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Gunderson Facility | 9 Months Ended
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May 31, 2023
Property, Plant and Equipment [Abstract] |
Gunderson Facility | Note 4 – Gunderson Facility On November 17, 2022, as part of the Company's strategic review of the global business capacity footprint, the Company decided to permanently cease rail production at the Gunderson Facility and to explore alternatives to exit marine barge production. Due to the change in future use of the facility, management assessed recoverability of Gunderson assets in accordance with the Company’s policy on impairment of long-lived assets. Based on an analysis of future undiscounted cash flows associated with these assets, management determined that the carrying value was not recoverable. The carrying amount of the Company’s long-lived assets at the Gunderson Facility was $44.0 million and the fair value was $19.8 million as of the impairment date. The fair value was primarily determined based on estimated market prices of the assets and represented a Level 3 valuation in the fair value hierarchy. In the first quarter of 2023, the Company concluded that an impairment charge was necessary and $24.2 million was recorded in the Manufacturing segment as Asset impairment, disposal and exit costs within the Condensed Consolidated Statements of Income. In May 2023, the Company sold its ownership interest in Gunderson Marine and the Portland Property (the Gunderson Facility) and recorded a $14.3 million loss on sale. The Company also permanently ceased rail production at the Gunderson Facility in May 2023 and incurred $2.1 million of severance. The $14.3 million loss on sale and $2.1 million of severance are recorded within the Manufacturing segment as Asset impairment, disposal and exit costs within the Condensed Consolidated Statements of Income for the three months ended May 31, 2023. A total of $40.6 million was recorded within the Manufacturing segment as Asset impairment, disposal and exit costs within the Condensed Consolidated Statements of Income for the nine months ended May 31, 2023, which includes the $24.2 million impairment of long-lived assets, $14.3 million loss on sale, and $2.1 million of severance.

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