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Goodwill and Intangible Assets | 12 Months Ended
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Oct. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill: Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies. The changes in the carrying amount of goodwill for the fiscal years ended October 29, 2023 and October 30, 2022, are:
In thousands |  | Grocery Products |  | Refrigerated Foods |  | Jennie-O Turkey Store |  | Retail |  | Foodservice |  | International |  |  |  | Total
Balance at October 31, 2021 |  | $ | 2,398,354 |  |  | $ | 2,094,421 |  |  | $ | 176,628 |  |  | $ | — |  |  | $ | — |  |  | $ | 259,699 |  |  |  |  | $ | 4,929,102 |
Foreign Currency Translation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,273) |  |  |  |  | (3,273) |
Balance at October 30, 2022 |  | $ | 2,398,354 |  |  | $ | 2,094,421 |  |  | $ | 176,628 |  |  | $ | — |  |  | $ | — |  |  | $ | 256,427 |  |  |  |  | $ | 4,925,829 |
Goodwill Reallocation |  | (2,398,354) |  |  | (2,094,421) |  |  | (176,628) |  |  | 2,916,796 |  |  | 1,750,594 |  |  | 2,013 |  |  |  |  | — |
Foreign Currency Translation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,635 |  |  |  |  | 2,635 |
Balance at October 29, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,916,796 |  |  | $ | 1,750,594 |  |  | $ | 261,074 |  |  |  |  | $ | 4,928,464 |
Intangible Assets: The carrying amounts for indefinite-lived intangible assets are:
|  | October 29, |  | October 30,
In thousands |  | 2023 |  | 2022
Brands/Trade Names/Trademarks |  | $ | 1,636,807 |  |  | $ | 1,665,190 |
Other Intangibles |  | 184 |  |  | 184 |
Foreign Currency Translation |  | (5,893) |  |  | (6,599) |
Total |  | $ | 1,631,098 |  |  | $ | 1,658,775 |
The gross carrying amount and accumulated amortization for definite-lived intangible assets are:
| October 29, 2023 | October 30, 2022
| Gross |  | Gross |
| Carrying | Accumulated | Carrying | Accumulated
In thousands | Amount | Amortization | Amount | Amortization
Customer Lists/Relationships | $ | 168,239 |  | $ | (82,658) |  | $ | 168,239 |  | $ | (69,779) |
Other Intangibles | 59,241 |  | (15,857) |  | 59,241 |  | (11,606) |
Trade Names/Trademarks | 6,540 |  | (5,089) |  | 10,536 |  | (7,828) |
Foreign Currency Translation | — |  | (4,344) |  | — |  | (4,551) |
Total | $ | 234,020 |  | $ | (107,947) |  | $ | 238,016 |  | $ | (93,764) |
Amortization expense on intangible assets for the last three fiscal years was:
In thousands |  |
2023 |  | $ | 18,386 |
2022 |  | 19,274 |
2021 |  | 17,518 |
Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows:
In thousands |  |
2024 |  | $ | 16,381 |
2025 |  | 14,681 |
2026 |  | 14,210 |
2027 |  | 13,940 |
2028 |  | 13,009 |
During the fourth quarter of fiscal years 2023, 2022, and 2021, the Company completed required annual impairment tests of indefinite-lived intangible assets and goodwill. In fiscal 2023, an impairment was indicated for the Justin's® trade name, resulting in an impairment charge of $28.4 million. The expense is reflected in the Retail segment and included in Goodwill and Intangible Impairment in the Consolidated Statements of Operations. No other impairment was indicated. Useful lives of intangible assets were also reviewed during this process with no material changes identified.

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