GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangible assets are as follows:


In Millions	May 31, 2026	May 25, 2025
Goodwill	$14,122.4	$15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands	6,472.2	6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	412.4	420.9
Less accumulated amortization	(167.7)	(156.2)
Intangible assets subject to amortization, net	244.7	264.7
Other intangible assets	6,716.9	7,081.4
Total	$20,839.3	$22,703.8

Based on the carrying value of finite-lived intangible assets as of May 31, 2026, amortization expense for each of the next five fiscal

years is estimated to be approximately $19 million.

The changes in the carrying amount of goodwill for fiscal 2024, 2025, and 2026 are as follows:


In Millions	North America Retail	North America 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
Acquisitions	—	—	—	318.1	26.9	345.0
Impairment charge	—	—	—	(117.1)	—	(117.1)
Other activity, primarily foreign currency translation	(0.5)	—	(0.1)	7.7	4.5	11.6
Balance as of May 26, 2024	6,541.9	6,062.8	805.5	917.1	423.4	14,750.7
Acquisition	—	1,086.7	—	—	—	1,086.7
Divestiture	(14.6)	—	—	—	—	(14.6)
Reclassified to assets held for sale	(202.6)	—	(50.0)	—	—	(252.6)
Other activity, primarily foreign currency translation	(1.2)	—	—	34.6	18.8	52.2
Balance as of May 25, 2025	6,323.5	7,149.5	755.5	951.7	442.2	15,622.4
Impairment charge	—	(1,500.0)	—	—	—	(1,500.0)
Divestiture	(4.8)	—	(0.2)	—	—	(5.0)
Purchase accounting adjustments	—	(31.9)	—	—	—	(31.9)
Other activity, primarily foreign currency translation	(0.5)	—	—	26.5	10.9	36.9
Balance as of May 31, 2026	$6,318.2	$5,617.6	$755.3	$978.2	$453.1	$14,122.4

The changes in the carrying amount of other intangible assets for fiscal 2024, 2025, and 2026 are as follows:


In Millions	Total
Balance as of May 28, 2023	$6,967.6
Acquisition	132.6
Impairment charges	(103.1)
Other activity, primarily amortization and foreign currency translation	(17.2)
Balance as of May 26, 2024	6,979.9
Acquisition	320.0
Divestiture	(44.4)
Reclassified to assets held for sale	(160.7)
Other activity, primarily amortization and foreign currency translation	(13.4)
Balance as of May 25, 2025	7,081.4
Impairment charges	(302.9)
Reclassified to assets held for sale	(57.2)
Other activity, primarily amortization and foreign currency translation	(4.4)
Balance as of May 31, 2026	$6,716.9

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2026. As a result of lower future sales and profitability projections for the business supporting our Uncle Toby’s brand

intangible asset, we determined that the fair value of the brand intangible asset no longer exceeded its carrying value and recorded a

$52.9 million non-cash impairment charge.

In addition, we identified a triggering event due to a sustained decline in market capitalization and stock price in the fourth quarter of

fiscal 2026 reflecting heightened macroeconomic uncertainty and lower market multiples in our industry, which caused a related

increase in our discount rates and required an interim impairment assessment. We performed the interim impairment assessment of our

goodwill and other intangible assets as of May 31, 2026, and determined that the fair values of our North America Pet reporting unit

and our Nudges and True Chews brand intangible assets no longer exceeded the carrying values of the respective assets, primarily

driven by an increase in the discount rates. As a result, we recorded $1,750.0 million of non-cash impairment charges, of which

$1,500.0 million related to the North America Pet reporting unit goodwill and $250.0 million related to the brand intangible assets, all

of which are included within our North America Pet segment. The $1,500.0 million goodwill impairment charge is not deductible for

We recorded these impairment charges in restructuring, transformation, impairment and other exit costs in our Consolidated

Statements of (Loss) Earnings. Our estimates of the fair values were determined based on discounted cash flow models using inputs

which included our long-range cash flow projections for the businesses, royalty rates, discount rates, and tax rates. These fair values

are Level 3 assets in the fair value hierarchy.

During the fourth quarter of fiscal 2026, we also reclassified the Yoki and Kitano brand intangible assets as assets held for sale. See

Note 3 for additional information.

In addition, while having significant coverage as of our May 31, 2026 assessment date, the Blue Buffalo brand intangible asset had risk

of decreasing coverage due to the increase in our discount rates. The Progresso brand intangible asset also had risk of decreasing

coverage. We will continue to monitor applicable businesses for potential impairment. All other reporting unit and intangible asset fair

values were substantially in excess of the carrying values.