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Goodwill And Intangible Assets | 9 Months Ended
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Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill:
(Millions) | Meals & Beverages |  | Snacks |  | Total
Net balance at July 31, 2022 | $ | 993 |  |  | $ | 2,986 |  |  | $ | 3,979 |
Foreign currency translation adjustment | (6) |  |  | — |  |  | (6) |
Net balance at April 30, 2023 | $ | 987 |  |  | $ | 2,986 |  |  | $ | 3,973 |
Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill:
|  | April 30, 2023 |  | July 31, 2022
(Millions) |  | Cost |  | Accumulated Amortization |  | Net |  | Cost |  | Accumulated Amortization |  | Net
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 830 |  |  | $ | (212) |  |  | $ | 618 |  |  | $ | 830 |  |  | $ | (181) |  |  | $ | 649 |
Non-amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Snyder's of Hanover |  |  |  |  |  | $ | 620 |  |  |  |  |  |  | $ | 620 |
Lance |  |  |  |  |  | 350 |  |  |  |  |  |  | 350 |
Kettle Brand |  |  |  |  |  | 318 |  |  |  |  |  |  | 318 |
Pace |  |  |  |  |  | 292 |  |  |  |  |  |  | 292 |
Pacific Foods |  |  |  |  |  | 280 |  |  |  |  |  |  | 280 |
Various other Snacks(1) |  |  |  |  |  | 689 |  |  |  |  |  |  | 689 |
Total trademarks |  |  |  |  |  | $ | 2,549 |  |  |  |  |  |  | $ | 2,549 |
Total net intangible assets |  |  |  |  |  | $ | 3,167 |  |  |  |  |  |  | $ | 3,198 |
____________________________________ (1)Associated with the acquisition of Snyder's-Lance, Inc. (Snyder's-Lance). Amortization of intangible assets was $31 million for both the nine-month periods ended April 30, 2023 and May 1, 2022. As of April 30, 2023, amortizable intangible assets had a weighted-average remaining useful life of 16 years. Amortization expense for the next 5 years is estimated to be approximately $41 million per year. As of our 2022 annual impairment testing, indefinite-lived trademarks with 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $434 million and included Pacific Foods and certain other Snacks trademarks.The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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