Restructuring Charges (Tables)
|6 Months Ended|
Feb. 28, 2019
|Restructuring and Related Activities [Abstract]|
|Restructuring and Related Costs [Table Text Block]||
The following rollforwards summarize restructuring reserve activity by segment (in thousands):
(1) Majority of non-cash uses of reserve represents accelerated equity vesting in connection with employee severance agreements.
On March 21, 2019, the Company announced a new restructuring plan focused on the integration of the Enerpac and Hydratight businesses (IT&S segment) as well as driving efficiencies within the overall corporate structure. We expect to achieve $12-$15 million of annual savings with estimated restructuring costs of $15-$20 million and anticipate completing these actions within 18-24 months. The annual benefit of these gross cost savings may be impacted by a number of factors, including sales and production volume variances and annual bonus expense differentials.
Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef