Company: NEOG
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0000950170-25-005818
Chunk: 61

Company: NEOGEN CORP
Filing Date: 2025-01-15
Form: 10-Q
Item: Item 8
Chunk 61
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 basis using Level 2 observable market inputs for similar assets or liabilities in active markets.  

        Fair Value of Derivatives Designated as Hedging Instruments
         
        Balance Sheet Location
         
        November 30, 2024

        May 31, 2024

        Interest rate swap – current
         
        Other current assets
         
        $
        144

        $
        2,222

        Interest rate swap – non-current
         
        Other (non-current liabilities) non-current assets
         
        $
        (1,121
        )
         
        $
        229

       Fair Value of Financial Instruments   Fair value measurements are determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. The Company utilizes a fair value hierarchy based upon the observability of inputs used in valuation techniques as follows:     Level 1:  Observable inputs such as quoted prices in active markets;      Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and      Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.  

The carrying amounts of the Company’s financial instruments other than cash equivalents and marketable securities, which include accounts receivable and accounts payable, approximate fair value based on either their short maturity or current terms for similar instruments. 

14

10. ACCUMULATED OTHER COMPREHENSIVE LOSSAccumulated other comprehensive loss changes by component, net of related tax, were as follows:

        Three months ended November 30,

        Six months ended November 30,

        2024

        2023

        2024

        2023

        Accumulated other comprehensive loss, beginning balance
         
        $
        (31,421
        )
         
        $
        (26,496
        )
         
        $
        (30,021
        )
         
        $
        (33,251
        )

        Foreign currency translation adjustment

        Balance at beginning of period
         
        $
        (29,426
        )
         
        $
        (27,062
        )
         
        $
        (31,885
        )
         
        $
        (30,285
        )

        Other comprehensive (loss) gain before reclass