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Goodwill and Intangible Assets | 12 Months Ended
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May 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company's annual testing for impairment of goodwill was completed as of December 31, 2017. The Company operates as a single operating segment with one reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. The Company determines the fair value of the reporting unit based on the market valuation approach and concluded that it was not more-likely-than-not that the fair value of the Company's reporting unit was less than its carrying value. Even though the Company determined that there was no goodwill impairment as of December 31, 2017, the future occurrence of a potential indicator of impairment, such as a significant adverse change in legal, regulatory, business or economic conditions or a more-likely-than-not expectation that the reporting unit or a significant portion of the reporting unit will be sold or disposed of, would require an interim assessment for the reporting unit prior to the next required annual assessment as of December 31, 2018. The Company continued to assess for potential impairment through May 31, 2018 and noted no events that would be considered a triggering event. There were no adjustments to goodwill for the years ended May 31, 2018 and 2017. As of May 31, 2018 and 2017, intangible assets consisted of the following:
| May 31, 2018
| Gross carrying value |  | Accumulated amortization |  | Net carrying value
(in thousands) |
Product technologies | $ | 147,175 |  |  | $ | (68,880 | ) |  | $ | 78,295 |
Customer relationships | 56,428 |  |  | (23,237 | ) |  | 33,191 |
Trademarks | 28,400 |  |  | (11,809 | ) |  | 16,591 |
Licenses | 5,752 |  |  | (4,357 | ) |  | 1,395 |
Distributor relationships | 1,250 |  |  | (412 | ) |  | 838 |
| $ | 239,005 |  |  | $ | (108,695 | ) |  | $ | 130,310 |
| May 31, 2017
| Gross carrying value |  | Accumulated amortization |  | Net carrying value
(in thousands) |
Product technologies | $ | 147,172 |  |  | $ | (59,696 | ) |  | $ | 87,476 |
Customer relationships | 56,375 |  |  | (19,194 | ) |  | 37,181 |
Trademarks | 28,400 |  |  | (9,069 | ) |  | 19,331 |
Licenses | 4,487 |  |  | (3,821 | ) |  | 666 |
Distributor relationships | 1,250 |  |  | (229 | ) |  | 1,021 |
| $ | 237,684 |  |  | $ | (92,009 | ) |  | $ | 145,675 |
Amortization expense was $16.6 million, $17.3 million and $18.0 million for fiscal years 2018, 2017 and 2016, respectively. Annual amortization of these intangible assets is expected to approximate the following amounts for each of the next five fiscal years:
(in thousands) |
2019 | $ | 16,555 |
2020 | 15,001 |
2021 | 13,842 |
2022 | 12,958 |
2023 | 12,507 |
2024 and thereafter | 59,447 |
| $ | 130,310 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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