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Acquisitions (Tables) | 3 Months Ended
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May 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table represents the preliminary summary of the assets acquired and liabilities assumed, in aggregate, related to the Precoat Acquisition, as of the date of the acquisition (in thousands):
|  | May 13, 2022
Assets |  |
Accounts receivable |  | $ | 77,422 |
Inventories |  | 44,309 |
Contract assets |  | 70,731 |
Prepaid expenses and other |  | 2,245 |
Property, plant and equipment |  | 262,154 |
Right-of-use asset |  | 10,954 |
Goodwill |  | 534,599 |
Intangibles and other assets |  | 513,546 |
Total fair value of assets acquired |  | $ | 1,515,960 |
Liabilities |  |
Accounts payable |  | $ | (99,223) |
Accrued expenses |  | (31,891) |
Other accrued liabilities |  | (3,741) |
Customer deposits |  | (1,574) |
Lease liability, short-term |  | (1,706) |
Lease liability, long-term |  | (9,248) |
Deferred tax liabilities |  | (3,100) |
Other long-term liabilities |  | (66,247) |
Total fair value of liabilities assumed |  | (216,730) |
Total Purchase Price, net of cash acquired |  | $ | 1,299,230 |
The following table represents the preliminary summary of the assets acquired and liabilities assumed, in aggregate, related to the DAAM acquisition, as of the date of the acquisition (in thousands):
|  | February 28, 2022
Assets |  |
Accounts receivable |  | $ | 4,586 |
Inventories |  | 3,119 |
Prepaid and other assets |  | 23 |
Property, plant and equipment |  | 14,436 |
Goodwill |  | 24,369 |
Liabilities |  |
Accounts payable and other accrued liabilities |  | (7,437) |
Deferred tax liabilities |  | (3,596) |
Total purchase price |  | $ | 35,500 |
Business Acquisition, Pro Forma Information | The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions of Precoat Metals and DAAM had taken place on March 1, 2021 or of future operating performance.
|  | Three Months Ended May 31,
|  | 2022 |  | 2021
Revenue |  | $ | 507,418 |  |  | $ | 407,087 |
Net income |  | $ | 25,774 |  |  | $ | 16,191 |

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- 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) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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=123413009&loc=d3e4845-128472 + Details
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