
In Millions	Aug. 30, 2026	May 31, 2026
Goodwill	$14,113.1	$14,122.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands	6,470.9	6,472.2
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	412.3	412.4
Less accumulated amortization	(173.0)	(167.7)
Intangible assets subject to amortization, net	239.3	244.7
Other intangible assets	6,710.2	6,716.9
Total	$20,823.3	$20,839.3

Based on the carrying value of finite-lived intangible assets as of August 30, 2026, annual amortization expense for each of the next

The changes in the carrying amount of goodwill during the three-month period ended August 30, 2026, were as follows:


In Millions	North America Retail	North America Pet (a)	North America Foodservice	International	Corporate and Joint Ventures	Total
Balance as of May 31, 2026	$6,318.2	$5,617.6	$755.3	$978.2	$453.1	$14,122.4
Other activity, primarily foreign currency translation	(0.8)	—	—	(5.7)	(2.8)	(9.3)
Balance as of Aug. 30, 2026	$6,317.4	$5,617.6	$755.3	$972.5	$450.3	$14,113.1

(a)The carrying amounts of goodwill within the North America Pet segment as of May 31, 2026, and August 30, 2026, were net of accumulated

The changes in the carrying amount of other intangible assets during the three-month period ended August 30, 2026, were as follows:


In Millions		Total
Balance as of May 31, 2026		$6,716.9
Other activity, primarily amortization and foreign currency translation		(6.7)
Balance as of Aug. 30, 2026		$6,710.2

In addition, we had $55.0 million of other intangible assets classified as held for sale as of August 30, 2026.

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

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, in the fourth quarter of fiscal 2026 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

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

Statements of (Loss) Earnings in the fourth quarter of fiscal 2026. 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.

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