Goodwill and Other Intangible Assets (Tables)
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3 Months Ended |
Nov. 30, 2018 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Goodwill |
Changes in the gross carrying value of goodwill and intangible assets can result from changes in foreign currency exchange rates, business acquisitions, divestitures or impairment charges. The changes in the carrying amount of goodwill for the three months ended November 30, 2018 are as follows (in thousands):
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Industrial Tools & Services |
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Engineered Components & Systems |
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Total |
Balance as of August 31, 2018 |
$ |
248,705 |
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$ |
263,707 |
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$ |
512,412 |
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Purchase accounting adjustments |
253 |
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— |
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|
253 |
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Impairment charge |
— |
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(10,166 |
) |
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(10,166 |
) |
Reclassification of assets held for sale |
— |
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|
(20,206 |
) |
|
(20,206 |
) |
Impact of changes in foreign currency rates |
(2,093 |
) |
|
(2,840 |
) |
|
(4,933 |
) |
Balance as of November 30, 2018 |
$ |
246,865 |
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$ |
230,495 |
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$ |
477,360 |
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| Schedule Of Finite Lived And Indefinite Lived Intangible Assets Table |
The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands):
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November 30, 2018 |
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August 31, 2018 |
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Weighted Average
Amortization
Period (Years)
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Gross
Carrying
Value
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Accumulated
Amortization
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Net
Book
Value
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Gross
Carrying
Value
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Accumulated
Amortization
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Net
Book
Value
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Amortizable intangible assets: |
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Customer relationships |
15 |
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$ |
188,316 |
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$ |
123,129 |
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$ |
65,187 |
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$ |
230,601 |
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$ |
147,451 |
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$ |
83,150 |
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Patents |
11 |
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20,831 |
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18,757 |
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2,074 |
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30,355 |
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25,327 |
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|
5,028 |
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Trademarks and tradenames |
15 |
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6,862 |
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5,008 |
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1,854 |
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20,823 |
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15,347 |
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|
5,476 |
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Other intangibles |
3 |
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5,143 |
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5,070 |
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73 |
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5,946 |
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5,816 |
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|
130 |
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Indefinite lived intangible assets: |
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Tradenames |
N/A |
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83,531 |
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— |
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83,531 |
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87,253 |
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— |
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87,253 |
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$ |
304,683 |
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$ |
151,964 |
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$ |
152,719 |
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$ |
374,978 |
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$ |
193,941 |
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$ |
181,037 |
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| Schedule of Asset Impairment Charges [Table Text Block] [Table Text Block] |
A summary of the fiscal 2019 impairment charge by reporting unit is as follows (in thousands):
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Cortland (1)
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Precision Hayes |
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Total |
Goodwill |
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$ |
10,166 |
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$ |
— |
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$ |
10,166 |
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Amortizable intangible assets |
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— |
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8,264 |
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8,264 |
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Assets held for sale |
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1,477 |
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— |
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|
1,477 |
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Fixed assets |
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— |
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|
1,230 |
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|
1,230 |
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$ |
11,643 |
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$ |
9,494 |
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$ |
21,137 |
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(1) The Cortland reporting unit is representative of the Cortland U.S. and Cortland Fibron businesses. The goodwill impairment charge related to Cortland U.S. and the assets held for sale impairment charge related to Cortland Fibron.
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