v3.25.2
Acquisition And Divestitures
 3 Months Ended
Aug. 24, 2025
Acquisitions And Divestitures [Abstract]  
Acquisitions And Divestitures
 
(2) Acquisition and Divestitures
 
 
 
 
 
During
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
we
 
completed
 
the
 
sale
 
of
 
our
 
United
 
States
 
yogurt
 
business
 
to
 
Groupe
 
Lactalis
 
S.A.
 
and
recorded a pre-tax gain of $
1,046.5
 
million.
 
During the
 
third quarter
 
of fiscal
 
2025, we
 
completed the
 
sale of
 
our Canada
 
yogurt business
 
to Sodiaal
 
International and
 
recorded a
pre-tax
 
gain
 
of $
95.9
 
million.
 
In
 
the first
 
quarter of
 
fiscal
 
2026,
 
we
 
recorded
 
a
 
sale price
 
adjustment
 
that resulted
 
in a
 
$
7.9
 
million
increase to the pre-tax gain.
 
 
 
 
 
 
 
 
 
During
 
the
 
third
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
acquired
 
NX
 
Pet
 
Holding,
 
Inc.,
 
representing
 
Whitebridge
 
Pet
 
Brands’
 
North
 
American
premium cat feeding
 
and pet treating
 
business, for a
 
purchase price of
 
$
1.4
 
billion (Whitebridge Pet
 
Brands acquisition). We
 
financed
the transaction
 
with cash
 
on hand
 
and new
 
debt. We
 
consolidated Whitebridge
 
Pet Brands
 
into our
 
Consolidated Balance
 
Sheets and
recorded goodwill of
 
$
1,086.7
 
million, an indefinite-lived
 
intangible asset for
 
the
Tiki Pets
 
brand totaling $
289.0
 
million, and a finite-
lived customer
 
relationship asset
 
of $
31.0
 
million. The
 
goodwill is
 
included in
 
the North
 
America Pet
 
segment and
 
is not
 
deductible
for tax purposes.
 
The pro forma
 
effects of
 
this acquisition
 
were not material.
 
We
 
have conducted
 
a preliminary
 
assessment of
 
the fair
value
 
of the
 
acquired
 
assets and
 
liabilities of
 
the business
 
and
 
we are
 
continuing our
 
review of
 
these items
 
during
 
the measurement
period.
 
If
 
new
 
information
 
is obtained
 
about
 
facts
 
and
 
circumstances
 
that
 
existed
 
at
 
the
 
acquisition
 
date,
 
the
 
acquisition
 
accounting
will
 
be
 
revised
 
to
 
reflect
 
the
 
resulting
 
adjustments
 
to
 
current
 
estimates
 
of
 
those
 
items.
 
The
 
consolidated
 
results
 
are
 
reported
 
in
 
our
North America Pet operating segment on a one-month lag.