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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS | 3 Months Ended
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Aug. 24, 2025
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS |
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS | 7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The change in the carrying amount of goodwill for the first quarter of fiscal 2026 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Grocery & Snacks |  | Refrigerated & Frozen 1 |  | International |  | Foodservice |  | Total
Balance as of May 25, 2025 | ​ | $ | 4,663.1 | ​ | $ | 4,916.6 | ​ | $ | 202.1 | ​ | $ | 720.1 | ​ | $ | 10,501.9
Currency translation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.3) | ​ | ​ | — | ​ | ​ | (0.3)
Balance as of August 24, 2025 | ​ | $ | 4,663.1 | ​ | $ | 4,916.6 | ​ | $ | 201.8 | ​ | $ | 720.1 | ​ | $ | 10,501.6
​ 1 The carrying amounts of goodwill within the Refrigerated & Frozen segment as of both August 24, 2025 and May 25, 2025 were net of accumulated impairment losses of $668.2 million. See Note 9, “Goodwill and Other Identifiable Intangible Assets”, to the financial statements contained in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 for further information. ​ Other identifiable intangible assets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | August 24, 2025 | ​ | May 25, 2025
​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​
​ | ​ | Carrying | ​ | Accumulated | ​ | Carrying | ​ | Accumulated
​ |  | Amount |  | Amortization |  | Amount |  | Amortization
Non-amortizing intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brands and trademarks | ​ | $ | 1,800.5 | ​ | $ | — | ​ | $ | 1,800.5 | ​ | $ | —
Amortizing intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customer relationships and intellectual property | ​ | ​ | 1,215.6 | ​ | ​ | 605.9 | ​ | ​ | 1,215.9 | ​ | ​ | 595.3
​ | ​ | $ | 3,016.1 | ​ | $ | 605.9 | ​ | $ | 3,016.4 | ​ | $ | 595.3
​ When we last performed our annual goodwill impairment assessment on all of our reporting units on the first day of the fourth quarter of fiscal 2025, we found no indicators of impairment and all reporting units had an adequate amount of cushion as of our last quantitative impairment test (cushion in all reporting units exceeded 30%). Since that assessment, our stock price has fluctuated and our shares have generally been trading at lower prices, in part due to the announcement of new tariffs, consumer sentiment, and other macroeconomic uncertainties. We do not believe that a lower stock price has been sustained, and we do not believe we had a triggering event to test goodwill for impairment in the first quarter of 2026. However, a sustained stock price decline, along with other factors noted above, could result in a material goodwill or intangible asset impairment in fiscal 2026, specifically in our Refrigerated & Frozen and Foodservice reporting units. These two reporting units have been most impacted by consumer sentiment and macroeconomic uncertainties, which has resulted in declining cushion from our last quantitative impairment test. ​ We will continue to monitor the impact of any significant changes in consumer purchasing behaviors, government restrictions, input cost inflation, or other macroeconomic conditions that could change certain assumptions and result in future impairments. ​ Amortizing intangible assets carry a remaining weighted average life of approximately 16 years. Amortization expense was $10.8 million and $13.4 million for the first quarter of fiscal 2026 and 2025, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of August 24, 2025, amortization expense is estimated to average $40.8 million for each of the next five years.

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