v3.25.2
Goodwill and Other Intangible Assets
 12 Months Ended
May 25, 2025
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets
NOTE 6. GOODWILL AND OTHER INTANGIBLE
 
ASSETS
The components of goodwill and other intangible assets are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
May 25, 2025
May 26, 2024
Goodwill
$
15,622.4
$
14,750.7
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,816.7
6,728.6
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
420.9
402.2
Less accumulated amortization
(156.2)
(150.9)
Intangible assets subject to amortization
264.7
251.3
Other intangible assets
7,081.4
6,979.9
Total
$
22,703.8
$
21,730.6
Based on
 
the carrying
 
value of
 
finite-lived intangible
 
assets as of
 
May 25,
 
2025, amortization
 
expense for
 
each of
 
the next five
 
fiscal
years is estimated to be approximately $
20
 
million.
The changes in the carrying amount of goodwill for fiscal 2023, 2024, and 2025
 
are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
North
America
Retail
North
America Pet
North
America
Foodservice
International
(a)
Corporate
and Joint
Ventures
Total
Balance as of May 29, 2022
$
6,552.9
$
6,062.8
$
648.8
$
721.6
$
392.4
$
14,378.5
Acquisition
-
-
156.8
-
-
156.8
Divestitures
(2.0)
-
-
(0.4)
-
(2.4)
Other activity, primarily
 
foreign
 
currency translation
(8.5)
-
-
(12.8)
(0.4)
(21.7)
Balance as of May 28, 2023
6,542.4
6,062.8
805.6
708.4
392.0
14,511.2
Acquisitions
-
-
-
318.1
26.9
345.0
Impairment charge
-
-
-
(117.1)
-
(117.1)
Other activity, primarily
 
foreign
 
currency translation
(0.5)
-
(0.1)
7.7
4.5
11.6
Balance as of May 26, 2024
6,541.9
6,062.8
805.5
917.1
423.4
14,750.7
Acquisition
-
1,086.7
-
-
-
1,086.7
Divestiture
(14.6)
-
-
-
-
(14.6)
Reclassified to assets held for sale
(202.6)
-
(50.0)
-
-
(252.6)
Other activity, primarily
 
foreign
 
currency translation
(1.2)
-
-
34.6
18.8
52.2
Balance as of May 25, 2025
$
6,323.5
$
7,149.5
$
755.5
$
951.7
$
442.2
$
15,622.4
The
 
carrying
 
amounts
 
of
 
goodwill
 
within
 
the
 
International
 
segment
 
as
 
of
 
May
 
26,
 
2024,
 
and
 
May
 
25,
 
2025,
 
were
 
net
 
of
accumulated impairment losses of $
117.1
 
million.
The changes in the carrying amount of other intangible assets for fiscal 2023, 2024, and
 
2025 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 29, 2022
$
6,999.9
Acquisition
3.8
Divestiture
(3.6)
Other activity, primarily
 
amortization and foreign currency translation
(32.5)
Balance as of May 28, 2023
6,967.6
Acquisition
132.6
Impairment charges
(103.1)
Other activity, primarily
 
amortization and foreign currency translation
(17.2)
Balance as of May 26, 2024
6,979.9
Acquisition
320.0
Divestiture
(44.4)
Reclassified to assets held for sale
(160.7)
Other activity, primarily
 
amortization and foreign currency translation
(13.4)
Balance as of May 25, 2025
$
7,081.4
 
 
 
 
 
Our
 
annual
 
goodwill
 
and
 
indefinite-lived
 
intangible
 
assets
 
impairment
 
test
 
was
 
performed
 
on
 
the
 
first
 
day
 
of
 
the
 
second
 
quarter
 
of
fiscal
 
2025,
 
and
 
we
 
determined
 
there
 
was
no
 
impairment
 
of
 
our
 
intangible
 
assets
 
as
 
their
 
related
 
fair
 
values
 
were
 
substantially
 
in
excess of the
 
carrying values,
 
except for
 
the
Uncle Toby’s
 
brand intangible
 
asset. In addition,
 
while having
 
significant coverage
 
as of
our
 
fiscal
 
2025
 
assessment
 
date,
 
the
Progresso
,
Nudges
,
True
 
Chews
,
 
and
Kitano
 
brand
 
intangible
 
assets
 
had
 
risk
 
of
 
decreasing
coverage. We will continue
 
to monitor these businesses for potential impairment.
We did not
 
identify any indicators of impairment for all other goodwill and indefinite-lived
 
intangible assets as of May 25, 2025.
In fiscal
 
2024, as
 
a result
 
of lower
 
future profitability
 
projections for
 
our Latin
 
America reporting
 
unit, we
 
recorded a
 
$
117.1
 
million
non-cash
 
goodwill
 
impairment
 
charge.
 
In
 
addition,
 
as
 
a
 
result
 
of
 
lower
 
future
 
sales
 
and
 
profitability
 
projections
 
for
 
the
 
businesses
supporting
 
our
Top
 
Chews
,
True
 
Chews
,
 
and
EPIC
 
brand
 
intangible
 
assets,
 
we
 
recorded
 
$
103.1
 
million
 
of
 
non-cash
 
impairment
charges
 
in
 
fiscal
 
2024.
 
We
 
recorded
 
impairment
 
charges
 
in
restructuring, transformation, impairment, and other exit costs
 
in
 
our
Consolidated Statements
 
of Earnings.
 
Our estimates
 
of the
 
fair values
 
were determined
 
based on
 
a discounted
 
cash flow model
 
using
 
 
inputs which
 
included
 
our long-range
 
cash flow
 
projections
 
for
 
the businesses,
 
royalty
 
rates, weighted
 
-average
 
cost of
 
capital rates,
and tax rates. These fair values are Level 3 assets in the fair value hierarchy.