Intangible Assets

12 Months Ended

May 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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.

There were no impairment charges on definite lived intangible assets for the year ended May 31, 2025. During the third quarter of fiscal year 2024, the Company made the decision to abandon the Syntrax product line. This resulted in an impairment charge of $3.3 million. The impairment charge is recorded in "Acquisition, restructuring and other items, net", on the Consolidated Statements of Operations (see Note 19 "Acquisition, restructuring and other items, net" as set forth in the Notes to the consolidated financial statements in this Annual Report on Form 10-K). There were no other impairment charges on definite lived intangible assets for the year ended May 31, 2024.

Intangible assets consisted of the following:


	May 31, 2025
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	178,673	$	(112,657)	$	66,016
Customer relationships	7,749		(4,802)		2,947
Trademarks	2,100		(2,081)		19
Licenses	3,837		(3,703)		134
	$	192,359	$	(123,243)	$	69,116


	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 was $10.3 million, $13.0 million and $18.8 million for fiscal years 2025, 2024 and 2023, respectively.

Expected future amortization expense related to the intangible assets for each of the following fiscal years is as follows:


(in thousands)
2026	$	10,302
2027	10,212
2028	10,163
2029	10,065
2030	10,052
2031 and thereafter	18,322
	$	69,116