GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

3 Months Ended

Aug. 25, 2024

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for the first quarter of fiscal 2025 was as follows:

	Grocery &		Refrigerated
	Snacks		& Frozen		International		Foodservice		Total
Balance as of May 26, 2024	$	4,692.4	$	4,943.0	$	214.5	$	732.8	$	10,582.7
Acquisitions		174.6		—		—		—		174.6
Currency translation		—		—		0.7		—		0.7
Balance as of August 25, 2024	$	4,867.0	$	4,943.0	$	215.2	$	732.8	$	10,758.0

Other identifiable intangible assets were as follows:

	August 25, 2024				May 26, 2024
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Non-amortizing intangible assets
Brands and trademarks	$	2,082.6	$	—	$	2,026.8	$	—
Amortizing intangible assets
Customer relationships and intellectual property		1,237.7		563.9		1,232.1		550.5
	$	3,320.3	$	563.9	$	3,258.9	$	550.5

Amortizing intangible assets carry a remaining weighted average life of approximately 17 years. Amortization expense was $13.4 million and $13.5 million for the first quarter of fiscal 2025 and 2024, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of August 25, 2024, amortization expense is estimated to average $44.0 million for each of the next five years.