Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended |
Aug. 31, 2016 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Impairment Charge [Table Text Block] |
A summary of the second quarter fiscal 2016 impairment charge by reporting unit is as follows (in thousands):
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Cortland |
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Viking |
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maximatecc |
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Total |
Goodwill |
$ |
34,502 |
|
|
$ |
39,099 |
|
|
$ |
44,521 |
|
|
$ |
118,122 |
|
Indefinite lived intangible assets |
2,211 |
|
|
13,289 |
|
|
1,153 |
|
|
16,653 |
|
Amortizable intangible assets |
— |
|
|
27,952 |
|
|
— |
|
|
27,952 |
|
Fixed assets |
— |
|
|
23,784 |
|
|
— |
|
|
23,784 |
|
|
$ |
36,713 |
|
|
$ |
104,124 |
|
|
$ |
45,674 |
|
|
$ |
186,511 |
|
|
| Changes in Carrying Value of Goodwill |
The changes in the carrying amount of goodwill for the years ended August 31, 2016 and 2015 are as follows (in thousands):
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Industrial |
|
Energy |
|
Engineered Solutions |
|
Total |
Balance as of August 31, 2014 |
|
$ |
100,266 |
|
|
$ |
350,627 |
|
|
$ |
291,877 |
|
|
$ |
742,770 |
|
Purchase accounting adjustments (Hayes) |
|
(3,244 |
) |
|
— |
|
|
— |
|
|
(3,244 |
) |
Impairment charge |
|
— |
|
|
(78,530 |
) |
|
— |
|
|
(78,530 |
) |
Impact of changes in foreign currency rates |
|
(4,915 |
) |
|
(35,647 |
) |
|
(12,178 |
) |
|
(52,740 |
) |
Balance as of August 31, 2015 |
|
92,107 |
|
|
236,450 |
|
|
279,699 |
|
|
608,256 |
|
Business acquisitions |
|
9,726 |
|
|
36,241 |
|
|
— |
|
|
45,967 |
|
Impairment charge |
|
— |
|
|
(73,919 |
) |
|
(44,543 |
) |
|
(118,462 |
) |
Business divestiture (Sanlo) |
|
— |
|
|
— |
|
|
(3,778 |
) |
|
(3,778 |
) |
Impact of changes in foreign currency rates |
|
(94 |
) |
|
(11,451 |
) |
|
(1,162 |
) |
|
(12,707 |
) |
Balance as of August 31, 2016 |
|
$ |
101,739 |
|
|
$ |
187,321 |
|
|
$ |
230,216 |
|
|
$ |
519,276 |
|
|
| Gross Carrying Amount and Accumulated Amortization of Intangible Assets |
The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
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Weighted Average Amortization Period (Year) |
|
August 31, 2016 |
|
August 31, 2015 |
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|
Gross |
|
Accumulated Amortization |
|
Net Book Value |
|
Gross |
|
Accumulated Amortization |
|
Net Book Value |
Amortizable intangible assets: |
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|
Customer relationships |
|
14 |
|
$ |
292,671 |
|
|
$ |
166,252 |
|
|
$ |
126,419 |
|
|
$ |
302,518 |
|
|
$ |
132,007 |
|
|
$ |
170,511 |
|
Patents |
|
10 |
|
30,296 |
|
|
22,233 |
|
|
8,063 |
|
|
30,899 |
|
|
19,928 |
|
|
10,971 |
|
Trademarks and tradenames |
|
18 |
|
21,283 |
|
|
7,936 |
|
|
13,347 |
|
|
21,604 |
|
|
7,055 |
|
|
14,549 |
|
Non-compete agreements & other |
|
3 |
|
6,627 |
|
|
5,890 |
|
|
737 |
|
|
6,790 |
|
|
6,496 |
|
|
294 |
|
Indefinite lived intangible assets: |
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|
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|
|
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|
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|
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Tradenames |
|
|
|
90,909 |
|
|
— |
|
|
90,909 |
|
|
112,437 |
|
|
— |
|
|
112,437 |
|
|
|
|
|
$ |
441,786 |
|
|
$ |
202,311 |
|
|
$ |
239,475 |
|
|
$ |
474,248 |
|
|
$ |
165,486 |
|
|
$ |
308,762 |
|
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