For example, let's say you have an object that has an unevenly distributed mass. A hammer for example where the head is much heavier than the wooden handle. The center of mass would be very close to the neck of the head. If you were to spray paint a dot on this center of mass red, and toss it at a distance, the object will always rotate about this red dot. The object may be rotating a lot, but if you were to plot out a x-y graph of just the dots motion, it will be a perfect parabolic shape (depending if there is no air resistance, etc).
Similarly in this problem, once the objects collide, there will be a rotation about the new center of mass. So when finding I total, you will use the parallel axis theorem I = Icm + m(d)^2; d being the new distance between the old center of mass and the new center of mass.
This would be done for both discs and added together to get the moment of inertia total.