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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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      "text": "Saputo allocated C$78.3 million to its Canadian segment goodwill to account for the Shepherd Gourmet acquisition. We previously illustrated how a majority of its product SKUs no longer appear on the website. This begs the question: why hasn't any of the recorded goodwill from the transaction been impaired? Saputo claims it performed an annual impairment test and that no goodwill impairment was necessary. As we previously illustrated, we question Saputo's testing methodology.",
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      "text": "How Is This Possible? The Company performed its annual impairment testing of goodwill based on the December 31, 2021 balances, and, in all cases, the recoverable amounts exceeded their respective carrying values including goodwill; therefore, goodwill was not considered to be impaired as at March 31, 2022",
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      "text": "The Company performed its annual impairment testing of goodwill based on the December 31, 2021 balances, and, in all cases, the recoverable amounts exceeded their respective carrying values including goodwill; therefore, goodwill was not considered to be impaired as at March 31, 2022",
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      "text": "goodwill: C$78.3 million",
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      "text": "The Company performed its annual impairment testing of goodwill based on the December 31, 2021 balances, and, in all cases, the recoverable amounts exceeded their respective carrying values including goodwill; therefore, goodwill was not considered to be impaired as at March 31, 2022 — Saputo FY 2022 Annual Report",
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      "text": "Source: Saputo FY 2020 Annual Report",
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      "text": "Source: Saputo FY 2022 Annual Report",
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      "text": "Allocation of goodwill table by sector and division for March 31, 2022 and March 31, 2021.",
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      "text": "Purchase Price And Goodwill Allocation table showing assets acquired and liabilities assumed for Murray Goulburn, Shepherd Gourmet, and F&A.",
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