(Mark One) | ||
R | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended May 31, 2013. | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to . |
Delaware | 58-2632672 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
1170 Peachtree Street, N.E., Suite 2300, Atlanta, Georgia (Address of principal executive offices) | 30309-7676 (Zip Code) |
Large Accelerated Filer þ | Accelerated Filer o | Non-accelerated Filer o | Smaller Reporting Company o |
(Do not check if a smaller reporting company) |
Page No. | ||
EX-31.A | ||
EX-31.B | ||
EX-32.A | ||
EX-32.B | ||
EX-101.INSTANCE DOCUMENT | ||
EX-101.SCHEMA DOCUMENT | ||
EX-101.CALCULATION LINKBASE DOCUMENT | ||
EX-101.LABELS LINKBASE DOCUMENT | ||
EX-101.PRESENTATION LINKBASE DOCUMENT |
Item 1. | Financial Statement |
May 31, 2013 | August 31, 2012 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 301.9 | $ | 284.5 | |||
Accounts receivable, less reserve for doubtful accounts of $1.6 at May 31, 2013 and $1.4 at August 31, 2012 | 299.5 | 263.8 | |||||
Inventories | 201.2 | 194.1 | |||||
Deferred income taxes | 13.2 | 13.0 | |||||
Prepayments and other current assets | 21.6 | 23.6 | |||||
Total Current Assets | 837.4 | 779.0 | |||||
Property, Plant, and Equipment, at cost: | |||||||
Land | 7.3 | 7.3 | |||||
Buildings and leasehold improvements | 110.0 | 115.5 | |||||
Machinery and equipment | 352.2 | 345.7 | |||||
Total Property, Plant, and Equipment | 469.5 | 468.5 | |||||
Less — Accumulated depreciation and amortization | 322.4 | 329.3 | |||||
Property, Plant, and Equipment, net | 147.1 | 139.2 | |||||
Other Assets: | |||||||
Goodwill | 573.4 | 554.9 | |||||
Intangible assets, net | 242.0 | 230.8 | |||||
Deferred income taxes | 3.7 | 4.1 | |||||
Other long-term assets | 26.2 | 28.9 | |||||
Total Other Assets | 845.3 | 818.7 | |||||
Total Assets | $ | 1,829.8 | $ | 1,736.9 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 239.7 | $ | 232.7 | |||
Accrued compensation | 25.1 | 44.9 | |||||
Accrued pension liabilities, current | 1.2 | 1.2 | |||||
Other accrued liabilities | 92.1 | 86.0 | |||||
Total Current Liabilities | 358.1 | 364.8 | |||||
Long-Term Debt | 353.5 | 353.5 | |||||
Accrued Pension Liabilities, less current portion | 90.3 | 90.1 | |||||
Deferred Income Taxes | 36.8 | 33.4 | |||||
Self-Insurance Reserves, less current portion | 7.3 | 6.6 | |||||
Other Long-Term Liabilities | 61.2 | 54.5 | |||||
Commitments and Contingencies (see Commitments and Contingencies footnote) | |||||||
Stockholders’ Equity: | |||||||
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued | — | — | |||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 52,053,076 issued and 42,333,821 outstanding at May 31, 2013; 51,508,358 issued and 41,789,103 outstanding at August 31, 2012 | 0.5 | 0.5 | |||||
Paid-in capital | 725.7 | 703.1 | |||||
Retained earnings | 701.0 | 635.3 | |||||
Accumulated other comprehensive loss items | (84.4 | ) | (84.7 | ) | |||
Treasury stock, at cost, 9,719,255 shares at May 31, 2013 and August 31, 2012 | (420.2 | ) | (420.2 | ) | |||
Total Stockholders’ Equity | 922.6 | 834.0 | |||||
Total Liabilities and Stockholders’ Equity | $ | 1,829.8 | $ | 1,736.9 |
Three Months Ended | Nine Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | May 31, 2013 | May 31, 2012 | ||||||||||||
Net Sales | $ | 541.5 | $ | 487.5 | $ | 1,509.3 | $ | 1,419.5 | |||||||
Cost of Products Sold | 320.4 | 285.5 | 909.0 | 841.9 | |||||||||||
Gross Profit | 221.1 | 202.0 | 600.3 | 577.6 | |||||||||||
Selling, Distribution, and Administrative Expenses | 163.9 | 142.8 | 448.8 | 419.5 | |||||||||||
Special Charge | 7.2 | 1.9 | 8.2 | 11.2 | |||||||||||
Operating Profit | 50.0 | 57.3 | 143.3 | 146.9 | |||||||||||
Other Expense (Income): | |||||||||||||||
Interest Expense, net | 7.8 | 7.7 | 23.3 | 23.1 | |||||||||||
Miscellaneous (Income) Expense, net | (3.0 | ) | (2.7 | ) | (2.8 | ) | (4.5 | ) | |||||||
Total Other Expense | 4.8 | 5.0 | 20.5 | 18.6 | |||||||||||
Income before Provision for Income Taxes | 45.2 | 52.3 | 122.8 | 128.3 | |||||||||||
Provision for Income Taxes | 13.5 | 18.7 | 40.3 | 45.2 | |||||||||||
Net Income | $ | 31.7 | $ | 33.6 | $ | 82.5 | $ | 83.1 | |||||||
Earnings Per Share: | |||||||||||||||
Basic Earnings per Share | $ | 0.74 | $ | 0.80 | $ | 1.93 | $ | 1.97 | |||||||
Basic Weighted Average Number of Shares Outstanding | 42.2 | 41.6 | 42.0 | 41.4 | |||||||||||
Diluted Earnings per Share | $ | 0.73 | $ | 0.79 | $ | 1.91 | $ | 1.95 | |||||||
Diluted Weighted Average Number of Shares Outstanding | 42.6 | 42.0 | 42.4 | 41.9 | |||||||||||
Dividends Declared per Share | $ | 0.13 | $ | 0.13 | $ | 0.39 | $ | 0.39 |
Three Months Ended | Nine Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | May 31, 2013 | May 31, 2012 | ||||||||||||
Net Income | $ | 31.7 | $ | 33.6 | $ | 82.5 | $ | 83.1 | |||||||
Other Comprehensive Income/(Expense) Items: | |||||||||||||||
Foreign Currency Translation Adjustments | (0.6 | ) | (9.7 | ) | 0.1 | (14.9 | ) | ||||||||
Defined Benefit Pension Plans: | |||||||||||||||
Prior service cost from plan amendment during period | — | — | (5.5 | ) | — | ||||||||||
Amortization of defined benefit pension items: | |||||||||||||||
Prior service cost | 0.2 | — | 0.5 | 0.1 | |||||||||||
Actuarial losses | 1.6 | 1.0 | 4.7 | 3.0 | |||||||||||
Total Defined Benefit Pension Plans, net | 1.8 | 1.0 | (0.3 | ) | 3.1 | ||||||||||
Other Comprehensive Income/(Expense) Items before Provision for Income Taxes | 1.2 | (8.7 | ) | (0.2 | ) | (11.8 | ) | ||||||||
Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items | (0.6 | ) | (0.3 | ) | 0.5 | (1.0 | ) | ||||||||
Other Comprehensive Income/(Expense) items after Provision for Income Taxes | 0.6 | (9.0 | ) | 0.3 | (12.8 | ) | |||||||||
Comprehensive Income/(Expense) | $ | 32.3 | $ | 24.6 | $ | 82.8 | $ | 70.3 |
Nine Months Ended | |||||||
May 31, 2013 | May 31, 2012 | ||||||
Cash Provided by/(Used for) Operating Activities: | |||||||
Net income | $ | 82.5 | $ | 83.1 | |||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||
Depreciation and amortization | 30.2 | 29.7 | |||||
Share-based compensation expense | 12.8 | 11.9 | |||||
Excess tax benefits from share-based payments | (6.6 | ) | (4.3 | ) | |||
(Gain) Loss on the sale or disposal of property, plant, and equipment | (2.4 | ) | 0.2 | ||||
Asset impairments | 0.3 | 0.1 | |||||
Deferred income taxes | 2.0 | (0.8 | ) | ||||
Other non-cash items | — | 0.1 | |||||
Change in assets and liabilities, net of effect of acquisitions, divestitures and effect of exchange rate changes: | |||||||
Accounts receivable | (35.6 | ) | (9.8 | ) | |||
Inventories | (4.7 | ) | (3.7 | ) | |||
Prepayments and other current assets | (0.1 | ) | (2.1 | ) | |||
Accounts payable | 5.3 | 0.2 | |||||
Other current liabilities | (7.4 | ) | 6.0 | ||||
Other | (8.5 | ) | (7.8 | ) | |||
Net Cash Provided by Operating Activities | 67.8 | 102.8 | |||||
Cash Provided by/(Used for) Investing Activities: | |||||||
Purchases of property, plant, and equipment | (31.4 | ) | (18.8 | ) | |||
Proceeds from sale of property, plant, and equipment | 7.4 | — | |||||
Acquisitions of business and intangible assets, net of cash acquired | (25.5 | ) | (3.8 | ) | |||
Net Cash Used for Investing Activities | (49.5 | ) | (22.6 | ) | |||
Cash Provided by/(Used for) Financing Activities: | |||||||
Repurchases of common stock | — | (9.2 | ) | ||||
Proceeds from stock option exercises and other | 10.0 | 6.5 | |||||
Excess tax benefits from share-based payments | 6.6 | 4.3 | |||||
Dividends paid | (16.8 | ) | (16.5 | ) | |||
Net Cash Used for Financing Activities | (0.2 | ) | (14.9 | ) | |||
Effect of Exchange Rate Changes on Cash | (0.7 | ) | (7.2 | ) | |||
Net Change in Cash and Cash Equivalents | 17.4 | 58.1 | |||||
Cash and Cash Equivalents at Beginning of Period | 284.5 | 170.2 | |||||
Cash and Cash Equivalents at End of Period | $ | 301.9 | $ | 228.3 | |||
Supplemental Cash Flow Information: | |||||||
Income taxes paid during the period | $ | 33.2 | $ | 38.2 | |||
Interest paid during the period | $ | 20.6 | $ | 21.1 |
1. | Description of Business and Basis of Presentation |
3. | New Accounting Pronouncements |
4. | Acquisitions |
5. | Assets Held For Sale |
6. | Fair Value Measurements |
Fair Value Measurements as of: | |||||||||||||||||||||||||||||||
May 31, 2013 | August 31, 2012 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 301.9 | $ | — | $ | — | $ | 301.9 | $ | 284.5 | $ | — | $ | — | $ | 284.5 | |||||||||||||||
Other | 0.7 | — | — | 0.7 | 1.3 | — | — | 1.3 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Other | $ | 0.7 | $ | — | $ | 10.4 | $ | 11.1 | $ | 1.3 | $ | — | $ | — | $ | 1.3 |
May 31, 2013 | August 31, 2012 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Liabilities: | |||||||||||||||
Senior unsecured public notes, net of unamortized discount | $ | 349.5 | $ | 394.2 | $ | 349.5 | $ | 407.5 | |||||||
Industrial revenue bond | 4.0 | 4.0 | 4.0 | 4.0 |
7. | Goodwill and Intangible Assets |
8. | Inventories |
May 31, 2013 | August 31, 2012 | ||||||
Raw materials, supplies, and work in process(1) | $ | 118.1 | $ | 120.2 | |||
Finished goods | 93.6 | 84.6 | |||||
211.7 | 204.8 | ||||||
Less: Reserves | (10.5 | ) | (10.7 | ) | |||
Total Inventory | $ | 201.2 | $ | 194.1 |
9. | Earnings Per Share |
Three Months Ended | Nine Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | May 31, 2013 | May 31, 2012 | ||||||||||||
Basic Earnings per Share: | |||||||||||||||
Net income | $ | 31.7 | $ | 33.6 | $ | 82.5 | $ | 83.1 | |||||||
Less: Income attributable to participating securities | (0.5 | ) | (0.6 | ) | (1.3 | ) | (1.6 | ) | |||||||
Net income available to common shareholders | $ | 31.2 | $ | 33.0 | $ | 81.2 | $ | 81.5 | |||||||
Basic weighted average shares outstanding | 42.2 | 41.6 | 42.0 | 41.4 | |||||||||||
Basic earnings per share | $ | 0.74 | $ | 0.80 | $ | 1.93 | $ | 1.97 | |||||||
Diluted Earnings per Share: | |||||||||||||||
Net income | $ | 31.7 | $ | 33.6 | $ | 82.5 | $ | 83.1 | |||||||
Less: Income attributable to participating securities | (0.5 | ) | (0.6 | ) | (1.3 | ) | (1.6 | ) | |||||||
Net income available to common shareholders | $ | 31.2 | $ | 33.0 | $ | 81.2 | $ | 81.5 | |||||||
Basic weighted average shares outstanding | 42.2 | 41.6 | 42.0 | 41.4 | |||||||||||
Common stock equivalents | 0.4 | 0.4 | 0.4 | 0.5 | |||||||||||
Diluted weighted average shares outstanding | 42.6 | 42.0 | 42.4 | 41.9 | |||||||||||
Diluted earnings per share | $ | 0.73 | $ | 0.79 | $ | 1.91 | $ | 1.95 |
Foreign Currency Items | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss Items | |||||||||
Beginning Balance, August 31, 2012 | $ | (16.9 | ) | $ | (67.8 | ) | $ | (84.7 | ) | ||
Other Comprehensive Income/(Expense) before reclassifications | 0.1 | (3.3 | ) | (3.2 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | 3.5 | 3.5 | ||||||||
Net current-period Other Comprehensive Income/(Expense) | 0.1 | 0.2 | 0.3 | ||||||||
Ending Balance, May 31, 2013 | $ | (16.8 | ) | $ | (67.6 | ) | $ | (84.4 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
May 31, 2013 | May 31, 2013 | ||||||||||||||||||||||
Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | ||||||||||||||||||
Foreign Currency Translation Adjustments | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Defined Benefit Pension Plans: | |||||||||||||||||||||||
Prior service cost from plan amendment during period | — | — | — | (5.5 | ) | 2.2 | (3.3 | ) | |||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||||||
Prior service cost | 0.2 | (1) | (0.1 | ) | 0.1 | 0.5 | (1) | (0.1 | ) | 0.4 | |||||||||||||
Actuarial losses | 1.6 | (1) | (0.5 | ) | 1.1 | 4.7 | (1) | (1.6 | ) | 3.1 | |||||||||||||
Total Defined Benefit Plans, net | 1.8 | (0.6 | ) | 1.2 | (0.3 | ) | 0.5 | 0.2 | |||||||||||||||
Other Comprehensive Income/(Expense) | $ | 1.2 | $ | (0.6 | ) | $ | 0.6 | $ | (0.2 | ) | $ | 0.5 | $ | 0.3 |
(1) | These accumulated other comprehensive income components are included in net periodic pension cost. See footnote 14 Pension and Profit Sharing Plans for additional details. |
11. | Debt |
Three Months Ended | Nine Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | May 31, 2013 | May 31, 2012 | ||||||||||||
Interest expense | $ | 8.0 | $ | 7.8 | $ | 23.9 | $ | 23.5 | |||||||
Interest income | (0.2 | ) | (0.1 | ) | (0.6 | ) | (0.4 | ) | |||||||
Interest expense, net | $ | 7.8 | $ | 7.7 | $ | 23.3 | $ | 23.1 |
12. | Commitments and Contingencies |
Balance at August 31, 2012 | $ | 4.0 | |
Adjustments to the warranty and recall reserve | 4.2 | ||
Payments made during the period | (4.1 | ) | |
Balance at May 31, 2013 | $ | 4.1 |
13. | Share-Based Payments |
14. | Pension and Profit Sharing Plans |
Three Months Ended | Nine Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | May 31, 2013 | May 31, 2012 | ||||||||||||
Service cost | $ | 0.9 | $ | 0.7 | $ | 2.6 | $ | 2.1 | |||||||
Interest cost | 2.0 | 2.1 | 6.0 | 6.4 | |||||||||||
Expected return on plan assets | (2.2 | ) | (2.0 | ) | (6.5 | ) | (6.2 | ) | |||||||
Amortization of prior service cost | 0.2 | — | 0.5 | 0.1 | |||||||||||
Recognized actuarial loss | 1.6 | 1.0 | 4.7 | 3.0 | |||||||||||
Net periodic pension cost | $ | 2.5 | $ | 1.8 | $ | 7.3 | $ | 5.4 |
15. | Special Charges |
Fiscal 2008 - 2010 | Fiscal 2012 | Fiscal 2013 | |||||||||
Actions | Actions | Actions | |||||||||
Balance as of August 31, 2012 | $ | 0.2 | $ | 5.6 | $ | — | |||||
Special charges | (0.1 | ) | (0.3 | ) | 7.2 | ||||||
Payments made during the period | (0.1 | ) | (5.2 | ) | (0.1 | ) | |||||
Balance as of May 31, 2013 | $ | — | $ | 0.1 | $ | 7.1 |
16. | Supplemental Guarantor Condensed Consolidating Financial Statements |
May 31, 2013 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 275.0 | $ | — | $ | — | $ | 26.9 | $ | — | $ | 301.9 | |||||||||||
Accounts receivable, net | — | 258.5 | — | 41.0 | — | 299.5 | |||||||||||||||||
Inventories | — | 189.7 | — | 11.5 | — | 201.2 | |||||||||||||||||
Other current assets | 7.6 | 20.9 | — | 6.3 | — | 34.8 | |||||||||||||||||
Total Current Assets | 282.6 | 469.1 | — | 85.7 | — | 837.4 | |||||||||||||||||
Property, Plant, and Equipment, net | 0.3 | 116.6 | — | 30.2 | — | 147.1 | |||||||||||||||||
Goodwill | — | 516.1 | 2.7 | 54.6 | — | 573.4 | |||||||||||||||||
Intangible assets, net | — | 101.8 | 119.9 | 20.3 | — | 242.0 | |||||||||||||||||
Other long-term assets | 2.5 | 19.7 | — | 7.7 | — | 29.9 | |||||||||||||||||
Investments in subsidiaries | 817.3 | 106.1 | — | 0.1 | (923.5 | ) | — | ||||||||||||||||
Total Assets | $ | 1,102.7 | $ | 1,329.4 | $ | 122.6 | $ | 198.6 | $ | (923.5 | ) | $ | 1,829.8 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable | $ | 0.6 | $ | 226.6 | $ | — | $ | 12.5 | $ | — | $ | 239.7 | |||||||||||
Intercompany payable (receivable) | 135.0 | (65.9 | ) | (112.6 | ) | 43.5 | — | — | |||||||||||||||
Other accrued liabilities | 13.0 | 89.8 | — | 15.6 | — | 118.4 | |||||||||||||||||
Total Current Liabilities | 148.6 | 250.5 | (112.6 | ) | 71.6 | — | 358.1 | ||||||||||||||||
Long-Term Debt | — | 353.5 | — | — | — | 353.5 | |||||||||||||||||
Deferred Income Taxes | (35.3 | ) | 68.5 | — | 3.6 | — | 36.8 | ||||||||||||||||
Other Long-Term Liabilities | 66.8 | 58.6 | — | 33.4 | — | 158.8 | |||||||||||||||||
Total Stockholders’ Equity | 922.6 | 598.3 | 235.2 | 90.0 | (923.5 | ) | 922.6 | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,102.7 | $ | 1,329.4 | $ | 122.6 | $ | 198.6 | $ | (923.5 | ) | $ | 1,829.8 |
August 31, 2012 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 246.6 | $ | — | $ | — | $ | 37.9 | $ | — | $ | 284.5 | |||||||||||
Accounts receivable, net | — | 228.2 | — | 35.6 | — | 263.8 | |||||||||||||||||
Inventories | — | 183.8 | — | 10.3 | — | 194.1 | |||||||||||||||||
Other current assets | 4.5 | 26.2 | — | 5.9 | — | 36.6 | |||||||||||||||||
Total Current Assets | 251.1 | 438.2 | — | 89.7 | — | 779.0 | |||||||||||||||||
Property, Plant, and Equipment, net | — | 109.6 | — | 29.6 | — | 139.2 | |||||||||||||||||
Goodwill | — | 516.1 | 2.7 | 36.1 | — | 554.9 | |||||||||||||||||
Intangible assets, net | — | 104.5 | 122.0 | 4.3 | — | 230.8 | |||||||||||||||||
Other long-term assets | 3.6 | 20.8 | — | 8.6 | — | 33.0 | |||||||||||||||||
Investments in subsidiaries | 705.1 | 87.3 | — | — | (792.4 | ) | — | ||||||||||||||||
Total Assets | $ | 959.8 | $ | 1,276.5 | $ | 124.7 | $ | 168.3 | $ | (792.4 | ) | $ | 1,736.9 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable | $ | 0.8 | $ | 218.0 | $ | — | $ | 13.9 | $ | — | $ | 232.7 | |||||||||||
Intercompany payable (receivable) | 83.4 | (28.3 | ) | (98.1 | ) | 43.0 | — | — | |||||||||||||||
Other accrued liabilities | 12.6 | 103.2 | — | 16.3 | — | 132.1 | |||||||||||||||||
Total Current Liabilities | 96.8 | 292.9 | (98.1 | ) | 73.2 | — | 364.8 | ||||||||||||||||
Long-Term Debt | — | 353.5 | — | — | — | 353.5 | |||||||||||||||||
Deferred Income Taxes | (32.0 | ) | 68.2 | — | (2.8 | ) | — | 33.4 | |||||||||||||||
Other Long-Term Liabilities | 61.0 | 64.7 | — | 25.5 | — | 151.2 | |||||||||||||||||
Total Stockholders’ Equity | 834.0 | 497.2 | 222.8 | 72.4 | (792.4 | ) | 834.0 | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 959.8 | $ | 1,276.5 | $ | 124.7 | $ | 168.3 | $ | (792.4 | ) | $ | 1,736.9 |
Three Months Ended May 31, 2013 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
External sales | $ | — | $ | 481.7 | $ | — | $ | 59.8 | $ | — | $ | 541.5 | |||||||||||
Intercompany sales | — | — | 8.1 | 22.5 | (30.6 | ) | — | ||||||||||||||||
Total Sales | — | 481.7 | 8.1 | 82.3 | (30.6 | ) | 541.5 | ||||||||||||||||
Cost of Products Sold | — | 280.1 | — | 62.8 | (22.5 | ) | 320.4 | ||||||||||||||||
Gross Profit | — | 201.6 | 8.1 | 19.5 | (8.1 | ) | 221.1 | ||||||||||||||||
Selling, Distribution, and Administrative Expenses | 6.7 | 147.1 | 0.7 | 17.5 | (8.1 | ) | 163.9 | ||||||||||||||||
Intercompany charges | (0.9 | ) | 0.6 | — | 0.3 | — | — | ||||||||||||||||
Special Charge | — | 5.5 | — | 1.7 | — | 7.2 | |||||||||||||||||
Operating Profit | (5.8 | ) | 48.4 | 7.4 | — | — | 50.0 | ||||||||||||||||
Interest expense (income), net | 2.4 | 5.5 | — | (0.1 | ) | — | 7.8 | ||||||||||||||||
Equity earnings in subsidiaries | (37.1 | ) | 0.5 | — | — | 36.6 | — | ||||||||||||||||
Miscellaneous (income) expense, net | — | (3.7 | ) | — | 0.7 | — | (3.0 | ) | |||||||||||||||
Income from Continuing Operations before Provision for Income Taxes | 28.9 | 46.1 | 7.4 | (0.6 | ) | (36.6 | ) | 45.2 | |||||||||||||||
Provision for Income Taxes | (2.8 | ) | 13.2 | 3.0 | 0.1 | — | 13.5 | ||||||||||||||||
Net Income | $ | 31.7 | $ | 32.9 | $ | 4.4 | $ | (0.7 | ) | $ | (36.6 | ) | $ | 31.7 |
Three Months Ended May 31, 2012 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
External sales | $ | — | $ | 435.9 | $ | — | $ | 51.6 | $ | — | $ | 487.5 | |||||||||||
Intercompany sales | — | — | 7.5 | 18.1 | (25.6 | ) | — | ||||||||||||||||
Total Sales | — | 435.9 | 7.5 | 69.7 | (25.6 | ) | 487.5 | ||||||||||||||||
Cost of Products Sold | — | 250.3 | — | 53.3 | (18.1 | ) | 285.5 | ||||||||||||||||
Gross Profit | — | 185.6 | 7.5 | 16.4 | (7.5 | ) | 202.0 | ||||||||||||||||
Selling, Distribution, and Administrative Expenses | 6.4 | 128.7 | 0.9 | 14.3 | (7.5 | ) | 142.8 | ||||||||||||||||
Intercompany charges | (1.0 | ) | 0.7 | — | 0.3 | — | — | ||||||||||||||||
Special Charge | — | 1.9 | — | — | — | 1.9 | |||||||||||||||||
Operating Profit | (5.4 | ) | 54.3 | 6.6 | 1.8 | — | 57.3 | ||||||||||||||||
Interest expense (income), net | 2.3 | 5.5 | — | (0.1 | ) | — | 7.7 | ||||||||||||||||
Equity earnings in subsidiaries | (38.4 | ) | (3.5 | ) | — | — | 41.9 | — | |||||||||||||||
Miscellaneous (income) expense, net | (0.1 | ) | 0.3 | — | (2.9 | ) | — | (2.7 | ) | ||||||||||||||
Income from Continuing Operations before Provision for Income Taxes | 30.8 | 52.0 | 6.6 | 4.8 | (41.9 | ) | 52.3 | ||||||||||||||||
Provision for Income Taxes | (2.8 | ) | 17.5 | 2.3 | 1.7 | — | 18.7 | ||||||||||||||||
Net Income | $ | 33.6 | $ | 34.5 | $ | 4.3 | $ | 3.1 | $ | (41.9 | ) | $ | 33.6 |
Nine Months Ended May 31, 2013 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
External sales | $ | — | $ | 1,333.5 | $ | — | $ | 175.8 | $ | — | $ | 1,509.3 | |||||||||||
Intercompany sales | — | — | 22.9 | 65.5 | (88.4 | ) | — | ||||||||||||||||
Total Sales | — | 1,333.5 | 22.9 | 241.3 | (88.4 | ) | 1,509.3 | ||||||||||||||||
Cost of Products Sold | — | 791.6 | — | 182.9 | (65.5 | ) | 909.0 | ||||||||||||||||
Gross Profit | — | 541.9 | 22.9 | 58.4 | (22.9 | ) | 600.3 | ||||||||||||||||
Selling, Distribution, and Administrative Expenses | 20.9 | 399.3 | 2.2 | 49.3 | (22.9 | ) | 448.8 | ||||||||||||||||
Intercompany charges | (2.6 | ) | 1.7 | — | 0.9 | — | — | ||||||||||||||||
Special Charge | — | 6.2 | — | 2.0 | — | 8.2 | |||||||||||||||||
Operating Profit | (18.3 | ) | 134.7 | 20.7 | 6.2 | — | 143.3 | ||||||||||||||||
Interest expense (income), net | 7.0 | 16.6 | — | (0.3 | ) | — | 23.3 | ||||||||||||||||
Equity earnings in subsidiaries | (98.4 | ) | (5.0 | ) | — | 0.1 | 103.3 | — | |||||||||||||||
Miscellaneous (income) expense, net | — | (3.3 | ) | — | 0.5 | — | (2.8 | ) | |||||||||||||||
Income from Continuing Operations before Provision for Income Taxes | 73.1 | 126.4 | 20.7 | 5.9 | (103.3 | ) | 122.8 | ||||||||||||||||
Provision for Income Taxes | (9.4 | ) | 39.4 | 8.3 | 2.0 | — | 40.3 | ||||||||||||||||
Net Income | $ | 82.5 | $ | 87.0 | $ | 12.4 | $ | 3.9 | $ | (103.3 | ) | $ | 82.5 |
Nine Months Ended May 31, 2012 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
External sales | $ | — | $ | 1,268.3 | $ | — | $ | 151.2 | $ | — | $ | 1,419.5 | |||||||||||
Intercompany sales | — | — | 22.2 | 47.9 | (70.1 | ) | — | ||||||||||||||||
Total Sales | — | 1,268.3 | 22.2 | 199.1 | (70.1 | ) | 1,419.5 | ||||||||||||||||
Cost of Products Sold | — | 735.2 | — | 154.6 | (47.9 | ) | 841.9 | ||||||||||||||||
Gross Profit | — | 533.1 | 22.2 | 44.5 | (22.2 | ) | 577.6 | ||||||||||||||||
Selling, Distribution, and Administrative Expenses | 19.5 | 376.2 | 2.7 | 43.3 | (22.2 | ) | 419.5 | ||||||||||||||||
Intercompany charges | (2.6 | ) | 1.7 | — | 0.9 | — | — | ||||||||||||||||
Special Charge | — | 10.3 | — | 0.9 | — | 11.2 | |||||||||||||||||
Operating Profit | (16.9 | ) | 144.9 | 19.5 | (0.6 | ) | — | 146.9 | |||||||||||||||
Interest expense (income), net | 6.8 | 16.6 | — | (0.3 | ) | — | 23.1 | ||||||||||||||||
Equity earnings in subsidiaries | (97.9 | ) | (3.6 | ) | — | 0.1 | 101.4 | — | |||||||||||||||
Miscellaneous (income) expense, net | (0.3 | ) | 0.9 | — | (5.1 | ) | — | (4.5 | ) | ||||||||||||||
Income from Continuing Operations before Provision for Income Taxes | 74.5 | 131.0 | 19.5 | 4.7 | (101.4 | ) | 128.3 | ||||||||||||||||
Provision for Income Taxes | (8.6 | ) | 44.4 | 6.8 | 2.6 | — | 45.2 | ||||||||||||||||
Net Income | $ | 83.1 | $ | 86.6 | $ | 12.7 | $ | 2.1 | $ | (101.4 | ) | $ | 83.1 |
Three Months Ended May 31, 2013 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Income | $ | 31.7 | $ | 32.9 | $ | 4.4 | $ | (0.7 | ) | $ | (36.6 | ) | $ | 31.7 | |||||||||
Other Comprehensive Income/(Expense) Items: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (0.6 | ) | (0.6 | ) | — | — | 0.6 | (0.6 | ) | ||||||||||||||
Defined Benefit Pension Plans: | |||||||||||||||||||||||
Prior service cost from plan amendment during period | — | — | — | — | — | — | |||||||||||||||||
Amortization of defined benefit pension items: | — | ||||||||||||||||||||||
Prior service cost | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||
Actuarial losses | 1.6 | 1.1 | — | 0.4 | (1.5 | ) | 1.6 | ||||||||||||||||
Total Defined Benefit Pension Plans, net | 1.8 | 1.1 | — | 0.4 | (1.5 | ) | 1.8 | ||||||||||||||||
Other Comprehensive Income/(Expense) Items before Provision for Income Taxes | 1.2 | 0.5 | — | 0.4 | (0.9 | ) | 1.2 | ||||||||||||||||
Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items | (0.6 | ) | (0.4 | ) | (0.1 | ) | 0.5 | (0.6 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | 0.6 | 0.1 | — | 0.3 | (0.4 | ) | 0.6 | ||||||||||||||||
Comprehensive Income | $ | 32.3 | $ | 33.0 | $ | 4.4 | $ | (0.4 | ) | $ | (37.0 | ) | $ | 32.3 |
Three Months Ended May 31, 2012 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Income | $ | 33.6 | $ | 34.5 | $ | 4.3 | $ | 3.1 | $ | (41.9 | ) | $ | 33.6 | ||||||||||
Other Comprehensive Income/(Expense) Items: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (9.7 | ) | (9.7 | ) | — | — | 9.7 | (9.7 | ) | ||||||||||||||
Defined Benefit Pension Plans: | |||||||||||||||||||||||
Prior service cost from plan amendment during period | — | — | — | — | — | — | |||||||||||||||||
Amortization of defined benefit pension items: | — | ||||||||||||||||||||||
Prior service cost | — | — | — | — | — | — | |||||||||||||||||
Actuarial losses | 1.0 | 0.8 | — | 0.2 | (1.0 | ) | 1.0 | ||||||||||||||||
Total Defined Benefit Pension Plans, net | 1.0 | 0.8 | — | 0.2 | (1.0 | ) | 1.0 | ||||||||||||||||
Other Comprehensive Income/(Expense) Items before Provision for Income Taxes | (8.7 | ) | (8.9 | ) | — | 0.2 | 8.7 | (8.7 | ) | ||||||||||||||
Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items | (0.3 | ) | (0.3 | ) | — | — | 0.3 | (0.3 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | (9.0 | ) | (9.2 | ) | — | 0.2 | 9.0 | (9.0 | ) | ||||||||||||||
Comprehensive Income | $ | 24.6 | $ | 25.3 | $ | 4.3 | $ | 3.3 | $ | (32.9 | ) | $ | 24.6 |
Nine Months Ended May 31, 2013 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Income | $ | 82.5 | $ | 87.0 | $ | 12.4 | $ | 3.9 | $ | (103.3 | ) | $ | 82.5 | ||||||||||
Other Comprehensive Income/(Expense) Items: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | 0.1 | 0.1 | — | — | (0.1 | ) | 0.1 | ||||||||||||||||
Defined Benefit Pension Plans: | |||||||||||||||||||||||
Prior service cost from plan amendment during period | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||||||
Prior service cost | 0.5 | — | — | — | — | 0.5 | |||||||||||||||||
Actuarial losses | 4.7 | 3.3 | — | 1.3 | (4.6 | ) | 4.7 | ||||||||||||||||
Total Defined Benefit Pension Plans, net | (0.3 | ) | 3.3 | — | 1.3 | (4.6 | ) | (0.3 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items before Provision for Income Taxes | (0.2 | ) | 3.4 | — | 1.3 | (4.7 | ) | (0.2 | ) | ||||||||||||||
Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items | 0.5 | (1.2 | ) | — | (0.3 | ) | 1.5 | 0.5 | |||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | 0.3 | 2.2 | — | 1.0 | (3.2 | ) | 0.3 | ||||||||||||||||
Comprehensive Income | $ | 82.8 | $ | 89.2 | $ | 12.4 | $ | 4.9 | $ | (106.5 | ) | $ | 82.8 |
Nine Months Ended May 31, 2012 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Income | $ | 83.1 | $ | 86.6 | $ | 12.7 | $ | 2.1 | $ | (101.4 | ) | $ | 83.1 | ||||||||||
Other Comprehensive Income/(Expense) Items: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (14.9 | ) | (14.9 | ) | — | — | 14.9 | (14.9 | ) | ||||||||||||||
Defined Benefit Pension Plans: | |||||||||||||||||||||||
Prior service cost from plan amendment during period | — | — | — | — | — | — | |||||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||||||
Prior service cost | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||
Actuarial losses | 3.0 | 2.4 | — | 0.6 | (3.0 | ) | 3.0 | ||||||||||||||||
Total Defined Benefit Pension Plans, net | 3.1 | 2.4 | — | 0.6 | (3.0 | ) | 3.1 | ||||||||||||||||
Other Comprehensive Income/(Expense) Items before Provision for Income Taxes | (11.8 | ) | (12.5 | ) | — | 0.6 | 11.9 | (11.8 | ) | ||||||||||||||
Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items | (1.0 | ) | (0.8 | ) | — | (0.2 | ) | 1.0 | (1.0 | ) | |||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | (12.8 | ) | (13.3 | ) | — | 0.4 | 12.9 | (12.8 | ) | ||||||||||||||
Comprehensive Income | $ | 70.3 | $ | 73.3 | $ | 12.7 | $ | 2.5 | $ | (88.5 | ) | $ | 70.3 |
Nine Months Ended May 31, 2013 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 29.0 | $ | 38.3 | $ | — | $ | 0.5 | $ | — | $ | 67.8 | |||||||||||
Cash Provided by (Used for) Investing Activities: | |||||||||||||||||||||||
Purchases of property, plant, and equipment | (0.4 | ) | (28.7 | ) | — | (2.3 | ) | — | (31.4 | ) | |||||||||||||
Proceeds from sale of property, plant, and equipment | — | 7.4 | — | — | — | 7.4 | |||||||||||||||||
Investments in subsidiaries | — | (13.1 | ) | — | — | 13.1 | — | ||||||||||||||||
Acquisitions of business and intangible assets | — | (3.8 | ) | — | (21.7 | ) | — | (25.5 | ) | ||||||||||||||
Net Cash Used for Investing Activities | (0.4 | ) | (38.2 | ) | — | (24.0 | ) | 13.1 | (49.5 | ) | |||||||||||||
Cash Provided by (Used for) Financing Activities: | |||||||||||||||||||||||
Proceeds from stock option exercises and other | 10.0 | — | — | — | — | 10.0 | |||||||||||||||||
Repurchases of common stock | — | — | — | — | — | — | |||||||||||||||||
Excess tax benefits from share-based payments | 6.6 | — | — | — | — | 6.6 | |||||||||||||||||
Intercompany dividends | — | — | — | — | — | — | |||||||||||||||||
Intercompany capital | — | — | — | 13.1 | (13.1 | ) | — | ||||||||||||||||
Dividends paid | (16.8 | ) | — | — | — | — | (16.8 | ) | |||||||||||||||
Net Cash (Used for) Provided by Financing Activities | (0.2 | ) | — | — | 13.1 | (13.1 | ) | (0.2 | ) | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | (0.1 | ) | — | (0.6 | ) | — | (0.7 | ) | ||||||||||||||
Net Change in Cash and Cash Equivalents | 28.4 | — | — | (11.0 | ) | — | 17.4 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 246.6 | — | — | 37.9 | — | 284.5 | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 275.0 | $ | — | $ | — | $ | 26.9 | $ | — | $ | 301.9 |
Nine Months Ended May 31, 2012 | |||||||||||||||||||||||
Parent | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Net Cash (Used for) Provided by Operating Activities | $ | 93.8 | $ | 19.9 | $ | — | $ | (8.9 | ) | $ | (2.0 | ) | $ | 102.8 | |||||||||
Cash Provided by (Used for) Investing Activities: | |||||||||||||||||||||||
Purchases of property, plant, and equipment | — | (16.6 | ) | — | (2.2 | ) | — | (18.8 | ) | ||||||||||||||
Investments in subsidiaries | (3.8 | ) | — | — | — | 3.8 | — | ||||||||||||||||
Acquisitions of business and intangible assets | — | (3.8 | ) | — | — | — | (3.8 | ) | |||||||||||||||
Net Cash Used for Investing Activities | (3.8 | ) | (20.4 | ) | — | (2.2 | ) | 3.8 | (22.6 | ) | |||||||||||||
Cash Provided by (Used for) Financing Activities: | |||||||||||||||||||||||
Proceeds from stock option exercises and other | 6.5 | — | — | — | — | 6.5 | |||||||||||||||||
Repurchases of common stock | (9.2 | ) | — | — | — | — | (9.2 | ) | |||||||||||||||
Excess tax benefits from share-based payments | 4.3 | — | — | — | — | 4.3 | |||||||||||||||||
Intercompany dividends | — | — | — | (2.0 | ) | 2.0 | — | ||||||||||||||||
Intercompany capital | — | 3.8 | — | — | (3.8 | ) | — | ||||||||||||||||
Dividends paid | (16.5 | ) | — | — | — | — | (16.5 | ) | |||||||||||||||
Net Cash (Used for) Provided by Financing Activities | (14.9 | ) | 3.8 | — | (2.0 | ) | (1.8 | ) | (14.9 | ) | |||||||||||||
Effect of Exchange Rate Changes on Cash | — | (3.4 | ) | — | (3.8 | ) | — | (7.2 | ) | ||||||||||||||
Net Change in Cash and Cash Equivalents | 75.1 | (0.1 | ) | — | (16.9 | ) | — | 58.1 | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 127.2 | 0.1 | — | 42.9 | — | 170.2 | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 202.3 | $ | — | $ | — | $ | 26.0 | $ | — | $ | 228.3 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | Increase (Decrease) | Percent Change | |||||||||||
Net Sales | $ | 541.5 | $ | 487.5 | $ | 54.0 | 11.1 | % | ||||||
Cost of Products Sold | 320.4 | 285.5 | 34.9 | 12.2 | % | |||||||||
Gross Profit | 221.1 | 202.0 | 19.1 | 9.5 | % | |||||||||
Percent of net sales | 40.8 | % | 41.4 | % | (60 | ) | bps | |||||||
Selling, Distribution, and Administrative Expenses | 163.9 | 142.8 | 21.1 | 14.8 | % | |||||||||
Special Charge | 7.2 | 1.9 | 5.3 | NM | ||||||||||
Operating Profit | 50.0 | 57.3 | (7.3 | ) | (12.7 | )% | ||||||||
Percent of net sales | 9.2 | % | 11.8 | % | (260 | ) | bps | |||||||
Other Expense (Income) | ||||||||||||||
Interest Expense, net | 7.8 | 7.7 | 0.1 | 1.3 | % | |||||||||
Miscellaneous (Income) Expense, net | (3.0 | ) | (2.7 | ) | (0.3 | ) | (11.1 | )% | ||||||
Total Other Expense | 4.8 | 5.0 | (0.2 | ) | (4.0 | )% | ||||||||
Income before Provision for Income Taxes | 45.2 | 52.3 | (7.1 | ) | (13.6 | )% | ||||||||
Percent of net sales | 8.3 | % | 10.7 | % | (240 | ) | bps | |||||||
Provision for Taxes | 13.5 | 18.7 | (5.2 | ) | (27.8 | )% | ||||||||
Effective tax rate | 29.9 | % | 35.8 | % | ||||||||||
Net Income | $ | 31.7 | $ | 33.6 | $ | (1.9 | ) | (5.7 | )% | |||||
Diluted Earnings per Share | $ | 0.73 | $ | 0.79 | $ | (0.06 | ) | (7.6 | )% |
Three Months Ended | |||||||||||||
May 31, 2013 | May 31, 2012 | Increase (Decrease) | Percent Change | ||||||||||
Gross Profit | $ | 221.1 | $ | 202.0 | |||||||||
Add-back: Manufacturing inefficiencies | 0.8 | — | |||||||||||
Adjusted Gross Profit | $ | 221.9 | $ | 202.0 | $ | 19.9 | 9.9 | % | |||||
Percent of net sales | 41.0 | % | 41.4 | % | (40 | ) | bps | ||||||
Selling, Distribution, and Administrative Expenses | $ | 163.9 | $ | 142.8 | |||||||||
Less: Freight service provider fraud-related expense | 8.1 | — | |||||||||||
Adjusted Selling, Distribution, and Administrative Expenses | $ | 155.8 | $ | 142.8 | $ | 13.0 | 9.1 | % | |||||
Percent of net sales | 28.8 | % | 29.3 | % | (50 | ) | bps | ||||||
Operating Profit | $ | 50.0 | $ | 57.3 | |||||||||
Add-back: Manufacturing inefficiencies | 0.8 | — | |||||||||||
Add-back: Freight service provider fraud-related expense | 8.1 | — | |||||||||||
Add-back: Special Charge | 7.2 | 1.9 | |||||||||||
Adjusted Operating Profit | $ | 66.1 | $ | 59.2 | $ | 6.9 | 11.7 | % | |||||
Percent of net sales | 12.2 | % | 12.1 | % | 10 | bps | |||||||
Net Income | $ | 31.7 | $ | 33.6 | |||||||||
Add-back: Manufacturing inefficiencies, net of tax | 0.5 | — | |||||||||||
Add-back: Freight service provider fraud-related expense, net of tax | 5.0 | — | |||||||||||
Add-back: Special Charge, net of tax | 4.7 | 1.2 | |||||||||||
Adjusted Net Income | $ | 41.9 | $ | 34.8 | $ | 7.1 | 20.4 | % | |||||
Diluted Earnings per Share | $ | 0.73 | $ | 0.79 | |||||||||
Add-back: Manufacturing inefficiencies, net of tax | 0.01 | — | |||||||||||
Add-back: Freight service provider fraud-related expense, net of tax | 0.12 | — | |||||||||||
Add-back: Special Charge, net of tax | 0.11 | 0.03 | |||||||||||
Adjusted Diluted Earnings per Share | $ | 0.97 | $ | 0.82 | $ | 0.15 | 18.3 | % |
Nine Months Ended | ||||||||||||||
May 31, 2013 | May 31, 2012 | Increase (Decrease) | Percent Change | |||||||||||
Net Sales | $ | 1,509.3 | $ | 1,419.5 | $ | 89.8 | 6.3 | % | ||||||
Cost of Products Sold | 909.0 | 841.9 | 67.1 | 8.0 | % | |||||||||
Gross Profit | 600.3 | 577.6 | 22.7 | 3.9 | % | |||||||||
Percent of net sales | 39.8 | % | 40.7 | % | (90 | ) | bps | |||||||
Selling, Distribution, and Administrative Expenses | 448.8 | 419.5 | 29.3 | 7.0 | % | |||||||||
Special Charge | 8.2 | 11.2 | (3.0 | ) | (26.8 | )% | ||||||||
Operating Profit | 143.3 | 146.9 | (3.6 | ) | (2.5 | )% | ||||||||
Percent of net sales | 9.5 | % | 10.3 | % | (80 | ) | bps | |||||||
Other Expense (Income) | ||||||||||||||
Interest Expense, net | 23.3 | 23.1 | 0.2 | 0.9 | % | |||||||||
Miscellaneous (Income) Expense, net | (2.8 | ) | (4.5 | ) | 1.7 | 37.8 | % | |||||||
Total Other Expense | 20.5 | 18.6 | 1.9 | 10.2 | % | |||||||||
Income before Provision for Income Taxes | 122.8 | 128.3 | (5.5 | ) | (4.3 | )% | ||||||||
Percent of net sales | 8.1 | % | 9.0 | % | (90 | ) | bps | |||||||
Provision for Taxes | 40.3 | 45.2 | (4.9 | ) | (10.8 | )% | ||||||||
Effective tax rate | 32.8 | % | 35.2 | % | ||||||||||
Net Income | $ | 82.5 | $ | 83.1 | $ | (0.6 | ) | (0.7 | )% | |||||
Diluted Earnings per Share | $ | 1.91 | $ | 1.95 | $ | (0.04 | ) | (2.1 | )% |
Nine Months Ended | |||||||||||||
May 31, 2013 | May 31, 2012 | Increase (Decrease) | Percent Change | ||||||||||
Gross Profit | $ | 600.3 | $ | 577.6 | |||||||||
Add-back: Manufacturing inefficiencies | 8.4 | — | |||||||||||
Adjusted Gross Profit | $ | 608.7 | $ | 577.6 | $ | 31.1 | 5.4 | % | |||||
Percent of net sales | 40.3 | % | 40.7 | % | (40 | ) | bps | ||||||
Selling, Distribution, and Administrative Expenses | $ | 448.8 | $ | 419.5 | |||||||||
Less: Freight service provider fraud-related expense | 8.1 | — | |||||||||||
Adjusted Selling, Distribution, and Administrative Expenses | $ | 440.7 | $ | 419.5 | 21.2 | 5.1 | % | ||||||
Percent of net sales | 29.2 | % | 29.6 | % | (40 | ) | bps | ||||||
Operating Profit | $ | 143.3 | $ | 146.9 | |||||||||
Add-back: Manufacturing inefficiencies | 8.4 | — | |||||||||||
Add-back: Freight service provider fraud-related expense | 8.1 | — | |||||||||||
Add-back: Special Charge | 8.2 | 11.2 | |||||||||||
Adjusted Operating Profit | $ | 168.0 | $ | 158.1 | $ | 9.9 | 6.3 | % | |||||
Percent of net sales | 11.1 | % | 11.1 | % | — | bps | |||||||
Net Income | $ | 82.5 | $ | 83.1 | |||||||||
Add-back: Manufacturing inefficiencies, net of tax | 5.2 | — | |||||||||||
Add-back: Freight service provider fraud-related expense, net of tax | 5.0 | — | |||||||||||
Add-back: Special Charge, net of tax | 5.3 | 7.5 | |||||||||||
Adjusted Net Income | $ | 98.0 | $ | 90.6 | $ | 7.4 | 8.2 | % | |||||
Diluted Earnings per Share | $ | 1.91 | $ | 1.95 | |||||||||
Add-back: Manufacturing inefficiencies, net of tax | 0.12 | — | |||||||||||
Add-back: Freight service provider fraud-related expense, net of tax | 0.12 | — | |||||||||||
Add-back: Special Charge, net of tax | 0.12 | 0.18 | |||||||||||
Adjusted Diluted Earnings per Share | $ | 2.27 | $ | 2.13 | $ | 0.14 | 6.6 | % |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1a. | Risk Factors |
Item 6. | Exhibits |
Date: | July 2, 2013 | By: | /S/ VERNON J. NAGEL | |
VERNON J. NAGEL CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER |
Date: | July 2, 2013 | By: | /S/ RICHARD K. REECE | |
RICHARD K. REECE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (Principal Financial and Accounting Officer) |
EXHIBIT 3 | (a) | Restated Certificate of Incorporation of Acuity Brands, Inc. (formerly Acuity Brands Holdings, Inc.), dated as of September 26, 2007. | Reference is made to Exhibit 3.1 of registrant’s Form 8-K as filed with the Commission on September 26, 2007, which is incorporated herein by reference. | |
(b) | Certificate of Amendment of Acuity Brands, Inc. (formerly Acuity Brands Holdings, Inc.), dated as of September 26, 2007. | Reference is made to Exhibit 3.2 of registrant’s Form 8-K as filed with the Commission on September 26, 2007, which is incorporated herein by reference. | ||
(c) | Amended and Restated Bylaws of Acuity Brands, Inc., dated as of September 30, 2011. | Reference is made to Exhibit 3.1 of registrant’s Form 8-K as filed with the Commission on October 5, 2011, which is incorporated herein by reference. | ||
EXHIBIT 31 | (a) | Certification of the Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed with the Commission as part of this Form 10-Q. | |
(b) | Certification of the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed with the Commission as part of this Form 10-Q. | ||
EXHIBIT 32 | (a) | Certification of the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Filed with the Commission as part of this Form 10-Q. | |
(b) | Certification of the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Filed with the Commission as part of this Form 10-Q. | ||
EXHIBIT 101 | The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2013, filed on July 2, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to Consolidated Financial Statements. | Filed with the Commission as part of this Form 10-Q. |
1. | I have reviewed this report on Form 10-Q of Acuity Brands, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Vernon J. Nagel | ||||
Vernon J. Nagel | ||||
Chairman, President, and Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Acuity Brands, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Richard K. Reece | ||
Richard K. Reece | ||
Executive Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation. |
/s/ Vernon J. Nagel | ||
Vernon J. Nagel | ||
Chairman, President, and Chief Executive Officer | ||
July 2, 2013 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation. |
/s/ Richard K. Reece | ||
Richard K. Reece | ||
Executive Vice President and Chief Financial Officer | ||
July 2, 2013 |
Debt
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Lines of Credit On January 31, 2012, the Company executed a $250.0 revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility replaced the Company’s prior $250.0 revolving credit facility (the “prior facility”), which was scheduled to mature on October 19, 2012. The Company recognized a write-off of less than $0.1 in deferred financing costs in connection with the early termination of the prior facility. The Revolving Credit Facility will mature and all amounts outstanding will be due and payable on January 31, 2017. The Revolving Credit Facility contains financial covenants, including a minimum interest coverage ratio (“Minimum Interest Coverage Ratio”) and a leverage ratio (“Maximum Leverage Ratio”) of total indebtedness to EBITDA (earnings before interest, taxes, depreciation and amortization expense), as such terms are defined in the Revolving Credit Facility agreement. These ratios are computed at the end of each fiscal quarter for the most recent 12-month period. The Revolving Credit Facility allows for a Maximum Leverage Ratio of 3.50 and a Minimum Interest Coverage Ratio of 2.50, subject to certain conditions defined in the financing agreement. The Company was in compliance with all financial covenants under the Revolving Credit Facility as of May 31, 2013. At May 31, 2013, the Company had additional borrowing capacity under the Revolving Credit Facility of $244.3 under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less outstanding letters of credit of $5.7 issued under the Revolving Credit Facility. As of May 31, 2013, the Company had outstanding letters of credit totaling $9.9, primarily for securing collateral requirements under the casualty insurance programs for Acuity Brands and providing credit support for the Company’s industrial revenue bond, including $5.7 issued under the Revolving Credit Facility. Generally, amounts outstanding under the Revolving Credit Facility bear interest at a “Eurocurrency Rate”. Eurocurrency Rate advances can be denominated in a variety of currencies, including U.S. Dollars, and amounts outstanding bear interest at a periodic fixed rate equal to the London Inter Bank Offered Rate (“LIBOR”) for the applicable currency plus a margin as determined by Acuity Brands' leverage ratio (“Applicable Margin”). The Applicable Margin is based on the Company’s leverage ratio, as defined in the Revolving Credit Facility, with such margin ranging from 1.075% to 1.65%. The Company is required to pay certain fees in connection with the Revolving Credit Facility, including administrative service fees and an annual facility fee. The annual facility fee is payable quarterly in arrears and is determined by the Company’s leverage ratio as defined in the Revolving Credit Facility. This facility fee ranges from 0.175% to 0.35% of the aggregate $250.0 commitment of the lenders under the Revolving Credit Facility. Notes At May 31, 2013, the Company had $350.0 of publicly-traded, senior unsecured notes outstanding at a 6% interest rate that are scheduled to mature in December 2019 (the “Notes”) and $4.0 of tax-exempt industrial revenue bonds that are scheduled to mature in 2021. Further discussion of the Company’s debt is included within the Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements within the Company’s Form 10-K. Interest Expense Interest expense, net, is comprised primarily of interest expense on long-term debt, obligations in connection with non-qualified retirement benefits, and Revolving Credit Facility borrowings, partially offset by interest income on cash and cash equivalents. The following table summarizes the components of interest expense, net:
Cash paid for interest as reported on the Consolidated Statements of Cash Flows as supplemental cash flow information for the nine months ended May 31, 2013 and 2012 totaled $20.6 and $21.1, respectively. The prior-year period amount was revised for consistency with the first nine months of fiscal 2013. |
Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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May 31, 2013
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May 31, 2012
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May 31, 2013
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May 31, 2012
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Net Sales | $ 541.5 | $ 487.5 | $ 1,509.3 | $ 1,419.5 |
Cost of Products Sold | 320.4 | 285.5 | 909.0 | 841.9 |
Gross Profit | 221.1 | 202.0 | 600.3 | 577.6 |
Selling, Distribution, and Administrative Expenses | 163.9 | 142.8 | 448.8 | 419.5 |
Special Charge | 7.2 | 1.9 | 8.2 | 11.2 |
Operating Profit | 50.0 | 57.3 | 143.3 | 146.9 |
Other Expense (Income): | ||||
Interest Expense, net | 7.8 | 7.7 | 23.3 | 23.1 |
Miscellaneous (Income) Expense, net | (3.0) | (2.7) | (2.8) | (4.5) |
Total Other Expense | 4.8 | 5.0 | 20.5 | 18.6 |
Income before Provision for Income Taxes | 45.2 | 52.3 | 122.8 | 128.3 |
Provision for Income Taxes | 13.5 | 18.7 | 40.3 | 45.2 |
Net Income | $ 31.7 | $ 33.6 | $ 82.5 | $ 83.1 |
Earnings Per Share: | ||||
Basic Earnings per Share (in dollars per share) | $ 0.74 | $ 0.80 | $ 1.93 | $ 1.97 |
Basic Weighted Average Number of Shares Outstanding (in shares) | 42.2 | 41.6 | 42.0 | 41.4 |
Diluted Earnings per Share (in dollars per share) | $ 0.73 | $ 0.79 | $ 1.91 | $ 1.95 |
Diluted Weighted Average Number of Shares Outstanding (in shares) | 42.6 | 42.0 | 42.4 | 41.9 |
Dividends Declared per Share (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.39 | $ 0.39 |
Acquisitions
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9 Months Ended |
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May 31, 2013
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Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company has actively pursued opportunities for investment and growth through acquisitions. The Company has acquired businesses that participate in the North American lighting market, as discussed below. As with previous acquisitions, the companies were purchased to further expand and complement the Company’s lighting solutions portfolio and were fully incorporated into the Company’s operations. None of the business combinations-individually or in the aggregate-represented a material transaction as compared with the Company’s financial condition, results of operations, or cash flows in any of the periods in which control was obtained. eldoLED Acquisition On March 13, 2013, the Company acquired for initial cash and potential additional cash payments that may be paid in future periods under earn-out provisions all of the ownership interests in eldoLAB Holding B.V. (“eldoLED”), a leading provider of high-performance drivers for LED lighting systems based in Eindhoven, The Netherlands. Potential cash payments related to the earn-out provisions are payable beginning in fiscal 2014 and ending in fiscal 2017 subject to achievement of those provisions. The operating results of eldoLED have been included in the Company's consolidated financial statements since the date of acquisition and are not material to the Company's financial condition, results of operations, or cash flows. Preliminary amounts related to the acquisition are reflected in the Consolidated Balance Sheets as of May 31, 2013. These amounts are deemed to be provisional until disclosed otherwise, as the Company continues to gather information related to the identification and valuation of intangible and other acquired assets and liabilities. Adura Technologies Acquisition On December 20, 2012, the Company acquired for cash all of the ownership interests in Adura Technologies ("Adura"), a leading developer of radio frequency (RF) mesh networking technology that allows individual light fixtures to communicate in a wireless mesh network with switches, sensors and system management software. The operating results of Adura have been included in the Company's consolidated financial statements since the date of acquisition and are not material to the Company's financial condition, results of operations, or cash flows. Preliminary amounts related to the acquisition are reflected in the Consolidated Balance Sheets as of May 31, 2013. These amounts are deemed to be provisional until disclosed otherwise, as the Company continues to gather information related to the identification and valuation of intangible and other acquired assets and liabilities. |
Fair Value Measurements (Tables)
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May 31, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about assets and liabilities required to be carried at fair value and measured on a recurring basis as of May 31, 2013 and August 31, 2012:
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Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The carrying values and estimated fair values of certain of the Company’s financial instruments were as follows at May 31, 2013 and August 31, 2012:
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Commitments and Contingencies
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9 Months Ended | ||||||||||||||||||||||||
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May 31, 2013
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is subject to the effects of certain contractual stipulations, events, transactions, and laws and regulations that may, at times, require the recognition of liabilities, such as those related to self-insurance reserves and claims, legal and contractual issues, environmental laws and regulations, guarantees, and indemnities. The Company establishes reserves when the associated costs related to uncertainties or guarantees become probable and can be reasonably estimated. For the period ended May 31, 2013, no material changes have occurred in the Company's reserves for self-insurance, litigation, environmental matters, or guarantees and indemnities, or relevant events and circumstances, from those disclosed in the Commitments and Contingencies footnote of the Notes to the Consolidated Financial Statements within the Company’s Form 10-K. For more information on the Company’s commitments and contingencies, please refer to the Commitments and Contingencies footnote of the Notes to the Consolidated Financial Statements within the Company’s Form 10-K. Product Warranty and Recall Costs Acuity Brands records an allowance for the estimated amount of future warranty claims when the related revenue is recognized, primarily based on historical experience of identified warranty claims. However, there can be no assurance that future warranty costs will not exceed historical experience. Estimated recall costs are recognized upon such time that the Company becomes aware of product defects and other issues. If actual future warranty costs exceed historical amounts or unforeseen recall costs occur, additional allowances may be required, which could have a material adverse impact on the Company’s results of operations and cash flows in future periods. Product warranty and recall reserves are included in Other accrued liabilities on the Consolidated Balance Sheets. The changes in product warranty and recall reserves during the nine months ended May 31, 2013 are summarized as follows:
Litigation On March 25, 2013, a freight payment and audit service provider, Trendset, Inc. (“Trendset”), provided notice to its customers that all freight payment services would immediately cease as a result of fraud at Trendset. Management believes that the Company incurred a loss primarily related to funds disbursed by the Company to Trendset that were not subsequently remitted to freight carriers that provided services on behalf of the Company and additional costs related to recovery efforts. Based on available information, management estimates that the Company's loss was approximately $8.1 which is included in Selling, Distribution, and Administrative Expenses in the Consolidated Statements of Income. The Company is seeking to recover its loss through multiple sources including, but not limited to, claims against the freight service company, claims against certain parties affiliated with the freight service company, and claims under insurance policies maintained by the Company. Numerous other Trendset customers are also pursuing claims against Trendset for their losses, and several with significant losses filed an involuntary petition commencing a bankruptcy proceeding against Trendset under Chapter 11 of the United States Bankruptcy Code. Based on available information, management cannot estimate the amount or timing of potential recovery, if any. Any future recovery will be recorded when realized. The Company may incur additional costs in future periods as a result of these recovery activities. It is the opinion of management that any future costs will not have a material adverse effect on the financial condition or results of operations of Acuity Brands. |
Earnings Per Share (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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May 31, 2013
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May 31, 2012
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May 31, 2013
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May 31, 2012
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Basic Earnings per Share: | ||||
Net income | $ 31.7 | $ 33.6 | $ 82.5 | $ 83.1 |
Less: Income attributable to participating securities | (0.5) | (0.6) | (1.3) | (1.6) |
Net income available to common shareholders | 31.2 | 33.0 | 81.2 | 81.5 |
Basic weighted average shares outstanding (in shares) | 42,200,000 | 41,600,000 | 42,000,000 | 41,400,000 |
Basic earnings per share (in dollars per share) | $ 0.74 | $ 0.80 | $ 1.93 | $ 1.97 |
Diluted Earnings per Share: | ||||
Net Income | 31.7 | 33.6 | 82.5 | 83.1 |
Less: Income attributable to participating securities | (0.5) | (0.6) | (1.3) | (1.6) |
Net income available to common shareholders | $ 31.2 | $ 33.0 | $ 81.2 | $ 81.5 |
Basic weighted average shares outstanding (in shares) | 42,200,000 | 41,600,000 | 42,000,000 | 41,400,000 |
Common stock equivalents | 400,000 | 400,000 | 400,000 | 500,000 |
Diluted weighted average shares outstanding (in shares) | 42,600,000 | 42,000,000 | 42,400,000 | 41,900,000 |
Diluted earnings per share (in dollars per share) | $ 0.73 | $ 0.79 | $ 1.91 | $ 1.95 |
Stock Options
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Earnings per Share, Basic and Diluted [Line Items] | ||||
Stock options excluded from diluted earnings per share | 72,736 | 144,610 | 88,327 | 221,976 |
Comprehensive Income (Tables)
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May 31, 2013
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in components of accumulated other comprehensive loss items | The following table presents the changes in each component of Accumulated Other Comprehensive Income/Loss Items, net of tax.
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Schedule of comprehensive income | The following table presents the tax (expense)/benefit allocated to each component of Other Comprehensive Income/(Expense).
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Earnings Per Share (Tables)
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May 31, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table calculates basic earnings per common share and diluted earnings per common share for the three and nine months ended May 31, 2013 and 2012:
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Supplemental Guarantor Condensed Consolidating Financial Statements - Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified |
May 31, 2013
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Aug. 31, 2012
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May 31, 2012
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Aug. 31, 2011
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Current Assets: | ||||
Cash and cash equivalents | $ 301.9 | $ 284.5 | $ 228.3 | $ 170.2 |
Accounts receivable, net | 299.5 | 263.8 | ||
Inventories | 201.2 | 194.1 | ||
Other current assets | 34.8 | 36.6 | ||
Total Current Assets | 837.4 | 779.0 | ||
Property, Plant, and Equipment, net | 147.1 | 139.2 | ||
Goodwill | 573.4 | 554.9 | ||
Intangible assets, net | 242.0 | 230.8 | ||
Other long-term assets | 29.9 | 33.0 | ||
Investments in subsidiaries | 0 | 0 | ||
Total Assets | 1,829.8 | 1,736.9 | ||
Current Liabilities: | ||||
Accounts payable | 239.7 | 232.7 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Other accrued liabilities | 118.4 | 132.1 | ||
Total Current Liabilities | 358.1 | 364.8 | ||
Long-Term Debt | 353.5 | 353.5 | ||
Deferred Income Taxes | 36.8 | 33.4 | ||
Other Long-Term Liabilities | 158.8 | 151.2 | ||
Total Stockholders’ Equity | 922.6 | 834.0 | ||
Total Liabilities and Stockholders’ Equity | 1,829.8 | 1,736.9 | ||
Parent
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Current Assets: | ||||
Cash and cash equivalents | 275.0 | 246.6 | 202.3 | 127.2 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 7.6 | 4.5 | ||
Total Current Assets | 282.6 | 251.1 | ||
Property, Plant, and Equipment, net | 0.3 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other long-term assets | 2.5 | 3.6 | ||
Investments in subsidiaries | 817.3 | 705.1 | ||
Total Assets | 1,102.7 | 959.8 | ||
Current Liabilities: | ||||
Accounts payable | 0.6 | 0.8 | ||
Intercompany payable (receivable) | 135.0 | 83.4 | ||
Other accrued liabilities | 13.0 | 12.6 | ||
Total Current Liabilities | 148.6 | 96.8 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Taxes | (35.3) | (32.0) | ||
Other Long-Term Liabilities | 66.8 | 61.0 | ||
Total Stockholders’ Equity | 922.6 | 834.0 | ||
Total Liabilities and Stockholders’ Equity | 1,102.7 | 959.8 | ||
Subsidiaries Issuer
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Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0.1 |
Accounts receivable, net | 258.5 | 228.2 | ||
Inventories | 189.7 | 183.8 | ||
Other current assets | 20.9 | 26.2 | ||
Total Current Assets | 469.1 | 438.2 | ||
Property, Plant, and Equipment, net | 116.6 | 109.6 | ||
Goodwill | 516.1 | 516.1 | ||
Intangible assets, net | 101.8 | 104.5 | ||
Other long-term assets | 19.7 | 20.8 | ||
Investments in subsidiaries | 106.1 | 87.3 | ||
Total Assets | 1,329.4 | 1,276.5 | ||
Current Liabilities: | ||||
Accounts payable | 226.6 | 218.0 | ||
Intercompany payable (receivable) | (65.9) | (28.3) | ||
Other accrued liabilities | 89.8 | 103.2 | ||
Total Current Liabilities | 250.5 | 292.9 | ||
Long-Term Debt | 353.5 | 353.5 | ||
Deferred Income Taxes | 68.5 | 68.2 | ||
Other Long-Term Liabilities | 58.6 | 64.7 | ||
Total Stockholders’ Equity | 598.3 | 497.2 | ||
Total Liabilities and Stockholders’ Equity | 1,329.4 | 1,276.5 | ||
Subsidiary Guarantor
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Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total Current Assets | 0 | 0 | ||
Property, Plant, and Equipment, net | 0 | 0 | ||
Goodwill | 2.7 | 2.7 | ||
Intangible assets, net | 119.9 | 122.0 | ||
Other long-term assets | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Total Assets | 122.6 | 124.7 | ||
Current Liabilities: | ||||
Accounts payable | 0 | 0 | ||
Intercompany payable (receivable) | (112.6) | (98.1) | ||
Other accrued liabilities | 0 | 0 | ||
Total Current Liabilities | (112.6) | (98.1) | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Taxes | 0 | 0 | ||
Other Long-Term Liabilities | 0 | 0 | ||
Total Stockholders’ Equity | 235.2 | 222.8 | ||
Total Liabilities and Stockholders’ Equity | 122.6 | 124.7 | ||
Non-Guarantor
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Current Assets: | ||||
Cash and cash equivalents | 26.9 | 37.9 | 26.0 | 42.9 |
Accounts receivable, net | 41.0 | 35.6 | ||
Inventories | 11.5 | 10.3 | ||
Other current assets | 6.3 | 5.9 | ||
Total Current Assets | 85.7 | 89.7 | ||
Property, Plant, and Equipment, net | 30.2 | 29.6 | ||
Goodwill | 54.6 | 36.1 | ||
Intangible assets, net | 20.3 | 4.3 | ||
Other long-term assets | 7.7 | 8.6 | ||
Investments in subsidiaries | 0.1 | 0 | ||
Total Assets | 198.6 | 168.3 | ||
Current Liabilities: | ||||
Accounts payable | 12.5 | 13.9 | ||
Intercompany payable (receivable) | 43.5 | 43.0 | ||
Other accrued liabilities | 15.6 | 16.3 | ||
Total Current Liabilities | 71.6 | 73.2 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Taxes | 3.6 | (2.8) | ||
Other Long-Term Liabilities | 33.4 | 25.5 | ||
Total Stockholders’ Equity | 90.0 | 72.4 | ||
Total Liabilities and Stockholders’ Equity | 198.6 | 168.3 | ||
Eliminations
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Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total Current Assets | 0 | 0 | ||
Property, Plant, and Equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Investments in subsidiaries | (923.5) | (792.4) | ||
Total Assets | (923.5) | (792.4) | ||
Current Liabilities: | ||||
Accounts payable | 0 | 0 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | ||
Total Current Liabilities | 0 | 0 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Taxes | 0 | 0 | ||
Other Long-Term Liabilities | 0 | 0 | ||
Total Stockholders’ Equity | (923.5) | (792.4) | ||
Total Liabilities and Stockholders’ Equity | $ (923.5) | $ (792.4) |
Assets Held for Sale (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended |
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May 31, 2013
Property
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Long Lived Assets Held-for-sale [Line Items] | |
Number of manufacturing facilities subject to discontinued operations | 3 |
Carrying value of property held for sale | $ 5.4 |
Prepayments and other current assets
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Long Lived Assets Held-for-sale [Line Items] | |
Carrying value of property held for sale | 2.6 |
Other long-term assets
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|
Long Lived Assets Held-for-sale [Line Items] | |
Carrying value of property held for sale | 2.8 |
Miscellanous (income) expense, net
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Long Lived Assets Held-for-sale [Line Items] | |
Recognized gain on sale of property classified as held for sale | $ 2.0 |
Comprehensive Income (Tax Amounts Allocated to Components of Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||
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May 31, 2013
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May 31, 2012
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May 31, 2013
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May 31, 2012
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Before Tax Amount: | ||||||||
Foreign Currency Translation Adjustments | $ (0.6) | $ (9.7) | $ 0.1 | $ (14.9) | ||||
Prior service cost from plan amendment during period | 0 | 0 | (5.5) | 0 | ||||
Prior service cost | 0.2 | [1] | 0 | 0.5 | [1] | 0.1 | ||
Actuarial losses | 1.6 | [1] | 1.0 | 4.7 | [1] | 3.0 | ||
Total Defined Benefit Pension Plans, net | 1.8 | 1.0 | (0.3) | 3.1 | ||||
Other Comprehensive Income/(Expense) Items before Provision for Income Taxes | 1.2 | (8.7) | (0.2) | (11.8) | ||||
Tax (Expense) or Benefit: | ||||||||
Foreign Currency Translation Adjustments | 0 | 0 | ||||||
Prior service cost from plan amendment during period | 0 | 2.2 | ||||||
Prior service cost | (0.1) | (0.1) | ||||||
Actuarial losses | (0.5) | (1.6) | ||||||
Defined Benefit Pension Plans, net | (0.6) | 0.5 | ||||||
Other Comprehensive Income | (0.6) | (0.3) | 0.5 | (1.0) | ||||
Other Comprehensive Income/(Expense) Items: | ||||||||
Foreign Currency Translation Adjustments | (0.6) | 0.1 | ||||||
Prior service cost from plan amendment during period | 0 | (3.3) | ||||||
Prior service cost | 0.1 | 0.4 | ||||||
Actuarial losses | 1.1 | 3.1 | ||||||
Defined Benefit Pension Plans, net | 1.2 | 0.2 | ||||||
Other Comprehensive Income/(Expense) items after Provision for Income Taxes | $ 0.6 | $ (9.0) | $ 0.3 | $ (12.8) | ||||
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Supplemental Guarantor Condensed Consolidating Financial Statements - Cash Flows (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
---|---|---|
May 31, 2013
|
May 31, 2012
|
|
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used for) Operating Activities | $ 67.8 | $ 102.8 |
Cash Provided by (Used for) Investing Activities: | ||
Purchases of property, plant, and equipment | (31.4) | (18.8) |
Proceeds from sale of property, plant, and equipment | (7.4) | 0 |
Investments in subsidiaries | 0 | 0 |
Acquisitions of business and intangible assets | (25.5) | (3.8) |
Net Cash Used for Investing Activities | (49.5) | (22.6) |
Cash Provided by (Used for) Financing Activities: | ||
Proceeds from stock option exercises and other | 10.0 | 6.5 |
Repurchases of common stock | 0 | (9.2) |
Excess tax benefits from share-based payments | 6.6 | 4.3 |
Intercompany dividends | 0 | 0 |
Intercompany capital | 0 | 0 |
Dividends paid | (16.8) | (16.5) |
Net Cash Used for Financing Activities | (0.2) | (14.9) |
Effect of Exchange Rate Changes on Cash | (0.7) | (7.2) |
Net Change in Cash and Cash Equivalents | 17.4 | 58.1 |
Cash and Cash Equivalents at Beginning of Period | 284.5 | 170.2 |
Cash and Cash Equivalents at End of Period | 301.9 | 228.3 |
Parent
|
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Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used for) Operating Activities | 29.0 | 93.8 |
Cash Provided by (Used for) Investing Activities: | ||
Purchases of property, plant, and equipment | (0.4) | 0 |
Proceeds from sale of property, plant, and equipment | 0 | |
Investments in subsidiaries | 0 | (3.8) |
Acquisitions of business and intangible assets | 0 | 0 |
Net Cash Used for Investing Activities | (0.4) | (3.8) |
Cash Provided by (Used for) Financing Activities: | ||
Proceeds from stock option exercises and other | 10.0 | 6.5 |
Repurchases of common stock | 0 | (9.2) |
Excess tax benefits from share-based payments | 6.6 | 4.3 |
Intercompany dividends | 0 | 0 |
Intercompany capital | 0 | 0 |
Dividends paid | (16.8) | (16.5) |
Net Cash Used for Financing Activities | (0.2) | (14.9) |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Change in Cash and Cash Equivalents | 28.4 | 75.1 |
Cash and Cash Equivalents at Beginning of Period | 246.6 | 127.2 |
Cash and Cash Equivalents at End of Period | 275.0 | 202.3 |
Subsidiaries Issuer
|
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Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used for) Operating Activities | 38.3 | 19.9 |
Cash Provided by (Used for) Investing Activities: | ||
Purchases of property, plant, and equipment | (28.7) | (16.6) |
Proceeds from sale of property, plant, and equipment | (7.4) | |
Investments in subsidiaries | (13.1) | 0 |
Acquisitions of business and intangible assets | (3.8) | (3.8) |
Net Cash Used for Investing Activities | (38.2) | (20.4) |
Cash Provided by (Used for) Financing Activities: | ||
Proceeds from stock option exercises and other | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits from share-based payments | 0 | 0 |
Intercompany dividends | 0 | 0 |
Intercompany capital | 0 | 3.8 |
Dividends paid | 0 | 0 |
Net Cash Used for Financing Activities | 0 | 3.8 |
Effect of Exchange Rate Changes on Cash | (0.1) | (3.4) |
Net Change in Cash and Cash Equivalents | 0 | (0.1) |
Cash and Cash Equivalents at Beginning of Period | 0 | 0.1 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
Subsidiary Guarantor
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Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used for) Operating Activities | 0 | 0 |
Cash Provided by (Used for) Investing Activities: | ||
Purchases of property, plant, and equipment | 0 | 0 |
Proceeds from sale of property, plant, and equipment | 0 | |
Investments in subsidiaries | 0 | 0 |
Acquisitions of business and intangible assets | 0 | 0 |
Net Cash Used for Investing Activities | 0 | 0 |
Cash Provided by (Used for) Financing Activities: | ||
Proceeds from stock option exercises and other | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits from share-based payments | 0 | 0 |
Intercompany dividends | 0 | 0 |
Intercompany capital | 0 | 0 |
Dividends paid | 0 | 0 |
Net Cash Used for Financing Activities | 0 | 0 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Change in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
Non-Guarantor
|
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Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used for) Operating Activities | 0.5 | (8.9) |
Cash Provided by (Used for) Investing Activities: | ||
Purchases of property, plant, and equipment | (2.3) | (2.2) |
Proceeds from sale of property, plant, and equipment | 0 | |
Investments in subsidiaries | 0 | 0 |
Acquisitions of business and intangible assets | (21.7) | 0 |
Net Cash Used for Investing Activities | (24.0) | (2.2) |
Cash Provided by (Used for) Financing Activities: | ||
Proceeds from stock option exercises and other | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits from share-based payments | 0 | 0 |
Intercompany dividends | 0 | (2.0) |
Intercompany capital | 13.1 | 0 |
Dividends paid | 0 | 0 |
Net Cash Used for Financing Activities | 13.1 | (2.0) |
Effect of Exchange Rate Changes on Cash | (0.6) | (3.8) |
Net Change in Cash and Cash Equivalents | (11.0) | (16.9) |
Cash and Cash Equivalents at Beginning of Period | 37.9 | 42.9 |
Cash and Cash Equivalents at End of Period | 26.9 | 26.0 |
Eliminations
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Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used for) Operating Activities | 0 | (2.0) |
Cash Provided by (Used for) Investing Activities: | ||
Purchases of property, plant, and equipment | 0 | 0 |
Proceeds from sale of property, plant, and equipment | 0 | |
Investments in subsidiaries | 13.1 | 3.8 |
Acquisitions of business and intangible assets | 0 | 0 |
Net Cash Used for Investing Activities | 13.1 | 3.8 |
Cash Provided by (Used for) Financing Activities: | ||
Proceeds from stock option exercises and other | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits from share-based payments | 0 | 0 |
Intercompany dividends | 0 | 2.0 |
Intercompany capital | (13.1) | (3.8) |
Dividends paid | 0 | 0 |
Net Cash Used for Financing Activities | (13.1) | (1.8) |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Change in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 |
Cash and Cash Equivalents at End of Period | $ 0 | $ 0 |
Special Charge Special Charge (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2013
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The changes in the reserves related to these programs during the nine months ended May 31, 2013 are summarized as follows:
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Share-Based Payments (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
Share-based Compensation [Abstract] | ||||
Compensation expense recognized in continuing operations | $ 4.2 | $ 3.8 | $ 12.8 | $ 11.9 |
Excess tax benefits from share-based payments | $ 0.8 | $ 0.2 | $ 6.6 | $ 4.3 |
Shares issued upon exercise of stock options (in shares) | 28,510 | 403 | 336,529 | 293,485 |
Inventories (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2013
|
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories include materials, labor, in-bound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) or market, and consist of the following:
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not believe the segregation of raw materials, supplies, and work in process to be meaningful information. |
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