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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by segment for the nine months ended September 29, 2024 was as follows:
|  | December 31, 2023 |  |  |  |  |  | Currency Translation |  | September 29, 2024
|  | (In thousands)
U.S. |  | $ | 41,936 |  |  |  |  |  |  | $ | — |  |  | $ | 41,936 |
Europe |  | 1,116,521 |  |  |  |  |  |  | 51,618 |  |  | 1,168,139 |
Mexico |  | 127,804 |  |  |  |  |  |  | (25,073) |  |  | 102,731 |
Total |  | $ | 1,286,261 |  |  |  |  |  |  | $ | 26,545 |  |  | $ | 1,312,806 |
Intangible assets consisted of the following:
|  | December 31, 2023 |  |  |  | Amortization |  | Currency Translation |  | September 29, 2024
|  | (In thousands)
Cost: |  |  |  |  |  |  |  |  |  |
Trade names not subject to amortization |  | $ | 580,473 |  |  |  |  | $ | — |  |  | $ | 25,083 |  |  | $ | 605,556 |
Trade names subject to amortization |  | 112,681 |  |  |  |  | — |  |  | 1,506 |  |  | 114,187 |
Customer relationships |  | 441,719 |  |  |  |  | — |  |  | 8,420 |  |  | 450,139 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |
Trade names |  | (57,762) |  |  |  |  | (2,919) |  |  | (251) |  |  | (60,932) |
Customer relationships |  | (223,128) |  |  |  |  | (21,389) |  |  | (2,033) |  |  | (246,550) |
Intangible assets, net |  | $ | 853,983 |  |  |  |  | $ | (24,308) |  |  | $ | 32,725 |  |  | $ | 862,400 |
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Customer relationships | 3-18 years
Trade names subject to amortization | 15-20 years
On July 1, 2024, the Company effectively completed a reorganization within its Europe reportable segment. The previous reporting units were Moy Park, Pilgrim's UK, and Pilgrim's Food Masters. The new reporting units are Fresh Pork/Lamb, Fresh Poultry, Food Service, Meals, and Brands & Snacking. As a result of this reorganization, the Company reassigned assets and liabilities to the applicable reporting units and allocated goodwill using the relative net assets approach. The Company then performed an interim impairment test on the reporting units on both a pre- and post-reorganization basis. There was no impairment recognized as a result of these tests. The Company additionally assessed if the Pilgrim’s Europe reorganization indicated that any carrying amounts of its non-goodwill intangible assets might not be recoverable. The reorganization did not result in any change in business use for any of the intangible assets and therefore, the Company determined no indicators were present that required us to test the recoverability of the asset group-level carrying amounts of its Europe intangible assets at that date. At September 29, 2024, the Company assessed if events or changes in circumstances indicated that any asset group-level carrying amounts of its U.S. and Mexico intangible assets might not be recoverable. The Company will perform its annual tests of recoverability of all goodwill and trade names not subject to amortization in the fourth quarter of 2024, which if there were to be an impairment could be material.

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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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