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Restructuring | 6 Months Ended
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Nov. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | 6. RESTRUCTURING The Company regularly evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented certain restructuring initiatives, including consolidation of facilities throughout the world and rationalization of its operations. In the second quarter of fiscal year 2025, management initiated a restructuring plan primarily designed to focus the end market exposure and streamline the operations of the Company's global genomics business. The Company’s restructuring charges consist of severance payments, costs for outplacement services, and post-employment benefits (collectively, “employee separation costs”), other related exit costs and asset impairment charges related to restructuring activities. These amounts are partially recorded within cost of service revenues and partially recorded within general and administrative expense on the condensed consolidated statements of operations. Restructuring charges by segment were as follows:
|  | Three months ended November 30, |  |  | Six months ended November 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Food Safety |  | $ | 1,504 |  |  | $ | 49 |  |  | $ | 1,636 |  |  | $ | 216 |
Animal Safety |  |  | 7,077 |  |  |  | 1,330 |  |  |  | 7,077 |  |  |  | 1,330 |
Corporate |  |  | 987 |  |  |  | 477 |  |  |  | 1,225 |  |  |  | 869 |
Total |  | $ | 9,568 |  |  | $ | 1,856 |  |  | $ | 9,938 |  |  | $ | 2,415 |
Restructuring activity for the six months ended November 30, 2024 was as follows:
|  | Employee Separation Costs |  |  | Other Exit Costs |  |  | Total |
Balance as of May 31, 2024 |  |  | - |  |  |  | - |  |  |  | - |
Expense |  |  | 1,983 |  |  |  | 7,955 |  |  |  | 9,938 |
Cash Payments |  |  | (516 | ) |  |  | (627 | ) |  |  | (1,143 | )
Asset impairments and other |  |  | - |  |  |  | (7,328 | ) |  |  | (7,328 | )
Balance as of November 30, 2024 |  |  | 1,467 |  |  |  | - |  |  |  | 1,467 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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