Acquisition and Divestitures

6 Months Ended

Nov. 23, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition and Divestitures

Acquisition and Divestitures

During the first quarter of fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and

recorded a pre-tax gain of $1,046.5 million.

During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a

pre-tax gain of $95.9 million. In the first quarter of fiscal 2026, we recorded a sale price adjustment that resulted in a $7.9 million

increase to the pre-tax gain.

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 and new debt. We consolidated Whitebridge Pet Brands into our Consolidated Balance Sheets and

recorded goodwill of $1,086.7 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. In the second quarter of fiscal 2026, we recorded adjustments to certain

purchase accounting liabilities upon finalization of income tax returns that resulted in a $32.5 million decrease to goodwill.