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Business Combinations (Tables) | 12 Months Ended
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May 31, 2023
Corvium Inc [Member] |
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:
Prepaids and other current assets |  | $ | 66 |
Property, plant and equipment |  |  | 13 |
Intangible assets |  |  | 10,180 |
Deferred revenue |  |  | (1,827 | )
Adjustment of annual license prepaid |  |  | (419 | )
Other non-current liabilities |  |  | (930 | )
Total identifiable assets and liabilities acquired |  |  | 7,083 |
Goodwill |  |  | 16,984 |
Total purchase consideration |  | $ | 24,067 |
3M Food Safety Transaction |
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:
Cash and cash equivalents |  | $ | 319 |
Inventories |  |  | 18,403 |
Other current assets |  |  | 14,855 |
Property, plant and equipment |  |  | 25,832 |
Intangible assets |  |  | 1,560,000 |
Right of use asset |  |  | 882 |
Lease liability |  |  | (885 | )
Deferred tax liabilities |  |  | (352,481 | )
Other liabilities |  |  | (2,832 | )
Total identifiable assets and liabilities acquired |  |  | 1,264,093 |
Goodwill |  |  | 1,974,520 |
Total purchase consideration |  | $ | 3,238,613 |
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.
|  | Fair Value |  |  | Useful Life in Years |
Trade Names and Trademarks |  | $ | 110,000 |  |  |  | 25 |
Developed Technology |  |  | 280,000 |  |  |  | 15 |
Customer Relationships |  |  | 1,170,000 |  |  |  | 20 |
Total intangible assets acquired |  | $ | 1,560,000 |  |  |  |
Summary of Business Acquisition, Unaudited Pro Forma Information | The following table presents unaudited 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:
|  | Year Ended May 31 |
|  | 2023 |  |  | 2022 |
Net sales |  | $ | 919,959 |  |  | $ | 910,978 |
Operating income |  | $ | 44,373 |  |  | $ | 42,258 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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