Guarantor Subsidiaries (Tables)

6 Months Ended

Feb. 28, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands)

	Three Months Ended February 28, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	39,335		$	70,675		$	190,995		$	—		$	301,005
Cost of products sold	12,076			52,182			126,986			—			191,244
Gross profit	27,259			18,493			64,009			—			109,761
Selling, administrative and engineering expenses	16,430			16,367			42,971			—			75,768
Amortization of intangible assets	318			2,785			2,984			—			6,087
Impairment charge	—			20,249			64,104			—			84,353
Operating profit (loss)	10,511			(20,908		)	(46,050		)	—			(56,447		)
Financing costs, net	7,267			—			(237		)	—			7,030
Intercompany expense (income), net	(5,098		)	849			4,249			—			—
Intercompany dividend income	(212		)	(243		)	(31		)	486			—
Other income, net	(246		)	(64		)	(309		)	—			(619		)
Earnings (loss) before income tax expense (benefit)	8,800			(21,450		)	(49,722		)	(486		)	(62,858		)
Income tax expense (benefit)	1,514			(207		)	757			(84		)	1,980
Net earnings (loss) before equity in earnings (loss) of subsidiaries	7,286			(21,243		)	(50,479		)	(402		)	(64,838		)
Equity in earnings (loss) of subsidiaries	(72,124		)	(28,577		)	323			100,378			—
Net loss	$	(64,838	)	$	(49,820	)	$	(50,156	)	$	99,976		$	(64,838	)
Comprehensive loss	$	(121,586	)	$	(65,247	)	$	(65,507	)	$	130,754		$	(121,586	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended February 28, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	43,595		$	75,203		$	208,972		$	—		$	327,770
Cost of products sold	11,992			52,009			139,322			—			203,323
Gross profit	31,603			23,194			69,650			—			124,447
Selling, administrative and engineering expenses	19,399			13,753			46,088			—			79,240
Amortization of intangible assets	318			2,576			3,332			—			6,226
Operating profit	11,886			6,865			20,230			—			38,981
Financing costs, net	6,499			—			(237		)	—			6,262
Intercompany expense (income), net	(12,153		)	5,334			6,819			—			—
Other expense (income), net	669			(125		)	782			—			1,326
Earnings from continuing operations before income tax expense	16,871			1,656			12,866			—			31,393
Income tax expense	4,885			479			3,725			—			9,089
Net earnings before equity in earnings of subsidiaries	11,986			1,177			9,141			—			22,304
Equity in earnings (loss) of subsidiaries	50,097			(23,996		)	867			(26,968		)	—
Earnings (loss) from continuing operations	62,083			(22,819		)	10,008			(26,968		)	22,304
Earnings (loss) from discontinued operations, net of income taxes	(20,691		)	53,156			(13,377		)	—			19,088
Net earnings (loss)	$	41,392		$	30,337		$	(3,369	)	$	(26,968	)	$	41,392
Comprehensive income (loss)	$	45,789		$	34,943		$	(5,804	)	$	(29,139	)	$	45,789

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands)

	Six Months Ended February 28, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	79,601		$	148,266		$	400,903		$	—		$	628,770
Cost of products sold	22,043			105,440			264,550			—			392,033
Gross profit	57,558			42,826			136,353			—			236,737
Selling, administrative and engineering expenses	35,502			33,834			88,904			—			158,240
Amortization of intangible assets	636			5,570			6,167			—			12,373
Impairment charge	—			20,249			64,104			—			84,353
Operating profit (loss)	21,420			(16,827		)	(22,822		)	—			(18,229		)
Financing costs, net	13,814			—			(593		)	—			13,221
Intercompany expense (income), net	(10,830		)	2,083			8,747			—			—
Intercompany dividend income	(212		)	(243		)	(31		)	486			—
Other expense (income), net	219			(160		)	(1,117		)	—			(1,058		)
Earnings (loss) before income tax expense	18,429			(18,507		)	(29,828		)	(486		)	(30,392		)
Income tax expense	3,824			499			5,533			(84		)	9,772
Net earnings (loss) before equity in earnings (loss) of subsidiaries	14,605			(19,006		)	(35,361		)	(402		)	(40,164		)
Equity in earnings (loss) of subsidiaries	(54,769		)	(14,430		)	517			68,682			—
Net loss	$	(40,164	)	$	(33,436	)	$	(34,844	)	$	68,280		$	(40,164	)
Comprehensive loss	$	(159,875	)	$	(71,847	)	$	(88,657	)	$	160,504		$	(159,875	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Six Months Ended February 28, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	88,686		$	154,839		$	423,801		$	—		$	667,326
Cost of products sold	24,064			107,264			279,771			—			411,099
Gross profit	64,622			47,575			144,030			—			256,227
Selling, administrative and engineering expenses	36,257			29,705			95,196			—			161,158
Amortization of intangible assets	636			5,151			6,654			—			12,441
Operating profit	27,729			12,719			42,180			—			82,628
Financing costs, net	13,278			3			(269		)	—			13,012
Intercompany expense (income), net	(17,150		)	4,995			12,155			—			—
Other expense (income), net	11,086			(418		)	(8,201		)	—			2,467
Earnings from continuing operations before income tax expense	20,515			8,139			38,495			—			67,149
Income tax expense	5,893			2,274			3,673			—			11,840
Net earnings before equity in earnings (loss) of subsidiaries	14,622			5,865			34,822			—			55,309
Equity in earnings (loss) of subsidiaries	84,319			(10,663		)	4,067			(77,723		)	—
Earnings (loss) from continuing operations	98,941			(4,798		)	38,889			(77,723		)	55,309
Earnings (loss) from discontinued operations, net of income taxes	(21,512		)	56,494			(12,862		)	—			22,120
Net earnings	$	77,429		$	51,696		$	26,027		$	(77,723	)	$	77,429
Comprehensive income	$	98,829		$	73,740		$	21,867		$	(95,607	)	$	98,829

