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Accounting Policies (Tables)

6 Months Ended

Nov. 30, 2019

Supplemental balance sheet information related to operating leases

Supplemental balance sheet information related to operating leases was as follows:

		November 30, 2019
		(in thousands)
Right of use - assets		$	2,034
Lease liabilities - current			585
Lease liabilities - non-current			1,456

Weighted average remaining lease term and weighted average discount rate

The weighted average remaining lease term and weighted average discount rate were as follows:

		November 30, 2019
Weighted average remaining lease term			2.5 years
Weighted average discount rate			3.5	%

Components of lease expense

The components of lease expense were as follows:

		Three Months Ended November 30, 2019				Six Months Ended November 30, 2019
		(in thousands)				(in thousands)
Operating leases		$	333			$	573
Short term leases			34				81
Total lease expense		$	367			$	654

Undiscounted minimum lease payments

Undiscounted minimum lease payments as of November 30, 2019 were as follows:

		Amount
		(in thousands)
Years ending May 31,
2020 (1)		$	589
2021			917
2022			358
2023			169
2024			95
2025 and thereafter			26
Total lease payments			2,154
Less: imputed interest			114
Total lease liabilities		$	2,040

(1) Excluding the six months ended November 30, 2019.

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by geographic location:

		Three months ended								Six months ended
		November 30,								November 30,
		2019				2018				2019				2018
		(in thousands)								(in thousands)
Revenues by Geographic Location
Domestic		$	63,317			$	65,033			$	126,657			$	124,879
International			44,486				42,065				82,570				81,845
Total revenue			107,803				107,098				209,227				206,724

Operating Segments

Disaggregated Revenue

The following table presents disaggregated revenue by major product and service categories for the three and six month periods ended November 30, 2019 and 2018:

		Three Months ended November 30,								Six Months ended November 30,
		2019				2018				2019				2018
		(in thousands)
Food Safety
Natural Toxins, Allergens & Drug Residues		$	20,681			$	20,571			$	40,796			$	39,409
Bacterial & General Sanitation			11,615				10,822				21,931				21,288
Culture Media & Other			12,757				12,191				24,037				24,408
Rodenticides, Insecticides & Disinfectants			7,447				5,943				12,896				12,569
Genomics Services			4,354				4,223				8,216				8,259
		$	56,854			$	53,750			$	107,876			$	105,933
Animal Safety
Life Sciences		$	1,803			$	1,891			$	3,525			$	3,971
Veterinary Instruments & Disposables			10,486				11,683				21,822				22,087
Animal Care & Other			7,787				8,948				14,193				15,346
Rodenticides, Insecticides & Disinfectants			16,186				18,789				32,904				35,935
Genomics Services			14,687				12,037				28,907				23,452
		$	50,949			$	53,348			$	101,351			$	100,791
Total Revenues		$	107,803			$	107,098			$	209,227			$	206,724

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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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