Goodwill And Intangible Assets

12 Months Ended

Oct. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND INTANGIBLE ASSETS

The following table reflects goodwill activity for fiscal 2022 and 2021 (in millions):



	Beef		Pork		Chicken		Prepared Foods		International/Other		Unallocated		Consolidated
Balance at October 3, 2020 (a)	$	676	$	423	$	3,274	$	6,134	$	392	$	—	$	10,899

Fiscal 2021 Activity:
Sale of pet treats business	—		—		—		(350)		—		—		(350)
Balance at October 2, 2021 (a)	$	676	$	423	$	3,274	$	5,784	$	392	$	—	$	10,549

Fiscal 2022 Activity:





Currency translation	—		—		(1)		—		(35)		—		(36)
Balance at October 1, 2022 (a)	$	676	$	423	$	3,273	$	5,784	$	357	$	—	$	10,513

(a) Included in goodwill as of October 1, 2022, October 2, 2021 and October 3, 2020, are accumulated impairment losses of $560 million in Beef and $57 million in International/Other.

The following table reflects intangible assets by type at October 1, 2022, and October 2, 2021 (in millions):



	2022		2021
Amortizable intangible assets:
Brands and trademarks	$	951	$	951
Customer relationships	2,371		2,390
Supply arrangements	310		310
Patents, intellectual property and other	45		44
Land use rights	9		12
Total gross amortizable intangible assets	$	3,686	$	3,707
Less accumulated amortization	1,512		1,266
Total net amortizable intangible assets	$	2,174	$	2,441
Brands and trademarks not subject to amortization	4,078		4,078
Total intangible assets	$	6,252	$	6,519

Amortization expense of $246 million, $261 million and $278 million was recognized during fiscal 2022, 2021 and 2020, respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to October 1, 2022, will be: 2023 - $227 million; 2024 - $221 million; 2025 - $212 million; 2026 - $206 million; 2027 - $194 million.