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ACQUISITION (Tables)
 12 Months Ended
Aug. 31, 2019
Business Combinations [Abstract]  
Summary of Fair Value of Assets Acquired and Liabilities Assumed
The table below presents the preliminary fair value that was allocated to the Acquired Businesses' assets and liabilities based upon fair values as determined by the Company, as well as any Measurement Period adjustments made since the Acquisition Date. Final determination of the fair values may result in further adjustments to the values presented in the following table:
(in thousands)
 
Estimated Fair Value as of Acquisition Date
 
Measurement Period Adjustments
 
Estimated Fair Value
Cash and cash equivalents
 
$
6,399

 
$
—

 
$
6,399

Accounts receivable
 
308,074

 
(11,615
)
 
296,459

Inventories
 
207,648

 
(5,566
)
 
202,082

Other current assets
 
11,788

 
14,502

 
26,290

Property, plant and equipment
 
424,541

 
(2,572
)
 
421,969

Intangible assets
 
10,252

 
(10,252
)
 
—

Deferred income taxes
 
10,567

 
(1,412
)
 
9,155

Accounts payable-trade, accrued expenses and other payables
 
(128,183
)
 
(6,519
)
 
(134,702
)
Acquired unfavorable contract backlog
 
(133,600
)
 
23,434

 
(110,166
)
Other long-term liabilities
 
(9,920
)
 
—

 
(9,920
)
Pension and other post retirement employment benefits
 
(6,365
)
 
—

 
(6,365
)
Total assets acquired and liabilities assumed
 
$
701,201

 
$
—

 
$
701,201
Schedule of Pro Forma Information
The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date for 2019 included in the Company’s consolidated statement of earnings and consolidated statement of comprehensive income.
(in thousands)
 
Year Ended August 31, 2019
Net sales
 
$
1,379,455

Earnings before income taxes
 
132,733


Pro Forma Supplemental Information

Supplemental information on an unaudited pro forma basis is presented below as if the acquisition of the Acquired Businesses (the "Acquisition") occurred on September 1, 2017. The pro forma financial information is presented for comparative purposes only, based on certain estimates and assumptions, which the Company believes to be reasonable, but not necessarily indicative of future results of operations or the results that would have been reported if the Acquisition had been completed on September 1, 2017. These results were not used as part of management analysis of the financial results and performance of the Company. These results are adjusted, where possible, for transaction and integration related costs. These results involve significant estimates.
(in thousands)
 
Year Ended August 31,
 
 
2019
 
2018
Pro forma net sales (1)
 
$
6,033,908

 
$
6,303,812

Pro forma net earnings (2)
 
162,255

 
105,377

_________________
(1) Pro forma net sales for the year ended August 31, 2018 includes estimated fair value adjustments related to amortization of unfavorable contract backlog. The impact of the amortization of unfavorable contract backlog has been removed from the pro forma net sales for the year ended August 31, 2019.
(2) Pro forma net earnings for the year ended August 31, 2018 reflects the impact of fair value adjustments related to the amortization of unfavorable contract backlog described above and includes estimated fair value adjustments related to inventory step-up, as well as non-recurring acquisition and integration costs of approximately $51.7 million.