Intangible Assets

3 Months Ended

Aug. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

Definite Lived Intangible Assets

Intangible assets 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:


	Aug 31, 2024
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	177,654	$	(105,373)	$	72,281
Customer relationships	9,052		(5,765)		3,287
Trademarks	2,100		(2,038)		62
Licenses	3,837		(3,693)		144


	$	192,643	$	(116,869)	$	75,774


	May 31, 2024
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	176,227	$	(102,468)	$	73,759
Customer relationships	9,028		(5,628)		3,400
Trademarks	2,100		(2,024)		76
Licenses	3,837		(3,689)		148


	$	191,192	$	(113,809)	$	77,383

Amortization expense for the three months ended August 31, 2024 and 2023 was $2.6 million and $3.6 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 2025	$	7,773
2026	10,183
2027	10,092
2028	10,043
2029	9,946
2030 and thereafter	27,737
	$	75,774