GENERAL MILLS INCGIS
GENERAL MILLS INC Goodwill & Intangibles Disclosure
NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS
The components of goodwill and other intangible assets are as follows:
In Millions
May 25, 2025
May 26, 2024
Goodwill
$
15,622.4
$
14,750.7
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,816.7
6,728.6
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
420.9
402.2
Less accumulated amortization
(156.2)
(150.9)
Intangible assets subject to amortization
264.7
251.3
Other intangible assets
7,081.4
6,979.9
Total
$
22,703.8
$
21,730.6
Based on the carrying value of finite-lived intangible assets as of May 25, 2025, amortization expense for each of the next five fiscal
years is estimated to be approximately $
20
The changes in the carrying amount of goodwill for fiscal 2023, 2024, and 2025 are as follows:
In Millions
North
America
Retail
North
America Pet
North
America
Foodservice
International
(a)
Corporate
and Joint
Ventures
Total
Balance as of May 29, 2022
$
6,552.9
$
6,062.8
$
648.8
$
721.6
$
392.4
$
14,378.5
Acquisition
-
-
156.8
-
-
156.8
Divestitures
(2.0)
-
-
(0.4)
-
(2.4)
Other activity, primarily foreign
(8.5)
-
-
(12.8)
(0.4)
(21.7)
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
(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
(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
The carrying amounts of goodwill within the International segment as of May 26, 2024, and May 25, 2025, were net of
accumulated impairment losses of $
117.1
The changes in the carrying amount of other intangible assets for fiscal 2023, 2024, and 2025 are as follows:
In Millions
Total
Balance as of May 29, 2022
$
6,999.9
Acquisition
3.8
Divestiture
(3.6)
Other activity, primarily amortization and foreign currency translation
(32.5)
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
Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of
fiscal 2025, and we determined there was
no
excess of the carrying values, except for the
Uncle Toby’s
our fiscal 2025 assessment date, the
Progresso
,
Nudges
,
True Chews
, and
Kitano
coverage. We will continue to monitor these businesses for potential impairment.
We did not identify any indicators of impairment for all other goodwill and indefinite-lived intangible assets as of May 25, 2025.
In fiscal 2024, as a result of lower future profitability projections for our Latin America reporting unit, we recorded a $
117.1
non-cash goodwill impairment charge. In addition, as a result of lower future sales and profitability projections for the businesses
supporting our
Top Chews
,
True Chews
, and
EPIC
103.1
charges in fiscal 2024. We recorded impairment charges in
restructuring, transformation, impairment, and other exit costs
Consolidated Statements of Earnings. Our estimates of the fair values were determined based on a discounted cash flow model using
inputs which included our long-range cash flow projections for the businesses, royalty rates, weighted -average cost of capital rates,
and tax rates. These fair values are Level 3 assets in the fair value hierarchy.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 26, 2025 | Showing above |
| 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.