XML 65 R29.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
May 31, 2018
Accounting Policies [Abstract] |
Property, plant and equipment | Refer below for useful lives by category:
|  | Estimated useful lives
Building and building improvements |  | 39 years
Machinery and equipment |  | 5 to 8 years
Computer software and equipment |  | 3 to 5 years
As of May 31, 2018 and 2017, property, plant and equipment are summarized as follows:
| May 31, 2018 |  | May 31, 2017
(in thousands) |
Building and building improvements | $ | 39,887 |  |  | $ | 40,597 |
Machinery and equipment | 22,668 |  |  | 25,434 |
Computer software and equipment | 24,899 |  |  | 25,668 |
Construction in progress | 2,153 |  |  | 1,464 |
| 89,607 |  |  | 93,163 |
Less accumulated depreciation and amortization | (48,794 | ) |  | (49,652 | )
| 40,813 |  |  | 43,511 |
Land and land improvements | 1,648 |  |  | 1,723 |
| $ | 42,461 |  |  | $ | 45,234 |
Recent accounting pronouncements | The following table provides a description of recent accounting pronouncements that may have a material effect on the Company's consolidated financial statements:
Recently Issued Accounting Pronouncements - Adopted
Standard | Description | Date Adopted | Effect on the Consolidated Financial Statements
ASU 2016-09, Compensation - Stock Based Compensation (Topic 718: Improvements to Employee Share-Based Payment Accounting) | This ASU simplifies and improves various aspects of ASC 718 for share-based payments, including income tax items and the classification of these items on the statement of cash flows. | June 1, 2017 | The Company now recognizes unrealized excess tax benefits and will classify such benefits as an operating activity in the statement of cash flows on a prospective basis. Due to the full valuation allowance on our federal and state income taxes, the adoption of ASU 2016-09 did not impact our accounting for income taxes.
|  |  | The Company elected the accounting policy change to account for forfeitures as they occur. This was adopted using the modified retrospective transition method by means of a cumulative-effect adjustment to equity as of June 1, 2017. The adoption of ASU 2016-09 did not materially impact the Company's consolidated statements of income, consolidated balance sheet, equity or cash flows.
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) | This ASU simplifies the subsequent measurement of goodwill by eliminating steps from the goodwill impairment test. | June 1, 2017 | This adoption did not have an impact on the Company's financial statements.
ASC Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Update No. 2015-11 | This ASU more closely aligns the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. | June 1, 2017 | This adoption did not have an impact on the Company's financial statements.
Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted
Standard | Description | Effective Date | Effect on the Consolidated Financial Statements
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606, ASU 2014-09) | Under Topic 606, an entity is required to recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services. Topic 606 defines a five-step process in order to achieve this core principle, which may require the use of judgment and estimates, and also requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and estimates used. The new standard also defines accounting for certain costs related to origination and fulfillment of contracts with customers, including whether such costs should be capitalized. | June 1, 2018 | The Company established an implementation team which included third-party specialists to assist in the evaluation and implementation of the new standard. The Company’s assessment has included performing analysis for each revenue stream identified, assessing the potential differences in recognition and measurement that may result from adopting this standard and assessing whether the Company meets certain practical expedients. Based on the results of the assessment, the adoption of this standard will not have a material impact on the timing or amount of revenue recognized upon adoption and there is no cumulative prior period adjustment to be recorded to the opening balance of retained earnings upon adoption. The Company will adopt the standard using the modified retrospective method. The Company is implementing changes to accounting policies, business processes and internal controls to support the new standard as necessary. Upon adoption of Topic 606, as the disclosure requirements under the new guidance have been significantly expanded in comparison to the disclosure requirements under the current guidance, we will provide additional disclosures in the notes to the consolidated financial statements, specifically related to performance obligations, the judgments made in revenue recognition determinations, costs to obtain or fulfill contracts and contract balances.
ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15) | This ASU identifies how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows under Topic 230. | June 1, 2018 | This adoption is not expected to have a material impact on the Company's financial statements.
ASU 2016-02, Leases (Topic 842) | This ASU increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities. | June 1, 2019 | The Company is currently in the process of evaluating the impact of this ASU on its consolidated financial statements.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + 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(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration