Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
May 31, 2022 |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) net of tax |
Changes in our Accumulated Other Comprehensive Income (Loss) (“AOCI”) balances, net of tax, were as follows:
|
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|
|
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|
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| |
|
|
Foreign Currency Translation Adjustments |
|
|
Unrealized Gain (Loss) on Marketable Securities |
|
|
|
|
|
|
$ |
(20,135 |
) |
|
$ |
426 |
|
|
$ |
(19,709 |
) |
Other comprehensive income (loss) |
|
|
8,602 |
|
|
|
(268 |
) |
|
|
8,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(11,533 |
) |
|
$ |
158 |
|
|
$ |
(11,375 |
) |
|
|
|
|
|
|
|
|
|
|
|
(16,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(25,488 |
) |
|
$ |
(2,281 |
) |
|
$ |
(27,769 |
) |
|
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|
|
|
|
|
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|
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|
|
Schedule Of Classification And Maturities Of Marketable Securities |
Marketable Securities as of May 31, 2022 and 2021 are listed below by classification and remaining maturities.
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| |
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|
Commercial Paper & Corporate Bonds |
|
|
0 - 90 days |
|
|
$ |
106,497 |
|
|
$ |
106,631 |
|
|
|
|
91 -180 days |
|
|
|
61,373 |
|
|
|
78,727 |
|
|
|
|
181 days -1 year |
|
|
|
91,706 |
|
|
|
87,590 |
|
|
|
|
1 - 2 years |
|
|
|
77,002 |
|
|
|
26,752 |
|
|
|
|
0 - 90 days |
|
|
|
— |
|
|
|
3,262 |
|
|
|
|
91 - 180 days |
|
|
|
— |
|
|
|
1,260 |
|
|
|
|
181 days -1 year |
|
|
|
— |
|
|
|
1,263 |
|
|
|
|
1 - 2 years |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Marketable Securities |
|
|
|
|
|
$ |
336,578 |
|
|
$ |
305,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of components of marketable securities |
The components of marketable securities as of May 31, 2022 are as follows:
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| |
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|
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|
|
|
Commercial Paper & Corporate Bonds |
|
$ |
339,540 |
|
|
$ |
7 |
|
|
$ |
(2,969 |
) |
|
$ |
336,578 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Total Marketable Securities |
|
$ |
339,540 |
|
|
$ |
7 |
|
|
$ |
(2,969 |
) |
|
$ |
336,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The components of marketable securities as of May 31, 2021 are as follows:
|
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|
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|
|
|
|
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|
|
|
|
|
| |
|
|
|
|
|
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|
|
|
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|
Commercial Paper & Corporate Bonds |
|
|
299,524 |
|
|
$ |
209 |
|
|
|
(33 |
) |
|
$ |
299,700 |
|
|
|
|
5,755 |
|
|
|
30 |
|
|
|
— |
|
|
|
5,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Marketable Securities |
|
$ |
305,279 |
|
|
$ |
239 |
|
|
$ |
(33 |
) |
|
$ |
305,485 |
|
|
|
|
|
|
|
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|
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|
|
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|
|
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|
Allowance for Doubtful Accounts |
|
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|
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,400 |
|
|
$ |
1,350 |
|
|
$ |
1,700 |
|
|
|
|
332 |
|
|
|
239 |
|
|
|
393 |
|
|
|
|
98 |
|
|
|
139 |
|
|
|
49 |
|
|
|
|
(180 |
) |
|
|
(328 |
) |
|
|
(792 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,650 |
|
|
$ |
1,400 |
|
|
$ |
1,350 |
|
|
|
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|
|
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|
Inventories |
Inventories are stated at the lower of cost or net realizable value, determined on the first-in, first-out method. The components of inventories were as follows:
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| |
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|
|
|
|
|
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|
$ |
58,667 |
|
|
$ |
47,588 |
|
|
|
|
6,388 |
|
|
|
6,412 |
|
|
|
|
57,258 |
|
|
|
46,701 |
|
|
|
|
|
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|
|
|
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|
$ |
122,313 |
|
|
$ |
100,701 |
|
|
|
|
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|
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|
Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions |
The fair value of stock options granted was estimated using the following weighted-average assumptions:
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| |
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|
|
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|
|
|
|
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
1.9 |
% |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Expected stock volatility |
|
|
32.8 |
% |
|
|
31.3 |
% |
|
|
29.4 |
% |
|
|
|
3.12 years |
|
|
|
3.25 years |
|
|
|
3.5 years |
|
|
Calculation of Net Income Per Share |
The following table presents the net income per share calculations:
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| |
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|
(in thousands, except per share) |
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|
Numerator for basic and diluted net income per share — Net Income |
|
$
|
48,307 |
|
|
$ |
60,882 |
|
|
$ |
59,475 |
|
Denominator for basic net income per share — Weighted average shares |
|
|
107,684 |
|
|
|
106,499 |
|
|
|
105,100 |
|
Effect of dilutive stock options and restricted stock units |
|
|
336 |
|
|
|
621 |
|
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|
620 |
|
|
|
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|
Denominator for diluted net income per share |
|
|
108,020 |
|
|
|
107,120 |
|
|
|
105,720 |
|
Net income attributable per share |
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|
$ |
0.45 |
|
|
$ |
0.57 |
|
|
$ |
0.57 |
|
|
|
$ |
0.45 |
|
|
$ |
0.57 |
|
|
$ |
0.56 |
|
|
Supplemental balance sheet information related to operating leases |
Supplemental balance sheet information related to operating leases was as follows:
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| |
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|
$ |
3,184 |
|
|
$ |
2,477 |
|
Lease liabilities - current |
|
|
1,440 |
|
|
|
1,285 |
|
Lease liabilities - non-current |
|
|
1,788 |
|
|
|
1,207 |
|
|
Weighted average remaining lease term and weighted average discount rate |
The weighted average remaining lease term and weighted average discount rate were as follows:
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| |
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|
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|
|
Weighted average remaining lease term |
|
|
3 years |
|
|
|
2 years |
|
Weighted average discount rate |
|
|
1.7 |
% |
|
|
2.0 |
% |
|
Components of lease expense |
The components of lease expense were as follows:
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|
|
|
|
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
438 |
|
|
$ |
1,352 |
|
|
|
|
277 |
|
|
|
134 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
715 |
|
|
$ |
1,486 |
|
|
Undiscounted minimum lease payments |
Maturities of operating lease liabilities as of May 31, 2022 are as follows:
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| |
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|
Years ending May 31, 2023 |
|
$ |
1,458 |
|
|
|
|
887 |
|
|
|
|
436 |
|
|
|
|
345 |
|
|
|
|
190 |
|
|
|
|
|
|
|
|
$ |
3,316 |
|
|
|
|
(88 |
) |
|
|
|
|
|
|
|
$ |
3,228 |
|
|
|
|
|
|
|
Disaggregated Revenue |
The following table presents the Company’s revenue disaggregated by geographical location:
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| |
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|
|
|
|
|
|
$ |
317,820 |
|
|
$ |
285,262 |
|
|
|
|
209,339 |
|
|
|
183,197 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
527,159 |
|
|
$ |
468,459 |
|
|
|
|
|
|
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|
Operating Segments |
|
Disaggregated Revenue |
The following table presents disaggregated revenue by major product and service categories for the years ended May 31, 2022, 2021 and 2020:
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| |
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|
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|
|
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|
Natural Toxins, Allergens & Drug Residues |
|
$ |
79,395 |
|
|
$ |
76,614 |
|
|
$ |
76,207 |
|
Bacterial & General Sanitation |
|
|
47,282 |
|
|
|
44,009 |
|
|
|
41,780 |
|
|
|
|
75,278 |
|
|
|
61,245 |
|
|
|
47,847 |
|
Rodenticides, Insecticides & Disinfectants |
|
|
35,691 |
|
|
|
32,219 |
|
|
|
28,890 |
|
|
|
|
22,333 |
|
|
|
20,157 |
|
|
|
17,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
259,979 |
|
|
$ |
234,244 |
|
|
$ |
212,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,685 |
|
|
|
5,715 |
|
|
|
6,322 |
|
Veterinary Instruments & Disposables |
|
|
63,938 |
|
|
|
48,128 |
|
|
|
42,941 |
|
|
|
|
39,805 |
|
|
|
35,897 |
|
|
|
28,389 |
|
Rodenticides, Insecticides & Disinfectants |
|
|
83,610 |
|
|
|
77,458 |
|
|
|
68,815 |
|
|
|
|
74,142 |
|
|
|
67,017 |
|
|
|
59,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
267,180 |
|
|
$ |
234,215 |
|
|
$ |
205,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
527,159 |
|
|
$ |
468,459 |
|
|
$ |
418,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|