

(10,047

)

8.8

 

22,404

 

(11,914

)

8.5

 

Non-compete covenants

 

5,370

 

(5,124

)

4.6

 

7,200

 

(6,275

)

4.4

 

Distribution network

 

4,120

 

(3,371

)

10.0

 

4,120

 

(2,959

)

10.0

 

Other intangibles

 

8,660

 

(4,981

)

7.4

 

9,740

 

(5,011

)

6.8

 

Total

 

$80,882

 

$(50,901

)

9.1

 

$89,492

 

$(50,327

)

8.8

 

Amortization expense for the fiscal years ended October 30, 2011, October 31, 2010, and October 25, 2009, was $9.5 million, $10.5 million, and $10.4 million, respectively.

 

Estimated annual amortization expense (in thousands) for the five fiscal years after October 30, 2011, is as follows:

 

2012

 

$8,906

 

2013

 

7,699

 

2014

 

6,303

 

2015

 

3,192

 

2016

 

1,023

 

 

The carrying amounts for indefinite-lived intangible assets are as follows.

 

 

 

October 30,

 

October 31,

 

(in thousands)

 

2011

 

2010

 

Brand/tradename/trademarks

 

$

94,081

 

$

94,373

 

Other intangibles

 

7,984

 

7,984

 

Total

 

$

102,065

 

$

102,357

 

 

During the fourth quarter of fiscal years 2011 and 2010, the Company completed the required annual impairment tests of indefinite-lived intangible assets and goodwill, with no material impairment indicated. Useful lives of intangible assets were also reviewed during this process, with no changes identified.