Annual report pursuant to Section 13 and 15(d)

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

v3.22.2.2
Divestitures Activities Schedule of Assets and Liabilities for Discontinued Operations (Tables)
12 Months Ended
Aug. 31, 2022
Schedule of Assets and Liabilities for Discontinued Operations [Abstract]  
Disposal Groups, Including Discontinued Operations
The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Consolidated Statements of Earnings (in thousands):
Year Ended August 31,
2022 2021 2020 *
Net sales $ —  $ —  $ 67,010 
Cost of products sold —  —  49,749 
Gross profit —  —  17,261 
Selling, general and administrative expenses 4,842  1,456  11,561 
Restructuring benefit —  —  (11)
Impairment & divestiture charges —  —  28,972 
Operating loss (4,842) (1,456) (23,261)
Financing costs, net —  —  14 
Other income, net —  —  (104)
Loss before income tax (benefit) expense (4,842) (1,456) (23,171)
Income tax (benefit) expense (937) 679  (18,337)
Net loss from discontinued operations $ (3,905) $ (2,135) $ (4,834)
* "Loss from discontinued operations, net of income taxes" for the year ended August 31, 2020 presented in the table above 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 US GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, accordingly there are no expenses associated with the plan for that period.