Acquisitions (Tables)

12 Months Ended

May 31, 2018

Schedule of Acquisition of Intangible Assets

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

(in thousands)			Useful Life
Category	Amount		(Years)
Customer relationships	$	90,800	14-17
Trade names		62,200	Indefinite
Technology		13,000	15-16
Total acquired identifiable intangible assets	$	166,000

Schedule of Consideration Transferred for the Assets of Amtrol and the Preliminary Fair Value Assigned to Assets Acquired And Liabilities Assumed

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

			Measurement
	Preliminary		Period			Revised
(in thousands)	Valuation		Adjustments			Valuation
Cash	$	6,893	$	-		$	6,893
Accounts receivable		40,212		-			40,212
Inventories		37,249		-			37,249
Prepaid expenses		981		-			981
Other assets		2,550		-			2,550
Intangible assets		166,000		-			166,000
Property, plant and equipment		52,870		-			52,870
Total assets		306,755		-			306,755
Accounts payable		25,945		-			25,945
Accrued liabilities		21,016		-			21,016
Long-term debt including current maturities		2,287		-			2,287
Other accrued items		3,993		1,501			5,494
Deferred income taxes, net		64,495		(966	)		63,529
Net identifiable assets		189,019		(535	)		188,484
Goodwill		102,902		535			103,437
Purchase price	$	291,921	$	-		$	291,921

Summary of Unaudited Pro forma Results

(in thousands, except per share amounts)	2018		2017
Net sales	$	3,581,620	$	3,263,315
Net earnings attributable to controlling interest	$	199,038	$	215,182
Diluted earnings per share attributable to controlling interest	$	3.16	$	3.32