v3.24.3
Goodwill And Intangible Assets
 3 Months Ended
Oct. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table shows the changes in the carrying amount of goodwill:
(Millions)Meals & BeveragesSnacksTotal
Net balance at July 28, 2024
$2,102 $2,975 $5,077 
Divestiture(1)
— (21)(21)
Net balance at October 27, 2024
$2,102 $2,954 $5,056 
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(1)On August 26, 2024, we sold our Pop Secret popcorn business. See Note 4 for additional information.
Intangible Assets
The following table summarizes balance sheet information for intangible assets, excluding goodwill:
October 27, 2024July 28, 2024
(Millions)CostAccumulated AmortizationNetCostAccumulated AmortizationNet
Amortizable intangible assets
Customer relationships$1,060 $(319)$741 $1,060 $(300)$760 
Definite-lived trademarks76 (2)74 76 (2)74 
Total amortizable intangible assets$1,136 $(321)$815 $1,136 $(302)$834 
Indefinite-lived trademarks
Rao's$1,470 $1,470 
Snyder's of Hanover620 620 
Lance350 350 
Kettle Brand318 318 
Pace292 292 
Pacific Foods280 280 
Cape Cod187 187 
Various other Snacks(1)
337 365 
Total indefinite-lived trademarks$3,854 $3,882 
Total net intangible assets$4,669 $4,716 
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(1)The carrying amount at July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.
Amortization expense was $20 million for the three-month period ended October 27, 2024, and $17 million for the three-month period ended October 29, 2023. Amortization expense for both the three-month periods ended October 27, 2024 and October 29, 2023 included $7 million of accelerated amortization expense on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of October 27, 2024, amortizable intangible assets had a weighted-average remaining useful life of 19 years. Amortization expense is estimated to be approximately $70 million in 2025 and $40 million per year for the following four years.
The $1.47 billion carrying value of the Rao's trademark associated with the Sovos Brands acquisition approximates fair value. Excluding the carrying value of the Rao's trademark and the Pop Secret trademark, as of the 2024 annual impairment testing, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $1.293 billion and included the Snyder's of Hanover, Pace, Pacific Foods and certain other Snacks trademarks.
The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions.