Goodwill and Other Intangible Assets

6 Months Ended

Nov. 29, 2020

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

(3) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions		Nov. 29, 2020		May 31, 2020
Goodwill	$	14,020.4	$	13,923.2
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles		6,611.7		6,561.4
Intangible assets subject to amortization:
Franchise agreements, customer relationships, and other finite-lived intangibles		812.2		777.8
Less accumulated amortization		(276.4)		(243.4)
Intangible assets subject to amortization, net		535.8		534.4
Other intangible assets		7,147.5		7,095.8
Total	$	21,167.9	$	21,019.0

Based on the carrying value of finite-lived intangible assets as of November 29, 2020, annual amortization expense for each of the next five fiscal years is estimated to be approximately $40 million.The changes in the carrying amount of goodwill during the six-month period ended November 29, 2020 were as follows:

In Millions	North America Retail		Pet		Convenience Stores & Foodservice		Europe & Australia		Asia & Latin America		Joint Ventures		Total
Balance as of May 31, 2020	$	6,403.7	$	5,300.5	$	918.8	$	690.7	$	203.8	$	405.7	$	13,923.2
Other activity, primarily foreign currency translation		6.8		-		-		53.9		5.0		31.5		97.2
Balance as of Nov. 29, 2020	$	6,410.5	$	5,300.5	$	918.8	$	744.6	$	208.8	$	437.2	$	14,020.4

The changes in the carrying amount of other intangible assets during the six-month period ended November 29, 2020 were as follows:

In Millions		Total
Balance as of May 31, 2020	$	7,095.8
Other activity, primarily foreign currency translation		51.7
Balance as of Nov. 29, 2020	$	7,147.5

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2021, and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values.While having significant coverage as of our fiscal 2021 assessment date, the Europe & Australia reporting unit and the Progresso, Green Giant, and EPIC brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment.