Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations & Other Divestiture Charges Discontinued Operations & Divestiture Activities (Notes)

v3.23.2
Discontinued Operations & Other Divestiture Charges Discontinued Operations & Divestiture Activities (Notes)
 9 Months Ended
May 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Note 5. Discontinued Operations
On October 31, 2019, as part of our overall strategy to become a pure-play industrial tools and services company, the Company completed the sale of the businesses comprising its former Engineered Components & Systems ("EC&S") segment. This divestiture was considered part of our strategic shift to become a pure-play industrial tools and services company, and therefore, the results of operations are recorded as a component of "Earnings (loss) from discontinued operations, net of income taxes" in the Condensed Consolidated Statements of Earnings for all periods presented. All discontinued operations activity included within the Condensed Consolidated Statements of Earnings and the Condensed Consolidated Statements of Cash Flows for the periods presented relate to impacts from certain retained liabilities.
The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Earnings (in thousands):
Three Months Ended May 31, Nine Months Ended May 31,
2023 2022 2023 2022
Selling, general and administrative expenses $ 5,932  $ 2,944  $ 9,373  $ 4,605 
Impairment & divestiture benefit —  —  (1,329) — 
Operating loss (5,932) (2,944) (8,044) (4,605)
Other loss, net —  —  —  — 
Loss before income tax benefit (5,932) (2,944) (8,044) (4,605)
Income tax benefit (1,336) (526) (1,830) (890)
Loss from discontinued operations, net of income taxes $ (4,596) $ (2,418) $ (6,214) $ (3,715)