Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets (Tables)

v3.20.2
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Value of Goodwill he changes in the carrying amount of goodwill for the years ended August 31, 2020 and 2019 by operating segment are as follows (in thousands):
Industrial Tools & Services Other Total
Balance as of August 31, 2018 $ 248,705  $ 31,427  $ 280,132 
Purchase accounting adjustments 253  —  253 
Impairment charge —  (13,678) (13,678)
Impact of changes in foreign currency rates (6,085) (207) (6,292)
Balance as of August 31, 2019 242,873  17,542  260,415 
Acquisition of HTL Group (Note 4) 11,261  —  11,261 
Impairment charge —  —  — 
Impact of changes in foreign currency rates 9,403  75  9,478 
Balance as of August 31, 2020 $ 263,537  $ 17,617  $ 281,154 
Gross Carrying Amount and Accumulated Amortization of Intangible Assets
The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
  Weighted Average Amortization Period (Year) August 31, 2020 August 31, 2019
  Gross Accumulated Amortization Net Book Value Gross Accumulated Amortization Net Book Value
Amortizable intangible assets:
Customer relationships 14 $ 141,853  $ 106,491  $ 35,362  $ 126,229  $ 96,817  $ 29,412 
Patents 12 14,365  13,228  1,137  13,227  12,276  951 
Trademarks and tradenames* 12 3,277  2,257  1,020  4,513  2,921  1,592 
Indefinite lived intangible assets:
Tradenames N/A 24,863  —  24,863  20,420  —  20,420 
$ 184,358  $ 121,976  $ 62,382  $ 164,389  $ 112,014  $ 52,375 
*The decrease in the Gross Carrying Value and Accumulated Amortization of Trademarks and tradenames is a result of the Milwaukee Cylinder divestiture on December 2, 2019 as discussed in Note 5, "Discontinued Operations and Other Divestiture Activities." The Company recorded a full impairment of the tradename in the first quarter in order to write the net assets of the business down to the expected sales proceeds in advance of the divestiture.
Schedule of Impairment Charge [Table Text Block]