Divestiture Activities Divestiture Activities (Notes) |
9 Months Ended |
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May 31, 2018 | |
| Divestiture Activities [Abstract] | |
| Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
Note 5. Divestiture Activities
On December 1, 2017, the Company completed the sale of the Viking business for net cash proceeds of $8.8 million, net of transaction costs of $1.6 million. In the second quarter of fiscal 2018, we recognized an after-tax impairment and divestiture charge of $12.4 million comprised of real estate lease exit charges related to retained facilities that became vacant as a result of the Viking divestiture ($3.0 million) and approximately $9.4 million of associated discrete income tax expense. The divestiture resulted in the Company's exit from the offshore mooring market and significantly limited our exposure to the upstream, offshore oil & gas market.
The historic 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 $4.1 million and $15.6 million in the three and nine months ended May 31, 2017, respectively. In addition, net sales were $2.7 million for the nine months ended May 31, 2018.
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