Guarantor Subsidiaries (Tables)

9 Months Ended

May. 31, 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 May 31, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	40,011		$	58,896		$	221,193		$	—		$	320,100
Cost of products sold	11,749			40,360			149,431			—			201,540
Gross profit	28,262			18,536			71,762			—			118,560
Selling, administrative and engineering expenses	16,560			11,228			41,781			—			69,569
Amortization of intangible assets	318			2,394			3,277			—			5,989
Operating profit	11,384			4,914			26,704			—			43,002
Financing costs, net	7,769			—			(307		)	—			7,462
Intercompany expense (income), net	(3,559		)	(1,187		)	4,746			—			—
Other expense, net	123			27			419			—			569
Earnings before income taxes	7,051			6,074			21,846			—			34,971
Income tax expense (benefit)	(11,957		)	914			8,056			—			(2,987		)
Net earnings before equity in earnings (loss) of subsidiaries	19,008			5,160			13,790			—			37,958
Equity in earnings (loss) of subsidiaries	18,950			12,757			(340		)	(31,367		)	—
Net earnings	$	37,958		$	17,917		$	13,450		$	(31,367	)	$	37,958
Comprehensive income	$	27,259		$	13,244		$	7,930		$	(21,174	)	$	27,259

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended May 31, 2014
	Parent			Guarantors		Non-Guarantors			Eliminations			Consolidated
Net sales	$	54,219		$	84,870	$	239,098		$	—		$	378,187
Cost of products sold	14,841			58,152		156,644			—			229,637
Gross profit	39,378			26,718		82,454			—			148,550
Selling, administrative and engineering expenses	21,554			16,128		45,816			—			83,498
Amortization of intangible assets	318			2,575		3,379			—			6,272
Operating profit	17,506			8,015		33,259			—			58,780
Financing costs, net	6,122			—		(190		)	—			5,932
Intercompany expense (income), net	(5,620		)	560		5,060			—			—
Other expense (income), net	1,597			23		(1,000		)	—			620
Earnings before income taxes	15,407			7,432		29,389			—			52,228
Income tax expense (benefit)	(9,755		)	2,306		9,120			—			1,671
Net earnings before equity in earnings of subsidiaries	25,162			5,126		20,269			—			50,557
Equity in earnings of subsidiaries	25,395			20,151		683			(46,229		)	—
Net earnings	$	50,557		$	25,277	$	20,952		$	(46,229	)	$	50,557
Comprehensive income	$	50,729		$	25,621	$	20,970		$	(46,591	)	$	50,729

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands)

	Nine Months Ended May 31, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	119,612		$	207,162		$	622,096		$	—		$	948,870
Cost of products sold	33,792			145,800			413,981			—			593,573
Gross profit	85,820			61,362			208,115			—			355,297
Selling, administrative and engineering expenses	52,062			45,062			130,685			—			227,809
Amortization of intangible assets	954			7,964			9,444			—			18,362
Impairment charge	—			20,249			64,104			—			84,353
Operating profit (loss)	32,804			(11,913		)	3,882			—			24,773
Financing costs, net	21,583			—			(900		)	—			20,683
Intercompany expense (income), net	(14,389		)	896			13,493			—			—
Intercompany dividend income	(212		)	(243		)	(31		)	486			—
Other expense (income), net	342			(133		)	(698		)	—			(489		)
Earnings (loss) before income taxes	25,480			(12,433		)	(7,982		)	(486		)	4,579
Income tax expense (benefit)	(8,133		)	1,413			13,589			(84		)	6,785
Net earnings (loss) before equity in earnings (loss) of subsidiaries	33,613			(13,846		)	(21,571		)	(402		)	(2,206		)
Equity in earnings (loss) of subsidiaries	(35,819		)	(1,673		)	177			37,315			—
Net loss	$	(2,206	)	$	(15,519	)	$	(21,394	)	$	36,913		$	(2,206	)
Comprehensive loss	$	(132,616	)	$	(58,603	)	$	(80,728	)	$	139,331		$	(132,616	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Nine Months Ended May 31, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	142,905		$	239,709		$	662,899		$	—		$	1,045,513
Cost of products sold	38,905			165,416			436,416			—			640,737
Gross profit	104,000			74,293			226,483			—			404,776
Selling, administrative and engineering expenses	57,811			45,833			141,011			—			244,655
Amortization of intangible assets	954			7,726			10,033			—			18,713
Operating profit	45,235			20,734			75,439			—			141,408
Financing costs, net	19,400			3			(459		)	—			18,944
Intercompany expense (income), net	(22,770		)	5,555			17,215			—			—
Other expense (income), net	12,683			(395		)	(9,201		)	—			3,087
Earnings from continuing operations before income taxes	35,922			15,571			67,884			—			119,377
Income tax expense (benefit)	(3,862		)	4,580			12,793			—			13,511
Net earnings before equity in earnings of subsidiaries	39,784			10,991			55,091			—			105,866
Equity in earnings of subsidiaries	109,714			9,488			4,750			(123,952		)	—
Earnings from continuing operations	149,498			20,479			59,841			(123,952		)	105,866
Earnings (loss) from discontinued operations, net of income taxes	(21,512		)	56,494			(12,862		)	—			22,120
Net earnings	$	127,986		$	76,973		$	46,979		$	(123,952	)	$	127,986
Comprehensive income	$	149,558		$	99,361		$	42,837		$	(142,198	)	$	149,558

