Business Acquisitions, Investments and Noncontrolling Interests (Tables)

9 Months Ended

Aug. 29, 2015

The unaudited pro forma results for the three-month and nine-month periods ended August 30, 2014 include adjustments to amortization charges for acquired intangible assets, depreciation expense, interest expense, and transaction costs incurred, as well as adjustments to cost of sales related to the step-up of inventory to estimated acquisition-date fair values, other income and related tax effects. The unaudited pro forma results do not give effect to any synergies, operating efficiencies or cost savings that may result from these acquisitions.



	Three Months Ended
	August 30, 2014
	As reported		CLARCOR Engine Mobile Solutions			CLARCOR Industrial Air			Pro forma
Net sales	$	400,152	$	—		$	—		$	400,152
Operating profit	62,226		—			171		(b)	62,397
Net earnings attributable to CLARCOR	41,703		—			125			41,828
Diluted earnings per share	$	0.82	$	—		$	—		$	0.82

	Nine Months Ended
	August 30, 2014
	As reported		CLARCOR Engine Mobile Solutions			CLARCOR Industrial Air			Pro forma
Net sales	$	1,099,479	$	46,837		$	15,422		$	1,161,738
Operating profit	144,639		17,677		(a)	8,814		(c)	171,130
Net earnings attributable to CLARCOR	100,576		10,485			6,551			117,612
Diluted earnings per share	$	1.98	$	0.21		$	0.13		$	2.32


(a)	Includes adjustments to remove transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368, as such costs were pushed back to the nine months ended August 31, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense.


(b)	Includes adjustments to cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $126, as such costs were pushed back to the nine months ended August 31, 2013 for pro forma presentation.


(c)	Includes adjustments to remove transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342, as such costs were pushed back to the nine months ended August 31, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense.

Schedule of non-controlling interests

Noncontrolling interests changed as follows during the nine months ended August 29, 2015 and August 30, 2014:



	Nine Months Ended
	August 29, 2015						August 30, 2014
	Redeemable			Non-Redeemable			Redeemable			Non-Redeemable
Noncontrolling interests at beginning of period	$	1,587		$	1,043		$	1,836		$	1,025

Noncontrolling interests (loss) earnings	(19		)	187			(96		)	172
Purchase of Noncontrolling interests	(1,432		)	—			—			—
Foreign currency translation	(136		)	(192		)	(54		)	—
Dividend	—			(206		)	—			(166		)

Noncontrolling interests at end of period	$	—		$	832		$	1,686		$	1,031

Filter Resources, Inc. [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of assets and liabilities assumed during acquisition

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of Filter Resources:



Accounts receivable		$	3,180
Inventories		2,042
Other current assets		118
Property, plant and equipment		574
Goodwill		11,938
Intangible assets		10,880
	Total assets acquired	28,732
Current liabilities		2,670
Noncurrent liabilities		4,201
	Net assets acquired	$	21,861

Summary of intangible assets acquired

A summary of the intangible assets acquired is shown in the following table:



	Estimated		Weighted average	Amortization
Identifiable intangible assets	Value		Useful life	Method
Customer relationships	$	10,800	15 years	Straight-line
Trademarks	80		1 year	Straight-line
	$	10,880

Schedule of results of acquiree

Net sales and operating profit for Filter Resources for the three and nine months ended August 29, 2015 (which, in the case of the nine month period ended August 29, 2015, includes the period from December 17, 2014 to August 29, 2015) were as follows:



	Three Months Ended		Nine Months Ended
	August 29, 2015		August 29, 2015
Net sales	$	5,141	$	14,323
Operating profit	536		1,223

Stanadyne [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of assets and liabilities assumed during acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Engine Mobile Solutions:



Accounts receivable		$	19,098
Inventories		7,257
Deferred income taxes		4,445
Property, plant and equipment		10,176
Goodwill		187,611
Intangible assets		146,430
	Total assets acquired	375,017
Current liabilities		9,105
Other noncurrent liabilities		2,000
Deferred income taxes		36,193
	Net assets acquired	$	327,719

Summary of intangible assets acquired

A summary of the intangible assets acquired is shown in the following table:



	Estimated		Weighted average	Amortization
Identifiable intangible assets	Value		Useful life	Method
Customer relationships	$	135,250	13 years	Straight-line
Developed technology	11,000		10 years	Straight-line
Trademarks	180		Indefinite	Not amortized
	$	146,430

Schedule of results of acquiree

Net sales and operating profit for CLARCOR Engine Mobile Solutions for the three and nine month periods ended August 29, 2015 and August 30, 2014 (which, in the case of the nine month period ended August 30, 2014, includes the period from May 1, 2014 to August 30, 2014) were as follows:



	Quarter Ended				Nine Months Ended
	August 29, 2015		August 30, 2014		August 29, 2015		August 30, 2014
Net sales	$	20,426	$	28,014	$	70,086	$	37,006
Operating profit	3,586		7,275		14,797		5,348

Air Filtrations Segment of General Electric [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of assets and liabilities assumed during acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Industrial Air:



Accounts receivable		$	34,453
Inventories		41,884
Other current assets		837
Property, plant and equipment		22,903
Goodwill		74,324
Intangible assets		133,020
	Total assets acquired	307,421
Total liabilities		47,109
	Net assets acquired	$	260,312

Summary of intangible assets acquired

A summary of the intangible assets acquired, weighted-average useful lives and amortization methods is shown in the following table:



	Estimated		Weighted average	Amortization
Identifiable intangible assets	Value		Useful life	Method
Trade names	$	35,100	Indefinite	Not amortized
Customer relationships	77,300		13 years	Straight-line
Developed technology	19,900		13 years	Straight-line
GE Transitional Trademark License	50		Less than 1 Year	Accelerated
Backlog	670		Less than 1 Year	Accelerated
	$	133,020

Schedule of results of acquiree

Net sales and operating profit for CLARCOR Industrial Air for the three and nine month periods ended August 29, 2015 and August 30, 2014 (which, in the case of the nine-month period ended August 30, 2014, includes the period from December 16, 2013 to August 30, 2014) were as follows:



	Quarter Ended				Nine Months Ended
	August 29, 2015		August 30, 2014		August 29, 2015		August 30, 2014
Net sales	$	42,275	$	59,842	$	150,506	$	172,205
Operating profit	2,938		5,038		13,840		8,810

Bekaert [Member]

Business Acquisition [Line Items]

Schedule of results of acquiree

Net sales and operating profit (loss) for the Bekaert business for the three and nine months ended August 29, 2015 and August 30, 2014 (which in the case of the nine month period ended August 30, 2014, includes the period from December 3, 2013 to August 30, 2014) were as follows:



	Quarter Ended					Nine Months Ended
	August 29, 2015		August 30, 2014			August 29, 2015			August 30, 2014
Net sales	$	2,981	$	2,809		$	8,698		$	9,111
Operating profit (loss)	62		(125		)	(457		)	(679		)