Goodwill and Other Intangible Assets

12 Months Ended

May 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE C — GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill, by reportable segment, for the years ended May 31, 2021 and 2020, are as follows:

	CPG			PCG			Consumer			SPG
(In thousands)	Segment			Segment			Segment			Segment			Total
Balance as of June 1, 2019	$	407,429		$	185,259		$	499,387		$	153,687		$	1,245,762
Acquisitions		14,689			3,023			-			10,352			28,064
Translation adjustments & other (1)		(16,764	)		(2,878	)		(3,169	)		(949	)		(23,760	)
Balance as of May 31, 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

(1)	Activity includes a $2.3 million decrease to goodwill within our Consumer segment related to adjustments to preliminary purchase price allocations, primarily due to deferred tax adjustments.

Total accumulated goodwill impairment losses were $156.3 million at May 31, 2021. 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 2021, 2020 or 2019.

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, 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
As of May 31, 2020
Amortized intangible assets
Formulae	9 to 33	$	230,621	$	(160,771	)	$	69,850
Customer-related intangibles	5 to 33		439,153		(197,752	)		241,401
Trademarks/names	5 to 40		30,700		(17,224	)		13,476
Other	1 to 33		32,224		(23,281	)		8,943
Total Amortized Intangibles			732,698		(399,028	)		333,670
Indefinite-lived intangible assets
Trademarks/names			250,710		-			250,710
Total Other Intangible Assets		$	983,408	$	(399,028	)	$	584,380

The aggregate intangible asset amortization expense for the fiscal years ended May 31, 2021, 2020 and 2019 was $44.3 million, $45.6 million and $45.1 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 2022 — $44.3 million, fiscal 2023 — $40.8 million, fiscal 2024 — $37.8 million, fiscal 2025 — $33.0 million and fiscal 2026 — $28.9 million.

During 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. During fiscal 2019 we recorded $4.2 million of intangible asset impairment losses, of which $2.0 million was recorded by our CPG reportable segment for impairment losses on trade names and approximately $2.2 million was recorded by our SPG reportable segment for impairment losses on customer-related intangibles.