Guarantor Subsidiaries (Tables)

12 Months Ended

Aug. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(in thousands)

	Year Ended August 31, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	195,573		$	315,715		$	888,574		$	—		$	1,399,862
Cost of products sold	57,464			219,750			575,776			—			852,990
Gross profit	138,109			95,965			312,798			—			546,872
Selling, administrative and engineering expenses	96,220			44,102			191,771			—			332,093
Loss (gain) on product line divestiture	1,200			(14,695		)	—			—			(13,495		)
Amortization of intangible assets	1,272			10,520			13,374			—			25,166
Operating profit	39,417			56,038			107,653			—			203,108
Financing costs, net	25,611			3			(569		)	—			25,045
Intercompany expense (income), net	(27,601		)	5,520			22,081			—			—
Other expense (income), net	12,716			153			(8,832		)	—			4,037
Earnings from continuing operations before income tax expense (benefit)	28,691			50,362			94,973			—			174,026
Income tax expense (benefit)	(16,529		)	30,793			18,309			—			32,573
Net earnings before equity in earnings of subsidiaries	45,220			19,569			76,664			—			141,453
Equity in earnings of subsidiaries	139,865			33,061			6,160			(179,086		)	—
Earnings from continuing operations	185,085			52,630			82,824			(179,086		)	141,453
Earnings (loss) from discontinued operations	(21,512		)	56,494			(12,862		)	—			22,120
Net earnings	$	163,573		$	109,124		$	69,962		$	(179,086	)	$	163,573
Comprehensive income	$	163,825		$	123,148		$	55,990		$	(179,138	)	$	163,825

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 (benefit)	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 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
Earnings (loss) from discontinuing 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 Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2014
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	27,931	$	3,325	$	77,756	$	—		$	109,012
Accounts receivable, net	22,811		38,511		165,686		—			227,008
Inventories, net	31,024		38,860		92,736		—			162,620
Deferred income taxes	7,503		—		3,547		—			11,050
Prepaid expenses and other current assets	3,871		1,057		28,372		—			33,300
Total current assets	93,140		81,753		368,097		—			542,990
Property, plant & equipment, net	9,096		22,879		137,126		—			169,101
Goodwill	44,700		280,693		417,377		—			742,770
Other intangibles, net	11,974		140,400		212,803		—			365,177
Intercompany receivable	—		678,073		622,818		(1,300,891		)	—
Investment in subsidiaries	2,286,068		806,414		237,207		(3,329,689		)	—
Other long-term assets	23,432		—		13,409		—			36,841
Total assets	$	2,468,410	$	2,010,212	$	2,008,837	$	(4,630,580	)	$	1,856,879
LIABILITIES & SHAREHOLDERS’ EQUITY
Trade accounts payable	$	20,014	$	25,673	$	100,111	$	—		$	145,798
Accrued compensation and benefits	15,135		3,293		34,536		—			52,964
Income taxes payable	31,582		—		6,765		—			38,347
Current maturities of debt	4,500		—		—		—			4,500
Other current liabilities	19,081		3,989		34,442		—			57,512
Total current liabilities	90,312		32,955		175,854		—			299,121
Long-term debt	385,500		—		—		—			385,500
Deferred income taxes	47,543		—		49,427		—			96,970
Pension and postretirement benefit liabilities	8,668		—		7,031		—			15,699
Other long-term liabilities	42,647		4,138		11,093		—			57,878
Intercompany payable	892,029		—		408,861		(1,300,890		)	—
Shareholders’ equity	1,001,711		1,973,119		1,356,571		(3,329,690		)	1,001,711
Total liabilities and shareholders’ equity	$	2,468,410	$	2,010,212	$	2,008,837	$	(4,630,580	)	$	1,856,879

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 postretirement 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 Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended August 31, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	75,924		$	(20,966	)	$	84,992		$	(14,716	)	$	125,234
Investing Activities
Proceeds from sale of property, plant & equipment	85			484			43,705			—			44,274
Proceeds from sale of business	(4,586		)	250,748			43,428			—			289,590
Intercompany investment	—			(99,963		)	—			99,963			—
Capital expenditures	(4,498		)	(4,675		)	(32,684		)	—			(41,857		)
Business acquisitions, net of cash acquired	(30,500		)	—			—			—			(30,500		)
Cash provided by (used in) investing activities	(39,499		)	146,594			54,449			99,963			261,507
Financing Activities
Intercompany loan activity	354,791			(122,303		)	(232,488		)	—			—
Net repayments on revolver	(125,000		)	—			—			—			(125,000		)
Intercompany capital contribution	—			—			99,963			(99,963		)	—
Payment of deferred acquisition consideration	—			—			(1,585		)	—			(1,585		)
Purchase of treasury shares	(283,712		)	—			—			—			(283,712		)
Stock option exercises, related tax benefits and other	32,224			—			—			—			32,224
Cash dividend	(2,919		)	—			(14,716		)	14,716			(2,919		)
Cash used in financing activities	(24,616		)	(122,303		)	(148,826		)	(85,247		)	(380,992		)
Effect of exchange rate changes on cash	—			—			(723		)	—			(723		)
Net increase (decrease) in cash and cash equivalents	11,809			3,325			(10,108		)	—			5,026
Cash and cash equivalents—beginning of year	16,122			—			87,864			—			103,986
Cash and cash equivalents—end of year	$	27,931		$	3,325		$	77,756		$	—		$	109,012

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 revolver	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, related tax benefits and other	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 revolver	(57,990		)	—			(177		)	—		(58,167		)
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		)
Intercompany loan activity	(11,482		)	(16,556		)	28,038			—		—
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, related tax benefits and other	10,913			—			—			—		10,913
Cash dividend	(2,748		)	—			—			—		(2,748		)
Cash provided by (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