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 years ended May 31, 2026 and 2025, respectively.


	May 31, 2026
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	193,784	$	(129,188)	$	64,596
Customer relationships	7,749		(5,255)		2,494
Trademarks	2,100		(2,100)		—
Licenses	3,837		(3,718)		119
	$	207,470	$	(140,261)	$	67,209


	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

Amortization expense was $10.7 million, $10.3 million and $13.0 million for fiscal years 2026, 2025 and 2024, respectively.

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