Business Acquisitions, Investments and Noncontrolling Interests (Tables)

3 Months Ended

Feb. 28, 2015



	Three Months Ended
	March 1, 2014
	As reported		CLARCOR Engine Mobile Solutions			CLARCOR Industrial Air			Pro forma
Net sales	$	312,685	$	27,056		$	15,422		$	355,163
Operating profit	31,266		7,467		(a)	7,979		(b)	46,712
Net earnings attributable to CLARCOR	24,321		4,013			5,928			34,262
Diluted earnings per share	$	0.48	$	0.08		$	0.12		$	0.68


(a)	Includes adjustments to intangible asset amortization, depreciation expense and interest expense. Does not include any transaction costs or cost of sales related to the step-up of inventory to its estimated acquisition-date fair value as such costs were pushed back to the three months ended March 2, 2013 for pro forma presentation.


(b)	Includes adjustments to remove transaction costs of $2,089 and to remove cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,198, which have been pushed back to the three months ended March 2, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense.

Schedule of non-controlling interests

Noncontrolling Interests

Noncontrolling interests changed as follows during the three months ended February 28, 2015 and March 1, 2014:



	Three Months Ended
	February 28, 2015						March 1, 2014
	Redeemable			Non-Redeemable			Redeemable			Non-Redeemable
Noncontrolling interests at beginning of period	$	1,587		$	1,043		$	1,836		$	1,025

Noncontrolling interests (loss) earnings	(24		)	52			(41		)	61
Foreign currency translation	(119		)	(84		)	18			(10		)
Dividend	—			(206		)	—			(166		)

Noncontrolling interests at end of period	$	1,444		$	805		$	1,813		$	910

Filter Resources, Inc. [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of assets and liabilities assumed during acquisition

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of Filter Resources:



Accounts receivable		$	3,180
Inventories		2,042
Other current assets		111
Property, plant and equipment		574
Goodwill		12,345
Intangible assets		10,580
	Total assets acquired	28,832
Current liabilities		2,646
Noncurrent liabilities		4,087
	Net assets acquired	$	22,099

Summary of intangible assets acquired

A summary of the intangible assets acquired is shown in the following table:



	Estimated		Weighted average	Amortization
Identifiable intangible assets	Value		Useful life	Method
Customer relationships	$	10,500	15 years	Straight-line
Trademarks	80		1 year	Straight-line
	$	10,580

Stanadyne [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of assets and liabilities assumed during acquisition

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Engine Mobile Solutions:



Accounts receivable		$	19,548
Inventories		7,257
Deferred income taxes		4,121
Property, plant and equipment		10,176
Goodwill		194,989
Intangible assets		146,430
	Total assets acquired	382,521
Current liabilities		8,963
Other noncurrent liabilities		2,000
Deferred income taxes		43,839
	Net assets acquired	$	327,719

Summary of intangible assets acquired

A summary of the intangible assets acquired is shown in the following table:



	Estimated		Weighted average	Amortization
Identifiable intangible assets	Value		Useful life	Method
Customer relationships	$	135,250	13 years	Straight-line
Developed technology	11,000		10 years	Straight-line
Trademarks	180		Indefinite	Not amortized
	$	146,430

Schedule of results of acquiree

Net sales and operating profit for CLARCOR Engine Mobile Solutions for the three months ended February 28, 2015 were as follows:



	Three Months Ended
	February 28, 2015
Net sales	$	24,073
Operating profit	4,773

Air Filtrations Segment of General Electric [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of assets and liabilities assumed during acquisition

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Industrial Air:



Accounts receivable		$	34,453
Inventories		41,884
Other current assets		837
Property, plant and equipment		22,903
Goodwill		74,324
Intangible assets		133,020
	Total assets acquired	307,421
Total liabilities		47,109
	Net assets acquired	$	260,312

Summary of intangible assets acquired

A summary of the intangible assets acquired, weighted-average useful lives and amortization methods is shown in the following table:



	Estimated		Weighted average	Amortization
Identifiable intangible assets	Value		Useful life	Method
Trade names	$	35,100	Indefinite	Not amortized
Customer relationships	77,300		13 years	Straight-line
Developed technology	19,900		13 years	Straight-line
GE Transitional Trademark License	50		Less than 1 Year	Accelerated
Backlog	670		Less than 1 Year	Accelerated
	$	133,020

Schedule of results of acquiree

Net sales and operating profit for CLARCOR Industrial Air for the three months ended February 28, 2015 and March 1, 2014 (which, in the case of the three-month period ended March 1, 2014, includes the period from December 16, 2013 to March 1, 2014) were as follows:



	Three Months Ended		Three Months Ended
	February 28, 2015		March 1, 2014
Net sales	$	49,551	$	45,378
Operating profit	3,836		(1,048		)

Bekaert [Member]

Business Acquisition [Line Items]

Schedule of results of acquiree

Net sales and operating loss for the Bekaert business (which in the case of the three-month period ended March 1, 2014, includes the period from December 3, 2013 to March 1, 2014) for the three months ended February 28, 2015 and March 1, 2014 were as follows:



	Three Months Ended			Three Months Ended
	February 28, 2015			March 1, 2014
Net sales	$	2,529		$	2,777
Operating loss	(437		)	(251		)