| Document and Entity Information - USD ($) | 9 Months Ended | |
| Feb. 28, 2019 | Mar. 25, 2019 | |
| Document And Entity Information | ||
| Entity Registrant Name | TAYLOR DEVICES INC | |
| Entity Central Index Key | 0000096536 | |
| Document Type | 10-Q | |
| Document Period End Date | Feb. 28, 2019 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --05-31 | |
| Is Entity's Reporting Status Current? | Yes | |
| Is Entity Emerging Growth Company? | false | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Small Business | true | |
| Entity Public Float | $ 43,500,000 | |
| Entity Common Stock, Shares Outstanding | 3,473,276 | |
| Document Fiscal Year Focus | 2019 | |
| Document Fiscal Period Focus | Q3 |
| Condensed Consolidated Balance Sheets - USD ($) | Feb. 28, 2019 | May 31, 2018 |
| Current assets: | ||
| Cash and cash equivalents | $ 4,291,340 | $ 2,858,323 |
| Short-term investments | 1,052,205 | 1,039,082 |
| Accounts receivable, net | 4,825,064 | 6,265,864 |
| Inventory | 12,092,105 | 11,317,775 |
| Costs and estimated earnings in excess of billings | 6,621,008 | 6,356,963 |
| Other current assets | 680,354 | 447,162 |
| Total current assets | 29,562,076 | 28,285,169 |
| Maintenance and other inventory, net | 715,907 | 885,651 |
| Property and equipment, net | 9,562,196 | 9,935,625 |
| Other assets | 189,528 | 185,730 |
| Deferred income taxes | 219,115 | 219,115 |
| Total assets | 40,248,822 | 39,511,290 |
| Current liabilities: | ||
| Accounts payable | 1,578,680 | 1,460,175 |
| Accrued commissions | 1,212,890 | 983,260 |
| Billings in excess of costs and estimated earnings | 663,501 | 2,043,002 |
| Other current liabilities | 1,538,392 | 1,412,502 |
| Total current liabilities | 4,993,463 | 5,898,939 |
| Stockholders' Equity: | ||
| Common stock and additional paid-in capital | 9,558,504 | 9,482,630 |
| Retained earnings | 28,526,214 | 26,959,080 |
| Stockholders’ equity before treasury stock | 38,084,718 | 36,441,710 |
| Treasury stock - at cost | (2,829,359) | (2,829,359) |
| Total stockholders’ equity | 35,255,359 | 33,612,351 |
| Total liabilities and stockholders’ equity | $ 40,248,822 | $ 39,511,290 |
| Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
| Income Statement [Abstract] | ||||
| Sales, net | $ 7,812,496 | $ 6,573,658 | $ 24,605,749 | $ 17,953,152 |
| Cost of goods sold | 5,833,620 | 5,118,242 | 18,171,266 | 13,618,393 |
| Gross profit | 1,978,876 | 1,455,416 | 6,434,483 | 4,334,759 |
| Selling, general and administrative expenses | 1,458,061 | 1,318,787 | 4,552,096 | 3,752,962 |
| Operating income | 520,815 | 136,629 | 1,882,387 | 581,797 |
| Other income, net | 23,971 | 8,954 | 37,748 | 19,680 |
| Income before provision for income taxes | 544,786 | 145,583 | 1,920,135 | 601,477 |
| Provision for income taxes | 99,000 | 169,000 | 358,000 | 271,000 |
| Net income (loss) | $ 445,786 | $ (23,417) | $ 1,562,135 | $ 330,477 |
| Basic and diluted earnings per common share | $ 0.13 | $ (0.01) | $ 0.45 | $ 0.09 |
| Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
| Feb. 28, 2019 | Feb. 28, 2018 | |
| Operating activities: | ||
| Net income | $ 1,562,135 | $ 330,477 |
| Adjustments to reconcile net income to net cash flows from operating activities: | ||
| Depreciation | 824,920 | 767,726 |
| Deferred income taxes | 164,000 | |
| Stock options issued for services | 57,308 | 56,497 |
| Changes in other assets and liabilities: | ||
| Accounts receivable | 1,440,800 | (2,796,503) |
| Inventory | 496,530 | 97,327 |
| Costs and estimated earnings in excess of billings | (590,554) | (1,178,823) |
| Other current assets | (233,192) | 67,593 |
| Accounts payable | 118,505 | 130,613 |
| Accrued commissions | 229,630 | 258,770 |
| Billings in excess of costs and estimated earnings | (1,354,396) | 703,438 |
