GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

9 Months Ended

Feb. 27, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

5. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for the first three quarters of fiscal 2022, excluding amounts classified as held for sale (see Note 2), was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 30, 2021	$	4,692.4	$	5,611.2	$	302.5		$	732.8	$	11,338.9
Currency translation		—		—		(6.5	)		—		(6.5	)
Balance as of February 27, 2022	$	4,692.4	$	5,611.2	$	296.0		$	732.8	$	11,332.4

Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:

	February 27, 2022				May 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets
Brands and trademarks	$	3,271.3	$	—	$	3,273.1	$	—
Amortizing intangible assets
Customer relationships and intellectual property		1,227.5		421.2		1,228.8		377.3
	$	4,498.8	$	421.2	$	4,501.9	$	377.3

Amortizing intangible assets carry a remaining weighted average life of approximately 19 years. Amortization expense was $14.8 million and $44.5 million for the third quarter and first three quarters of fiscal 2022, respectively, and $14.9 million and $44.8 million for the third quarter and first three quarters of fiscal 2021, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of February 27, 2022, amortization expense is estimated to average $51.0 million for each of the next five years.