Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Aug. 31, 2018

Aug. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill

The changes in the carrying amount of goodwill for the years ended August 31, 2018 and 2017 are as follows (in thousands):

	Industrial Tools & Services			Engineered Components & Systems			Total
Balance as of August 31, 2016	$	235,457		$	283,819		$	519,276
Purchase accounting adjustments	1,085			—			1,085
Impact of changes in foreign currency rates	2,165			7,555			9,720
Balance as of August 31, 2017	238,707			291,374			530,081
Business acquisitions	12,441			—			12,441
Impairment charge	—			(21,227		)	(21,227		)
Impact of changes in foreign currency rates	(2,443		)	(4,940		)	(7,383		)
Reclassification of assets held for sale	—			(1,500		)	(1,500		)
Balance as of August 31, 2018	$	248,705		$	263,707		$	512,412

Gross Carrying Amount and Accumulated Amortization of Intangible Assets

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands):

	Weighted Average Amortization Period (Year)	August 31, 2018						August 31, 2017
		Gross		Accumulated Amortization		Net Book Value		Gross		Accumulated Amortization		Net Book Value
Amortizable intangible assets:
Customer relationships	15	$	230,601	$	147,451	$	83,150	$	263,498	$	153,003	$	110,495
Patents	11	30,355		25,327		5,028		30,401		24,027		6,374
Trademarks and tradenames	18	20,823		15,347		5,476		21,498		9,396		12,102
Non-compete agreements & other	3	5,946		5,816		130		6,672		6,234		438
Indefinite lived intangible assets:
Tradenames	N/A	87,253		—		87,253		91,080		—		91,080
		$	374,978	$	193,941	$	181,037	$	413,149	$	192,660	$	220,489

Schedule of Impairment Charge [Table Text Block]

A summary of the fiscal 2018 impairment charge by reporting unit is as follows (in thousands):

	Cortland		Precision-Hayes International		Total
Goodwill	$	3,770	$	17,457	$	21,227
Indefinite lived intangible assets	6,710		—		6,710
Amortizable intangible assets	—		5,076		5,076
Fixed assets	—		1,207		1,207
	$	10,480	$	23,740	$	34,220

A summary of the fiscal 2016 impairment charge by reporting unit is as follows (in thousands):

	Cortland		Viking		maximatecc		Total
Goodwill	$	34,502	$	39,099	$	44,521	$	118,122
Indefinite lived intangible assets	2,211		13,289		1,153		16,653
Amortizable intangible assets	—		27,952		—		27,952
Fixed assets	—		23,784		—		23,784
	$	36,713	$	104,124	$	45,674	$	186,511