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Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2023
Accounting Policies [Abstract] |
Property, plant and equipment | Refer below for useful lives by category:
| Estimated useful lives
Building and building improvements | 4 to 39 years
Computer software and equipment | 2 to 5 years
Machinery and equipment | 5 to 8 years
Placement and evaluation units | 5 years
Property, plant and equipment are summarized as follows:
(in thousands) | May 31, 2023 |  | May 31, 2022
Building and building improvements | $ | 29,660 |  |  | $ | 29,425 |
Computer software and equipment | 27,435 |  |  | 27,292 |
Machinery and equipment | 17,023 |  |  | 15,453 |
Placement and evaluation units | 26,355 |  |  | 21,009 |
Construction in progress | 2,444 |  |  | 2,402 |
| 102,917 |  |  | 95,581 |
Less accumulated depreciation | (59,026) |  |  | (51,069) |
| 43,891 |  |  | 44,512 |
Land and land improvements | 493 |  |  | 493 |
| $ | 44,384 |  |  | $ | 45,005 |
Recent accounting pronouncements | Recently Issued Accounting Pronouncements - Adopted
Standard | Description | Effective Date | Effect on the Consolidated Financial Statements
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance | This ASU increases the transparency of government assistance to include the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements. | June 1, 2022 | The Company adopted the new standard in the first quarter of fiscal year 2023 and it did not have an impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted
Standard | Description | Effective Date | Effect on the Consolidated Financial Statements
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. | June 1, 2023 | The Company plans to adopt the new standard in the first quarter of fiscal year 2024 and does not expect there to be a material impact to the consolidated financial statements.

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- 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 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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