Guarantor Subsidiaries (Tables)

12 Months Ended

Aug. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(in thousands)

	Year Ended August 31, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	196,531		$	293,884		$	789,327		$	—	$	1,279,742
Cost of products sold	65,178			201,704			505,910			—		772,792
Gross profit	131,353			92,180			283,417			—		506,950
Selling, administrative and engineering expenses	69,734			59,358			164,774			—		293,866
Amortization of intangible assets	1,276			10,481			11,182			—		22,939
Operating profit	60,343			22,341			107,461			—		190,145
Financing costs, net	25,270			9			(442		)	—		24,837
Intercompany expense (income), net	(21,041		)	1,082			19,959			—		—
Other expense (income), net	(2,105		)	(571		)	5,035			—		2,359
Earnings from continuing operations before income tax expense	58,219			21,821			82,909			—		162,949
Income tax expense (benefit)	(798		)	2,009			14,161			—		15,372
Net earnings before equity in earnings (loss) of subsidiaries	59,017			19,812			68,748			—		147,577
Equity in earnings (loss) of subsidiaries	(26,527		)	7,822			2,173			16,532		—
Earnings from continuing operations	32,490			27,634			70,921			16,532		147,577
Loss from discontinued operations	(2,442		)	(76,634		)	(38,453		)	—		(117,529		)
Net earnings (loss)	$	30,048		$	(49,000	)	$	32,468		$	16,532	$	30,048
Comprehensive income (loss)	$	30,860		$	(48,416	)	$	31,099		$	17,317	$	30,860

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(in thousands)

	Year Ended August 31, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	206,894		$	328,295		$	741,332		$	—		$	1,276,521
Cost of products sold	69,902			220,271			474,888			—			765,061
Gross profit	136,992			108,024			266,444			—			511,460
Selling, administrative and engineering expenses	79,742			61,113			144,065			—			284,920
Amortization of intangible assets	1,341			10,515			10,170			—			22,026
Operating profit	55,909			36,396			112,209			—			204,514
Financing costs, net	29,983			(14		)	(408		)	—			29,561
Debt refinancing costs	16,830			—			—			—			16,830
Intercompany expense (income), net	(32,185		)	6,281			25,904			—			—
Other expense, net	1,351			1,992			150			—			3,493
Earnings from continuing operations before income tax expense	39,930			28,137			86,563			—			154,630
Income tax expense	6,700			4,677			17,977			—			29,354
Net earnings before equity in earnings of subsidiaries	33,230			23,460			68,586			—			125,276
Equity in earnings of subsidiaries	56,407			14,373			1,649			(72,429		)	—
Earnings from continuing operations	89,637			37,833			70,235			(72,429		)	125,276
(Loss) earnings from discontinued operations	(2,347		)	11,373			(47,012		)	—			(37,986		)
Net earnings	$	87,290		$	49,206		$	23,223		$	(72,429	)	$	87,290
Comprehensive income	$	35,497		$	24,934		$	6,064		$	(30,998	)	$	35,497

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(in thousands)

	Year Ended August 31, 2011
	Parent			Guarantors			Non-Guarantors		Eliminations			Consolidated
Net sales	$	170,094		$	302,911		$	686,305	$	—		$	1,159,310
Cost of products sold	55,256			200,332			438,920		—			694,508
Gross profit	114,838			102,579			247,385		—			464,802
Selling, administrative and engineering expenses	87,333			57,288			125,771		—			270,392
Amortization of intangible assets	335			12,060			9,128		—			21,523
Operating profit	27,170			33,231			112,486		—			172,887
Financing costs, net	31,912			(1		)	208		—			32,119
Intercompany expense (income), net	(16,924		)	14,670			2,254		—			—
Other expense (income), net	(4,519		)	112			7,154		—			2,747
Earnings from continuing operations before income tax expense	16,701			18,450			102,870		—			138,021
Income tax expense	4,148			2,680			21,005		—			27,833
Net earnings before equity in earnings of subsidiaries	12,553			15,770			81,865		—			110,188
Equity in earnings of subsidiaries	112,364			77,395			6,261		(196,020		)	—
Earnings from continuing operations	124,917			93,165			88,126		(196,020		)	110,188
(Loss) earnings from discontinuing operations	(13,358		)	8,881			5,848		—			1,371
Net earnings	$	111,559		$	102,046		$	93,974	$	(196,020	)	$	111,559
Comprehensive income	$	160,985		$	130,503		$	106,875	$	(237,378	)	$	160,985

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2013
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	16,122	$	—	$	87,864	$	—		$	103,986
Accounts receivable, net	20,471		40,343		158,261		—			219,075
Inventories, net	27,343		38,948		76,258		—			142,549
Deferred income taxes	13,002		—		5,794		—			18,796
Prepaid expenses and other current assets	7,454		963		19,811		—			28,228
Assets of discontinued operations	—		192,129		80,477		—			272,606
Total current assets	84,392		272,383		428,465		—			785,240
Property, plant & equipment, net	7,050		22,801		171,645		—			201,496
Goodwill	62,543		264,502		407,907		—			734,952
Other intangibles, net	13,247		141,258		222,187		—			376,692
Intercompany receivable	—		480,633		360,620		(841,253		)	—
Investment in subsidiaries	2,086,534		201,779		96,333		(2,384,646		)	—
Other long-term assets	12,654		22		8,276		—			20,952
Total assets	$	2,266,420	$	1,383,378	$	1,695,433	$	(3,225,899	)	$	2,119,332
LIABILITIES & SHAREHOLDERS’ EQUITY
Trade accounts payable	$	22,194	$	30,637	$	101,218	$	—		$	154,049
Accrued compensation and benefits	13,835		2,716		27,249		—			43,800
Income taxes payable	8,135		—		5,879		—			14,014
Other current liabilities	21,268		4,630		31,001		—			56,899
Liabilities of discontinued operations	—		23,466		29,614		—			53,080
Total current liabilities	65,432		61,449		194,961		—			321,842
Long-term debt	515,000		—		—		—			515,000
Deferred income taxes	64,358		—		51,507		—			115,865
Pension and post-retirement benefit liabilities	16,267		—		4,431		—			20,698
Other long-term liabilities	51,479		390		13,791		—			65,660
Intercompany payable	473,617		—		367,636		(841,253		)	—
Shareholders’ equity	1,080,267		1,321,539		1,063,107		(2,384,646		)	1,080,267
Total liabilities and shareholders’ equity	$	2,266,420	$	1,383,378	$	1,695,433	$	(3,225,899	)	$	2,119,332

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2012
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
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
Prepaid expenses and 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
Intercompany receivable	—		418,253		307,282		(725,535		)	—
Investment in subsidiaries	1,886,478		250,738		90,770		(2,227,986		)	—
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
Trade accounts payable	$	21,722	$	44,893	$	108,131	$	—		$	174,746
Accrued compensation and benefits	23,459		6,646		28,712		—			58,817
Income taxes payable	3,129		—		2,649		—			5,778
Current maturities of debt	7,500		—		—		—			7,500
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 post-retirement 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)

	Year Ended August 31, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash provided by operating activities	$	81,597		$	26,095		$	86,097		$	—	$	193,789
Investing Activities
Proceeds from sale of property, plant & equipment	563			206			852			—		1,621
Proceeds from sale of business	—			—			4,854			—		4,854
Capital expenditures	(2,022		)	(4,021		)	(17,625		)	—		(23,668		)
Business acquisitions, net of cash acquired	—			—			(235,489		)	—		(235,489		)
Cash used in investing activities	(1,459		)	(3,815		)	(247,408		)	—		(252,682		)
Financing Activities
Net borrowings on revolving credit facilities	125,000			—			—			—		125,000
Intercompany loan activity	(179,050		)	(22,371		)	201,421			—		—
Principal repayment on term loans	(7,500		)	—			—			—		(7,500		)
Payment of deferred acquisition consideration	(1,350		)	—			(4,028		)	—		(5,378		)
Debt issuance costs	(2,035		)	—			—			—		(2,035		)
Purchase of treasury shares	(41,832		)	—			—			—		(41,832		)
Stock option exercises and related tax benefits	33,261			—			—			—		33,261
Cash dividend	(2,911		)	—			—			—		(2,911		)
Cash provided (used in) financing activities	(76,417		)	(22,371		)	197,393			—		98,605
Effect of exchange rate changes on cash	—			—			(3,910		)	—		(3,910		)
Net increase (decrease) in cash and cash equivalents	3,721			(91		)	32,172			—		35,802
Cash and cash equivalents—beginning of year	12,401			91			55,692			—		68,184
Cash and cash equivalents—end of year	$	16,122		$	—		$	87,864		$	—	$	103,986

