CHANGES IN BUSINESS

9 Months Ended

May 31, 2021

Business Combinations [Abstract]

Changes in Business

Facility Closure and Disposition

In October 2019, the Company closed the melting operations at its Rancho Cucamonga facility, which is part of the North America segment. In August 2020, the Company announced plans to sell the Rancho Cucamonga site and the Company ceased operations at this facility in January 2021. As a result, the Company recorded $13.4 million of expense in the nine months ended May 31, 2021, all of which was recorded in the first two quarters of 2021, and $0.9 million and $7.2 million of expense in the three and nine months ended May 31, 2020, respectively, related to asset impairments, severance, pension curtailment, environmental obligations and vendor agreement terminations. The disposition does not meet the criteria for discontinued operations, and as of May 31, 2021, does not qualify for held for sale accounting.