Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	May 31, 2018	Jul. 20, 2018	Nov. 30, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	ANGIODYNAMICS INC
Entity Central Index Key	0001275187
Document Type	10-K
Document Period End Date	May 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--05-31
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 631,826,627
Entity Common Stock, Shares Outstanding		36,885,765

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Income Statement [Abstract]
Net sales	$ 344,285	$ 349,643	$ 353,890
Cost of sales (exclusive of intangible amortization)	167,410	173,474	179,574
Gross profit	176,875	176,169	174,316
Operating expenses
Research and development	25,459	25,269	25,053
Sales and marketing	77,276	78,819	83,743
General and administrative	31,265	31,406	30,583
Amortization of intangibles	16,635	17,296	17,964
Change in fair value of contingent consideration	250	(15,261)	948
Acquisition, restructuring and other items, net	15,432	27,510	12,591
Medical device excise tax	0	(1,837)	2,416
Total operating expenses	166,317	163,202	173,298
Operating income	10,558	12,967	1,018
Other expenses
Interest expense, net	(3,062)	(2,839)	(3,385)
Other expense	(31)	(281)	(886)
Total other expenses, net	(3,093)	(3,120)	(4,271)
Income (loss) before income tax expense (benefit)	7,465	9,847	(3,253)
Income tax expense (benefit)	(8,870)	4,839	40,337
Net income (loss)	$ 16,335	$ 5,008	$ (43,590)
Earnings (loss) per share
Basic (usd per share)	$ 0.44	$ 0.14	$ (1.21)
Diluted (usd per share)	$ 0.44	$ 0.14	$ (1.21)
Weighted average shares outstanding
Basic (in shares)	37,074,797	36,616,859	36,161,383
Diluted (in shares)	37,539,400	36,959,250	36,161,383

Consolidated Statements Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 16,335	$ 5,008	$ (43,590)
Other comprehensive income (loss), before tax:
Unrealized gain (loss) on marketable securities	102	12	(11)
Unrealized gain on interest rate swap	0	0	257
Foreign currency translation gain (loss)	270	(545)	(112)
Other comprehensive income (loss), before tax	372	(533)	134
Income tax benefit (expense) related to items of other comprehensive income (loss)	0	0	(92)
Other comprehensive income (loss), net of tax	372	(533)	42
Total comprehensive income (loss), net of tax	$ 16,707	$ 4,475	$ (43,548)

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Current Assets
Cash and cash equivalents	$ 74,096	$ 47,544
Marketable securities, at fair value	1,317	1,215
Accounts receivable, net of allowances of $2,466 and $2,945, respectively	39,401	44,523
Inventories	48,916	54,506
Prepaid expenses and other	4,302	6,126
Total current assets	168,032	153,914
Property, plant and equipment, net	42,461	45,234
Other assets	3,417	1,886
Intangible assets, net	130,310	145,675
Goodwill	361,252	361,252
Total Assets	705,472	707,961
Current Liabilities
Accounts payable	15,775	18,087
Accrued liabilities	34,426	38,804
Current portion of long-term debt	5,000	5,000
Current portion of contingent consideration	2,100	9,625
Total current liabilities	57,301	71,516
Long-term debt, net of current portion	86,621	91,320
Deferred income taxes	17,173	26,112
Contingent consideration, net of current portion	1,161	3,136
Other long-term liabilities	621	850
Total Liabilities	162,877	192,934
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Preferred stock, par value $.01 per share, 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, par value $.01 per share, 75,000,000 shares authorized; 37,594,493 and 37,210,091 shares issued and 37,224,493 and 36,840,091 shares outstanding at May 31, 2018 and 2017, respectively	370	367
Additional paid-in capital	543,762	532,705
Retained earnings (accumulated deficit)	5,129	(11,007)
Treasury stock, 370,000 shares, at cost at May 31, 2018 and 2017, respectively	(5,714)	(5,714)
Accumulated other comprehensive loss	(952)	(1,324)
Total Stockholders' Equity	542,595	515,027
Total Liabilities and Stockholders' Equity	$ 705,472	$ 707,961

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,466	$ 2,945
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	75,000,000	75,000,000
Common stock, shares issued (shares)	37,594,493	37,210,091
Common stock, shares outstanding (shares)	37,224,493	36,840,091
Treasury stock, shares (shares)	370,000	370,000

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Restricted Stock Units	Performance Shares	Common Stock	Common Stock Restricted Stock Units	Common Stock Performance Shares	Additional paid in capital	Additional paid in capital Restricted Stock Units	Additional paid in capital Performance Shares	Retained earnings (accumulated deficit)	Accumulated other comprehensive loss	Treasury Stock
Beginning Balance at May. 31, 2015	$ 545,099			$ 360			$ 520,101			$ 27,575	$ (833)	$ (2,104)
Beginning Balance, Shares at May. 31, 2015				36,043,725								142,305.000
Net income	(43,590)									(43,590)
Exercise of stock options	1,297			$ 1			1,296
Exercise of stock options, Shares				101,040
Issuance/cancellation of common stock units	(331)			$ 1			(332)
Issuance/cancellation of common stock units, Shares				137,681
Purchase of common stock under Employee Stock Purchase Plan	1,471			$ 1			1,470
Purchase of common stock under Employee Stock Purchase Plan, Shares				137,957
Stock-based compensation	3,240						3,240
Other comprehensive income (loss), net of tax	42										42
Ending Balance at May. 31, 2016	507,228			$ 363			525,775			(16,015)	(791)	$ (2,104)
Ending Balance, Shares at May. 31, 2016				36,420,403.000								(142,305.000)
Net income	5,008									5,008
Exercise of stock options	9,865			$ 7			9,858
Exercise of stock options, Shares				751,062
Issuance/cancellation of common stock units		$ (586)	$ 0		$ 1	$ 0		$ (587)	$ 0
Issuance/cancellation of common stock units, Shares					158,341	23,405
Purchase of common stock under Employee Stock Purchase Plan	1,419			$ 1			1,418
Purchase of common stock under Employee Stock Purchase Plan, Shares				129,185
Stock-based compensation	6,183						6,183
Treasury stock retirement	0			$ (2)			(9,942)					$ 9,944
Treasury stock retirement, Shares				(642,305)								642,305
Common stock repurchased	(13,557)			$ 3								$ (13,554)
Common stock repurchased, Shares				(370,000)								(870,000)
Other comprehensive income (loss), net of tax	(533)										(533)
Ending Balance at May. 31, 2017	515,027			$ 367			532,705			(11,007)	(1,324)	$ (5,714)
Ending Balance, Shares at May. 31, 2017				37,210,091								370,000
Adjustment for ASU 2016-09	0						199			(199)
Net income	16,335									16,335
Exercise of stock options	$ 1,917			$ 1			1,916
Exercise of stock options, Shares	271,344			148,937
Issuance/cancellation of common stock units		$ (231)			$ 1			$ (232)
Issuance/cancellation of common stock units, Shares					145,522
Purchase of common stock under Employee Stock Purchase Plan	$ 1,263			$ 1			1,262
Purchase of common stock under Employee Stock Purchase Plan, Shares				89,943
Stock-based compensation	7,912						7,912
Other comprehensive income (loss), net of tax	372										372
Ending Balance at May. 31, 2018	$ 542,595			$ 370			$ 543,762			$ 5,129	$ (952)	$ (5,714)
Ending Balance, Shares at May. 31, 2018				37,594,493								370,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 16,335	$ 5,008	$ (43,590)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	23,163	24,811	28,115
Stock based compensation	7,912	6,183	3,240
Change in fair value of contingent consideration	250	(15,261)	948
Deferred income tax provision	(8,947)	4,428	39,983
Changes in accounts receivable allowances	179	(313)	2,377
Fixed and intangible asset impairments and disposals	540	3,930	1,190
Write-off of other assets	0	2,685	0
Other	(605)	(586)	90
Changes in operating assets and liabilities:
Accounts receivable	5,044	8,479	3,131
Inventories	5,740	687	11,976
Prepaid expenses and other	(1,231)	(3,520)	712
Accounts payable, accrued and other liabilities	(7,093)	19,214	(2,956)
Net cash provided by operating activities	41,287	55,745	45,216
Cash flows from investing activities:
Additions to property, plant and equipment	(2,391)	(3,001)	(2,326)
Acquisition of intangibles	(1,265)	0	(3,268)
Acquisition of warrants	0	0	(2,000)
Proceeds from sale or maturity of marketable securities	0	450	25
Net cash used in investing activities	(3,656)	(2,551)	(7,569)
Cash flows from financing activities:
Proceeds from issuance of and borrowings on long-term debt	0	116,471	0
Repayment of long-term debt	(5,000)	(140,381)	(16,250)
Deferred financing costs on long-term debt	0	(1,364)	0
Payment of acquisition related contingent consideration	(9,500)	(9,850)	(9,850)
Repurchase of common stock	0	(13,557)	0
Proceeds from exercise of stock options and employee stock purchase plan	2,949	10,698	2,437
Net cash used in financing activities	(11,551)	(37,983)	(23,663)
Effect of exchange rate changes on cash and cash equivalents	472	0	(42)
Increase in cash and cash equivalents	26,552	15,211	13,942
Cash and cash equivalents at beginning of year	47,544	32,333	18,391
Cash and cash equivalents at end of year	74,096	47,544	32,333
Supplemental disclosure of non-cash investing and financing activities:
Contractual obligations for purchase of fixed assets	56	26	75
Cash paid (received) during the year for:
Interest	3,190	2,969	3,063
Income taxes	$ 36	$ (102)	$ 332

Basis of Presentation, Business Description and Summary of Significant Accounting Policies

12 Months Ended

May 31, 2018

Accounting Policies [Abstract]

BASIS OF PRESENTATION, BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Description of Business

The consolidated financial statements include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, (collectively, the “Company”). The Company designs, manufactures and sells a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and in oncology and surgical settings. The devices are generally used in minimally invasive, image-guided procedures. Most of the Company's products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use.

