Management completed the annual impairment analysis of goodwill using a third-party quantitative and qualitative assessment as of the first day of the fourth quarter of fiscal year 2024. The Animal Safety reporting unit was tested by utilizing a qualitative assessment. The fair value of the Food Safety reporting unit was determined and compared to the carrying value. The inputs to the fair value are defined in the fair value hierarchy as Level 3 inputs. If the carrying value had exceeded the fair value, an impairment charge would have been recorded based on that difference. The annual impairment analysis resulted in no impairment for 2024 and 2023.

Under the quantitative approach, fair value of the reporting unit is estimated based on a combination of an income-based approach consisting of a discounted cash flows analysis and the use of a market-based approach consisting of pricing multiples derived from an analysis of comparable public companies multiplied against historical and/or anticipated financial metrics of the reporting unit. Management develops its discounted cash flows analysis based on information available as of the date of our assessment, using assumptions such as forecasted revenue growth rates and gross margin assumptions that are discounted to present value. Management typically assigns more weight to the income-based valuation method. Management also evaluates the fair value estimates of the reporting units in the context of the Company’s total enterprise market value.

The following table summarizes goodwill by reportable segment:


	Food Safety			Animal Safety			Total
Balance, May 31, 2022	$	67,558		$	75,146		$	142,704
Acquisitions		1,985,476			6,783			1,992,259
Foreign currency translation and other		3,127			(594	)		2,533
Balance, May 31, 2023	$	2,056,161		$	81,335		$	2,137,496
Acquisitions		250			—			250
Foreign currency translation and other		(2,206	)		92			(2,114	)
Balance, May 31, 2024	$	2,054,205		$	81,427		$	2,135,632

Definite-lived intangible assets consisted of the following and are included in amortizable intangible assets within the consolidated balance sheets:


	Gross Carrying Amount		Less Accumulated Amortization		Net Carrying Amount
Licenses	$	14,407	$	7,214	$	7,193
Covenants not to compete		487		425		62
Patents		7,692		3,770		3,922
Customer relationships intangibles		1,244,790		140,963		1,103,827
Trade names and trademarks		124,328		11,407		112,921
Developed technology		307,560		41,150		266,410
Other product and service-related intangibles		23,947		6,629		17,318
Balance, May 31, 2024	$	1,723,211	$	211,558	$	1,511,653

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

Amortization expense for intangibles totaled $94,946, $71,085, and $9,600 in fiscal years 2024, 2023, and 2022, respectively. During fiscal year 2024 and 2023, the Company recorded an impairment of $556 and $2,109, respectively, to its amortizable licenses related to discontinued product lines.

Estimated approximate amortization expense for the next five fiscal years and thereafter is as follows: 2025—$96,000, 2026—$96,000, 2027—$95,000, 2028—$95,000, 2029—$91,000 and thereafter—$1,039,000.

If actual market conditions or the Company’s performance are less favorable than those projected by management, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill or intangible assets below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges on its goodwill or intangible assets, which could be material, in future periods.

All definite-lived intangibles are amortized on a straight line basis with the exception of definite-lived customer relationships intangibles and product and service-related intangibles, which are amortized on either a straight line or an accelerated basis.

As of May 31, 2023, non-amortizable intangible assets included licenses of $569, trademarks of $12,522 and other intangibles of $1,224. During fiscal year 2023, the Company recorded an impairment of $1,000 to its non-amortizable trademarks related to discontinued product lines. This impairment was recorded in the Company's Food Safety segment within operating expenses.

Management completed the annual impairment analysis of intangible assets with indefinite lives using a qualitative assessment for fiscal year 2023. Other than the impairment in fiscal year 2023 related to the discrete trademarks discussed above, management determined that other recorded amounts were not impaired and that no additional impairment charges were necessary. In fiscal year 2024, the non-amortizable intangible assets were reclassified to definite-lived intangible assets. In conjunction with the reclassification, management completed an impairment analysis of the intangible assets using a qualitative assessment and determined that recorded amounts were not impaired.