
(Millions)	Meals & Beverages		Snacks		Total
Net balance at July 28, 2024	$	2,102	$	2,975	$	5,077

Divestitures(1)	(65)		(21)		(86)


Foreign currency translation adjustment	—		—		—
Net balance at August 3, 2025	$	2,037	$	2,954	$	4,991
Acquisition(2)	335		—		335



Foreign currency translation adjustment	(5)		—		(5)
Net balance at August 2, 2026	$	2,367	$	2,954	$	5,321


	2026				2025
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,042	$	(407)	$	635	$	1,042	$	(366)	$	676
Definite-lived trademarks	2		—		2		2		—		2
Total amortizable intangible assets	$	1,044	$	(407)	$	637	$	1,044	$	(366)	$	678
Indefinite-lived trademarks
Rao's					$	1,470					$	1,470
Snyder's of Hanover					470						470
Lance					350						350
Pace					292						292
Pacific Foods					280						280
Kettle Brand					258						318
Cape Cod					130						187
Various other Snacks(1)					311						311
Total indefinite-lived trademarks					$	3,561					$	3,678
Total net intangible assets					$	4,198					$	4,356

______________________________________

(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 $41 million for 2026, $68 million for 2025 and $73 million for 2024. Amortization expense in 2025 and 2024 included accelerated amortization expense of $20 million and $27 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 2, 2026, amortizable intangible assets had a weighted-average remaining useful life of 17 years. Amortization expense is estimated to be approximately $40 million per year for each of the next five fiscal years.

In the fourth quarter of 2024, we recognized an impairment charge of $53 million on our Allied brands trademarks. 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.

In the fourth quarter of 2026, based on recent performance, we recognized impairment charges on the Kettle Brand and Cape Cod trademarks. In 2026, sales and operating performance were below expectations due in part to competitive pressures and reduced margins. As a result, we lowered our near-term and long-term outlook for future sales and operating performance. We recognized an impairment charge of $60 million on the Kettle Brand trademark, reducing the carrying value to $258 million, and an impairment charge of $57 million on the Cape Cod trademark, reducing the carrying value to $130 million.

As of the 2026 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 $1.225 billion and included the Snyder's of Hanover, Pace, Kettle Brand, Cape Cod, Late July and Allied brands trademarks.