Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)
 9 Months Ended
May 31, 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 May 31, Nine Months Ended May 31,
2021 2020 2021 2020
Net sales $ —  $ —  $ —  $ 67,010 
Cost of products sold —  —  —  49,749 
Gross profit —  —  —  17,261 
Selling, general and administrative expenses 102  116  956  11,567 
Amortization of intangible assets —  —  —  — 
Restructuring benefit —  —  —  (11)
Impairment & divestiture charges —  (31) —  28,699 
Operating loss (102) (85) (956) (22,994)
Financing costs, net —  —  —  14 
Other loss, net —  —  —  (104)
Loss before income tax expense (benefit) (102) (85) (956) (22,904)
Income tax expense (benefit) 124  (16) (104) (16,828)
Loss from discontinued operations, net of income taxes $ (226) $ (69) $ (852) $ (6,076)
* "Loss from discontinued operations, net of income taxes" for the nine-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.