Chase (CCF) 10-Q 8 Jul 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2020	Jun. 30, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	May 31, 2020
Entity Registrant Name	CHASE CORP
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,442,659
Entity Central Index Key	0000830524
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Current Assets
Cash and cash equivalents	$ 83,259	$ 47,771
Accounts receivable, less allowance for doubtful accounts of $433 and $739	35,999	39,324
Inventory	40,551	42,354
Prepaid expenses and other current assets	2,604	2,418
Assets held for sale	14	1,064
Prepaid income taxes	427	1,451
Total current assets	162,854	134,382
Property, plant and equipment, less accumulated depreciation of $52,035 and $49,730	26,656	29,326
Other Assets
Goodwill	82,044	81,986
Intangible assets, less accumulated amortization of $74,715 and $65,862	44,003	52,704
Cash surrender value of life insurance	4,450	4,450
Restricted investments	1,413	1,260
Deferred income taxes	3,767	3,804
Operating lease right-of-use asset (Note 8)	8,658
Other assets	25	56
Total assets	333,870	307,968
Current Liabilities
Accounts payable	12,087	12,105
Accrued payroll and other compensation	5,447	6,300
Accrued expenses	5,570	4,035
Total current liabilities	23,104	22,440
Operating lease long-term liabilities (Note 8)	6,157
Deferred compensation	1,424	1,275
Accumulated pension obligation	9,575	10,485
Other liabilities	100	217
Accrued income taxes	2,017	2,324
Commitments and contingencies (Note 10)
Equity
First Serial Preferred Stock, $1.00 par value: Authorized 100,000 shares; none issued
Common stock, $.10 par value: Authorized 20,000,000 shares; 9,442,398 shares at May 31, 2020 and 9,400,748 shares at August 31, 2019 issued and outstanding	945	940
Additional paid-in capital	16,235	14,351
Accumulated other comprehensive loss	(14,945)	(14,324)
Retained earnings	289,258	270,260
Total equity	291,493	271,227
Total liabilities and equity	$ 333,870	$ 307,968

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 433	$ 739
Property, plant and equipment, accumulated depreciation (in dollars)	52,035	49,730
Intangible assets, accumulated amortization (in dollars)	$ 74,715	$ 65,862
First Serial Preferred Stock, par value (in dollars per share)	$ 1	$ 1
First Serial Preferred Stock, Authorized shares	100,000	100,000
First Serial Preferred Stock, issued shares	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, Authorized shares	20,000,000	20,000,000
Common stock, shares issued	9,442,398	9,400,748
Common stock, shares outstanding	9,442,398	9,400,748

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenue
Revenue	$ 64,871	$ 72,112	$ 197,255	$ 211,246
Costs and Expenses
Cost of products and services sold	39,689	46,406	122,138	136,194
Selling, general and administrative expenses	12,773	13,251	40,223	39,699
Operations optimization costs (Note 15)	268	193	977	453
Loss on impairment of goodwill (Note 7)				2,410
Operating income	12,141	12,262	33,917	32,490
Interest expense	(67)	(91)	(178)	(457)
Gain on sale of real estate (Note 14)	760		760
Other income (expense)	(307)	17	(1,096)	(1,105)
Income before income taxes	12,527	12,188	33,403	30,928
Income taxes (Note 17)	2,619	3,647	8,254	8,291
Net income	$ 9,908	$ 8,541	$ 25,149	$ 22,637
Net income available to common shareholders, per common and common equivalent share (Note 4)
Basic	$ 1.05	$ 0.91	$ 2.67	$ 2.41
Diluted	$ 1.04	$ 0.90	$ 2.64	$ 2.39
Weighted average shares outstanding
Basic	9,363,559	9,337,436	9,357,176	9,333,098
Diluted	9,429,263	9,378,910	9,435,897	9,377,748
Annual cash dividends declared per share			$ 0.80	$ 0.80
Product
Revenue
Revenue	$ 64,157	$ 70,883	$ 194,540	$ 207,689
Royalties and commissions
Revenue
Revenue	$ 714	$ 1,229	$ 2,715	$ 3,557

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 9,908	$ 8,541	$ 25,149	$ 22,637
Other comprehensive (loss) income:
Net unrealized (loss) gain on restricted investments, net of tax	7	(5)	5	(13)
Change in funded status of pension plans, net of tax	185	91	444	618
Foreign currency translation adjustment	(1,077)	(1,494)	318	(956)
Total other comprehensive (loss) income	(885)	(1,408)	767	(351)
Comprehensive income	$ 9,023	$ 7,133	$ 25,916	$ 22,286

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balance at Aug. 31, 2018	$ 939	$ 13,104	$ (12,336)	$ 245,049	$ 246,756
Balance (in shares) at Aug. 31, 2018	9,396,947
Increase (Decrease) in Stockholders' Equity
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures (in shares)	9,308
Amortization of restricted stock grants		1,257			1,257
Amortization of stock option grants		375			375
Exercise of stock options	$ 1	301			302
Exercise of stock options (in shares)	7,022
Common stock received for payment of stock option exercises		(120)			(120)
Common stock received for payment of stock option exercises (in shares)	(954)
Cash dividend on common stock				(7,522)	(7,522)
Change in funded status of pension plans, net of tax			618		618
Foreign currency translation adjustment			(956)		(956)
Net unrealized gain (loss) on restricted investments, net of tax			(13)		(13)
Net income				22,637	22,637
Balance at May. 31, 2019	$ 941	14,916	(12,687)	260,186	263,356
Balance (in shares) at May. 31, 2019	9,412,323
Balance at Feb. 28, 2019	$ 941	14,328	(11,279)	251,645	255,635
Balance (in shares) at Feb. 28, 2019	9,412,323
Increase (Decrease) in Stockholders' Equity
Amortization of restricted stock grants		462			462
Amortization of stock option grants		126			126
Change in funded status of pension plans, net of tax			91		91
Foreign currency translation adjustment			(1,494)		(1,494)
Net unrealized gain (loss) on restricted investments, net of tax			(5)		(5)
Net income				8,541	8,541
Balance at May. 31, 2019	$ 941	14,916	(12,687)	260,186	263,356
Balance (in shares) at May. 31, 2019	9,412,323
Increase (Decrease) in Stockholders' Equity
Adoption of new accounting standard | ASU 2014-09				22	22
Balance at Aug. 31, 2019	$ 940	14,351	(14,324)	270,260	271,227
Balance (in shares) at Aug. 31, 2019	9,400,748
Increase (Decrease) in Stockholders' Equity
Restricted stock grants, net of forfeitures	$ 5	(5)
Restricted stock grants, net of forfeitures (in shares)	44,879
Amortization of restricted stock grants		1,686			1,686
Amortization of stock option grants		687			687
Exercise of stock options		123			123
Exercise of stock options (in shares)	3,618
Common stock received for payment of stock option exercises		(123)			(123)
Common stock received for payment of stock option exercises (in shares)	(1,057)
Common stock retained to pay statutory minimum withholding taxes on common stock		(484)			(484)
Common stock retained to pay statutory minimum withholding taxes on common stock (in shares)	(5,790)
Cash dividend on common stock				(7,539)	(7,539)
Change in funded status of pension plans, net of tax			444		444
Foreign currency translation adjustment			318		318
Net unrealized gain (loss) on restricted investments, net of tax			5		5
Net income				25,149	25,149
Balance at May. 31, 2020	$ 945	16,235	(14,945)	289,258	291,493
Balance (in shares) at May. 31, 2020	9,442,398
Balance at Feb. 29, 2020	$ 945	15,882	(14,060)	279,350	282,117
Balance (in shares) at Feb. 29, 2020	9,448,620
Increase (Decrease) in Stockholders' Equity
Restricted stock grants, net of forfeitures (in shares)	(432)
Amortization of restricted stock grants		606			606
Amortization of stock option grants		231			231
Common stock retained to pay statutory minimum withholding taxes on common stock		(484)			(484)
Common stock retained to pay statutory minimum withholding taxes on common stock (in shares)	(5,790)
Change in funded status of pension plans, net of tax			185		185
Foreign currency translation adjustment			(1,077)		(1,077)
Net unrealized gain (loss) on restricted investments, net of tax			7		7
Net income				9,908	9,908
Balance at May. 31, 2020	$ 945	$ 16,235	(14,945)	289,258	$ 291,493
Balance (in shares) at May. 31, 2020	9,442,398
Increase (Decrease) in Stockholders' Equity
Adoption of new accounting standard | ASU 2018-02			(1,388)	$ 1,388
Adoption of new accounting standard			$ (1,388)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
STATEMENTS OF EQUITY
Change in funded status of pension plans, tax	$ 65	$ 34	$ 156	$ 218
Net unrealized gain (loss) on restricted investments, tax	$ 4	$ (1)	$ 3	$ (5)
Cash dividend on common stock per share (in dollars per share)			$ 0.80	$ 0.80

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	May 31, 2020	May 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 25,149	$ 22,637
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale of real estate	(760)
Loss on impairment of goodwill (Note 7)		2,410
Depreciation	2,989	3,634
Amortization	8,724	9,339
(Recovery) provision for allowance for doubtful accounts	(307)	166
Stock-based compensation	2,373	1,632
Realized (loss) gain on restricted investments	(32)	(2)
Pension curtailment and settlement loss	75	484
Deferred taxes	(15)	(581)
Increase (decrease) from changes in assets and liabilities
Accounts receivable	3,656	3,164
Inventory	1,835	(6,135)
Prepaid expenses and other assets	(154)	(504)
Accounts payable	(183)	(4,574)
Accrued compensation and other expenses	(1,263)	(1,912)
Accrued income taxes	578	517
Net cash provided by operating activities	42,665	30,275
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(1,044)	(1,841)
Cost to acquire intangible assets		(36)
Proceeds from sale of real estate	1,810
Proceeds from sale of businesses		400
Changes in restricted investments	(115)	(86)
Net cash provided by (used in) investing activities	651	(1,563)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of principal on debt		(25,000)
Dividend paid	(7,539)	(7,522)
Proceeds from exercise of common stock options		182
Payments of taxes on stock options and restricted stock	(484)
Net cash used in financing activities	(8,023)	(32,340)
INCREASE IN CASH & CASH EQUIVALENTS	35,293	(3,628)
Effect of foreign exchange rates on cash	195	(562)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	47,771	34,828
CASH AND CASH EQUIVALENTS, END OF PERIOD	83,259	30,638
Non-cash Investing and Financing Activities
Common stock received for payment of stock option exercises	123	120
Property, plant and equipment additions included in accounts payable	$ 236	$ 213

