Goodwill and Intangible Assets (Tables)
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12 Months Ended |
Oct. 29, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of changes in the carrying amount of goodwill |
The changes in the carrying amount of goodwill for the fiscal years ended October 29, 2023 and October 30, 2022, are: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In thousands | | Grocery Products | | Refrigerated Foods | | Jennie-O Turkey Store | | Retail | | Foodservice | | International | | | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at October 31, 2021 | | $ | 2,398,354 | | | $ | 2,094,421 | | | $ | 176,628 | | | $ | — | | | $ | — | | | $ | 259,699 | | | | | $ | 4,929,102 | | | | | | | | | | | | | | | | | | | Foreign Currency Translation | | — | | | — | | | — | | | — | | | — | | | (3,273) | | | | | (3,273) | | Balance at October 30, 2022 | | $ | 2,398,354 | | | $ | 2,094,421 | | | $ | 176,628 | | | $ | — | | | $ | — | | | $ | 256,427 | | | | | $ | 4,925,829 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Goodwill Reallocation | | (2,398,354) | | | (2,094,421) | | | (176,628) | | | 2,916,796 | | | 1,750,594 | | | 2,013 | | | | | — | | Foreign Currency Translation | | — | | | — | | | — | | | — | | | — | | | 2,635 | | | | | 2,635 | | Balance at October 29, 2023 | | $ | — | | | $ | — | | | $ | — | | | $ | 2,916,796 | | | $ | 1,750,594 | | | $ | 261,074 | | | | | $ | 4,928,464 | |
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Schedule of carrying amounts for indefinite-lived intangible assets |
The carrying amounts for indefinite-lived intangible assets are: | | | | | | | | | | | | | | | | | October 29, | | October 30, | In thousands | | 2023 | | 2022 | Brands/Trade Names/Trademarks | | $ | 1,636,807 | | | $ | 1,665,190 | | Other Intangibles | | 184 | | | 184 | | Foreign Currency Translation | | (5,893) | | | (6,599) | | Total | | $ | 1,631,098 | | | $ | 1,658,775 | |
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Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets |
The gross carrying amount and accumulated amortization for definite-lived intangible assets are: | | | | | | | | | | | | | | | | October 29, 2023 | October 30, 2022 | | Gross | | Gross | | | Carrying | Accumulated | Carrying | Accumulated | In thousands | Amount | Amortization | Amount | Amortization | Customer Lists/Relationships | $ | 168,239 | | $ | (82,658) | | $ | 168,239 | | $ | (69,779) | | Other Intangibles | 59,241 | | (15,857) | | 59,241 | | (11,606) | | Trade Names/Trademarks | 6,540 | | (5,089) | | 10,536 | | (7,828) | | Foreign Currency Translation | — | | (4,344) | | — | | (4,551) | | Total | $ | 234,020 | | $ | (107,947) | | $ | 238,016 | | $ | (93,764) | |
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Schedule of amortization expense on intangible assets |
Amortization expense on intangible assets for the last three fiscal years was: | | | | | | | | | In thousands | | | 2023 | | $ | 18,386 | | 2022 | | 19,274 | | 2021 | | 17,518 | |
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Schedule of estimated annual amortization expense on intangible assets |
Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows: | | | | | | | | | In thousands | | | 2024 | | $ | 16,381 | | 2025 | | 14,681 | | 2026 | | 14,210 | | 2027 | | 13,940 | | 2028 | | 13,009 | |
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