GENERAL MILLS INC 10-K form, page 53: 




























































53 
Joint venture earnings and cash flow activity is as follows:



Fiscal Year


In Millions

2023
2022
2021
Sales to joint ventures
$
5.8
$
6.3
$
6.7
Net advances (repayments)
32.2
(15.4)
(15.5)
Dividends received
69.9
107.5
95.2




Summary combined financial information for the joint ventures on
a 100 percent basis is as follows:



Fiscal Year


In Millions

2023
2022
2021

Net sales:


CPW

$
1,618.9
$
1,706.5
$
1,766.8

HDJ

338.5
427.8
422.4
Total net sales
1,957.4
2,134.3
2,189.2
Gross margin
667.7
803.1
882.9
Earnings before income taxes
169.3
249.9
247.8
Earnings after income taxes
126.9
201.0
201.7





In Millions


May 28, 2023


May 29, 2022

Current assets
$
817.7
$
823.9
Noncurrent assets
772.7
839.8
Current liabilities
1,300.0
1,298.8
Noncurrent liabilities
100.3
106.5






NOTE 6. GOODWILL AND OTHER INTANGIBLE


ASSETS 

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



In Millions


May 28, 2023


May 29, 2022


Goodwill

$
14,511.2
$
14,378.5
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,712.4
6,725.8
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
386.3
400.3
Less accumulated amortization
(131.1)
(126.2)
Intangible assets subject to amortization
255.2
274.1
Other intangible assets
6,967.6
6,999.9

Total

$
21,478.8
$
21,378.4





Based on

the carrying
value of
finite-lived intangible

assets as of


May 28,

2023, amortization
expense for
each of
the next five
fiscal 
years is estimated to be approximately $
20

million. 



 
, GENERAL MILLS INC 10-K form, page 54: 









































































































54 
The changes in the carrying amount of goodwill for fiscal 2021, 2022, and 2023
are as follows:



In Millions


North 


America 


Retail


Pet


North 


America 


Foodservice


International


Joint 


Ventures


Total


Balance as of May 31, 2020

$
6,673.7
$
5,300.5
$
648.8
$
894.5
$
405.7
$
13,923.2

Divestiture

-
-
-
(1.2)
-
(1.2)
Other activity, primarily
foreign 

currency translation
15.6
-
-
84.9
39.9
140.4

Balance as of May 30, 2021

6,689.3
5,300.5
648.8
978.2
445.6
14,062.4

Acquisition

-
762.3
-
-
-
762.3

Divestitures

-
-
-
(201.8)
-
(201.8)
Reclassified to assets held for sale
(130.0)
-
-
-
-
(130.0)
Other activity, primarily
foreign 

currency translation
(6.4)
-
-
(54.8)
(53.2)
(114.4)

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 

currency translation
(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




The changes in the carrying amount of other intangible assets for fiscal 2021, 2022, and
2023 are as follows:



In Millions


Total


Balance as of May 31, 2020

$
7,095.8

Divestiture

(5.3)
Other activity, primarily
amortization and foreign currency translation
60.1

Balance as of May 30, 2021

7,150.6

Acquisition

370.0

Divestitures

(621.8)
Intellectual property intangible asset
210.4
Other activity, primarily
amortization and foreign currency translation
(109.3)

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





Our

annual
goodwill

and

indefinite-lived
intangible
assets
impairment
test
was
performed

on


the

first
day

of


the

second
quarter

of 

fiscal
2023,

and

we
determined
there
was
no
impairment

of

our
intangible
assets

as

their
related
fair
values
were
substantially

in 


excess of the

carrying values,
except for

the 


Uncle Toby's


brand intangible

asset. In addition,

while having
significant coverage

as of 

our fiscal 2023
assessment date, the 

Progresso



and 


EPIC


brand intangible assets had
risk of decreasing coverage.

We

will continue to 
monitor these businesses for potential impairment.


We did not
identify any indicators of impairment for any goodwill or indefinite-lived
intangible assets as of May 28, 2023.



NOTE 7. LEASES 

Our lease portfolio primarily
consists of operating lease
arrangements for certain
warehouse and distribution space,
office space, retail 
shops,
production
facilities,
rail
cars,
production

and

distribution
equipment,
automobiles,

and

office
equipment.

Our

lease
costs 
associated with finance
leases and
sale-leaseback transactions
and our
lease income associated

with lessor and

sublease arrangements 
are not material to our Consolidated Financial Statements. 



