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