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Goodwill and Other Intangible Assets
6 Months Ended
Nov. 30, 2022
Goodwill and Other Intangible Assets
9. GOODWILL AND INTANGIBLE ASSETS
The following table summarizes goodwill by reportable segment:
 
(in thousands)
  
Food Safety
 
  
Animal Safety
 
  
Total
 
May 31, 2022
  
$
67,558
 
  
$
75,146
 
  
$
142,704
 
Acquisitions
(1)
  
 
1,957,810
 
  
 
6,115
 
  
$
1,963,925
 
Foreign currency translation and other
  
 
16,058
 
  
 
(290
  
$
15,768
 
  
 
 
 
  
 
 
 
  
 
 
 
November 30, 2022
  
$
2,041,426
 
  
$
80,971
 
  
$
2,122,397
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
Animal Safety acquisitions represents portion of 3M Food Safety transaction recorded at Neogen Australasia.
At November 30, 2022, non-amortizable assets included licenses of $569,000, trademarks of $13,423,000 and other intangibles of $1,224,000. At May 31, 2022, non-amortizable intangible assets included licenses of $569,000, trademarks of $13,604,000 and other intangibles of $1,224,000.
Amortizable intangible assets consisted of the following and are included in customer-based intangibles and other non-current assets within the consolidated balance sheets:
 
(in thousands)
  
Gross
Carrying
Amount
 
  
Less
Accumulated
Amortization
 
  
Net
Carrying
Amount
 
  
 
 
 
  
 
 
 
  
 
 
 
Licenses
  
$
16,979
 
  
$
6,394
 
  
 
10,585
 
Covenants not to compete
  
 
371
 
  
 
234
 
  
 
137
 
Patents
  
 
8,029
 
  
 
4,565
 
  
 
3,464
 
Customer relationships
  
 
1,234,202
 
  
 
49,735
 
  
 
1,184,467
 
Trade names and trademarks
  
 
121,135
 
  
 
1,417
 
  
 
119,718
 
Developed technology
  
 
296,897
 
  
 
11,000
 
  
 
285,897
 
Other product and service-related intangibles
  
 
26,947
 
  
 
4,701
 
  
 
22,245
 
  
 
 
 
  
 
 
 
  
 
 
 
November 30, 2022
  
$
1,704,560
 
  
$
78,046
 
  
$
1,626,514
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Licenses
  
$
17,109
 
  
$
5,682
 
  
$
11,427
 
Covenants not to compete
  
 
846
 
  
 
671
 
  
 
175
 
Patents
  
 
8,347
 
  
 
4,583
 
  
 
3,764
 
Customer relationships
  
 
75,000
 
  
 
33,662
 
  
 
41,338
 
Trade names and trademarks
  
 
1,180
 
  
 
167
 
  
 
1,013
 
Developed technology
  
 
17,741
 
  
 
6,124
 
  
 
11,617
 
Other product and service-related intangibles
  
 
27,299
 
  
 
4,527
 
  
 
22,772
 
  
 
 
 
  
 
 
 
  
 
 
 
May 31, 2022
  
$
147,522
 
  
$
55,416
 
  
$
92,106
 
  
 
 
 
  
 
 
 
  
 
 
 
Amortization expense relating to
de
finite-lived intangible assets was $22.7 million and $2.4 million for the three months ended November 30, 2022 and 2021, respectively, and $25.1 million and $4.6 million for the six months ended November 30, 2022 and 2021, respectively.
The estimated amortization expense for each of the five succeeding fiscal years is as follows: $45.6 million remaining in 2023, $90.8 million in 2024, $90.3 million in 2025, $90.2 million in 2026 and $89.7 million in 2027 and $1.22 billion thereafter.
The amortizable intangible assets useful lives are 2 to 20 years for licenses, 3 to 10 years for covenants not to compete, 5 to 25 years for patents, 9 to 20 years for customer relationships, 10 to 25 years for trade names and trademarks, 10 to 20 years for developed technology and 5 to 15 years for other product and service-related intangibles. All definite-lived intangibles are amortized on a straight-line basis with the exception of definite-lived customer-based intangibles and product and service-related intangibles, which are amortized on either a straight-line or an accelerated basis.
The weighted average remaining amortization period for intangibles was 18 years at November 30, 2022 and eight years at May 31, 2022.