Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.5.0.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2016
Accounting Policies [Abstract]  
Restructuring and Related Costs
The following is a rollforward of fiscal 2016 restructuring activities, by segment, (in thousands):
 
 
Industrial
 
Energy
 
Engineered Solutions
 
Corporate
 
Total
Balance as of August 31, 2015
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Restructuring charges
 
3,158

 
5,544

 
5,411

 
458

 
14,571

Cash payments
 
(1,772
)
 
(2,345
)
 
(3,199
)
 
(203
)
 
(7,519
)
Non-cash uses of reserve
 
(54
)
 
(166
)
 
(364
)
 
(209
)
 
(793
)
Impact of changes in foreign currency rates
 
11

 
(12
)
 
15

 
—

 
14

Balance as of August 31, 2016
 
$
1,343

 
$
3,021

 
$
1,863

 
$
46

 
$
6,273

Reconciliation of Changes in Accrued Product Warranty
Product Warranty Costs:    The Company generally offers its customers a warranty on products sold, although warranty periods may vary by product type and application. The reserve for future warranty claims 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 2016 and 2015 (in thousands):
 
 
 
2016
 
2015
Beginning balance
 
$
3,719

 
$
4,056

Warranty reserve of acquired businesses
 
3

 
—

Provision for warranties
 
5,985

 
4,929

Warranty payments and costs incurred
 
(4,058
)
 
(5,009
)
Impact of changes in foreign currency rates
 
(57
)
 
(257
)
Ending balance
 
$
5,592

 
$
3,719