| Other current liabilities | (668,823) | 9,961 |
| Net operating activities | 1,882,863 | (1,388,924) |
| Investing activities: | ||
| Acquisition of property and equipment | (451,491) | (750,295) |
| Other investing activities | (16,921) | (14,909) |
| Net investing activities | (468,412) | (765,204) |
| Financing activities: | ||
| Proceeds from issuance of common stock, net | 18,566 | 130,040 |
| Net change in cash and cash equivalents | 1,433,017 | (2,024,088) |
| Cash and cash equivalents - beginning | 2,858,323 | 3,324,934 |
| Cash and cash equivalents - ending | $ 4,291,340 | $ 1,300,846 |
| Notes to Condensed Consolidated Financial Statements | 9 Months Ended |
| Feb. 28, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Notes to Condensed Consolidated Financial Statements | Notes to Condensed Consolidated Financial Statements 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of February 28, 2019 and May 31, 2018, the results of operations for the three and nine months ended February 28, 2019 and 2018, and cash flows for the nine months ended February 28, 2019 and 2018. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report to Shareholders for the year ended May 31, 2018. 2. The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. 3. There is no provision nor shall there be any provisions for profit sharing, dividends, or any other benefits of any nature at any time for this fiscal year. 4. For the nine month periods ended February 28, 2019 and 2018, the net income was divided by 3,467,497 3,451,348 3,467,250 3,449,366 5. The results of operations for the three and nine month periods ended February 28, 2019 are not necessarily indicative of the results to be expected for the full year. 6. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09, as amended, is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2017 (fiscal year 2019 for the Company). Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. We adopted ASU 2014-09 on June 1, 2018 using the modified retrospective method, which required the recognition of the cumulative effect of the transition as an adjustment to retained earnings. The Company elected to apply the standard only to open contracts as of June 1, 2018. Based on the application of the changes described above, we recognized a transition adjustment of $4,999, which increased our June 1, 2018 retained earnings. ASU 2014-09 is not expected to have a material impact on net earnings for the year ended May 31, 2019. Refer to Note 8 for additional information. Other recently issued Accounting Standards Codification (ASC) guidance has either been implemented or are not significant to the Company 7. Inventory: Inventory February 28, 2019 May 31, 2018 Raw materials $ 690,050 $ 726,852 Work-in-process 10,625,919 9,990,225 Finished goods 876,137 700,698 Gross inventory 12,192,105 11,417,775 Less allowance for obsolescence 100,000 100,000 Net inventory $ 12,092,105 $ 11,317,775 -6- Table of Contents 8. Revenue Recognition: As discussed in Note 6, ASU 2014-09 was adopted on June 1, 2018 using the modified retrospective method, which required the recognition of the cumulative effect of the transition as an adjustment to retained earnings. Revenue is recognized when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. In the nine months ended February 28, 2019, 46% of revenue was recorded for contracts with a single performance obligation that was satisfied within the period. In the nine months ended February 28, 2018, 39% of revenue was recorded for contracts with a single performance obligation that was satisfied within the period. For contracts with customers in which the Company satisfies a promise to the customer to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time, using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. In the nine months ended February 28, 2019, 54% of revenue was recorded for contracts in which revenue was recognized over time. In the nine months ended February 28, 2018, 61% of revenue was recorded for contracts in which revenue was recognized over time. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of the changes made to our consolidated June 1, 2018 balance sheet for the adoption of ASU 2014-09, were as follows: Balance Sheet Balance at May 31, 2018 Adjustments Due to ASU 2014-09 Balance at June 1, 2018 Assets Inventory $ 11,317,775 $ 1,101,116 $ 12,418,891 Costs and estimated earnings in excess of billings $ 6,356,963 $ (326,509 ) $ 6,030,454 Liabilities Billings in excess of costs and estimated earnings $ 2,043,002 $ (25,105 ) $ 2,017,897 Other accrued expenses $ 1,412,502 $ 794,713 $ 2,207,215 Equity Retained earnings $ 26,959,080 $ 4,999 $ 26,964,079 -7- Table of Contents In accordance with the new revenue standard requirements, the disclosure of the impact of adoption of ASU 2014-09 on our consolidated balance sheet and income statement was as follows: February 28, 2019 Balance Sheet As Reported Effect of Change Higher/(Lower) Balances Without Adoption of ASU 2014-09 Assets Inventory $ 12,092,105 $ — $ 12,092,105 Costs and estimated earnings in excess of billings $ 6,621,008 $ — $ 6,621,008 Other current assets $ 680,354 $ — $ 680,354 Liabilities Other accrued expenses $ 1,538,392 $ — $ 1,538,392 Equity Retained earnings $ 28,526,214 $ — $ 28,526,214 For the Nine Months ended February 28, 2019 Income Statement As Reported Effect of Change Higher/(Lower) Balances Without Adoption of ASU 2014-09 Revenues Sales, net $ 24,605,749 $ 1,096,117 $ 23,509,632 Costs and Expenses Cost of goods sold $ 18,171,266 $ 1,101,116 $ 17,070,150 Provision for income taxes $ 358,000 $ — $ 358,000 Net income (loss) $ 1,562,135 $ (4,999 ) $ 1,567,134 For the Three Months ended February 28, 2019 Income Statement As Reported Effect of Change Higher/(Lower) Balances Without Adoption of ASU 2014-09 Revenues Sales, net $ 7,812,496 $ — $ 7,812,496 Costs and Expenses Cost of goods sold $ 5,833,620 $ — $ 5,833,620 Provision for income taxes $ 99,000 $ — $ 99,000 Net income (loss) $ 445,786 $ — $ 445,786 |
| Notes to Condensed Consolidated Financial Statements (Tables) | 9 Months Ended |
| Feb. 28, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Inventory table | Inventory February 28, 2019 May 31, 2018 Raw materials $ 690,050 $ 726,852 Work-in-process 10,625,919 9,990,225 Finished goods 876,137 700,698 Gross inventory 12,192,105 11,417,775 Less allowance for obsolescence 100,000 100,000 Net inventory $ 12,092,105 $ 11,317,775 |
| Impact of Adoption of Standards Related to Revenue Recognition | Balance Sheet Balance at May 31, 2018 Adjustments Due to ASU 2014-09 Balance at June 1, 2018 Assets Inventory $ 11,317,775 $ 1,101,116 $ 12,418,891 Costs and estimated earnings in excess of billings $ 6,356,963 $ (326,509 ) $ 6,030,454 Liabilities Billings in excess of costs and estimated earnings $ 2,043,002 $ (25,105 ) $ 2,017,897 Other accrued expenses $ 1,412,502 $ 794,713 $ 2,207,215 Equity Retained earnings $ 26,959,080 $ 4,999 $ 26,964,079 |
| Revenue Impact on Financial Statements Balance Sheet | February 28, 2019 Balance Sheet As Reported Effect of Change Higher/(Lower) Balances Without Adoption of ASU 2014-09 Assets Inventory $ 12,092,105 $ — $ 12,092,105 Costs and estimated earnings in excess of billings $ 6,621,008 $ — $ 6,621,008 Other current assets $ 680,354 $ — $ 680,354 Liabilities Other accrued expenses $ 1,538,392 $ — $ 1,538,392 Equity Retained earnings $ 28,526,214 $ — $ 28,526,214 |
| Revenue Impact on Financial Statements Income Statement | For the Nine Months ended February 28, 2019 Income Statement As Reported Effect of Change Higher/(Lower) Balances Without Adoption of ASU 2014-09 Revenues Sales, net $ 24,605,749 $ 1,096,117 $ 23,509,632 Costs and Expenses Cost of goods sold $ 18,171,266 $ 1,101,116 $ 17,070,150 Provision for income taxes $ 358,000 $ — $ 358,000 Net income (loss) $ 1,562,135 $ (4,999 ) $ 1,567,134 For the Three Months ended February 28, 2019 Income Statement As Reported Effect of Change Higher/(Lower) Balances Without Adoption of ASU 2014-09 Revenues Sales, net $ 7,812,496 $ — $ 7,812,496 Costs and Expenses Cost of goods sold $ 5,833,620 $ — $ 5,833,620 Provision for income taxes $ 99,000 $ — $ 99,000 Net income (loss) $ 445,786 $ — $ 445,786 |
| Notes to Condensed Consolidated Financial Statements (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
| Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
| Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,467,250 | 3,449,366 | 3,467,497 | 3,451,348 |
| Inventory table (Details) - USD ($) | Feb. 28, 2019 | May 31, 2018 |
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 690,050 | $ 726,852 |
| Work-in-process | 10,625,919 | 9,990,225 |
| Finished goods | 876,137 | 700,698 |
| Gross inventory | 12,192,105 | 11,417,775 |
| Less allowance for obsolescence | 100,000 | 100,000 |
| Net inventory | $ 12,092,105 | $ 11,317,775 |
| Impact of Adoption of Standards Related to Revenue Recognition (Details) - USD ($) | Feb. 28, 2019 | Jun. 01, 2018 | May 31, 2018 |
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Inventory | $ 12,092,105 | $ 11,317,775 | |
| Costs and estimated earnings in excess of billings | 6,621,008 | 6,356,963 | |
| Billings in excess of costs and estimated earnings | 663,501 | 2,043,002 | |
| Other accrued expenses | 1,538,392 | 1,412,502 | |
| Retained earnings | $ 28,526,214 | 26,959,080 | |
| Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Inventory | $ 12,418,891 | 11,317,775 | |
| Costs and estimated earnings in excess of billings | 6,030,454 | 6,356,963 | |
| Billings in excess of costs and estimated earnings | 2,017,897 | 2,043,002 | |
| Other accrued expenses | 2,207,215 | 1,412,502 | |
| Retained earnings | 26,964,079 | $ 26,959,080 | |
| Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Inventory | 1,101,116 | ||
| Costs and estimated earnings in excess of billings | (326,509) | ||
| Billings in excess of costs and estimated earnings | (25,105) | ||
| Other accrued expenses | 794,713 | ||
| Retained earnings | $ 4,999 |
| Revenue Impact on Financial Statements Balance Sheet (Details) - USD ($) | Feb. 28, 2019 | May 31, 2018 |
| Inventory | $ 12,092,105 | $ 11,317,775 |
| Costs and estimated earnings in excess of billings | 6,621,008 | 6,356,963 |
| Other current assets | 680,354 | 447,162 |
| Other accrued expenses | 1,538,392 | 1,412,502 |
| Retained earnings | 28,526,214 | $ 26,959,080 |
| Accounting Standards Update 2014-09 [Member] | ||
| Inventory | ||
| Costs and estimated earnings in excess of billings | ||
| Other current assets | ||
| Other accrued expenses | ||
| Retained earnings |
| Revenue Impact on Financial Statements Income Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
| Sales, net | $ 7,812,496 | $ 6,573,658 | $ 24,605,749 | $ 17,953,152 |
| Cost of goods sold | 5,833,620 | 5,118,242 | 18,171,266 | 13,618,393 |
| Provision for income taxes | 99,000 | 169,000 | 358,000 | 271,000 |
| Net income (loss) | 445,786 | $ (23,417) | 1,562,135 | $ 330,477 |
| Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
| Sales, net | 7,812,496 | 23,509,632 | ||
| Cost of goods sold | 5,833,620 | 17,070,150 | ||
| Provision for income taxes | 99,000 | 358,000 | ||
| Net income (loss) | 445,786 | 1,567,134 | ||
| Accounting Standards Update 2014-09 [Member] | ||||
| Sales, net | 1,096,117 | |||
| Cost of goods sold | 1,101,116 | |||
| Provision for income taxes | ||||
| Net income (loss) | $ (4,999) | |||
