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Acquisitions (Tables) | 12 Months Ended
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Feb. 28, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of 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 |  | 43,369 |
Contract assets |  | 70,731 |
Prepaid expenses and other |  | 2,247 |
Property, plant and equipment |  | 305,503 |
Right-of-use asset |  | 13,753 |
Goodwill |  | 524,816 |
Deferred tax asset - LT |  | 8,660 |
Intangibles and other assets |  | 446,546 |
Total fair value of assets acquired |  | $ | 1,493,047 |
Liabilities |  |
Accounts payable |  | (99,223) |
Accrued expenses |  | (31,201) |
Other accrued liabilities |  | (5,330) |
Lease liability, short-term |  | (2,440) |
Lease liability, long-term |  | (11,313) |
Other long-term liabilities |  | (60,091) |
Total fair value of liabilities assumed |  | $ | (209,598) |
Total purchase price, net of cash acquired |  | $ | 1,283,449 |
The following table represents the 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 |  | $ | 3,253 |
Inventories |  | 2,451 |
Property, plant and equipment |  | 11,462 |
Goodwill |  | 13,691 |
Intangibles and other assets |  | 9,975 |
Total fair value of assets acquired |  | $ | 40,832 |
Liabilities |  |
Accounts payable and other accrued liabilities |  | (3,910) |
Deferred tax liabilities |  | (1,422) |
Total fair value of liabilities assumed |  | $ | (5,332) |
Total purchase price, net of cash acquired |  | $ | 35,500 |
The following table summarizes the fair values of the allocation of assets acquired and liabilities assumed, in aggregate, related to the Steel Creek acquisition, as of the date of the acquisition (in thousands):
|  | January 3, 2022
Assets |  |
Accounts receivable |  | $ | 575 |
Inventories |  | 3,593 |
Property, plant and equipment |  | 15,796 |
Intangibles |  | 872 |
Goodwill |  | 7,755 |
Total fair value of assets acquired |  | $ | 28,591 |
Liabilities |  |
Accounts payable and other accrued liabilities |  | (765) |
Contingent consideration |  | (2,826) |
Total fair value of liabilities assumed |  | $ | (3,591) |
Total purchase price, net of cash acquired |  | $ | 25,000 |
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 (the beginning of fiscal year 2022) or of future operating performance.
|  | 2023 |  | 2022
Revenue |  | $ | 1,516,669 |  |  | $ | 1,265,953 |
Net income from continuing operations |  | $ | 56,335 |  |  | $ | 76,997 |

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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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