GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
The change in the carrying amount of goodwill for fiscal 2013 and 2012 was as follows:
|
| | | | | | | | | | | | | | | |
| Consumer Foods | | Commercial Foods | | Ralcorp | | Total |
Balance as of Balance as of May 29, 2011 | $ | 3,479.7 |
| | $ | 129.7 |
| | $ | — |
| | $ | 3,609.4 |
|
Acquisitions | 418.8 |
| | — |
| | — |
| | 418.8 |
|
Currency translation and purchase accounting adjustments | (11.8 | ) | | (1.0 | ) | | — |
| | (12.8 | ) |
Balance as of Balance as of May 27, 2012 | $ | 3,886.7 |
| | $ | 128.7 |
| | $ | — |
| | $ | 4,015.4 |
|
Acquisitions | 100.1 |
| | — |
| | 4,350.5 |
| | 4,450.6 |
|
Currency translation and purchase accounting adjustments | (13.8 | ) | | 0.2 |
| | (1.7 | ) | | (15.3 | ) |
Balance as of Balance as of May 26, 2013 | $ | 3,973.0 |
| | $ | 128.9 |
| | $ | 4,348.8 |
| | $ | 8,450.7 |
|
Other identifiable intangible assets were as follows:
|
| | | | | | | | | | | | | | | |
| 2013 | | 2012 |
| Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization |
Non-amortizing intangible assets | $ | 1,143.4 |
| | $ | — |
| | $ | 947.7 |
| | $ | — |
|
Amortizing intangible assets | 2,404.1 |
| | 125.4 |
| | 313.8 |
| | 70.0 |
|
| $ | 3,547.5 |
| | $ | 125.4 |
| | $ | 1,261.5 |
| | $ | 70.0 |
|
Non-amortizing intangible assets are comprised of brands and trademarks.
Amortizing intangible assets, carrying a weighted average life of approximately 23 years, are principally composed of licensing arrangements, customer relationships, and intellectual property. For fiscal 2013, 2012, and 2011, we recognized amortization expense of $56.2 million, $21.1 million, and $17.8 million, respectively. Based on amortizing assets recognized in our consolidated balance sheet as of May 26, 2013, amortization expense is estimated to average $111.4 million for each of the next five years, with a high expense of $113.1 million in fiscal year 2014 and decreasing to a low expense of $110.8 million in fiscal year 2018.
In fiscal 2012, we acquired the Marie Callender's® brand trademarks for $57.5 million in cash. This intangible asset is presented in the Consumer Foods segment.
