Acquisitions (Tables)

9 Months Ended

Feb. 28, 2014

TWB

Schedule of Acquisition of Intangible Assets

In connection with the acquisition of TWB, we identified and valued the following identifiable intangible assets:

(in thousands)			Useful Life
Category	Amount		(Years)
Customer relationships	$	17,438		5-6
Trade names		4,120		Indefinite
Non-compete agreement		470		5
Total acquired identifiable intangible assets	$	22,028

Schedule of Consideration Transferred and Fair Value Assigned to Assets Acquired And Liabilities Assumed

The following table summarizes the consideration transferred for our 55% controlling interest in TWB and the fair value assigned to the assets acquired and liabilities assumed at the acquisition date:

(in thousands)
Consideration Transferred:
Cash consideration	$	17,869
Fair value of previously held interest in TWB		72,369
Total consideration	$	90,238
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Cash and cash equivalents	$	70,826
Accounts receivable		52,012
Inventories		20,403
Prepaid expenses and other current assets		4,027
Intangible assets		22,028
Other noncurrent assets		103
Property, plant and equipment		52,390
Total identifiable assets		221,789
Accounts payable		(50,642	)
Accrued liabilities		(6,431	)
Deferred taxes		(2,109	)
Net assets		162,607
Noncontrolling interest		(72,369	)
Total consideration	$	90,238

Worthington Aritas

Schedule of Acquisition of Intangible Assets

Based on the preliminary valuation analysis, we identified and valued the following identifiable intangible assets:

(in thousands)			Useful Life
Category	Amount		(Years)
Customer relationships	$	8,400		20
Technological know-how		8,100		20
Trade name		180		2
Non-compete agreements		120		3
Total acquired identifiable intangible assets	$	16,800

Schedule of Consideration Transferred and Fair Value Assigned to Assets Acquired And Liabilities Assumed

The following table summarizes the consideration transferred for Worthington Aritas and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date:

(in thousands)
Cash and cash equivalents	$	1,037
Accounts receivable		3,326
Inventories		10,678
Prepaid expenses and other current assets		1,317
Intangible assets		16,800
Other noncurrent assets		1,099
Property, plant and equipment		5,467
Total identifiable assets		39,724
Accounts payable		(5,587	)
Short-term borrowings		(251	)
Accrued liabilities		(2,756	)
Other liabilities		(4,954	)
Deferred taxes		(2,787	)
Net identifiable assets		23,389
Goodwill		23,586
Net assets		46,975
Noncontrolling interest		(11,744	)
Total consideration	$	35,231