Accounting Principles

The consolidated financial statements and accompanying notes have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Principles of Consolidation

The consolidated financial statements include the accounts of AngioDynamics and it subsidiaries (all of which are wholly owned). All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all unrestricted highly liquid investments with an initial maturity of less than three months at the date of purchase to be cash equivalents. The Company maintains cash and cash equivalent balances with financial institutions in the United States in excess of amounts insured by the Federal Deposit Insurance Corporation.

Marketable Securities

Marketable securities, which include auction rate investments, are classified as “available-for-sale securities” and are reported at fair value, with unrealized gains and losses excluded from operations and reported as a component of accumulated other comprehensive income (loss), net of the related tax effects, in stockholders’ equity. Cost is determined using the specific identification method. The Company holds an investment in auction rate securities in order to generate higher than typical money market rate investment returns. Auction rate securities typically are high credit quality, generally achieved with municipal bond insurance. As of May 31, 2018 and 2017, the Company had $1.3 million and $1.2 million, respectively, in an auction rate security issued by a local government authority. The authority is current in its interest payments on the security.

Fair Value Instruments

The carrying amount of the Company's cash and cash equivalents, accounts receivable, accounts payable and long-term debt approximates fair value due to the short-term nature or market interest rates of these items. The Company bases the fair value of short-term investments on quoted market prices or other relevant information generated by market transactions involving identical or comparable assets. The Company measures and records derivative financial instruments at fair value. See Note 3 for further discussion of financial instruments that are carried at fair value on a recurring and nonrecurring basis.

Accounts Receivable

Accounts receivable, principally trade receivables, are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for estimated sales returns and doubtful accounts. The Company performs ongoing credit evaluations of customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by a review of their current credit information. The Company continuously monitors aging reports, collections and payments from customers, and a provision for estimated credit losses is maintained based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been within expectations and the provisions established, the Company cannot guarantee that the same credit loss rates will be experienced in the future. The Company writes off accounts receivable when they are determined to be uncollectible.

Inventories

Inventories are stated at the lower of cost (using the first-in, first-out method) or market. Appropriate consideration is given to deterioration, obsolescence, expiring and other factors in evaluating net realizable value.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. 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

The Company evaluates property, plant and equipment for impairment periodically to determine if changes in circumstances or the occurrence of events suggest the carrying value of the asset or asset group may not be recoverable. Expenditures for repairs and maintenance are charged to expense as incurred. Renewals and betterments are capitalized.

Goodwill and Intangible Assets

Intangible assets other than goodwill and acquired IP R&D are amortized over their estimated useful lives, on either a straight-line basis or proportionately to the benefit being realized. Useful lives range from two to eighteen years. The Company periodically reviews the estimated useful lives of intangible assets and reviews such assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset or asset group is not recoverable. If an intangible asset or asset group is considered to be impaired, the amount of the impairment will equal the excess of the carrying value over the fair value of the asset.

Goodwill is the amount by which the cost of acquired net assets in a business combination exceeded the fair value of net identifiable assets on the date of purchase. Goodwill and other intangible assets that have indefinite useful lives are not amortized, but rather, are tested for impairment annually or more frequently if impairment indicators arise.

For goodwill, the impairment test requires a comparison of the estimated fair value of the reporting unit to which the goodwill is assigned to carrying value of the assets and liabilities of that reporting unit. The determination of reporting units also requires management judgment. The Company considers whether a reporting unit exists within a reportable segment based on the availability of discrete financial information. If carrying value of the reporting unit exceeds the fair value of the reporting unit, the carrying value of the reporting unit’s goodwill is reduced to its fair value through an adjustment to the goodwill balance, resulting in an impairment charge.

The Company's annual testing for impairment of goodwill was completed as of December 31, 2017. The Company operates as a single operating segment with one reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. The Company determines the fair value of the reporting unit based on the market valuation approach and concluded that it was not more-likely-than-not that the fair value of the Company's reporting unit was less than its carrying value.

Contingent Consideration

The fair value of the liability for contingent consideration recorded on the acquisition date for a business combination is based on probability weighted estimated cash flow streams, discounted back to present value using a discount rate determined in accordance with accepted valuation methods and reflective of the risk associated with the estimated cash flow streams. The liability for contingent consideration is remeasured to fair value at each reporting period with changes recorded in earnings until the contingency is resolved.

Revenue Recognition

The Company recognizes revenue when the following four criteria has been met: (i) persuasive evidence that an arrangement exists; (ii) the price is fixed or determinable; (iii) collectability is reasonably assured; and (iv) product delivery has occurred or services have been rendered. The Company recognizes revenue, net of sales taxes assessed by any governmental authority, as products are shipped, based on shipping terms, and when title and risk of loss passes to customers. The Company negotiates shipping and credit terms on a customer-by-customer basis and products are shipped at an agreed upon price. All product returns must be pre-approved by the Company and customers may be subject to a 20% restocking charge. To be accepted, a returned product must be unadulterated, undamaged and have at least twelve months remaining prior to its expiration date. Charges for discounts, returns, rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the revenue is recorded. The accrual for product returns, discounts and other allowances is based on the Company’s history.

