Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)

v3.20.2
Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)
 9 Months Ended
May 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following represents the detail of "(Loss) earnings from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands):
 
 
Three Months Ended May 31,
 
Nine Months Ended May 31,
 
 
2020
 
2019
 
2020*
 
2019
Net sales
 
$
—

 
$
117,171

 
$
67,010

 
$
363,270

Cost of products sold
 
—

 
87,224

 
49,749

 
272,456

Gross profit
 
—

 
29,947

 
17,261

 
90,814

 
 
 
 
 
 
 
 
 
Selling, administrative and engineering expenses
 
116

 
16,801

 
11,567

 
54,184

Amortization of intangible assets
 
—

 
1,573

 
—

 
5,142

Restructuring (benefit) charges
 
—

 
—

 
(11
)
 
446

Impairment & divestiture (benefit) charges
 
(31
)
 
2,392

 
28,699

 
18,711

Operating (loss) earnings
 
(85
)
 
9,181

 
(22,994
)
 
12,331

Financing costs, net
 
—

 
109

 
14

 
102

Other expense (income), net
 
—

 
1,165

 
(104
)
 
1,712

(Loss) earnings before income tax (benefit) expense
 
(85
)
 
7,907

 
(22,904
)
 
10,517

Income tax (benefit) expense
 
(16
)
 
2,347

 
(16,828
)
 
3,999

Net (loss) earnings from discontinued operations
 
$
(69
)
 
$
5,560

 
$
(6,076
)
 
$
6,518

* "(Loss) earnings from discontinued operations, net of income taxes" for the periods presented in fiscal 2020 include the results of the EC&S segment for the two months ended October 31, 2019 (the divestiture date) as well as the ancillary impacts from certain retained liabilities subsequent to the divestiture. As a result of the classification of the segment as assets and liabilities held for sale for the two months ended October 31, 2019, the Company did not record amortization or depreciation expense in the results of operations in accordance with U.S. GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, hence there are no expenses associated with the plan for that period.