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Business Combinations (Tables)

9 Months Ended

Feb. 28, 2023

Corvium Inc [Member]

Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]

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)
Prepaids and other current assets		$	101
Property, plant and equipment			13
Intangible assets			14,000
Deferred revenue			(1,827	)
Other accruals			(1,000	)
Adjustment of annual license prepaid			(419	)
Other non-current liabilities			(1,000	)
Total identifiable assets and liabilities acquired			9,868
Goodwill			14,199
Total purchase consideration		$	24,067

Three M Food Safety Transaction [Member]

Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]

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			18,403
Other current assets			14,855
Property, plant and equipment			25,721
Intangible assets			1,560,000
Right of use asset			882
Lease liability			(885	)
Deferred tax liabilities			(355,347	)
Other liabilities			(3,585	)
Total identifiable assets and liabilities acquired			1,260,363
Goodwill			1,978,149
Total purchase consideration		$	3,238,512

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 condensed consolidated statements of income (loss) for all periods presented:

		Three Months Ended February 28,								Nine Months Ended February 28,
(in thousands, unaudited)		2023				2022				2023				2022
Net sales		$	218,300			$	219,900			$	675,600			$	668,100
Operating Income (loss)		$	15,700			$	(17,000	)		$	(5,400	)		$	(10,900	)

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		$	110,000				25
Developed Technology			280,000				15
Customer Relationships			1,170,000				20
Total intangible assets acquired		$	1,560,000

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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