Divestitures Activities Schedule of Assets and Liabilities for Discontinued Operations (Tables)

12 Months Ended

Aug. 31, 2020

Aug. 31, 2019

Schedule of Assets and Liabilities for Discontinued Operations [Abstract]

Schedule of Assets and Liabilities of Discontinued Operations

The following is a summary of the assets and liabilities of discontinued operations (in thousands):

	August 31, 2019
Accounts receivable, net	$	52,802
Inventories, net	76,825
Other current assets	8,058
Property, plant & equipment, net	32,172
Goodwill	16,862
Other intangible assets, net	93,314
Other long-term assets	5,545
Assets of discontinued operations	$	285,578
Trade accounts payable	$	43,628
Accrued compensation and benefits	12,101
Reserve for cumulative translation adjustment	54,469
Other current liabilities	12,101
Deferred income taxes	20,029
Pension and postretirement benefit liabilities	1,344
Other long-term liabilities	91
Liabilities of discontinued operations	$	143,763

Disposal Groups, Including Discontinued Operations

The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Consolidated Statements of Operations (in thousands):

	Year Ended August 31,
	2020 *		2019		2018
Net sales	$	67,010	$	459,144	$	541,308
Cost of products sold	49,749		344,563		409,332
Gross profit	17,261		114,581		131,976
Selling, administrative and engineering expenses	11,561		68,339		81,188
Amortization of intangible assets	—		5,666		11,285
Restructuring (benefit) charges	(11)		1,779		1,440
Impairment & divestiture charges**	28,972		286,175		70,071
Operating loss	(23,261)		(247,378)		(32,008)
Financing costs, net	14		124		619
Other (income) expense, net	(104)		1,922		(759)
Loss before income tax (benefit) expense	(23,171)		(249,424)		(31,868)
Income tax (benefit) expense	(18,337)		7,788		(5,474)
Net loss from discontinued operations	$	(4,834)	$	(257,212)	$	(26,394)

* "Loss from discontinued operations, net of income taxes" for the year ended August 31, 2020 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 GAAP.

** In addition to the impairment & divestiture charges discussed above, the Company also incurred approximately $10.5 million of divestiture charges in fiscal 2019 related to the, at the time, anticipated divestiture of EC&S.