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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)
9 Months Ended
Feb. 27, 2022
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS  
Schedule of changes in the carrying amount of goodwill

(in millions)

    

Global 

    

Foodservice

    

Retail

    

Other

    

Total

Balance at May 30, 2021

$

276.3

$

42.8

$

10.9

$

4.5

$

334.5

Foreign currency translation adjustment

(12.7)

 

(12.7)

Balance at February 27, 2022

$

263.6

$

42.8

$

10.9

$

4.5

$

321.8

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

February 27, 2022

May 30, 2021

    

Weighted 

    

    

    

    

Weighted 

    

    

    

Average 

Gross 

Average 

 Gross 

Useful Life 

Carrying 

Accumulated 

Intangible

Useful Life 

Carrying 

 Accumulated 

Intangible

(dollars in millions)

(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)

  

11

  

41.7

  

(25.2)

  

16.5

  

11

  

42.2

  

(23.3)

  

18.9

  

  

$

59.7

  

$

(25.2)

  

$

34.5

  

  

$

60.2

  

$

(23.3)

  

$

36.9

(a)Non-amortizing intangible assets represent brands and trademarks.

(b)Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded as “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.3 million and $1.5 million for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and $4.3 million and $3.6 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively. Foreign intangible assets are affected by foreign currency translation.
Schedule of other identifiable intangible assets, amortizing intangible assets

February 27, 2022

May 30, 2021

    

Weighted 

    

    

    

    

Weighted 

    

    

    

Average 

Gross 

Average 

 Gross 

Useful Life 

Carrying 

Accumulated 

Intangible

Useful Life 

Carrying 

 Accumulated 

Intangible

(dollars in millions)

(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)

  

11

  

41.7

  

(25.2)

  

16.5

  

11

  

42.2

  

(23.3)

  

18.9

  

  

$

59.7

  

$

(25.2)

  

$

34.5

  

  

$

60.2

  

$

(23.3)

  

$

36.9

(a)Non-amortizing intangible assets represent brands and trademarks.

(b)Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded as “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.3 million and $1.5 million for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and $4.3 million and $3.6 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively. Foreign intangible assets are affected by foreign currency translation.