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Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 12 Months Ended
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May 31, 2023
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 on a recurring basis:
| Fair Value Measurements using inputs considered as:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value at May 31, 2023
Financial Liabilities |  |  |  |  |  |  |
Contingent consideration for acquisition earn outs | $ | — |  |  | $ | — |  |  | $ | 19,296 |  |  | $ | 19,296 |
Total Financial Liabilities | $ | — |  |  | $ | — |  |  | $ | 19,296 |  |  | $ | 19,296 |
| Fair Value Measurements using inputs considered as:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value at May 31, 2022
Financial Liabilities |  |  |  |  |  |  |
Contingent consideration for acquisition earn outs | $ | — |  |  | $ | — |  |  | $ | 16,948 |  |  | $ | 16,948 |
Total Financial Liabilities | $ | — |  |  | $ | — |  |  | $ | 16,948 |  |  | $ | 16,948 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present the changes in fair value components of Level 3 instruments:
|  |  | Financial Liabilities
(in thousands) |  |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2022 |  |  | $ | 16,948 |
Change in present value of contingent consideration (1) |  |  | 2,320 |
Currency gain from remeasurement |  |  | 28 |
Balance at May 31, 2023 |  |  | $ | 19,296 |
(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.
|  |  | Financial Liabilities
(in thousands) |  |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2021 |  |  | $ | 15,741 |
Change in fair value of contingent consideration (1) |  |  | 1,212 |
Currency loss from remeasurement |  |  | (5) |
Balance at May 31, 2022 |  |  | $ | 16,948 |
(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, 2023:
(in thousands) | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
Revenue based payments | $ | 19,296 |  |  | Discounted cash flow |  | Discount rate |  | 5%
|  |  |  |  | Probability of payment |  | 80% - 100%
|  |  |  |  | Projected fiscal year of payment |  | 2024 - 2025

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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