Quarterly report pursuant to Section 13 or 15(d)

Divestiture Activities Divestiture Activities (Notes)

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Divestiture Activities Divestiture Activities (Notes)
 3 Months Ended
Nov. 30, 2017
Divestiture Activities [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Note 5. Divestiture Activities
During the fourth quarter of fiscal 2017, the Company signed a definitive agreement to sell the Viking business (Energy segment). Subsequent to quarter-end, on December 1, 2017, the Company completed the sale of the Viking business for $12.0 million, which was paid in cash at the closing of the transaction, subject to closing working capital adjustments, cash and indebtedness and other adjustments. We anticipate recognizing an additional $15.0 million to $20.0 million in after tax divestiture charges in the second quarter of fiscal 2018.
Due to the divestiture of the Viking business not closing until subsequent to quarter-end, the associated assets and liabilities are classified as held for sale in the condensed consolidated balance sheet. The divestiture will result in the Company's exit from the offshore mooring market and will significantly limit our exposure to the upstream, offshore oil & gas market.
The following is a summary of the assets and liabilities held for sale of the Viking business (in thousands):
 
 
November 30, 2017
 
August 31, 2017
Accounts receivable, net
 
$
2,116

 
$
2,426

Inventories, net
 
185

 
190

Property, plant & equipment, net
 
7,434

 
7,534

Prepaid expenses and other current assets
 
1,996

 
1,927

Other long-term assets
 
9,662

 
9,758

Assets held for sale
 
$
21,393

 
$
21,835

 
 
 
 
 
Trade accounts payable
 
$
1,804

 
$
1,883

Other current liabilities (including divestiture accruals)
 
1,338

 
1,637

Rental asset lease buyout liability
 
—

 
28,644

Reserve for cumulative translation adjustment
 
67,645

 
68,919

Liabilities held for sale
 
$
70,787

 
$
101,083


The results of the Viking business are not material to the consolidated financial results of the Company and are included in continuing operations. The Viking business had net sales of $2.7 million and $5.5 million in the three months ended November 30, 2017 and 2016, respectively.