GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

12 Months Ended

May 29, 2022

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

5.    GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The following table presents changes in goodwill balances, by segment, for fiscal years 2022 and 2021:

(in millions)	Global		Foodservice		Retail		Other		Total
Balance at May 31, 2020	$	245.6	$	42.8	$	10.9	$	4.5	$	303.8
Foreign currency translation adjustment		30.7		—		—		—		30.7
Balance at May 30, 2021		276.3		42.8		10.9		4.5		334.5
Foreign currency translation adjustment		(16.5)		—		—		—		(16.5)
Balance at May 29, 2022	$	259.8	$	42.8	$	10.9	$	4.5	$	318.0

Other identifiable intangible assets were as follows:

	May 29, 2022							May 30, 2021
	Weighted							Weighted
	Average	Gross						Average	Gross
	Useful Life	Carrying		Accumulated		Intangible		Useful Life	Carrying		Accumulated		Intangible
(dollars in millions)	(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)	10		41.4		(25.7)		15.7	11		42.2		(23.3)		18.9
		$	59.4	$	(25.7)	$	33.7		$	60.2	$	(23.3)	$	36.9

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

(b) Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology, was $5.8 million, $5.0 million, and $2.5 million in fiscal 2022, 2021, and 2020, respectively. Foreign intangible assets are affected by foreign currency translation.

Based on current intangibles subject to amortization, we expect intangible asset amortization expense, excluding developed technology, will be approximately $2.6 million and $2.0 million in fiscal 2023 and 2024, respectively, $1.8 million in fiscal 2025, 2026, and 2027, and approximately $5.7 million thereafter.

Impairment Testing

During the annual goodwill impairment test we performed in the fourth quarter of fiscal 2022, we assessed qualitative factors to determine whether it was more likely than not that the fair value of each reporting unit was less than its carrying value. Based on the results of the qualitative impairment test, we determined that it was not more likely than not that the fair value was less than the carrying value of our Global, Foodservice, Retail, and Other reporting units. Additionally, we completed our tests of our non-amortizing intangibles in the fourth quarter of fiscal 2022 and there was no indication of intangible asset impairment.