GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

6 Months Ended

Nov. 28, 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 half 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		—		—		(6.9	)		—		(6.9	)
Balance as of November 28, 2021	$	4,692.4	$	5,611.2	$	295.6		$	732.8	$	11,332.0

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

	November 28, 2021				May 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets
Brands and trademarks	$	3,271.2	$	—	$	3,273.1	$	—
Amortizing intangible assets
Customer relationships and intellectual property		1,227.3		406.3		1,228.8		377.3
	$	4,498.5	$	406.3	$	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 $29.7 million for the second quarter and first half of fiscal 2022, respectively, and $15.0 million and $29.9 million for the second quarter and first half of fiscal 2021, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of November 28, 2021, amortization expense is estimated to average $51.8 million for each of the next five years.