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Acquisitions And Divestitures
 9 Months Ended
Feb. 23, 2025
Acquisitions And Divestitures [Abstract]  
Acquisitions And Divestitures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
Inventories
$
52.4
Prepaid expenses and other current assets
15.1
Land, buildings, and equipment
224.3
Goodwill
252.6
Other intangible assets
160.7
Other assets
25.1
Assets held for sale
$
730.2
Other current liabilities
$
8.8
Other liabilities
11.7
Liabilities held for sale
$
20.5
 
(2) Acquisitions and Divestitures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
We
 
consolidated
 
Whitebridge
 
Pet
 
Brands
 
into
 
our
 
Consolidated
 
Balance
 
Sheets
 
and
 
recorded
goodwill
 
of
 
$
1,087.4
 
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.
During
 
the
 
second
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
entered
 
into
 
definitive
 
agreements
 
to
 
sell
 
our
 
North
 
American
 
yogurt
 
businesses
 
to
affiliates of Groupe Lactalis S.A. (Lactalis) and
 
Sodiaal International (Sodiaal) for approximately $
2.1
 
billion. During the third quarter
of
 
fiscal
 
2025,
 
we
 
completed
 
the
 
sale
 
of
 
our
 
Canada
 
yogurt
 
business
 
to
 
Sodiaal
 
and
 
recorded
 
a
 
pre-tax
 
gain
 
of
 
$
95.9
 
million.
 
We
expect
 
to
 
close
 
the
 
sale of
 
our
 
United
 
States yog
 
urt
 
business
 
to
 
Lactalis
 
in
 
calendar
 
year
 
2025,
 
subject
 
to
 
regulatory
 
approvals
 
and
other customary
 
closing conditions.
 
We
 
have classified
 
all assets
 
and liabilities
 
associated
 
with our
 
United States
 
yogurt business
 
as
held for sale in our Consolidated Balance Sheets as of February 23, 2025.
The components of assets held for sale and liabilities held for sale are as follows:
 
 
 
 
During the fourth
 
quarter of fiscal 2024,
 
we acquired a pet
 
food business in Europe
 
for a purchase price
 
of $
434.1
 
million, net of
 
cash
acquired.
 
During
 
the
 
first
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
paid
 
$
7.7
 
million
 
related
 
to
 
a
 
purchase
 
price
 
holdback
 
after
 
certain
 
closing
conditions
 
were
 
met.
We
financed
 
the
 
transaction
 
with
 
cash
 
on
 
hand.
 
We
 
consolidated
 
the
 
business
 
into
 
our
 
Consolidated
 
Balance
Sheets
 
and
 
recorded
 
goodwill
 
of
 
$
317.5
 
million,
 
an
 
indefinite-lived
 
brand
 
intangible
 
asset
 
of
 
$
118.4
 
million
 
and
 
a
 
finite-lived
customer
 
relationship
 
asset
 
of
 
$
14.2
 
million.
 
The
 
goodwill
 
is
 
included
 
in
 
the
 
International
 
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
International operating segment on a one-month lag beginning in
 
fiscal 2025.