Goodwill And Intangible Assets

12 Months Ended

Oct. 03, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The following table reflects goodwill activity for fiscal 2020 and 2019 (in millions):



	Beef		Pork		Chicken		Prepared Foods		International/Other		Unallocated		Consolidated
Balance at September 29, 2018
Goodwill	$	1,236	$	423	$	2,498	$	6,142	$	57	$	—	$	10,356
Accumulated impairment losses	(560)		—		—		—		(57)		—		(617)
	$	676	$	423	$	2,498	$	6,142	$	—	$	—	$	9,739

Fiscal 2019 Activity:
Acquisition	$	—	$	—	$	779	$	—	$	342	$	—	$	1,121
Measurement period adjustments	—		—		66		—		—		—		66
Reclass to assets held for sale	—		—		(70)		(7)		—		—		(77)
Currency translation and other	—		—		1		(1)		(5)		—		(5)
Balance at September 28, 2019
Goodwill	1,236		423		3,274		6,134		394		—		11,461
Accumulated impairment losses	(560)		—		—		—		(57)		—		(617)
	$	676	$	423	$	3,274	$	6,134	$	337	$	—	$	10,844

Fiscal 2020 Activity:

Measurement period adjustments	$	—	$	—	$	—	$	—	$	46	$	—	$	46

Currency translation and other	—		—		—		—		9		—		9
Balance at October 03, 2020
Goodwill	1,236		423		3,274		6,134		449		—		11,516
Accumulated impairment losses	(560)		—		—		—		(57)		—		(617)
	$	676	$	423	$	3,274	$	6,134	$	392	$	—	$	10,899

The following table reflects intangible assets by type at October 3, 2020, and September 28, 2019 (in millions):



	2020		2019
Amortizable intangible assets:
Brands and trademarks	$	951	$	945
Customer relationships	2,388		2,389
Supply Arrangements	310		310
Patents, intellectual property and other	44		34
Land use rights	8		8
Total gross amortizable intangible assets	$	3,701	$	3,686
Less accumulated amortization	1,005		727
Total net amortizable intangible assets	$	2,696	$	2,959
Brands and trademarks not subject to amortization	4,078		4,078
Total intangible assets	$	6,774	$	7,037

Amortization expense of $278 million, $267 million and $210 million was recognized during fiscal 2020, 2019 and 2018, respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to October 3, 2020, will be: 2021 - $261 million; 2022 - $247 million; 2023 - $228 million; 2024 - $223 million; 2025 - $214 million.