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	9 Months Ended
	May 31, 2020
Basis of Financial Statement Presentation
Basis of Financial Statement Presentation	Note 1 — Basis of Financial Statement Presentatio Description of Business Chase Corporation (the “Company,” “Chase,” “we,” or “us”), a global specialty chemicals company founded in 1946, is a leading manufacturer of protective materials for high-reliability applications across diverse market sectors. The Company’s strategy is to maximize the performance of its core businesses and brands while seeking future opportunities through strategic acquisitions. Through investments in facilities, systems and organizational consolidation the Company seeks to improve performance and gain economies of scale. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting, and instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Therefore, they do not include all information and footnote disclosures necessary for a complete presentation of Chase Corporation’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The year-end condensed balance sheet was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Chase Corporation filed audited consolidated financial statements which included all information and notes necessary for such a complete presentation for the three years ended August 31, 2019 in conjunction with its 2019 Annual Report on Form 10-K. Certain immaterial reclassifications have been made to the prior year amounts to conform to the current year’s presentation. The results of operations for the interim period ended May 31, 2020 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended August 31, 2019 which are contained in the Company’s 2019 Annual Report on Form 10-K. The accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring items) that are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of May 31, 2020, and the results of its operations, comprehensive income, changes in equity and cash flows for the interim periods ended May 31, 2020 and 2019. The financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company uses the U.S. dollar as the reporting currency for financial reporting. The financial position and results of operations of the Company’s U.K.-based operations are measured using the British pound as the functional currency. The financial position and results of operations of the Company’s operations based in France are measured using the euro as the functional currency. The financial position and results of the Company’s HumiSeal India Private Limited business are measured using the Indian rupee as the functional currency. The functional currency for all Chase Corporation’s other operations is the U.S. dollar. Foreign currency translation gains and losses are determined using current exchange rates for monetary items and historical exchange rates for other balance sheet items and are recorded as a change in other comprehensive income. Transaction gains and losses generated from the remeasurement of assets and liabilities denominated in currencies other than the functional currency of each applicable operation are included in other income (expense) on the condensed consolidated statements of operations, and were $155 and ($451) for the three- and nine-month periods ended May 31, 2020, respectively, and $135 and ($281) for the three- and nine-month periods ended May 31, 2019, respectively.   Other Business Developments The second and third fiscal quarters of 2020 saw the global spread of the coronavirus pandemic (COVID-19), which grew to create significant volatility, uncertainty and global economic disruption. During the third fiscal quarter, the Company implemented changes to its cost structure designed to address market changes brought by COVID-19 and demonstrate its commitment to fiscal prudence: (a) the Company made a targeted reduction in its global workforce, contemplated pre-pandemic but catalyzed by COVID-19, which resulted in the recognition of $183 in severance costs during the period; and (b) the Company also instituted a temporary 20% reduction in the base salaries of its named executive officers and select members of senior management, as well as the cash compensation of the non-employee members of its Board of Directors. The reduction in force, which impacted operations in the Company’s U.S. facilities, and the adjustments in compensation, were both effective May 2020. During the first quarter of fiscal 2020, the Company commissioned third party led studies regarding the potential upgrading of the Company’s current worldwide ERP system. Chase is currently reviewing the data and recommendations provided by the study and may further utilize third-party engineering, IT and other professional services firms in the future for similar work, as well as work around the facilities rationalization and consolidation initiative. The Company recognized $150 in expense related to these services in the first quarter of fiscal 2020, with no expense recognized in the second or third fiscal quarters. Given the ongoing nature of the review, an estimate of future costs, including those that may be capitalized, cannot currently be determined. During the third quarter of fiscal 2019, Chase began moving the pulling and detection operations housed in its Granite Falls, NC location to its Hickory, NC facility. This is in line with the Company’s ongoing initiative to consolidate its manufacturing plants and streamline its existing processes. At the time, the pulling and detection operations were the only Chase-owned production operations in Granite Falls, NC, with the remaining portions of the building being either utilized for research and development or leased to a third party. The process of moving, including moving internal research and development capabilities, was substantially completed during the second quarter of fiscal 2020. The Company recognized $60 and $559 in expense related to the move in the three-month and six-month periods ended February 29, 2020, respectively, having recognized $526 in expense during the second half of fiscal 2019. No costs were recognized in the three months ended May 31, 2020, and future costs related to this move are not anticipated to be significant to the condensed consolidated financial statements. On June 25, 2018, the Company announced to its employees the planned closing of its Pawtucket, RI manufacturing facility effective August 31, 2018. This is in line with the Company’s ongoing efforts to consolidate its manufacturing plants and streamline its existing processes. The manufacture of products previously produced in the Pawtucket, RI facility was substantially moved to Company facilities in Oxford, MA and Lenoir, NC during a two-month transition period. In the fourth quarter of fiscal 2018, the Company expensed $1,272 related to the closure. The Company also recognized $260 in expense related to the move in the three-month period ended November 30, 2018, with no additional expense recognized in the remainder of fiscal 2019. The Company completed the sale of its Pawtucket, RI location to a third party in the third quarter of fiscal 2020 for net proceeds totaling $1,810, recognizing a gain on sale of real estate of $760. Also, during the third quarter of fiscal 2020, the Company recognized $85 in final Pawtucket, RI transition and exit costs, with no further costs related to this initiative anticipated in future periods. Significant Accounting Policies The Company’s significant accounting policies are detailed in Note 1 — “Summary of Significant Accounting Policies” within Item 8 of the Company’s Annual Report on Form 10-K for the year ended August 31, 2019. Management believes that there have been no material changes during the nine months ended May 31, 2020 to the critical accounting policies reported in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019.

Recent Accounting Standards

Recent Accounting Standards	9 Months Ended
	May 31, 2020
Recent Accounting Standards
Recent Accounting Standards	Note 2 — Recent Accounting Standards Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-03, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an 'incurred loss' method to an 'expected loss' method. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” ASU 2019-11 is an accounting pronouncement that amends ASU 2016-03. The ASU 2019-11 amendment provides clarity and improves the codification to ASU 2016-03. The pronouncements are concurrently effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years (effective fiscal 2021). The Company is currently evaluating the effects of this pronouncement on its condensed consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (b) a right-of-use asset, which represents the lessee’s right to use, or control the use of, a specified asset for the lease term. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) Targeted Improvements.” The updated guidance provided an optional transition method, which allows for the application of the standard as of the adoption date with no restatement of prior period amounts. The Company adopted the standard on September 1, 2019 (start of fiscal 2020) under the optional transition method described above. Consequently, historical financial information was not updated, and the disclosures required under the new standard are not provided for dates and periods prior to September 1, 2019. The new standard provides several optional practical expedients in transition. The Company has elected to apply the “package of practical expedients” which allows it to not reassess i) whether existing or expired arrangements contain a lease, ii) the lease classification of existing or expired leases, or iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. In preparation for adoption of the standard, the Company enhanced its internal controls to enable the preparation of financial information including the assessment of the impact of the standard. The initial adoption of the ASU resulted in the recognition of additional lease liabilities of $9,644 ($2,071 short-term and $7,573 long-term) and right-of-use assets of $10,200 as of September 1, 2019 on the condensed consolidated balance sheet as it relates to the Company’s operating leases. The new standard did not have a material impact on the Company’s condensed consolidated statement of operations or cash flows. In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU was issued to address a narrow-scope financial reporting issue that arose as a result of the enactment of the Tax Cuts and Jobs Act (“Tax Reform”) on December 22, 2017. The objective of ASU 2018-02 is to address the tax effects of items within accumulated other comprehensive income (referred to as “stranded tax effects”) that do not reflect the appropriate tax rate enacted in the Tax Reform. As a result, the ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate of 35 percent and the current enacted corporate income tax rate of 21 percent. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, including adoption in an interim period. The amendments in this ASU may be applied retrospectively to each period in which the effect of the change in the U.S. Federal corporate income tax rate in the Tax Reform is recognized. Therefore, the Company adopted ASU 2018-02 in the first quarter of the year ending August 31, 2020, and has elected to reclassify the income tax effects of the Tax Reform related to its pension funding from accumulated other comprehensive loss to retained earnings.

Inventory

Inventory	9 Months Ended
	May 31, 2020
Inventory
Inventory	Note 3 — Inventory Inventory consisted of the following as of May 31, 2020 and August 31, 2019: May 31, August 31, 2020 2019 Raw materials $ 19,074 $ 20,325 Work in process 7,660 8,748 Finished goods 13,817 13,281 Total Inventory $ 40,551 $ 42,354

Net Income Per Share

Net Income Per Share	9 Months Ended
	May 31, 2020
Net Income Per Share
Net Income Per Share	Note 4 — Net Income Per Share The Company has unvested share-based payment awards with a right to receive nonforfeitable dividends which are considered participating securities under ASC Topic 260, “Earnings Per Share.” The Company allocates earnings to participating securities and computes earnings per share using the two-class method. The determination of earnings per share under the two-class method is as follows: Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Basic Earnings per Share Net income $ 9,908 $ 8,541 $ 25,149 $ 22,637 Less: Allocated to participating securities Net income available to common shareholders $ 9,822 $ 8,473 $ 24,948 $ 22,460 Basic weighted average shares outstanding Net income per share - Basic $ 1.05 $ 0.91 $ 2.67 $ 2.41 Diluted Earnings per Share Net income $ 9,908 $ 8,541 $ 25,149 $ 22,637 Less: Allocated to participating securities Net income available to common shareholders $ 9,822 $ 8,473 $ 24,948 $ 22,460 Basic weighted average shares outstanding Additional dilutive common stock equivalents Diluted weighted average shares outstanding Net income per share - Diluted $ 1.04 $ 0.90 $ 2.64 $ 2.39 For the three- and nine-month periods ended May 31, 2020, stock options to purchase 17,913 and 11,841 shares of common stock, respectively, were outstanding but were not included in the calculation of diluted income per share because their inclusion would be anti-dilutive. For the three- and nine-month periods ended May 31, 2019, stock options to purchase 15,625 and 14,566 shares of common stock were outstanding but were not included in the calculation of diluted income per share because their inclusion would be anti-dilutive. Included in the calculation of dilutive common stock equivalents are the unvested portion of restricted stock and stock options.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	May 31, 2020
Stock-Based Compensation
Stock-Based Compensation	Note 5 — Stock-Based Compensation In August 2018, the Board of Directors of the Company approved the fiscal year 2019 Long Term Incentive Plan (“2019 LTIP”) for the executive officers and other members of management. The 2019 LTIP is an equity-based plan with a grant date of September 1, 2018 and contains a performance and service-based restricted stock grant of 6,609 shares in the aggregate, subject to adjustment (as discussed below), with a vesting date of August 31, 2021. During the fourth quarter of fiscal 2019, an additional grant of restricted stock was made related to the 2019 LTIP grant in conjunction with an amendment to the equity compensation program for a promoted employee. The additional grant contains the following restricted stock components: (a) a performance and service-based restricted stock grant of 211 shares in the aggregate, subject to adjustment based on fiscal 2019 results, with a vesting date of August 31, 2021, for which compensation expense is recognized on a ratable basis over the vesting period based on quarterly probability assessments; and (b) a time-based restricted stock grant of 132 shares in the aggregate, with a vesting date of August 31, 2021, for which compensation expense is recognized on a ratable basis over the vesting period. In August 2019, restricted stock in the amount of 833 shares related to the 2019 LTIP grant was forfeited in conjunction with an amendment in the equity compensation agreement of an employee. Based on the fiscal year 2019 financial results, 2,694 shares of restricted stock already granted were forfeited subsequent to the end of fiscal year 2019 in accordance with the performance measurement criteria. No further performance-based measurements apply to this award. Compensation expense is being recognized on a ratable basis over the vesting period. In August 2019, the Board of Directors of the Company approved the fiscal year 2020 Long Term Incentive Plan (“2020 LTIP”) for the executive officers and other members of management. The 2020 LTIP is an equity-based plan with a grant date of September 1, 2019 and contains the following equity components: Restricted Shares — (a) a performance and service-based restricted stock grant of 3,697 shares in the aggregate, subject to adjustment based on fiscal 2020 results, with a vesting date of August 31, 2022. Compensation expense is recognized on a ratable basis over the vesting period based on quarterly probability assessments; and (b) a time-based restricted stock grant of 3,689 shares in the aggregate, with a vesting date of August 31, 2022. Compensation expense is recognized on a ratable basis over the vesting period. Stock options — options to purchase 13,418 shares of common stock in the aggregate with an exercise price of $100.22 per share. The options will vest in three equal annual installments beginning on August 31, 2020 and ending on August 31, 2022. Of the options granted, 6,218 options will expire on August 31, 2029, and 7,200 options will expire on September 1, 2029. Compensation expense is recognized over the period of the award consistent with the vesting terms. In August 2019, the Board of Directors of the Company approved equity retention agreements with certain executive officers. The equity-based retention agreements have a grant date of September 1, 2019 and contain the following equity components: (a) time-based restricted stock grant of 15,945 shares in the aggregate, and having a vesting date of August 31, 2022; and (b) options to purchase 53,642 shares of common stock in the aggregate with an exercise price of $100.22 per share. The options will cliff vest on August 31, 2022 and will expire on August 31, 2029. Compensation expense for both the restricted stock and the stock option components of the equity retention agreements is recognized on a ratable basis over the vesting period. During the second quarter of fiscal 2020, additional grants of 18,720, 616 and 432 shares of restricted stock (total of 19,768) were issued to non-executive members of management with vesting dates of December 31, 2021, 2022 and 2024, respectively. Compensation expense is being recognized on a ratable basis over the vesting period. In February 2020, as part of their standard compensation for board service, non-employee members of the Board received a total grant of 4,906 shares of restricted stock for service for the period from January 31, 2020 through January 31, 2021. The shares of restricted stock will vest at the conclusion of this service period. Compensation is being recognized on a ratable basis over the twelve-month vesting period. In May 2020, restricted stock in the amount of 432 shares related to a second quarter of fiscal 2020 grant was forfeited in conjunction with the termination of employment of a non-executive member of management of the Company.

Segment Data and Foreign Operat

Segment Data and Foreign Operations	9 Months Ended
	May 31, 2020
Segment Data and Foreign Operations
Segment Data and Foreign Operations	Note 6 — Segment Data and Foreign Operations The Company is organized into three reportable operating segments: Adhesives, Sealants and Additives; Industrial Tapes; and Corrosion Protection and Waterproofing. The segments are distinguished by the nature of the products manufactured and how they are delivered to their respective markets. In the fourth quarter of the Company’s fiscal year 2019, it reorganized from two into three reportable operating segments; prior year quarter and year-to-date period amounts have been recast to reflect this change. The Adhesives, Sealants and Additives segment offers innovative and specialized product offerings consisting of both end-use products and intermediates that are used in, or integrated into, another company’s product. Demand for the segment’s product offerings is typically dependent upon general economic conditions. The Adhesives, Sealants and Additives segment leverages the core specialty chemical competencies of the Company, and serves diverse markets and applications. The segment sells predominantly into the transportation, appliances, medical, general industrial and environmental market verticals. The segment’s products include moisture protective coatings and customized sealant and adhesive systems for electronics, polymeric microspheres, polyurethane dispersions and superabsorbent polymers. The Industrial Tapes segment features legacy wire and cable materials, specialty tapes and other laminated and coated products. The segment derives its competitive advantage through its proven chemistries, diverse specialty offerings and the reliability its supply chain offers to end customers. These products are generally used in the assembly of other manufacturers’ products, with demand typically dependent upon general economic conditions. The Industrial Tapes segment sells mostly to established markets, with some exposure to growth opportunities through further development of existing products. Markets served include cable manufacturing, utilities and telecommunications, and electronics packaging. The segment’s offerings include insulating and conducting materials for wire and cable manufacturers, laminated durable papers, laminates for the packaging and industrial laminate markets, custom manufacturing services, pulling and detection tapes used in the installation, measurement and location of fiber optic cables and water and natural gas lines and cover tapes essential to delivering semiconductor components via tape-and-reel packaging. The Corrosion Protection and Waterproofing segment is principally composed of project-oriented product offerings that are primarily sold and used as “Chase” branded products. End markets include new and existing infrastructure projects on oil, gas, water and wastewater pipelines, highways and bridge decks, water and wastewater containment systems, and commercial buildings. The segment’s products include protective coatings for pipeline applications, coating and lining systems for waterproofing and liquid storage applications, adhesives and sealants used in architectural and building envelope waterproofing applications, high-performance polymeric asphalt additives, and expansion joint systems for waterproofing applications in transportation and architectural markets. With sales generally dependent on outdoor project work, the segment experiences highly seasonal sales patterns. The following tables summarize information about the Company’s reportable segments: Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Revenue Adhesives, Sealants and Additives $ 22,922 $ 26,009 $ 73,184 $ 78,814 Industrial Tapes 31,752 33,704 91,931 98,324 Corrosion Protection and Waterproofing 10,197 12,399 32,140 34,108 Total $ 64,871 $ 72,112 $ 197,255 $ 211,246 Income before income taxes Adhesives, Sealants and Additives $ 6,704 $ 7,509 $ 20,936 $ 20,530 (f) Industrial Tapes 9,011 6,929 (b) 24,050 (d) 20,980 (g) Corrosion Protection and Waterproofing 4,149 4,817 12,240 11,667 Total for reportable segments 19,864 19,255 57,226 53,177 Corporate and common costs (7,337) (a) (7,067) (c) (23,823) (e) (22,249) (h) Total $ 12,527 $ 12,188 $ 33,403 $ 30,928 Includes the following costs by segment: Adhesives, Sealants and Additives Interest $ 26 $ 34 $ 68 $ 172 Depreciation 199 356 791 1,121 Amortization 2,340 2,341 7,033 7,020 Industrial Tapes Interest $ 33 $ 38 $ 87 $ 193 Depreciation 428 410 1,247 1,304 Amortization 450 450 1,350 1,350 Corrosion Protection and Waterproofing Interest $ 8 $ 19 $ 23 $ 92 Depreciation 144 161 449 500 Amortization 108 323 341 969 (a) Includes $760 in gain related to the April 2020 sale of the Company’s Pawtucket, RI location, $183 in severance expense related to the May 2020 reduction in force, $85 in expenses related to the final transition out of the Pawtucket, RI facility, and $75 of pension-related settlement costs due to the timing of lump-sum distribution (b) Includes $193 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the third quarter of fiscal 2019 (c) Includes $11 of pension-related settlement costs due to the timing of lump-sum distributions (d) Includes $559 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the first nine months of fiscal 2020 (e) Includes $150 of expense related to exploratory IT work performed to assess potential future upgrades to the companywide ERP system, a $760 gain related to the April 2020 sale of the Company’s Pawtucket, RI location, $183 in severance expense related to the May 2020 reduction in force, $85 in expenses related to the final transition out of the Pawtucket, RI facility, and $75 of pension-related settlement costs due to the timing of lump-sum distribution (f) Includes $2,410 of loss on impairment of goodwill related to the Company’s polyurethane dispersions business (g) Includes $260 of expense related to the closure and exit of the Pawtucket, RI location recognized in the first quarter of fiscal 2019, $193 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the third quarter of fiscal 2019 (h) Includes $484 of pension-related settlement costs due to the timing of lump-sum distributions Total assets for the Company’s reportable segments as of May 31, 2020 and August 31, 2019 were: May 31, August 31, 2020 2019 Total Assets Adhesives, Sealants and Additives $ 134,353 $ 135,583 Industrial Tapes 70,489 77,085 Corrosion Protection and Waterproofing 31,722 32,478 Total for reportable segments 236,564 245,146 Corporate and common assets 97,306 62,822 Total $ 333,870 $ 307,968 The Company’s products are sold worldwide. Revenue for the three-month and nine-month periods ended May 31, 2020 and 2019 were attributed to operations located in the following countries: Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Revenue United States $ 56,177 $ 64,046 $ 171,774 $ 186,339 United Kingdom 5,070 4,502 14,489 12,946 All other foreign (1) 3,624 3,564 10,992 11,961 Total $ 64,871 $ 72,112 $ 197,255 $ 211,246 (1) Comprises sales originated from the Company’s Paris, France location, royalty revenue attributable to its licensed manufacturer in Asia, and Chase foreign manufacturing operations. As of May 31, 2020 and August 31, 2019 the Company had long-lived assets ( defined as tangible assets providing the Company with a future economic benefit beyond the current year or operating period, including buildings, equipment and leasehold improvements) and goodwill and intangible assets, less accumulated amortization, in the following countries: May 31, August 31, 2020 2019 Long-Lived Assets United States Property, plant and equipment, net $ 23,509 $ 24,993 Goodwill and Intangible assets, less accumulated amortization 120,673 129,057 United Kingdom Property, plant and equipment, net 2,246 2,493 Goodwill and Intangible assets, less accumulated amortization 4,180 4,446 All other foreign Property, plant and equipment, net 901 1,840 Goodwill and Intangible assets, less accumulated amortization 1,194 1,187 Total Property, plant and equipment, net $ 26,656 $ 29,326 Goodwill and Intangible assets, less accumulated amortization $ 126,047 $ 134,690

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	May 31, 2020
Goodwill and Other Intangibles
Goodwill and Other Intangibles	Note 7 — Goodwill and Other Intangibles The changes in the carrying value of goodwill were as follows: Adhesives, Sealants and Additives Industrial Tapes Corrosion Protection and Waterproofing Consolidated Balance at August 31, 2019 $ 50,090 $ 21,215 $ 10,681 $ 81,986 Foreign currency translation adjustment 55 — 3 58 Balance at May 31, 2020 $ 50,145 $ 21,215 $ 10,684 $ 82,044 The Company’s goodwill is allocated to each reporting unit based on the nature of the products manufactured by the respective business combinations that originally created the goodwill. The Company has identified a total of three reporting units, corresponding to its three operating segments that are used to evaluate the possible impairment of goodwill. Goodwill impairment exists when the carrying value of goodwill exceeds its fair value. Assessments of possible impairment of goodwill are made when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable through future operations. Additionally, testing for possible impairment of recorded goodwill and certain intangible asset balances is required annually. The amount and timing of any impairment charges based on these assessments require the estimation of future cash flows and the fair market value of the related assets based on management’s best estimates of certain key factors, including future selling prices and volumes; operating, raw material and energy costs; and various other projected operating and economic factors, including the anticipated future impact of the coronavirus disease 2019 (COVID-19) pandemic. When testing, fair values of the reporting units and the related implied fair values of their respective goodwill are established using discounted cash flows. The Company evaluates the possible impairment of goodwill annually during the fourth quarter, and whenever events or circumstances indicate the carrying value of goodwill may not be recoverable. During the three-month period ended February 28, 2019, the ordering patterns of the polyurethane dispersions reporting unit’s customers, especially those in the automotive industry, combined with a decrease in the reporting unit’s backlog of customer orders believed to be firm as of February 28, 2019, indicated that an impairment in the carrying value of the reporting unit might have occurred. The Company performed an impairment test on the indefinite-lived and long-lived assets related to the polyurethane dispersions reporting unit, now part of the Adhesives, Sealants and Additives operating segment and reporting unit (part of the former Industrial Materials segment during the second fiscal quarter of 2019), in accordance with ASC Topic 350, “Intangibles — Goodwill and Other” and ASC Topic 360, “Disclosure — Impairment or Disposal of Long-Lived Assets.” As a result of impairment testing, which included first testing long-lived assets other than goodwill for impairment under applicable guidance, the Company recorded a charge of $2,410 to loss on impairment of goodwill within the consolidated statement of operations during the quarter ended February 28, 2019. The polyurethane dispersions reporting unit’s fair value was determined based on the income approach (discounted cash flow method). In fiscal 2017, the Company early adopted ASU No. 2017-04 “Intangibles - Goodwill and Other Topics (Topic 350): Simplifying the Test for Goodwill Impairment.” The Company assesses goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount. If the fair value of a reporting unit is less than its carrying value, an impairment loss, limited to the amount of goodwill allocated to that reporting unit, is recorded. Intangible assets subject to amortization consisted of the following as of May 31, 2020 and August 31, 2019: Weighted Average Gross Carrying Accumulated Net Carrying Amortization Period Value Amortization Value May 31, 2020 Patents and agreements years $ 1,760 $ 1,702 $ 58 Formulas and technology years 10,177 8,823 1,354 Trade names years 8,514 7,608 906 Customer lists and relationships years 98,267 56,582 41,685 $ 118,718 $ 74,715 $ 44,003 August 31, 2019 Patents and agreements years $ 1,760 $ 1,693 $ 67 Formulas and technology years 10,164 7,969 2,195 Trade names years 8,503 7,261 1,242 Customer lists and relationships years 98,139 48,939 49,200 $ 118,566 $ 65,862 $ 52,704 Aggregate amortization expense related to intangible assets for the nine months ended May 31, 2020 and 2019 was $8,724 and $9,339 respectively. Estimated amortization expense for the remainder of fiscal year 2020 and for the next five years is as follows: Years ending August 31, 2020 (remaining 3 months) $ 2,837 2021 11,031 2022 10,024 2023 6,768 2024 5,659 2025 5,552

Leases

Leases	9 Months Ended
	May 31, 2020
Leases
Leases	Note 8 — Leases Effective September 1, 2019 (the start of fiscal 2020), the Company adopted ASU 2016-02, Leases (Topic 842), using the modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). The Company has elected to apply the ‘package of practical expedients’ which allows it to not reassess i) whether existing or expired arrangements contain a lease, ii) the lease classification of existing or expired leases, or iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (ROU) assets and short-term and long-term lease liabilities, as applicable. The Company does not have any financing leases that are material in nature. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company believes it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The following table presents the right-of-use asset and short-term and long-term lease liabilities amounts recorded on the condensed consolidated balance sheet as of May 31, 2020: May 31, 2020 Assets Operating lease right-of-use asset $ 8,658 Liabilities Current (accrued expense) $ 1,965 Operating lease long-term liabilities 6,157 Total lease liability $ 8,122 Lease cost The components of lease costs for the three and nine months ended May 31, 2020 are as follows: Three Months Ended Nine Months Ended May 31, 2020 May 31, 2020 Operating lease cost (a) $ 952 $ 2,802 (a) Includes short-term leases and variable lease costs (e.g. common area maintenance), which are immaterial. Maturity of lease liability The maturity of the Company's lease liabilities at May 31, 2020 was as follows: Future Operating Year ending August 31, Lease Payments 2020 (remaining 3 months) $ 681 2021 1,977 2022 1,333 2023 1,179 2024 1,193 2025 and thereafter 2,598 Less: Interest (839) Present value of lease liabilities $ 8,122 The weighted average remaining lease term and discount rates are as follows: May 31, 2020 Lease Term and Discount Rate Weighted average remaining lease term (years) Operating leases 5.6 Weighted average discount rate (percentage) Operating leases 3.1 % Other Information Supplemental cash flow information related to leases is as follows: Nine Months Ended May 31, 2020 Operating cash outflows from operating leases $ 1,818 Total cash paid for amounts included in the measurement of lease liabilities $ 1,818 Minimum lease payments under operating leases prior to adoption of ASU 2016-02 were as follows: Future Operating Year ending August 31, Lease Payments 2020 $ 2,468 2021 2,059 2022 1,371 2023 1,187 2024 1,200 2025 and thereafter 2,608 Total future minimum lease payments $ 10,893

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	May 31, 2020
Revenue from Contracts with Customers
Revenue from Contracts with Customers	Note 9 — Revenue from Contracts with Customers The Company accounts for revenue in accordance with ASC 606, “Revenue from Contracts with Customers.” This revenue is generated from the manufacture of specialty chemical products including coatings, linings, adhesives, sealants, specialty tapes, polymers and laminates. Certain of these manufactured products can incorporate customer-owned materials. The Company also recognizes, to a lesser extent, revenue through royalties and commissions from licensed manufacturers and from providing custom manufacturing-related services. The Company’s revenue recognition policies require the Company to make significant judgments and estimates. In applying the Company’s revenue recognition policy, determinations must be made as to when control of products passes to the Company’s customers, which can be either at a point in time or over time based on contractual terms with customers. Revenue is generally recognized at a point in time when control passes upon either shipment to or receipt by the customer of the Company’s products, while revenue is generally recognized over time when control of the Company’s products transfers to customers during the manufacturing process. The Company analyzes several factors, including but not limited to, the nature of the products being sold and contractual terms and conditions in contracts with customers to help the Company make such judgments about revenue recognition. Contract Balances The Company’s contract assets primarily relate to unbilled revenue for products currently in production at the Company’s facilities and which incorporate customer-owned material. Revenue is recognized in advance of billing to the customer in these specific circumstances, whereas billing is typically performed at the time of shipment to or receipt by the customer. Contract assets are included in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet. The following table presents contract assets by reportable operating segment as of May 31, 2020 and August 31, 2019: May 31, August 31, 2020 2019 Contract Assets Adhesives, Sealants and Additives $ 35 $ 42 Industrial Tapes 46 26 Corrosion Protection and Waterproofing 183 79 Total $ 264 $ 147 The Company did not have any contract liabilities as of May 31, 2020 and August 31, 2019. Disaggregated Revenue The Company disaggregates revenue from customers by geographic region, as it believes this disclosure best depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors. Disaggregated revenue by geographical region for the three and nine months ended May 31, 2020 and 2019 was as follows: Three Months Ended May 31, 2020 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 15,094 $ 28,137 $ 7,635 $ 50,866 Asia 4,541 2,239 1,737 8,517 Europe 3,201 840 750 4,791 All other foreign 86 536 75 697 Total Revenue $ 22,922 $ 31,752 $ 10,197 $ 64,871 Nine Months Ended May 31, 2020 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 49,135 $ 81,811 $ 25,323 $ 156,269 Asia 13,268 5,642 4,419 23,329 Europe 10,422 2,386 2,201 15,009 All other foreign 359 2,092 197 2,648 Total Revenue $ 73,184 $ 91,931 $ 32,140 $ 197,255 Three Months Ended May 31, 2019 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 17,436 $ 31,691 $ 9,764 $ 58,891 Asia 4,898 1,303 1,851 8,052 Europe 3,522 561 644 4,727 All other foreign 153 149 140 442 Total Revenue $ 26,009 $ 33,704 $ 12,399 $ 72,112 Nine Months Ended May 31, 2019 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 53,549 $ 89,672 $ 26,968 $ 170,189 Asia 14,808 5,217 5,123 25,148 Europe 10,078 2,101 1,794 13,973 All other foreign 379 1,334 223 1,936 Total Revenue $ 78,814 $ 98,324 $ 34,108 $ 211,246

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 10 — Commitments and Contingencies The Company is involved from time to time in litigation incidental to the conduct of its business. Although the Company does not expect that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial condition, results of operations or cash flows, litigation is inherently unpredictable. Therefore, judgments could be rendered, or settlements agreed to that could adversely affect the Company’s operating results or cash flows in a particular period. The Company routinely assesses all its litigation and threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefits	9 Months Ended
	May 31, 2020
Pensions and Other Postretirement Benefits
Pensions and Other Postretirement Benefits	Note 11 — Pensions and Other Postretirement Benefits The components of net periodic benefit cost for the three and nine months ended May 31, 2020 and 2019 were as follows: Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 74 $ 67 $ 221 $ 213 Interest cost 112 172 338 528 Expected return on plan assets (98) (104) (294) (325) Amortization of prior service cost 1 1 3 3 Amortization of accumulated loss 174 112 522 349 Curtailment and settlement loss 75 11 75 484 Net periodic benefit cost $ 338 $ 259 $ 865 $ 1,252 When funding is required, the Company’s policy is to contribute amounts that are deductible for federal income tax purposes. The Company has made contributions of $1,170 in the nine months ended May 31, 2020 to fund its obligations under its pension plans, and plans to make the necessary contributions over the remainder of fiscal 2020 to ensure the qualified plans continue to be adequately funded given the current market conditions, including conditions related to the coronavirus disease 2019 (COVID-19) pandemic. The Company made contributions of $1,177 in the nine months ended May 31, 2019.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	May 31, 2020
Fair Value Measurements
Fair Value Measurements	Note 12 — Fair Value Measurements The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The Company uses a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values. These tiers are: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company utilizes the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The financial assets classified as Level 1 and Level 2 as of May 31, 2020 and August 31, 2019 represent investments that are restricted for use in nonqualified retirement savings plans for certain key employees and directors. The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of May 31, 2020 and August 31, 2019: Fair value measurement category Quoted prices Significant other Significant Fair value in active markets observable inputs unobservable inputs measurement date Total (Level 1) (Level 2) (Level 3) Assets: Restricted investments May 31, 2020 $ 1,413 $ 1,213 $ 200 $ — Restricted investments August 31, 2019 $ 1,260 $ 1,091 $ 169 $ — The following table presents the fair value of the Company’s long-term debt (including any current portion of long-term debt) as of May 31, 2020 and August 31, 2019, which is recorded at its carrying value: Fair value measurement category Quoted prices Significant other Significant Fair value in active markets observable inputs unobservable inputs measurement date Total (Level 1) (Level 2) (Level 3) Liabilities: Long-term debt May 31, 2020 $ — $ — $ — $ — Long-term debt August 31, 2019 $ — $ — $ — $ — The long-term debt had no outstanding balance as of May 31, 2020 and August 31, 2019. The carrying value of the long-term debt approximates its fair value, as the interest rate is set based on the movement of the underlying market rates. See Note 16 to the condensed consolidated financial statements for additional information on long-term debt.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	May 31, 2020
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	Note 13 — Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income (loss), net of tax, were as follows: Change in Funded Foreign Currency Restricted Status of Translation Investments Pension Plans Adjustment Total Balance at August 31, 2018 $ 126 $ (5,796) $ (6,666) $ (12,336) Other comprehensive gains (losses) before reclassifications (1) (12) — (956) (968) Reclassifications to net income of previously deferred (gains) losses (2) (1) 618 — 617 Other comprehensive income (loss) (13) 618 (956) (351) Balance at May 31, 2019 $ 113 $ (5,178) $ (7,622) $ (12,687) Balance at August 31, 2019 $ 154 $ (6,271) $ (8,207) $ (14,324) Other comprehensive gains (losses) before reclassifications (3) 29 — 318 347 Reclassifications to net income of previously deferred (gains) losses (4) (24) 444 — 420 Other comprehensive income (loss) 5 444 318 767 Adoption of ASU 2018-02 (5) — (1,388) — (1,388) Balance at May 31, 2020 $ 159 $ (7,215) $ (7,889) $ (14,945) (1) Net of tax expense of $4, $0 and $0, respectively. (2) Net of tax benefit of $1, $218 and $0, respectively. (3) Net of tax benefit of $11, $0 and $0, respectively. (4) Net of tax expense of $8, tax benefit of $156 and $0, respectively. (5) See Note 2 for further information related to the adoption of ASU 2018-02. The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the unaudited condensed consolidated statements of income: Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended May 31, Nine Months Ended May 31, Location of Gain (Loss) Reclassified from Accumulated 2020 2019 2020 2019 Other Comprehensive Income (Loss) into Income Gains on Restricted Investments: Realized loss (gain) on sale of restricted investments $ (4) $ (6) $ (32) $ (2) Selling, general and administrative expenses Tax expense (benefit) 1 2 8 1 Gain net of tax $ (3) $ (4) $ (24) $ (1) Loss on Funded Pension Plan adjustments: Amortization of prior pension service costs and unrecognized losses $ 175 $ 114 $ 525 $ 352 Other income (expense) Settlement and curtailment loss 75 11 75 484 Other income (expense) Tax expense (benefit) (65) (34) (156) (218) Loss net of tax $ 185 $ 91 $ 444 $ 618 Total net loss reclassified for the period $ 182 $ 87 $ 420 $ 617

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	May 31, 2020
Assets Held for Sale
Assets Held for Sale	Note 14 — Assets Held for Sale The Company periodically reviews long-lived assets against its plans to retain or ultimately dispose of these assets. If the Company decides to dispose of an asset and commits to a plan to actively market and sell the asset, it will be moved to assets held for sale. The Company analyzes market conditions each reporting period, and, if applicable, records additional impairments due to declines in market values of like assets. The fair value of the asset is determined by observable inputs such as appraisals and prices of comparable assets in active markets for assets like the Company's. Gains are not recognized until the assets are sold. Assets held for sale as of May 31, 2020 and August 31, 2019 were: May 31, 2020 August 31, 2019 Pawtucket, RI - Property, plant and equipment $ — $ 1,050 Randolph, MA - Property 14 14 Total $ 14 $ 1,064 The Company completed the sale of its Pawtucket, RI location to a third-party in April 2020, for net proceeds totaling $1,810. This transaction resulted in a gain of $760 which was recorded during the third quarter of fiscal 2020. See Note 15 to the condensed consolidated financial statements for additional information on the Pawtucket, RI location assets held as of August 31, 2019.

Operations Optimization Costs

Operations Optimization Costs	9 Months Ended
	May 31, 2020
Operations Optimization Costs
Operations Optimization Costs	Note 15 — Operations Optimization Costs COVID-19 Related Cost Structure Changes During the third fiscal quarter of 2020, the Company implemented changes in its cost structure designed to address market changes brought on, in part, by COVID-19. These changes included a targeted reduction of approximately 4.5% of the Company’s global workforce. This reduction, which was contemplated pre-pandemic but catalyzed by COVID-19, resulted in the recognition of $183 in severance costs during the third quarter of 2020. The reduction in force, which impacted operations in the Blawnox, PA, Hickory, NC, Lenoir, NC, Evanston, IL, Oxford, MA and Westwood, MA facilities, was effective May 7, 2020. IT Studies Related to the Upgrade of the Company’s Worldwide ERP System During the first quarter of fiscal 2020, the Company commissioned third party led studies regarding the potential upgrading of the Company’s current worldwide ERP system. Chase is currently reviewing the data and recommendations provided by the study and may further utilize third-party engineering, IT and other professional services firms in the future for similar work, as well as work around its facilities rationalization and consolidation initiative. The Company recognized $150 in expense related to these services in the first quarter of fiscal 2020, with no expense recognized in the second or third fiscal quarters. Given the ongoing nature of the review, an estimate of future costs, including those that may be capitalized, cannot currently be determined. Relocation of Pulling and Detection Manufacturing to Hickory, NC During the third quarter of fiscal 2019, Chase began moving the pulling and detection operations housed in its Granite Falls, NC location to its Hickory, NC facility. This is in line with the Company’s ongoing initiative to consolidate its manufacturing plants and streamline its existing processes. At the time, the pulling and detection operations were the only Chase-owned production operations in Granite Falls, NC, with the remaining portions of the building being either utilized for research and development or leased to a third party. The process of moving, including moving internal research and development capabilities, was substantially completed during the second quarter of fiscal 2020. The Company recognized $60 and $559 in expense related to the move in the three-month and six-month periods ended February 29, 2019, respectively, having recognized $526 in expense during the second half of fiscal 2019. No costs were recognized in the three months ended May 31, 2020, and future costs related to this move are not anticipated to be significant to the condensed consolidated financial statements. Closure and Sale of Pawtucket, RI Facility On June 25, 2018, the Company announced to its employees the planned closing of its Pawtucket, RI manufacturing facility effective August 31, 2018. This is in line with the Company’s ongoing efforts to consolidate its manufacturing plants and streamline its existing processes. The manufacture of products previously produced in the Pawtucket, RI facility was substantially moved to Company facilities in Oxford, MA and Lenoir, NC during a two-month transition period. In the fourth quarter of fiscal 2018, the Company expensed $1,272 related to the closure. The Company also recognized $260 in expense related to the move in the three-month period ended November 30, 2018, with no additional expense recognized in the remainder of fiscal 2019. The Company completed the sale of its Pawtucket, RI location to a third-party in April 2020, for net proceeds totaling $1,810. This transaction resulted in a gain of $760 which was recorded during the third quarter of fiscal 2020. Also, during the third quarter of fiscal 2020, the Company recognized $85 in final Pawtucket, RI transition and exit costs, with no further costs related to this initiative anticipated in future periods.

Long-Term Debt

Long-Term Debt	9 Months Ended
	May 31, 2020
Long-Term Debt
Long-Term Debt	Note 16 — Long-Term Debt On December 15, 2016, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, acting as administrative agent, and with participation from Citizens Bank and JPMorgan Chase Bank (collectively with Bank of America, the “Lenders”). The Credit Agreement is initially an all-revolving credit facility with a borrowing capacity of $150,000, which can be increased by an additional $50,000 at the request of the Company and the individual or collective option of any of the Lenders. The facility matures December 15, 2021. The Credit Agreement contains customary affirmative and negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness and require lender approval for acquisitions by the Company and its subsidiaries over a certain size. It also requires the Company to maintain certain financial ratios on a consolidated basis, including a consolidated net leverage ratio (as defined in the facility) of no more than 3.25 to 1.00, and a consolidated fixed charge coverage ratio (as defined in the facility) of at least 1.25 to 1.00. The Company was in compliance with its debt covenants as of May 31, 2020. The Credit Agreement is guaranteed by all of Chase’s direct and indirect domestic subsidiaries, which collectively had a carrying value of $259,615 at May 31, 2020. The Company entered into the Credit Agreement both to refinance its previously existing term loan and revolving line of credit, and to provide for additional liquidity to finance potential acquisitions, working capital, capital expenditures, and for other general corporate purposes. The applicable interest rate for the revolver portion of the Credit Agreement (the “Revolving Facility”) and any Term Loan (defined below) is based on the effective London Interbank Offered Rate (LIBOR) plus an additional amount in the range of 1.00% to 1.75%, depending on the consolidated net leverage ratio of Chase and its subsidiaries. At May 31, 2020, there was no outstanding principal balance, and therefore no applicable interest rate. The Credit Agreement has a five-year term with interest payments due at the end of the applicable LIBOR period (but in no event less frequently than the three-month anniversary of the commencement of such LIBOR period) and principal payment due at the expiration of the agreement, December 15, 2021. In addition, the Company may elect a base rate option for all or a portion of the Revolving Facility, in which case interest payments shall be due with respect to such portion of the Revolving Facility on the last business day of each quarter. Subject to certain conditions set forth in the Credit Agreement, the Company may elect to convert all or a portion of the outstanding Revolving Facility into a term loan (each, a “Term Loan”), which shall be payable quarterly in equal installments sufficient to amortize the original principal amount of such Term Loan on a seven year amortization schedule; provided, however, that the final principal repayment installment shall be repaid on December 15, 2021 and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date. Prepayment is allowed by the Credit Agreement at any time during the term of the agreement, subject to customary notice requirements. In December 2017 (fiscal 2018), the Company utilized $65,000 of the Credit Agreement to finance the majority of the acquisition cost of Zappa Stewart. The Company paid down $40,000 of the outstanding balance in fiscal 2018, and made additional principal payments of $10,000, $9,000 and $6,000 in the first, second and third quarters of fiscal 2019, respectively, resulting in an outstanding balance of $0 at August 31, 2019 and May 31, 2020.

Income Taxes

Income Taxes	9 Months Ended
	May 31, 2020
Income Taxes
Income Taxes	Note 17 — Income Taxes For the three months ended May 31, 2020 and 2019, the Company recorded income taxes of $2,619 and $3,647 on income before income taxes of $12,527 and $12,188, respectively. For the nine months ended May 31, 2020 and 2019, the Company recorded income taxes of $8,254 and $8,291 on income before income taxes of $33,403 and $30,928, respectively. The effective tax rate for the three months ended May 31, 2020 and 2019 was 20.9% and 29.9%, respectively. The effective tax rate for the nine months ended May 31, 2020 and 2019 was 24.7% and 26.8%, respectively. On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act impacted the U.S. statutory Federal tax rate that the Company will be subject to going forward, reducing it from 35% to 21%. The Company applied this U.S. statutory Federal rate of 21% for both the quarters and nine-month periods ended May 31, 2020 and 2019. During the quarter ended November 30, 2018 (the first quarter of fiscal 2019), the Company began recognizing an additional component of total Federal tax expense, the tax on Global Intangible Low-Taxed Income (“GILTI”) provision of the Tax Act, which became applicable to the Company in fiscal 2019. The Company elected to account for GILTI as a period cost, and therefore included GILTI expense in the effective tax rate calculation. This provision did not have a material effect on the effective tax rate for the quarters and nine-month periods ended May 31, 2020 and 2019. The Company concluded that the Base Erosion and Anti Abuse Tax (“BEAT”) provision of the Tax Act, which also became applicable to the Company in fiscal 2019, had no effect on its effective tax rate for the first three quarters of fiscal year 2020 and 2019. Additionally, the Company is deferring the application of Foreign-Derived Intangible Income (“FDII”) for the current period, in anticipation of further guidance and the establishment of industry standards by the U.S. Treasury Department and trade associations.

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	May 31, 2020
Inventory
Schedule of inventory	May 31, August 31, 2020 2019 Raw materials $ 19,074 $ 20,325 Work in process 7,660 8,748 Finished goods 13,817 13,281 Total Inventory $ 40,551 $ 42,354

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	May 31, 2020
Net Income Per Share
Schedule of determination of earnings per share under the two-class method	Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Basic Earnings per Share Net income $ 9,908 $ 8,541 $ 25,149 $ 22,637 Less: Allocated to participating securities Net income available to common shareholders $ 9,822 $ 8,473 $ 24,948 $ 22,460 Basic weighted average shares outstanding Net income per share - Basic $ 1.05 $ 0.91 $ 2.67 $ 2.41 Diluted Earnings per Share Net income $ 9,908 $ 8,541 $ 25,149 $ 22,637 Less: Allocated to participating securities Net income available to common shareholders $ 9,822 $ 8,473 $ 24,948 $ 22,460 Basic weighted average shares outstanding Additional dilutive common stock equivalents Diluted weighted average shares outstanding Net income per share - Diluted $ 1.04 $ 0.90 $ 2.64 $ 2.39

Segment Data and Foreign Oper_2

Segment Data and Foreign Operations (Tables)	9 Months Ended
	May 31, 2020
Segment Data and Foreign Operations
Summary of information about the Company's reportable segments	Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Revenue Adhesives, Sealants and Additives $ 22,922 $ 26,009 $ 73,184 $ 78,814 Industrial Tapes 31,752 33,704 91,931 98,324 Corrosion Protection and Waterproofing 10,197 12,399 32,140 34,108 Total $ 64,871 $ 72,112 $ 197,255 $ 211,246 Income before income taxes Adhesives, Sealants and Additives $ 6,704 $ 7,509 $ 20,936 $ 20,530 (f) Industrial Tapes 9,011 6,929 (b) 24,050 (d) 20,980 (g) Corrosion Protection and Waterproofing 4,149 4,817 12,240 11,667 Total for reportable segments 19,864 19,255 57,226 53,177 Corporate and common costs (7,337) (a) (7,067) (c) (23,823) (e) (22,249) (h) Total $ 12,527 $ 12,188 $ 33,403 $ 30,928 Includes the following costs by segment: Adhesives, Sealants and Additives Interest $ 26 $ 34 $ 68 $ 172 Depreciation 199 356 791 1,121 Amortization 2,340 2,341 7,033 7,020 Industrial Tapes Interest $ 33 $ 38 $ 87 $ 193 Depreciation 428 410 1,247 1,304 Amortization 450 450 1,350 1,350 Corrosion Protection and Waterproofing Interest $ 8 $ 19 $ 23 $ 92 Depreciation 144 161 449 500 Amortization 108 323 341 969 (a) Includes $760 in gain related to the April 2020 sale of the Company’s Pawtucket, RI location, $183 in severance expense related to the May 2020 reduction in force, $85 in expenses related to the final transition out of the Pawtucket, RI facility, and $75 of pension-related settlement costs due to the timing of lump-sum distribution (b) Includes $193 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the third quarter of fiscal 2019 (c) Includes $11 of pension-related settlement costs due to the timing of lump-sum distributions (d) Includes $559 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the first nine months of fiscal 2020 (e) Includes $150 of expense related to exploratory IT work performed to assess potential future upgrades to the companywide ERP system, a $760 gain related to the April 2020 sale of the Company’s Pawtucket, RI location, $183 in severance expense related to the May 2020 reduction in force, $85 in expenses related to the final transition out of the Pawtucket, RI facility, and $75 of pension-related settlement costs due to the timing of lump-sum distribution (f) Includes $2,410 of loss on impairment of goodwill related to the Company’s polyurethane dispersions business (g) Includes $260 of expense related to the closure and exit of the Pawtucket, RI location recognized in the first quarter of fiscal 2019, $193 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the third quarter of fiscal 2019 (h) Includes $484 of pension-related settlement costs due to the timing of lump-sum distributions Total assets for the Company’s reportable segments as of May 31, 2020 and August 31, 2019 were: May 31, August 31, 2020 2019 Total Assets Adhesives, Sealants and Additives $ 134,353 $ 135,583 Industrial Tapes 70,489 77,085 Corrosion Protection and Waterproofing 31,722 32,478 Total for reportable segments 236,564 245,146 Corporate and common assets 97,306 62,822 Total $ 333,870 $ 307,968
Schedule of revenue by country	Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Revenue United States $ 56,177 $ 64,046 $ 171,774 $ 186,339 United Kingdom 5,070 4,502 14,489 12,946 All other foreign (1) 3,624 3,564 10,992 11,961 Total $ 64,871 $ 72,112 $ 197,255 $ 211,246 (1) Comprises sales originated from the Company’s Paris, France location, royalty revenue attributable to its licensed manufacturer in Asia, and Chase foreign manufacturing operations.
Schedule of total assets for the Company's reportable segments	May 31, August 31, 2020 2019 Long-Lived Assets United States Property, plant and equipment, net $ 23,509 $ 24,993 Goodwill and Intangible assets, less accumulated amortization 120,673 129,057 United Kingdom Property, plant and equipment, net 2,246 2,493 Goodwill and Intangible assets, less accumulated amortization 4,180 4,446 All other foreign Property, plant and equipment, net 901 1,840 Goodwill and Intangible assets, less accumulated amortization 1,194 1,187 Total Property, plant and equipment, net $ 26,656 $ 29,326 Goodwill and Intangible assets, less accumulated amortization $ 126,047 $ 134,690

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	May 31, 2020
Goodwill and Other Intangibles
Schedule of changes in the carrying value of goodwill	Adhesives, Sealants and Additives Industrial Tapes Corrosion Protection and Waterproofing Consolidated Balance at August 31, 2019 $ 50,090 $ 21,215 $ 10,681 $ 81,986 Foreign currency translation adjustment 55 — 3 58 Balance at May 31, 2020 $ 50,145 $ 21,215 $ 10,684 $ 82,044
Schedule of intangible assets subject to amortization	Weighted Average Gross Carrying Accumulated Net Carrying Amortization Period Value Amortization Value May 31, 2020 Patents and agreements years $ 1,760 $ 1,702 $ 58 Formulas and technology years 10,177 8,823 1,354 Trade names years 8,514 7,608 906 Customer lists and relationships years 98,267 56,582 41,685 $ 118,718 $ 74,715 $ 44,003 August 31, 2019 Patents and agreements years $ 1,760 $ 1,693 $ 67 Formulas and technology years 10,164 7,969 2,195 Trade names years 8,503 7,261 1,242 Customer lists and relationships years 98,139 48,939 49,200 $ 118,566 $ 65,862 $ 52,704
Schedule of estimated amortization expense	Years ending August 31, 2020 (remaining 3 months) $ 2,837 2021 11,031 2022 10,024 2023 6,768 2024 5,659 2025 5,552

Leases (Tables)

Leases (Tables)	9 Months Ended
	May 31, 2020
Leases
Schedule of Lessee's balance sheet disclosure	May 31, 2020 Assets Operating lease right-of-use asset $ 8,658 Liabilities Current (accrued expense) $ 1,965 Operating lease long-term liabilities 6,157 Total lease liability $ 8,122
Schedule of components of lease costs	Three Months Ended Nine Months Ended May 31, 2020 May 31, 2020 Operating lease cost (a) $ 952 $ 2,802 (a) Includes short-term leases and variable lease costs (e.g. common area maintenance), which are immaterial.
Schedule of Maturity of lease liability	Future Operating Year ending August 31, Lease Payments 2020 (remaining 3 months) $ 681 2021 1,977 2022 1,333 2023 1,179 2024 1,193 2025 and thereafter 2,598 Less: Interest (839) Present value of lease liabilities $ 8,122 Future Operating Year ending August 31, Lease Payments 2020 $ 2,468 2021 2,059 2022 1,371 2023 1,187 2024 1,200 2025 and thereafter 2,608 Total future minimum lease payments $ 10,893
Schedule of weighted average remaining lease term and discount rates	May 31, 2020 Lease Term and Discount Rate Weighted average remaining lease term (years) Operating leases 5.6 Weighted average discount rate (percentage) Operating leases 3.1 %
Schedule of supplemental cash flow information	Nine Months Ended May 31, 2020 Operating cash outflows from operating leases $ 1,818 Total cash paid for amounts included in the measurement of lease liabilities $ 1,818

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	May 31, 2020
Revenue from Contracts with Customers
Schedule of contract assets by reportable operating segment	May 31, August 31, 2020 2019 Contract Assets Adhesives, Sealants and Additives $ 35 $ 42 Industrial Tapes 46 26 Corrosion Protection and Waterproofing 183 79 Total $ 264 $ 147
Schedule of disaggregation of revenue	Three Months Ended May 31, 2020 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 15,094 $ 28,137 $ 7,635 $ 50,866 Asia 4,541 2,239 1,737 8,517 Europe 3,201 840 750 4,791 All other foreign 86 536 75 697 Total Revenue $ 22,922 $ 31,752 $ 10,197 $ 64,871 Nine Months Ended May 31, 2020 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 49,135 $ 81,811 $ 25,323 $ 156,269 Asia 13,268 5,642 4,419 23,329 Europe 10,422 2,386 2,201 15,009 All other foreign 359 2,092 197 2,648 Total Revenue $ 73,184 $ 91,931 $ 32,140 $ 197,255 Three Months Ended May 31, 2019 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 17,436 $ 31,691 $ 9,764 $ 58,891 Asia 4,898 1,303 1,851 8,052 Europe 3,522 561 644 4,727 All other foreign 153 149 140 442 Total Revenue $ 26,009 $ 33,704 $ 12,399 $ 72,112 Nine Months Ended May 31, 2019 Adhesives, Sealants Industrial Corrosion Protection Consolidated and Additives Tapes and Waterproofing Revenue Revenue North America $ 53,549 $ 89,672 $ 26,968 $ 170,189 Asia 14,808 5,217 5,123 25,148 Europe 10,078 2,101 1,794 13,973 All other foreign 379 1,334 223 1,936 Total Revenue $ 78,814 $ 98,324 $ 34,108 $ 211,246

Pensions and Postretirement Ben

Pensions and Postretirement Benefits (Tables)	9 Months Ended
	May 31, 2020
Pensions and Other Postretirement Benefits
Schedule of components of net periodic benefit cost	Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 74 $ 67 $ 221 $ 213 Interest cost 112 172 338 528 Expected return on plan assets (98) (104) (294) (325) Amortization of prior service cost 1 1 3 3 Amortization of accumulated loss 174 112 522 349 Curtailment and settlement loss 75 11 75 484 Net periodic benefit cost $ 338 $ 259 $ 865 $ 1,252

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	May 31, 2020
Fair Value Measurements
Schedule of financial assets that were accounted for at fair value on a recurring basis	Fair value measurement category Quoted prices Significant other Significant Fair value in active markets observable inputs unobservable inputs measurement date Total (Level 1) (Level 2) (Level 3) Assets: Restricted investments May 31, 2020 $ 1,413 $ 1,213 $ 200 $ — Restricted investments August 31, 2019 $ 1,260 $ 1,091 $ 169 $ —
Schedule of fair values of the Company's long-term debt	Fair value measurement category Quoted prices Significant other Significant Fair value in active markets observable inputs unobservable inputs measurement date Total (Level 1) (Level 2) (Level 3) Liabilities: Long-term debt May 31, 2020 $ — $ — $ — $ — Long-term debt August 31, 2019 $ — $ — $ — $ —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	May 31, 2020
Accumulated Other Comprehensive Income
Schedule of changes in accumulated other comprehensive income (loss), net of tax	Change in Funded Foreign Currency Restricted Status of Translation Investments Pension Plans Adjustment Total Balance at August 31, 2018 $ 126 $ (5,796) $ (6,666) $ (12,336) Other comprehensive gains (losses) before reclassifications (1) (12) — (956) (968) Reclassifications to net income of previously deferred (gains) losses (2) (1) 618 — 617 Other comprehensive income (loss) (13) 618 (956) (351) Balance at May 31, 2019 $ 113 $ (5,178) $ (7,622) $ (12,687) Balance at August 31, 2019 $ 154 $ (6,271) $ (8,207) $ (14,324) Other comprehensive gains (losses) before reclassifications (3) 29 — 318 347 Reclassifications to net income of previously deferred (gains) losses (4) (24) 444 — 420 Other comprehensive income (loss) 5 444 318 767 Adoption of ASU 2018-02 (5) — (1,388) — (1,388) Balance at May 31, 2020 $ 159 $ (7,215) $ (7,889) $ (14,945) (1) Net of tax expense of $4, $0 and $0, respectively. (2) Net of tax benefit of $1, $218 and $0, respectively. (3) Net of tax benefit of $11, $0 and $0, respectively. (4) Net of tax expense of $8, tax benefit of $156 and $0, respectively. (5) See Note 2 for further information related to the adoption of ASU 2018-02.
Summary of the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statements of income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended May 31, Nine Months Ended May 31, Location of Gain (Loss) Reclassified from Accumulated 2020 2019 2020 2019 Other Comprehensive Income (Loss) into Income Gains on Restricted Investments: Realized loss (gain) on sale of restricted investments $ (4) $ (6) $ (32) $ (2) Selling, general and administrative expenses Tax expense (benefit) 1 2 8 1 Gain net of tax $ (3) $ (4) $ (24) $ (1) Loss on Funded Pension Plan adjustments: Amortization of prior pension service costs and unrecognized losses $ 175 $ 114 $ 525 $ 352 Other income (expense) Settlement and curtailment loss 75 11 75 484 Other income (expense) Tax expense (benefit) (65) (34) (156) (218) Loss net of tax $ 185 $ 91 $ 444 $ 618 Total net loss reclassified for the period $ 182 $ 87 $ 420 $ 617

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	May 31, 2020
Assets Held for Sale
Summary of assets held for sale	May 31, 2020 August 31, 2019 Pawtucket, RI - Property, plant and equipment $ — $ 1,050 Randolph, MA - Property 14 14 Total $ 14 $ 1,064

Basis of Financial Statement _2

Basis of Financial Statement Presentation (Details) - USD ($) $ in Thousands	Jun. 25, 2018	Apr. 30, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	May 31, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2020	Feb. 29, 2020	Aug. 31, 2019	May 31, 2020	Aug. 31, 2019	May 31, 2019
Gain on sale of property			$ 760									$ 760
Exit costs related to facilities			$ 268			$ 193						977		$ 453
Percentage of temporary reduction in the base salaries salaries of its named Executive Officers and select members of Senior Management, as well as the cash compensation of the non-employee members of the Board			20.00%
Severance costs			$ 183									183
Pawtucket, RI manufacturing facility
Proceeds from the sale of property		$ 1,810
Gain on sale of property			760									760
Transition period	2 months
Exit costs related to facilities			85				$ 260	$ 1,272				85	$ 0	260
Granite Falls Location
Exit costs related to facilities			0	$ 60		193				$ 559	$ 526	559		193
Other income (expense)
Foreign currency translation gain (loss)			155			$ 135						(451)		$ (281)
Engineering Studies related to Facility Consolidation and Rationalization Initiative
Business development cost			$ 0	$ 0	$ 150				$ 0			$ 150

Recent Accounting Standards (De

Recent Accounting Standards (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	May 31, 2020	May 31, 2019	Sep. 01, 2019
Recently Adopted Accounting Pronouncements
Package of practical expedients			true
Operating lease liability			$ 8,122
Operating lease liability, short-term			1,965
Operating Lease, Liability, Noncurrent			6,157
Operating Lease, Right-of-Use Asset			$ 8,658
Statutory tax rate (as a percent)	21.00%	35.00%	21.00%	21.00%
ASU 2016-02
Recently Adopted Accounting Pronouncements
Operating lease liability					$ 9,644
Operating lease liability, short-term					2,071
Operating Lease, Liability, Noncurrent					7,573
Operating Lease, Right-of-Use Asset					$ 10,200

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Inventory
Raw materials	$ 19,074	$ 20,325
Work in process	7,660	8,748
Finished goods	13,817	13,281
Total Inventory	$ 40,551	$ 42,354

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Basic Earnings per Share
Net income	$ 9,908	$ 8,541	$ 25,149	$ 22,637
Less: Allocated to participating securities	86	68	201	177
Available to common shareholders	$ 9,822	$ 8,473	$ 24,948	$ 22,460
Basic weighted average shares outstanding	9,363,559	9,337,436	9,357,176	9,333,098
Net income per share - Basic (in dollars per share)	$ 1.05	$ 0.91	$ 2.67	$ 2.41
Diluted Earnings per Share
Net income	$ 9,908	$ 8,541	$ 25,149	$ 22,637
Less: Allocated to participating securities	86	68	201	177
Net income available to common shareholders	$ 9,822	$ 8,473	$ 24,948	$ 22,460
Basic weighted average shares outstanding	9,363,559	9,337,436	9,357,176	9,333,098
Additional dilutive common stock equivalents (in shares)	65,704	41,474	78,721	44,650
Diluted weighted average shares outstanding	9,429,263	9,378,910	9,435,897	9,377,748
Net income per share - Diluted (in dollars per share)	$ 1.04	$ 0.90	$ 2.64	$ 2.39
Antidilutive securities
Antidilutive stock options excluded from computation of earnings per share amount (in shares)	17,913	15,625	11,841	14,566

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	Sep. 01, 2019item$ / sharesshares	Sep. 01, 2018shares	May 31, 2020shares	Feb. 29, 2020shares	Aug. 31, 2019shares	Feb. 29, 2020shares	Aug. 31, 2019shares	May 31, 2020shares	May 31, 2019shares
Restricted stock
Stock-Based Compensation
Shares forfeited								2,694
Restricted stock | Non-executive members of management
Stock-Based Compensation
Shares forfeited			432
Restricted stock | Non-employee members of BOD
Stock-Based Compensation
Shares granted				4,906
Vesting period				12 years
Time-based restricted stock | Executive officers | Equity Retention Agreement | August 31, 2022 vesting date
Stock-Based Compensation
Shares granted	15,945
Stock options | Executive officers | Equity Retention Agreement | August 31, 2022 vesting date
Stock-Based Compensation
Shares granted	53,642
Exercise price (in dollars per share) | $ / shares	$ 100.22
2018 LTIP | Performance and service based restricted stock | Executive officers and other members of management | August 31, 2021 vesting date
Stock-Based Compensation
Shares granted		6,609
2019 LTIP | Restricted stock
Stock-Based Compensation
Shares forfeited					833
2019 LTIP | Performance and service based restricted stock | Executive officers and other members of management | August 31, 2021 vesting date
Stock-Based Compensation
Shares granted									211
2019 LTIP | Time-based restricted stock | Executive officers and other members of management | August 31, 2021 vesting date
Stock-Based Compensation
Shares granted							132
2020 LTIP | Restricted stock | Non-executive members of management
Stock-Based Compensation
Shares granted						19,768
2020 LTIP | Restricted stock | Non-executive members of management | December 31 2021 vesting date
Stock-Based Compensation
Shares granted						18,720
2020 LTIP | Restricted stock | Non-executive members of management | December 31 2022 vesting date
Stock-Based Compensation
Shares granted						616
2020 LTIP | Restricted stock | Non-executive members of management | December 31 2024 vesting date
Stock-Based Compensation
Shares granted						432
2020 LTIP | Performance and service based restricted stock | Executive officers and other members of management | August 31, 2022 vesting date
Stock-Based Compensation
Shares granted	3,697
2020 LTIP | Time-based restricted stock | Executive officers and other members of management | August 31, 2022 vesting date
Stock-Based Compensation
Shares granted	3,689
2020 LTIP | Stock options | Executive officers and other members of management
Stock-Based Compensation
Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 100.22
Number of equal annual allotments in which awards will vest | item	3
Stock options expiring earlier (in shares)	6,218
Stock options expiring later (in shares)	7,200
Shares authorized	13,418

Segment Data and Foreign Oper_3

Segment Data and Foreign Operations (Details) $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended
	May 31, 2020USD ($)segment	Feb. 29, 2020USD ($)	Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)segment	May 31, 2019USD ($)	Nov. 30, 2018USD ($)	Aug. 31, 2018USD ($)	May 31, 2020USD ($)	Feb. 29, 2020USD ($)	Aug. 31, 2019USD ($)	May 31, 2020USD ($)segment	Aug. 31, 2019USD ($)	May 31, 2019USD ($)
Segment data
Number of operating segments | segment	3			2							3
Revenue	$ 64,871				$ 72,112						$ 197,255		$ 211,246
Income before income taxes	12,527				12,188						33,403		30,928
Interest	67				91						178		457
Depreciation											2,989		3,634
Amortization											8,724		9,339
Gain on sale of property	760										760
Severance Costs	183										183
Exit costs related to facilities	268				193						977		453
Pension related settlement costs	(75)				(11)						(75)		(484)
Impairment of goodwill													2,410
Total assets	333,870			$ 307,968				$ 333,870		$ 307,968	333,870	$ 307,968
Granite Falls Location
Segment data
Exit costs related to facilities	0	$ 60			193				$ 559	526	559		193
Pawtucket, RI manufacturing facility
Segment data
Gain on sale of property	760										760
Exit costs related to facilities	85					$ 260	$ 1,272				85	0	260
Adhesives, Sealants and Additives
Segment data
Revenue	22,922				26,009						73,184		78,814
Income before income taxes	6,704				7,509						20,936		20,530
Interest	26				34						68		172
Depreciation	199				356						791		1,121
Amortization	2,340				2,341						7,033		7,020
Impairment of goodwill					2,410								2,410
Total assets	134,353			135,583				134,353		135,583	134,353	135,583
Industrial Tapes
Segment data
Revenue	31,752				33,704						91,931		98,324
Income before income taxes	9,011				6,929						24,050		20,980
Interest	33				38						87		193
Depreciation	428				410						1,247		1,304
Amortization	450				450						1,350		1,350
Total assets	70,489			77,085				70,489		77,085	70,489	77,085
Corrosion Protection and Waterproofing
Segment data
Revenue	10,197				12,399						32,140		34,108
Income before income taxes	4,149				4,817						12,240		11,667
Interest	8				19						23		92
Depreciation	144				161						449		500
Amortization	108				323						341		969
Total assets	31,722			32,478				31,722		32,478	31,722	32,478
Reportable segments
Segment data
Income before income taxes	19,864				19,255						57,226		53,177
Total assets	236,564			245,146				236,564		245,146	236,564	245,146
Corporate and common costs
Segment data
Income before income taxes	(7,337)				$ (7,067)						(23,823)		$ (22,249)
Total assets	97,306			$ 62,822				97,306		$ 62,822	97,306	$ 62,822
Engineering Studies related to Facility Consolidation and Rationalization Initiative
Segment data
Business development cost	$ 0	$ 0	$ 150					$ 0			$ 150

Segment Data and Foreign Oper_4

Segment Data and Foreign Operations - Revenue and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Aug. 31, 2019
Concentration risk
Revenue	$ 64,871	$ 72,112	$ 197,255	$ 211,246
Property, plant and equipment, net	26,656		26,656		$ 29,326
Goodwill and Intangible assets, less accumulated amortization	126,047		126,047		134,690
United States
Concentration risk
Revenue	56,177	64,046	171,774	186,339
Property, plant and equipment, net	23,509		23,509		24,993
Goodwill and Intangible assets, less accumulated amortization	120,673		120,673		129,057
United Kingdom
Concentration risk
Revenue	5,070	4,502	14,489	12,946
Property, plant and equipment, net	2,246		2,246		2,493
Goodwill and Intangible assets, less accumulated amortization	4,180		4,180		4,446
All other Foreign
Concentration risk
Revenue	3,624	$ 3,564	10,992	$ 11,961
Property, plant and equipment, net	901		901		1,840
Goodwill and Intangible assets, less accumulated amortization	$ 1,194		$ 1,194		$ 1,187

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands	3 Months Ended			9 Months Ended
	May 31, 2020USD ($)segment	Aug. 31, 2019USD ($)segment	May 31, 2019USD ($)	May 31, 2020USD ($)segmentitem	May 31, 2019USD ($)
Changes in the carrying value of goodwill
Balance at the beginning of the period				$ 81,986
Foreign currency translation adjustment				58
Balance at the end of the period	$ 82,044	$ 81,986		$ 82,044
Number of operating segments | segment	3	2		3
Number of reporting units | item				3
Loss on impairment of goodwill (Note 7)					$ 2,410
Adhesives, Sealants and Additives
Changes in the carrying value of goodwill
Balance at the beginning of the period				$ 50,090
Foreign currency translation adjustment				55
Balance at the end of the period	$ 50,145	$ 50,090		50,145
Loss on impairment of goodwill (Note 7)			$ 2,410		$ 2,410
Industrial Tapes
Changes in the carrying value of goodwill
Balance at the beginning of the period				21,215
Balance at the end of the period	21,215	21,215		21,215
Corrosion Protection and Waterproofing
Changes in the carrying value of goodwill
Balance at the beginning of the period				10,681
Foreign currency translation adjustment				3
Balance at the end of the period	$ 10,684	$ 10,681		$ 10,684

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	May 31, 2020	May 31, 2019	Aug. 31, 2019
Goodwill and Other Intangibles
Gross Carrying Value	$ 118,718		$ 118,566
Accumulated Amortization	74,715		65,862
Net Carrying Value	44,003		$ 52,704
Aggregate amortization expense	8,724	$ 9,339
Estimated amortization expense
2020 (remaining 3 months)	2,837
2021	11,031
2022	10,024
2023	6,768
2024	5,659
2025	$ 5,552
Patents and agreements
Goodwill and Other Intangibles
Weighted-Average Amortization Period	14 years 7 months 6 days		14 years 7 months 6 days
Gross Carrying Value	$ 1,760		$ 1,760
Accumulated Amortization	1,702		1,693
Net Carrying Value	$ 58		$ 67
Formulas and technology
Goodwill and Other Intangibles
Weighted-Average Amortization Period	7 years 9 months 18 days		7 years 9 months 18 days
Gross Carrying Value	$ 10,177		$ 10,164
Accumulated Amortization	8,823		7,969
Net Carrying Value	$ 1,354		$ 2,195
Trade names
Goodwill and Other Intangibles
Weighted-Average Amortization Period	5 years 9 months 18 days		5 years 9 months 18 days
Gross Carrying Value	$ 8,514		$ 8,503
Accumulated Amortization	7,608		7,261
Net Carrying Value	$ 906		$ 1,242
Customer lists and relationships
Goodwill and Other Intangibles
Weighted-Average Amortization Period	9 years 1 month 6 days		9 years 1 month 6 days
Gross Carrying Value	$ 98,267		$ 98,139
Accumulated Amortization	56,582		48,939
Net Carrying Value	$ 41,685		$ 49,200

Leases (Details)

Leases (Details) $ in Thousands	9 Months Ended
	May 31, 2020USD ($)
Leases
Package of practical expedients	true
Assets
Operating lease right-of-use asset (Note 8)	$ 8,658
Current (accrued expense)	$ 1,965
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Us-gaap:AccruedLiabilitiesMember
Operating lease long-term liabilities	$ 6,157
Present value of lease liabilities	$ 8,122

Leases - Components Of Lease Co

Leases - Components Of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2020	May 31, 2020
Leases
Operating lease cost	$ 952	$ 2,802

Leases - Maturity Of Lease Liab

Leases - Maturity Of Lease Liability (Details) $ in Thousands	May 31, 2020USD ($)
Maturity of lease liability
2020 (remaining 3 months)	$ 681
2021	1,977
2022	1,333
2023	1,179
2024	1,193
2025 and thereafter	2,598
Less: Interest	(839)
Present value of lease liabilities	$ 8,122

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term (Details) $ in Thousands	9 Months Ended
	May 31, 2020USD ($)
Operating lease
Operating leases, Weighted average remaining lease term (years)	5 years 7 months 6 days
Operating leases, Weighted average discount rate (percentage)	3.10%
Operating cash outflows from operating leases	$ 1,818
Total cash paid for amounts included in the measurement of lease liabilities	$ 1,818

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments Prior to ASU 2016-02 (Details) $ in Thousands	Aug. 31, 2019USD ($)
Future minimum payments due under operating leases
2020	$ 2,468
2021	2,059
2022	1,371
2023	1,187
2024	1,200
2025 and thereafter	2,608
Total future minimum lease payments	$ 10,893

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Contract Assets
Contract assets	$ 264	$ 147
Contract liabilities	0	0
Adhesives, Sealants and Additives
Contract Assets
Contract assets	35	42
Industrial Tapes
Contract Assets
Contract assets	46	26
Corrosion Protection and Waterproofing
Contract Assets
Contract assets	$ 183	$ 79

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenue from Contracts with Customers
Revenue	$ 64,871	$ 72,112	$ 197,255	$ 211,246
North America
Revenue from Contracts with Customers
Revenue	50,866	58,891	156,269	170,189
Asia
Revenue from Contracts with Customers
Revenue	8,517	8,052	23,329	25,148
Europe
Revenue from Contracts with Customers
Revenue	4,791	4,727	15,009	13,973
All other foreign
Revenue from Contracts with Customers
Revenue	697	442	2,648	1,936
Adhesives, Sealants and Additives
Revenue from Contracts with Customers
Revenue	22,922	26,009	73,184	78,814
Adhesives, Sealants and Additives | North America
Revenue from Contracts with Customers
Revenue	15,094	17,436	49,135	53,549
Adhesives, Sealants and Additives | Asia
Revenue from Contracts with Customers
Revenue	4,541	4,898	13,268	14,808
Adhesives, Sealants and Additives | Europe
Revenue from Contracts with Customers
Revenue	3,201	3,522	10,422	10,078
Adhesives, Sealants and Additives | All other foreign
Revenue from Contracts with Customers
Revenue	86	153	359	379
Industrial Tapes
Revenue from Contracts with Customers
Revenue	31,752	33,704	91,931	98,324
Industrial Tapes | North America
Revenue from Contracts with Customers
Revenue	28,137	31,691	81,811	89,672
Industrial Tapes | Asia
Revenue from Contracts with Customers
Revenue	2,239	1,303	5,642	5,217
Industrial Tapes | Europe
Revenue from Contracts with Customers
Revenue	840	561	2,386	2,101
Industrial Tapes | All other foreign
Revenue from Contracts with Customers
Revenue	536	149	2,092	1,334
Corrosion Protection and Waterproofing
Revenue from Contracts with Customers
Revenue	10,197	12,399	32,140	34,108
Corrosion Protection and Waterproofing | North America
Revenue from Contracts with Customers
Revenue	7,635	9,764	25,323	26,968
Corrosion Protection and Waterproofing | Asia
Revenue from Contracts with Customers
Revenue	1,737	1,851	4,419	5,123
Corrosion Protection and Waterproofing | Europe
Revenue from Contracts with Customers
Revenue	750	644	2,201	1,794
Corrosion Protection and Waterproofing | All other foreign
Revenue from Contracts with Customers
Revenue	$ 75	$ 140	$ 197	$ 223

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Components of net periodic benefit cost
Service cost	$ 74	$ 67	$ 221	$ 213
Interest cost	112	172	338	528
Expected return on plan assets	(98)	(104)	(294)	(325)
Amortization of prior service cost	1	1	3	3
Amortization of accumulated loss	174	112	522	349
Curtailment and settlement loss	75	11	75	484
Net periodic benefit cost	$ 338	$ 259	865	1,252
Employer contribution			$ 1,170	$ 1,177

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Fair value measurements
Long term debt outstanding	$ 0	$ 0
Recurring basis
Fair value measurements
Restricted investments	1,413	1,260
Recurring basis | Quoted prices in active markets (Level 1)
Fair value measurements
Restricted investments	1,213	1,091
Recurring basis | Significant other observable inputs (Level 2)
Fair value measurements
Restricted investments	$ 200	$ 169

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Accumulated other comprehensive income
Balance	$ 282,117	$ 255,635	$ 271,227	$ 246,756
Total other comprehensive (loss) income	(885)	(1,408)	767	(351)
Balance	291,493	263,356	291,493	263,356
Restricted investments, other comprehensive gains (losses) before reclassifications, tax benefit				4
Restricted investments, other comprehensive gains (losses) before reclassifications, tax expense			11
Change in funded status of pension plan, other comprehensive gains (losses) before reclassifications, tax (expense) benefit			0	0
Foreign currency translation adjustment, other comprehensive gains (losses) before reclassifications, tax (expense) benefit			0	0
Restricted investments, reclassifications to net income of previously deferred (gains) losses, tax (expense) benefit			8	1
Change in funded status of pension plan, reclassifications to net income of previously deferred (gains) losses, tax (expense) benefit			156	218
Foreign currency translation adjustment, reclassifications to net income of previously deferred (gains) losses, tax (expense) benefit			0	0
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income
Balance	(14,060)	(11,279)	(14,324)	(12,336)
Other comprehensive gains (losses) before reclassifications			347	(968)
Reclassifications to net income of previously deferred (gains) losses			420	617
Adoption of ASU 2018-02	(1,388)		(1,388)
Total other comprehensive (loss) income			767	(351)
Balance	(14,945)	(12,687)	(14,945)	(12,687)
Restricted investments
Accumulated other comprehensive income
Balance			154	126
Other comprehensive gains (losses) before reclassifications			29	(12)
Reclassifications to net income of previously deferred (gains) losses			(24)	(1)
Total other comprehensive (loss) income			5	(13)
Balance	159	113	159	113
Change in funded status of pension plans
Accumulated other comprehensive income
Balance			(6,271)	(5,796)
Reclassifications to net income of previously deferred (gains) losses			444	618
Adoption of ASU 2018-02	(1,388)		(1,388)
Total other comprehensive (loss) income			444	618
Balance	(7,215)	(5,178)	(7,215)	(5,178)
Foreign currency translation adjustment
Accumulated other comprehensive income
Balance			(8,207)	(6,666)
Other comprehensive gains (losses) before reclassifications			318	(956)
Total other comprehensive (loss) income			318	(956)
Balance	$ (7,889)	$ (7,622)	$ (7,889)	$ (7,622)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Accumulated other comprehensive income
Selling, general and administrative expenses	$ (12,773)	$ (13,251)	$ (40,223)	$ (39,699)
Amortization of prior pension service costs and unrecognized losses	1	1	3	3
Settlement and curtailment loss	(75)	(11)	(75)	(484)
Tax expense (benefit)	(2,619)	(3,647)	(8,254)	(8,291)
Net income (loss)	9,908	8,541	25,149	22,637
Reclassification out of accumulated other comprehensive income (loss)
Accumulated other comprehensive income
Net income (loss)	182	87	420	617
Restricted investments | Reclassification out of accumulated other comprehensive income (loss)
Accumulated other comprehensive income
Selling, general and administrative expenses	(4)	(6)	(32)	(2)
Tax expense (benefit)	1	2	8	1
Net income (loss)	(3)	(4)	(24)	(1)
Change in funded status of pension plans | Reclassification out of accumulated other comprehensive income (loss)
Accumulated other comprehensive income
Tax expense (benefit)	(65)	(34)	(156)	(218)
Net income (loss)	185	91	444	618
Change in funded status of pension plans | Reclassification out of accumulated other comprehensive income (loss) | Other income (expense)
Accumulated other comprehensive income
Amortization of prior pension service costs and unrecognized losses	175	114	525	352
Settlement and curtailment loss	$ 75	$ 11	$ 75	$ 484

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2020	May 31, 2020	May 31, 2020	Aug. 31, 2019
Assets held for sale
Assets held for sale		$ 14	$ 14	$ 1,064
Gain on sale of property		760	760
Pawtucket, RI manufacturing facility
Assets held for sale
Assets held for sale				1,050
Proceeds from the sale of property	$ 1,810
Gain on sale of property		760	760
Randolph, MA - Property
Assets held for sale
Assets held for sale		$ 14	$ 14	$ 14

Operations Optimization Costs (

Operations Optimization Costs (Details) - USD ($) $ in Thousands	Jun. 25, 2018	Apr. 30, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	May 31, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2020	Feb. 29, 2020	Aug. 31, 2019	May 31, 2020	Aug. 31, 2019	May 31, 2019
Operations Optimization Costs
Percentage of targeted reduction of our global workforce			4.50%
Severance costs			$ 183									$ 183
Exit costs related to facilities			268			$ 193						977		$ 453
Gain on sale of property			760									760
Granite Falls Location
Operations Optimization Costs
Exit costs related to facilities			0	$ 60		$ 193				$ 559	$ 526	559		193
Pawtucket, RI manufacturing facility
Operations Optimization Costs
Restructuring Period	2 months
Exit costs related to facilities			85				$ 260	$ 1,272				85	$ 0	$ 260
Proceeds from the sale of property		$ 1,810
Gain on sale of property			760									760
Engineering Studies related to Facility Consolidation and Rationalization Initiative
Operations Optimization Costs
Business Development			$ 0	$ 0	$ 150				$ 0			$ 150

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Dec. 15, 2016USD ($)	Dec. 31, 2017USD ($)	May 31, 2019USD ($)	Feb. 28, 2019USD ($)	Nov. 30, 2018USD ($)	May 31, 2020USD ($)	May 31, 2019USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2019USD ($)
Long-term debt
Principal payment							$ 25,000
New Credit Agreement
Long-term debt
Maximum borrowing capacity	$ 150,000
Additional borrowing capacity	$ 50,000
Carrying value of direct and indirect domestic subsidiaries						$ 259,615
Applicable interest rate (as a percent)						0.00%
Term of debt						5 years
Amount drawn remained outstanding						$ 0			$ 0
Term of potential debt						7 years
Amount drew in relation to acquisition		$ 65,000
Principal payment			$ 6,000	$ 9,000	$ 10,000			$ 40,000
New Credit Agreement | Minimum
Long-term debt
Consolidated fixed charge coverage ratio	1.25
New Credit Agreement | Maximum
Long-term debt
Net leverage ratio	3.25
New Credit Agreement | London Interbank Offered Rate (LIBOR)
Long-term debt
Interest payment due						3 months
New Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Long-term debt
Interest rate margin on variable rate basis (as a percent)						1.00%
New Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Long-term debt
Interest rate margin on variable rate basis (as a percent)						1.75%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Effective income tax rate
Income taxes			$ 2,619	$ 3,647	$ 8,254	$ 8,291
Income before income taxes			$ 12,527	$ 12,188	$ 33,403	$ 30,928
Effective income tax rate			20.90%	29.90%	24.70%	26.80%
Statutory tax rate (as a percent)	21.00%	35.00%			21.00%	21.00%