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ACQUISITION (Tables) | 3 Months Ended
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Nov. 30, 2018
Business Combinations [Abstract] |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and the liabilities assumed on the Acquisition Date.
(in thousands) |  | November 5, 2018
Cash and cash equivalents |  | $ | 6,399 |
Accounts receivable |  | 308,074 |
Inventories |  | 207,648 |
Other current assets |  | 11,788 |
Property, plant and equipment |  | 424,541 |
Intangible assets |  | 10,252 |
Deferred income taxes |  | 10,567 |
Accounts payable-trade, accrued expenses and other payables |  | (128,183 | )
Acquired unfavorable contract backlog |  | (133,600 | )
Other long-term liabilities |  | (9,920 | )
Pension and other post retirement employment benefits |  | (6,365 | )
Total assets acquired and liabilities assumed |  | $ | 701,201 |
Schedule of Amortizable Intangible Assets (Liabilities) Acquired | The amortizable intangible assets (liabilities) acquired consisted of:
(in thousands, except life in years) |  | Life in Years |  | Preliminary Fair Value
Non-compete agreement |  | 5 years |  | $ | 7,769 |
Net unfavorable lease contracts |  | Various |  | (2,516 | )
Favorable contract backlog |  | 1 year |  | 2,294 |
Unfavorable contract backlog |  | 1-2 years* |  | (133,600 | )
* Amortization will correspond with completion of the acquired contracts, which is estimated to occur over the next 1 to 2 years.
Schedule of Pro Forma Information | The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date through the end of the first quarter of fiscal 2019 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income.
(in thousands) |  | November 30, 2018
Net sales |  | $ | 121,499 |
Earnings before income taxes |  | $ | 8,427 |
Supplemental information on an unaudited pro forma basis is presented below for the three months ended November 30, 2018 and 2017 as if the acquisition of the Acquired Businesses 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 of the Acquired Businesses had been completed on September 1, 2017. These results were not used as a part of management analysis of the financial results and performance of the Company’s business. These results are adjusted, where possible, for transaction and integration related costs. These results involve a significant amount of estimates.
|  | Three Months Ended November 30,
(in thousands) |  | 2018 |  | 2017*
Pro forma net sales |  | 1,557,032 |  |  | 1,417,583 |
Pro forma net earnings |  | 38,059 |  |  | (4,749 | )
*Non-recurring acquisition and integration costs of approximately $43.3 million incurred through the first quarter of fiscal 2019 have been included in pro forma net earnings for the three months ended November 30, 2017.

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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 http://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 http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + 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 http://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 http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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