Acquisitions (Tables)

12 Months Ended

May 31, 2012

Angus

Schedule Of Acquisition Of Intangible Assets

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

(in thousands)	Amount		Useful  Life (Years)
Category
Trade name	$	19,100		Indefinite
Customer relationships		32,200		10-15
Non-compete agreement		640		3
Other		963		9
Total acquired identifiable intangible assets	$	52,903

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

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

(in thousands)
Cash and cash equivalents	$	2,540
Accounts receivable		16,515
Inventories		22,865
Prepaid expenses and other current assets		1,281
Deferred income taxes		398
Intangible assets		52,903
Other noncurrent assets		74
Property, plant and equipment		57,570
Total identifiable assets		154,146
Accounts payable		(9,581	)
Accrued liabilities		(7,483	)
Other current liabilities		(948	)
Long-term debt and other short-term borrowings		(47,324	)
Net identifiable assets		88,810
Goodwill		45,230
Total consideration transferred	$	134,040

Proforma Revenue and Earnings of Combined Entity

Pro forma net sales and net earnings of the combined entity had the acquisition occurred on June 1, 2010, are summarized as follows:

(unaudited, in thousands)	Net sales		Net earnings
Supplemental pro forma from June 1, 2011—May 31, 2012	$	2,667,478	$	138,250
Supplemental pro forma from June 1, 2010—May 31, 2011		2,573,251		128,191

Coleman Cylinders

Schedule Of Acquisition Of Intangible Assets

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

(in thousands)	Amount		Useful  Life (Years)
Category
Customer relationships	$	4,400		15
Non-compete agreement		160		5
Total acquired identifiable intangible assets	$	4,560

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

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

(in thousands)
Inventories	$	6,456
Intangible assets		4,560
Property, plant and equipment		9,726
Total identifiable assets		20,742
Accounts payable		(3,719	)
Accrued liabilities		(258	)
Net identifiable assets		16,765
Goodwill		5,888
Total consideration paid	$	22,653

STAKO

Schedule Of Acquisition Of Intangible Assets

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

(in thousands)	Amount		Useful  Life (Years)
Category
Trade name	$	1,500		10
Customer relationships		2,500		10-15
Non-compete agreement		400		3
Total acquired identifiable intangible assets	$	4,400

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

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

(in thousands)
Cash and cash equivalents	$	2,715
Accounts receivable		4,175
Inventories		6,208
Other current assets		75
Intangible assets		4,400
Other noncurrent assets		60
Property, plant and equipment		23,770
Total identifiable assets		41,403
Accounts payable		(2,813	)
Accrued liabilities		(750	)
Other liabilities		(2,182	)
Deferred income taxes		(2,384	)
Net identifiable assets		33,274
Goodwill		8,226
Total consideration paid	$	41,500

Bernz

Schedule Of Acquisition Of Intangible Assets

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

(in thousands)	Amount		Useful  Life (Years)
Category
Trade name	$	8,481		Indefinite
Customer relationships		10,473		9-13
Non-compete agreements		2,268		5
Total acquired identifiable intangible assets	$	21,222

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

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

(in thousands)
Inventories	$	15,313
Intangible assets		21,222
Property, plant and equipment		7,884
Total identifiable assets		44,419
Accounts payable		(6,167	)
Accrued liabilities		(868	)
Net identifiable assets		37,384
Goodwill		3,616
Total consideration paid	$	41,000

Schedule Of Components Of Gain On Settlement Of Pre-Existing Relationship

The components of the settlement gain are summarized in the following table:

(in thousands)
Reserve	$	14,402
Less: Fair value of settlement		(10,000	)
Settlement gain	$	4,402

MISA Metals, Inc

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

The following table summarizes the consideration paid and the fair value assigned to the assets acquired and liabilities assumed at the acquisition date:

(in thousands)
Accounts receivable	$	24,470
Inventories		40,262
Other current assets		7,426
Intangible assets		300
Property, plant and equipment, net		16,319
Total assets		88,777
Accounts payable		(15,062	)
Accrued liabilities		(1,115	)
Identifiable net assets		72,600
Goodwill		-
Total purchase price	$	72,600

Worthington Nitin Cylinders Limited

Schedule Of Acquisition Of Intangible Assets

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

(in thousands)	Amount		Average  Life (Years)
Category
Trade name	$	850		Indefinite
Customer relationships		160		15-20
Other		230		1-10
Total acquired intangible assets	$	1,240

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

The following table summarizes the consideration paid and the fair value assigned to the assets acquired and liabilities assumed at the acquisition date, as well as the acquisition-date fair value of the noncontrolling interest:

(in thousands)
Cash and cash equivalents	$	1,721
Accounts receivable		2,499
Inventories		9,916
Other current assets		652
Intangible assets		1,240
Property, plant and equipment		14,450
Total identifiable assets		30,478
Accounts payable		(1,227	)
Accrued liabilities		(41	)
Deferred income taxes		(992	)
Net identifiable assets		28,218
Goodwill		7,174
Net assets		35,392
Noncontrolling interest		(14,156	)
Total consideration paid	$	21,236

PSI Energy Solutions, LLC

Schedule Of Acquisition Of Intangible Assets

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

(in thousands)	Amount		Useful Life (Years)
Category
Customer relationships	$	1,540		15-20
Non-compete agreement		180		3
Other		1,670		10
Total acquired identifiable intangible assets	$	3,390

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

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

(in thousands)
Accounts receivable	$	784
Inventories		407
Intangible assets		3,390
Property, plant and equipment		66
Total identifiable assets		4,647
Accounts payable		(528	)
Accrued liabilities		(437	)
Net identifiable assets		3,682
Goodwill		5,651
Net assets		9,333
Noncontrolling interest		(2,333	)
Total consideration paid	$	7,000

Hy-Mark Cylinders, Inc

Schedule Of Fair Value Assigned To Assets Acquired And Liabilities Assumed

The following table summarizes the consideration paid and the fair value assigned to the assets acquired and liabilities assumed at the acquisition date:

(in thousands)
Inventories	$	3,053
Intangible assets		2,660
Property, plant and equipment		2,100
Identifiable net assets		7,813
Goodwill		4,362
Total purchase price	$	12,175