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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Feb. 28, 2023

Summary of Goodwill by Business Segment

The following table summarizes goodwill by reportable segment:

(in thousands)		Food Safety				Animal Safety				Total
May 31, 2022		$	67,558			$	75,146			$	142,704
Acquisitions(1)			1,989,270				6,754				1,996,024
Impairment (2)			(1,300	)			—				(1,300	)
Foreign currency translation and other			(1,984	)			(326	)			(2,310	)
February 28, 2023		$	2,053,544			$	81,574			$	2,135,118

(1)Animal Safety acquisitions represents portion of 3M Food Safety transaction recorded at Neogen Australasia.

(2)Impairment during the nine months ended February 28, 2023 relates to discontinued product lines. The amount was determined based on a relative fair value basis of the product lines compared to the overall reporting unit.

Summary of Amortizable of Intangible Assets

Amortizable intangible assets consisted of the following and are included in customer-based intangibles and other non-current assets within the condensed consolidated balance sheets:

(in thousands)		Gross Carrying Amount				Less Accumulated Amortization				Net Carrying Amount
Licenses		$	17,401			$	6,952			$	10,449
Covenants not to compete			782				716				66
Patents			8,670				5,045				3,625
Customer relationships			1,245,875				65,764				1,180,111
Trade names and trademarks			111,167				2,453				108,714
Developed technology			311,350				13,198				298,152
Other product and service-related intangibles			27,530				8,418				19,112
February 28, 2023		$	1,722,775			$	102,546			$	1,620,229
Licenses		$	17,109			$	5,682			$	11,427
Covenants not to compete			846				671				175
Patents			8,347				4,583				3,764
Customer relationships			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
May 31, 2022		$	147,522			$	55,416			$	92,106

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