GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

9 Months Ended

Feb. 25, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The following table presents changes in goodwill balances, by segment, for the thirty-nine weeks ended February 25, 2024:

(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	4.2		3.2		7.4
Balance at February 25, 2024	$	726.6	$	330.0	$	1,056.6

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(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

Other identifiable intangible assets were as follows:

	February 25, 2024							May 28, 2023
(in millions, except useful lives)	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	13	123.2		(34.8)		88.4		14	121.4		(29.2)		92.2
		$	141.2	$	(34.8)	$	106.4		$	139.4	$	(29.2)	$	110.2

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(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 $7.1 million and $1.4 million for the thirteen weeks ended February 25, 2024 and February 26, 2023, respectively; and $12.4 million and $4.3 million for the thirty-nine weeks ended February 25, 2024 and February 26, 2023, respectively. Foreign intangible assets are affected by foreign currency translation.

Schedule of other identifiable intangible assets, amortizing intangible assets

Other identifiable intangible assets were as follows:

	February 25, 2024							May 28, 2023
(in millions, except useful lives)	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	13	123.2		(34.8)		88.4		14	121.4		(29.2)		92.2
		$	141.2	$	(34.8)	$	106.4		$	139.4	$	(29.2)	$	110.2

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(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 $7.1 million and $1.4 million for the thirteen weeks ended February 25, 2024 and February 26, 2023, respectively; and $12.4 million and $4.3 million for the thirty-nine weeks ended February 25, 2024 and February 26, 2023, respectively. Foreign intangible assets are affected by foreign currency translation.