GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

6 Months Ended

Nov. 26, 2023

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

Schedule of changes in the carrying amount of goodwill

(in millions)	North America		International		Total
Balance at May 28, 2023 (a)	$	722.4	$	318.3	$	1,040.7
Acquisition		—		8.5		8.5
Foreign currency translation adjustment		10.1		5.8		15.9
Balance at November 26, 2023	$	732.5	$	332.6	$	1,065.1

(a) As a result of our change in segments, effective May 29, 2023, goodwill was reassigned to the North America and International segments based on relative fair value using a market-based approach. Before and after the reassignment of our goodwill, we completed impairment assessments and concluded there were no indications of impairment in our segments.  See Note 12, Segments, for more information related to the change in segments.  

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

	November 26, 2023							May 28, 2023
	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)	14		124.2		(33.1)		91.1	14		121.4		(29.2)		92.2
		$	142.2	$	(33.1)	$	109.1		$	139.4	$	(29.2)	$	110.2

(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, including developed technology amortization expense, was $2.6 million and $1.5 million for the thirteen weeks ended November 26, 2023 and November 27, 2022, respectively; and $5.3 million and $2.9 million for the twenty-six weeks ended November 26, 2023 and November 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.

Schedule of other identifiable intangible assets, amortizing intangible assets

	November 26, 2023							May 28, 2023
	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)	14		124.2		(33.1)		91.1	14		121.4		(29.2)		92.2
		$	142.2	$	(33.1)	$	109.1		$	139.4	$	(29.2)	$	110.2

(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, including developed technology amortization expense, was $2.6 million and $1.5 million for the thirteen weeks ended November 26, 2023 and November 27, 2022, respectively; and $5.3 million and $2.9 million for the twenty-six weeks ended November 26, 2023 and November 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.