Acquisitions (Tables)

6 Months Ended

Aug. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the preliminary summary of the assets acquired and liabilities assumed, in aggregate, related to the Precoat Acquisition, as of the date of the acquisition (in thousands):

	May 13, 2022
Assets
Accounts receivable	$	77,422
Inventories	43,369
Contract assets	70,731
Prepaid expenses and other	2,245
Property, plant and equipment	306,953
Right-of-use asset	10,954
Goodwill	547,894
Intangibles and other assets	446,746
Total fair value of assets acquired	$	1,506,314
Liabilities
Accounts payable	$	(99,223)
Accrued expenses	(31,781)
Other accrued liabilities	(3,741)
Customer deposits	(1,574)
Lease liability, short-term	(1,706)
Lease liability, long-term	(9,248)
Deferred tax liabilities	(3,100)
Other long-term liabilities	(56,711)
Total fair value of liabilities assumed	(207,084)
Total Purchase Price, net of cash acquired	$	1,299,230

The following table represents the preliminary summary of the assets acquired and liabilities assumed, in aggregate, related to the DAAM acquisition, as of the date of the acquisition (in thousands):

	February 28, 2022
Assets
Accounts receivable	$	4,586
Inventories	3,119
Prepaid and other assets	23
Property, plant and equipment	14,436
Goodwill	24,369
Liabilities
Accounts payable and other accrued liabilities	(7,437)
Deferred tax liabilities	(3,596)
Total purchase price	$	35,500

Business Acquisition, Pro Forma Information

The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions of Precoat Metals and DAAM had taken place on March 1, 2021 or of future operating performance.

	Three Months Ended August 31,				Six Months Ended August 31,
	2022		2021		2022		2021
Revenue	$	406,710	$	335,906	$	806,864	$	642,383
Net income from continuing operations	$	25,120	$	39,520	$	42,085	$	64,025