Goodwill and Other Intangible Assets

9 Months Ended

Sep. 27, 2014

Acquisitions, Goodwill and Other Intangible Assets [Abstract]

Acquisitions, Goodwill and Other Intangibles [Text Block]

Note 2 Goodwill and other intangible assets

Changes in the carrying amount of goodwill for the year-to-date period ended September 27, 2014, are presented in the following table:

Carrying amount of goodwill


	U.S.							North
		Morning		U.S.		U.S.	America					Latin		Asia		Consoli-
(millions)		Foods	Snacks			Specialty		Other		Europe	America			Pacific		dated
December 28, 2013	$	133	$	3,779	$	82	$	278	$	452	$	89	$	238	$	5,051
Currency translation adjustment		-		-		-		(2)		(26)		(1)		(1)		(30)
September 27, 2014	$	133	$	3,779	$	82	$	276	$	426	$	88	$	237	$	5,021

Intangible assets subject to amortization
(millions)

		U.S.						North
		Morning		U.S.		U.S.		America				Latin		Asia		Consoli-
Gross carrying amount		Foods		Snacks		Specialty		Other		Europe		America		Pacific		dated
December 28, 2013*	$	8	$	65	$	-	$	5	$	42	$	6	$	10	$	136
Currency translation adjustment		-		-		-		-		(2)		-		-		(2)
September 27, 2014	$	8	$	65	$	-	$	5	$	40	$	6	$	10	$	134

Accumulated Amortization
December 28, 2013*	$	8	$	11	$	-	$	4	$	4	$	6	$	1	$	34
Amortization		-		4		-		-		2		-		-		6
September 27, 2014	$	8	$	15	$	-	$	4	$	6	$	6	$	1	$	40

Intangible assets subject to amortization, net
December 28, 2013	$	-	$	54	$	-	$	1	$	38	$	-	$	9	$	102
Currency translation adjustment		-		-		-		-		(2)		-		-		(2)
Amortization		-		(4)		-		-		(2)		-		-		(6)
September 27, 2014	$	-	$	50	$	-	$	1	$	34	$	-	$	9	$	94
* Certain fully amortized intangible assets which were no longer utilized by the Company have been written off and revised in the prior period
presentation. The impact to reporting segments are as follows (millions): U.S. Morning Foods - $20; U.S. Snacks - $5; Europe - $2; and Latin America - $1.

For intangible assets in the preceding table, amortization was $6 million for both the year-to-date periods ended September 27, 2014 and September 28, 2013. The currently estimated aggregate annual amortization expense for full-year 2014 and each of the four succeeding fiscal years is approximately $9 million.

Intangible assets not subject to amortization


	U.S.							North
	Morning			U.S.		U.S.	America					Latin		Asia		Consoli-
(millions)	Foods		Snacks			Specialty		Other		Europe	America			Pacific		dated
December 28, 2013	$	63	$	1,625	$	-	$	95	$	482	$	-	$	-	$	2,265
Currency translation adjustment		-		-		-		-		(32)		-		-		(32)
September 27, 2014	$	63	$	1,625	$	-	$	95	$	450	$	-	$	-	$	2,233

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities.The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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