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	May 31, 2015
	Parent			Guarantors			Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	9,821		$	964		$	97,340	$	—		$	108,125
Accounts receivable, net	15,863			31,347			172,198		—			219,408
Inventories, net	25,373			34,098			95,725		—			155,196
Deferred income taxes	7,559			—			2,989		—			10,548
Other current assets	37,391			1,681			25,600		—			64,672
Total current assets	96,007			68,090			393,852		—			557,949
Property, plant and equipment, net	6,851			20,902			120,692		—			148,445
Goodwill	38,847			175,045			398,340		—			612,232
Other intangibles, net	11,020			102,705			203,184		—			316,909
Investment in subsidiaries	2,056,121			1,076,426			31,019		(3,163,566		)	—
Intercompany receivable	—			601,999			584,965		(1,186,964		)	—
Other long-term assets	19,620			—			5,863		—			25,483
Total assets	$	2,228,466		$	2,045,167		$	1,737,915	$	(4,350,530	)	$	1,661,018
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	15,440		$	20,953		$	93,296	$	—		$	129,689
Accrued compensation and benefits	13,269			2,426			26,738		—			42,433
Income taxes payable	(273		)	(550		)	4,253		—			3,430
Other current liabilities	19,886			3,180			34,215		—			57,281
Total current liabilities	48,322			26,009			158,502		—			232,833
Long-term debt, less current maturities	600,000			—			—		—			600,000
Deferred income taxes	48,635			—			38,432		—			87,067
Pension and postretirement benefit liabilities	6,919			—			6,052		—			12,971
Other long-term liabilities	44,927			2,090			7,825		—			54,842
Intercompany payable	806,358			—			380,606		(1,186,964		)	—
Shareholders’ equity	673,305			2,017,068			1,146,498		(3,163,566		)	673,305
Total liabilities and shareholders’ equity	$	2,228,466		$	2,045,167		$	1,737,915	$	(4,350,530	)	$	1,661,018

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)

	Nine Months Ended May 31, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash provided by (used in) operating activities	$	36,510		$	(39,865	)	$	44,635		$	—		$	41,280
Investing Activities
Capital expenditures	(880		)	(3,495		)	(12,859		)	—			(17,234		)
Proceeds from sale of property, plant and equipment	—			203			683			—			886
Intercompany investment	(1,117		)	—			—			1,117			—
Cash used in investing activities	(1,997		)	(3,292		)	(12,176		)	1,117			(16,348		)
Financing Activities
Proceeds from term loan	213,375			—			—			—			213,375
Debt issuance costs	(1,875		)	—			—			—			(1,875		)
Principal repayments on term loan	(3,375		)	—			—			—			(3,375		)
Purchase of treasury shares	(204,627		)	—			—			—			(204,627		)
Intercompany loan activity	(58,569		)	40,796			17,773			—			—
Intercompany capital contribution	—			—			1,117			(1,117		)	—
Stock option exercises, related tax benefits and other	5,046			—			—			—			5,046
Cash dividend	(2,598		)	—			—			—			(2,598		)
Cash provided by (used in) financing activities	(52,623		)	40,796			18,890			(1,117		)	5,946
Effect of exchange rate changes on cash	—			—			(31,765		)	—			(31,765		)
Net (decrease) increase in cash and cash equivalents	(18,110		)	(2,361		)	19,584			—			(887		)
Cash and cash equivalents—beginning of period	27,931			3,325			77,756			—			109,012
Cash and cash equivalents—end of period	$	9,821		$	964		$	97,340		$	—		$	108,125

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash provided by operating activities	$	33,121		$	10,376		$	44,405		$	(14,716	)	$	73,186
Investing Activities
Capital expenditures	(3,823		)	(3,558		)	(26,458		)	—			(33,839		)
Proceeds from sale of property, plant and equipment	52			484			43,500			—			44,036
Proceeds from sale of business, net of transaction costs	(4,586		)	214,268			43,091			—			252,773
Business acquisitions, net of cash acquired	(30,500		)	—			—			—			(30,500		)
Intercompany investment	—			(99,963		)	—			99,963			—
Cash provided by (used in) investing activities	(38,857		)	111,231			60,133			99,963			232,470
Financing Activities
Net repayments on revolver	(125,000		)	—			—			—			(125,000		)
Purchase of treasury shares	(183,152		)	—			—			—			(183,152		)
Intercompany loan activity	313,748			(118,216		)	(195,532		)	—			—
Intercompany capital contribution	—			—			99,963			(99,963		)	—
Stock option exercises, related tax benefits and other	29,849			—			—			—			29,849
Payment of contingent acquisition consideration	—			—			(1,585		)	—			(1,585		)
Cash dividend	(2,919		)	—			(14,716		)	14,716			(2,919		)
Cash provided by (used in) financing activities	32,526			(118,216		)	(111,870		)	(85,247		)	(282,807		)
Effect of exchange rate changes on cash	—			—			2,790			—			2,790
Net increase (decrease) in cash and cash equivalents	26,790			3,391			(4,542		)	—			25,639
Cash and cash equivalents—beginning of period	16,122			—			87,864			—			103,986
Cash and cash equivalents—end of period	$	42,912		$	3,391		$	83,322		$	—		$	129,625