Discontinued Operations & Other Divestiture Charges Discontinued Operations & Divestiture Activities (Notes)

6 Months Ended

Feb. 28, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 4. Discontinued Operations

On October 31, 2019, as part of our overall strategy to become a pure-play industrial tools and services company, the Company completed the sale of the businesses comprising its former Engineered Components & Systems ("EC&S") segment. This divestiture was considered part of our strategic shift to become a pure-play industrial tools and services company, and therefore, the results of operations are recorded as a component of "Loss from discontinued operations, net of income taxes" in the Condensed Consolidated Statements of Operations for all periods presented. A component of the purchase price was payable in four quarterly installments of which the final $0.7 million was received in the six months ended February 28, 2021 (this final payment was received greater than one year from the divestiture date and, as such, is reflected in "Cash provided by financing activities - discontinued operations" within the Condensed Consolidated Statements of Cash Flows). All other discontinued operations activity included within the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows for the periods presented relate to impacts from certain retained liabilities.

The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands) :

	Three Months Ended February 28,				Six Months Ended February 28,
	2022		2021		2022		2021
Selling, general and administrative expenses	$	1,157	$	559	$	1,661	$	854
Operating loss	(1,157)		(559)		(1,661)		(854)
Other loss, net	—		—		—		—
Loss before income tax benefit	(1,157)		(559)		(1,661)		(854)
Income tax benefit	(257)		(157)		(364)		(228)
Loss from discontinued operations, net of income taxes	$	(900)	$	(402)	$	(1,297)	$	(626)