Goodwill And Intangible Assets

12 Months Ended

Nov. 30, 2020

Goodwill And Intangible Assets [Abstract ]

GOODWILL AND INTANGIBLE ASSETS

The following table displays intangible assets as of November 30:


	2020				2019
(millions)	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Definite-lived intangible assets	$	336.8	$	127.4	$	308.3	$	104.3
Indefinite-lived intangible assets:
Goodwill	4,986.3		—		4,505.2		—
Brand names and trademarks	3,030.0		—		2,643.0		—
	8,016.3		—		7,148.2		—
Total goodwill and intangible assets	$	8,353.1	$	127.4	$	7,456.5	$	104.3

We acquired Cholula in November 2020 (see note 2). A preliminary valuation of the acquired net assets of Cholula resulted in the allocation of $410.5 million to goodwill, $380.0 million to indefinite-lived intangible assets associated with the acquired brand names and trademarks, and $21.0 million to definite-lived intangible assets. We expect to finalize the valuation of the acquired net assets of Cholula, including the related goodwill and intangible assets, within the one-year measurement period from the date of acquisition.

Intangible asset amortization expense was $20.2 million, $20.3 million and $20.6 million for 2020, 2019 and 2018, respectively. At November 30, 2020, definite-lived intangible assets had a weighted-average remaining life of approximately 10 years.

The changes in the carrying amount of goodwill by segment for the years ended November 30 were as follows:


	2020				2019
(millions)	Consumer		Flavor Solutions		Consumer		Flavor Solutions
Beginning of year	$	3,377.6	$	1,127.6	$	3,398.9	$	1,129.0

Increases from acquisitions	273.7		136.8		—		—

Foreign currency fluctuations	59.9		10.7		(21.3)		(1.4)
End of year	$	3,711.2	$	1,275.1	$	3,377.6	$	1,127.6

A preliminary valuation of the acquired net assets of Cholula resulted in the allocation of $273.7 million and $136.8 million of goodwill to the consumer segment and flavor solutions segment, respectively.