GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Jan. 29, 2017
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

NOTE D              GOODWILL AND INTANGIBLE ASSETS

 

The carrying amounts of goodwill for the quarter ended January 29, 2017, are presented in the table below.  The reduction during the first quarter is due to the sale of Farmer John on January 3, 2017.  See additional discussion regarding the Company’s assets held for sale in Note E.

 

 

(in thousands)

 

Grocery
Products

 

Refrigerated
Foods

 

 

JOTS

 

Specialty
Foods

 

International

 

Total

 

 

Balance as of
October 30, 2016

 

$
508,800

 

$
584,443

 

 

$
203,214

 

$
373,782

 

$
164,258

 

$
1,834,497

 

 

Goodwill sold

 

-

 
(11,826

)

 

-

 

-

 

-

 
(11,826

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of
January 29, 2017

 

$
508,800

 

$
572,617

 

 

$
203,214

 

$
373,782

 

$
164,258

 

$
1,822,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below.  The reduction during the first quarter is due to the sale of Farmer John.

 

 

 

January 29, 2017

 

October 30, 2016

 

 

(in thousands)

 

Gross Carrying
Amount

 

Accumulated
Amortization

 

Gross Carrying
Amount

 

Accumulated
Amortization

 

Customer lists/relationships

 

$
85,440

 

$
(20,382)

 

$
88,240

 

$
(20,737)

 

Formulas and recipes

 
1,950

 
(1,845)

 
1,950

 
(1,796)

 

Other intangibles

 
3,100

 
(1,485)

 
3,520

 
(1,677)

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
90,490

 

$
(23,712)

 

$
93,710

 

$
(24,210)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization expense was $2.1 million for the quarters ended January 29, 2017 and January 24, 2016.

 

Estimated annual amortization expense for the five fiscal years after October 30, 2016, is as follows:

 

(in millions)

 

 

 

2017

 
$
8.1 

 

2018

 
7.6 

 

2019

 
7.4 

 

2020

 
7.4 

 

2021

 
7.4 

 

 

The carrying amounts for indefinite-lived intangible assets are presented in the table below.  The reduction during the first quarter is due to the sale of Farmer John.

 

 

(in thousands)

 

January 29, 2017

 

October 30, 2016

 

Brands/tradenames/trademarks

 

$
819,835

 

$
825,774

 

Other intangibles

 
184

 
7,984

 

 

 

 

 

 

 

Total

 

$
820,019

 

$
833,758