Shipping and handling costs, associated with the distribution of finished products to customers, are recorded in costs of goods sold and are recognized when the related finished product is shipped to the customer. Amounts charged to customers for shipping are recorded in net sales.

Research and Development

Research and development costs, including salaries, consulting fees, building costs, utilities and administrative expenses that are related to developing new products, enhancing existing products, validating new and enhanced products, managing clinical, regulatory and medical affairs are expensed as incurred.

Income Taxes

The Company calculates income tax expense for each jurisdiction in which it operates. This involves estimating actual current taxes due plus assessing temporary differences arising from differing treatment for tax and accounting purposes that are recorded as deferred tax assets and liabilities. The Company periodically evaluates deferred tax assets, capital loss carryforwards and tax credit carryforwards to determine their recoverability based primarily on the Company's ability to generate future taxable income and capital gains. Where it is more-likely-than-not these will not be recovered, the Company estimates a valuation allowance and records a corresponding additional tax expense in the consolidated statement of operations.

The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step approach. The Company first determines if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is that the Company measures the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes on the consolidated statements of operations.

Warranty Costs

The Company makes periodic provisions for expected warranty costs. Historically, warranty costs have been insignificant.

Stock Based Compensation

Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant service period. The Company estimates the fair value of each stock-based award on the measurement date using either the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or restricted stock units, a risk-free interest rate and dividend yield. The Company recognizes stock-based compensation expense related to options, restricted stock units and market based performance stock units on a straight-line basis over the service period of the award, which is generally 4 years for options and restricted stock units and 3 years for market based performance stock units.

Foreign Currency Translation

The functional currency of the Company's foreign subsidiaries is the local currency in which the subsidiary operates. For foreign operations where the local currency is considered to be the functional currency, the Company translates assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date. The Company translates income and expense items at average rates of exchange prevailing during each period. The Company accumulates translation adjustments in accumulated other comprehensive loss, a component of stockholders’ equity.

Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other expense in the statements of operations as incurred.

Derivative Financial Instruments

The Company is exposed to market risks, including changes in foreign currency and interest rates. The Company periodically enters into certain derivative financial instruments to hedge the underlying economic exposure.

Derivative instruments are presented in the consolidated financial statements at their fair value. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in stockholders’ equity as a component of accumulated other comprehensive income (loss) depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value or cash flow hedge. Generally, the changes in the fair value of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair value of hedged items that relate to the hedged risks. Changes in the fair value of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in accumulated other comprehensive income (loss).

Contingencies

The Company is subject to various legal proceedings that arise in the ordinary course of business, including patent infringement and product liability matters. The Company records accruals for contingencies when it is probable the liability has been incurred and the amount can be reasonably estimated. Legal fees are expensed as incurred. Insurance recoveries related to potential claims are recognized up to the amount of the recorded liability when coverage is confirmed and the estimated recoveries are probable of payment. These recoveries are not netted against the related liabilities for financial statement presentation.

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.

Fair Value of Financial Instruments

12 Months Ended

May 31, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

On a recurring basis, the Company measures certain financial assets and financial liabilities at fair value based upon quoted market prices, where available. Where quoted market prices or other observable inputs are not available, the Company applies valuation techniques to estimate fair value. FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for disclosure of fair value measurements. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows:


•	Level 1 - Inputs to the valuation methodology are quoted market prices for identical assets or liabilities.


•	Level 2 - Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs.


•	Level 3 - Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk.

The Company's financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and contingent consideration. The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value due to their immediate or short-term maturities. The recurring fair value measurements using significant unobservable inputs (Level 3) relate to marketable securities, which are comprised of auction rate securities, and contingent consideration liabilities.

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, 2018
Financial Assets
Short-term investments*	$	2,100	$	—	$	—	$	2,100
Marketable securities	—		—		1,317		1,317
Total Financial Assets	$	2,100	$	—	$	1,317	$	3,417
Financial Liabilities
Contingent liability for acquisition earn outs	$	—	$	—	$	3,261	$	3,261
Total Financial Liabilities	$	—	$	—	$	3,261	$	3,261

*included in cash and cash equivalents.



	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2017
Financial Assets
Marketable securities	$	—	$	—	$	1,215	$	1,215
Total Financial Assets	$	—	$	—	$	1,215	$	1,215
Financial Liabilities
Contingent liability for acquisition earn outs	$	—	$	—	$	12,761	$	12,761
Total Financial Liabilities	$	—	$	—	$	12,761	$	12,761

There were no transfers in and out of Level 1, 2 and 3 measurements for the years ended May 31, 2018 and 2017.

