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Goodwill and Intangible Assets | 12 Months Ended
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Oct. 29, 2017
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | Note D Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the fiscal years ended October 29, 2017, and October 30, 2016, are presented in the table below. Additions relate to the acquisitions of Fontanini on August 16, 2017, and Ceratti on August 22, 2017, for fiscal 2017 and the acquisition of Justin’s on May 26, 2016, for fiscal 2016. The reductions during fiscal years 2017 and 2016 are due to the sale of Farmer John on January 3, 2017, and DCB on May 9, 2016. See additional discussion regarding the Company’s assets held for sale in Note E. Purchase adjustments in fiscal 2016 are related to the Applegate and CytoSport acquisitions.
(in thousands) | Grocery Products | Refrigerated Foods | Jennie-O Turkey Store | Specialty Foods | International & Other | Total
Balance as of October 25, 2015 | $ 322,421 | $ 584,684 | $ 203,214 | $ 424,907 | $ 164,258 | $ 1,699,484
Goodwill acquired | 186,379 | – | – | – | – | 186,379
Purchase adjustments | – | (241) | – | – | – | (241)
Goodwill sold | – | – | – | (50,134) | – | (50,134)
Impairment charge | – | – | – | (991) | – | (991)
Balance as of October 30, 2016 | $ 508,800 | $ 584,443 | $ 203,214 | $ 373,782 | $ 164,258 | $ 1,834,497
Goodwill acquired | – | 223,082 | – | – | 74,060 | 297,142
Goodwill sold | – | (11,826) | – | – | – | (11,826)
Balance as of October 29, 2017 | $ 508,800 | $ 795,699 | $ 203,214 | $ 373,782 | $ 238,318 | $ 2,119,813
The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below. In fiscal 2017, the preliminary valuations for customer relationships of $20.5 million were acquired related to Ceratti and $10.0 million were acquired related to Fontanini. In fiscal 2016, customer relationships of $5.8 million and non-compete agreements of $1.4 million were acquired related to Justin’s. Once fully amortized, the definite-lived intangible assets are removed from the table.
| October 29, 2017 | October 30, 2016
| Gross |  | Weighted- | Gross |  | Weighted-
| Carrying | Accumulated | Avg Life | Carrying | Accumulated | Avg Life
(in thousands) | Amount | Amortization | (in Years) | Amount | Amortization | (in Years)
Customer lists/relationships | $ 115,940 | $ (25,973) | 12.3 | $ 88,240 | $ (20,737) | 12.2
Formulas and recipes | 1,950 | (1,950) | 10.0 | 1,950 | (1,796) | 10.0
Other intangibles | 3,100 | (2,044) | 5.8 | 3,520 | (1,677) | 6.3
Total | $ 120,990 | $ (29,967) | 12.1 | $ 93,710 | $ (24,210) | 11.9
Amortization expense for the last three fiscal years was as follows:
(in millions) |
2017 | $ 8.4
2016 | 8.4
2015 | 8.1
Estimated annual amortization expense for the five fiscal years after October 29, 2017, is as follows:
(in millions) |
2018 | $ 9.8
2019 | 9.7
2020 | 9.6
2021 | 9.7
2022 | 9.4
The carrying amounts for indefinite-lived intangible assets are in the following table. The increases represent the fair value of tradenames acquired with Ceratti of $15.8 million and Fontanini of $100.4 million in fiscal 2017.
| October 29, | October 30,
(in thousands) | 2017 | 2016
Brands/tradenames/trademarks | $ 935,807 | $ 825,774
Other intangibles | 184 | 7,984
Total | $ 935,991 | $ 833,758
During the fourth quarter of fiscal years 2017, 2016, and 2015, the Company completed the required annual impairment tests of indefinite-lived intangible assets and goodwill, with no impairment indicated other than for the Company’s DCB assets divested during fiscal 2016. See additional discussion regarding the Company’s assets held for sale in Note E. Useful lives of intangible assets were also reviewed during this process, with no changes identified.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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