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Goodwill And Intangible Assets

12 Months Ended

Sep. 28, 2024

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 2024 and 2023 (in millions):

			Beef						Pork						Chicken						Prepared Foods						International/Other						Consolidated
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
Fiscal 2024 Activity:
Measurement period adjustments			$	—					$	—					$	—					$	(13)					$	—					$	(13)
Sale of business			—						—						(63)						—						—						(63)
Currency translation			—						—						—						—						17						17
Balance at September 28, 2024 (a)			$	343					$	423					$	3,001					$	5,891					$	161					$	9,819

(a) Included in goodwill for fiscal 2024 and 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 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 28, 2024 and September 30, 2023 (in millions):

			2024						2023
Amortizable intangible assets:
Brands and trademarks			$	995					$	1,007
Customer relationships			2,399						2,389
Supply arrangements			310						310
Patents, intellectual property and other			45						46
Land use rights			9						9
Total gross amortizable intangible assets			$	3,758					$	3,761
Less accumulated amortization			1,961						1,741
Total net amortizable intangible assets			$	1,797					$	2,020
Brands and trademarks not subject to amortization			4,078						4,078
Total intangible assets			$	5,875					$	6,098

Amortization expense of $229 million, $229 million and $246 million was recognized during fiscal 2024, 2023 and 2022, respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to September 28, 2024, will be: 2025 - $240 million; 2026 - $207 million; 2027 - $196 million; 2028 - $188 million; 2029 - $175 million.

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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