| Restructuring and Related Costs [Table Text Block] |
The following rollforwards summarize restructuring reserve activity by segment (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2019 |
|
|
Industrial Tools & Services |
|
Engineered Components & Systems |
|
Corporate |
|
Total |
Balance as of August 31, 2018 |
|
$ |
1,687 |
|
|
$ |
1,592 |
|
|
$ |
415 |
|
|
$ |
3,694 |
|
Restructuring charges |
|
1,136 |
|
|
442 |
|
|
— |
|
|
1,578 |
|
Cash payments |
|
(1,379 |
) |
|
(1,140 |
) |
|
(46 |
) |
|
(2,565 |
) |
Other non-cash uses/reclasses of reserve |
|
(7 |
) |
|
368 |
|
|
(369 |
) |
|
(8 |
) |
Impact of changes in foreign currency rates |
|
(28 |
) |
|
(58 |
) |
|
— |
|
|
(86 |
) |
Balance as of May 31, 2019 |
|
$ |
1,409 |
|
|
$ |
1,204 |
|
|
$ |
— |
|
|
$ |
2,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2018 |
|
|
Industrial Tools & Services |
|
Engineered Components & Systems |
|
Corporate |
|
Total |
Balance as of August 31, 2017 |
|
$ |
1,499 |
|
|
$ |
4,108 |
|
|
$ |
30 |
|
|
$ |
5,637 |
|
Restructuring charges |
|
3,480 |
|
|
3,783 |
|
|
4,836 |
|
|
12,099 |
|
Cash payments |
|
(2,578 |
) |
|
(3,799 |
) |
|
(2,160 |
) |
|
(8,537 |
) |
Other non-cash uses of reserve |
|
(616 |
) |
|
(1,382 |
) |
|
(2,093 |
) |
(1) |
(4,091 |
) |
Impact of changes in foreign currency rates |
|
(79 |
) |
|
(95 |
) |
|
— |
|
|
(174 |
) |
Balance as of May 31, 2018 |
|
$ |
1,706 |
|
|
$ |
2,615 |
|
|
$ |
613 |
|
|
$ |
4,934 |
|
(1) Majority of non-cash uses of reserve represents accelerated equity vesting in connection with employee severance agreements.
In June 2019, the Company announced a new restructuring plan focused on reducing costs and driving efficiencies within the EC&S segment. We expect to incur $2.0 million of costs in the fourth quarter associated with these actions and achieve approximately $3.0 million of annual savings.
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