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ACQUISITION (Tables)
 3 Months Ended
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.