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Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables)

12 Months Ended

May 31, 2016

Fair Value Disclosures [Abstract]

Fair value of assets and liabilities measured on recurring basis

The following tables provide information by level for assets and liabilities that are measured at fair value (in thousands):

	Fair Value Measurements using inputs considered as:
	Level 1				Level 2				Level 3				Fair Value at May 31, 2016
Financial Assets
Marketable securities
New York State government agency obligations	$	—			$	—			$	1,653			$	1,653
Total	—				—				1,653				1,653
Total Financial Assets	$	—			$	—			$	1,653			$	1,653
Financial Liabilities
Contingent liability for acquisition earn out	—				—				38,275				38,275
Total Financial Liabilities	$	—			$	—			$	38,275			$	38,275

	Fair Value Measurements using inputs considered as:
	Level 1				Level 2				Level 3				Fair Value at May 31, 2015
Financial Assets
Marketable securities
New York State government agency obligations	$	—			$	—			$	1,689			$	1,689
Total	—				—				1,689				1,689
Total Financial Assets	$	—			$	—			$	1,689			$	1,689
Financial Liabilities
Interest rate swap agreements	$	—			$	257			$	—			$	257
Contingent liability for acquisition earn out	—				—				47,384				47,384
Total Financial Liabilities	$	—			$	257			$	47,384			$	47,641

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The components of Level 3 fair value instruments as of May 31, 2016 are shown below (in thousands):

	Financial Assets				Financial Liabilities
	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)				Fair Value Measurements Using Significant Unobservable Inputs
Balance at May 31, 2015	$	1,689			$	47,384
Change in fair value of contingent consideration (1)	—				948
Currency (gain) loss from remeasurement	—				43
Fair market value adjustments	(36		)		—
Contingent consideration payments	—				(10,100		)
Balance at May 31, 2016	$	1,653			$	38,275

The components of Level 3 fair value instruments as of May 31, 2015 are shown below (in thousands):

	Financial Assets				Financial Liabilities
	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)				Fair Value Measurements Using Significant Unobservable Inputs
Balance at May 31, 2014	$	1,809			$	67,331
Change in fair value of contingent consideration (1)	—				(8,196		)
Currency (gain) loss from remeasurement	—				(529		)
Included in other comprehensive income (loss)	(120		)		—
Contingent consideration payments	—				(11,222		)
Balance at May 31, 2015	$	1,689			$	47,384

(1) Change in the fair value of contingent consideration is included in earnings and comprised of changes in estimated earn out payments based on projections of company performance and amortization of the present value discount.

Fair Value, Liabilities Measured on Recurring Basis

The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of May 31, 2016 (in thousands of dollars):

	Fair value at May 31, 2016				Valuation Technique		Unobservable Input		Range
Revenue based payments	$	35,325			Discounted cash flow		Discount rate Probability of payment Projected fiscal year of payment		4% 75% - 100% 2017 - 2022
Milestone based payments	2,950				Discounted cash flow		Discount rate Probability of payment Projected fiscal year of payment		16% 75% - 100% 2017
	$	38,275

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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