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Note 6 - Goodwill and Other Identifiable Intangible Assets | 6 Months Ended
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Nov. 26, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The change in the carrying amount of goodwill for the first half of fiscal 2024, excluding amounts classified as held for sale (see Note 2), was as follows:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Foodservice |  |  | Total |
Balance as of May 28, 2023 |  | $ | 4,692.4 |  |  | $ | 5,469.5 |  |  | $ | 214.7 |  |  | $ | 732.8 |  |  | $ | 11,109.4 |
Currency translation |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | — |  |  |  | (0.1 | )
Balance as of November 26, 2023 |  | $ | 4,692.4 |  |  | $ | 5,469.5 |  |  | $ | 214.6 |  |  | $ | 732.8 |  |  | $ | 11,109.3 |
Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:
|  | November 26, 2023 |  |  | May 28, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Non-amortizing intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brands and trademarks |  | $ | 2,457.0 |  |  | $ | — |  |  | $ | 2,457.0 |  |  | $ | — |
Amortizing intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and intellectual property |  |  | 1,232.0 |  |  |  | 523.6 |  |  |  | 1,232.0 |  |  |  | 496.7 |
|  | $ | 3,689.0 |  |  | $ | 523.6 |  |  | $ | 3,689.0 |  |  | $ | 496.7 |
During the first quarter of fiscal 2023, management reorganized its reporting structure for certain brands within two reporting units in our Refrigerated & Frozen segment. The change in management reporting required us to reassign assets and liabilities, including goodwill, between the reporting units, complete a goodwill impairment test both prior to and subsequent to the change, and evaluate other assets in the reporting units for impairment, including indefinite-lived intangibles (brand names and trademarks). The fair value of our indefinite-lived intangibles was determined using the "relief from royalty" methodology. As a result of our impairment tests, we recognized goodwill impairment charges within SG&A expenses of $141.7 million within our Sides, Components, Enhancers reporting unit in the first quarter of fiscal 2023. In addition, we recognized an impairment charge within SG&A expenses of $244.0 million related to our Birds Eye® brand name in the first quarter of fiscal 2023. Amortizing intangible assets carry a remaining weighted average life of approximately 18 years. Amortization expense was $13.3 million and $26.8 million for the second quarter and first half of fiscal 2024, respectively, and $14.7 million and $29.5 million for the second quarter and first half of fiscal 2023, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of November 26, 2023, amortization expense is estimated to average $45.5 million for each of the next five years.

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