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Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2020
Accounting Policies [Abstract]  
Schedule of Inventory nventories include materials, direct labor, inbound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) and net realizable value, and consist of the following as of the dates presented (in millions):
 
August 31,
 
2020
 
2019
Raw materials, supplies, and work in process(1)
$
170.3

 
$
179.4

Finished goods
199.1

 
183.7

Inventories excluding reserves
369.4

 
363.1

Less: Reserves
(49.3
)
 
(22.3
)
Total inventories
$
320.1

 
$
340.8

_______________________________________
(1) 
Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information.
Schedule of Goodwill The changes in the carrying amount of goodwill during the periods presented are summarized as follows (in millions):
 
Carrying Amount
Balance, August 31, 2018
$
970.6

Additions from an acquired business
2.0

Adjustments to provisional amounts from acquired businesses
(0.2
)
Foreign currency translation adjustments
(5.1
)
Balance, August 31, 2019
967.3

Additions from acquired businesses
147.8

Adjustments to provisional amounts from acquired businesses
(41.5
)
Foreign currency translation adjustments
6.4

Balance as of August 31, 2020
$
1,080.0
Schedule of Acquired Finite-Lived Intangible Assets
Summarized information for our acquired intangible assets is as follows as of the dates presented (in millions except amortization periods):
 
 
 
August 31,
 
 
 
2020
 
2019
 
Weighted Average Amortization Period in Years
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Gross Carrying
Amount
 
Accumulated
Amortization
Definite-lived intangible assets:
 
 
 

 
 

 
 

 
 

Patents and patented technology
11
 
$
163.6

 
$
(89.5
)
 
$
135.7

 
$
(72.9
)
Trademarks and trade names
24
 
27.2

 
(15.8
)
 
27.2

 
(14.5
)
Distribution network
28
 
61.8

 
(42.8
)
 
61.8

 
(39.7
)
Customer relationships
20
 
421.4

 
(94.3
)
 
299.2

 
(72.1
)
Total definite-lived intangible assets
19
 
$
674.0


$
(242.4
)

$
523.9


$
(199.2
)
Indefinite-lived trade names
 
 
$
174.3

 
 

 
$
141.3

 
 
Schedule of Acquired Indefinite-Lived Intangible Assets
Summarized information for our acquired intangible assets is as follows as of the dates presented (in millions except amortization periods):
 
 
 
August 31,
 
 
 
2020
 
2019
 
Weighted Average Amortization Period in Years
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Gross Carrying
Amount
 
Accumulated
Amortization
Definite-lived intangible assets:
 
 
 

 
 

 
 

 
 

Patents and patented technology
11
 
$
163.6

 
$
(89.5
)
 
$
135.7

 
$
(72.9
)
Trademarks and trade names
24
 
27.2

 
(15.8
)
 
27.2

 
(14.5
)
Distribution network
28
 
61.8

 
(42.8
)
 
61.8

 
(39.7
)
Customer relationships
20
 
421.4

 
(94.3
)
 
299.2

 
(72.1
)
Total definite-lived intangible assets
19
 
$
674.0


$
(242.4
)

$
523.9


$
(199.2
)
Indefinite-lived trade names
 
 
$
174.3

 
 

 
$
141.3

 
 
Schedule of Other Long-Term Assets
Other long-term assets consist of the following as of the dates presented (in millions):
 
August 31,
 
2020
 
2019
Deferred contract costs
$
12.3

 
$
15.4

Investments in unconsolidated affiliates(1)
6.0

 
—

Tax credits(2)
8.6

 
—

Other(3)
2.6

 
2.3

Total other long-term assets
$
29.5

 
$
17.7

_______________________________________
(1) 
We hold equity investments in two unconsolidated affiliates. These strategic investments represent less than a 20% ownership interest in each of the privately-held affiliates, and we do not maintain power over or control of the entities. We measure these investments at cost less any impairment adjusted for observable price changes, if any.
(2) 
Amount represents research and development tax credit receivables related to certain amended prior year tax returns.
(3) 
Amounts primarily include deferred debt issuance costs related to our credit facilities and company-owned life insurance investments. We maintain life insurance policies on 64 former employees primarily to satisfy obligations under certain deferred compensation plans. These company-owned life insurance policies are presented net of loans that are secured by these policies. This program is frozen, and no new policies were issued in the three-year period ended August 31, 2020.
Schedule of Other Long-Term Liabilities
Other long-term liabilities consist of the following as of the dates presented (in millions):
 
