Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended |
Aug. 31, 2017 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Impairment Charge [Table Text Block] |
A summary of the fiscal 2016 impairment charge by reporting unit is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cortland |
|
Viking |
|
maximatecc |
|
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 |
|
Fiscal 2015 Impairment Charge
The dramatic decline in oil prices in 2015 caused a slowdown in upstream oil & gas activity as asset owners hesitated on starting new oil & gas exploration drilling and development projects, while certain existing projects were deferred or canceled and capital spending was reduced. As a result of these unfavorable market conditions, in fiscal 2015 the Company recognized an $84.4 million impairment charge related to the write-down of goodwill and indefinite lived intangible assets of the Cortland and Viking businesses. The impairment charge consisted of a $78.5 million impairment of goodwill and a $6.4 million impairment of indefinite lived intangible assets (tradenames).
|
| Changes in Carrying Value of Goodwill |
The changes in the carrying amount of goodwill for the years ended August 31, 2017 and 2016 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial |
|
Energy |
|
Engineered Solutions |
|
Total |
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 |
|
Purchase accounting adjustments |
|
(59 |
) |
|
1,144 |
|
|
— |
|
|
1,085 |
|
Impact of changes in foreign currency rates |
|
$ |
2,195 |
|
|
$ |
365 |
|
|
$ |
7,160 |
|
|
$ |
9,720 |
|
Balance as of August 31, 2017 |
|
$ |
103,875 |
|
|
$ |
188,830 |
|
|
$ |
237,376 |
|
|
$ |
530,081 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Amortization Period (Year) |
|
August 31, 2017 |
|
August 31, 2016 |
|
|
Gross |
|
Accumulated Amortization |
|
Net Book Value |
|
Gross |
|
Accumulated Amortization |
|
Net Book Value |
Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
15 |
|
$ |
263,498 |
|
|
$ |
153,003 |
|
|
$ |
110,495 |
|
|
$ |
292,671 |
|
|
$ |
166,252 |
|
|
$ |
126,419 |
|
Patents |
|
10 |
|
30,401 |
|
|
24,027 |
|
|
6,374 |
|
|
30,296 |
|
|
22,233 |
|
|
8,063 |
|
Trademarks and tradenames |
|
18 |
|
21,498 |
|
|
9,396 |
|
|
12,102 |
|
|
21,283 |
|
|
7,936 |
|
|
13,347 |
|
Non-compete agreements & other |
|
3 |
|
6,672 |
|
|
6,234 |
|
|
438 |
|
|
6,627 |
|
|
5,890 |
|
|
737 |
|
Indefinite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tradenames |
|
N/A |
|
91,080 |
|
|
— |
|
|
91,080 |
|
|
90,909 |
|
|
— |
|
|
90,909 |
|
|
|
|
|
$ |
413,149 |
|
|
$ |
192,660 |
|
|
$ |
220,489 |
|
|
$ |
441,786 |
|
|
$ |
202,311 |
|
|
$ |
239,475 |
|
|