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Acquisition | 6 Months Ended
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Sep. 01, 2018
Business Combinations [Abstract] |
Acquisition | Acquisition EFCO On June 12, 2017, we acquired 100 percent of the stock of EFCO Corporation, a privately held U.S. manufacturer of architectural aluminum window, curtainwall, storefront and entrance systems for commercial construction projects, for $192 million in cash. The acquisition was funded through our committed revolving credit facility, with $7.5 million of the purchase price payable in equal installments over the subsequent three years. EFCO's results of operations have been included in our consolidated financial statements and within the Architectural Framing Systems segment since the date of acquisition. The assets and liabilities of EFCO were recorded in our consolidated balance sheet as of the acquisition date, at their respective fair values. Fair value is estimated based on one or a combination of income, cost and/or market approaches, as determined based on the nature of the asset or liability, and the level of inputs available. With respect to assets and liabilities, the determination of fair value requires management to make subjective judgments as to projections of future operating performance, the appropriate discount rate to apply, long-term growth rates, etc. (i.e. - unobservable inputs classified as Level 3 inputs under the fair value hierarchy described in Note 5), which affect the amounts recorded in the purchase price allocation. The excess of the consideration transferred over the fair value of the identifiable assets, net of liabilities, is recorded as goodwill, which is indicative of the expected continued growth and development of EFCO. The purchase price allocation that follows is based on the estimated fair values of assets acquired and liabilities assumed, which was finalized in the first quarter of fiscal 2019:
In thousands |
Net working capital | $ | 1,422 |
Property, plant and equipment | 44,641 |
Goodwill | 90,429 |
Other intangible assets | 71,500 |
Less: Long-term liabilities acquired, net | 17,643 |
Net assets acquired | $ | 190,349 |
Other intangible assets reflect the following:
In thousands |  | Estimated fair value |  | Estimated useful life (in years)
Customer relationships |  | $ | 34,800 |  |  | 16
Tradename |  | 32,400 |  |  | Indefinite
Backlog |  | 4,300 |  |  | 1.5
|  | $ | 71,500 |  |  |
The following table sets forth certain unaudited pro forma consolidated data for the second quarter and six-month periods of fiscal 2019 and 2018, as if the EFCO acquisition had been consummated pursuant to its same terms at the beginning of the fiscal year preceding the acquisition date.
|  | Three Months Ended |  | Six Months Ended
In thousands, except per share data |  | September 1, 2018 |  | September 2, 2017 |  | September 1, 2018 |  | September 2, 2017
Net sales |  | $ | 362,133 |  |  | $ | 351,988 |  |  | $ | 698,664 |  |  | $ | 696,039 |
Net earnings |  | 21,069 |  |  | 20,312 |  |  | 36,639 |  |  | 37,528 |
Earnings per share |  |  |  |  |  |  |  |
Basic |  | 0.75 |  |  | 0.70 |  |  | 1.30 |  |  | 1.30 |
Diluted |  | 0.74 |  |  | 0.70 |  |  | 1.29 |  |  | 1.30 |
We have provided this unaudited pro forma information for comparative purposes only. This information does not necessarily reflect what the combined results of operations actually would have been had the acquisitions occurred at the beginning of fiscal year 2017. The information does not reflect the effect of any synergies or integration costs that we expect to result from the acquisition.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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