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Goodwill And Other Intangible Assets | 6 Months Ended
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Nov. 27, 2022
Goodwill And Other Intangible Assets [Abstract] |
Goodwill And Other Intangible Assets | (4) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: In Millions Nov. 27, 2022 May 29, 2022 Goodwill $ 14,476.0 $ 14,378.5 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,706.6 6,725.8 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 401.9 400.3 Less accumulated amortization (133.7) (126.2) Intangible assets subject to amortization, net 268.2 274.1 Other intangible assets 6,974.8 6,999.9 Total $ 21,450.8 $ 21,378.4 Based on the carrying value of finite-lived intangible assets as of November 27, 2022, annual 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 during the six-month period ended November 27, 2022, were as follows: In Millions North America Retail Pet North America Foodservice International 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 - - 154.3 - - 154.3 Divestiture - - - (0.4) - (0.4) Other activity, primarily foreign currency translation (6.4) - - (37.5) (12.5) (56.4) Balance as of Nov. 27, 2022 $ 6,546.5 $ 6,062.8 $ 803.1 $ 683.7 $ 379.9 $ 14,476.0 The changes in the carrying amount of other intangible assets during the six-month period ended November 27, 2022, were as follows: In Millions Total Balance as of May 29, 2022 $ 6,999.9 Acquisition 3.8 Other activity, primarily foreign currency translation (28.9) Balance as of Nov. 27, 2022 $ 6,974.8 Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2023, 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 2023 assessment date, the Progresso and EPIC brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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