Goodwill And Intangible Assets

6 Months Ended

Feb. 01, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table shows the changes in the carrying amount of goodwill:


(Millions)	Meals & Beverages		Snacks		Total




Net balance at August 3, 2025	$	2,037	$	2,954	$	4,991





Foreign currency translation adjustment	1		—		1
Net balance at February 1, 2026	$	2,038	$	2,954	$	4,992

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill:


	February 1, 2026						August 3, 2025
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,042	$	(387)	$	655	$	1,042	$	(366)	$	676
Definite-lived trademarks	2		—		2		2		—		2
Total amortizable intangible assets	$	1,044	$	(387)	$	657	$	1,044	$	(366)	$	678
Indefinite-lived trademarks
Rao's					$	1,470					$	1,470
Snyder's of Hanover					470						470
Lance					350						350
Kettle Brand					318						318
Pace					292						292
Pacific Foods					280						280
Cape Cod					187						187
Various other Snacks(1)					311						311
Total indefinite-lived trademarks					$	3,678					$	3,678

Total net intangible assets					$	4,335					$	4,356

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(1)Includes the Late July trademark and 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."

Amortization expense was $10 million and $21 million for the three- and six-month periods ended February 1, 2026, and $19 million and $39 million for the three- and six-month periods ended January 26, 2025, respectively. Amortization expense for the three- and six-month periods ended January 26, 2025 included accelerated amortization expense of $7 million and $14 million, respectively, on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of February 1, 2026, 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 each of the next five fiscal years.

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 determining the fair value of goodwill and intangible assets 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.