v3.26.1
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
 12 Months Ended
May 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
The following table presents changes in goodwill balances, by segment, for fiscal years 2026 and 2025:
(in millions)North AmericaInternationalTotal
Balance at May 27, 2024$728.8 $331.1 $1,059.9 
Foreign currency translation adjustment24.4 5.9 30.3 
Balance at May 25, 2025$753.2 $337.0 $1,090.2 
Foreign currency translation adjustment27.1 12.8 39.9 
Balance at May 31, 2026$780.3 $349.8 $1,130.1 
Other identifiable intangible assets were as follows:
May 31, 2026May 25, 2025
(in millions, except useful lives)Weighted
Average
Useful Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Intangible
Assets, Net		Weighted
Average
Useful Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Intangible
Assets, Net
Amortizing intangible assets (a)12$140.2 $(51.5)$88.7 13$140.8 $(44.8)$96.0 
Non-amortizing intangible assets (b)n/a19.6 — 19.6 n/a18.0 — 18.0 
$159.8 $(51.5)$108.3 $158.8 $(44.8)$114.0 
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(a)Amortizing intangible assets are primarily comprised of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.
(b)Non-amortizing intangible assets represent brands, trademarks, and carbon credit purchases that are held and applied to settle environmental credit obligations within compliance periods. As of May 31, 2026 and May 25, 2025, we held $1.6 million and zero, respectively, of carbon credits to be applied in future periods.
Based on current intangible assets subject to amortization, we expect intangible asset amortization expense, excluding developed technology, will be approximately:
(in millions)Amortization
2027$8.4 
20288.3 
20298.3 
20307.9 
20317.5 
Thereafter48.3 
$88.7 
Impairment Testing
During the annual goodwill impairment test we performed in the fourth quarter of fiscal 2026, we assessed qualitative and quantitative factors to determine whether it was more likely than not that the fair value of each reporting unit was less than its carrying value. Based on the results of the qualitative assessment, we determined it was not more likely than not that the fair value was less than the carrying value of the North America reporting unit. Based on the qualitative assessment for the International reporting unit, we could not determine that the fair value was less than the carrying value of the reporting unit, and thus performed a quantitative assessment. After performing the quantitative assessment for the International reporting unit, we determined that it was not more likely than not that the fair value of the reporting unit was less than the carrying value, thus no impairment of the International reporting unit goodwill was realized. Additionally, we completed our tests of our non-amortizing intangibles in the fourth quarter of fiscal 2026 and there was no indication of intangible asset impairment.