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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
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