Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charges (Notes)

v3.7.0.1
Restructuring Charges (Notes)
 9 Months Ended
May 31, 2017
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
Restructuring Charges
The Company has committed to various restructuring initiatives including workforce reductions, plant consolidations to reduce manufacturing overhead, satellite office closures, the continued movement of production and product sourcing to low cost alternatives and the centralization and standardization of certain administrative functions. Total restructuring charges for these activities were $0.4 million and $3.5 million in the third quarter of fiscal 2017 and 2016, respectively. Year-to-date restructuring charges totaled $5.4 million and $11.5 million for fiscal 2017 and 2016, respectively, and impacted all segments. Liabilities for severance will generally be paid during the next twelve months, while future lease payments related to facilities vacated as a result of restructuring will be paid over the underlying remaining lease terms.
The following rollforwards summarize restructuring reserve activity by segment (in thousands):
 
 
Nine Months Ended May 31, 2017
 
 
Industrial
 
Energy
 
Engineered Solutions
 
Corporate
 
Total
Balance as of August 31, 2016
 
$
1,343

 
$
3,021

 
$
1,863

 
$
46

 
$
6,273

Restructuring charges
 
1,686

 
39

 
3,627

 
81

 
5,433

Cash payments
 
(2,060
)
 
(1,123
)
 
(3,128
)
 
(83
)
 
(6,394
)
Other non-cash uses of reserve
 
(437
)
 
(7
)
 
(13
)
 
(44
)
 
(501
)
Impact of changes in foreign currency rates
 
(19
)
 
(2
)
 
(10
)
 
—

 
(31
)
Balance as of May 31, 2017
 
$
513

 
$
1,928

 
$
2,339

 
$
—

 
$
4,780

 
 
Nine Months Ended May 31, 2016
 
 
Industrial
 
Energy
 
Engineered Solutions
 
Corporate
 
Total
Balance as of August 31, 2015
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Restructuring charges
 
1,792

 
4,877

 
4,528

 
261

 
11,458

Cash payments
 
(1,000
)
 
(1,122
)
 
(2,182
)
 
(200
)
 
(4,504
)
Other non-cash uses of reserve
 
—

 
(170
)
 
(304
)
 
(1
)
 
(475
)
Impact of changes in foreign currency rates
 
17

 
(14
)
 
18

 
—

 
21

Balance as of May 31, 2016
 
$
809

 
$
3,571

 
$
2,060

 
$
60

 
$
6,500