 
, PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2023-06-30, page 45: 
The Procter & Gamble Company 45


charges incurred in fiscal year 2022, $182 were recorded in Costs of products sold, $67 in SG&A, and $4 in Other non-operating income, net. The following table presents restructuring activity for the fiscal years ended June 30, 2023 and 2022:
|    |                                      |             |                     |       |       |       |       |     |    |     |
|---:|:-------------------------------------|:------------|:--------------------|:------|:------|:------|:------|:----|:---|:----|
|  1 |                                      | Separations | Asset-Related Costs | Other | Total |       |       |     |    |     |
|  2 | RESERVE JUNE 30, 2021                | $           | 176                 |       | $     | -     | $     | 102 | $  | 278 |
|  3 | Cost incurred and charged to expense | 88          |                     | 87    |       | 78    | 253   |     |    |     |
|  4 | Cost paid/settled                    | (143)       |                     | (87)  |       | (154) | (384) |     |    |     |
|  5 | RESERVE JUNE 30, 2022                | 121         |                     | -     |       | 26    | 147   |     |    |     |
|  6 | Cost incurred and charged to expense | 175         |                     | 43    |       | 111   | 329   |     |    |     |
|  7 | Cost paid/settled                    | (141)       |                     | (43)  |       | (118) | (302) |     |    |     |
|  8 | RESERVE JUNE 30, 2023                | $           | 155                 |       | $     | -     | $     | 19  | $  | 174 |
Consistent with our historical policies for ongoing restructuring-type activities, the restructuring charges are funded by and included within Corporate for management and segment reporting. 
However, for information purposes, the following table summarizes the total restructuring costs related to our reportable segments:

|    |                              |      |      |      |    |     |    |     |
|---:|:-----------------------------|:-----|:-----|:-----|:---|:----|:---|:----|
|  1 | Fiscal years ended June 30   | 2023 | 2022 | 2021 |    |     |    |     |
|  2 | Beauty                       | $    | 15   |      | $  | 11  | $  | 13  |
|  3 | Grooming                     | 17   |      | 14   |    | 25  |    |     |
|  4 | Health Care                  | 28   |      | 32   |    | 51  |    |     |
|  5 | Fabric & Home Care           | 87   |      | 42   |    | 22  |    |     |
|  6 | Baby, Feminine & Family Care | 21   |      | 83   |    | 29  |    |     |
|  7 | Corporate (1)                | 161  |      | 71   |    | 190 |    |     |
|  8 | Total Company                | $    | 329  |      | $  | 253 | $  | 330 |

(1)Corporate includes costs related to allocated overheads, including charges related to our Enterprise Markets, Global Business Services and Corporate Functions activities.

NOTE 4


GOODWILL AND INTANGIBLE ASSETS

The change in the net carrying amount of goodwill by reportable segment was as follows:

|    |                                    |        |          |             |                    |                              |               |       |       |       |    |         |    |       |    |        |
|---:|:-----------------------------------|:-------|:---------|:------------|:-------------------|:-----------------------------|:--------------|:------|:------|:------|:---|:--------|:---|:------|:---|:-------|
|  1 |                                    | Beauty | Grooming | Health Care | Fabric & Home Care | Baby, Feminine & Family Care | Total Company |       |       |       |    |         |    |       |    |        |
|  2 | Balance at June 30, 2021 - Net (1) | $      | 13,257   |             | $                  | 13,095                       |               | $     | 8,046 |       | $  | 1,873   | $  | 4,653 | $  | 40,924 |
|  3 | Acquisitions and divestitures      | 781    |          | -           |                    | 1                            |               | -     |       | -     |    | 782     |    |       |    |        |
|  4 | Translation and other              | (742)  |          | (524)       |                    | (458)                        |               | (65)  |       | (217) |    | (2,006) |    |       |    |        |
|  5 | Balance at June 30, 2022 - Net (1) | 13,296 |          | 12,571      |                    | 7,589                        |               | 1,808 |       | 4,436 |    | 39,700  |    |       |    |        |
|  6 | Acquisitions and divestitures      | 405    |          | -           |                    | -                            |               | -     |       | 33    |    | 438     |    |       |    |        |
|  7 | Translation and other              | 187    |          | 132         |                    | 129                          |               | 13    |       | 60    |    | 521     |    |       |    |        |
|  8 | Balance at June 30, 2023 - Net (1) | $      | 13,888   |             | $                  | 12,703                       |               | $     | 7,718 |       | $  | 1,821   | $  | 4,529 | $  | 40,659 |

(1)Grooming goodwill balance is net of $7.9 billion accumulated impairment losses.
Goodwill and indefinite-lived intangibles are tested for impairment at least annually by comparing the estimated fair values of our reporting units and indefinite-lived intangible assets to their respective carrying values. We use the income method to estimate the fair value of these assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and profitability). Significant judgement by management is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to the Russia-Ukraine War. Estimates utilized in the projected cash flows include consideration of macroeconomic conditions, overall category growth rates, competitive activities, cost containment and margin expansion, Company business plans, the underlying product or technology life cycles, economic barriers to entry, a brand's relative market position and the discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. 
Amounts in millions of dollars except per share amounts or as otherwise specified.




, PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2023-06-30, page 46: 
46 The Procter & Gamble Company


We believe the estimates and assumptions utilized in our impairment testing are reasonable and are comparable to those that would be used by other marketplace participants. However, actual events and results could differ substantially from those used in our valuations. To the extent such factors result in a failure to achieve the level of projected cash flows initially used to estimate fair value for purposes of establishing or subsequently impairing the carrying amount of goodwill and related intangible assets, we may need to record additional non-cash impairment charges in the future. 
Goodwill increased during fiscal 2023 primarily due to an acquisition in the Beauty segment, other minor brand acquisitions in the Baby, Feminine & Family Care segment and currency translation across all reportable segments.
Goodwill decreased during fiscal 2022 due to currency translation across all reportable segments, partially offset by three acquisitions (Farmacy Beauty, Ouai and TULA) in the Beauty reportable segment. 
Identifiable intangible assets were comprised of:
 |    |                                           |                       |                         |         |                       |                         |        |         |        |    |         |
|---:|:------------------------------------------|:----------------------|:------------------------|:--------|:----------------------|:------------------------|:-------|:--------|:-------|:---|:--------|
|  1 |                                           | 2023                  |                         | 2022    |                       |                         |        |         |        |    |         |
|  2 | As of June 30                             | Gross Carrying Amount | AccumulatedAmortization |         | Gross Carrying Amount | AccumulatedAmortization |        |         |        |    |         |
|  3 | INTANGIBLE ASSETS WITH DETERMINABLE LIVES |                       |                         |         |                       |                         |        |         |        |    |         |
|  4 | Brands                                    | $                     | 4,352                   |         | $                     | (2,540)                 |        | $       | 4,299  | $  | (2,628) |
|  5 | Patents and technology                    | 2,775                 |                         | (2,649) |                       |                         | 2,769  | (2,609) |        |    |         |
|  6 | Customer relationships                    | 1,847                 |                         | (1,039) |                       |                         | 1,797  | (939)   |        |    |         |
|  7 | Other                                     | 73                    |                         | (28)    |                       |                         | 147    | (97)    |        |    |         |
|  8 | TOTAL                                     | $                     | 9,047                   |         | $                     | (6,256)                 |        | $       | 9,012  | $  | (6,273) |
| 10 | INTANGIBLE ASSETS WITH INDEFINITE LIVES   |                       |                         |         |                       |                         |        |         |        |    |         |
| 11 | Brands                                    | 20,992                |                         | -       |                       |                         | 20,940 | -       |        |    |         |
| 13 | TOTAL INTANGIBLE ASSETS                   | $                     | 30,039                  |         | $                     | (6,256)                 |        | $       | 29,952 | $  | (6,273) |
Amortization expense of intangible assets was as follows:
|    |                               |      |     |      |      |     |    |     |
|---:|:------------------------------|:-----|:----|:-----|:-----|:----|:---|:----|
|  1 | Fiscal years ended June 30    | 2023 |     | 2022 | 2021 |     |    |     |
|  2 | Intangible asset amortization | $    | 327 |      | $    | 312 | $  | 318 |
Estimated amortization expense over the next five fiscal years is as follows:
|    |                                |      |      |      |      |      |    |     |    |     |    |     |
|---:|:-------------------------------|:-----|-----:|:-----|:-----|-----:|:---|:----|:---|:----|:---|:----|
|  1 | Fiscal years ending June 30    | 2024 | 2025 | 2026 | 2027 | 2028 |    |     |    |     |    |     |
|  2 | Estimated amortization expense | $    |  340 |      | $    |  320 | $  | 297 | $  | 287 | $  | 247 |

NOTE 5


INCOME TAXES

Income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rates in the period of change. 
We have elected to account for the tax effects of Global Intangible Low-Taxed Income (GILTI) as a current period expense when incurred. 
Earnings before income taxes consisted of the following:

|    |                            |       |        |      |       |      |        |       |    |        |
|---:|:---------------------------|:------|:-------|:-----|:------|:-----|:-------|:------|:---|:-------|
|  1 | Fiscal years ended June 30 | 2023  |        | 2022 |       | 2021 |        |       |    |        |
|  2 | United States              | $     | 12,107 |      |       | $    | 11,698 |       | $  | 10,858 |
|  3 | International              | 6,246 |        |      | 6,297 |      |        | 6,757 |    |        |
|  4 | TOTAL                      | $     | 18,353 |      |       | $    | 17,995 |       | $  | 17,615 |

Amounts in millions of dollars except per share amounts or as otherwise specified.






Question: Compare the goodwill and intangible assets of General Mills and The Procter & Gamble Company for the fiscal year 2023.
Answer: General Mills reported goodwill of $14,511.2 million and other intangible assets totaling $6,967.6 million for the fiscal year 2023. The intangible assets include brands and other indefinite-lived intangibles valued at $6,712.4 million and customer relationships and other finite-lived intangibles valued at $255.2 million after accumulated amortization.
The Procter & Gamble Company reported goodwill of $40,659 million and intangible assets totaling $30,039 million for the fiscal year 2023. The intangible assets include brands with indefinite lives valued at $20,992 million and other intangible assets with determinable lives valued at $9,047 million, with accumulated amortization of $6,256 million.
P&G's goodwill and intangible assets are significantly higher than those of General Mills, reflecting P&G's larger scale and extensive brand portfolio. This substantial difference in intangible assets indicates P&G's strong market presence and brand equity.