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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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May 31, 2023
Goodwill by Business Segment | The following table summarizes goodwill by reportable segment:
|  | Food Safety |  |  | Animal Safety |  |  | Total |
Balance, May 31, 2021 |  | $ | 67,822 |  |  | $ | 63,654 |  |  | $ | 131,476 |
Acquisitions |  |  | 4,152 |  |  |  | 11,752 |  |  |  | 15,904 |
Foreign currency translation and other |  |  | (4,416 | ) |  |  | (260 | ) |  |  | (4,676 | )
Balance, May 31, 2022 |  | $ | 67,558 |  |  | $ | 75,146 |  |  | $ | 142,704 |
Acquisitions (1) |  |  | 1,985,476 |  |  |  | 6,783 |  |  |  | 1,992,259 |
Foreign currency translation and other |  |  | 3,127 |  |  |  | (594 | ) |  |  | 2,533 |
Balance, May 31, 2023 |  | $ | 2,056,161 |  |  | $ | 81,335 |  |  | $ | 2,137,496 |
(1) Animal Safety acquisitions represents portion of FSD transaction recorded at Neogen Australasia.
Amortizable of Intangible Assets | Amortizable intangible assets consisted of the following and are included in amortizable intangible assets within the consolidated balance sheets:
|  | Gross Carrying Amount |  |  | Less Accumulated Amortization |  |  | Net Carrying Amount |
Licenses |  | $ | 16,010 |  |  | $ | 6,763 |  |  | $ | 9,247 |
Covenants not to compete |  |  | 488 |  |  |  | 384 |  |  |  | 104 |
Patents |  |  | 8,499 |  |  |  | 4,865 |  |  |  | 3,634 |
Customer relationships intangibles |  |  | 1,244,635 |  |  |  | 81,577 |  |  |  | 1,163,058 |
Trade names and trademarks |  |  | 111,172 |  |  |  | 3,583 |  |  |  | 107,589 |
Developed technology |  |  | 309,609 |  |  |  | 20,175 |  |  |  | 289,434 |
Other product and service-related intangibles |  |  | 23,628 |  |  |  | 5,907 |  |  |  | 17,721 |
Balance, May 31, 2023 |  | $ | 1,714,041 |  |  | $ | 123,254 |  |  | $ | 1,590,787 |
Licenses |  | $ | 17,109 |  |  | $ | 5,682 |  |  | $ | 11,427 |
Covenants not to compete |  |  | 846 |  |  |  | 671 |  |  |  | 175 |
Patents |  |  | 8,347 |  |  |  | 4,583 |  |  |  | 3,764 |
Customer relationships intangibles |  |  | 75,000 |  |  |  | 33,662 |  |  |  | 41,338 |
Trade names and trademarks |  |  | 1,180 |  |  |  | 167 |  |  |  | 1,013 |
Developed technology |  |  | 17,741 |  |  |  | 6,124 |  |  |  | 11,617 |
Other product and service-related intangibles |  |  | 27,299 |  |  |  | 4,527 |  |  |  | 22,772 |
Balance, May 31, 2022 |  | $ | 147,522 |  |  | $ | 55,416 |  |  | $ | 92,106 |

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