Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2022
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, 2022 August 31, 2021
Land, buildings and improvements $ 14,121  $ 16,617 
Machinery and equipment 141,571  145,541 
Gross property, plant and equipment 155,692  162,158 
Less: Accumulated depreciation (114,320) (113,568)
Property, plant and equipment, net $ 41,372  $ 48,590 
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 2022 and 2021 (in thousands):
2022 2021
Beginning balance $ 1,300  $ 892 
Provision for warranties 887  1,580 
Warranty payments and costs incurred (911) (1,171)
Impact of changes in foreign currency rates (136) (1)
Ending balance $ 1,140  $ 1,300 
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,
2022 2021
Foreign currency translation adjustments $ 116,078  $ 69,986 
Pension and other postretirement benefit plans 18,883  22,998 
Accumulated other comprehensive loss $ 134,961  $ 92,984