Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended |
Aug. 31, 2018 |
Aug. 31, 2016 |
| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Changes in Carrying Value of Goodwill |
The changes in the carrying amount of goodwill for the years ended August 31, 2018 and 2017 are as follows (in thousands):
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Industrial Tools & Services |
|
Engineered Components & Systems |
|
Total |
Balance as of August 31, 2016 |
|
$ |
235,457 |
|
|
$ |
283,819 |
|
|
$ |
519,276 |
|
Purchase accounting adjustments |
|
1,085 |
|
|
— |
|
|
1,085 |
|
Impact of changes in foreign currency rates |
|
2,165 |
|
|
7,555 |
|
|
9,720 |
|
Balance as of August 31, 2017 |
|
238,707 |
|
|
291,374 |
|
|
530,081 |
|
Business acquisitions |
|
12,441 |
|
|
— |
|
|
12,441 |
|
Impairment charge |
|
— |
|
|
(21,227 |
) |
|
(21,227 |
) |
Impact of changes in foreign currency rates |
|
(2,443 |
) |
|
(4,940 |
) |
|
(7,383 |
) |
Reclassification of assets held for sale |
|
— |
|
|
(1,500 |
) |
|
(1,500 |
) |
Balance as of August 31, 2018 |
|
$ |
248,705 |
|
|
$ |
263,707 |
|
|
$ |
512,412 |
|
|
|
| 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, 2018 |
|
August 31, 2017 |
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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 |
|
15 |
|
$ |
230,601 |
|
|
$ |
147,451 |
|
|
$ |
83,150 |
|
|
$ |
263,498 |
|
|
$ |
153,003 |
|
|
$ |
110,495 |
|
Patents |
|
11 |
|
30,355 |
|
|
25,327 |
|
|
5,028 |
|
|
30,401 |
|
|
24,027 |
|
|
6,374 |
|
Trademarks and tradenames |
|
18 |
|
20,823 |
|
|
15,347 |
|
|
5,476 |
|
|
21,498 |
|
|
9,396 |
|
|
12,102 |
|
Non-compete agreements & other |
|
3 |
|
5,946 |
|
|
5,816 |
|
|
130 |
|
|
6,672 |
|
|
6,234 |
|
|
438 |
|
Indefinite lived intangible assets: |
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Tradenames |
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N/A |
|
87,253 |
|
|
— |
|
|
87,253 |
|
|
91,080 |
|
|
— |
|
|
91,080 |
|
|
|
|
|
$ |
374,978 |
|
|
$ |
193,941 |
|
|
$ |
181,037 |
|
|
$ |
413,149 |
|
|
$ |
192,660 |
|
|
$ |
220,489 |
|
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| Schedule of Impairment Charge [Table Text Block] |
A summary of the fiscal 2018 impairment charge by reporting unit is as follows (in thousands):
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Cortland |
|
Precision-Hayes International |
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Total |
Goodwill |
$ |
3,770 |
|
|
$ |
17,457 |
|
|
$ |
21,227 |
|
Indefinite lived intangible assets |
6,710 |
|
|
— |
|
|
6,710 |
|
Amortizable intangible assets |
— |
|
|
5,076 |
|
|
5,076 |
|
Fixed assets |
— |
|
|
1,207 |
|
|
1,207 |
|
|
$ |
10,480 |
|
|
$ |
23,740 |
|
|
$ |
34,220 |
|
|
A summary of the fiscal 2016 impairment charge by reporting unit is as follows (in thousands):
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Cortland |
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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 |
|
|