Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2019
Property, Plant and Equipment [Line Items]  
Subsequent Events, Policy [Policy Text Block]
Subsequent Events: Subsequent to August 31, 2019, the Company divested certain assets and liabilities of two non-core product lines for cash proceeds of $8.5 million.
Property, Plant and Equipment [Table Text Block]
The following is a summary of the Company's components of property, plant and equipment (in thousands):
 
 
August 31, 2019
 
August 31, 2018
Land, buildings and improvements
 
$
29,661

 
$
30,296

Machinery and equipment
 
140,083

 
131,716

Gross property, plant and equipment
 
169,744

 
162,012

Less: Accumulated depreciation
 
(113,015
)
 
(107,038
)
Property, plant and equipment, net
 
$
56,729

 
$
54,974

Reconciliation of Changes in Accrued Product Warranty
Product Warranty Costs: The Company generally offers its customers an assurance warranty on products sold, although warranty periods may vary by product type and application. The reserve for future warranty claims, which is recorded within the "Other current liabilities" line on the Consolidated Balance Sheets, is based on historical claim rates and current warranty cost experience. The following is a rollforward of the changes in product warranty reserves for fiscal years 2019 and 2018 (in thousands):
 
 
 
2019
 
2018
Beginning balance
 
$
931

 
$
1,353

Provision for warranties
 
1,326

 
962

Warranty payments and costs incurred
 
(1,077
)
 
(1,388
)
Impact of changes in foreign currency rates
 
(35
)
 
4

Ending balance
 
$
1,145

 
$
931