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CHANGES IN BUSINESS (Tables) | 12 Months Ended
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Aug. 31, 2020
Business Combinations [Abstract] |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The table below presents the allocation of the fair value to the Acquired Businesses' assets and liabilities as determined by the Company:
(in thousands) |  | Fair Value
Cash and cash equivalents |  | $ | 6,399 |
Accounts receivable |  | 296,459 |
Inventories |  | 202,082 |
Other current assets |  | 26,290 |
Property, plant and equipment |  | 421,969 |
Deferred income taxes |  | 9,155 |
Accounts payable-trade, accrued expenses and other payables |  | (134,702) |
Acquired unfavorable contract backlog |  | (110,166) |
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 Pro Forma Information |
|  | Year Ended August 31, |  |
(in thousands) |  | 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.
Financial information for discontinued operations | The major classes of line items constituting earnings from discontinued operations in the consolidated statements of earnings for 2018 are presented in the table below. Earnings (loss) from discontinued operations in the consolidated statements of earnings were immaterial in 2020 and 2019.
(in thousands) |  | Year Ended August 31, 2018
Net sales |  | $ | 304,650 |
Costs and expenses: |  |
Cost of goods sold |  | 276,184 |
Selling, general and administrative expenses |  | 25,317 |
Interest expense |  | (86) |
Earnings before income taxes |  | 3,235 |
Income taxes benefit |  | (34) |
Earnings from discontinued operations |  | $ | 3,269 |

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