Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)

v3.20.1
Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)
 6 Months Ended
Feb. 29, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following represents the detail of "(Loss) earnings from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands):
 
 
Three Months Ended
 
Six Months Ended
 
 
February 29, 2020*
 
February 28, 2019
 
February 29, 2020*
 
February 28, 2019
Net sales
 
$
—

 
$
112,119

 
$
67,010

 
$
246,099

Cost of products sold
 
—

 
85,948

 
49,749

 
185,232

Gross profit
 
—

 
26,171

 
17,261

 
60,867

 
 
 
 
 
 
 
 
 
Selling, administrative and engineering expenses
 
619

 
17,312

 
11,451

 
37,383

Amortization of intangible assets
 
—

 
1,587

 
—

 
3,569

Restructuring charges (benefit)
 
—

 
14

 
(11
)
 
446

Impairment & divestiture charges
 
314

 
3,344

 
28,730

 
16,319

Operating (loss) earnings
 
(933
)
 
3,914

 
(22,909
)
 
3,150

Financing (benefits) costs, net
 
—

 
(4
)
 
14

 
(7
)
Other expense (income), net
 
—

 
141

 
(104
)
 
547

(Loss) earnings before income tax expense (benefit)
 
(933
)
 
3,777

 
(22,819
)
 
2,610

Income tax expense (benefit)
 
823

 
1,789

 
(16,812
)
 
1,652

Net (loss) earnings from discontinued operations
 
$
(1,756
)
 
$
1,988

 
$
(6,007
)
 
$
958

* "(Loss) earnings from discontinued operations, net of income taxes" for the periods presented in fiscal 2020 include the results of the EC&S segment for the two months ended October 31, 2019 (the divestiture date) as well as the ancillary impacts from certain retained liabilities subsequent to the divestiture. As a result of the classification of the segment as assets and liabilities held for sale for the two months ended October 31, 2019, the Company did not record amortization or depreciation expense in the results of operations in accordance with U.S. GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, hence there are no expenses associated with the plan for that period.