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Goodwill and Other Intangible Assets
12 Months Ended
May 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

NOTE C — GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill, by reportable segment, for the years ended May 31, 2022 and 2021, are as follows:

 

 

 

CPG

 

 

PCG

 

 

Consumer

 

 

SPG

 

 

 

 

(In thousands)

 

Segment

 

 

Segment

 

 

Segment

 

 

Segment

 

 

Total

 

Balance as of June 1, 2020

 

$

405,354

 

 

$

185,404

 

 

$

496,218

 

 

$

163,090

 

 

$

1,250,066

 

Acquisitions

 

 

2,295

 

 

 

16,174

 

 

 

20,126

 

 

 

2,134

 

 

 

40,729

 

Translation adjustments & other

 

 

35,866

 

 

 

5,460

 

 

 

8,886

 

 

 

4,747

 

 

 

54,959

 

Balance as of May 31, 2021

 

 

443,515

 

 

 

207,038

 

 

 

525,230

 

 

 

169,971

 

 

 

1,345,754

 

Acquisitions

 

 

24,539

 

 

 

5,342

 

 

 

-

 

 

 

866

 

 

 

30,747

 

Translation adjustments & other

 

 

(14,403

)

 

 

(10,565

)

 

 

(9,633

)

 

 

(4,032

)

 

 

(38,633

)

Balance as of May 31, 2022

 

$

453,651

 

 

$

201,815

 

 

$

515,597

 

 

$

166,805

 

 

$

1,337,868

 

 

Total accumulated goodwill impairment losses were $156.3 million at May 31, 2022. Of the accumulated balance, $141.4 million was recorded during the fiscal year ended May 31, 2017 by a reporting unit that at the time was included in our Consumer segment and is now included in our SPG segment, and $14.9 million was recorded during the fiscal year ended May 31, 2009 by a reporting unit that at the time was included in our former Industrial reportable segment and is now included in our CPG segment. There were no impairment losses recorded during fiscal 2022, 2021 or 2020.

Other intangible assets consist of the following major classes:

 

 

 

 

 

Gross

 

 

 

 

 

Net Other

 

 

 

Amortization

 

Carrying

 

 

Accumulated

 

 

Intangible

 

(In thousands)

 

Period (In Years)

 

Amount

 

 

Amortization

 

 

Assets

 

As of May 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Amortized intangible assets

 

 

 

 

 

 

 

 

 

 

 

Formulae

 

9 to 33

 

$

234,366

 

 

$

(181,983

)

 

$

52,383

 

Customer-related intangibles

 

5 to 33

 

 

508,143

 

 

 

(257,219

)

 

 

250,924

 

Trademarks/names

 

5 to 40

 

 

35,957

 

 

 

(21,588

)

 

 

14,369

 

Other

 

3 to 30

 

 

33,331

 

 

 

(26,831

)

 

 

6,500

 

Total Amortized Intangibles

 

 

 

 

811,797

 

 

 

(487,621

)

 

 

324,176

 

Indefinite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

Trademarks/names

 

 

 

 

268,085

 

 

 

-

 

 

 

268,085

 

Total Other Intangible Assets

 

 

 

$

1,079,882

 

 

$

(487,621

)

 

$

592,261

 

As of May 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Amortized intangible assets

 

 

 

 

 

 

 

 

 

 

 

Formulae

 

9 to 33

 

$

234,037

 

 

$

(172,989

)

 

$

61,048

 

Customer-related intangibles

 

5 to 33

 

 

505,710

 

 

 

(233,496

)

 

 

272,214

 

Trademarks/names

 

5 to 40

 

 

34,326

 

 

 

(20,575

)

 

 

13,751

 

Other

 

5 to 33

 

 

34,086

 

 

 

(25,707

)

 

 

8,379

 

Total Amortized Intangibles

 

 

 

 

808,159

 

 

 

(452,767

)

 

 

355,392

 

Indefinite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

Trademarks/names

 

 

 

 

273,301

 

 

 

-

 

 

 

273,301

 

Total Other Intangible Assets

 

 

 

$

1,081,460

 

 

$

(452,767

)

 

$

628,693

 

 

The aggregate intangible asset amortization expense for the fiscal years ended May 31, 2022, 2021 and 2020 was $45.7 million, $44.3 million and $45.6 million, respectively. For the next five fiscal years, we estimate annual intangible asset amortization expense related to our existing intangible assets to approximate the following: fiscal 2023 — $42.1 million, fiscal 2024 — $38.8 million, fiscal 2025 — $34.0 million, fiscal 2026 — $29.9 million and fiscal 2027 — $28.3 million.

During both fiscal 2022 and fiscal 2021, we did not record an impairment charge. During fiscal 2020 we recorded a $4.0 million impairment loss, which was classified in restructuring expense within our Consumer reportable segment, for impairment losses on indefinite-lived trade names, as a result of a decision to exit an unprofitable business and abandon a tradename in connection with MAP to Growth.