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Accounting Policies (Tables)

9 Months Ended

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 29/28,								Nine Months ended February 29/28,
		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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-Name Accounting Standards Codification
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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.

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