Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.1
Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)
6 Months Ended
Feb. 28, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands):
Three Months Ended Six Months Ended
February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 *
Net sales $ —  $ —  $ —  $ 67,010 
Cost of products sold —  —  —  49,749 
Gross profit —  —  —  17,261 
Selling, general and administrative expenses 559  619  854  11,451 
Amortization of intangible assets —  —  —  — 
Restructuring benefit —  —  —  (11)
Impairment & divestiture charges —  314  —  28,730 
Operating loss (559) (933) (854) (22,909)
Financing costs, net —  —  —  14 
Other loss, net —  —  —  (104)
Loss before income tax (benefit) expense (559) (933) (854) (22,819)
Income tax (benefit) expense (157) 823  (228) (16,812)
Loss from discontinued operations, net of income taxes $ (402) $ (1,756) $ (626) $ (6,007)
* "Loss from discontinued operations, net of income taxes" for the six-month period in fiscal 2020 presented in the table above includes 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.