General Mills, a U At the End of 2020, General Mills Determines That It

Essay

General Mills, a U.S. company, reports $6,700 million in goodwill, allocated to the following reporting units (in millions):
$\begin{array}{lr}\text { U.S. Retail } & \$ 5,000 \\\text { International } & 150 \\\text { Bakeries and Food Service } & 1,550 \\\text { Total } & \underline{\$ 6,700}\end{array}$

At the end of 2020, General Mills determines that it is more likely than not that goodwill is impaired for all three reporting units. It collects the following information (in millions):
$\begin{array}{|l|r|c|}\hline \text { Reporting unit } & \text { Fair Value } & \text { Book Value } \\\hline \text { U.S. Retail } & \$ 45,000 & \$ 46,000 \\\hline \text { International } & 3,000 & 3,125 \\\hline \text { Bakeries and Food Service } & 10,000 & 9,500 \\\hline\end{array}$
Required
Calculate the total goodwill impairment loss for 2020, following U.S. GAAP.