Goodwill and Other Intangible Assets

12 Months Ended

May 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE C — GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill, by reportable segment, for the years ended May 31, 2020 and 2019, are as follows:

	CPG			PCG			Consumer			SPG
(In thousands)	Segment			Segment			Segment			Segment			Total
Balance as of June 1, 2018	$	372,033		$	186,775		$	477,718		$	155,648		$	1,192,174
Acquisitions		47,151			4,314			25,994						77,459
Translation adjustments & other		(11,755	)		(5,830	)		(4,325	)		(1,961	)		(23,871	)
Balance as of May 31, 2019		407,429			185,259			499,387			153,687			1,245,762
Acquisitions		14,689			3,023						10,352			28,064
Translation adjustments & other (1)		(16,764	)		(2,878	)		(3,169	)		(949	)		(23,760	)
Balance as of May 31, 2020	$	405,354		$	185,404		$	496,218		$	163,090		$	1,250,066

(1) Activity includes a $2.3 million decrease to goodwill within our Consumer segment related to adjustments to preliminary purchase price allocations, primarily due to deferred tax adjustments.  

Total accumulated goodwill impairment losses were $156.3 million at May 31, 2020.  Of the accumulated balance, $141.4 million was recorded during the fiscal year ended May 31, 2017 by a reporting unit that at the time was included in our Consumer segment and is now included in our SPG segment, and $14.9 million was recorded during the fiscal year ended May 31, 2009 by a reporting unit that at the time was included in our former Industrial reportable segment and is now included in our CPG segment. There were no impairment losses recorded during fiscal 2020, 2019 or 2018.

Other intangible assets consist of the following major classes:

		Gross					Net Other
	Amortization	Carrying		Accumulated			Intangible
(In thousands)	Period (In Years)	Amount		Amortization			Assets
As of May 31, 2020
Amortized intangible assets
Formulae	9 to 33	$	230,621	$	(160,771	)	$	69,850
Customer-related intangibles	5 to 33		439,153		(197,752	)		241,401
Trademarks/names	5 to 40		30,700		(17,224	)		13,476
Other	1 to 33		32,224		(23,281	)		8,943
Total Amortized Intangibles			732,698		(399,028	)		333,670
Indefinite-lived intangible assets
Trademarks/names			250,710					250,710
Total Other Intangible Assets		$	983,408	$	(399,028	)	$	584,380
As of May 31, 2019
Amortized intangible assets
Formulae	9 to 33	$	227,208	$	(150,091	)	$	77,117
Customer-related intangibles	5 to 33		413,475		(172,238	)		241,237
Trademarks/names	5 to 40		32,998		(16,867	)		16,131
Other	1 to 33		36,709		(26,599	)		10,110
Total Amortized Intangibles			710,390		(365,795	)		344,595
Indefinite-lived intangible assets
Trademarks/names			256,487					256,487
Total Other Intangible Assets		$	966,877	$	(365,795	)	$	601,082

The aggregate intangible asset amortization expense for the fiscal years ended May 31, 2020, 2019 and 2018 was $45.6 million, $45.1 million and $43.2 million, respectively. For the next five fiscal years, we estimate annual intangible asset amortization expense related to our existing intangible assets to approximate the following: 2021 — $42.1 million, 2022 — $40.8 million, 2023 — $37.1 million, 2024 — $33.9 million and 2025 — $29.1 million.

Total gross accumulated intangible asset impairment losses were $61.8 million at May 31, 2020, and were recorded in the following fiscal years: 2009 - $0.6 million was recorded by our former Industrial reportable segment; 2017 - $53.0 million was recorded at the time by our Consumer segment; 2018 - There were no impairment losses recorded during fiscal 2018; 2019 - $4.2 million of total  other intangible asset impairment losses were recorded, of which $2.0 million was recorded by our CPG reportable segment for impairment losses on trade names and approximately $2.2 million was recorded by our SPG reportable segment for impairment losses on customer-related intangibles; and 2020 - $4.0 million was recorded in our Consumer reportable segment for impairment losses related to the discontinuation of a trade name, and this amount was included in restructuring expense as this discontinuation occurred in connection with our 2020 MAP to Growth.