The table below presents the changes in fair value components of Level 3 instruments in the year ended May 31, 2018 (in thousands of dollars):



	Financial Assets		Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2017	$	1,215	$	12,761
Change in fair value of contingent consideration, net (1)	—		250
Fair market value adjustments	102		—
Contingent consideration payments	—		(9,750		)
Balance at May 31, 2018	$	1,317	$	3,261

The table below presents the changes in fair value components of Level 3 instruments in the year ended May 31, 2017 (in thousands of dollars):



	Financial Assets			Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2016	$	1,653		$	38,275
Change in fair value of contingent consideration (1)	—			(15,261		)
Currency (gain) loss from remeasurement	—			(153		)
Fair market value adjustments	12			—
Sale of securities	(450		)	—
Contingent consideration payments	—			(10,100		)
Balance at May 31, 2017	$	1,215		$	12,761

(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.

The Company made the decision to discontinue its investment in the TiLo product that was acquired in August 2013 as part of the Clinical Devices acquisition. This decision resulted in the write-off of the acquired in-process research and development (IPR&D) of $3.6 million along with a $3.1 million gain from the reduction in the fair value of contingent consideration liability associated with future milestones that will no longer be met during the second quarter of fiscal year 2017. The write-off of the IPR&D is included in acquisition, restructuring and other, net on the consolidated statement of operations.

The Company revised the sales projections for the AngioVac product as a result of reviews performed by executive management across all products. The adjustments to the sales projections resulted in a $13.4 million gain in the second quarter of fiscal year 2017 from the reduction in the fair value of the contingent liability that is based on lower projected sales volume over the contractual earn out period.

Short-term Investments

Short-term investments consist of highly liquid investments in municipal bonds that reset on a weekly basis and can be called at any point in time.

Marketable Securities

Marketable securities consist solely of an auction rate security. Assumptions associated with the auction rate security include the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk.

Contingent Liability for Acquisition Earn Outs

Some of our business combinations involve the potential for the payment of future contingent consideration upon the achievement of certain product development milestones or various other performance conditions. Payment of the additional consideration is generally contingent on the acquired company reaching certain performance milestones, including attaining specified revenue levels or product development targets. Contingent consideration is recorded at the estimated fair value of the contingent payments on the acquisition date. The fair value of the contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense within change in fair value of contingent consideration in the consolidated statements of income.

We measure the initial liability and remeasure the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements and is determined using a discounted cash flow model applied to projected net sales, using probabilities of achieving projected net sales and projected payment dates. Projected net sales are based on our internal projections and extensive analysis of the target market and the sales potential. Increases or decreases in any valuation inputs in isolation may result in a significantly lower or higher fair value measurement in the future.

The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of May 31, 2018:



(in thousands)	Fair value at May 31, 2018		Valuation Technique	Unobservable Input	Range
Revenue based payments	$	3,261	Discounted cash flow	Discount rate Probability of payment Projected fiscal year of payment	4% 100% 2019 - 2020

At May 31, 2018, the estimated potential amount of undiscounted future contingent consideration that the Company expects to pay as a result of all completed acquisitions is approximately $3.3 million, which represents the remaining contractual minimum payments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Marketable Securities

12 Months Ended

May 31, 2018

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

As of May 31, 2018, marketable securities consisted of the following:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(in thousands)
Available-for-sales securities
New York State government agency obligations	$	1,350	$	—	$	(33	)	$	1,317
	$	1,350	$	—	$	(33	)	$	1,317

As of May 31, 2017, marketable securities consisted of the following:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(in thousands)
Available-for-sales securities
New York State government agency obligations	$	1,350	$	—	$	(135	)	$	1,215
	$	1,350	$	—	$	(135	)	$	1,215

The amortized cost and fair value of marketable securities as of May 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Fair Value
(in thousands)
As of May 31, 2018:
Due in one year or less	$	—	$	—
Due after one through five years	—		—
Due after five through twenty years (1)	1,350		1,317
	$	1,350	$	1,317

(1) This auction rate security represents investments available for current operations and are classified as current in the consolidated balance sheets.

Inventories

12 Months Ended

May 31, 2018

Inventory Disclosure [Abstract]

INVENTORIES

As of May 31, 2018 and 2017, inventories consisted of the following:



	May 31, 2018		May 31, 2017
(in thousands)
Raw materials	$	18,678	$	17,563
Work in process	10,808		12,602
Finished goods	19,430		24,341
Total	$	48,916	$	54,506

The Company periodically reviews its inventory for both obsolescence and loss of value. The Company makes assumptions about the future demand for and market value of the inventory. Based on these assumptions, the Company estimates the amount of obsolete, expiring and slow moving inventory. The total inventory reserve at May 31, 2018 and 2017 was $6.1 million and $7.3 million, respectively. Of the $6.1 million reserve at May 31, 2018, $1.6 million relates to the inventory reserve for Acculis inventory as a result of the recall announced in the fourth quarter of fiscal year 2017 and $0.7 million relates to a specific reserve related to the termination of an agreement with a Japanese distributor in the second quarter of fiscal year 2018. Of the $7.3 million in the prior year, $2.4 million relates to the reserve for Acculis inventory.

Property, Plant and Equipment, Net

12 Months Ended

May 31, 2018

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

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

Depreciation expense for fiscal 2018, 2017 and 2016 was $4.6 million, $6.0 million and $8.2 million, respectively.

Goodwill and Intangible Assets

12 Months Ended

May 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Even though the Company determined that there was no goodwill impairment as of December 31, 2017, the future occurrence of a potential indicator of impairment, such as a significant adverse change in legal, regulatory, business or economic conditions or a more-likely-than-not expectation that the reporting unit or a significant portion of the reporting unit will be sold or disposed of, would require an interim assessment for the reporting unit prior to the next required annual assessment as of December 31, 2018. The Company continued to assess for potential impairment through May 31, 2018 and noted no events that would be considered a triggering event. There were no adjustments to goodwill for the years ended May 31, 2018 and 2017.

As of May 31, 2018 and 2017, intangible assets consisted of the following:



	May 31, 2018
	Gross carrying value		Accumulated amortization			Net carrying value
(in thousands)
Product technologies	$	147,175	$	(68,880	)	$	78,295
Customer relationships	56,428		(23,237		)	33,191
Trademarks	28,400		(11,809		)	16,591
Licenses	5,752		(4,357		)	1,395
Distributor relationships	1,250		(412		)	838
	$	239,005	$	(108,695	)	$	130,310



	May 31, 2017
	Gross carrying value		Accumulated amortization			Net carrying value
(in thousands)
Product technologies	$	147,172	$	(59,696	)	$	87,476
Customer relationships	56,375		(19,194		)	37,181
Trademarks	28,400		(9,069		)	19,331
Licenses	4,487		(3,821		)	666
Distributor relationships	1,250		(229		)	1,021
	$	237,684	$	(92,009	)	$	145,675

Amortization expense was $16.6 million, $17.3 million and $18.0 million for fiscal years 2018, 2017 and 2016, respectively.

Annual amortization of these intangible assets is expected to approximate the following amounts for each of the next five fiscal years:



(in thousands)
2019	$	16,555
2020	15,001
2021	13,842
2022	12,958
2023	12,507
2024 and thereafter	59,447
	$	130,310

Income Taxes

12 Months Ended

May 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of income (loss) before income tax (benefit) expense for the years ended May 31 are as follows:



	2018		2017		2016
(in thousands)
Income (loss) before tax expense:
U.S.	$	6,274	$	8,825	$	(4,444	)
Non-U.S.	1,191		1,022		1,191
	$	7,465	$	9,847	$	(3,253	)

Income tax (benefit) expense is comprised of the following:



	2018			2017		2016
(in thousands)
Current
Federal	$	(148	)	$	—	$	34
State and local	152			141		103
Non U.S.	73			270		217
	77			411		354
Deferred	(8,947		)	4,428		39,983
Income tax (benefit) expense	$	(8,870	)	$	4,839	$	40,337

Temporary differences that give rise to deferred tax assets and liabilities are summarized as follows:



	May 31, 2018			May 31, 2017
(in thousands)
Deferred tax assets
Net operating loss carryforward	$	33,880		$	55,975
Stock-based compensation	2,421			2,653
Federal and state R&D tax credit carryforward	3,644			2,548
Inventories	1,550			2,407
Expenses incurred not currently deductible	1,714			6,522
Accrued liabilities	277			1,289
Gross deferred tax asset	43,486			71,394
Deferred tax liabilities
Excess tax over book depreciation and amortization	34,044			49,158
	34,044			49,158
Valuation Allowance	(26,607		)	(48,348		)
Net deferred tax liability (1)	$	(17,165	)	$	(26,112	)

(1) Net deferred tax liability is inclusive of a non-U.S. $0.08 million deferred tax asset that is included in other assets on the Company's balance sheet for the year ended May 31, 2018.

The net deferred tax liability as of May 31, 2018 and 2017 principally relates to tax amortization of intangibles that have an indefinite reversal period for book purposes, also known as a “naked credit deferred tax liability”, that cannot be considered as a source of income to recover the deferred tax asset.

The Company's Federal net operating loss carryforwards as of May 31, 2018 after considering IRC Section 382 limitations are $157.8 million. The expiration of the Federal net operating loss carryforwards are as follows: $28.8 million between 2018 and 2023 and $129.0 million between 2027 and 2037.

The Company's state net operating loss carryforwards as of May 31, 2018 after considering remaining IRC Section 382 limitations are $19.1 million which expire in various years from 2018 to 2038.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“Tax Reform Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system, expanding the tax base and imposing a tax deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate federal income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018.

The Company’s estimated fiscal 2018 blended U.S. federal statutory corporate income tax rate of 28.6% was applied in the computation of the income tax provision for the year ended May 31, 2018 and represents the average rate between the pre-enactment U.S. federal statutory corporate tax rate of 35% and the post-enactment U.S. federal statutory corporate tax rate of 21% thereafter.

In December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (SAB 118), which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the Tax Reform Act. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year that begins on the date of enactment of December 22, 2017. The Company has elected to apply the measurement period guidance provided in SAB 118. The final impact of the Tax Reform Act may differ from the estimates reported due to, among other things, changes in interpretations and assumptions made by us, additional guidance that may be issued by the U.S. Department of the Treasury and actions that we may take as a result.

The Company has estimated the provision for incomes taxes in accordance with the Tax Reform Act and guidance available as of the date of this filing and as a result recorded a provisional amount of one-time income tax benefit of $9.3 million in the third quarter of fiscal year 2018, the period in which the legislation was enacted. This estimate has not changed as of May 31, 2018.

Due to various uncertainties as described above, the Company has not completed its accounting for certain tax impacts of the Act. A discussion of the most significant impacts of tax law changes under the Act for which the accounting is incomplete is as follows:

The Company is required to record deferred tax assets and liabilities based on the enacted tax rates at which they are expected to reverse in the future. The Company has remeasured its deferred tax positions as of December 31, 2017 at the new enacted tax rate, resulting in a decrease to it net deferred tax assets and a corresponding decrease to its valuation allowance, with no net impact to tax expense. The Company recorded an income tax benefit of approximately $9.3 million due to the revaluation of the naked credit deferred tax liability. The Tax Reform Act changed the NOL carryover rules and created a new limitation on their use. NOLs created in fiscal 2018 and beyond may be carried forwarded indefinitely in any year. As a result, the Company’s naked credit deferred tax liability can now be considered as a source of income to recover indefinite lived NOLs. Consequently, the Company has offset certain of its naked credit deferred tax liability against its deferred tax assets resulting in a reduction in the valuation allowance and a $3.0 million benefit in the year ended May 31, 2018.

The Tax Reform Act imposes a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiaries’ earnings. Based on the information available as of December 31, 2017, the Company estimated undistributed foreign earnings of approximately $4.9 million. The taxable income arising from this deemed repatriation is expected to result in the utilization of net operating loss carryforwards and other tax credits, offset by changes in the valuation allowance, resulting in no net impact to tax expense.

The Tax Reform Act also creates a new requirement that certain income earned by foreign subsidiaries (“GILTI”), must be included in U.S. gross income. The FASB allows an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or recognizing such taxes as a current period expense when incurred. The Company has not yet adopted an accounting policy.

The other provisions of the Tax Reform Act are not expected to have a material impact on the Company's financial statements.

The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realization of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more likely than not realizable, the Company evaluated all available positive and negative evidence, and weighted the evidence based on its objectivity. Evidence the Company considered included its history of net operating losses, which resulted in the Company recording a full valuation allowance for its deferred tax assets in fiscal 2016 and each year thereafter. The Company was marginally profitable (pretax and adjusted for permanent items) on a cumulative basis for the three years ended May 31, 2018, but substantially all of that profitability was achieved during 2018.

Based on the review of all available evidence, the Company determined that it has not yet attained a sustained level of profitability and the objectively verifiable negative evidence outweighed the positive evidence and therefore the Company has provided a valuation allowance for the full amount, with the exception of the naked credit deferred tax liability, of its net deferred tax asset as of May 31, 2018. The decrease in the valuation allowance during fiscal 2018 was principally due to the impact of tax reform as discussed above. The Company will continue to assess the level of the valuation allowance required. If sufficient positive evidence exists in future periods to support a release of some or all of the valuation allowance, such a release would likely have a material impact on the Company’s results of operations.

The Company's consolidated income tax expense has differed from the amount that would be provided by applying the U.S. Federal statutory income tax rate to the Company's income before income taxes for the following reasons:



	Year ended May 31,
	2018			2017			2016
(in thousands)
Income tax (benefit) expense at statutory tax rate of 28.6%, 35.0% and 35.0%, respectively	$	2,136		$	3,447		$	(1,139	)
Effect of graduated tax rates	—			(98		)	33
State income taxes, net of Federal tax benefit	120			(22		)	(215		)
Impact of Non-U.S. operations	(288		)	403			(162		)
Research and development tax credit	(951		)	(403		)	(499		)
Impact of tax reform	10,912			—			—
Meals and entertainment	242			266			329
Non-deductible interest on contingent payments	—			174			262
Non-taxable gain on revaluation of contingent consideration liability	—			(5,576		)	(170		)
Change in valuation allowance	(21,741		)	6,139			40,685
Effect of elimination of stock compensation APIC pool	—			1,380			739
IPR&D intangible write-off	—			(1,224		)	—
Other	700			353			474
Income tax (benefit) expense	$	(8,870	)	$	4,839		$	40,337

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits:



	Year ended May 31,
	2018			2017		2016
(in thousands)
Unrecognized tax benefits balance at June 1	$	899		$	899	$	—
Increase in gross amounts of tax positions related to prior years	—			—		899
Decrease in gross amounts of tax positions related to prior years due to U.S. tax reform	(287		)	—		—
Decrease due to lapse in statute of limitations	(148		)	—		—
Unrecognized tax benefits balance at May 31	$	464		$	899	$	899

The table above includes unrecognized tax benefits associated with the calculation of limitations placed on the utilization of tax attributes related to an acquired company. If recognized $0.5 million would result in adjustments to other tax accounts.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. There are no accrued interest and penalties recognized in the consolidated balance sheet as of May 31, 2018 and May 31, 2017.

