XML 112 R11.htm IDEA: XBRL DOCUMENT
v3.19.3

Restructuring Charges Restructuring Charges(Notes) | 12 Months Ended
--- | ---
Aug. 31, 2019
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure [Text Block] | Note 3. Restructuring Charges The Company has undertaken or committed to various restructuring initiatives including workforce reductions; leadership changes; plant consolidations to reduce manufacturing overhead; satellite office closures; the continued movement of production and product sourcing to low-cost alternatives; and the centralization and standardization of certain administrative functions. Liabilities for severance will generally be paid within twelve months, while future lease payments related to facilities vacated as a result of restructuring will be paid over the underlying remaining lease terms. During fiscal 2019, the Company announced a new restructuring plan focused on i) the integration of the Enerpac and Hydratight businesses (IT&S segment), ii) the strategic exit of certain commodity type services in our North America Services operations (IT&S segment) and iii) driving efficiencies within the overall corporate structure. Total restructuring charges associated with this new restructuring plan were $4.2 million for the year ended August 31, 2019, with no additional charges associated with the previously announced restructuring initiatives. Total restructuring charges associated with previously announced restructuring initiatives were $11.4 million for the year-ended August 31, 2018 with approximately $0.9 million of the restructuring charges recognized for the year ended August 31, 2018 being reported in the Consolidated Statements of Operations in "Cost of products sold," with the balance of the charges reported in "Restructuring charges." The year ended August 31, 2018 included $2.6 million of restructuring expenses related to Cortland U.S. and Viking. Restructuring reserves for Cortland U.S. and Viking (Other Segment) were $0.9 million and $1.9 million for the year ended August 31, 2019 and 2018, respectively. The following rollforwards summarize restructuring reserve activity for the IT&S reportable segment and corporate (in thousands):
|  | Year Ended August 31, 2018
|  | Industrial Tools & Services |  | Corporate |  | Total
Balance as of August 31, 2017 |  | $ | 1,499 |  |  | $ | 232 |  |  | $ | 1,731 |
Restructuring charges |  | 4,286 |  |  | 4,524 |  |  | 8,810 |
Cash payments |  | (3,375 | ) |  | (2,483 | ) |  | (5,858 | )
Other non-cash uses of reserve (1) |  | (635 | ) |  | (2,227 | ) |  | (2,862 | )
Impact of changes in foreign currency rates |  | (88 | ) |  | — |  |  | (88 | )
Balance as of August 31, 2018 |  | $ | 1,687 |  |  | $ | 46 |  |  | $ | 1,733 |
(1) Majority of non-cash uses of reserve represents accelerated equity vesting with employee severance agreements.
|  | Year Ended August 31, 2019
|  | Industrial Tools & Services |  | Corporate |  | Total
Balance as of August 31, 2018 |  | $ | 1,687 |  |  | $ | 46 |  |  | $ | 1,733 |
Restructuring charges |  | 4,161 |  |  | — |  |  | 4,161 |
Cash payments |  | (2,954 | ) |  | (46 | ) |  | (3,000 | )
Other non-cash uses/reclasses of reserve |  | 54 |  |  | — |  |  | 54 |
Impact of changes in foreign currency rates |  | (36 | ) |  | — |  |  | (36 | )
Balance as of August 31, 2019 |  | $ | 2,912 |  |  | $ | — |  |  | $ | 2,912 |
Restructuring and Related Costs | The following rollforwards summarize restructuring reserve activity for the IT&S reportable segment and corporate (in thousands):
|  | Year Ended August 31, 2018
|  | Industrial Tools & Services |  | Corporate |  | Total
Balance as of August 31, 2017 |  | $ | 1,499 |  |  | $ | 232 |  |  | $ | 1,731 |
Restructuring charges |  | 4,286 |  |  | 4,524 |  |  | 8,810 |
Cash payments |  | (3,375 | ) |  | (2,483 | ) |  | (5,858 | )
Other non-cash uses of reserve (1) |  | (635 | ) |  | (2,227 | ) |  | (2,862 | )
Impact of changes in foreign currency rates |  | (88 | ) |  | — |  |  | (88 | )
Balance as of August 31, 2018 |  | $ | 1,687 |  |  | $ | 46 |  |  | $ | 1,733 |
(1) Majority of non-cash uses of reserve represents accelerated equity vesting with employee severance agreements.
|  | Year Ended August 31, 2019
|  | Industrial Tools & Services |  | Corporate |  | Total
Balance as of August 31, 2018 |  | $ | 1,687 |  |  | $ | 46 |  |  | $ | 1,733 |
Restructuring charges |  | 4,161 |  |  | — |  |  | 4,161 |
Cash payments |  | (2,954 | ) |  | (46 | ) |  | (3,000 | )
Other non-cash uses/reclasses of reserve |  | 54 |  |  | — |  |  | 54 |
Impact of changes in foreign currency rates |  | (36 | ) |  | — |  |  | (36 | )
Balance as of August 31, 2019 |  | $ | 2,912 |  |  | $ | — |  |  | $ | 2,912 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration