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Goodwill and Intangible Assets | 6 Months Ended
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Nov. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if impairment indicators arise. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. The Company's annual testing for impairment of goodwill was completed as of December 31, 2020. 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, 2020, 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, 2021. There were no adjustments to goodwill for the six months ended November 30, 2021 other than foreign currency translation adjustments. Definite Lived Intangible Assets Intangible assets other than goodwill are amortized over their estimated useful lives on a straight-line basis. Useful lives range from two to eighteen years. The Company periodically reviews, and adjusts, if necessary, the estimated useful lives of its intangible assets and reviews such assets or asset groups for impairment whenever events or changes in circumstances indicate that the carrying value of the assets or asset groups may not be recoverable. If an intangible asset or asset group is considered to be impaired, the amount of the impairment will equal the excess of the carrying value over the fair value of the asset. Intangible assets consisted of the following:
| Nov 30, 2021
(in thousands) | Gross carrying value |  | Accumulated amortization |  | Net carrying value |  |
Product technologies | $ | 242,907 |  |  | $ | (105,140) |  |  | $ | 137,767 |  |  |
Customer relationships | 60,186 |  |  | (36,067) |  |  | 24,119 |  |  |
Trademarks | 9,950 |  |  | (7,045) |  |  | 2,905 |  |  |
Licenses | 6,087 |  |  | (5,878) |  |  | 209 |  |  |
| $ | 319,130 |  |  | $ | (154,130) |  |  | $ | 165,000 |  |  |
| May 31, 2021
(in thousands) | Gross carrying value |  | Accumulated amortization |  | Net carrying value |  |
Product technologies | $ | 236,907 |  |  | $ | (97,343) |  |  | $ | 139,564 |  |  |
Customer relationships | 60,291 |  |  | (34,164) |  |  | 26,127 |  |  |
Trademarks | 9,950 |  |  | (6,905) |  |  | 3,045 |  |  |
Licenses | 6,087 |  |  | (5,846) |  |  | 241 |  |  |
| $ | 313,235 |  |  | $ | (144,258) |  |  | $ | 168,977 |  |  |
Amortization expense for the three months ended November 30, 2021 and 2020 was $4.9 million and $4.6 million, respectively. Amortization expense for the six months ended November 30, 2021 and 2020 was $9.7 million and $9.5 million, respectively. Expected future amortization expense related to the intangible assets for each of the following fiscal years is as follows:
(in thousands) |
Remainder of 2022 | $ | 9,796 |
2023 | 19,111 |
2024 | 16,902 |
2025 | 16,884 |
2026 | 16,703 |
2027 and thereafter | 85,604 |
| $ | 165,000 |

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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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