Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Nov. 30, 2022

Summary of Goodwill by Business Segment

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.

Summary of Amortizable of Intangible Assets

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