Annual report pursuant to Section 13 and 15(d)

Divestitures Activities Discontinued Operations (Tables)

v3.19.3
Divestitures Activities Discontinued Operations (Tables)
 12 Months Ended
Aug. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following represents the detail of "(Loss) earnings from discontinued operations, net of income taxes" within the Consolidated Statements of Operations (in thousands):
 
 
Year Ended August 31,
 
 
2019
 
2018
 
2017
Net sales
 
$
459,144

 
$
541,308

 
$
479,193

Cost of products sold
 
344,563

 
409,332

 
359,846

Gross profit
 
114,581

 
131,976

 
119,347

 
 
 
 
 
 
 
Selling, administrative and engineering expenses
 
68,339

 
81,188

 
69,360

Amortization of intangible assets
 
5,666

 
11,285

 
11,377

Restructuring charges
 
1,779

 
1,440

 
3,994

Impairment & divestiture charges*
 
286,175

 
70,071

 
—

Operating (loss) profit
 
(247,378
)
 
(32,008
)
 
34,616

 
 
 
 
 
 
 
Financing costs, net
 
124

 
619

 
482

Other expense (income), net
 
1,922

 
(759
)
 
(1,064
)
Loss (earnings) before income tax expense (benefit)
 
(249,424
)
 
(31,868
)
 
35,198

 
 
 
 
 
 
 
Income tax expense (benefit)
 
7,788

 
(5,474
)
 
6,136

Net (loss) earnings from discontinued operations
 
$
(257,212
)
 
$
(26,394
)
 
$
29,062

*In addition to the impairment & divestiture charges discussed above, the Company also incurred approximately $10.5 million of divestiture charges in fiscal 2019 related to the anticipated divestiture of EC&S.