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Fair Value (Tables) | 6 Months Ended
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Nov. 30, 2015
Fair Value Disclosures [Abstract] |
Fair Value of Assets and Liabilities Measured on a Recurring Basis | The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of November 30, 2015 and May 31, 2015 (in thousands of dollars):
| Fair Value Measurements using inputs considered as: |  | Fair Value at November 30, 2015
| Level 1 |  | Level 2 |  | Level 3 |
Financial Assets |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |
U.S. government agency obligations | $ | — |  |  | $ | — |  |  | $ | 1,639 |  |  | $ | 1,639 |
Total | — |  |  | — |  |  | 1,639 |  |  | 1,639 |
Total Financial Assets | $ | — |  |  | $ | — |  |  | $ | 1,639 |  |  | $ | 1,639 |
Financial Liabilities |  |  |  |  |  |  |
Interest rate swap agreements | $ | — |  |  | $ | 97 |  |  | $ | — |  |  | $ | 97 |
Contingent liability for acquisition earn out | — |  |  | — |  |  | 37,849 |  |  | 37,849 |
Total Financial Liabilities | $ | — |  |  | $ | 97 |  |  | $ | 37,849 |  |  | $ | 37,946 |
| Fair Value Measurements using inputs considered as: |  | Fair Value at May 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |
Financial Assets |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |
U.S. 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 Measurements Using Significant Unobservable Inputs | The table below presents the changes in fair value components of Level 3 instruments in the six months ended November 30, 2015 (in thousands of dollars):
| Financial Assets |  | Financial Liabilities
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance, May 31, 2015 | $ | 1,689 |  |  | $ | 47,384 |
Change in present value of contingent consideration (1) | — |  |  | 661 |
Currency (gain) loss from remeasurement | — |  |  | (96 | )
Included in other comprehensive income (loss) | (25 | ) |  | — |
Proceeds from sale or maturity of marketable securities | (25 | ) |  | — |
Contingent consideration payments | — |  |  | (10,100 | )
Balance, November 30, 2015 | $ | 1,639 |  |  | $ | 37,849 |
Summary Showing the Recurring Fair Value Measurements of the Contingent Consideration Liability | The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of November 30, 2015 (in thousands of dollars):
| Fair value at |  | Valuation |  |  |  |
| Nov 30, 2015 |  | Technique |  | Unobservable Input |  | Range
Revenue based payments | $ | 35,249 |  |  | Discounted cash flow |  | Discount rate |  | 4%
|  |  |  |  | Probability of achieving sales |  | 75-100%
|  |  |  |  | Projected fiscal year of payment |  | 2017 - 2023
Milestone based payments | 2,600 |  |  | Discounted cash flow |  | Discount rate |  | 16%
|  |  |  |  | Probability of achieving milestone |  | 75-100%
|  |  |  |  | Projected fiscal year of payment |  | 2017
Total | $ | 37,849 |  |  |  |  |  |  |

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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=36462937&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 (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: 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=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition 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=36462937&loc=d3e19190-110258 + Details
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