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Goodwill and Indefinite-Lived Intangibles | 3 Months Ended
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Sep. 03, 2022
Goodwill and Indefinite-lived Intangibles [Abstract] |
Goodwill and Indefinite-Lived Intangibles | Goodwill and Indefinite-Lived Intangibles Goodwill and other indefinite-lived intangible assets included in the Condensed Consolidated Balance Sheets consisted of the following as of September 3, 2022 and May 28, 2022:
(In millions) | Americas Contract |  | International Contract & Specialty |  | Global Retail |  | Total |  |
May 28, 2022 |  |  |  |  |  |  |  |  |
Goodwill | $ | 530.1 |  |  | $ | 340.9 |  |  | $ | 480.6 |  |  | 1,351.6 |  |  |
Foreign currency translation adjustments | (9.7) |  |  | (8.9) |  |  | (10.0) |  |  | (28.6) |  |  |
Accumulated impairment losses | — |  |  | (36.7) |  |  | (88.8) |  |  | (125.5) |  |  |
September 3, 2022 | $ | 520.4 |  |  | $ | 295.3 |  |  | $ | 381.8 |  |  | $ | 1,197.5 |  |  |
Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:
(In millions) |  | Indefinite-lived Intangible Assets
May 28, 2022 |  | $ | 501.0 |
Foreign currency translation adjustments |  | (9.7) |
September 3, 2022 |  | $ | 491.3 |
Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. The Company may also elect to bypass the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value. Each of the reporting units were reviewed for impairment using a qualitative assessment as of March 31, 2022, our annual testing date. In performing the qualitative impairment test for fiscal year 2022, the Company determined that the fair value of its reporting units exceeded the carrying amount and, as such, these reporting units were not impaired. In connection with the segment reorganization, certain of the Company’s reporting units have changed in composition, and goodwill was reallocated between such reporting units using a relative fair value approach. Accordingly, the Company performed interim goodwill impairment tests in the first quarter of 2023 for each reporting unit. Based on the results of the tests performed, the Company determined that the fair value of each reporting unit, both before and after the reorganization, exceeded its respective carrying amount. Intangible assets with indefinite useful lives are not subject to amortization and are evaluated annually for impairment, or more frequently when events or changes in circumstances indicate that the fair value of an intangible asset may not be recoverable.

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- Definition Goodwill And Other Indefinite-lived Intangibles. + References No definition available. + Details
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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 https://asc.fasb.org/topic&trid=2144416 + Details
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