ACQUISITION (Tables)

9 Months Ended

May 31, 2022

Business Combinations [Abstract]

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The table below presents the preliminary fair value that was allocated to Tensar's assets and liabilities based upon fair values as determined by the Company as of the Acquisition Date:

(in thousands)	Estimated Fair Value
Cash and cash equivalents	$	19,551
Accounts receivable	38,188
Inventories	38,810
Prepaid and other current assets	14,143
Defined benefit pension plan	14,620
Property, plant and equipment	88,541
Intangible assets	260,500
Goodwill	187,861
Other noncurrent assets	19,430
Accounts payable	(12,468)
Accrued expenses and other payables	(23,307)
Current maturities of long-term debt	(3,277)
Deferred income taxes	(48,683)
Other noncurrent liabilities	(17,597)
Long-term debt	(4,312)
Total assets acquired and liabilities assumed	$	572,000

Schedule of Acquired Finite-Lived Intangible Assets

The acquired intangible assets consist of:

(in thousands, except life in years)	Life in Years	Preliminary Fair Value
Developed technologies	1 to 11 years	$	147,900
Trade names	8 to 9 years or indefinite	57,000
Customer relationships	12 to 17 years	53,200
In-process research and development	Indefinite	2,400

Schedule of Pro Forma Information

The following table summarizes the financial results of Tensar from the Acquisition Date through the end of the third quarter of fiscal 2022 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income.

(in thousands)	From the Acquisition Date to May 31, 2022
Net sales	$	27,962
Earnings before income taxes	1,656

The resulting tax effects of the business combination are also reflected below.

	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2022		2021		2022		2021
Pro forma net sales	$	2,554,295	$	1,908,133	$	6,657,257	$	4,854,727
Pro forma net earnings	318,736		134,854		942,369		261,218