Acquisitions (Tables)

12 Months Ended

May 31, 2020

Schedule of Acquisition of Intangible Assets

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

(in thousands)
Category	Amount		Useful Life (Years)
Customer relationships	$	9,000	15
Trade name		1,100	Indefinite
Total acquired identifiable intangible assets	$	10,100

Heidtman Steel Products, Inc.

Schedule of Consideration Paid and the Fair Value Assigned to the Assets Acquired And Liabilities Assumed

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

			Measurement
	Preliminary		Period			Final
(in thousands)	Valuation		Adjustments			Valuation
Customer list	$	2,900	$	(100	)	$	2,800
Property, plant and equipment		7,515		(1,411	)		6,104
Finance lease assets		8,000		3,940			11,940
Other assets		725		-			725
Net identifiable assets		19,140		2,429			21,569
Goodwill		10,453		(2,429	)		8,024
Purchase price	$	29,593	$	-		$	29,593

Worthington Samuel Coil Processing Llc

Schedule of Consideration Paid and the Fair Value Assigned to the Assets Acquired And Liabilities Assumed

The following table summarizes the consideration transferred for our 63% controlling interest in Samuel and the fair value assigned to the assets acquired and liabilities assumed at the acquisition date:

(in thousands)
Consideration Transferred:
Assets contributed (37% of Heidtman net assets)	$	11,122
Capital contribution		315
Fair value of previously held equity interest in Samuel		10,948
Total consideration	$	22,385
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Cash	$	694
Accounts receivable		1,778
Inventories		108
Prepaid expenses		1,535
Intangible assets		10,100
Property, plant and equipment		19,459
Total identifiable assets		33,674
Accounts payable		(766	)
Accrued liabilities		(1,148	)
Net identifiable assets		31,760
Goodwill		3,772
Net assets		35,532
Noncontrolling interest		(13,147	)
Total consideration	$	22,385

AMTROL

Schedule of Consideration Paid and the Fair Value Assigned to the Assets Acquired And Liabilities Assumed

The following table summarizes 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

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