Annual report pursuant to Section 13 and 15(d)

Divestitures Activities Schedule of Assets and Liabilities for Discontinued Operations (Tables)

v3.20.2
Divestitures Activities Schedule of Assets and Liabilities for Discontinued Operations (Tables)
 12 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Schedule of Assets and Liabilities for Discontinued Operations [Abstract]    
Schedule of Assets and Liabilities of Discontinued Operations  
The following is a summary of the assets and liabilities of discontinued operations (in thousands):
August 31, 2019
Accounts receivable, net $ 52,802 
Inventories, net 76,825 
Other current assets 8,058 
Property, plant & equipment, net 32,172 
Goodwill 16,862 
Other intangible assets, net 93,314 
Other long-term assets 5,545 
Assets of discontinued operations $ 285,578 
Trade accounts payable $ 43,628 
Accrued compensation and benefits 12,101 
Reserve for cumulative translation adjustment 54,469 
Other current liabilities 12,101 
Deferred income taxes 20,029 
Pension and postretirement benefit liabilities 1,344 
Other long-term liabilities 91 
Liabilities of discontinued operations $ 143,763 
Disposal Groups, Including Discontinued Operations
The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Consolidated Statements of Operations (in thousands):
Year Ended August 31,
2020 * 2019 2018
Net sales $ 67,010  $ 459,144  $ 541,308 
Cost of products sold 49,749  344,563  409,332 
Gross profit 17,261  114,581  131,976 
Selling, administrative and engineering expenses 11,561  68,339  81,188 
Amortization of intangible assets —  5,666  11,285 
Restructuring (benefit) charges (11) 1,779  1,440 
Impairment & divestiture charges**
28,972  286,175  70,071 
Operating loss (23,261) (247,378) (32,008)
Financing costs, net 14  124  619 
Other (income) expense, net (104) 1,922  (759)
Loss before income tax (benefit) expense (23,171) (249,424) (31,868)
Income tax (benefit) expense (18,337) 7,788  (5,474)
Net loss from discontinued operations $ (4,834) $ (257,212) $ (26,394)
* "Loss from discontinued operations, net of income taxes" for the year ended August 31, 2020 includes 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 GAAP.
** In addition to the impairment & divestiture charges discussed above, the Company also incurred approximately $10.5 million of divestiture charges in fiscal 2019 related to the, at the time, anticipated divestiture of EC&S.