Guarantor Subsidiaries (Tables)

9 Months Ended

May 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings and Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended May 31, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	52,126		$	83,279		$	208,800		$	—	$	344,205
Cost of products sold	14,938			55,610			136,753			—		207,301
Gross profit	37,188			27,669			72,047			—		136,904
Selling, administrative and engineering expenses	18,389			14,622			41,312			—		74,323
Amortization of intangible assets	318			2,592			2,629			—		5,539
Operating profit	18,481			10,455			28,106			—		57,042
Financing costs, net	6,279			3			(53		)	—		6,229
Intercompany expense (income), net	(6,487		)	637			5,850			—		—
Other expense (income), net	267			(115		)	759			—		911
Earnings from continuing operations before income tax expense	18,422			9,930			21,550			—		49,902
Income tax expense	1,412			761			1,652			—		3,825
Net earnings before equity in loss of subsidiaries	17,010			9,169			19,898			—		46,077
Equity in loss of subsidiaries	(109,558		)	(38,891		)	(1,827		)	150,276		—
Earnings (loss) from continuing operations	(92,548		)	(29,722		)	18,071			150,276		46,077
Loss from discontinued operations	(435		)	(94,888		)	(43,737		)	—		(139,060		)
Net loss	$	(92,983	)	$	(124,610	)	$	(25,666	)	$	150,276	$	(92,983	)
Comprehensive loss	$	(97,951	)	$	(124,714	)	$	(30,396	)	$	155,110	$	(97,951	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended May 31, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	53,206		$	89,914		$	200,148		$	—		$	343,268
Cost of products sold	17,111			58,686			128,717			—			204,514
Gross profit	36,095			31,228			71,431			—			138,754
Selling, administrative and engineering expenses	20,968			15,749			37,624			—			74,341
Amortization of intangible assets	335			2,620			2,608			—			5,563
Operating profit	14,792			12,859			31,199			—			58,850
Financing costs, net	7,255			(22		)	3			—			7,236
Intercompany expense (income), net	(8,412		)	1,432			6,980			—			—
Debt refinancing costs	16,830			—			—			—			16,830
Other expense (income), net	(111		)	944			1,758			—			2,591
Earnings (loss) from continuing operations before income tax expense (benefit)	(770		)	10,505			22,458			—			32,193
Income tax expense (benefit)	(2,742		)	2,233			4,965			—			4,456
Net earnings before equity in earnings (loss) of subsidiaries	1,972			8,272			17,493			—			27,737
Equity in earnings (loss) of subsidiaries	32,915			16,521			(450		)	(48,986		)	—
Earnings from continuing operations	34,887			24,793			17,043			(48,986		)	27,737
Earnings (loss) from discontinued operations	(486		)	4,618			2,532			—			6,664
Net earnings	$	34,401		$	29,411		$	19,575		$	(48,986	)	$	34,401
Comprehensive income	$	893		$	12,418		$	1,779		$	(14,197	)	$	893

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Nine Months Ended May 31, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	145,371		$	220,178		$	586,933		$	—	$	952,482
Cost of products sold	42,285			151,308			381,439			—		575,032
Gross profit	103,086			68,870			205,494			—		377,450
Selling, administrative and engineering expenses	53,347			44,348			124,826			—		222,521
Amortization of intangible assets	958			7,906			8,678			—		17,542
Operating profit	48,781			16,616			71,990			—		137,387
Financing costs, net	19,046			9			(244		)	—		18,811
Intercompany expense (income), net	(18,408		)	1,716			16,692			—		—
Other expense (income), net	(480		)	(579		)	2,577			—		1,518
Earnings from continuing operations before income tax expense	48,623			15,470			52,965			—		117,058
Income tax expense	7,420			435			6,741			—		14,596
Net earnings before equity in loss of subsidiaries	41,203			15,035			46,224			—		102,462
Equity in loss of subsidiaries	(68,323		)	(10,227		)	(1,392		)	79,942		—
Earnings (loss) from continuing operations	(27,120		)	4,808			44,832			79,942		102,462
Loss from discontinued operations	(1,085		)	(89,510		)	(40,072		)	—		(130,667		)
Net earnings (loss)	$	(28,205	)	$	(84,702	)	$	4,760		$	79,942	$	(28,205	)
Comprehensive income (loss)	$	(32,969	)	$	(91,016	)	$	7,632		$	83,384	$	(32,969	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Nine Months Ended May 31, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	151,240		$	248,836		$	554,077		$	—		$	954,153
Cost of products sold	49,502			166,150			356,649			—			572,301
Gross profit	101,738			82,686			197,428			—			381,852
Selling, administrative and engineering expenses	59,555			45,942			105,309			—			210,806
Amortization of intangible assets	1,005			7,870			7,362			—			16,237
Operating profit	41,178			28,874			84,757			—			154,809
Financing costs, net	23,527			(14		)	(233		)	—			23,280
Intercompany expense (income), net	(24,585		)	3,731			20,854			—			—
Debt refinancing costs	16,830			—			—			—			16,830
Other expense (income), net	904			2,633			(240		)	—			3,297
Earnings from continuing operations before income tax expense	24,502			22,524			64,376			—			111,402
Income tax expense	3,193			4,587			14,262			—			22,042
Net earnings before equity in earnings of subsidiaries	21,309			17,937			50,114			—			89,360
Equity in earnings of subsidiaries	84,173			51,134			988			(136,295		)	—
Earnings from continuing operations	105,482			69,071			51,102			(136,295		)	89,360
Earnings (loss) from discontinued operations	(1,732		)	8,714			7,408			—			14,390
Net earnings	$	103,750		$	77,785		$	58,510		$	(136,295	)	$	103,750
Comprehensive income	$	41,618		$	45,346		$	35,141		$	(80,487	)	$	41,618

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)

	May 31, 2013
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	26,338	$	—	$	135,080	$	—		$	161,418
Accounts receivable, net	19,860		47,019		147,804		—			214,683
Inventories, net	27,963		34,683		82,580		—			145,226
Deferred income taxes	20,504		—		1,999		—			22,503
Other current assets	7,681		901		17,814		—			26,396
Current assets of discontinued operations	—		183,619		80,439		—			264,058
Total current assets	102,346		266,222		465,716		—			834,284
Property, plant & equipment, net	6,958		23,811		73,834		—			104,603
Goodwill	62,543		264,502		320,105		—			647,150
Other intangibles, net	13,565		143,833		159,588		—			316,986
Investment in subsidiaries	1,786,263		201,779		96,333		(2,084,375		)	—
Intercompany receivable	—		448,334		261,163		(709,497		)	—
Other long-term assets	10,957		22		5,472		—			16,451
Total assets	$	1,982,632	$	1,348,503	$	1,382,211	$	(2,793,872	)	$	1,919,474
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	20,155	$	27,284	$	100,459	$	—		$	147,898
Accrued compensation and benefits	14,076		3,036		24,943		—			42,055
Current maturities of long-term debt	10,000		—		—		—			10,000
Income taxes payable	8,811		—		539		—			9,350
Other current liabilities	20,083		4,484		27,390		—			51,957
Current liabilities of discontinued operations	—		23,780		28,503		—			52,283
Total current liabilities	73,125		58,584		181,834		—			313,543
Long-term debt	382,500		—		—		—			382,500
Deferred income taxes	70,371		—		27,374		—			97,745
Pension and postretirement benefit liabilities	21,728		—		3,839		—			25,567
Other long-term liabilities	53,325		428		14,528		—			68,281
Intercompany payable	349,745		—		359,752		(709,497		)	—
Shareholders’ equity	1,031,838		1,289,491		794,884		(2,084,375		)	1,031,838
Total liabilities and shareholders’ equity	$	1,982,632	$	1,348,503	$	1,382,211	$	(2,793,872	)	$	1,919,474

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)

	August 31, 2012
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	12,401	$	91	$	55,692	$	—		$	68,184
Accounts receivable, net	20,401		74,006		140,349		—			234,756
Inventories, net	29,658		75,905		106,127		—			211,690
Deferred income taxes	17,942		—		4,641		—			22,583
Other current assets	8,157		1,166		14,745		—			24,068
Total current assets	88,559		151,168		321,554		—			561,281
Property, plant & equipment, net	6,944		31,818		77,122		—			115,884
Goodwill	62,543		433,193		370,676		—			866,412
Other intangibles, net	14,522		206,194		225,168		—			445,884
Investment in subsidiaries	1,886,478		250,738		90,770		(2,227,986		)	—
Intercompany receivable	—		418,253		307,282		(725,535		)	—
Other long-term assets	12,297		22		5,339		—			17,658
Total assets	$	2,071,343	$	1,491,386	$	1,397,911	$	(2,953,521	)	$	2,007,119
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	21,722	$	44,893	$	108,131	$	—		$	174,746
Accrued compensation and benefits	23,459		6,646		28,712		—			58,817
Current maturities of long-term debt	7,500		—		—		—			7,500
Income taxes payable	3,129		—		2,649		—			5,778
Other current liabilities	20,876		11,566		39,723		—			72,165
Total current liabilities	76,686		63,105		179,215		—			319,006
Long-term debt	390,000		—		—		—			390,000
Deferred income taxes	91,604		—		41,049		—			132,653
Pension and postretirement benefit liabilities	22,500		—		3,942		—			26,442
Other long-term liabilities	59,929		620		26,633		—			87,182
Intercompany payable	378,788		—		346,747		(725,535		)	—
Shareholders’ equity	1,051,836		1,427,661		800,325		(2,227,986		)	1,051,836
Total liabilities and shareholders’ equity	$	2,071,343	$	1,491,386	$	1,397,911	$	(2,953,521	)	$	2,007,119

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended May 31, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash provided by operating activities	$	61,900		$	28,192		$	26,178		$	—	$	116,270
Investing Activities
Proceeds from sale of property, plant and equipment	554			75			688			—		1,317
Proceeds from sale of business	—			—			4,854			—		4,854
Capital expenditures	(1,387		)	(3,461		)	(14,047		)	—		(18,895		)
Cash used in investing activities	(833		)	(3,386		)	(8,505		)	—		(12,724		)
Financing Activities
Principal repayments on term loan	(5,000		)	—			—			—		(5,000		)
Intercompany loan activity	(42,904		)	(24,897		)	67,801			—		—
Purchase of treasury shares	(13,670		)	—			—			—		(13,670		)
Stock option exercises and related tax benefits	18,705			—			—			—		18,705
Payment of contingent consideration	(1,350		)	—			(2,285		)	—		(3,635		)
Cash dividend	(2,911		)	—			—			—		(2,911		)
Cash provided by (used in) financing activities	(47,130		)	(24,897		)	65,516			—		(6,511		)
Effect of exchange rate changes on cash	—			—			(3,801		)	—		(3,801		)
Net increase (decrease) in cash and cash equivalents	13,937			(91		)	79,388			—		93,234
Cash and cash equivalents—beginning of period	12,401			91			55,692			—		68,184
Cash and cash equivalents—end of period	$	26,338		$	—		$	135,080		$	—	$	161,418

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended May 31, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash provided by operating activities	$	56,851		$	13,659		$	58,804		$	—	$	129,314
Investing Activities
Proceeds from sale of property, plant and equipment	2,100			137			6,249			—		8,486
Capital expenditures	(4,367		)	(2,797		)	(10,327		)	—		(17,491		)
Business acquisitions, net of cash acquired	—			—			(28,776		)	—		(28,776		)
Cash used in investing activities	(2,267		)	(2,660		)	(32,854		)	—		(37,781		)
Financing Activities
Net changes in borrowings on revolver and other debt	(57,990		)	—			(177		)	—		(58,167		)
Principal repayments of term loans	(1,250		)	—			—			—		(1,250		)
Intercompany loan activity	(2,947		)	(10,999		)	13,946			—		—
Repurchases of 2% Convertible Notes	(102		)	—			—			—		(102		)
Proceeds on 5.625% Senior Note issuance	300,000			—			—			—		300,000
Redemption of 6.875% Senior Notes	(250,000		)	—			—			—		(250,000		)
Debt issuance costs	(5,340		)	—			—			—		(5,340		)
Purchase of treasury shares	(39,282		)	—			—			—		(39,282		)
Stock option exercises and related tax benefits	6,392			—			—			—		6,392
Payment of contingent consideration	(290		)	—			(668		)	—		(958		)
Cash dividend	(2,748		)	—			—			—		(2,748		)
Cash provided by (used in) financing activities	(53,557		)	(10,999		)	13,101			—		(51,455		)
Effect of exchange rate changes on cash	—			—			(4,150		)	—		(4,150		)
Net increase in cash and cash equivalents	1,027			—			34,901			—		35,928
Cash and cash equivalents—beginning of period	872			—			43,349			—		44,221
Cash and cash equivalents—end of period	$	1,899		$	—		$	78,250		$	—	$	80,149