Acquisitions (Tables)

12 Months Ended

Feb. 28, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of 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	2,247
Property, plant and equipment	305,503
Right-of-use asset	13,753
Goodwill	524,816
Deferred tax asset - LT	8,660
Intangibles and other assets	446,546
Total fair value of assets acquired	$	1,493,047
Liabilities
Accounts payable	(99,223)
Accrued expenses	(31,201)
Other accrued liabilities	(5,330)
Lease liability, short-term	(2,440)
Lease liability, long-term	(11,313)
Other long-term liabilities	(60,091)
Total fair value of liabilities assumed	$	(209,598)
Total purchase price, net of cash acquired	$	1,283,449

The following table represents the 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	$	3,253
Inventories	2,451
Property, plant and equipment	11,462
Goodwill	13,691
Intangibles and other assets	9,975
Total fair value of assets acquired	$	40,832
Liabilities
Accounts payable and other accrued liabilities	(3,910)
Deferred tax liabilities	(1,422)
Total fair value of liabilities assumed	$	(5,332)
Total purchase price, net of cash acquired	$	35,500

The following table summarizes the fair values of the allocation of assets acquired and liabilities assumed, in aggregate, related to the Steel Creek acquisition, as of the date of the acquisition (in thousands):

	January 3, 2022
Assets
Accounts receivable	$	575
Inventories	3,593
Property, plant and equipment	15,796
Intangibles	872
Goodwill	7,755
Total fair value of assets acquired	$	28,591
Liabilities
Accounts payable and other accrued liabilities	(765)
Contingent consideration	(2,826)
Total fair value of liabilities assumed	$	(3,591)
Total purchase price, net of cash acquired	$	25,000

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 (the beginning of fiscal year 2022) or of future operating performance.

	2023		2022
Revenue	$	1,516,669	$	1,265,953
Net income from continuing operations	$	56,335	$	76,997