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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2021
Summary of Changes in Accumulated Other Comprehensive Income (Loss) net of tax | Changes in our Accumulated Other Comprehensive Income (Loss) (“AOCI”) balances, net of tax, were as follows:
(in thousands) |  | Foreign Currency Translation Adjustments |  |  | Unrealized Gain on Marketable Securities |  |  | Total AOCI |
Balance, May 31, 2019 |  | $ | (11,640 | ) |  | $ | — |  |  | $ | (11,640 | )
Other comprehensive income (loss) |  |  | (8,495 | ) |  |  | 426 |  |  |  | (8,069 | )
Balance, May 31, 2020 |  | $ | (20,135 | ) |  | $ | 426 |  |  | $ | (19,709 | )
Other comprehensive income (loss) |  |  | 8,602 |  |  |  | (268 | ) |  |  | 8,334 |
Balance, May 31, 2021 |  | $ | (11,533 | ) |  | $ | 158 |  |  | $ | (11,375 | )
Schedule Of Classification And Maturities Of Marketable Securities | Marketable Securities as of May 31, 2021 and 2020 are listed below by classification and remaining maturities .
|  |  |  | Year ended May 31 |
(in thousands) |  | Maturity |  | 2021 |  |  | 2020 |
US Treasuries |  | 0 - 90 days |  | $ | — |  |  | $ | — |
|  | 91 -180 days |  |  | — |  |  |  | — |
|  | 181 days - 1 year |  |  | — |  |  |  | 2,532 |
|  | 1 - 2 years |  |  | — |  |  |  | — |
Commercial Paper & Corporate Bonds |  | 0 - 90 days |  |  | 106,631 |  |  |  | 133,130 |
|  | 91 - 180 days |  |  | 78,727 |  |  |  | 73,824 |
|  | 181 days - 1 year |  |  | 87,590 |  |  |  | 43,231 |
|  | 1 - 2 years |  |  | 26,752 |  |  |  | 7,839 |
Certificates of Deposit |  | 0 - 90 days |  |  | 3,262 |  |  |  | 1,003 |
|  | 91 - 180 days |  |  | 1,260 |  |  |  | 5,184 |
|  | 181 days - 1 year |  |  | 1,263 |  |  |  | 6,069 |
|  | 1 - 2 years |  |  | — |  |  |  | 4,592 |
Total Marketable Securities |  | $ | 305,485 |  |  | $ | 277,404 |
Summary of components of marketable securities | The components of marketable securities as of May 31, 2021 are as follows:
(in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
US Treasuries |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial Paper & Corporate Bonds |  |  | 299,524 |  |  |  | 209 |  |  |  | (33 | ) |  |  | 299,700 |
Certificates of Deposit |  |  | 5,755 |  |  |  | 30 |  |  |  | — |  |  |  | 5,785 |
Total Marketable Securities |  | $ | 305,279 |  |  | $ | 239 |  |  | $ | (33 | ) |  | $ | 305,485 |
The components of marketable securities as of May 31, 2020 are as follows:
(in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
US Treasuries |  | $ | 2,502 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 2,532 |
Commercial Paper & Corporate Bonds |  |  | 257,700 |  |  |  | 347 |  |  |  | (23 | ) |  |  | 258,024 |
Certificates of Deposit |  |  | 16,648 |  |  |  | 200 |  |  |  | — |  |  |  | 16,848 |
Total Marketable Securities |  | $ | 276,850 |  |  | $ | 577 |  |  | $ | (23 | ) |  | $ | 277,404 |
Allowance for Doubtful Accounts |
|  | Year ended May 31 |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Beginning Balance |  | $ | 1,350 |  |  | $ | 1,700 |  |  | $ | 1,550 |
Provision |  |  | 239 |  |  |  | 393 |  |  |  | 263 |
Recoveries |  |  | 139 |  |  |  | 49 |  |  |  | 38 |
Write-offs |  |  | (328 | ) |  |  | (792 | ) |  |  | (151 | )
Ending Balance |  | $ | 1,400 |  |  | $ | 1,350 |  |  | $ | 1,700 |
Inventories | Inventories are stated at the lower of cost or net realizable value, determined on the first-in, first-out method. The components of inventories were as follows:
|  | Year ended May 31 |
(in thousands) |  | 2021 |  |  | 2020 |
Raw Materials |  | $ | 47,588 |  |  | $ | 45,058 |
Work-in-process |  |  | 6,412 |  |  |  | 6,887 |
Finished goods |  |  | 46,701 |  |  |  | 43,108 |
|  | $ | 100,701 |  |  | $ | 95,053 |
Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions | The fair value of stock options granted was estimated using the following weighted-average assumptions:
|  | Year ended May 31 |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Risk-free interest rate |  |  | 0.2 | % |  |  | 1.9 | % |  |  | 2.6 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected stock volatility |  |  | 31.3 | % |  |  | 29.4 | % |  |  | 27.0 | %
Expected option life |  |  | 3.25 years |  |  |  | 3.5 years |  |  |  | 3.5 years |
Calculation of Net Income Per Share | The following table presents the net income per share calculations:
|  | Year ended May 31 |