August 31,
 
2020
 
2019
Deferred compensation and postretirement benefits other than pensions(1)
$
42.7

 
$
41.6

Service-type warranties
55.8

 
46.3

Unrecognized tax position liabilities, including interest(2)
18.9

 
17.6

Other(3)
2.6

 
5.2

Total other long-term liabilities
$
120.0

 
$
110.7

____________________________________
(1) 
We maintain several non-qualified retirement plans for the benefit of eligible employees, primarily deferred compensation plans. The deferred compensation plans provide for elective deferrals of an eligible employee’s compensation and, in some cases, matching contributions by the organization. In addition, one plan provides an automatic contribution of 3% of an eligible employee’s compensation. We maintain life insurance policies on certain former officers and other key employees as a means of satisfying a portion of these obligations.
(2) 
See the Income Taxes footnote for more information.
(3) 
Amount primarily includes fees owed for licensing certain intellectual property.
Property, Plant and Equipment The balance in property, plant, and equipment consisted of the following as of the dates presented (in millions):
 
August 31,
 
2020
 
2019
Land
$
22.2

 
$
22.6

Buildings and leasehold improvements
192.2

 
190.7

Machinery and equipment
588.4

 
544.4

Total property, plant, and equipment, at cost
802.8

 
757.7

Less: Accumulated depreciation and amortization
(532.3
)
 
(480.4
)
Property, plant, and equipment, net
$
270.5

 
$
277.3
Schedule of Interest Expense, Net
The following table summarizes the components of interest expense, net during the periods presented (in millions):
 
Year Ended August 31,
 
2020
 
2019
 
2018
Interest expense
$
26.4

 
$
36.4

 
$
35.5

Interest income
(3.1
)
 
(3.1
)
 
(2.0
)
Interest expense, net
$
23.3

 
$
33.3

 
$
33.5
Schedule of Accumulated Other Comprehensive Loss
The following table presents the changes in each component of accumulated other comprehensive loss net of tax during the periods presented (in millions):
 
 Foreign Currency Items
 
 Defined Benefit Pension Plans
 
 Accumulated Other Comprehensive Loss Items
Balance as of August 31, 2018
$
(53.9
)
 
$
(60.9
)
 
$
(114.8
)
Other comprehensive loss before reclassifications
(11.5
)
 
(31.1
)
 
(42.6
)
Amounts reclassified from accumulated other comprehensive loss (1)
—

 
6.0

 
6.0

Net current period other comprehensive loss
(11.5
)
 
(25.1
)
 
(36.6
)
Balance as of August 31, 2019
(65.4
)

(86.0
)

(151.4
)
Other comprehensive income (loss) before reclassifications
11.9

 
(0.6
)
 
11.3

Amounts reclassified from accumulated other comprehensive loss (1)
—

 
7.4

 
7.4

Net current period other comprehensive income
11.9

 
6.8

 
18.7

Balance at August 31, 2020
$
(53.5
)
 
$
(79.2
)
 
$
(132.7
)
_______________________________________
(1) 
The before tax amounts of the defined benefit pension plan items are included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details.
Schedule of Comprehensive Income (Loss)
The following table presents the tax expense or benefit allocated to each component of other comprehensive income (loss) during the periods presented (in millions):
 
Year Ended August 31,
 
2020
 
2019
 
2018
 
 Before Tax Amount
 
 Tax (Expense) or Benefit
 
 Net of Tax Amount
 
 Before Tax Amount
 
 Tax (Expense) or Benefit
 
 Net of Tax Amount
 
 Before Tax Amount
 
 Tax (Expense) or Benefit
 
 Net of Tax Amount
Foreign currency translation adjustments
$
11.9

 
$
—

 
$
11.9

 
$
(11.5
)
 
$
—

 
$
(11.5
)
 
$
(25.2
)
 
$
—

 
$
(25.2
)
Defined benefit pension plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial (losses) gains
(0.7
)
 
0.1

 
(0.6
)
 
(40.8
)
 
9.7

 
(31.1
)
 
18.4

 
(4.4
)
 
14.0

Amortization of defined benefit pension items:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
4.0

 
(0.9
)
 
3.1

 
3.5

 
(0.9
)
 
2.6

 
3.1

 
(0.7
)
 
2.4

Actuarial losses
5.6

 
(1.3
)
 
4.3

 
4.1

 
(1.0
)
 
3.1

 
6.8

 
(2.0
)
 
4.8

Settlement losses
—

 
—

 
—

 
0.4

 
(0.1
)
 
0.3

 
—

 
—

 
—

Total defined benefit plans, net
8.9

 
(2.1
)
 
6.8

 
(32.8
)
 
7.7

 
(25.1
)
 
28.3

 
(7.1
)
 
21.2

Other comprehensive income (loss)
$
20.8

 
$
(2.1
)
 
$
18.7

 
$
(44.3
)
 
$
7.7

 
$
(36.6
)
 
$
3.1

 
$
(7.1
)
 
$
(4.0
)