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ACQUISITION (Tables) | 12 Months Ended
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Aug. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The table below presents the preliminary fair values and measurement period adjustments that were allocated to Tensar's assets and liabilities as of the Acquisition Date:
(in thousands) |  | Estimated Fair Value as of Acquisition Date |  | Measurement Period Adjustments |  | Estimated Fair Value
Cash and cash equivalents |  | $ | 19,551 |  |  | $ | — |  |  | $ | 19,551 |
Accounts receivable |  | 38,188 |  |  | (447) |  |  | 37,741 |
Inventories |  | 38,810 |  |  | 652 |  |  | 39,462 |
Prepaid and other current assets |  | 14,143 |  |  | (1,615) |  |  | 12,528 |
Defined benefit pension plan |  | 14,620 |  |  | — |  |  | 14,620 |
Property, plant and equipment |  | 88,541 |  |  | (2,558) |  |  | 85,983 |
Intangible assets |  | 260,500 |  |  | — |  |  | 260,500 |
Goodwill |  | 187,861 |  |  | (1,056) |  |  | 186,805 |
Other noncurrent assets |  | 19,430 |  |  | 230 |  |  | 19,660 |
Accounts payable |  | (12,468) |  |  | 334 |  |  | (12,134) |
Accrued expenses and other payables |  | (23,307) |  |  | (418) |  |  | (23,725) |
Current maturities of long-term debt |  | (3,277) |  |  | — |  |  | (3,277) |
Deferred income taxes |  | (48,683) |  |  | 3,628 |  |  | (45,055) |
Other noncurrent liabilities |  | (17,597) |  |  | 1,250 |  |  | (16,347) |
Long-term debt |  | (4,312) |  |  | — |  |  | (4,312) |
Total assets acquired and liabilities assumed |  | $ | 572,000 |  |  | $ | — |  |  | $ | 572,000 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The acquired intangible assets consist of:
(in thousands, except life in years) |  | Life in Years |  | Estimated Fair Value
Developed technologies |  | 1 to 11 |  | $ | 147,900 |
Trade names |  | 8 to 9 or indefinite |  | 57,000 |
Customer relationships |  | 12 to 17 |  | 53,200 |
In-process research and development |  | Indefinite |  | 2,400 |
Schedule of Pro Forma Information | The following table summarizes the financial results of Tensar from the Acquisition Date through the end of fiscal 2022 that are included in the Company’s consolidated statement of earnings and consolidated statement of comprehensive income:
(in thousands) |  | From the Acquisition Date to August 31, 2022
Net sales |  | $ | 102,107 |
Earnings before income taxes |  | 3,183 |
The resulting tax effects of the business combination are also reflected below.
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021
Pro forma net sales |  | $ | 9,064,322 |  |  | $ | 6,957,903 |
Pro forma net earnings |  | 1,238,174 |  |  | 416,904 |

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