Goodwill and Intangible Assets |
7. Goodwill and
Intangible Assets
Changes in the carrying
amount of goodwill for the six months ended June 30, 2012 are
as follows:
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North American
Retail
Grocery |
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Food Away
From
Home |
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Industrial
and
Export |
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Total |
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(In
thousands) |
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Balance at
December 31, 2011
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$ |
842,801 |
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$ |
92,036 |
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$ |
133,582 |
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$ |
1,068,419 |
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Currency exchange
adjustment
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(486 |
) |
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(69 |
) |
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— |
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(555 |
) |
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Balance at June 30,
2012
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$ |
842,315 |
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$ |
91,967 |
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$ |
133,582 |
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$ |
1,067,864 |
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The Company has not
incurred any goodwill impairments since its inception.
The gross carrying amount
and accumulated amortization of intangible assets other than
goodwill as of June 30, 2012 and December 31, 2011 are as
follows:
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June 30,
2012 |
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December 31, 2011 |
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Gross
Carrying
Amount |
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Accumulated
Amortization |
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Net
Carrying
Amount |
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Gross
Carrying
Amount |
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Accumulated
Amortization |
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Net
Carrying
Amount |
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(In thousands) |
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(In thousands) |
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Intangible assets with
indefinite lives:
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Trademarks
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$ |
32,025 |
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$ |
— |
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$ |
32,025 |
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$ |
32,155 |
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$ |
— |
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$ |
32,155 |
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Intangible assets with
finite lives:
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Customer-related
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445,499 |
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(94,515 |
) |
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350,984 |
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444,540 |
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(82,152 |
) |
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362,388 |
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Non-compete
agreement
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120 |
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(6 |
) |
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114 |
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1,000 |
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(1,000 |
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— |
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Trademarks
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20,810 |
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(5,086 |
) |
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15,724 |
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20,010 |
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(4,555 |
) |
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15,455 |
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Formulas/recipes
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6,872 |
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(3,972 |
) |
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2,900 |
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6,799 |
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(3,302 |
) |
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3,497 |
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Computer
software
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38,992 |
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(13,981 |
) |
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25,011 |
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35,721 |
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(11,356 |
) |
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24,365 |
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Total
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$ |
544,318 |
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$ |
(117,560 |
) |
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$ |
426,758 |
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$ |
540,225 |
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$ |
(102,365 |
) |
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$ |
437,860 |
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Amortization expense on
intangible assets for the three months ended June 30, 2012 and
2011 was $8.6 million and $8.3 million, respectively, and $16.9
million and $16.4 million for the six months ended June 30,
2012 and 2011, respectively. Estimated amortization expense on
intangible assets for 2012 and the next four years is as
follows:
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(In thousands) |
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2012
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$ |
33,214 |
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2013
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$ |
32,461 |
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2014
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$ |
32,055 |
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2015
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$ |
30,632 |
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2016
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$ |
30,312 |
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