Goodwill and Other Identifiable Intangible Assets

12 Months Ended

May 27, 2012

Goodwill and Other Identifiable Intangible Assets [Abstract]

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

8.   GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2012 and 2011 was as follows:

	Consumer Foods			Commercial Foods			Total
Balance as of May 30, 2010	$	3,421.3		$	128.6		$	3,549.9
Acquisitions		51.5			—			51.5
Translation and other		6.9			1.1			8.0
Balance as of May 29, 2011	$	3,479.7		$	129.7		$	3,609.4
Acquisitions		418.8			—			418.8
Translation and other		(11.8	)		(1.0	)		(12.8	)
Balance as of May 27, 2012	$	3,886.7		$	128.7		$	4,015.4

Other identifiable intangible assets were as follows:

	2012				2011
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	947.7	$	—	$	771.2	$	—
Amortizing intangible assets		313.8		70.0		213.9		48.8
Total	$	1,261.5	$	70.0	$	985.1	$	48.8

Non-amortizing intangible assets are comprised of brands and trademarks.

Amortizing intangible assets, carrying a weighted average life of approximately 14 years, are principally composed of customer relationships and licensing arrangements. For fiscal 2012, 2011, and 2010, we recognized amortization expense of $21.1 million, $17.8 million, and $7.8 million, respectively. Based on amortizing assets recognized in our balance sheet as of May 27, 2012, amortization expense is estimated to average approximately $21.4 million for each of the next five years, with a high expense of $23.9 million in fiscal year 2013 and decreasing to a low expense of $20.1 million in fiscal year 2017.

Refer to Note 3 for details of acquisition-related changes to goodwill.

In the first quarter of fiscal 2012, we acquired the Marie Callender’s ^® brand trademarks for $57.5 million in cash. This intangible asset is presented in the Consumer Foods segment.