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

12 Months Ended

Aug. 31, 2021

Schedule of Assets and Liabilities for Discontinued Operations [Abstract]

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,
	2021		2020 *		2019
Net sales	$	—	$	67,010	$	459,144
Cost of products sold	—		49,749		344,563
Gross profit	—		17,261		114,581
Selling, general and administrative expenses	1,456		11,561		68,339
Amortization of intangible assets	—		—		5,666
Restructuring (benefit) charges	—		(11)		1,779
Impairment & divestiture charges**	—		28,972		286,175
Operating loss	(1,456)		(23,261)		(247,378)
Financing costs, net	—		14		124
Other (income) expense, net	—		(104)		1,922
Loss before income tax expense (benefit)	(1,456)		(23,171)		(249,424)
Income tax expense (benefit)	679		(18,337)		7,788
Net loss from discontinued operations	$	(2,135)	$	(4,834)	$	(257,212)

* "Loss from discontinued operations, net of income taxes" for the year ended August 31, 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 GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, accordingly there are no expenses associated with the plan for that period.

** 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.