Goodwill and Other Intangible Assets

9 Months Ended

Feb. 22, 2026

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


In Millions	Feb. 22, 2026	May 25, 2025
Goodwill	$15,634.4	$15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands	6,780.2	6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	421.3	420.9
Less accumulated amortization	(171.4)	(156.2)
Intangible assets subject to amortization, net	249.9	264.7
Other intangible assets	7,030.1	7,081.4
Total	$22,664.5	$22,703.8

Based on the carrying value of finite-lived intangible assets as of February 22, 2026, annual amortization expense for each of the next

five fiscal years is estimated to be approximately $20 million.

The changes in the carrying amount of goodwill during the nine-month period ended February 22, 2026, were as follows:


In Millions	North America Retail	North America Pet	North America Foodservice	International (a)	Corporate and Joint Ventures	Total
Balance as of May 25, 2025	$6,323.5	$7,149.5	$755.5	$951.7	$442.2	$15,622.4
Divestiture	(4.7)	—	(0.2)	—	—	(4.9)
Purchase accounting adjustments	—	(31.9)	—	—	—	(31.9)
Other activity, primarily foreign currency translation	0.3	—	—	33.1	15.4	48.8
Balance as of Feb. 22, 2026	$6,319.1	$7,117.6	$755.3	$984.8	$457.6	$15,634.4

(a)The carrying amounts of goodwill within the International segment as of May 25, 2025, and February 22, 2026, were net of

accumulated impairment losses of $117.1 million. For additional information, see Note 6 to the Consolidated Financial Statements

included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.

The changes in the carrying amount of other intangible assets during the nine-month period ended February 22, 2026, were as follows:


In Millions		Total
Balance as of May 25, 2025		$7,081.4
Impairment charge		(52.9)
Other activity, primarily foreign currency translation and amortization		1.6
Balance as of Feb. 22, 2026		$7,030.1

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

$52.9 million non-cash impairment charge. We recorded the impairment charge in restructuring, transformation, impairment, and other

exit costs in our Consolidated Statements of Earnings. Our estimate of the fair value was determined based on a discounted cash flow

model using inputs which included our long-range cash flow projections for the business, the royalty rate, the weighted-average cost

of capital rate, and the tax rate. The fair value is a Level 3 asset in the fair value hierarchy.

All other intangible asset fair values were substantially in excess of the carrying values. In addition, while having significant coverage

as of our fiscal 2026 assessment date, the Progresso, Nudges, True Chews, and Kitano brand intangible assets had risk of decreasing

coverage. We will continue to monitor these businesses for potential impairment.