Acquisitions (Tables)

6 Months Ended

Nov. 30, 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	$	34,500	15-20
Non-compete agreement		290		3
In-process research & development		1,300	Indefinite
Total acquired identifiable intangible assets	$	36,090

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			Measurement Period Adjustments			Revised Valuation
Accounts receivable	$	44,191		$	-		$	44,191
Inventories		13,971			-			13,971
Property, plant and equipment		30,461			-			30,461
Intangible assets		34,280			1,810			36,090
Operating lease assets		59,905			-			59,905
Total identifiable assets		182,808			1,810			184,618
Accounts payable		(44,822	)		-			(44,822	)
Current operating lease liabilities		(1,555	)		-			(1,555	)
Noncurrent operating lease liabilities		(58,350	)		-			(58,350	)
Net identifiable assets		78,081			1,810			79,891
Goodwill		26,669			(1,810	)		24,859
Purchase price	$	104,750		$	-		$	104,750