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Accounting Policies (Tables) | 9 Months Ended
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Feb. 29, 2020
Supplemental balance sheet information related to operating leases | Supplemental balance sheet information related to operating leases was as follows:
|  | February 29, 2020 |
|  | (in thousands) |
Right of use - assets |  | $ | 1,755 |
Lease liabilities - current |  |  | 325 |
Lease liabilities - non-current |  |  | 1,467 |
Weighted average remaining lease term and weighted average discount rate | The weighted average remaining lease term and weighted average discount rate were as follows:
|  | February 29, 2020 |
Weighted average remaining lease term |  |  | 2.4 years |
Weighted average discount rate |  |  | 3.5% |
Components of lease expense | The components of lease expense were as follows:
|  | Three Months Ended February 29, 2020 |  |  | Nine Months Ended February 29, 2020 |
|  | (in thousands) |  |  | (in thousands) |
Operating leases |  | $ | 316 |  |  | $ | 889 |
Short term leases |  |  | 25 |  |  |  | 106 |
Total lease expense |  | $ | 341 |  |  | $ | 995 |
Undiscounted minimum lease payments | Undiscounted minimum lease payments as of February 29, 2020 were as follows:
|  | Amount |
|  | (in thousands) |
Years ending May 31, |  |  |  |
2020 (1) |  | $ | 289 |
2021 |  |  | 915 |
2022 |  |  | 358 |
2023 |  |  | 168 |
2024 |  |  | 94 |
2025 and thereafter |  |  | 26 |
Total lease payments |  |  | 1,850 |
Less: imputed interest |  |  | 58 |
Total lease liabilities |  | $ | 1,792 |
(1) | Excluding the nine months ended February 29, 2020.
Disaggregated Revenue | The following table presents the Company’s revenue disaggregated by geographic location:
|  | Three months ended |  |  | Nine months ended |
|  | February 29/28, |  |  | February 29/28, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |  |  | (in thousands) |
Revenues by Geographic Location |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 59,762 |  |  | $ | 57,422 |  |  | $ | 186,887 |  |  | $ | 182,298 |
International |  |  | 40,107 |  |  |  | 40,278 |  |  |  | 122,209 |  |  |  | 122,126 |
Total revenue |  |  | 99,869 |  |  |  | 97,700 |  |  |  | 309,096 |  |  |  | 304,424 |
Future minimum lease payments | The aggregate amount of future minimum annual rental payments applicable to noncancelable leases as of May 31, 2019 were as follows:
|  | Future Minimum Lease Payments |
|  | (in thousands) |
Years ending May 31, |  |  |  |
2020 |  | $ | 1,112 |
2021 |  |  | 810 |
2022 |  |  | 297 |
2023 |  |  | 101 |
Thereafter |  |  | 0 |
|  | $ | 2,320 |
Operating Segments |
Disaggregated Revenue | The following table presents disaggregated revenue by major product and service categories for the three and nine month periods ended February 29, 2020 and February 28, 2019:
|  | Three Months ended February 2 9 /2 8 , |  |  | Nine Months ended February 2 9 /2 8 , |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Food Safety |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural Toxins, Allergens & Drug Residues |  | $ | 17,154 |  |  | $ | 18,612 |  |  | $ | 57,950 |  |  | $ | 58,021 |
Bacterial & General Sanitation |  |  | 9,413 |  |  |  | 9,519 |  |  |  | 31,345 |  |  |  | 30,807 |
Culture Media & Other |  |  | 11,222 |  |  |  | 11,893 |  |  |  | 35,259 |  |  |  | 36,302 |
Rodenticides, Insecticides & Disinfectants |  |  | 7,964 |  |  |  | 5,953 |  |  |  | 20,859 |  |  |  | 18,521 |
Genomics Services |  |  | 4,745 |  |  |  | 5,136 |  |  |  | 12,961 |  |  |  | 13,395 |
|  | $ | 50,498 |  |  | $ | 51,113 |  |  | $ | 158,374 |  |  | $ | 157,046 |
Animal Safety |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life Sciences |  | $ | 1,376 |  |  | $ | 1,823 |  |  | $ | 4,901 |  |  | $ | 5,794 |
Veterinary Instruments & Disposables |  |  | 10,799 |  |  |  | 10,682 |  |  |  | 32,621 |  |  |  | 32,769 |
Animal Care & Other |  |  | 6,667 |  |  |  | 6,554 |  |  |  | 20,859 |  |  |  | 21,900 |
Rodenticides, Insecticides & Disinfectants |  |  | 14,558 |  |  |  | 13,525 |  |  |  | 47,462 |  |  |  | 49,460 |
Genomics Services |  |  | 15,971 |  |  |  | 14,003 |  |  |  | 44,879 |  |  |  | 37,455 |
|  | $ | 49,371 |  |  | $ | 46,587 |  |  | $ | 150,722 |  |  | $ | 147,378 |
Total Revenues |  | $ | 99,869 |  |  | $ | 97,700 |  |  | $ | 309,096 |  |  | $ | 304,424 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + 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 + Details
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- Definition 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 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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