Goodwill and Other Intangible Assets

3 Months Ended

Jul. 28, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill for the Predecessor period April 29, 2013 to June 7, 2013, and the Successor period February 8, 2013 to July 28, 2013, by reportable segment, are as follows:



	North American Consumer Products			Europe			Asia/Pacific			U.S. Foodservice		Rest of World			Total
	(In thousands)
Predecessor
Balance at April 28, 2013	1,101,927			1,105,461			359,842			256,775		255,245			3,079,250
Translation adjustments	(409		)	9,849			(16,523		)	—		(15,986		)	(23,069		)
Balance at June 7, 2013	1,101,518			1,115,310			343,319			256,775		239,259			3,056,181

Successor
Balance at February 8, 2013	—			—			—			—		—			—
Acquisition (see Note 2)	8,641,059			3,626,692			1,501,847			1,444,100		324,151			15,537,849
Translation adjustments	(1,579		)	(24,000		)	(5,163		)	—		(8,675		)	(39,417		)
Balance at July 28, 2013	$	8,639,480		$	3,602,692		$	1,496,684		$	1,444,100	$	315,476		$	15,498,432

Prior to the Merger, total goodwill accumulated impairment losses for the Company since Fiscal 2003 were $120.6 million consisting of $54.5 million for Europe, $38.7 million for Asia/Pacific and $27.4 million for Rest of World. As a result of the Merger, there were no accumulated impairment losses to goodwill as of July 28, 2013.

Intangible assets not subject to amortization at July 28, 2013 totaled $12.19 billion and consisted of $11.36 billion of trademarks, $775.0 million of licenses, and $53.9 million of other intangibles. Intangible assets not subject to amortization at April 28, 2013 totaled $981.3 million and consisted of $846.9 million of trademarks, $115.0 million of recipes/processes, and $19.4 million of licenses. The increase in intangible assets, not subject to amortization expense, since April 28, 2013 is due to purchase accounting adjustments as a result of the Merger.

Other intangible assets at July 28, 2013 and April 28, 2013, subject to amortization expense, are as follows:



	Successor							Predecessor
	July 28, 2013							April 28, 2013
	Gross		Accum Amort			Net		Gross		Accum Amort			Net
	(In thousands)
Customer-related assets	1,122,403		(5,151		)	1,117,252		209,428		(77,310		)	132,118
Licenses	121,894		(1,591		)	120,303		208,186		(169,666		)	38,520
Other	23,779		(118		)	23,661		419,642		(156,032		)	263,610
	$	1,268,076	$	(6,860	)	$	1,261,216	$	837,256	$	(403,008	)	$	434,248

Amortization expense for Other intangible assets was $3.2 million during the Predecessor period and $6.9 million during the Successor period and $7.7 million for the first quarter ended July 29, 2012. Based upon the amortizable intangible assets recorded on the balance sheet as of July 28, 2013, average annual amortization expense for each of the next five fiscal years is estimated to be approximately $71.0 million.

- Definition

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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