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Business Combinations (Tables) | 6 Months Ended
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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 liabil i ties |  |  | (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 |  |  |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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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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