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Goodwill and Other Intangible Assets | 12 Months Ended
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May 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | NOTE C — GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill, by reportable segment, for the years ended May 31, 2022 and 2021, are as follows:
|  | CPG |  |  | PCG |  |  | Consumer |  |  | SPG |  |  |  |
(In thousands) |  | Segment |  |  | Segment |  |  | Segment |  |  | Segment |  |  | Total |
Balance as of June 1, 2020 |  | $ | 405,354 |  |  | $ | 185,404 |  |  | $ | 496,218 |  |  | $ | 163,090 |  |  | $ | 1,250,066 |
Acquisitions |  |  | 2,295 |  |  |  | 16,174 |  |  |  | 20,126 |  |  |  | 2,134 |  |  |  | 40,729 |
Translation adjustments & other |  |  | 35,866 |  |  |  | 5,460 |  |  |  | 8,886 |  |  |  | 4,747 |  |  |  | 54,959 |
Balance as of May 31, 2021 |  |  | 443,515 |  |  |  | 207,038 |  |  |  | 525,230 |  |  |  | 169,971 |  |  |  | 1,345,754 |
Acquisitions |  |  | 24,539 |  |  |  | 5,342 |  |  |  | - |  |  |  | 866 |  |  |  | 30,747 |
Translation adjustments & other |  |  | (14,403 | ) |  |  | (10,565 | ) |  |  | (9,633 | ) |  |  | (4,032 | ) |  |  | (38,633 | )
Balance as of May 31, 2022 |  | $ | 453,651 |  |  | $ | 201,815 |  |  | $ | 515,597 |  |  | $ | 166,805 |  |  | $ | 1,337,868 |
Total accumulated goodwill impairment losses were $156.3 million at May 31, 2022. Of the accumulated balance, $141.4 million was recorded during the fiscal year ended May 31, 2017 by a reporting unit that at the time was included in our Consumer segment and is now included in our SPG segment, and $14.9 million was recorded during the fiscal year ended May 31, 2009 by a reporting unit that at the time was included in our former Industrial reportable segment and is now included in our CPG segment. There were no impairment losses recorded during fiscal 2022, 2021 or 2020. Other intangible assets consist of the following major classes:
|  |  |  | Gross |  |  |  |  |  | Net Other |
|  | Amortization |  | Carrying |  |  | Accumulated |  |  | Intangible |
(In thousands) |  | Period (In Years) |  | Amount |  |  | Amortization |  |  | Assets |
As of May 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |
Formulae |  | 9 to 33 |  | $ | 234,366 |  |  | $ | (181,983 | ) |  | $ | 52,383 |
Customer-related intangibles |  | 5 to 33 |  |  | 508,143 |  |  |  | (257,219 | ) |  |  | 250,924 |
Trademarks/names |  | 5 to 40 |  |  | 35,957 |  |  |  | (21,588 | ) |  |  | 14,369 |
Other |  | 3 to 30 |  |  | 33,331 |  |  |  | (26,831 | ) |  |  | 6,500 |
Total Amortized Intangibles |  |  |  |  | 811,797 |  |  |  | (487,621 | ) |  |  | 324,176 |
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |
Trademarks/names |  |  |  |  | 268,085 |  |  |  | - |  |  |  | 268,085 |
Total Other Intangible Assets |  |  |  | $ | 1,079,882 |  |  | $ | (487,621 | ) |  | $ | 592,261 |
As of May 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |
Formulae |  | 9 to 33 |  | $ | 234,037 |  |  | $ | (172,989 | ) |  | $ | 61,048 |
Customer-related intangibles |  | 5 to 33 |  |  | 505,710 |  |  |  | (233,496 | ) |  |  | 272,214 |
Trademarks/names |  | 5 to 40 |  |  | 34,326 |  |  |  | (20,575 | ) |  |  | 13,751 |
Other |  | 5 to 33 |  |  | 34,086 |  |  |  | (25,707 | ) |  |  | 8,379 |
Total Amortized Intangibles |  |  |  |  | 808,159 |  |  |  | (452,767 | ) |  |  | 355,392 |
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |
Trademarks/names |  |  |  |  | 273,301 |  |  |  | - |  |  |  | 273,301 |
Total Other Intangible Assets |  |  |  | $ | 1,081,460 |  |  | $ | (452,767 | ) |  | $ | 628,693 |
The aggregate intangible asset amortization expense for the fiscal years ended May 31, 2022, 2021 and 2020 was $45.7 million, $44.3 million and $45.6 million, respectively. For the next five fiscal years, we estimate annual intangible asset amortization expense related to our existing intangible assets to approximate the following: fiscal 2023 — $42.1 million, fiscal 2024 — $38.8 million, fiscal 2025 — $34.0 million, fiscal 2026 — $29.9 million and fiscal 2027 — $28.3 million. During both fiscal 2022 and fiscal 2021, we did no t record an impairment charge. During fiscal 2020 we recorded a $4.0 million impairment loss, which was classified in restructuring expense within our Consumer reportable segment, for impairment losses on indefinite-lived trade names, as a result of a decision to exit an unprofitable business and abandon a tradename in connection with MAP to Growth.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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