GENERAL MILLS INCGIS
GENERAL MILLS INC Goodwill & Intangibles Disclosure
GOODWILL AND OTHER INTANGIBLE ASSETS
The components of goodwill and other intangible assets are as follows:
In Millions | May 31, 2026 | May 25, 2025 |
Goodwill | $14,122.4 | $15,622.4 |
Other intangible assets: | ||
Intangible assets not subject to amortization: | ||
Brands | 6,472.2 | 6,816.7 |
Intangible assets subject to amortization: | ||
Customer relationships and other finite-lived intangibles | 412.4 | 420.9 |
Less accumulated amortization | (167.7) | (156.2) |
Intangible assets subject to amortization, net | 244.7 | 264.7 |
Other intangible assets | 6,716.9 | 7,081.4 |
Total | $20,839.3 | $22,703.8 |
Based on the carrying value of finite-lived intangible assets as of May 31, 2026, amortization expense for each of the next five fiscal
years is estimated to be approximately $19 million.
The changes in the carrying amount of goodwill for fiscal 2024, 2025, and 2026 are as follows:
In Millions | North America Retail | North America Pet | North America Foodservice | International | Corporate and Joint Ventures | Total |
Balance as of May 28, 2023 | $6,542.4 | $6,062.8 | $805.6 | $708.4 | $392.0 | $14,511.2 |
Acquisitions | — | — | — | 318.1 | 26.9 | 345.0 |
Impairment charge | — | — | — | (117.1) | — | (117.1) |
Other activity, primarily foreign currency translation | (0.5) | — | (0.1) | 7.7 | 4.5 | 11.6 |
Balance as of May 26, 2024 | 6,541.9 | 6,062.8 | 805.5 | 917.1 | 423.4 | 14,750.7 |
Acquisition | — | 1,086.7 | — | — | — | 1,086.7 |
Divestiture | (14.6) | — | — | — | — | (14.6) |
Reclassified to assets held for sale | (202.6) | — | (50.0) | — | — | (252.6) |
Other activity, primarily foreign currency translation | (1.2) | — | — | 34.6 | 18.8 | 52.2 |
Balance as of May 25, 2025 | 6,323.5 | 7,149.5 | 755.5 | 951.7 | 442.2 | 15,622.4 |
Impairment charge | — | (1,500.0) | — | — | — | (1,500.0) |
Divestiture | (4.8) | — | (0.2) | — | — | (5.0) |
Purchase accounting adjustments | — | (31.9) | — | — | — | (31.9) |
Other activity, primarily foreign currency translation | (0.5) | — | — | 26.5 | 10.9 | 36.9 |
Balance as of May 31, 2026 | $6,318.2 | $5,617.6 | $755.3 | $978.2 | $453.1 | $14,122.4 |
The changes in the carrying amount of other intangible assets for fiscal 2024, 2025, and 2026 are as follows:
In Millions | Total |
Balance as of May 28, 2023 | $6,967.6 |
Acquisition | 132.6 |
Impairment charges | (103.1) |
Other activity, primarily amortization and foreign currency translation | (17.2) |
Balance as of May 26, 2024 | 6,979.9 |
Acquisition | 320.0 |
Divestiture | (44.4) |
Reclassified to assets held for sale | (160.7) |
Other activity, primarily amortization and foreign currency translation | (13.4) |
Balance as of May 25, 2025 | 7,081.4 |
Impairment charges | (302.9) |
Reclassified to assets held for sale | (57.2) |
Other activity, primarily amortization and foreign currency translation | (4.4) |
Balance as of May 31, 2026 | $6,716.9 |
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.
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, 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 impairment charge is not deductible for
tax purposes.
We recorded these impairment charges in restructuring, transformation, impairment and other exit costs in our Consolidated
Statements of (Loss) Earnings. 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.
During the fourth quarter of fiscal 2026, we also reclassified the Yoki and Kitano brand intangible assets as assets held for sale. See
Note 3 for additional information.
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
values were substantially in excess of the carrying values.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jul 1, 2026 | Showing above |
| 2025 | Jun 26, 2025 | |
| 2024 | Jun 26, 2024 | |
| 2023 | Jun 28, 2023 | |
| 2022 | Jun 30, 2022 | |
| 2021 | Jun 30, 2021 | |
| 2020 | Jul 2, 2020 | |
| 2019 | Jun 28, 2019 | |
| 2018 | Jun 29, 2018 | |
| 2017 | Jun 29, 2017 | |
| 2016 | Jun 30, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.