GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

9 Months Ended

Feb. 26, 2023

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

Schedule of changes in the carrying amount of goodwill

(in millions)	Global		Foodservice		Retail		Other		Total
Balance at May 29, 2022	$	259.8	$	42.8	$	10.9	$	4.5	$	318.0
Acquisition of interest in joint venture (a)		42.1		—		—		—		42.1
Foreign currency translation adjustment		(12.4)		—		—		—		(12.4)
Balance at February 26, 2023	$	289.5	$	42.8	$	10.9	$	4.5	$	347.7

(a) In July 2022, we acquired an additional 40% equity interest in LWAMSA, which increased our total equity ownership from 50% to 90%, and we recorded $42.1 million of goodwill, that is not deductible for tax purposes, in our Global segment. See Note 6, Joint Venture Investments, for more information.

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

	February 26, 2023							May 29, 2022
	Weighted							Weighted
	Average	Gross						Average	Gross
	Useful Life	Carrying		Accumulated		Intangible		Useful Life	Carrying		Accumulated		Intangible
(in millions, except useful lives)	(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		40.8		(27.4)		13.4	10		41.4		(25.7)		15.7
		$	58.8	$	(27.4)	$	31.4		$	59.4	$	(25.7)	$	33.7

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

(b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded in “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.4 million and $1.3 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $4.3 million for both the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.

Schedule of other identifiable intangible assets, amortizing intangible assets

	February 26, 2023							May 29, 2022
	Weighted							Weighted
	Average	Gross						Average	Gross
	Useful Life	Carrying		Accumulated		Intangible		Useful Life	Carrying		Accumulated		Intangible
(in millions, except useful lives)	(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		40.8		(27.4)		13.4	10		41.4		(25.7)		15.7
		$	58.8	$	(27.4)	$	31.4		$	59.4	$	(25.7)	$	33.7

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

(b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded in “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.4 million and $1.3 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $4.3 million for both the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.