Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation Basis of Presentation (Policies)

Basis of Presentation Basis of Presentation (Policies)
3 Months Ended
Nov. 30, 2020
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which adds an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized, which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted the guidance on September 1, 2020 using the modified retrospective approach and there was no impact to the financial statements as a result of the adoption.
Recently Issued Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The guidance is effective for the Company in the first quarter of fiscal 2022 with early adoption permitted. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements.
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Accumulated Other Comprehensive Loss
The following is a summary of the Company's accumulated other comprehensive loss (in thousands):
November 30, 2020 August 31, 2020
Foreign currency translation adjustments $ 74,496  $ 75,896 
Pension and other postretirement benefit plans, net of tax 24,545  24,750 
Unrecognized losses on cash flow hedges 54  78 
Accumulated other comprehensive loss $ 99,095  $ 100,724 
Property, Plant and Equipment [Table Text Block]
Property Plant and Equipment
The following is a summary of the Company's components of property, plant and equipment (in thousands):
November 30, 2020 August 31, 2020
Land, buildings and improvements $ 34,139  $ 33,548 
Machinery and equipment 134,979  134,536 
Gross property, plant and equipment 169,118  168,084 
Less: Accumulated depreciation (108,899) (106,679)
Property, plant and equipment, net $ 60,219  $ 61,405