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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Value of Goodwill he changes in the carrying amount of goodwill for the years ended August 31, 2020 and 2019 by operating segment are as follows (in thousands):
Industrial Tools & ServicesOtherTotal
Balance as of August 31, 2018$248,705 $31,427 $280,132 
Purchase accounting adjustments253 — 253 
Impairment charge— (13,678)(13,678)
Impact of changes in foreign currency rates(6,085)(207)(6,292)
Balance as of August 31, 2019242,873 17,542 260,415 
Acquisition of HTL Group (Note 4)11,261 — 11,261 
Impairment charge— — — 
Impact of changes in foreign currency rates9,403 75 9,478 
Balance as of August 31, 2020$263,537 $17,617 $281,154 
Gross Carrying Amount and Accumulated Amortization of Intangible Assets
The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
 Weighted Average Amortization Period (Year)August 31, 2020August 31, 2019
 GrossAccumulated AmortizationNet Book ValueGrossAccumulated AmortizationNet Book Value
Amortizable intangible assets:
Customer relationships14$141,853 $106,491 $35,362 $126,229 $96,817 $29,412 
Patents1214,365 13,228 1,137 13,227 12,276 951 
Trademarks and tradenames*123,277 2,257 1,020 4,513 2,921 1,592 
Indefinite lived intangible assets:
TradenamesN/A24,863 — 24,863 20,420 — 20,420 
$184,358 $121,976 $62,382 $164,389 $112,014 $52,375 
*The decrease in the Gross Carrying Value and Accumulated Amortization of Trademarks and tradenames is a result of the Milwaukee Cylinder divestiture on December 2, 2019 as discussed in Note 5, "Discontinued Operations and Other Divestiture Activities." The Company recorded a full impairment of the tradename in the first quarter in order to write the net assets of the business down to the expected sales proceeds in advance of the divestiture.
Schedule of Impairment Charge [Table Text Block]