Guarantor Subsidiaries (Tables)
|
9 Months Ended |
May 31, 2016 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block] |
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (in thousands) | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2016 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | 33,610 |
| | $ | 62,534 |
| | $ | 209,197 |
| | $ | — |
| | $ | 305,341 |
| Cost of products sold | 6,603 |
| | 43,381 |
| | 147,831 |
| | — |
| | 197,815 |
| Gross profit | 27,007 |
| | 19,153 |
| | 61,366 |
| | — |
| | 107,526 |
| Selling, administrative and engineering expenses | 17,172 |
| | 13,606 |
| | 39,342 |
| | — |
| | 70,120 |
| Amortization of intangible assets | 318 |
| | 2,630 |
| | 2,619 |
| | — |
| | 5,567 |
| Restructuring charges | 100 |
| | 197 |
| | 3,199 |
| | — |
| | 3,496 |
| Operating profit | 9,417 |
| | 2,720 |
| | 16,206 |
| | — |
| | 28,343 |
| Financing costs, net | 7,601 |
| | — |
| | (348 | ) | | — |
| | 7,253 |
| Intercompany (income) expense, net | (4,990 | ) | | 1,254 |
| | 3,736 |
| | — |
| | — |
| Other expense, net | 199 |
| | 13 |
| | 539 |
| | — |
| | 751 |
| Earnings before income taxes | 6,607 |
| | 1,453 |
| | 12,279 |
| | — |
| | 20,339 |
| Income tax expense (benefit) | (929 | ) | | 115 |
| | (13 | ) | | — |
| | (827 | ) | Net earnings before equity in earnings of subsidiaries | 7,536 |
| | 1,338 |
| | 12,292 |
| | — |
| | 21,166 |
| Equity in earnings of subsidiaries | 13,630 |
| | 10,382 |
| | 239 |
| | (24,251 | ) | | — |
| Net earnings | $ | 21,166 |
| | $ | 11,720 |
| | $ | 12,531 |
| | $ | (24,251 | ) | | $ | 21,166 |
| Comprehensive income | $ | 36,488 |
| | $ | 25,205 |
| | $ | 14,148 |
| | $ | (39,353 | ) | | $ | 36,488 |
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (in thousands) | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2015 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | 40,011 |
| | $ | 58,896 |
| | $ | 221,193 |
| | $ | — |
| | $ | 320,100 |
| Cost of products sold | 11,749 |
| | 40,360 |
| | 149,431 |
| | — |
| | 201,540 |
| Gross profit | 28,262 |
| | 18,536 |
| | 71,762 |
| | — |
| | 118,560 |
| Selling, administrative and engineering expenses | 16,560 |
| | 11,228 |
| | 41,781 |
| | — |
| | 69,569 |
| Amortization of intangible assets | 318 |
| | 2,394 |
| | 3,277 |
| | — |
| | 5,989 |
| Operating profit | 11,384 |
| | 4,914 |
| | 26,704 |
| | — |
| | 43,002 |
| Financing costs, net | 7,769 |
| | — |
| | (307 | ) | | — |
| | 7,462 |
| Intercompany (income) expense, net | (3,559 | ) | | (1,187 | ) | | 4,746 |
| | — |
| | — |
| Other expense, net | 123 |
| | 27 |
| | 419 |
| | — |
| | 569 |
| Earnings before income taxes | 7,051 |
| | 6,074 |
| | 21,846 |
| | — |
| | 34,971 |
| Income tax expense (benefit) | (11,957 | ) | | 914 |
| | 8,056 |
| | — |
| | (2,987 | ) | Net earnings before equity in earnings (loss) of subsidiaries | 19,008 |
| | 5,160 |
| | 13,790 |
| | — |
| | 37,958 |
| Equity in earnings (loss) of subsidiaries | 18,950 |
| | 12,757 |
| | (340 | ) | | (31,367 | ) | | — |
| Net earnings | $ | 37,958 |
| | $ | 17,917 |
| | $ | 13,450 |
| | $ | (31,367 | ) | | $ | 37,958 |
| Comprehensive income | $ | 27,259 |
| | $ | 13,244 |
| | $ | 7,930 |
| | $ | (21,174 | ) | | $ | 27,259 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands) | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended May 31, 2016 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | 100,699 |
| | $ | 188,333 |
| | $ | 584,609 |
| | $ | — |
| | $ | 873,641 |
| Cost of products sold | 25,851 |
| | 132,711 |
| | 407,962 |
| | — |
| | 566,524 |
| Gross profit | 74,848 |
| | 55,622 |
| | 176,647 |
| | — |
| | 307,117 |
| Selling, administrative and engineering expenses | 54,049 |
| | 41,113 |
| | 115,040 |
| | — |
| | 210,202 |
| Amortization of intangible assets | 954 |
| | 7,890 |
| | 8,503 |
| | — |
| | 17,347 |
| Restructuring charges | 1,057 |
| | 2,692 |
| | 7,709 |
| | — |
| | 11,458 |
| Impairment charges | — |
| | 49,012 |
| | 137,499 |
| | — |
| | 186,511 |
| Operating profit (loss) | 18,788 |
| | (45,085 | ) | | (92,104 | ) | | — |
| | (118,401 | ) | Financing costs, net | 22,364 |
| | — |
| | (1,128 | ) | | — |
| | 21,236 |
| Intercompany (income) expense, net | (16,284 | ) | | (1,478 | ) | | 17,762 |
| | — |
| | — |
| Other expense, net | 802 |
| | 44 |
| | 759 |
| | — |
| | 1,605 |
| Earnings (loss) before income taxes | 11,906 |
| | (43,651 | ) | | (109,497 | ) | | — |
| | (141,242 | ) | Income tax expense (benefit) | (1,986 | ) | | 420 |
| | (17,100 | ) | | — |
| | (18,666 | ) | Net earnings (loss) before equity in loss of subsidiaries | 13,892 |
| | (44,071 | ) | | (92,397 | ) | | — |
| | (122,576 | ) | Equity in earnings (loss) of subsidiaries | (136,468 | ) | | (79,373 | ) | | 236 |
| | 215,605 |
| | — |
| Net loss | $ | (122,576 | ) | | $ | (123,444 | ) | | $ | (92,161 | ) | | $ | 215,605 |
| | $ | (122,576 | ) | Comprehensive loss | $ | (142,339 | ) | | $ | (138,806 | ) | | $ | (97,165 | ) | | $ | 235,971 |
| | $ | (142,339 | ) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands) | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended May 31, 2015 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | 119,612 |
| | $ | 207,162 |
| | $ | 622,096 |
| | $ | — |
| | $ | 948,870 |
| Cost of products sold | 33,792 |
| | 145,800 |
| | 413,981 |
| | — |
| | 593,573 |
| Gross profit | 85,820 |
| | 61,362 |
| | 208,115 |
| | — |
| | 355,297 |
| Selling, administrative and engineering expenses | 52,062 |
| | 45,062 |
| | 130,685 |
| | — |
| | 227,809 |
| Amortization of intangible assets | 954 |
| | 7,964 |
| | 9,444 |
| | — |
| | 18,362 |
| Impairment charges | — |
| | 20,249 |
| | 64,104 |
| | — |
| | 84,353 |
| Operating profit (loss) | 32,804 |
| | (11,913 | ) | | 3,882 |
| | — |
| | 24,773 |
| Financing costs, net | 21,583 |
| | — |
| | (900 | ) | | — |
| | 20,683 |
| Intercompany expense (income), net | (14,389 | ) | | 896 |
| | 13,493 |
| | — |
| | — |
| Intercompany dividend income | (212 | ) | | (243 | ) | | (31 | ) | | 486 |
| | — |
| Other expense (income), net | 342 |
| | (133 | ) | | (698 | ) | | — |
| | (489 | ) | Earnings (loss) before income taxes | 25,480 |
| | (12,433 | ) | | (7,982 | ) | | (486 | ) | | 4,579 |
| Income tax expense (benefit) | (8,133 | ) | | 1,413 |
| | 13,589 |
| | (84 | ) | | 6,785 |
| Net earnings (loss) before equity in earnings (loss) of subsidiaries | 33,613 |
| | (13,846 | ) | | (21,571 | ) | | (402 | ) | | (2,206 | ) | Equity in earnings (loss) of subsidiaries | (35,819 | ) | | (1,673 | ) | | 177 |
| | 37,315 |
| | — |
| Net loss | $ | (2,206 | ) | | $ | (15,519 | ) | | $ | (21,394 | ) | | $ | 36,913 |
| | $ | (2,206 | ) | Comprehensive loss | $ | (132,616 | ) | | $ | (58,603 | ) | | $ | (80,728 | ) | | $ | 139,331 |
| | $ | (132,616 | ) |
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| Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) | | | | | | | | | | | | | | | | | | | | | | May 31, 2016 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current assets | | | | | | | | | | Cash and cash equivalents | $ | 8,199 |
| | $ | — |
| | $ | 128,890 |
| | $ | — |
| | $ | 137,089 |
| Accounts receivable, net | 13,367 |
| | 33,889 |
| | 152,846 |
| | — |
| | 200,102 |
| Inventories, net | 22,416 |
| | 29,748 |
| | 86,292 |
| | — |
| | 138,456 |
| Other current assets | 13,268 |
| | 3,187 |
| | 43,631 |
| | — |
| | 60,086 |
| Total current assets | 57,250 |
| | 66,824 |
| | 411,659 |
| | — |
| | 535,733 |
| Property, plant and equipment, net | 5,641 |
| | 19,080 |
| | 93,507 |
| | — |
| | 118,228 |
| Goodwill | 38,847 |
| | 143,690 |
| | 346,884 |
| | — |
| | 529,421 |
| Other intangibles, net | 9,747 |
| | 98,411 |
| | 147,763 |
| | — |
| | 255,921 |
| Investment in subsidiaries | 1,915,828 |
| | 899,892 |
| | 87,193 |
| | (2,902,913 | ) | | — |
| Intercompany receivable | — |
| | 617,942 |
| | 556,837 |
| | (1,174,779 | ) | | — |
| Other long-term assets | 9,877 |
| | 7 |
| | 18,233 |
| | — |
| | 28,117 |
| Total assets | $ | 2,037,190 |
| | $ | 1,845,846 |
| | $ | 1,662,076 |
| | $ | (4,077,692 | ) | | $ | 1,467,420 |
| LIABILITIES & SHAREHOLDERS' EQUITY | | | | | | | | | | Current liabilities | | | | | | | | | | Trade accounts payable | $ | 14,085 |
| | $ | 16,096 |
| | $ | 89,919 |
| | $ | — |
| | $ | 120,100 |
| Accrued compensation and benefits | 15,801 |
| | 4,671 |
| | 26,960 |
| | — |
| | 47,432 |
| Current maturities of debt and short-term borrowings | 15,000 |
| | — |
| | — |
| | — |
| | 15,000 |
| Income taxes payable | — |
| | — |
| | 1,249 |
| | — |
| | 1,249 |
| Other current liabilities | 23,187 |
| | 4,937 |
| | 30,756 |
| | — |
| | 58,880 |
| Total current liabilities | 68,073 |
| | 25,704 |
| | 148,884 |
| | — |
| | 242,661 |
| Long-term debt, less current maturities | 573,059 |
| | — |
| | — |
| | — |
| | 573,059 |
| Deferred income taxes | 34,641 |
| | — |
| | 20,891 |
| | — |
| | 55,532 |
| Pension and postretirement benefit liabilities | 10,228 |
| | — |
| | 5,461 |
| | — |
| | 15,689 |
| Other long-term liabilities | 47,083 |
| | 593 |
| | 8,954 |
| | — |
| | 56,630 |
| Intercompany payable | 780,257 |
| | — |
| | 394,522 |
| | (1,174,779 | ) | | — |
| Shareholders’ equity | 523,849 |
| | 1,819,549 |
| | 1,083,364 |
| | (2,902,913 | ) | | 523,849 |
| Total liabilities and shareholders’ equity | $ | 2,037,190 |
| | $ | 1,845,846 |
| | $ | 1,662,076 |
| | $ | (4,077,692 | ) | | $ | 1,467,420 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) | | | | | | | | | | | | | | | | | | | | | | August 31, 2015 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current assets | | | | | | | | | | Cash and cash equivalents | $ | 18,688 |
| | $ | 523 |
| | $ | 149,635 |
| | $ | — |
| | $ | 168,846 |
| Accounts receivable, net | 16,135 |
| | 33,748 |
| | 143,198 |
| | — |
| | 193,081 |
| Inventories, net | 23,074 |
| | 33,480 |
| | 86,198 |
| | — |
| | 142,752 |
| Deferred income taxes | 9,256 |
| | — |
| | 3,666 |
| | — |
| | 12,922 |
| Other current assets | 18,020 |
| | 2,967 |
| | 21,801 |
| | — |
| | 42,788 |
| Total current assets | 85,173 |
| | 70,718 |
| | 404,498 |
| | — |
| | 560,389 |
| Property, plant and equipment, net | 6,363 |
| | 23,691 |
| | 112,404 |
| | — |
| | 142,458 |
| Goodwill | 38,847 |
| | 189,337 |
| | 380,072 |
| | — |
| | 608,256 |
| Other intangibles, net | 10,702 |
| | 109,665 |
| | 188,395 |
| | — |
| | 308,762 |
| Investment in subsidiaries | 2,067,438 |
| | 1,017,418 |
| | 27,552 |
| | (3,112,408 | ) | | — |
| Intercompany receivable | — |
| | 619,198 |
| | 565,968 |
| | (1,185,166 | ) | | — |
| Other long-term assets | 10,694 |
| | — |
| | 6,358 |
| | — |
| | 17,052 |
| Total assets | $ | 2,219,217 |
| | $ | 2,030,027 |
| | $ | 1,685,247 |
| | $ | (4,297,574 | ) | | $ | 1,636,917 |
| LIABILITIES & SHAREHOLDERS' EQUITY | | | | | | | | | | Current liabilities | | | | | | | | | | Trade accounts payable | $ | 14,700 |
| | $ | 19,213 |
| | $ | 84,202 |
| | $ | — |
| | $ | 118,115 |
| Accrued compensation and benefits | 16,479 |
| | 2,952 |
| | 24,276 |
| | — |
| | 43,707 |
| Current maturities of debt and short-term borrowings | 3,750 |
| | — |
| | 219 |
| | — |
| | 3,969 |
| Income taxes payable | 10,947 |
| | — |
| | 3,858 |
| | — |
| | 14,805 |
| Other current liabilities | 19,817 |
| | 4,783 |
| | 29,860 |
| | — |
| | 54,460 |
| Total current liabilities | 65,693 |
| | 26,948 |
| | 142,415 |
| | — |
| | 235,056 |
| Long-term debt, less current maturities | 584,309 |
| | — |
| | — |
| | — |
| | 584,309 |
| Deferred income taxes | 43,210 |
| | — |
| | 29,731 |
| | — |
| | 72,941 |
| Pension and postretirement benefit liabilities | 11,712 |
| | — |
| | 6,116 |
| | — |
| | 17,828 |
| Other long-term liabilities | 46,407 |
| | 400 |
| | 6,975 |
| | — |
| | 53,782 |
| Intercompany payable | 794,885 |
| | — |
| | 390,281 |
| | (1,185,166 | ) | | — |
| Shareholders’ equity | 673,001 |
| | 2,002,679 |
| | 1,109,729 |
| | (3,112,408 | ) | | 673,001 |
| Total liabilities and shareholders’ equity | $ | 2,219,217 |
| | $ | 2,030,027 |
| | $ | 1,685,247 |
| | $ | (4,297,574 | ) | | $ | 1,636,917 |
|
|
| Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended May 31, 2016 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Operating Activities | | | | | | | | | | Cash provided by operating activities | $ | 15,329 |
| | $ | 5,017 |
| | $ | 54,645 |
| | $ | — |
| | $ | 74,991 |
| Investing Activities | | | | | | | | | | Proceeds from sale of property, plant and equipment | 13 |
| | 3,337 |
| | 5,285 |
| | — |
| | 8,635 |
| Capital expenditures | (1,237 | ) | | (3,091 | ) | | (11,295 | ) | | — |
| | (15,623 | ) | Intercompany investment | (339 | ) | | (6,125 | ) | | — |
| | 6,464 |
| | — |
| Business acquisitions, net of cash acquired | — |
| | — |
| | (80,674 | ) | | — |
| | (80,674 | ) | Cash used in by investing activities | (1,563 | ) | | (5,879 | ) | | (86,684 | ) | | 6,464 |
| | (87,662 | ) | Financing Activities | | | | | | | | | | Net repayments on revolver and other debt | — |
| | — |
| | (210 | ) | | — |
| | (210 | ) | Purchase of treasury shares | (14,125 | ) | | — |
| | — |
| | — |
| | (14,125 | ) | Taxes paid related to the net share settlement of equity awards | (1,344 | ) | | — |
| | — |
| | — |
| | (1,344 | ) | Stock option exercises, related tax benefits and other | 5,729 |
| | — |
| | — |
| | — |
| | 5,729 |
| Cash dividend | (2,376 | ) | | — |
| | — |
| | — |
| | (2,376 | ) | Intercompany loan activity | (12,139 | ) | | — |
| | 12,139 |
| | — |
| | — |
| Intercompany capital contribution | — |
| | 339 |
| | 6,125 |
| | (6,464 | ) | | — |
| Cash (used in) provided by financing activities | (24,255 | ) | | 339 |
| | 18,054 |
| | (6,464 | ) | | (12,326 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (6,760 | ) | | — |
| | (6,760 | ) | Net decrease in cash and cash equivalents | (10,489 | ) | | (523 | ) | | (20,745 | ) | | — |
| | (31,757 | ) | Cash and cash equivalents—beginning of period | 18,688 |
| | 523 |
| | 149,635 |
| | — |
| | 168,846 |
| Cash and cash equivalents—end of period | $ | 8,199 |
| | $ | — |
| | $ | 128,890 |
| | $ | — |
| | $ | 137,089 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended May 31, 2015 | | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Operating Activities | | | | | | | | | | Net cash provided by (used in) operating activities | $ | 38,854 |
| | $ | (39,865 | ) | | $ | 44,635 |
| | $ | — |
| | $ | 43,624 |
| Investing Activities | | | | | | | | | | Capital expenditures | (880 | ) | | (3,495 | ) | | (12,859 | ) | | — |
| | (17,234 | ) | Proceeds from sale of property, plant and equipment | — |
| | 203 |
| | 683 |
| | — |
| | 886 |
| Intercompany investment | (1,117 | ) | | — |
| | — |
| | 1,117 |
| | — |
| Cash used in investing activities | (1,997 | ) | | (3,292 | ) | | (12,176 | ) | | 1,117 |
| | (16,348 | ) | Financing Activities | | | | | | | | | | Principal repayment on term loan | (3,375 | ) | | — |
| | — |
| | — |
| | (3,375 | ) | Proceeds from term loan | 213,375 |
| | — |
| | — |
| | — |
| | 213,375 |
| Purchase of treasury shares | (204,627 | ) | | — |
| | — |
| | — |
| | (204,627 | ) | Taxes paid related to the net share settlement of equity awards | (2,344 | ) | | — |
| | — |
| | — |
| | (2,344 | ) | Stock option exercises, related tax benefits and other | 5,046 |
| | — |
| | — |
| | — |
| | 5,046 |
| Debt issuance costs | (1,875 | ) | | — |
| | — |
| | — |
| | (1,875 | ) | Cash dividend | (2,598 | ) | | — |
| | — |
| | — |
| | (2,598 | ) | Intercompany loan activity | (58,569 | ) | | 40,796 |
| | 17,773 |
| | — |
| | — |
| Intercompany capital contribution | — |
| | — |
| | 1,117 |
| | (1,117 | ) | | — |
| Cash (used in) provided by financing activities | (54,967 | ) | | 40,796 |
| | 18,890 |
| | (1,117 | ) | | 3,602 |
| Effect of exchange rate changes on cash | — |
| | — |
| | (31,765 | ) | | — |
| | (31,765 | ) | Net (decrease) increase in cash and cash equivalents | (18,110 | ) | | (2,361 | ) | | 19,584 |
| | — |
| | (887 | ) | Cash and cash equivalents—beginning of period | 27,931 |
| | 3,325 |
| | 77,756 |
| | — |
| | 109,012 |
| Cash and cash equivalents—end of period | $ | 9,821 |
| | $ | 964 |
| | $ | 97,340 |
| | $ | — |
| | $ | 108,125 |
|
|