GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

3 Months Ended

Aug. 29, 2021

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 quarter of fiscal 2022 was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 30, 2021	$	4,698.2	$	5,625.1	$	302.5		$	747.7	$	11,373.5
Currency translation		—		—		(4.3	)		—		(4.3	)
Balance as of August 29, 2021	$	4,698.2	$	5,625.1	$	298.2		$	747.7	$	11,369.2

Other identifiable intangible assets were as follows:

	August 29, 2021				May 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	3,300.0	$	—	$	3,301.2	$	—
Amortizing intangible assets		1,234.1		393.4		1,235.3		378.9
	$	4,534.1	$	393.4	$	4,536.5	$	378.9

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

Amortizing intangible assets, carrying a remaining weighted average life of approximately 19 years, are principally composed of customer relationships and acquired intellectual property. Amortization expense was $14.9 million for the first quarter of both fiscal 2022 and 2021. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of August 29, 2021, amortization expense is estimated to average $52.8 million for each of the next five years.