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ACQUISITION (Tables)

12 Months Ended

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

X

- 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)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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