(in thousands, except per share) |  | 2021 |  |  | 2020 |  |  | 2019 |
Numerator for basic and diluted net income per share — Net Income |  | $ | 60,882 |  |  | $ | 59,475 |  |  | $ | 60,176 |
Denominator for basic net income per share — Weighted average shares |  |  | 106,499 |  |  |  | 105,100 |  |  |  | 103,776 |
Effect of dilutive stock options |  |  | 621 |  |  |  | 620 |  |  |  | 1,074 |
Denominator for diluted net income per share |  |  | 107,120 |  |  |  | 105,720 |  |  |  | 104,850 |
Net income attributable to Neogen per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.57 |  |  | $ | 0.57 |  |  | $ | 0.58 |
Diluted |  | $ | 0.57 |  |  | $ | 0.56 |  |  | $ | 0.57 |
Supplemental balance sheet information related to operating leases | Supplemental balance sheet information related to operating leases was as follows:
|  | Year ended May 31 |
(in thousands) |  | 2021 |  |  | 2020 |
Rights of use—assets |  | $ | 2,477 |  |  | $ | 1,952 |
Lease liabilities—current |  |  | 1,285 |  |  |  | 1,054 |
Lease liabilities—non-current |  |  | 1,207 |  |  |  | 913 |
Weighted average remaining lease term and weighted average discount rate | The weighted average remaining lease term and weighted average discount rate were as follows:
|  | Year ended May 31 |
|  | 2021 |  |  | 2020 |
Weighted average remaining lease term |  |  | 2 years |  |  |  | 2.5 years |
Weighted average discount rate |  |  | 2.0% |  |  |  | 3.2% |
Components of lease expense | The components of lease expense were as follows:
|  | Year ended May 31 |
(in thousands) |  | 2021 |  |  | 2020 |
Operating leases |  | $ | 1,352 |  |  | $ | 1,207 |
Short term leases |  |  | 134 |  |  |  | 166 |
Total lease expense |  | $ | 1,486 |  |  | $ | 1,373 |
Undiscounted minimum lease payments | Maturities of operating lease liabilities as of May 31, 2021 are as follows:
(in thousands) |  | Amount |
Years ending May 31, 202 2 |  | $ | 1,313 |
2023 |  |  | 874 |
2024 |  |  | 345 |
2025 |  |  | 42 |
2026 and thereafter |  |  | — |
Total lease payments |  | $ | 2,574 |
Less: imputed interest |  |  | (82 | )
Total lease liabilities |  | $ | 2,492 |
Disaggregated Revenue | The following table presents the Company’s revenue disaggregated by geographical location:
|  | Year ended May 31 |
(in thousands) |  | 2021 |  |  | 2020 |
Domestic |  | $ | 285,262 |  |  | $ | 253,458 |
International |  |  | 183,197 |  |  |  | 164,712 |
Total revenue |  | $ | 468,459 |  |  | $ | 418,170 |
Operating Segments |
Disaggregated Revenue | The following table presents disaggregated revenue by major product and service categories for the years ended May 31, 2021, 2020 and 2019:
|  | Year Ended |
(dollars in thousands) |  | May 31, 2021 |  |  | Change |  |  | May 31, 2020 |  |  | Change |  |  | May 31, 2019 |
Food Safety: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural Toxins, Allergens & Drug Residues |  | $ | 76,614 |  |  |  | 1 | % |  | $ | 76,207 |  |  |  | (3 | %) |  | $ | 78,373 |
Bacterial & General Sanitation |  |  | 44,009 |  |  |  | 5 | % |  |  | 41,780 |  |  |  | (0 | %) |  |  | 41,966 |
Culture Media & Other |  |  | 56,922 |  |  |  | 19 | % |  |  | 47,847 |  |  |  | (4 | %) |  |  | 49,857 |
Rodenticides, Insecticides & Disinfectants |  |  | 36,542 |  |  |  | 26 | % |  |  | 28,890 |  |  |  | 13 | % |  |  | 25,584 |
Genomics Services |  |  | 20,157 |  |  |  | 12 | % |  |  | 17,967 |  |  |  | 2 | % |  |  | 17,694 |
|  | $ | 234,244 |  |  |  | 10 | % |  | $ | 212,691 |  |  |  | (0 | %) |  | $ | 213,474 |
Animal Safety: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life Sciences |  |  | 5,715 |  |  |  | (10 | % ) |  |  | 6,322 |  |  |  | (20 | %) |  |  | 7,858 |
Veterinary Instruments & Disposables |  |  | 48,128 |  |  |  | 12 | % |  |  | 42,941 |  |  |  | (4 | %) |  |  | 44,582 |
Animal Care & Other |  |  | 35,897 |  |  |  | 26 | % |  |  | 28,389 |  |  |  | (5 | %) |  |  | 29,941 |
Rodenticides, Insecticides & Disinfectants |  |  | 77,458 |  |  |  | 13 | % |  |  | 68,815 |  |  |  | 4 | % |  |  | 66,389 |
Genomics Services |  |  | 67,017 |  |  |  | 14 | % |  |  | 59,012 |  |  |  | 14 | % |  |  | 51,942 |
|  | $ | 234,215 |  |  |  | 14 | % |  | $ | 205,479 |  |  |  | 2 | % |  | $ | 200,712 |
Total Revenue |  | $ | 468,459 |  |  |  | 12 | % |  | $ | 418,170 |  |  |  | 1 | % |  | $ | 414,186 |

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