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CHANGES IN BUSINESS (Tables)
 12 Months Ended
Aug. 31, 2020
Business Combinations [Abstract]  
Summary of Fair Value of Assets Acquired and Liabilities Assumed The table below presents the allocation of the fair value to the Acquired Businesses' assets and liabilities as determined by the Company:
(in thousands)Fair Value
Cash and cash equivalents$6,399 
Accounts receivable296,459 
Inventories202,082 
Other current assets26,290 
Property, plant and equipment421,969 
Deferred income taxes9,155 
Accounts payable-trade, accrued expenses and other payables(134,702)
Acquired unfavorable contract backlog(110,166)
Other long-term liabilities(9,920)
Pension and other post retirement employment benefits(6,365)
Total assets acquired and liabilities assumed$701,201 
Schedule of Pro Forma Information
Year Ended August 31,
(in thousands)20192018
Pro forma net sales (1)
$6,033,908 $6,303,812 
Pro forma net earnings (2)
162,255 105,377 
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(1) Pro forma net sales for the year ended August 31, 2018 includes estimated fair value adjustments related to amortization of unfavorable contract backlog. The impact of the amortization of unfavorable contract backlog has been removed from the pro forma net sales for the year ended August 31, 2019.
(2) Pro forma net earnings for the year ended August 31, 2018 reflects the impact of fair value adjustments related to the amortization of unfavorable contract backlog described above and includes estimated fair value adjustments related to inventory step-up, as well as non-recurring acquisition and integration costs of approximately $51.7 million.
Financial information for discontinued operations
The major classes of line items constituting earnings from discontinued operations in the consolidated statements of earnings for 2018 are presented in the table below. Earnings (loss) from discontinued operations in the consolidated statements of earnings were immaterial in 2020 and 2019.
(in thousands)Year Ended August 31, 2018
Net sales$304,650 
Costs and expenses:
Cost of goods sold276,184 
Selling, general and administrative expenses25,317 
Interest expense(86)
Earnings before income taxes3,235 
Income taxes benefit(34)
Earnings from discontinued operations$3,269