XML 42 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
12 Months Ended
Aug. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

The Company has evaluated subsequent events that occurred through the date of the filing of the Company’s fiscal year 2016 Form 10-K. No significant events occurred, other than disclosed below, subsequent to the balance sheet date and prior to the filing date of this report that would have a material impact on the Consolidated Financial Statements.

On September 15, 2016, the Company’s Board of Directors formally approved a restructuring plan to realign the Company’s global capacity and administrative support infrastructure in order to optimize organizational effectiveness. This action includes headcount reductions across the Company’s Selling, General and Administrative cost base and capacity realignment in higher cost locations (the “2017 Restructuring Plan”). The 2017 Restructuring Plan reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain locations are still subject to consultation with the Company’s employees and their representatives. The Company currently expects to recognize approximately $195.0 million in pre-tax restructuring and other related costs over the course of the Company’s fiscal years 2017 and 2018. The charges relating to the 2017 Restructuring Plan are currently expected to result in net cash expenditures of approximately $50.0 million that will be payable over the course of the Company’s fiscal years 2017 and 2018. The exact timing of these charges and cash outflows, as well as the estimated cost ranges by category type, have not been finalized. This information will be subject to the finalization of timetables for the transition of functions, consultation with employees and their representatives as well as the statutory severance requirements of the particular jurisdictions impacted, and the amount and timing of the actual charges may vary due to a variety of factors. The Company's estimates for the charges discussed above exclude any potential income tax effects.