XML 35 R22.htm IDEA: XBRL DOCUMENT
v3.22.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
May 31, 2022
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 (Loss) on Marketable Securities |  |  | Total AOCI |
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 | )
Other comprehensive loss |  |  | (13,955 | ) |  |  | (2,439 | ) |  |  | (16,394 | )
Balance, May 31, 2022 |  | $ | (25,488 | ) |  | $ | (2,281 | ) |  | $ | (27,769 | )
Schedule Of Classification And Maturities Of Marketable Securities | Marketable Securities as of May 31, 2022 and 2021 are listed below by classification and remaining maturities.
|  |  |  |  | Year ended May 31 |
(in thousands) |  | Maturity |  |  | 2022 |  |  | 2021 |
Commercial Paper & Corporate Bonds |  |  | 0 - 90 days |  |  | $ | 106,497 |  |  | $ | 106,631 |
|  |  | 91 -180 days |  |  |  | 61,373 |  |  |  | 78,727 |
|  |  | 181 days -1 year |  |  |  | 91,706 |  |  |  | 87,590 |
|  |  | 1 - 2 years |  |  |  | 77,002 |  |  |  | 26,752 |
Certificates of Deposit |  |  | 0 - 90 days |  |  |  | — |  |  |  | 3,262 |
|  |  | 91 - 180 days |  |  |  | — |  |  |  | 1,260 |
|  |  | 181 days -1 year |  |  |  | — |  |  |  | 1,263 |
|  |  | 1 - 2 years |  |  |  | — |  |  |  | — |
Total Marketable Securities |  |  |  |  |  | $ | 336,578 |  |  | $ | 305,485 |
Summary of components of marketable securities | The components of marketable securities as of May 31, 2022 are as follows:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Commercial Paper & Corporate Bonds |  | $ | 339,540 |  |  | $ | 7 |  |  | $ | (2,969 | ) |  | $ | 336,578 |
Certificates of Deposit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Marketable Securities |  | $ | 339,540 |  |  | $ | 7 |  |  | $ | (2,969 | ) |  | $ | 336,578 |
The components of marketable securities as of May 31, 2021 are as follows:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
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 |
Allowance for Doubtful Accounts |
|  | Year ended May 31 |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Beginning Balance |  | $ | 1,400 |  |  | $ | 1,350 |  |  | $ | 1,700 |
Provision |  |  | 332 |  |  |  | 239 |  |  |  | 393 |
Recoveries |  |  | 98 |  |  |  | 139 |  |  |  | 49 |
Write-offs |  |  | (180 | ) |  |  | (328 | ) |  |  | (792 | )
Ending Balance |  | $ | 1,650 |  |  | $ | 1,400 |  |  | $ | 1,350 |
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) |  | 2022 |  |  | 2021 |
Raw Materials |  | $ | 58,667 |  |  | $ | 47,588 |
Work-in-process |  |  | 6,388 |  |  |  | 6,412 |
Finished goods |  |  | 57,258 |  |  |  | 46,701 |
|  | $ | 122,313 |  |  | $ | 100,701 |
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 |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 0.4 | % |  |  | 0.2 | % |  |  | 1.9 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected stock volatility |  |  | 32.8 | % |  |  | 31.3 | % |  |  | 29.4 | %
Expected option life |  |  | 3.12 years |  |  |  | 3.25 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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Numerator for basic and diluted net income per share — Net Income |  | $ | 48,307 |  |  | $ | 60,882 |  |  | $ | 59,475 |
Denominator for basic net income per share — Weighted average shares |  |  | 107,684 |  |  |  | 106,499 |  |  |  | 105,100 |
Effect of dilutive stock options and restricted stock units |  |  | 336 |  |  |  | 621 |  |  |  | 620 |
Denominator for diluted net income per share |  |  | 108,020 |  |  |  | 107,120 |  |  |  | 105,720 |
Net income attributable per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.45 |  |  | $ | 0.57 |  |  | $ | 0.57 |
Diluted |  | $ | 0.45 |  |  | $ | 0.57 |  |  | $ | 0.56 |
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) |  | 2022 |  |  | 2021 |
Rights of use - assets |  | $ | 3,184 |  |  | $ | 2,477 |
Lease liabilities - current |  |  | 1,440 |  |  |  | 1,285 |
Lease liabilities - non-current |  |  | 1,788 |  |  |  | 1,207 |
