Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2020
Property, Plant and Equipment [Line Items]  
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, 2020 August 31, 2019
Land, buildings and improvements $ 33,548  $ 29,661 
Machinery and equipment 134,536  140,083 
Gross property, plant and equipment 168,084  169,744 
Less: Accumulated depreciation (106,679) (113,015)
Property, plant and equipment, net $ 61,405  $ 56,729 
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 2020 and 2019 (in thousands):
2020 2019
Beginning balance $ 1,145  $ 931 
Provision for warranties 677  1,326 
Warranty payments and costs incurred (934) (1,077)
Warranty activity for divested businesses (27) — 
Impact of changes in foreign currency rates 31  (35)
Ending balance $ 892  $ 1,145 
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss: The following is a summary of the components included within accumulated other comprehensive loss (in thousands):
August 31,
2020 2019
Foreign currency translation adjustments $ 75,896  $ 151,115 
Pension and other postretirement benefit plans 24,750  20,557 
Unrecognized losses on cash flow hedges 78  — 
Accumulated other comprehensive loss $ 100,724  $ 171,672