Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2023
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment [Table Text Block] The following is a summary of the Company's components of property, plant and equipment (in thousands):
August 31,
2023 2022
Land, buildings and improvements $ 14,070  $ 14,121 
Machinery and equipment 136,566  141,571 
Gross property, plant and equipment 150,636  155,692 
Less: Accumulated depreciation (111,668) (114,320)
Property, plant and equipment, net $ 38,968  $ 41,372 
Reconciliation of Changes in Accrued Product Warranty
Product Warranty Costs: The Company generally offers its customers an assurance warranty on products sold, although warranty periods may vary by product type and application. The reserve for future warranty claims, which is recorded within the "Other current liabilities" line on the Consolidated Balance Sheets, is based on historical claim rates and current warranty cost experience. The following is a roll-forward of the changes in product warranty reserves for fiscal 2023 and 2022 (in thousands):
2023 2022
Beginning balance $ 1,140  $ 1,300 
Provision for warranties 418  887 
Warranty payments and costs incurred (723) (911)
Warranty activity for divested businesses (10) — 
Impact of changes in foreign currency rates 31  (136)
Ending balance $ 856  $ 1,140 
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss: The following is a summary of the components included within accumulated other comprehensive loss (in thousands):
August 31,
2023 2022
Foreign currency translation adjustments $ 102,268  $ 116,078 
Pension and other postretirement benefit plans 18,394  18,883 
Cash flow hedges 548  — 
Accumulated other comprehensive loss $ 121,210  $ 134,961