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ACQUISITION (Tables) | 6 Months Ended
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Feb. 28, 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 during the second quarter of fiscal 2019. 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 Previously Reported* |  | Measurement Period Adjustments** |  | Estimated Fair Value
Cash and cash equivalents |  | $ | 6,399 |  |  | $ | — |  |  | $ | 6,399 |
Accounts receivable |  | 308,074 |  |  | (6,334 | ) |  | 301,740 |
Inventories |  | 207,648 |  |  | (5,566 | ) |  | 202,082 |
Other current assets |  | 11,788 |  |  | 14,502 |  |  | 26,290 |
Property, plant and equipment |  | 424,541 |  |  | (10,304 | ) |  | 414,237 |
Intangible assets |  | 10,252 |  |  | (10,252 | ) |  | — |
Deferred income taxes |  | 10,567 |  |  | 1,039 |  |  | 11,606 |
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 |
* As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended November 30, 2018 ** The Company recorded measurement period adjustments in the second quarter of fiscal 2019 to reflect facts and circumstances in existence as of the Acquisition Date. These measurement period adjustments primarily related to changes in valuation assumptions and other initial estimates.
Schedule of Pro Forma Information | The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date for the three and six months ended February 28, 2019 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income.
(in thousands) |  | Three Months Ended February 28, 2019 |  | Six Months Ended February 28, 2019
Net sales |  | $ | 383,572 |  |  | $ | 505,071 |
Earnings before income taxes |  | $ | 26,670 |  |  | $ | 35,096 |
Supplemental information on an unaudited pro forma basis is presented below 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 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 a significant amount of estimates.
|  | Three Months Ended February 28, |  | Six Months Ended February 28,
(in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Pro forma net sales * |  | $ | 1,379,033 |  |  | $ | 1,470,603 |  |  | $ | 2,925,007 |  |  | $ | 2,914,292 |
Pro forma net earnings ** |  | $ | 10,260 |  |  | $ | 18,786 |  |  | $ | 26,081 |  |  | $ | (2,187 | )
* Pro forma net sales for the three and six months ended February 28, 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 three and six months ended February 28, 2019. ** Pro forma net earnings for the three and six months ended February 28, 2018 reflects the impact of fair value adjustments related to the amortization of unfavorable contract backlog described above. Pro forma net earnings for the six months ended February 28, 2018 includes estimated fair value adjustments related to inventory step-up, as well as non-recurring acquisition and integration costs of approximately $47.5 million.

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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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