Goodwill and Other Intangible Assets

3 Months Ended

Aug. 31, 2023

9. GOODWILL AND INTANGIBLE ASSETS

The following table summarizes goodwill by reportable segment:


	Food Safety		Animal Safety			Total
May 31, 2023	$	2,056,161	$	81,335		$	2,137,496
Acquisitions(1)		250		—			250
Foreign currency translation and other		6		(150	)		(144	)
August 31, 2023	$	2,056,417	$	81,185		$	2,137,602

(1)

Represents measurement period adjustments relating to our 3M FSD and Corvium acquisition.

As of May 31, 2023, non-amortizable intangible assets included licenses of $569, trademarks of $12,522 and other intangibles of $1,224.

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:


	Gross Carrying Amount		Less Accumulated Amortization		Net Carrying Amount
Licenses	$	20,480	$	6,991	$	13,489
Covenants not to compete		490		401		89
Patents		8,080		3,925		4,155
Customer relationships		1,246,688		93,793		1,152,895
Trade names and trademarks		122,992		5,569		117,423
Developed technology		307,539		25,534		282,005
Other product and service-related intangibles		23,874		5,864		18,010
August 31, 2023	$	1,730,143	$	142,077	$	1,588,066

Licenses	$	16,010	$	6,763	$	9,247
Covenants not to compete		488		384		104
Patents		8,499		4,865		3,634
Customer relationships		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
May 31, 2023	$	1,714,041	$	123,254	$	1,590,787

Amortization expense relating to definite-lived intangible assets was $23,704 and $2,382 during the three months ended August 31, 2023 and 2022, respectively.

Estimated amortization expense for fiscal years 2024 through 2028 is expected to be in the range of approximately $95,000 to $97,000 per year.

The amortizable intangible assets useful lives are 2 to 20 years for licenses, 3 to 10 years for covenants not to compete, 5 to 25 years for patents, 9 to 20 years for customer relationships, 5 to 25 years for trade names and trademarks, 10 to 20 years for developed technology and 5 to 15 years for other product and service-related intangibles. All definite-lived intangibles are amortized on a straight-line basis with the exception of definite-lived customer-based intangibles and product and service-related intangibles, which are amortized on either a straight-line or an accelerated basis.