The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. Fiscal years 2015 through 2018 remain open to examination by the various tax authorities.

The Company does not anticipate that the amount of unrecognized tax benefits will significantly change in the next twelve months.

The accumulated undistributed earnings of the Company’s foreign operations amounted to $4.9 million and $5.3 million at May 31, 2018 and 2017, respectively. These earnings are considered indefinitely reinvested. Beginning in 2018, except for GILTI, the Company will no longer record United States federal income tax on its share of the income of its foreign subsidiaries, nor will it record a benefit for foreign tax credits related to that income. Upon distribution of these earnings in the form of dividends or otherwise, the Company would be subject to withholding taxes payable, where applicable, to foreign countries, but would have no further federal income tax liability.

Long-Term Debt

12 Months Ended

May 31, 2018

Debt Disclosure [Abstract]

LONG-TERM DEBT

On November 7, 2016, the Company entered into a Credit Agreement with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Keybank National Association as co-syndication agents, and JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Keybank National Association as joint bookrunners and joint lead arrangers.

The Credit Agreement provides for a $100.0 million senior secured term loan facility and a $150.0 million senior secured revolving credit facility, which includes up to a $20.0 million sublimit for letters of credit and a $5.0 million sublimit for swingline loans.

On November 7, 2016, the Company borrowed $100.0 million under the Term Loan and approximately $16.5 million under the Revolving Facility to repay the balance of $116.5 million under the former credit agreement. As of May 31, 2018 and 2017 the carrying value of long-term debt approximates its fair market value.

The proceeds of the Revolving Facility may be used for general corporate purposes of the Company and its subsidiaries. The Facilities have a five year maturity. Interest on both the Term Loan and Revolving Facility are based on a base rate or Eurodollar rate plus an applicable margin which increases as total leverage ratio increases, with the base rate and Eurodollar rate having ranges of 0.50% to 1.25% and 1.50% to 2.25% respectively. In case of default, the interest rate may be increased by 2.0%. The Revolving Facility carries a commitment fee of 0.20% to 0.35% per annum on the unused portion. The interest rate on the Term Loan at May 31, 2018 was 3.41%.

The Company's obligations under the Facilities are unconditionally guaranteed, jointly and severally, by the Company's material direct and indirect domestic subsidiaries (the “Guarantors”). All obligations of the Company and the Guarantors under the Facilities are secured by first priority security interests in substantially all of the assets of the Company and the Guarantors.

The Credit Agreement includes customary representations, warranties and covenants, and acceleration, indemnity and events of default provisions, including, among other things, two quarterly financial covenants as follows:

•maximum leverage ratio of consolidated total indebtedness* to consolidated EBITDA* of not greater than 3.50 to 1.00 (during certain periods following material acquisitions shall be increased to 3.75 to 1.00).

• fixed charge coverage ratio of consolidated EBITDA minus consolidated capital expenditures to consolidated interest expense paid or payable in cash plus scheduled principal payments in respect of indebtedness under the Credit Agreement of not less than 1.25 to 1.00.

* The definitions of consolidated total indebtedness and consolidated EBITDA are maintained in the credit agreement included as an exhibit to Form 8-k filed on November 10, 2016 and in Amendment One, dated May 24, 2018 and included as an exhibit to the fiscal 2018 Form 10-K. This amendment increased the amount of U.S. cash that can be utilized to calculate net debt from $10.0 million to $20.0 million.

The Company was in compliance with both covenants as of May 31, 2018.

The Company's maturities of principal obligations under the credit agreement are as follows, as of May 31, 2018:



(in thousands)
2019	$	5,000
2020	7,500
2021	11,250
2022	68,750
Total term loan	92,500
Revolving facility	—
Total debt	92,500
Less: Unamortized debt issuance costs	(879		)
Total	91,621
Less: Current portion of long-term debt	(5,000		)
Total long-term debt, net of current portion	$	86,621

Other Assets	12 Months Ended
Other Assets	May 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS In 2015, the Company filed an 8-K stating that it executed a non-binding letter of intent to enter into a strategic relationship with privately-held EmboMedics Inc., which develops injectable and resorbable embolic microspheres. The Company made an initial $2.0 million purchase of non-transferable warrants in a subsidiary of EmboMedics which become exercisable upon a change of control of EmboMedics. The Company did not have significant influence, or control of the subsidiary. This initial investment was recorded at cost and the Company reviewed for impairment at each balance sheet date. In the second quarter of fiscal year 2017, the Company decided to terminate its agreements with EmboMedics. The termination of these agreements resulted in a write-off of the initial $2.0 million investment in EmboMedics which is included in acquisition, restructuring and other items, net on the consolidated statements of operations.