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Goodwill And Intangible Assets | 12 Months Ended
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Aug. 03, 2025
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 30, 2023 | $ | 990 |  |  | $ | 2,975 |  |  | $ | 3,965 |
Acquisition(1) | 1,116 |  |  | — |  |  | 1,116 |
Foreign currency translation adjustment | (4) |  |  | — |  |  | (4) |
Net balance at July 28, 2024 | $ | 2,102 |  |  | $ | 2,975 |  |  | $ | 5,077 |
Divestitures(2) | (65) |  |  | (21) |  |  | (86) |
Foreign currency translation adjustment | — |  |  | — |  |  | — |
Net balance at August 3, 2025 | $ | 2,037 |  |  | $ | 2,954 |  |  | $ | 4,991 |
______________________________________ (1)See Note 3 for additional information on the acquisition of Sovos Brands. (2)See Note 4 for additional information on divestitures. Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill:
|  | 2025 |  | 2024
(Millions) |  | Cost |  | Accumulated Amortization |  | Divestiture(1) |  | Net |  | Cost |  | Accumulated Amortization |  | Net
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 1,060 |  |  | $ | (367) |  |  | $ | (17) |  |  | $ | 676 |  |  | $ | 1,060 |  |  | $ | (300) |  |  | $ | 760 |
Definite-lived trademarks |  | 76 |  |  | (2) |  |  | (72) |  |  | 2 |  |  | 76 |  |  | (2) |  |  | 74 |
Total amortizable intangible assets |  | $ | 1,136 |  |  | $ | (369) |  |  | $ | (89) |  |  | $ | 678 |  |  | $ | 1,136 |  |  | $ | (302) |  |  | $ | 834 |
Indefinite-lived trademarks |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rao's |  |  |  |  |  |  |  | $ | 1,470 |  |  |  |  |  |  | $ | 1,470 |
Snyder's of Hanover |  |  |  |  |  |  |  | 470 |  |  |  |  |  |  | 620 |
Lance |  |  |  |  |  |  |  | 350 |  |  |  |  |  |  | 350 |
Kettle Brand |  |  |  |  |  |  |  | 318 |  |  |  |  |  |  | 318 |
Pace |  |  |  |  |  |  |  | 292 |  |  |  |  |  |  | 292 |
Pacific Foods |  |  |  |  |  |  |  | 280 |  |  |  |  |  |  | 280 |
Cape Cod |  |  |  |  |  |  |  | 187 |  |  |  |  |  |  | 187 |
Various other Snacks(2) (3) |  |  |  |  |  |  |  | 311 |  |  |  |  |  |  | 365 |
Total indefinite-lived trademarks |  |  |  |  |  |  |  | $ | 3,678 |  |  |  |  |  |  | $ | 3,882 |
Total net intangible assets |  |  |  |  |  |  |  | $ | 4,356 |  |  |  |  |  |  | $ | 4,716 |
______________________________________ (1)See Note 4 for additional information on the divestiture of our noosa yoghurt business. (2)The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information. (3)Includes the Late July and Allied brands trademarks. Amortization expense was $68 million for 2025, $73 million for 2024 and $48 million for 2023. Amortization expense in 2025, 2024 and 2023 included accelerated amortization expense of $20 million, $27 million and $7 million, respectively, on customer relationships which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of August 3, 2025, amortizable intangible assets had a weighted-average remaining useful life of 18 years. Amortization expense is estimated to be approximately $40 million per year for the following five years. In the fourth quarter of 2024, we recognized an impairment charge of $53 million on certain salty snacks and cookie trademarks within our Snacks segment, including Tom’s, Jays, Kruncher’s, O-Ke-Doke, Stella D’oro and Archway, collectively referred to as our "Allied brands." In 2024, sales and operating performance were below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2024, based on recent performance and the reevaluation of the position of the Allied brands within our portfolio, we lowered our near-term and long-term outlook for future sales and operating performance, reducing the carrying value of the trademarks to $43 million. In the fourth quarter of 2024, we performed an impairment assessment on the assets in our Pop Secret popcorn business within our Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced margins, and as we pursued divesting the business. As a result of these factors, in the fourth quarter of 2024, we lowered our long-term outlook for the business and recognized an impairment charge of $76 million on the trademark, reducing the carrying value of the trademark to $28 million. The sale of the business was completed on August 26, 2024. During the second quarter of 2025, we performed an interim impairment assessment on our Allied brands trademarks as our sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $15 million on the trademarks, reducing the carrying value to $28 million. During the second quarter of 2025, we performed an interim impairment assessment on the Late July trademark within our Snacks segment as our sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $11 million on the trademark, reducing the carrying value to $47 million. During the third quarter of 2025, we performed an interim impairment assessment on the Snyder's of Hanover trademark within our Snacks segment as our sales and operating performance were below expectations. In the third quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $150 million on the trademark, reducing the carrying value to $470 million. The impairment charges were recorded in Other expenses / (income) in the Consolidated Statement of Earnings. As of the 2025 annual impairment testing, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $2.587 billion and included the Rao's, Snyder's of Hanover, Pace, Pacific Foods, Late July and Allied brands trademarks. The estimates of future cash flows used in impairment testing involve significant management judgment and are based upon assumptions about expected future operating performance, assumed royalty rates, 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, including the potential impact of tariffs.

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