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Goodwill And Other Intangible Assets | 6 Months Ended
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Nov. 26, 2023
Goodwill And Other Intangible Assets [Abstract] |
Goodwill And Other Intangible Assets | In Millions Nov. 26, 2023 May 28, 2023 Goodwill $ 14,441.8 $ 14,511.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,717.2 6,712.4 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 387.0 386.3 Less accumulated amortization (140.9) (131.1) Intangible assets subject to amortization, net 246.1 255.2 Other intangible assets 6,963.3 6,967.6 Total $ 21,405.1 $ 21,478.8 In Millions North America Retail Pet North America Foodservice International Corporate and Joint Ventures Total Balance as of May 28, 2023 $ 6,542.4 $ 6,062.8 $ 805.6 $ 708.4 $ 392.0 $ 14,511.2 Acquisition - - - - 26.9 26.9 Impairment charge - - - (117.1) - (117.1) Other activity, primarily foreign currency translation (0.2) - (0.1) 13.3 7.8 20.8 Balance as of Nov. 26, 2023 $ 6,542.2 $ 6,062.8 $ 805.5 $ 604.6 $ 426.7 $ 14,441.8 In Millions Total Balance as of May 28, 2023 $ 6,967.6 Amortization, net of foreign currency translation (4.3) Balance as of Nov. 26, 2023 $ 6,963.3 (4) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: Based on the carrying value of finite-lived intangible assets as of November 26, 2023, 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 26, 2023, were as follows: The changes in the carrying amount of other intangible assets during the six-month period ended November 26, 2023, were as follows: Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2024. As a result of lower future profitability projections for our Latin America reporting unit, we determined that the fair value of the reporting unit was less than its book value and recorded a $ 117.1 million non-cash goodwill impairment charge in restructuring, impairment, and other exit costs in our Consolidated Statements of Earnings. Our estimates of fair value for goodwill impairment testing were determined based on a discounted cash flow model and the fair value is a Level 3 asset in the fair value hierarchy. All other intangible asset fair values were substantially in excess of the carrying values, except for the True Chews and Uncle Toby’s brand intangible assets. In addition, while having significant coverage as of our fiscal 2024 assessment date, the Progresso , Nudges , Top Chews , 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 -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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