Business Combinations (Tables)

6 Months Ended

Nov. 30, 2022

Business Combinations [Abstract]

Summary of Preliminary Fair Values of Assets Acquired And Liabilities Assumed As of The Date of Acquisition

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:

(in thousands)
Cash and cash equivalents	$	319
Inventories		21,402
Other current assets		14,855
Property, plant and equipment		20,010
Intangible assets		1,560,000
Right of use asset		882
Lease liability		(885	)
Deferred tax liabilities		(353,760	)
Other liabilities		(3,584	)
Total identifiable assets and liabilities acquired		1,259,239
Goodwill		1,963,171
Total purchase consideration	$	3,222,410

Summary of Business Acquisition, Pro Forma Information

The following table presents pro forma information as if the merger with the 3M FSD business had occurred on June 1, 2021 and had been combined with the results reported in our consolidated statements of income (loss) for all periods presented: 

	Three Months Ended						Six Months Ended
	November 30,						November 30,
in thousands, unaudited	2022			2021			2022			2021
Net sales	$	230,033		$	225,700		$	457,300		$	448,200
Operating Income (loss)	$	(7,700	)	$	(1,600	)	$	(21,100	)	$	6,100

Summary of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the intangible assets acquired and the useful life of these assets.

(in thousands)	Fair Value		Useful Life in Years
Trade Names and Trademarks	$	120,000		25
Developed Technology		280,000		15
Customer Relationships		1,160,000		20
Total intangible assets acquired	$	1,560,000