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	February 28, 2015
	Parent			Guarantors			Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	5,553		$	1,937		$	80,007	$	—		$	87,497
Accounts receivable, net	17,648			42,966			143,448		—			204,062
Inventories, net	24,640			42,056			96,088		—			162,784
Deferred income taxes	7,579			—			3,034		—			10,613
Other current assets	16,563			2,502			29,210		—			48,275
Total current assets	71,983			89,461			351,787		—			513,231
Property, plant and equipment, net	7,161			25,998			120,019		—			153,178
Goodwill	38,847			263,141			313,965		—			615,953
Other intangibles, net	11,338			134,829			178,700		—			324,867
Investment in subsidiaries	2,051,045			1,014,867			13,273		(3,079,185		)	—
Intercompany receivable	—			639,140			544,177		(1,183,317		)	—
Other long-term assets	18,100			—			11,490		—			29,590
Total assets	$	2,198,474		$	2,167,436		$	1,533,411	$	(4,262,502	)	$	1,636,819
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	15,948		$	23,535		$	87,401	$	—		$	126,884
Accrued compensation and benefits	13,278			2,997			25,514		—			41,789
Current maturities of debt	6,750			—			—		—			6,750
Income taxes payable	(6,309		)	(548		)	7,459		—			602
Other current liabilities	18,600			4,952			33,128		—			56,680
Total current liabilities	48,267			30,936			153,502		—			232,705
Long-term debt, less current maturities	580,000			—			—		—			580,000
Deferred income taxes	49,247			—			38,724		—			87,971
Pension and postretirement benefit liabilities	7,440			—			6,176		—			13,616
Other long-term liabilities	43,378			4,223			8,201		—			55,802
Intercompany payable	803,417			—			379,900		(1,183,317		)	—
Shareholders’ equity	666,725			2,132,277			946,908		(3,079,185		)	666,725
Total liabilities and shareholders’ equity	$	2,198,474		$	2,167,436		$	1,533,411	$	(4,262,502	)	$	1,636,819

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2014
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current 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
Other current assets	3,871		1,057		28,372		—			33,300
Total current assets	93,140		81,753		368,097		—			542,990
Property, plant and 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
Investment in subsidiaries	2,286,068		806,414		237,207		(3,329,689		)	—
Intercompany receivable	—		678,073		622,818		(1,300,891		)	—
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
Current liabilities
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 Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 28, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash provided by (used in) operating activities	$	18,035		$	(41,149	)	$	13,495		$	—		$	(9,619	)
Investing Activities
Capital expenditures	(519		)	(2,447		)	(9,911		)	—			(12,877		)
Proceeds from sale of property, plant and equipment	—			198			509			—			707
Intercompany investment	(1,117		)	—			—			1,117			—
Cash used in investing activities	(1,636		)	(2,249		)	(9,402		)	1,117			(12,170		)
Financing Activities
Net borrowings on revolver	199,000			—			—			—			199,000
Repayment on term loan	(2,250		)	—			—			—			(2,250		)
Purchase of treasury shares	(180,512		)	—			—			—			(180,512		)
Intercompany loan activity	(57,170		)	42,010			15,160			—			—
Intercompany capital contribution	—			—			1,117			(1,117		)	—
Stock option exercises, related tax benefits and other	4,753			—			—			—			4,753
Cash dividend	(2,598		)	—			—			—			(2,598		)
Cash provided by (used in) financing activities	(38,777		)	42,010			16,277			(1,117		)	18,393
Effect of exchange rate changes on cash	—			—			(18,119		)	—			(18,119		)
Net (decrease) increase in cash and cash equivalents	(22,378		)	(1,388		)	2,251			—			(21,515		)
Cash and cash equivalents—beginning of period	27,931			3,325			77,756			—			109,012
Cash and cash equivalents—end of period	$	5,553		$	1,937		$	80,007		$	—		$	87,497

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 28, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash provided by (used in) operating activities	$	(223	)	$	8,331		$	43,491		$	(14,716	)	$	36,883
Investing Activities
Capital expenditures	(2,424		)	(2,379		)	(17,423		)	—			(22,226		)
Proceeds from sale of property, plant and equipment	1			74			1,933			—			2,008
Proceeds from sale of businesses, net	(4,134		)	214,268			33,252			—			243,386
Intercompany investment	—			(99,963		)	—			99,963			—
Cash provided by (used in) investing activities	(6,557		)	112,000			17,762			99,963			223,168
Financing Activities
Net repayments on revolver	(125,000		)	—			—			—			(125,000		)
Purchase of treasury shares	(109,095		)	—			—			—			(109,095		)
Intercompany loan activity	213,449			(120,305		)	(93,144		)	—			—
Intercompany capital contribution	—			—			99,963			(99,963		)	—
Stock option exercises and related tax benefits	25,803			—			—			—			25,803
Payment of contingent acquisition consideration	—			—			(753		)	—			(753		)
Cash dividend	(2,919		)	—			(14,716		)	14,716			(2,919		)
Cash provided by (used in) financing activities	2,238			(120,305		)	(8,650		)	(85,247		)	(211,964		)
Effect of exchange rate changes on cash	—			—			2,944			—			2,944
Net increase (decrease) in cash and cash equivalents	(4,542		)	26			55,547			—			51,031
Cash and cash equivalents—beginning of period	16,122			—			87,864			—			103,986
Cash and cash equivalents—end of period	$	11,580		$	26		$	143,411		$	—		$	155,017