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended August 31, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash provided by operating activities	$	97,454		$	20,363		$	64,512		$	—	$	182,329
Investing Activities
Proceeds from sale of property, plant & equipment	1,909			353			6,239			—		8,501
Capital expenditures	(5,062		)	(4,069		)	(13,609		)	—		(22,740		)
Business acquisitions, net of cash acquired	—			—			(69,309		)	—		(69,309		)
Cash used in investing activities	(3,153		)	(3,716		)	(76,679		)	—		(83,548		)
Financing Activities
Net repayments on revolving credit facilities	(57,990		)	—			(177		)	—		(58,167		)
Intercompany loan activity	(11,482		)	(16,556		)	28,038			—		—
Principal repayment on term loans	(2,500		)	—			—			—		(2,500		)
Repurchases of 2% Convertible Notes	(102		)	—			—			—		(102		)
Proceeds from issuance of 5.625% Senior Notes	300,000			—			—			—		300,000
Redemption of 6.875% Senior Notes	(250,000		)	—			—			—		(250,000		)
Payment of deferred acquisition consideration	(290		)	—			(668		)	—		(958		)
Debt issuance costs	(5,490		)	—			—			—		(5,490		)
Purchase of treasury shares	(63,083		)	—			—			—		(63,083		)
Stock option exercises and related tax benefits	10,913			—			—			—		10,913
Cash dividend	(2,748		)	—			—			—		(2,748		)
Cash provided (used in) financing activities	(82,772		)	(16,556		)	27,193			—		(72,135		)
Effect of exchange rate changes on cash	—			—			(2,683		)	—		(2,683		)
Net increase in cash and cash equivalents	11,529			91			12,343			—		23,963
Cash and cash equivalents—beginning of year	872			—			43,349			—		44,221
Cash and cash equivalents—end of year	$	12,401		$	91		$	55,692		$	—	$	68,184

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended August 31, 2011
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	92,573		$	3,122		$	77,404		$	(1,533	)	$	171,566
Investing Activities
Proceeds from sale of property, plant & equipment	103			313			1,363			—			1,779
Proceeds from sale of business	—			—			3,463			—			3,463
Capital expenditures	(5,284		)	(4,740		)	(13,072		)	—			(23,096		)
Business acquisitions, net of cash acquired	(153,409		)	—			(159,697		)	—			(313,106		)
Cash used in investing activities	(158,590		)	(4,427		)	(167,943		)	—			(330,960		)
Financing Activities
Net borrowings on revolving credit facilities	58,000			—			204			—			58,204
Proceeds from issuance of term loans	100,000			—			—			—			100,000
Repurchases of 2% Convertible Notes	(34		)	—			—			—			(34		)
Intercompany loan activity	(96,454		)	1,655			94,799			—			—
Payment of deferred acquisition consideration	—			(350		)	—			—			(350		)
Debt issuance costs	(5,197		)	—			—			—			(5,197		)
Stock option exercises and related tax benefits	8,235			—			—			—			8,235
Cash dividend	(2,716		)	—			(1,533		)	1,533			(2,716		)
Cash provided by financing activities	61,834			1,305			93,470			1,533			158,142
Effect of exchange rate changes on cash	—			—			5,251			—			5,251
Net increase (decrease) in cash and cash equivalents	(4,183		)	—			8,182			—			3,999
Cash and cash equivalents—beginning of year	5,055			—			35,167			—			40,222
Cash and cash equivalents—end of year	$	872		$	—		$	43,349		$	—		$	44,221