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 |
|  | 2022 |  |  | 2021 |
Weighted average remaining lease term |  |  | 3 years |  |  |  | 2 years |
Weighted average discount rate |  |  | 1.7 | % |  |  | 2.0 | %
Components of lease expense | The components of lease expense were as follows:
|  | Year ended May 31 |
(in thousands) |  | 2022 |  |  | 2021 |
Operating leases |  | $ | 438 |  |  | $ | 1,352 |
Short term leases |  |  | 277 |  |  |  | 134 |
Total lease expense |  | $ | 715 |  |  | $ | 1,486 |
Undiscounted minimum lease payments | Maturities of operating lease liabilities as of May 31, 2022 are as follows:
(in thousands) |  | Amount |
Years ending May 31, 2023 |  | $ | 1,458 |
2024 |  |  | 887 |
2025 |  |  | 436 |
2026 |  |  | 345 |
2027 and thereafter |  |  | 190 |
Total lease payments |  | $ | 3,316 |
Less: imputed interest |  |  | (88 | )
Total lease liabilities |  | $ | 3,228 |
Disaggregated Revenue | The following table presents the Company’s revenue disaggregated by geographical location:
|  | Year ended May 31 |
(in thousands) |  | 2022 |  |  | 2021 |
Domestic |  | $ | 317,820 |  |  | $ | 285,262 |
International |  |  | 209,339 |  |  |  | 183,197 |
Total revenue |  | $ | 527,159 |  |  | $ | 468,459 |
Operating Segments |
Disaggregated Revenue | The following table presents disaggregated revenue by major product and service categories for the years ended May 31, 2022, 2021 and 2020:
|  | Year Ended
(dollars in thousands) |  | May 31, 2022 |  |  | May 31, 2021 |  |  | May 31, 2020 |
Food Safety: |  |  |  |  |  |  |  |  |  |  |  |
Natural Toxins, Allergens & Drug Residues |  | $ | 79,395 |  |  | $ | 76,614 |  |  | $ | 76,207 |
Bacterial & General Sanitation |  |  | 47,282 |  |  |  | 44,009 |  |  |  | 41,780 |
Culture Media & Other |  |  | 75,278 |  |  |  | 61,245 |  |  |  | 47,847 |
Rodenticides, Insecticides & Disinfectants |  |  | 35,691 |  |  |  | 32,219 |  |  |  | 28,890 |
Genomics Services |  |  | 22,333 |  |  |  | 20,157 |  |  |  | 17,967 |
|  | $ | 259,979 |  |  | $ | 234,244 |  |  | $ | 212,691 |
Animal Safety: |  |  |  |  |  |  |  |  |  |  |  |
Life Sciences |  |  | 5,685 |  |  |  | 5,715 |  |  |  | 6,322 |
Veterinary Instruments & Disposables |  |  | 63,938 |  |  |  | 48,128 |  |  |  | 42,941 |
Animal Care & Other |  |  | 39,805 |  |  |  | 35,897 |  |  |  | 28,389 |
Rodenticides, Insecticides & Disinfectants |  |  | 83,610 |  |  |  | 77,458 |  |  |  | 68,815 |
Genomics Services |  |  | 74,142 |  |  |  | 67,017 |  |  |  | 59,012 |
|  | $ | 267,180 |  |  | $ | 234,215 |  |  | $ | 205,479 |
Total Revenue |  | $ | 527,159 |  |  | $ | 468,459 |  |  | $ | 418,170 |

X
- Definition Allowance for Doubtful Accounts, Table + References No definition available. + Details
Name: | neog_AllowanceForDoubtfulAccountsTableTextBlock
Namespace Prefix: | neog_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of classification and maturities of marketable securities. + References No definition available. + Details
Name: | neog_ScheduleOfClassificationAndMaturitiesOfMarketableSecuritiesTableTextBlock
Namespace Prefix: | neog_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of weighted average remaining lease term and weighted average discount rate + References No definition available. + Details
Name: | neog_ScheduleOfWeightedAverageRemainingLeaseTermAndWeightedAverageDiscountRateTableTextBlock
Namespace Prefix: | neog_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Supplemental balance sheet information related to operating leases + References No definition available. + Details
Name: | neog_ScheduleofsupplementalbalancesheetinformationrelatedtooperatingleasesTableTextBlock
Namespace Prefix: | neog_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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=123351226&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123408670&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123408670&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |