Enerpac Tool (EPAC) 10-Q 5 Jan 21 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	Aug. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2020
Document Transition Report	false
Entity File Number	1-11288
Entity Registrant Name	ENERPAC TOOL GROUP CORP.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0168610
Entity Address, Address Line One	N86 W12500 WESTBROOK CROSSING
Entity Address, City or Town	MENOMONEE FALLS
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53051
City Area Code	262
Local Phone Number	293-1500
Title of 12(b) Security	Class A common stock, $0.20 par value per share
Trading Symbol	EPAC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,871,068
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000006955
Current Fiscal Year End Date	--08-31
Common Class A
Document Information [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.20		$ 0.20
Common Stock, Shares Authorized	168,000,000		168,000,000
Common Stock, Shares, Issued	82,624,955		82,593,945

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Net Sales	$ 119,430	$ 146,674
Cost of products sold	64,166	77,986
Gross profit	55,264	68,688
Selling, administrative and engineering expenses	43,710	51,831
Amortization of intangible assets	2,136	1,872
Restructuring Charges	210	1,972
Impairment & divestiture (benefits) charges	139	(1,356)
Operating profit	9,069	14,369
Financing costs, net	1,716	6,729
Other expense, net	273	318
Earnings before income tax expense	7,080	7,322
Income tax (benefit) expense	2,258	950
Net Earnings from Continuing Operations	4,822	6,372
Net (Loss) Earnings from Discontinued Operations	(224)	(4,251)
Net (loss) earnings	$ 4,598	$ 2,121
Earnings (loss) per share
(Loss) Earnings per share from Continuing Operations, Per Basic Share	$ 0.08	$ 0.11
(Loss) Earnings per share from Continuing Operations, Per Diluted Share	0.08	0.11
(Loss) Earnings per share from Discontinued Operations, Per Basic Shares	0	(0.07)
(Loss) Earnings per share from Discontinued Operations, Per Diluted Share	0	(0.07)
(Loss) Earnings Per Share, Basic	0.08	0.04
(Loss) Earnings Per Share, Diluted	$ 0.08	$ 0.03
Weighted average common shares outstanding
Weighted average common shares outstanding - basic	59,811	60,081
Weighted Average Common Shares outstanding - diluted	60,092	60,601

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Net (loss) earnings	$ 4,598	$ 2,121
Other comprehensive income, net of tax
Foreign currency translation adjustments	1,400	8,492
Recognition of foreign currency translation losses from divested businesses	0	51,994
Pension and other postretirement benefit plans	229	441
Other Comprehensive (Loss) Income, Net of Tax	1,629	60,927
Comprehensive (loss) income	$ 6,227	$ 63,048

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Current assets
Cash and cash equivalents	$ 158,568	$ 152,170
Accounts receivable, net	90,531	84,170
Inventories, net	70,701	69,171
Other current assets	38,015	35,621
Total current assets	357,815	341,132
Property, plant and equipment, net	60,219	61,405
Goodwill	280,977	281,154
Other intangible assets, net	60,097	62,382
Other long-term assets	79,467	78,221
Total assets	838,575	824,294
Current liabilities
Trade accounts payable	46,954	45,069
Accrued compensation and benefits	18,222	17,793
Income taxes payable	2,557	1,937
Other current liabilities	41,971	40,723
Total current liabilities	109,704	105,522
Long-term debt, net	255,000	255,000
Deferred Income Taxes	1,707	1,708
Pension and postretirement benefit liabilities	19,507	20,190
Other long-term liabilities	84,711	82,648
Total liabilities	470,629	465,068
Shareholders’ equity
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 82,624,955 and 82,593,945 shares, respectively	16,525	16,519
Additional paid-in capital	195,979	193,492
Treasury stock, at cost, 22,799,230 shares	(667,732)	(667,732)
Retained earnings	922,269	917,671
Accumulated other comprehensive loss	(99,095)	(100,724)
Stock held in trust	(2,643)	(2,562)
Deferred compensation liability	2,643	2,562
Total shareholders' equity	367,946	359,226
Total liabilities and shareholders’ equity	$ 838,575	$ 824,294

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Nov. 30, 2020	Aug. 31, 2020
Treasury Stock, Shares	22,799,230	22,799,230
Common Class A
Common Stock, Shares Authorized	168,000,000	168,000,000
Common Stock, Shares, Issued	82,624,955	82,593,945

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Operating Activities
Net (loss) earnings	$ 4,598	$ 2,121
Net (Loss) Earnings from Discontinued Operations	(224)	(4,251)
Net Earnings from Continuing Operations	4,822	6,372
Adjustments to reconcile net earnings to net cash provided by operating activities:
Impairment & divestiture (benefits) charges, net of tax	139	(1,095)
Depreciation and amortization	5,458	4,779
Stock-based compensation expense	2,581	2,820
Benefit for deferred income taxes	(264)	(522)
Amortization of debt issuance costs	120	896
Other non-cash charges	226	83
Changes in components of working capital and other, excluding acquisitions and divestitures:
Accounts receivable	(6,268)	3,151
Inventories	(1,387)	(5,767)
Trade accounts payable	1,847	(6,086)
Prepaid expenses and other assets	(6,297)	(6,167)
Income tax accounts	2,466	(5,260)
Accrued compensation and benefits	379	(1,617)
Other accrued liabilities	5,070	4,318
Cash provided by (used in) operating activities, Continuing Operations	8,892	(4,095)
Cash (used in) provided by operating activities, Discontinued Operations	(225)	(18,832)
Cash (Used in) Provided By Operating Activities	8,667	(22,927)
Investing Activities
Capital expenditures	(1,905)	(3,187)
Proceeds from sale of property, plant and equipment	47	162
Proceeds from sale of business/product line	0	8,726
Cash used in investing activities, Continuing Operations	(1,858)	5,701
Cash Provided by Investing Activities, Discontinued Operations	0	207,641
Cash Provided by Investing Activities	(1,858)	213,342
Financing Activities
Borrowings on Revolving Credit	10,000	100,000
Principal Repayment on Revolving Credit Facility	(10,000)	(100,000)
Stock Repurchases	0	(17,805)
Taxes paid related to the net share settlement of equity awards	(275)	(2,638)
Stock option exercises and other	101	2,640
Cash dividend	(2,394)	(2,419)
Net Cash Used in Financing Activities, Continuing Operations	(2,568)	(195,222)
Cash Used in Financing Activities, Discontinued Operations	750	0
Cash used in financing activities	(1,818)	(195,222)
Effect of exchange rate changes on cash	1,407	436
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	6,398	(4,371)
Cash and cash equivalents - beginning of period	152,170	211,151
Cash and cash equivalents - end of period	158,568	206,780
Principal Repayments on Term Loan	$ 0	$ (175,000)

Basis of Presentation Schedule

Basis of Presentation Schedule of Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Nov. 30, 2020
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated Other Comprehensive Loss The following is a summary of the Company's accumulated other comprehensive loss (in thousands): November 30, 2020 August 31, 2020 Foreign currency translation adjustments $ 74,496 $ 75,896 Pension and other postretirement benefit plans, net of tax 24,545 24,750 Unrecognized losses on cash flow hedges 54 78 Accumulated other comprehensive loss $ 99,095 $ 100,724

Earnings per Share and Sharehol

Earnings per Share and Shareholders' Equity Shareholders Equity - USD ($) shares in Thousands, $ in Thousands	Total	Accounting Standards Update [Domain]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Retained Earnings [Member]Accounting Standards Update [Domain]	AOCI Attributable to Parent [Member]	AOCI Attributable to Parent [Member]Accounting Standards Update [Domain]	Stock held in trust [member] [Member]	Deferred Compensation, Share-based Payments [Member]
Stock Issued During Period, Shares, New Issues			81,919
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 301,179		$ 16,384	$ 181,213	$ (640,212)	$ 915,466		$ (171,672)		$ (3,070)	$ 3,070
Net (loss) earnings	2,121					2,121
Other Comprehensive (Loss) Income, Net of Tax	60,927							60,927
Stock Issued During Period, Shares, Employee Benefit Plan			6
Stock Issued During Period, Value, Employee Benefit Plan	131		$ 1	130
Stock Issued During Period, Shares, Restricted Stock Award, Gross			190
Stock Issued During Period, Value, Restricted Stock Award, Gross	0		$ 38	(38)
Payments for Repurchase of Common Stock	17,805
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6,537			6,537
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture			128
Stock Issued During Period, Value, Stock Options Exercised	2,509		$ 26	2,483
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	(2,638)			(2,638)
Stock Issued To Acquired For And Distributed From Rabbi Trust			5
Stock Value Issued to Acquired For and Distributed From Rabbi Trust	86		$ 1	85						(87)	87
Treasury Stock, Value, Acquired, Cost Method	(17,805)				17,805
Stock Issued During Period, Shares, New Issues			82,248
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	353,253		$ 16,450	187,772	(658,017)	921,460		(114,412)		(3,157)	3,157
Adoption of Accounting Standards		$ 206					$ 3,873		$ (3,667)
Stock Issued During Period, Shares, New Issues			82,594
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	359,226		$ 16,519	193,492	(667,732)	917,671		(100,724)		(2,562)	2,562
Adoption of Accounting Standards	$ 917,671
Stockholders' Equity Note Disclosure [Text Block]	The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2020 (in thousands): Common Stock Additional Treasury Retained Accumulated Stock Deferred Total Issued Amount Balance at August 31, 2020 82,594 $ 16,519 $ 193,492 $ (667,732) $ 917,671 $ (100,724) $ (2,562) $ 2,562 $ 359,226 Net earnings — — — — 4,598 — — — 4,598 Other comprehensive income, net of tax — — — — — 1,629 — — 1,629 Stock contribution to employee benefit plans and other 6 1 100 — — — — — 101 Restricted stock awards 20 4 (4) — — — — — — Stock based compensation expense — — 2,581 — — — — — 2,581 Tax effect related to net share settlement of equity awards — — (275) — — — — — (275) Stock issued to, acquired for and distributed from rabbi trust 5 1 85 — — — (81) 81 86 Balance at November 30, 2020 82,625 $ 16,525 $ 195,979 $ (667,732) $ 922,269 $ (99,095) $ (2,643) $ 2,643 $ 367,946 The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2019 (in thousands): Common Stock Additional Treasury Retained Accumulated Stock Deferred Total Issued Amount Balance at August 31, 2019 81,919 $ 16,384 $ 181,213 $ (640,212) $ 915,466 $ (171,672) $ (3,070) $ 3,070 $ 301,179 Net earnings — — — — 2,121 — — — 2,121 Other comprehensive income, net of tax — — — — — 60,927 — — 60,927 Stock contribution to employee benefit plans and other 6 1 130 — — — — — 131 Restricted stock awards 190 38 (38) — — — — — — Treasury stock repurchases — — — (17,805) — — — — (17,805) Stock based compensation expense — — 6,537 — — — — — 6,537 Stock option exercises 128 26 2,483 — — — — — 2,509 Tax effect related to net share settlement of equity awards — — (2,638) — — — — — (2,638) Stock issued to, acquired for and distributed from rabbi trust 5 1 85 — — — (87) 87 86 Adoption of accounting standards — — — — 3,873 (3,667) — — 206 Balance at November 30, 2019 82,248 $ 16,450 $ 187,772 $ (658,017) $ 921,460 $ (114,412) $ (3,157) $ 3,157 $ 353,253
Net (loss) earnings	$ 4,598					4,598
Other Comprehensive (Loss) Income, Net of Tax	1,629							1,629
Stock Issued During Period, Shares, Employee Benefit Plan			6
Stock Issued During Period, Value, Employee Benefit Plan	101		$ 1	100
Stock Issued During Period, Shares, Restricted Stock Award, Gross			20
Stock Issued During Period, Value, Restricted Stock Award, Gross	0		$ 4	(4)
Payments for Repurchase of Common Stock	0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	2,581			2,581
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	(275)			(275)
Stock Issued To Acquired For And Distributed From Rabbi Trust			5
Stock Value Issued to Acquired For and Distributed From Rabbi Trust	86		$ 1	85						(81)	81
Stock Issued During Period, Shares, New Issues			82,625
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	367,946		$ 16,525	$ 195,979	$ (667,732)	$ 922,269		$ (99,095)		$ (2,643)	$ 2,643
Adoption of Accounting Standards	$ 922,269

Basis of Presentation

Basis of Presentation	3 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation General Enerpac Tool Group Corp. ("Company") is a premier industrial tools and services company serving a broad and diverse set of customers in more than 100 countries. The Company has two operating segments, Industrial Tools & Service ("IT&S") and Other, with the IT&S segment representing the only reportable segment. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet data as of August 31, 2020 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes in the Company’s fiscal 2020 Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for a fair statement of financial results have been made. Such adjustments consist of only those of a normal recurring nature. Operating results for the three months ended November 30, 2020 are not necessarily indicative of the results that may be expected for the entire fiscal year ending August 31, 2021. The COVID-19 pandemic has negatively impacted, and is likely to continue to negatively impact, the global economy. The Company's operating results and financial position will be subject to the general economic conditions created by the pandemic, and the timing and extent to which the pandemic will ultimately impact the Company's business will depend on future developments, including the timing and effectiveness of vaccines in minimizing its negative effects on macroeconomic conditions, which still remain uncertain. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which adds an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized, which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted the guidance on September 1, 2020 using the modified retrospective approach and there was no impact to the financial statements as a result of the adoption. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The guidance is effective for the Company in the first quarter of fiscal 2022 with early adoption permitted. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements. Accumulated Other Comprehensive Loss The following is a summary of the Company's accumulated other comprehensive loss (in thousands): November 30, 2020 August 31, 2020 Foreign currency translation adjustments $ 74,496 $ 75,896 Pension and other postretirement benefit plans, net of tax 24,545 24,750 Unrecognized losses on cash flow hedges 54 78 Accumulated other comprehensive loss $ 99,095 $ 100,724 Property Plant and Equipment The following is a summary of the Company's components of property, plant and equipment (in thousands): November 30, 2020 August 31, 2020 Land, buildings and improvements $ 34,139 $ 33,548 Machinery and equipment 134,979 134,536 Gross property, plant and equipment 169,118 168,084 Less: Accumulated depreciation (108,899) (106,679) Property, plant and equipment, net $ 60,219 $ 61,405

Revenue Recognition Revenue fro

Revenue Recognition Revenue from Contract Customers (Notes)	3 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Note 2. Revenue from Contracts with Customers Nature of Goods and Services The Company generates its revenue under two principal activities, which are discussed below: Product Sales: Sales of tools, heavy-lifting solutions, and rope and cable solutions are recorded when control is transferred to the customer (i.e., performance obligation has been satisfied). For the majority of the Company’s product sales, revenue is recognized at a point in time when control of the product is transferred to the customer, which generally occurs when the product is shipped from the Company to the customer. For certain other products that are highly customized and have a limited alternative use, and for which the Company has an enforceable right of reimbursement for performance completed to date, revenue is recognized over time. We consider the input measure (efforts-expended or cost-to-cost) or output measure as a fair measure of progress for the recognition of over-time revenue associated with these custom products. For a majority of the Company’s custom products, machine hours and labor hours (efforts-expended measurement) are used as a measure of progress. Service & Rental Sales : Service contracts consist of providing highly trained technicians to perform bolting, technical services, machining and joint integrity work for our customers. These revenues are recognized over time as our customers simultaneously receive and consume the benefits provided by the Company. We consider the input measure (efforts-expended or cost-to-cost) or output measure as a fair measure of progress for the recognition of over-time revenue associated with service contracts. For a majority of the Company’s service contracts, labor hours (efforts-expended measurement) is used as the measure of progress when it is determined to be a better depiction of the transfer of control to the customer due to the timing and pattern of labor hours incurred. Revenue from rental contracts (less than a year and non-customized products) is generally recognized ratably over the contract term, depicting the customer’s consumption of the benefit related to the rental equipment. Disaggregated Revenue and Performance Obligations The Company disaggregates revenue from contracts with customers by reportable segment and product line and by the timing of when goods and services are transferred. See Note 13, "Segment Information" for information regarding our revenue disaggregation by reportable segment and product line. The following table presents information regarding revenues disaggregated by the timing of when goods and services are transferred (in thousands): Three Months Ended November 30, 2020 2019 Revenues recognized at point in time $ 86,780 $ 104,812 Revenues recognized over time 32,650 41,862 Total $ 119,430 $ 146,674 Contract Balances The Company's contract assets and liabilities are as follows (in thousands): November 30, 2020 August 31, 2020 Receivables, which are included in accounts receivable, net $ 90,531 $ 84,170 Contract assets, which are included in other current assets 5,108 6,145 Contract liabilities, which are included in other current liabilities 3,193 2,145 Receivables: The Company performs its obligations under a contract with a customer by transferring goods or services in exchange for consideration from the customer. The Company typically invoices its customers as soon as control of an asset is transferred and a receivable for the Company is established. Accounts receivable, net is recorded at face amount of customer receivables less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments. Management evaluates the aging of customer receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of receivables that may not be collected in the future and records the appropriate provision. The allowance for doubtful accounts was $5.0 million at both November 30, 2020 and August 31, 2020. Contract Assets: Contract assets relate to the Company’s rights to consideration for work completed but not billed as of the reporting date on contracts with customers. The contract assets are transferred to receivables when the rights become unconditional. The Company has contract assets on contracts that are generally long-term and have revenues that are recognized over time. Contract Liabilities: As of November 30, 2020, the Company had certain contracts where there were unsatisfied performance obligations and the Company had received cash consideration from customers before the performance obligations were satisfied . The majority of these contracts relate to long-term customer contracts (project durations of greater than three months) and are recognized over time. The Company estimates that the $3.2 million will be recognized in net sales from satisfying those performance obligations within the next twelve months, with an immaterial amount recognized in periods after. Timing of Performance Obligations Satisfied at a Point in Time: The Company evaluates when the customer obtains control of the product based on shipping terms, as control will transfer, depending upon such terms, at different points between the Company's manufacturing facility or warehouse and the customer’s location. The Company considers control to have transferred upon shipment or delivery because (i) the Company has a present right to payment at that time; (ii) the legal title has been transferred to the customer; (iii) the Company has transferred physical possession of the product to the customer; and (iv) the customer has significant risks and rewards of ownership of the product. Variable Consideration: The Company estimates whether it will be subject to variable consideration under the terms of the contract and includes its estimate of variable consideration in the transaction price based on the expected value method when it is deemed probable of being realized based on historical experience and trends. Types of variable consideration may include rebates, incentives and discounts, among others, which are recorded as a reduction to net sales at the time when control of a performance obligation is transferred to the customer. Practical Expedients & Exemptions: The Company elected to expense the incremental cost to obtaining a contract when the amortization period for such contracts would be one year or less. The Company does not disclose the value of unperformed obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.

Restructuring Charges (Notes)

Restructuring Charges (Notes)	3 Months Ended
	Nov. 30, 2020
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 (Industrial Tools & Service ("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 $0.1 million and $1.5 million in the three months ended November 30, 2020 and 2019, respectively. The following summarizes restructuring reserve activity for the IT&S reportable segment and corporate (in thousands): Three Months Ended November 30, 2020 Industrial Tools & Services Corporate Balance as of August 31, 2020 $ 1,443 $ 267 Restructuring charges 66 — Cash payments (432) (229) Impact of changes in foreign currency rates (4) — Balance as of November 30, 2020 $ 1,073 $ 38 Three Months Ended November 30, 2019 Industrial Tools & Services Corporate Balance as of August 31, 2019 $ 2,912 $ — Restructuring charges 1,230 235 Cash payments (1,851) (1) Other non-cash uses of reserve (1) (39) (226) Impact of changes in foreign currency rates 2 — Balance as of November 30, 2019 $ 2,254 $ 8 (1) Majority of non-cash uses of reserve represents accelerated equity vesting with employee severance agreements. Total restructuring charges (inclusive of the Other segment) were $0.2 million for the three months ended November 30, 2020, being reported in "Restructuring charges."

Acquisitions (Notes)

Acquisitions (Notes)	3 Months Ended
	Nov. 30, 2020
Acquisitions [Abstract]
Business Combination Disclosure [Text Block]	Note 4. Acquisitions On January 7, 2020, the Company acquired 100% of the stock of HTL Group ("HTL"), a provider of controlled bolting products, calibration and repair services, and tool rental services. The tuck-in acquisition of HTL provided the Company with a complete line of bolting products and enhanced our European rental capabilities. The Company acquired all of the assets and assumed certain liabilities of HTL for a final purchase price of $33.3 million. The final purchase price allocation resulted in $11.3 million of goodwill (which is not deductible for tax purposes), $16.1 million of intangible assets, and $6.7 million of property, plant and equipment. The intangible assets were comprised of $3.3 million of indefinite-lived tradenames, $12.1 million of amortizable customer relationships and $0.7 million of amortizable patents. The impact on the remaining balance sheet line items was not material.

Discontinued Operations & Other

Discontinued Operations & Other Divestiture Charges Discontinued Operations & Divestiture Activities (Notes)	3 Months Ended
	Nov. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 5. Discontinued Operations and Other Divestiture Activities Discontinued Operations On October 31, 2019, as part of our overall strategy to become a pure-play industrial tools and services company, the Company completed the sale of the businesses comprising its former Engineered Components & Systems ("EC&S") segment to wholly owned subsidiaries of BRWS Parent LLC, a Delaware limited liability company and affiliate of One Rock Capital Partners II, LP, for a sales price of $215.8 million, inclusive of $1.3 million of purchase price from the customary finalization of working capital negotiations in the third quarter of fiscal 2020. Approximately $3.0 million of the purchase price was paid in four equal quarterly installments after closing, of which the last $0.7 million was received in the three months ended November 30, 2020 (this final payment was received greater than one year from the divestiture date and, as such, is reflected in "Cash provided by financing activities - discontinued operations" within the Condensed Consolidated Statements of Cash Flows). In connection with the completion of the sale in the three months ended November 30, 2019, the Company recorded a net loss of $4.2 million, comprised of a loss of $22.4 million representing the excess of the net assets (exclusive of deferred tax assets and liabilities associated with subsidiaries of the Company whose stock was sold as part of the transaction) as compared to the purchase price less costs to sell and the recognition in earnings of the cumulative effect of foreign currency exchange gains and losses during the year, largely offset by an income tax benefit of $18.2 million associated with the write off of the net deferred tax liability on subsidiaries of the EC&S segment for which the stock was divested. The Company also recognized an additional $3.3 million of impairment & divestiture costs in the three months ended November 30, 2019 associated with the accelerated vesting of restricted stock awards for employees terminated as part of the transaction and $2.7 million of additional divestiture charges which were necessary to complete the transaction. The Company maintains financial exposure associated with this divestiture due to certain retained liabilities. As the aforementioned divestiture was a part of our strategic shift to become a pure-play industrial tools and services company, the results of their operations (including the stated impairment & divestiture charges) are recorded as a component of "Loss from discontinued operations" in the Condensed Consolidated Statements of Operations for all periods presented. The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands): Three Months Ended November 30, 2020 2019* Net sales $ — $ 67,010 Cost of products sold — 49,749 Gross profit — 17,261 Selling, administrative and engineering expenses 295 10,832 Amortization of intangible assets — — Restructuring benefit — (11) Impairment & divestiture charges — 28,416 Operating loss (295) (21,976) Financing costs, net — 14 Other income — (104) Loss before income tax benefit (295) (21,886) Income tax benefit (71) (17,635) Net loss from discontinued operations $ (224) $ (4,251) * "Loss from discontinued operations, net of income taxes" for the three months ended November 30, 2019 presented in the table above includes the results of the EC&S segment for the two months ended October 31, 2019 (the divestiture date) as well as the ancillary impacts from certain retained liabilities subsequent to the divestiture. As a result of the classification of the segment as assets and liabilities held for sale for the two months ended October 31, 2019, the Company did not record amortization or depreciation expense in the results of operations in accordance with U.S. GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, hence there are no expenses associated with the plan for that period. Other Divestiture Activities On September 20, 2019, the Company completed the sale of the UNI-LIFT product line, a component of our Milwaukee Cylinder business (IT&S segment) for initial net cash proceeds of $6.0 million, which resulted in an impairment & divestiture benefit of $4.6 million in the three months ended November 30, 2019. In March 2020, the buyer of the UNI-LIFT product line extended a long-term supply agreement with a significant customer. Pursuant to the divestiture agreement, this action triggered the requirement for the buyer to pay $1.5 million of contingent proceeds, which was received by the Company in the three months ended May 31, 2020 and recorded as an "Impairment & divestiture benefit" within the Condensed Consolidated Statements of Operations in that period. After the sale of the UNI-LIFT product line, the Company determined that the remaining Milwaukee Cylinder business was a non-core asset, did not align with the strategic objectives of the Company and, as a result, the Company committed to a plan to sell this business. The Company recorded impairment & divestiture charges of $4.6 million in the three months ended November 30, 2019, comprised of impairment charges of $2.5 million representing the excess of net assets held for sale compared to the anticipated proceeds less costs to sell, $1.9 million associated with our requirement to withdraw from the multi-employer pension plan associated with that business and $0.2 million of other divestiture related charges. The Company completed the divestiture of the Milwaukee Cylinder business on December 2, 2019 for a negligible amount. The historical results of the Milwaukee Cylinder business, inclusive of the UNI-LIFT product line, (which had net sales of $2.9 million in the three months ended November 30, 2019) are not material to the condensed consolidated financial results. On October 22, 2019, the Company completed the sale of the Connectors product line (IT&S segment) for net cash proceeds of $2.7 million, which resulted in an impairment & divestiture benefit of $1.3 million in the three months ended November 30, 2019. The historical results of the Connectors product line (which had net sales of $0.2 million in the three months ended November 30, 2019) are not material to the condensed consolidated financial results. The Company modified estimates on outstanding legal matters associated with previously divested businesses and recorded a net impairment & divestiture charge of $0.1 million in the three months ended November 30, 2020.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 6. Goodwill, Intangible Assets and Long-Lived Assets Changes in the gross carrying value of goodwill and intangible assets result from changes in foreign currency exchange rates, business acquisitions, divestitures and impairment charges. The changes in the carrying amount of goodwill for the three months ended November 30, 2020 are as follows (in thousands): Industrial Tools & Services Other Total Balance as of August 31, 2020 $ 263,537 $ 17,617 $ 281,154 Impact of changes in foreign currency rates (176) (1) (177) Balance as of November 30, 2020 $ 263,361 $ 17,616 $ 280,977 The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands): November 30, 2020 August 31, 2020 Weighted Average Gross Accumulated Net Gross Accumulated Net Amortizable intangible assets: Customer relationships 14 $ 141,657 $ 108,358 $ 33,299 $ 141,853 $ 106,491 $ 35,362 Patents 12 14,350 13,361 989 14,365 13,228 1,137 Trademarks and tradenames 12 3,264 2,275 989 3,277 2,257 1,020 Indefinite lived intangible assets: Tradenames N/A 24,820 — 24,820 24,863 — 24,863 $ 184,091 $ 123,994 $ 60,097 $ 184,358 $ 121,976 $ 62,382

Product Warranty Costs

Product Warranty Costs	3 Months Ended
	Nov. 30, 2020
Guarantees [Abstract]
Product Warranty Costs	Note 7. Product Warranty Costs The Company generally offers its customers an assurance warranty on products sold, although warranty periods may vary by product type and application. The reserve for future warranty claims, which is recorded within the "Other current liabilities" line in the Condensed Consolidated Balance Sheets, is based on historical claim rates and current warranty cost experience. The following summarizes the changes in product warranty reserves for the three months ended November 30, 2020 and 2019, respectively (in thousands): Three Months Ended November 30, 2020 2019 Beginning balance $ 892 $ 1,145 Provision for warranties 464 211 Warranty payments and costs incurred (399) (206) Impact of changes in foreign currency rates 2 (25) Ending balance $ 959 $ 1,125

Debt

Debt	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 8. Debt The following is a summary of the Company’s long-term indebtedness (in thousands): November 30, 2020 August 31, 2020 Senior Credit Facility Revolver $ 255,000 $ 255,000 Term Loan — — Total Senior Credit Facility 255,000 255,000 Less: Current maturities of long-term debt — — Debt issuance costs — — Total long-term debt, less current maturities $ 255,000 $ 255,000 Senior Credit Facility In March 2019, the Company entered into a Senior Credit Facility with a syndicate of banks to, among other things, (i) expand the multi-currency revolving line of credit from $300 million to $400 million, (ii) extend the maturity of the Company's Senior Credit Facility from May 2020 to March 2024 and (iii) modify certain other provisions of the credit agreement including a reduction in pricing. The Senior Credit Facility is comprised of a $400 million revolving line of credit and previously provided for a $200 million term loan. At November 30, 2020, there were $255.0 million of borrowings under the revolving line of credit and no borrowings under the term loan. As of that date, $139.9 million was available for borrowing under the revolving line of credit. The Senior Credit Facility also provides the option for future expansion, subject to certain conditions, through a $300 million accordion and/or a $200 million incremental term loan. Borrowings under the Senior Credit Facility bear interest at a variable rate based on LIBOR or a base rate, ranging from 1.125% to 2.00% in the case of loans bearing interest at LIBOR and from 0.125% to 1.00% in the case of loans bearing interest at the base rate. In addition, a non-use fee was payable quarterly on the average unused amount of the revolving line of credit ranging from 0.15% to 0.3% per annum, based on the Company's net leverage. In November 2019, the Company used the proceeds from the sale of the EC&S segment to pay off the outstanding principal balance on the term loan. In conjunction with the repayment, the Company expensed, within, “Financing costs, net” in the Condensed Consolidated Statements of Operations, the remaining $0.6 million of associated capitalized debt issuance costs. The Senior Credit Facility contains two financial covenants, which are a maximum leverage ratio of 3.75:1 and a minimum interest coverage ratio of 3.5:1. Certain transactions lead to adjustments to the underlying ratios, including an increase to the leverage ratio from 3.75 to 4.25 during the four fiscal quarters after a significant acquisition. The sale of the EC&S segment triggered a reduction of the minimum interest coverage ratio from 3.5 to 3.0 for any fiscal quarter ending within twelve months after the sale of the EC&S segment. In April 2020, the Company proactively amended its Senior Credit Facility to extend the interest coverage ratio at 3.0 for an additional 12 months through October 2021 to mitigate risks associated with the potential impact of the COVID-19 pandemic. The Company was in compliance with all financial covenants at November 30, 2020. Borrowings under the Senior Credit Facility are secured by substantially all personal property assets of the Company and its domestic subsidiary guarantors and certain equity interests owned by the foreign law pledgors. Senior Notes On April 16, 2012, the Company issued $300 million of 5.625% Senior Notes due 2022 (the “Senior Notes”), of which $0.0 million remained outstanding as of November 30, 2020. The Senior Notes included a call feature that allowed the Company to redeem them anytime on or after June 15, 2017 at stated redemption prices that reduced to 100% on June 15, 2020, plus accrued and unpaid interest. In order to reduce interest costs, in June 2020, the Company redeemed all of the outstanding Senior Notes at a price equal to 100% of the principal amount thereof, plus the settlement of accrued and unpaid interest.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 9. Fair Value Measurements The Company assesses the inputs used to measure the fair value of financial assets and liabilities using a three-tier hierarchy. Level 1 inputs include unadjusted quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing an asset or liability. The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and variable rate long-term debt approximated book value at both November 30, 2020 and August 31, 2020 due to their short-term nature and/or the fact that the interest rates approximated market rates. Foreign currency exchange contracts and interest rate swaps are recorded at fair value. The

Derivatives

Derivatives	3 Months Ended
	Nov. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 10. Derivatives All derivatives are recognized in the balance sheet at their estimated fair value. The Company does not enter into derivatives for speculative purposes. Changes in the fair value of derivatives (not designated as hedges) are recorded in earnings along with the gain or loss on the hedged asset or liability. The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations. In order to manage this risk, the Company utilizes foreign currency exchange contracts to reduce the exchange rate risk associated with recognized non-functional currency balances. The effects of changes in exchange rates are reflected concurrently in earnings for both the fair value of the foreign currency exchange contracts and the related non-functional currency asset or liability. These derivative gains and losses offset foreign currency gains and losses from the related revaluation of non-functional currency assets and liabilities (amounts included in "Other (income) expense" in the Condensed Consolidated Statements of Operations). The U.S. dollar equivalent notional value of these short duration foreign currency exchange contracts was $16.5 million and $16.7 million at November 30, 2020 and August 31, 2020, respectively. The fair value of outstanding foreign currency exchange contracts was a net asset of less than $0.1 million and $0.2 million at November 30, 2020 and August 31, 2020, respectively. Net foreign currency loss (included in "Other expense" in the Condensed Consolidated Statements of Operations) related to these derivative instruments were as follows (in thousands): Three Months Ended November 30, 2020 2019 Foreign currency loss, net $ (49) $ (270)

Capital Stock and Share Repurch

Capital Stock and Share Repurchase	3 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Capital Stock and Share Repurchase	Note 11. Earnings per Share and Shareholders' Equity The Company's Board of Directors has authorized the repurchase of shares of the Company's common stock under publicly announced share repurchase programs. Since the inception of the initial share repurchase program in fiscal 2012, the Company has repurchased 22,799,230 shares of common stock for $667.7 million. As of November 30, 2020, the maximum number of shares that may yet be purchased under the programs is 5,200,770 shares. The Company did not repurchase shares in the three months ended November 30, 2020. The Company repurchased 839,789 shares for $17.8 million during the three months ended November 30, 2019. The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three Months Ended November 30, 2020 2019 Numerator: Net earnings from continuing operations $ 4,822 $ 6,372 Net loss from discontinued operations (224) (4,251) Net earnings $ 4,598 $ 2,121 Denominator: Weighted average common shares outstanding - basic 59,811 60,081 Net effect of dilutive securities - stock based compensation plans 281 520 Weighted average common shares outstanding - diluted 60,092 60,601 Earnings per common share from continuing operations: Basic $ 0.08 $ 0.11 Diluted $ 0.08 $ 0.11 Loss per common share from discontinued operations: Basic $ 0.00 $ (0.07) Diluted $ 0.00 $ (0.07) Earnings per common share: Basic $ 0.08 $ 0.04 Diluted $ 0.08 $ 0.03 Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) 1,490 1,068 The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2020 (in thousands): Common Stock Additional Treasury Retained Accumulated Stock Deferred Total Issued Amount Balance at August 31, 2020 82,594 $ 16,519 $ 193,492 $ (667,732) $ 917,671 $ (100,724) $ (2,562) $ 2,562 $ 359,226 Net earnings — — — — 4,598 — — — 4,598 Other comprehensive income, net of tax — — — — — 1,629 — — 1,629 Stock contribution to employee benefit plans and other 6 1 100 — — — — — 101 Restricted stock awards 20 4 (4) — — — — — — Stock based compensation expense — — 2,581 — — — — — 2,581 Tax effect related to net share settlement of equity awards — — (275) — — — — — (275) Stock issued to, acquired for and distributed from rabbi trust 5 1 85 — — — (81) 81 86 Balance at November 30, 2020 82,625 $ 16,525 $ 195,979 $ (667,732) $ 922,269 $ (99,095) $ (2,643) $ 2,643 $ 367,946 The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2019 (in thousands): Common Stock Additional Treasury Retained Accumulated Stock Deferred Total Issued Amount Balance at August 31, 2019 81,919 $ 16,384 $ 181,213 $ (640,212) $ 915,466 $ (171,672) $ (3,070) $ 3,070 $ 301,179 Net earnings — — — — 2,121 — — — 2,121 Other comprehensive income, net of tax — — — — — 60,927 — — 60,927 Stock contribution to employee benefit plans and other 6 1 130 — — — — — 131 Restricted stock awards 190 38 (38) — — — — — — Treasury stock repurchases — — — (17,805) — — — — (17,805) Stock based compensation expense — — 6,537 — — — — — 6,537 Stock option exercises 128 26 2,483 — — — — — 2,509 Tax effect related to net share settlement of equity awards — — (2,638) — — — — — (2,638) Stock issued to, acquired for and distributed from rabbi trust 5 1 85 — — — (87) 87 86 Adoption of accounting standards — — — — 3,873 (3,667) — — 206 Balance at November 30, 2019 82,248 $ 16,450 $ 187,772 $ (658,017) $ 921,460 $ (114,412) $ (3,157) $ 3,157 $ 353,253

Income Taxes

Income Taxes	3 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes The Company's global operations, acquisition activity and specific tax attributes provide opportunities for continuous global tax planning initiatives to maximize tax credits and deductions. Comparative earnings before income taxes, income tax expense and effective income tax rates from continuing operations are as follows (in thousands): Three Months Ended November 30, 2020 2019 Earnings from continuing operations before income tax expense $ 7,080 $ 7,322 Income tax expense 2,258 950 Effective income tax rate 31.9 % 13.0 % The Company’s earnings from continuing operations before income taxes include earnings from foreign jurisdictions of 47% and 84% of the consolidated total for the estimated full-year fiscal 2021 and full-year 2020, respectively. Though most foreign tax rates are now in line with the U.S. tax rate of 21%, the annual effective tax rate is impacted by withholding taxes, losses in jurisdictions where no benefit can be realized, and various aspects of the U.S. Tax Cuts and Jobs Act, such as the Global Intangible Low-Taxed Income, Foreign-Derived Intangible Income and Base Erosion and Anti-Abuse Tax provisions. The effective tax rate for the three months ended November 30, 2020 was 31.9%, compared to 13.0% for the comparable prior-year period. The effective tax rate for the current-year period resulted in a greater expense than the comparable prior-year period primarily due to prior-year non-recurring benefits related to the adoption of proposed tax regulations in the United States. On March 27, 2020, the U.S. government enacted tax legislation containing provisions to support businesses during the COVID-19 pandemic (the “CARES Act”), including deferment of the employer portion of certain payroll taxes, refundable payroll tax credits, and technical amendments to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on our consolidated financial statements for the three months ended November 30, 2020. We are continuing to evaluate the future impact of the CARES Act provisions on our consolidated financial statements.

Segment Information

Segment Information	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Segment Information	Note 13. Segment Information The Company is a global manufacturer of a broad range of industrial products and solutions. The IT&S reportable segment is primarily engaged in the design, manufacture and distribution of branded hydraulic and mechanical tools and in providing services and tool rental to the industrial, maintenance, infrastructure, oil & gas, energy and other markets. The Other operating segment is included for purposes of reconciliation of the respective balances below to the condensed consolidated financial statements. The following tables summarize financial information by reportable segment and product line (in thousands): Three Months Ended November 30, 2020 2019 Net Sales by Reportable Segment & Product Line Industrial Tools & Services Product $ 82,573 $ 96,363 Service & Rental 29,602 39,229 112,175 135,592 Other Operating Segment 7,255 11,082 $ 119,430 $ 146,674 Operating Profit (Loss) Industrial Tools & Services $ 17,157 $ 26,055 Other Operating Segment (1,809) (255) General Corporate (6,279) (11,431) $ 9,069 $ 14,369 November 30, 2020 August 31, 2020 Assets Industrial Tools & Services $ 600,629 $ 592,086 Other Operating Segment 61,391 61,105 General Corporate 176,555 171,103 $ 838,575 $ 824,294 In addition to the impact of changes in foreign currency exchange rates, the comparability of segment and product line information is impacted by acquisition/divestiture activities, impairment and divestiture charges, restructuring costs and related benefits. Corporate assets, which are not allocated, principally represent cash and cash equivalents, property, plant and equipment, Right of Use ("ROU") assets, capitalized debt issuance costs and deferred income taxes.

Contingencies and Litigation

Contingencies and Litigation	3 Months Ended
	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Litigation	Note 14. Commitments and Contingencies The Company had outstanding letters of credit of $11.9 million at both November 30, 2020 and August 31, 2020, the majority of which relate to commercial contracts and self-insured workers' compensation programs. As part of the Company's global sourcing strategy, we have entered into agreements with certain suppliers that require the supplier to maintain minimum levels of inventory to support certain products for which we require a short lead time to fulfill customer orders. We have the ability to notify the supplier that they no longer need maintain the minimum level of inventory should we discontinue manufacturing of a product during the contract period; however, we must purchase the remaining minimum inventory levels the supplier was required to maintain within a defined period of time. The Company is a party to various legal proceedings that have arisen in the normal course of business. These legal proceedings include regulatory matters, product liability, breaches of contract, employment, personal injury and other disputes. The Company has recorded reserves for loss contingencies based on the specific circumstances of each case. Such reserves are recorded when it is probable a loss has been incurred and can be reasonably estimated. The Company maintains a policy to exclude from such reserves an estimate of legal defense costs. In the opinion of management, resolution of these contingencies is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company remains contingently liable for lease payments under leases of businesses that it previously divested or spun-off in the event that such businesses are unable to fulfill their future lease payment obligations; however, the Company does not believe it is probable that it will be required to satisfy these obligations. Future minimum lease payments for these leases at November 30, 2020 were $6.5 million associated with monthly payments extending to fiscal 2025. The Company has self-disclosed sales to an Estonian customer to relevant authorities in the Netherlands as potentially violating applicable Crimea sanctions laws in that country and the European Union, as those sales were diverted to the Crimea region of Ukraine. While the investigation by authorities in the Netherlands is ongoing, the Company has concluded that it is probable it will

Leases Leases

Leases Leases	3 Months Ended
	Nov. 30, 2020
Leases [Abstract]
Lessee, Operating Leases [Text Block]	Note 15. Leases The Company has operating leases for real estate, vehicles, manufacturing equipment, IT equipment and office equipment (the Company does not have any financing leases). Our leases typically range in term from 3 to 15 years and may contain renewal options for periods up to 5 years at our discretion. Operating leases are recorded as operating lease ROU assets in “Other long-term assets” and operating lease liabilities in “Other current liabilities” and “Other long-term liabilities” of the Condensed Consolidated Balance Sheets. The components of lease expense were as follows (in thousands): Three Months Ended November 30, 2020 2019 Lease Cost: Operating lease cost $ 3,706 $ 4,254 Short-term lease cost 413 455 Variable lease cost 882 469 Supplemental cash flow and other information related to leases were as follows (in thousands): Three Months Ended November 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,705 $ 4,262 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 541 2,064

Basis of Presentation Property,

Basis of Presentation Property, Plant and Equipment	3 Months Ended
	Nov. 30, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment [Table Text Block]	Property Plant and Equipment The following is a summary of the Company's components of property, plant and equipment (in thousands): November 30, 2020 August 31, 2020 Land, buildings and improvements $ 34,139 $ 33,548 Machinery and equipment 134,979 134,536 Gross property, plant and equipment 169,118 168,084 Less: Accumulated depreciation (108,899) (106,679) Property, plant and equipment, net $ 60,219 $ 61,405

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Policies)	3 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which adds an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized, which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted the guidance on September 1, 2020 using the modified retrospective approach and there was no impact to the financial statements as a result of the adoption. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The guidance is effective for the Company in the first quarter of fiscal 2022 with early adoption permitted. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements.
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated Other Comprehensive Loss The following is a summary of the Company's accumulated other comprehensive loss (in thousands): November 30, 2020 August 31, 2020 Foreign currency translation adjustments $ 74,496 $ 75,896 Pension and other postretirement benefit plans, net of tax 24,545 24,750 Unrecognized losses on cash flow hedges 54 78 Accumulated other comprehensive loss $ 99,095 $ 100,724
Property, Plant and Equipment [Table Text Block]	Property Plant and Equipment The following is a summary of the Company's components of property, plant and equipment (in thousands): November 30, 2020 August 31, 2020 Land, buildings and improvements $ 34,139 $ 33,548 Machinery and equipment 134,979 134,536 Gross property, plant and equipment 169,118 168,084 Less: Accumulated depreciation (108,899) (106,679) Property, plant and equipment, net $ 60,219 $ 61,405

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenues (Tables)	3 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents information regarding revenues disaggregated by the timing of when goods and services are transferred (in thousands): Three Months Ended November 30, 2020 2019 Revenues recognized at point in time $ 86,780 $ 104,812 Revenues recognized over time 32,650 41,862 Total $ 119,430 $ 146,674

Revenue Recognition Contract wi

Revenue Recognition Contract with Customer, Assets and Liabilities (Tables)	3 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Contract Balances The Company's contract assets and liabilities are as follows (in thousands): November 30, 2020 August 31, 2020 Receivables, which are included in accounts receivable, net $ 90,531 $ 84,170 Contract assets, which are included in other current assets 5,108 6,145 Contract liabilities, which are included in other current liabilities 3,193 2,145

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Nov. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	The following summarizes restructuring reserve activity for the IT&S reportable segment and corporate (in thousands): Three Months Ended November 30, 2020 Industrial Tools & Services Corporate Balance as of August 31, 2020 $ 1,443 $ 267 Restructuring charges 66 — Cash payments (432) (229) Impact of changes in foreign currency rates (4) — Balance as of November 30, 2020 $ 1,073 $ 38 Three Months Ended November 30, 2019 Industrial Tools & Services Corporate Balance as of August 31, 2019 $ 2,912 $ — Restructuring charges 1,230 235 Cash payments (1,851) (1) Other non-cash uses of reserve (1) (39) (226) Impact of changes in foreign currency rates 2 — Balance as of November 30, 2019 $ 2,254 $ 8

Discontinued Operations & Oth_2

Discontinued Operations & Other Divestiture Charges Discontinued Operations Balance Sheet and Statement of Operations (Tables) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Net (Loss) Earnings from Discontinued Operations	$ (224)	$ (4,251)

Discontinued Operations & Oth_3

Discontinued Operations & Other Divestiture Charges Statement of Operations (Tables)	3 Months Ended
	Nov. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands): Three Months Ended November 30, 2020 2019* Net sales $ — $ 67,010 Cost of products sold — 49,749 Gross profit — 17,261 Selling, administrative and engineering expenses 295 10,832 Amortization of intangible assets — — Restructuring benefit — (11) Impairment & divestiture charges — 28,416 Operating loss (295) (21,976) Financing costs, net — 14 Other income — (104) Loss before income tax benefit (295) (21,886) Income tax benefit (71) (17,635) Net loss from discontinued operations $ (224) $ (4,251) * "Loss from discontinued operations, net of income taxes" for the three months ended November 30, 2019 presented in the table above includes the results of the EC&S segment for the two months ended October 31, 2019 (the divestiture date) as well as the ancillary impacts from certain retained liabilities subsequent to the divestiture. As a result of the classification of the segment as assets and liabilities held for sale for the two months ended October 31, 2019, the Company did not record amortization or depreciation expense in the results of operations in accordance with U.S. GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, hence there are no expenses associated with the plan for that period.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the three months ended November 30, 2020 are as follows (in thousands): Industrial Tools & Services Other Total Balance as of August 31, 2020 $ 263,537 $ 17,617 $ 281,154 Impact of changes in foreign currency rates (176) (1) (177) Balance as of November 30, 2020 $ 263,361 $ 17,616 $ 280,977
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Table	The gross carrying value and accumulated amortization of the Company’s intangible assets are as follows (in thousands): November 30, 2020 August 31, 2020 Weighted Average Gross Accumulated Net Gross Accumulated Net Amortizable intangible assets: Customer relationships 14 $ 141,657 $ 108,358 $ 33,299 $ 141,853 $ 106,491 $ 35,362 Patents 12 14,350 13,361 989 14,365 13,228 1,137 Trademarks and tradenames 12 3,264 2,275 989 3,277 2,257 1,020 Indefinite lived intangible assets: Tradenames N/A 24,820 — 24,820 24,863 — 24,863 $ 184,091 $ 123,994 $ 60,097 $ 184,358 $ 121,976 $ 62,382

Product Warranty Costs (Tables)

Product Warranty Costs (Tables)	3 Months Ended
	Nov. 30, 2020
Guarantees [Abstract]
Schedule of Product Warranty Liability	The following summarizes the changes in product warranty reserves for the three months ended November 30, 2020 and 2019, respectively (in thousands): Three Months Ended November 30, 2020 2019 Beginning balance $ 892 $ 1,145 Provision for warranties 464 211 Warranty payments and costs incurred (399) (206) Impact of changes in foreign currency rates 2 (25) Ending balance $ 959 $ 1,125

Debt (Tables)

Debt (Tables)	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Long-Term Indebtedness	The following is a summary of the Company’s long-term indebtedness (in thousands): November 30, 2020 August 31, 2020 Senior Credit Facility Revolver $ 255,000 $ 255,000 Term Loan — — Total Senior Credit Facility 255,000 255,000 Less: Current maturities of long-term debt — — Debt issuance costs — — Total long-term debt, less current maturities $ 255,000 $ 255,000

Derivatives Derivatives (Tables

Derivatives Derivatives (Tables)	3 Months Ended
	Nov. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) [Table Text Block]	Net foreign currency loss (included in "Other expense" in the Condensed Consolidated Statements of Operations) related to these derivative instruments were as follows (in thousands): Three Months Ended November 30, 2020 2019 Foreign currency loss, net $ (49) $ (270)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three Months Ended November 30, 2020 2019 Numerator: Net earnings from continuing operations $ 4,822 $ 6,372 Net loss from discontinued operations (224) (4,251) Net earnings $ 4,598 $ 2,121 Denominator: Weighted average common shares outstanding - basic 59,811 60,081 Net effect of dilutive securities - stock based compensation plans 281 520 Weighted average common shares outstanding - diluted 60,092 60,601 Earnings per common share from continuing operations: Basic $ 0.08 $ 0.11 Diluted $ 0.08 $ 0.11 Loss per common share from discontinued operations: Basic $ 0.00 $ (0.07) Diluted $ 0.00 $ (0.07) Earnings per common share: Basic $ 0.08 $ 0.04 Diluted $ 0.08 $ 0.03 Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) 1,490 1,068

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	3 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Effective Tax Rate [Table Text Block]	Comparative earnings before income taxes, income tax expense and effective income tax rates from continuing operations are as follows (in thousands): Three Months Ended November 30, 2020 2019 Earnings from continuing operations before income tax expense $ 7,080 $ 7,322 Income tax expense 2,258 950 Effective income tax rate 31.9 % 13.0 %

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Summary of Financial Information by Reportable Segment and Product Line	The following tables summarize financial information by reportable segment and product line (in thousands): Three Months Ended November 30, 2020 2019 Net Sales by Reportable Segment & Product Line Industrial Tools & Services Product $ 82,573 $ 96,363 Service & Rental 29,602 39,229 112,175 135,592 Other Operating Segment 7,255 11,082 $ 119,430 $ 146,674 Operating Profit (Loss) Industrial Tools & Services $ 17,157 $ 26,055 Other Operating Segment (1,809) (255) General Corporate (6,279) (11,431) $ 9,069 $ 14,369 November 30, 2020 August 31, 2020 Assets Industrial Tools & Services $ 600,629 $ 592,086 Other Operating Segment 61,391 61,105 General Corporate 176,555 171,103 $ 838,575 $ 824,294

Leases Components of Lease Expe

Leases Components of Lease Expense (Tables)	3 Months Ended
	Nov. 30, 2020
Components of Lease Expense [Abstract]
Lease, Cost [Table Text Block]	The components of lease expense were as follows (in thousands): Three Months Ended November 30, 2020 2019 Lease Cost: Operating lease cost $ 3,706 $ 4,254 Short-term lease cost 413 455 Variable lease cost 882 469

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related to Leases (Tables)	3 Months Ended
	Nov. 30, 2020
Supplemental Cash Flow Information Related to Leases [Abstract]
Supplemental Cash Flow Information Related to Leases [Table Text Block]	Supplemental cash flow and other information related to leases were as follows (in thousands): Three Months Ended November 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,705 $ 4,262 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 541 2,064

Basis of Presentation Schedul_2

Basis of Presentation Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Property, Plant and Equipment [Line Items]
Land, buildings and improvements	$ 34,139	$ 33,548
Machinery and equipment	134,979	134,536
Gross Property, Plant and Equipment	169,118	168,084
Less: Accumulated Depreciation	(108,899)	(106,679)
Property, Plant and Equipment, Net	$ 60,219	$ 61,405

Basis of Presentation Accountin

Basis of Presentation Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which adds an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized, which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted the guidance on September 1, 2020 using the modified retrospective approach and there was no impact to the financial statements as a result of the adoption. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The guidance is effective for the Company in the first quarter of fiscal 2022 with early adoption permitted. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 922,269	$ 917,671

Basis of Presentation Basis o_2

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019
Condensed Statement of Income Captions [Line Items]
Foreign currency translation adjustments	$ 74,496	$ 75,896
Pension and other postretirement benefit plans, net of tax	24,545	24,750
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	54	78
Total shareholders’ equity	(367,946)	(359,226)	$ (353,253)	$ (301,179)
AOCI Attributable to Parent [Member]
Condensed Statement of Income Captions [Line Items]
Total shareholders’ equity	$ 99,095	$ 100,724	$ 114,412	$ 171,672

Revenue Recognition Disaggreg_2

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 119,430	$ 146,674
Revenue Recognized at a Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenues	86,780	104,812
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 32,650	$ 41,862

Revenue Recognition Contract _2

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 5,000	$ 5,000
Accounts receivable, net	90,531	84,170
Contract assets	5,108	6,145
Contract liabilities	3,193	$ 2,145
Revenue, remaining performance obligation, within next twelve months	$ 3,200

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Restructuring Reserve [Roll Forward]
Restructuring Charges	$ 210,000	$ 1,972,000
Restructuring Charges, including recorded in Cost of Goods Sold	200,000
Industrial Tools & Services [Member] [Domain]
Restructuring Reserve [Roll Forward]
Beginning Balance	1,443,000	2,912,000
Restructuring Charges	66,000	1,230,000
Cash payments	(432,000)	(1,851,000)
Other non-cash uses of reserve		(39,000)
Impact of changes in foreign currency rates	(4,000)	2,000
Ending Balance	1,073,000	2,254,000
General Corporate
Restructuring Reserve [Roll Forward]
Beginning Balance	267,000	0
Restructuring Charges	0	235,000
Cash payments	(229,000)	(1,000)
Other non-cash uses of reserve		(226,000)
Impact of changes in foreign currency rates	0	0
Ending Balance	38,000	8,000
Reportable Segments [Member]
Restructuring Reserve [Roll Forward]
Restructuring Charges	100,000	1,500,000
Other Operating Segment [Member]
Restructuring Reserve [Roll Forward]
Beginning Balance	400,000
Restructuring Charges	100,000	$ 500,000
Ending Balance	$ 200,000

Acquisitions (Details)

Acquisitions (Details) - USD ($)	Jan. 07, 2020	Nov. 30, 2020	Nov. 30, 2019
Business Acquisition [Line Items]
Net Sales		$ 119,430,000	$ 146,674,000
HTL Group [Member]
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jan. 7, 2020
Cash paid for business acquisitions, net of cash acquired	$ 33,300,000
Goodwill, Acquired During Period	11,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,700,000
Net Sales		$ 2,400,000
Tradenames | HTL Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	3,300,000
Customer relationships | HTL Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	12,100,000
Patents | HTL Group [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 700,000

Discontinued Operations & Oth_4

Discontinued Operations & Other Divestiture Charges Discontinued Operations & Divestiture Activities (Details) - USD ($) $ in Thousands	Dec. 02, 2019	Oct. 31, 2019	Oct. 22, 2019	Sep. 20, 2019	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business/product line					$ 0		$ 8,726
Impairment & divestiture (benefits) charges					$ 139		(1,356)
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]					Note 5. Discontinued Operations and Other Divestiture Activities Discontinued Operations On October 31, 2019, as part of our overall strategy to become a pure-play industrial tools and services company, the Company completed the sale of the businesses comprising its former Engineered Components & Systems ("EC&S") segment to wholly owned subsidiaries of BRWS Parent LLC, a Delaware limited liability company and affiliate of One Rock Capital Partners II, LP, for a sales price of $215.8 million, inclusive of $1.3 million of purchase price from the customary finalization of working capital negotiations in the third quarter of fiscal 2020. Approximately $3.0 million of the purchase price was paid in four equal quarterly installments after closing, of which the last $0.7 million was received in the three months ended November 30, 2020 (this final payment was received greater than one year from the divestiture date and, as such, is reflected in "Cash provided by financing activities - discontinued operations" within the Condensed Consolidated Statements of Cash Flows). In connection with the completion of the sale in the three months ended November 30, 2019, the Company recorded a net loss of $4.2 million, comprised of a loss of $22.4 million representing the excess of the net assets (exclusive of deferred tax assets and liabilities associated with subsidiaries of the Company whose stock was sold as part of the transaction) as compared to the purchase price less costs to sell and the recognition in earnings of the cumulative effect of foreign currency exchange gains and losses during the year, largely offset by an income tax benefit of $18.2 million associated with the write off of the net deferred tax liability on subsidiaries of the EC&S segment for which the stock was divested. The Company also recognized an additional $3.3 million of impairment & divestiture costs in the three months ended November 30, 2019 associated with the accelerated vesting of restricted stock awards for employees terminated as part of the transaction and $2.7 million of additional divestiture charges which were necessary to complete the transaction. The Company maintains financial exposure associated with this divestiture due to certain retained liabilities. As the aforementioned divestiture was a part of our strategic shift to become a pure-play industrial tools and services company, the results of their operations (including the stated impairment & divestiture charges) are recorded as a component of "Loss from discontinued operations" in the Condensed Consolidated Statements of Operations for all periods presented. The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands): Three Months Ended November 30, 2020 2019* Net sales $ — $ 67,010 Cost of products sold — 49,749 Gross profit — 17,261 Selling, administrative and engineering expenses 295 10,832 Amortization of intangible assets — — Restructuring benefit — (11) Impairment & divestiture charges — 28,416 Operating loss (295) (21,976) Financing costs, net — 14 Other income — (104) Loss before income tax benefit (295) (21,886) Income tax benefit (71) (17,635) Net loss from discontinued operations $ (224) $ (4,251) * "Loss from discontinued operations, net of income taxes" for the three months ended November 30, 2019 presented in the table above includes the results of the EC&S segment for the two months ended October 31, 2019 (the divestiture date) as well as the ancillary impacts from certain retained liabilities subsequent to the divestiture. As a result of the classification of the segment as assets and liabilities held for sale for the two months ended October 31, 2019, the Company did not record amortization or depreciation expense in the results of operations in accordance with U.S. GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, hence there are no expenses associated with the plan for that period. Other Divestiture Activities On September 20, 2019, the Company completed the sale of the UNI-LIFT product line, a component of our Milwaukee Cylinder business (IT&S segment) for initial net cash proceeds of $6.0 million, which resulted in an impairment & divestiture benefit of $4.6 million in the three months ended November 30, 2019. In March 2020, the buyer of the UNI-LIFT product line extended a long-term supply agreement with a significant customer. Pursuant to the divestiture agreement, this action triggered the requirement for the buyer to pay $1.5 million of contingent proceeds, which was received by the Company in the three months ended May 31, 2020 and recorded as an "Impairment & divestiture benefit" within the Condensed Consolidated Statements of Operations in that period. After the sale of the UNI-LIFT product line, the Company determined that the remaining Milwaukee Cylinder business was a non-core asset, did not align with the strategic objectives of the Company and, as a result, the Company committed to a plan to sell this business. The Company recorded impairment & divestiture charges of $4.6 million in the three months ended November 30, 2019, comprised of impairment charges of $2.5 million representing the excess of net assets held for sale compared to the anticipated proceeds less costs to sell, $1.9 million associated with our requirement to withdraw from the multi-employer pension plan associated with that business and $0.2 million of other divestiture related charges. The Company completed the divestiture of the Milwaukee Cylinder business on December 2, 2019 for a negligible amount. The historical results of the Milwaukee Cylinder business, inclusive of the UNI-LIFT product line, (which had net sales of $2.9 million in the three months ended November 30, 2019) are not material to the condensed consolidated financial results. On October 22, 2019, the Company completed the sale of the Connectors product line (IT&S segment) for net cash proceeds of $2.7 million, which resulted in an impairment & divestiture benefit of $1.3 million in the three months ended November 30, 2019. The historical results of the Connectors product line (which had net sales of $0.2 million in the three months ended November 30, 2019) are not material to the condensed consolidated financial results. The Company modified estimates on outstanding legal matters associated with previously divested businesses and recorded a net impairment & divestiture charge of $0.1 million in the three months ended November 30, 2020.
Engineered Components & Systems [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date		Oct. 31, 2019
Quarterly Installment Payments		$ 3,000			$ 700
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax							(4,200)
Asset Impairment Charges							(22,400)
Income Tax Benefit Related to Write Down of Assets							18,200
Impairment & divestiture (benefits) charges							3,300
Other Divestiture Charges							2,700
Working Capital Negotiations Adjustments						$ 1,300
UNI-LIFT Product Line [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date				Sep. 20, 2019
Proceeds from sale of business/product line				$ 6,000
Impairment & divestiture (benefits) charges							4,600
Contingent Proceeds						$ 1,500
Milwaukee Cylinder (excluding UNI-LIFT) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Dec. 2, 2019
Impairment & divestiture (benefits) charges							4,600
Other Divestiture Charges							200
Goodwill, Impairment Loss							2,500
Charges Associated with Withdrawl of Pension Plan							1,900
Milwaukee Cylinder (including UNI-LIFT) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, annual revenue							2,900
Connectors Product Line [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date			Oct. 22, 2019
Proceeds from sale of business/product line			$ 2,700
Impairment & divestiture (benefits) charges							1,300
Disposal Group, Not Discontinued Operation, annual revenue							$ 200
Engineered Components & Systems [Member] [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business/product line		$ 215,800

Discontinued Operations & Oth_5

Discontinued Operations & Other Divestiture Charges Other Divestiture Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Impairment & divestiture (benefits) charges	$ 139	$ (1,356)

Discontinued Operations & Oth_6

Discontinued Operations & Other Divestiture Charges Divestitures Activities Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business/product line	$ 0	$ 8,726
Net (Loss) Earnings from Discontinued Operations	(224)	(4,251)
Engineered Components & Systems [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	0	67,010
Disposal Group, Including Discontinued Operation, Costs of Goods Sold	0	49,749
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)	0	17,261
Disposal Group, Including Discontinued Operation, Selling, Administrative and Engineering Expenses	295	10,832
Disposal Group, Including Discontinued Operation, Amortization of Intangible Assets	0	0
Disposal Group, Including Discontinued Operation, Restructuring (Benefit) Charges	0	(11)
Disposal Group, Including Discontinued Operation, Impairment & Divestiture (Benefits) Charges	0	28,416
Disposal Group, Including Discontinued Operation, Operating (Loss) Earnings	(295)	(21,976)
Disposal Group, Including Discontinued Operation, Financing Costs (Benefits)	0	14
Disposal Group, Including Discontinued Operation, Other Expense	0	104
Disposal Group, Including Discontinued Operation, (Loss) Earnings Before Income Tax Benefit	(295)	(21,886)
Disposal Group, Including Discontinued Operation, Income Tax (Benefit) Expense	(71)	(17,635)
Net (Loss) Earnings from Discontinued Operations	$ (224)	$ (4,251)

Changes in Carrying Value of Go

Changes in Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Nov. 30, 2020USD ($)
Goodwill [Roll Forward]
Balance as of August 31, 2019	$ 281,154
Impact of changes in foreign currency rates	(177)
Impact of changes in foreign currency rates	280,977
Industrial Tools & Services [Member] [Domain]
Goodwill [Roll Forward]
Balance as of August 31, 2019	263,537
Impact of changes in foreign currency rates	(176)
Impact of changes in foreign currency rates	263,361
Other Operating Segment [Member]
Goodwill [Roll Forward]
Balance as of August 31, 2019	17,617
Impact of changes in foreign currency rates	(1)
Impact of changes in foreign currency rates	$ 17,616

Gross Carrying Amount and Accum

Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020
Indefinite And Finite Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 123,994	$ 121,976
Gross Carrying Value	184,091	184,358
Net Book Value	$ 60,097	62,382
Customer relationships
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	14 years
Gross Carrying Value	$ 141,657	141,853
Accumulated Amortization	108,358	106,491
Net Book Value	$ 33,299	35,362
Patents
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	12 years
Gross Carrying Value	$ 14,350	14,365
Accumulated Amortization	13,361	13,228
Net Book Value	$ 989	1,137
Trademarks and tradenames
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	12 years
Gross Carrying Value	$ 3,264	3,277
Accumulated Amortization	2,275	2,257
Net Book Value	989	1,020
Tradenames
Indefinite And Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	24,820	24,863
Accumulated Amortization	0	0
Net Book Value	$ 24,820	$ 24,863

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions	Nov. 30, 2020USD ($)
Impaired Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 7.3
Future Amortization Expense, 2025	6.5
Future Amortization Expense, 2024	2
Future Amortization Expense, 2023	3.4
Future Amortization Expense, 2022	4.2
Future Amortization Expense, 2021	5.8
Future Amortization Expense, Remainder of 2020	6
Future Amortization Expense, 2021	5.8
Future Amortization Expense, 2022	4.2
Future Amortization Expense, 2023	3.4
Future Amortization Expense, 2024	2
Future Amortization Expense, 2025	$ 6.5

Rollforward of Accrued Product

Rollforward of Accrued Product Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 892	$ 1,145
Provision for warranties	464	211
Warranty Payments and costs incurred	(399)	(206)
Impact of changes in foreign currency rates	2	(25)
Ending balance	$ 959	$ 1,125

Long-Term Indebtedness (Details

Long-Term Indebtedness (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Less: Current maturities of long-term debt	$ 0	$ 0
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net	0	0
Long-term debt, net	255,000	255,000
Line of Credit
Debt Instrument [Line Items]
Long-term Debt	255,000	255,000
Line of Credit | Senior Credit Facility - Revolver
Debt Instrument [Line Items]
Long-term Debt	255,000	255,000
Line of Credit | Senior Credit Facility - Term Loan
Debt Instrument [Line Items]
Long-term Debt	0	$ 0
Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Senior Notes, Noncurrent	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) $ in Thousands	Apr. 16, 2012USD ($)	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Noncurrent, Net		$ 600
Borrowings on Revolving Credit		10,000	$ 100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		400,000		$ 300,000
Senior Credit Facility - Term Loan
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		200,000
Senior Credit Facility - Revolver
Debt Instrument [Line Items]
Borrowings on Revolving Credit		255,000
Line of Credit | Senior Credit Facility - Revolver
Debt Instrument [Line Items]
Unused credit line Available for Borrowing, Amount		$ 139,900
Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt instrument, interest rate	5.625%
Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.15%
Interest coverage ratio		3
Fixed Charge Coverage Ratio		3.5
Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.125%
Minimum | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Minimum | Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%
Leverage ratio		3.75
Adjusted Leverage Ratio		4.25
Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Maximum | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.125%
Accordion [Domain]
Debt Instrument [Line Items]
Senior credit facility expansion option, available		$ 300,000
Incremental Term Loan [Domain]
Debt Instrument [Line Items]
Senior credit facility expansion option, available		$ 200,000

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Millions	Nov. 30, 2020	Aug. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Contract, Liability/Asset, Fair Value Disclosure	$ (0.1)	$ (0.2)
Interest Rate Fair Value Hedge Derivative at Fair Value, Net		$ (0.1)

Derivatives Narrative (Details)

Derivatives Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Derivative [Line Items]
Foreign Currency Contract, Liability/Asset, Fair Value Disclosure	$ (100)		$ (200)
Loss on Foreign Currency Fair Value Hedge Derivatives and Not Designated as Hedging Instruments at Fair Value	(49)	$ (270)
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(100)
Long-term Debt	180,000		180,000
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	16,500		$ 16,700
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, Amount of Hedged Item	$ 100,000
Derivative, Fixed Interest Rate	0.259%

Earnings per Share and Shareh_2

Earnings per Share and Shareholders' Equity Share Repurchase (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Equity [Abstract]
Stock Repurchased During Period, Value		$ 17,800
Treasury Stock, Shares	22,799,230		22,799,230
Stock Repurchase Program, Authorized Amount	$ 667,700
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	5,200,770
Stock Repurchased During Period, Shares		839,789
Payments for Repurchase of Common Stock	$ 0	$ 17,805

Capital Stock (Details)

Capital Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Net (Loss) Earnings from Continuing Operations	$ 4,822	$ 6,372
Net (Loss) Earnings from Discontinued Operations	(224)	(4,251)
Net (loss) earnings	$ 4,598	$ 2,121
Weighted average common shares outstanding - basic	59,811	60,081
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	281	520
Weighted Average Common Shares outstanding - diluted	60,092	60,601
(Loss) Earnings per share from Continuing Operations, Per Basic Share	$ 0.08	$ 0.11
(Loss) Earnings per share from Continuing Operations, Per Diluted Share	0.08	0.11
(Loss) Earnings per share from Discontinued Operations, Per Basic Shares	0	(0.07)
(Loss) Earnings per share from Discontinued Operations, Per Diluted Share	0	(0.07)
Earnings Per Share, Basic	0.08	0.04
(Loss) Earnings Per Share, Diluted	$ 0.08	$ 0.03
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation)	1,490	1,068

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure Additional Details [Table] [Line Items]
Earnings from continuing operations before income tax expense	$ 7,080	$ 7,322
Income tax (benefit) expense	$ 2,258	$ 950
Effective Income Tax Rate Reconciliation, Percent	31.90%	13.00%
Earnings from Foreign Jurisdictions, Percent	47.00%	84.00%
Federal Statutory Income Tax Rate, Percent	21.00%

Summary of Financial Informatio

Summary of Financial Information by Reportable Segment and Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Segment Reporting Information [Line Items]
Net Sales	$ 119,430	$ 146,674
Operating Profit (Loss)	9,069	14,369
Assets	838,575		$ 824,294
Assets of continuing operations	838,575		824,294
Industrial Tools & Services [Member] [Domain]
Segment Reporting Information [Line Items]
Net Sales	112,175	135,592
Operating Profit (Loss)	17,157	26,055
Assets	600,629		592,086
Products [Member]
Segment Reporting Information [Line Items]
Net Sales	82,573	96,363
Service & Rental [Member]
Segment Reporting Information [Line Items]
Net Sales	29,602	39,229
Other Operating Segment [Member]
Segment Reporting Information [Line Items]
Net Sales	7,255	11,082
Operating Profit (Loss)	(1,809)	(255)
Assets	61,391		61,105
General Corporate
Segment Reporting Information [Line Items]
Operating Profit (Loss)	(6,279)	$ (11,431)
Assets	$ 176,555		$ 171,103

Contingencies and Litigation -

Contingencies and Litigation - Additional Information (Details) $ in Millions	Nov. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 11.9
Contractual Obligation, Future Minimum Payments Due, Remainder of Lease Payments	$ 6.5

Leases Components of Lease Ex_2

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Components of Lease Expense [Abstract]
Operating Lease, Cost	$ 3,706	$ 4,254
Short-term Lease, Cost	413	455
Variable Lease, Cost	$ 882	$ 469

Leases Supplemental Cash Flow_2

Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Supplemental Cash Flow Information Related to Leases [Abstract]
Operating Lease, Payments	$ 3,705	$ 4,262
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 541	$ 2,064