Acquisitions (Tables)

3 Months Ended

Aug. 31, 2021

Schedule of Acquisition of Intangible Assets

In connection with the acquisition of Shiloh, the Company identified and valued the following intangible assets:

(in thousands)
Category	Amount		Useful Life (Years)
Customer relationships	$	32,800	15-20
Non-compete agreement		280		3
In-process research & development		1,200	Indefinite
Total acquired identifiable intangible assets	$	34,280

Schedule of Consideration Transferred for the Assets and the Preliminary Fair Value Assigned to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date.

(in thousands)	Preliminary Valuation
Accounts receivable	$	44,191
Inventories		13,971
Property, plant and equipment		30,461
Intangible assets		34,280
Operating lease assets		59,905
Total identifiable assets		182,808
Accounts payable		(44,822	)
Current operating lease liabilities		(1,555	)
Noncurrent operating lease liabilities		(58,350	)
Net identifiable assets		78,081
Goodwill		26,669
Purchase price	$	104,750