Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2021
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, 2021 August 30, 2020
Land, buildings and improvements $ 16,617  $ 33,548 
Machinery and equipment 145,541  134,536 
Gross property, plant and equipment 162,158  168,084 
Less: Accumulated depreciation (113,568) (106,679)
Property, plant and equipment, net $ 48,590  $ 61,405 
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 2021 and 2020 (in thousands):
2021 2020
Beginning balance $ 892  $ 1,145 
Provision for warranties 1,580  677 
Warranty payments and costs incurred (1,171) (934)
Warranty activity for divested businesses —  (27)
Impact of changes in foreign currency rates (1) 31 
Ending balance $ 1,300  $ 892 
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,
2021 2020
Foreign currency translation adjustments $ 69,986  $ 75,896 
Pension and other postretirement benefit plans 22,998  24,750 
Unrecognized losses on cash flow hedges —  78 
Accumulated other comprehensive loss $ 92,984  $ 100,724