GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

9 Months Ended

Feb. 23, 2020

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

Schedule of changes in the carrying amount of goodwill

	Global		Foodservice		Retail		Other		Total
Balance at May 26, 2019	$	147.7	$	42.8	$	10.9	$	4.5	$	205.9
Acquisition (a)		106.1		—		—		—		106.1
Foreign currency translation adjustment		(9.0)		—		—		—		(9.0)
Balance at February 23, 2020	$	244.8	$	42.8	$	10.9	$	4.5	$	303.0

(a) In July 2019, we acquired a frozen potato processor in Australia and recorded $106.1 million of goodwill in our Global Segment. See Note 7, Acquisition, for more information.

Schedule of other identifiable intangible assets, non-amortizing intangible assets

	February 23, 2020							May 26, 2019
	Weighted							Weighted
	Average	Gross						Average	Gross
	Useful Life	Carrying		Accumulated		Intangible		Useful Life	Carrying		Accumulated		Intangible
	(in years)	Amount		Amortization		Assets, Net		(in years)	Amount		Amortization		Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	11		42.4		21.4		21.0	14		39.1		19.5		19.6
		$	60.4	$	21.4	$	39.0		$	57.1	$	19.5	$	37.6

(a) Non-amortizing intangible assets represent brands and trademarks.

(b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Amortization expense was $0.6 million and $0.5 million for the thirteen weeks ended February 23, 2020 and February 24, 2019, respectively; and $1.9 million and $1.6 million for the thirty-nine weeks ended February 23, 2020 and February 24, 2019, respectively. Foreign intangible assets are affected by foreign currency translation.

Schedule of other identifiable intangible assets, amortizing intangible assets

	February 23, 2020							May 26, 2019
	Weighted							Weighted
	Average	Gross						Average	Gross
	Useful Life	Carrying		Accumulated		Intangible		Useful Life	Carrying		Accumulated		Intangible
	(in years)	Amount		Amortization		Assets, Net		(in years)	Amount		Amortization		Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	11		42.4		21.4		21.0	14		39.1		19.5		19.6
		$	60.4	$	21.4	$	39.0		$	57.1	$	19.5	$	37.6

(a) Non-amortizing intangible assets represent brands and trademarks.

(b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Amortization expense was $0.6 million and $0.5 million for the thirteen weeks ended February 23, 2020 and February 24, 2019, respectively; and $1.9 million and $1.6 million for the thirty-nine weeks ended February 23, 2020 and February 24, 2019, respectively. Foreign intangible assets are affected by foreign currency translation.