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Restructuring Charges Restructuring Charges(Notes) | 12 Months Ended
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Aug. 31, 2021
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 are generally to be paid within twelve months, while future lease payments related to facilities vacated as a result of restructuring are to 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. In the third quarter of fiscal 2020, the Company announced the expansion and revision of this plan, which further simplifies and flattens the corporate structure through elimination of redundancies between the segment and corporate functions, while enhancing our commercial and marketing processes to become even closer to our customers. Restructuring charges associated with this plan were $2.1 million and $6.6 million for the year ended August 31, 2021 and 2020, respectively. Significant charges associated with this plan are not expected in future periods. The following rollforwards summarize restructuring reserve activity for the IT&S reportable segment and corporate (in thousands):
|  | Year Ended August 31, 2021
|  | IT&S |  | Corporate
Balance as of August 31, 2020 |  | $ | 1,443 |  |  | $ | 267 |
Restructuring charges |  | 2,096 |  |  | 9 |
Cash payments |  | (1,791) |  |  | (250) |
Impact of changes in foreign currency rates |  | (11) |  |  | — |
Balance as of August 31, 2021 |  | $ | 1,737 |  |  | $ | 26 |
|  | Year Ended August 31, 2020
|  | IT&S |  | Corporate
Balance as of August 31, 2019 |  | $ | 2,912 |  |  | $ | — |
Restructuring charges |  | 4,520 |  |  | 2,073 |
Cash payments |  | (5,458) |  |  | (1,286) |
Other non-cash uses of reserve (1) |  | (554) |  |  | (521) |
Impact of changes in foreign currency rates |  | 23 |  |  | 1 |
Balance as of August 31, 2020 |  | $ | 1,443 |  |  | $ | 267 |
(1) Majority of non-cash uses of reserve represents accelerated equity vesting with employee severance agreements. Total restructuring charges (inclusive of the Other segment) being reported in "Restructuring charges" were $2.4 million for the year ended August 31, 2021. Restructuring charges for the year ended August 31, 2020 were $8.1 million which included approximately $0.8 million of charges being reported in the Consolidated Statements of Operations in "Cost of products sold," with the balance of the charges reported in "Restructuring charges." Restructuring expenses related to Cortland U.S. (Other Segment) were $0.3 million in the year ended August 31, 2021. The year ended August 31, 2020, included $1.6 million of restructuring charges which included approximately $0.8 million of charges reported in the Consolidated Statements of Operations in "Cost of products sold," with the balance of the charges reported in "Restructuring charges." Restructuring reserves for Cortland U.S. were $0.1 million and $0.4 million for the year ended August 31, 2021 and 2020, respectively.
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, 2021
|  | IT&S |  | Corporate
Balance as of August 31, 2020 |  | $ | 1,443 |  |  | $ | 267 |
Restructuring charges |  | 2,096 |  |  | 9 |
Cash payments |  | (1,791) |  |  | (250) |
Impact of changes in foreign currency rates |  | (11) |  |  | — |
Balance as of August 31, 2021 |  | $ | 1,737 |  |  | $ | 26 |
|  | Year Ended August 31, 2020
|  | IT&S |  | Corporate
Balance as of August 31, 2019 |  | $ | 2,912 |  |  | $ | — |
Restructuring charges |  | 4,520 |  |  | 2,073 |
Cash payments |  | (5,458) |  |  | (1,286) |
Other non-cash uses of reserve (1) |  | (554) |  |  | (521) |
Impact of changes in foreign currency rates |  | 23 |  |  | 1 |
Balance as of August 31, 2020 |  | $ | 1,443 |  |  | $ | 267 |
(1) Majority of non-cash uses of reserve represents accelerated equity vesting with employee severance agreements.

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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- 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
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