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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS | 3 Months Ended
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Aug. 30, 2020
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 2021, excluding amounts classified as held for sale (see Note 2), was as follows:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Foodservice |  |  | Total |
Balance as of May 31, 2020 |  | $ | 4,743.1 |  |  | $ | 5,648.3 |  |  | $ | 290.5 |  |  | $ | 752.0 |  |  | $ | 11,433.9 |
Currency translation |  |  | — |  |  |  | — |  |  |  | 5.7 |  |  |  | — |  |  |  | 5.7 |
Balance as of August 30, 2020 |  | $ | 4,743.1 |  |  | $ | 5,648.3 |  |  | $ | 296.2 |  |  | $ | 752.0 |  |  | $ | 11,439.6 |
Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:
|  | August 30, 2020 |  |  | May 31, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Non-amortizing intangible assets |  | $ | 3,397.7 |  |  | $ | — |  |  | $ | 3,396.1 |  |  | $ | — |
Amortizing intangible assets |  |  | 1,240.2 |  |  |  | 335.0 |  |  |  | 1,239.1 |  |  |  | 319.7 |
|  | $ | 4,637.9 |  |  | $ | 335.0 |  |  | $ | 4,635.2 |  |  | $ | 319.7 |
In the first quarter of fiscal 2021, management changed its reporting of certain brands within two reporting units in our Refrigerated & Frozen segment. The total goodwill in our Refrigerated & Frozen segment remains unchanged, but we reassigned goodwill between the two reporting units. We evaluated goodwill for impairment both prior to and subsequent to the change, and there were no impairments. For the Sides, Components, Enhancers reporting unit that was impacted by the management change, based upon a quantitative impairment test, the excess fair value over the carrying value was approximately 20% which remained relatively consistent with our prior year quantitative impairment test. Fair value is typically estimated using a discounted cash flow analysis which requires us to estimate the future cash flows as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. We estimate cash flows for a reporting unit over a discrete period (typically five years) and a terminal period (considering expected long-term growth rates and trends). We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.25% and a terminal growth rate slightly in excess of 1%. Estimating the fair value of individual reporting units requires us to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting units. For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. During the first quarter of fiscal 2020, we recorded impairment charges totaling $19.3 million within our Refrigerated & Frozen segment and Grocery & Snacks segment for certain brands for which management changed its business strategy and that continued to have lower than expected sales and profit margins. This impairment was included within SG&A expenses. 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 and $15.0 million for the first quarter of fiscal 2021 and 2020, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of August 30, 2020, amortization expense is estimated to average $56.2 million for each of the next five years.

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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