Goodwill And Intangible Assets

12 Months Ended

Sep. 30, 2023

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 years 2023 and 2022 (in millions):



	Beef		Pork		Chicken		Prepared Foods		International/Other		Consolidated
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

Fiscal 2023 Activity:
Acquisitions	$	—	$	—	$	—	$	118	$	19	$	137
Measurement period adjustments	—		—		—		2		—		2


Impairment losses	(333)		—		(210)		—		(238)		(781)
Currency translation	—		—		1		—		6		7
Balance at September 30, 2023 (a)	$	343	$	423	$	3,064	$	5,904	$	144	$	9,878

(a) Included in goodwill as of September 30, 2023 are accumulated impairment losses of $893 million in Beef, $210 million in Chicken and $295 million in International/Other. Included in goodwill as of October 1, 2022 and October 2, 2021 are accumulated impairment losses of $560 million in Beef and $57 million in International/Other.

The following table reflects intangible assets by type as of September 30, 2023 and October 1, 2022 (in millions):



	2023		2022
Amortizable intangible assets:
Brands and trademarks	$	1,007	$	951
Customer relationships	2,389		2,371
Supply arrangements	310		310
Patents, intellectual property and other	46		45
Land use rights	9		9
Total gross amortizable intangible assets	$	3,761	$	3,686
Less accumulated amortization	1,741		1,512
Total net amortizable intangible assets	$	2,020	$	2,174
Brands and trademarks not subject to amortization	4,078		4,078
Total intangible assets	$	6,098	$	6,252

Amortization expense of $229 million, $246 million and $261 million was recognized during fiscal 2023, 2022 and 2021, respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to September 30, 2023, will be: 2024 - $226 million; 2025 - $217 million; 2026 - $211 million; 2027 - $199 million; 2028 - $191 million.