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Goodwill and Intangible Assets | 12 Months Ended
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Oct. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill: The change in the carrying amount of goodwill for the fiscal years ended October 27, 2024 and October 29, 2023, is:
In thousands |  | Grocery Products |  | Refrigerated Foods |  | Jennie-O Turkey Store |  | Retail |  | Foodservice |  | International |  |  |  | Total
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 |
Goodwill Sold |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,239) |  |  | — |  |  |  |  | (2,239) |
Foreign Currency Translation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,738) |  |  |  |  | (2,738) |
Balance at October 27, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,916,796 |  |  | $ | 1,748,355 |  |  | $ | 258,336 |  |  |  |  | $ | 4,923,487 |
Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies. The goodwill sold during fiscal 2024 was due to the divestiture of Hormel Health Labs. Intangible Assets: The carrying amounts for indefinite-lived intangible assets are:
In thousands |  | October 27, 2024 |  | October 29, 2023
Brands/Trade Names/Trademarks |  | $ | 1,629,582 |  |  | $ | 1,636,807 |
Other Intangibles |  | 184 |  |  | 184 |
Foreign Currency Translation |  | (6,655) |  |  | (5,893) |
Total Indefinite-lived Intangible Assets |  | $ | 1,623,112 |  |  | $ | 1,631,098 |
The decrease in fiscal 2024 was primarily due to the trademarks associated with the divestiture of Hormel Health Labs. The gross carrying amount and accumulated amortization for definite-lived intangible assets are:
|  | October 27, 2024 |  | October 29, 2023
In thousands |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer Relationships |  | $ | 168,239 |  |  | $ | (93,536) |  |  | $ | 168,239 |  |  | $ | (82,658) |
Other Intangibles |  | 59,241 |  |  | (20,107) |  |  | 59,241 |  |  | (15,857) |
Trade Names/Trademarks |  | 6,210 |  |  | (5,996) |  |  | 6,540 |  |  | (5,089) |
Foreign Currency Translation |  | — |  |  | (4,458) |  |  | — |  |  | (4,344) |
Total Definite-lived Intangible Assets |  | $ | 233,690 |  |  | $ | (124,097) |  |  | $ | 234,020 |  |  | $ | (107,947) |
Amortization expense on intangible assets for the last three fiscal years is as follows:
In thousands |  | Amortization Expense
2024 |  | $ | 16,366 |
2023 |  | 18,386 |
2022 |  | 19,274 |
Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:
In thousands |  | Amortization Expense
2025 |  | $ | 14,624 |
2026 |  | 14,169 |
2027 |  | 13,927 |
2028 |  | 12,972 |
2029 |  | 11,504 |
During the fourth quarter of fiscal years 2024, 2023, and 2022, 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 was 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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- 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 + Details
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