GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

May 29, 2011

Notes To Consolidated Financial Statements

NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS

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

In Millions		May 29, 2011		May 30, 2010
Goodwill	$	6,750.8	$	6,592.8
Other intangible assets:
Intangible assets not subject to amortization:
Brands		3,771.7		3,679.6
Intangible assets subject to amortization:
Patents, trademarks, and other finite-lived intangibles		69.2		54.4
Less accumulated amortization		(27.6)		(19.0)
Intangible assets subject to amortization		41.6		35.4
Other intangible assets		3,813.3		3,715.0
Total	$	10,564.1	$	10,307.8

The changes in the carrying amount of goodwill for fiscal 2009, 2010, and 2011 are as follows:

In Millions		U.S. Retail		International		Bakeries and Foodservice		Joint Ventures		Total
Balance as of May 25, 2008	$	5,107.0	$	146.4	$	955.7	$	577.0	$	6,786.1
Acquisition		41.6		-		-		-		41.6
Divestitures		(17.8)		(0.1)		(23.7)		-		(41.6)
Deferred tax adjustment related to
divestitures		(46.5)		(4.5)		(12.8)		-		(63.8)
Deferred tax adjustment resulting
from change in acquisition-related		14.0		1.3		3.8		-		19.1
income tax liabilities
Other activity, primarily foreign
currency translation		-		(19.8)		-		(58.6)		(78.4)
Balance as of May 31, 2009		5,098.3		123.3		923.0		518.4		6,663.0
Other activity, primarily foreign
currency translation		-		(1.3)		-		(68.9)		(70.2)
Balance as of May 30, 2010		5,098.3		122.0		923.0		449.5		6,592.8
Acquisitions		44.6		26.9		-		-		71.5
Divestitures		-		(0.5)		(1.9)		-		(2.4)
Other activity, primarily foreign
currency translation		-		14.2		-		74.7		88.9
Balance as of May 29, 2011	$	5,142.9	$	162.6	$	921.1	$	524.2	$	6,750.8

The changes in the carrying amount of other intangible assets for fiscal 2009, 2010, and 2011 are as follows:

In Millions		U.S. Retail		International		Joint Ventures		Total
Balance as of May 25, 2008	$	3,175.2	$	518.8	$	83.2	$	3,777.2
Acquisition		19.4		-		-		19.4
Other activity, primarily
foreign currency translation		14.3		(56.2)		(7.7)		(49.6)
Balance as of May 31, 2009		3,208.9		462.6		75.5		3,747.0
Other activity, primarily
foreign currency translation		(2.3)		(17.3)		(12.4)		(32.0)
Balance as of May 30, 2010		3,206.6		445.3		63.1		3,715.0
Acquisitions		39.3		6.0		-		45.3
Other activity, primarily
foreign currency translation		(3.4)		46.6		9.8		53.0
Balance as of May 29, 2011	$	3,242.5	$	497.9	$	72.9	$	3,813.3

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

+ References+ Details