Guarantor Subsidiaries (Tables)

12 Months Ended

Aug. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands)

	Year Ended August 31, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	158,836		$	268,070		$	822,348		$	—		$	1,249,254
Cost of products sold	40,858			189,251			557,304			—			787,413
Gross profit	117,978			78,819			265,044			—			461,841
Selling, administrative and engineering expenses	74,588			56,054			168,959			—			299,601
Impairment charge	—			20,249			64,104			—			84,353
Amortization of intangible assets	1,272			10,594			12,467			—			24,333
Operating profit (loss)	42,118			(8,078		)	19,514			—			53,554
Financing costs, net	29,295			—			(1,238		)	—			28,057
Intercompany expense (income), net	(19,727		)	1,432			18,295			—			—
Intercompany dividends	(212		)	(243		)	(31		)	486			—
Other expense (income), net	160			(71		)	17			—			106
Earnings (loss) before income tax expense (benefit)	32,602			(9,196		)	2,471			(486		)	25,391
Income tax expense (benefit)	(8,218		)	1,702			12,119			(84		)	5,519
Net earnings (loss) before equity in earnings (loss) of subsidiaries	40,820			(10,898		)	(9,648		)	(402		)	19,872
Equity in earnings (loss) of subsidiaries	(20,948		)	8,466			31			12,451			—
Net earnings (loss)	$	19,872		$	(2,432	)	$	(9,617	)	$	12,049		$	19,872
Comprehensive loss	$	(125,360	)	$	(19,551	)	$	(85,374	)	$	104,925		$	(125,360	)

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(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 from continuing operations 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(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 from continuing operations 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 Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2015
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	18,688	$	523	$	149,635	$	—		$	168,846
Accounts receivable, net	16,135		33,748		143,198		—			193,081
Inventories, net	23,074		33,480		86,198		—			142,752
Deferred income taxes	9,256		—		3,666		—			12,922
Other current assets	18,020		2,967		21,801		—			42,788
Total current assets	85,173		70,718		404,498		—			560,389
Property, plant & equipment, net	6,363		23,691		112,404		—			142,458
Goodwill	38,847		189,337		380,072		—			608,256
Other intangibles, net	10,702		109,665		188,395		—			308,762
Investment in subsidiaries	2,067,438		1,017,418		27,552		(3,112,408		)	—
Intercompany receivable	—		619,198		565,968		(1,185,166		)	—
Other long-term assets	10,694		—		6,358		—			17,052
Total assets	$	2,219,217	$	2,030,027	$	1,685,247	$	(4,297,574	)	$	1,636,917
LIABILITIES & SHAREHOLDERS' EQUITY
Trade accounts payable	$	14,700	$	19,213	$	84,202	$	—		$	118,115
Accrued compensation and benefits	16,479		2,952		24,276		—			43,707
Current maturities of debt and other short-term borrowings	3,750		—		219		—			3,969
Income taxes payable	10,947		—		3,858		—			14,805
Other current liabilities	19,817		4,783		29,860		—			54,460
Total current liabilities	65,693		26,948		142,415		—			235,056
Long-term debt	584,309		—		—		—			584,309
Deferred income taxes	43,210		—		29,731		—			72,941
Pension and post-retirement benefit liabilities	11,712		—		6,116		—			17,828
Other long-term liabilities	46,407		400		6,975		—			53,782
Intercompany payable	794,885		—		390,281		(1,185,166		)	—
Shareholders’ equity	673,001		2,002,679		1,109,729		(3,112,408		)	673,001
Total liabilities and shareholders’ equity	$	2,219,217	$	2,030,027	$	1,685,247	$	(4,297,574	)	$	1,636,917

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
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
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
Trade accounts payable	$	20,014	$	25,673	$	100,111	$	—		$	145,798
Accrued compensation and benefits	15,135		3,293		34,536		—			52,964
Current maturities of debt	4,500		—		—		—			4,500
Income taxes payable	31,582		—		6,765		—			38,347
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 post-retirement 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)

	Year Ended August 31, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	88,166		$	(33,047	)	$	73,849		$	—		$	128,968
Investing Activities
Capital expenditures	(1,086		)	(4,094		)	(17,336		)	—			(22,516		)
Proceeds from sale of property, plant and equipment	—			258			986			—			1,244
Intercompany investment	(3,727		)	—			—			3,727			—
Cash used in investing activities	(4,813		)	(3,836		)	(16,350		)	3,727			(21,272		)
Financing Activities
Net borrowings on revolver and other debt	—			—			220			—			220
Principal repayment on term loan	(3,375		)	—			—			—			(3,375		)
Proceeds from term loans	213,375			—			—			—			213,375
Redemption on 5.625% Senior Notes	(11,941		)	—			—			—			(11,941		)
Debt issuance costs	(2,025		)	—			—			—			(2,025		)
Purchase of treasury shares	(212,003		)	—			—			—			(212,003		)
Stock option exercises, related tax benefits and other	5,396			—			—			—			5,396
Cash dividend	(2,598		)	—			—			—			(2,598		)
Intercompany loan activity	(79,425		)	34,081			45,344			—			—
Intercompany capital contributions	—			—			3,727			(3,727		)	—
Cash provided by (used in) financing activities	(92,596		)	34,081			49,291			(3,727		)	(12,951		)
Effect of exchange rate changes on cash	—			—			(34,911		)	—			(34,911		)
Net increase (decrease) in cash and cash equivalents	(9,243		)	(2,802		)	71,879			—			59,834
Cash and cash equivalents—beginning of period	27,931			3,325			77,756			—			109,012
Cash and cash equivalents—end of period	$	18,688		$	523		$	149,635		$	—		$	168,846

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
Capital expenditures	(4,498		)	(4,675		)	(32,684		)	—			(41,857		)
Proceeds from sale of property, plant and equipment	85			484			43,705			—			44,274
Proceeds from sale of businesses	(4,586		)	250,748			43,428			—			289,590
Business acquisitions, net of cash acquired	(30,500		)	—			—			—			(30,500		)
Intercompany investment	—			(99,963		)	—			99,963			—
Cash (used in) provided by investing activities	(39,499		)	146,594			54,449			99,963			261,507
Financing Activities
Net repayments on revolver	(125,000		)	—			—			—			(125,000		)
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		)
Intercompany loan activity	354,791			(122,303		)	(232,488		)	—			—
Intercompany capital contribution	—			—			99,963			(99,963		)	—
Cash used 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 period	16,122			—			87,864			—			103,986
Cash and cash equivalents—end of period	$	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
Capital expenditures	(2,022		)	(4,021		)	(17,625		)	—		(23,668		)
Proceeds from sale of property, plant and equipment	563			206			852			—		1,621
Proceeds from sale of business	—			—			4,854			—		4,854
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 repayments on revolver	125,000			—			—			—		125,000
Principal repayment on term loans	(7,500		)	—			—			—		(7,500		)
Payment of deferred acquisition consideration	(1,350		)	—			(4,028		)	—		(5,378		)
Debt issuance cost	(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		)
Intercompany loan activity	(179,050		)	(22,371		)	201,421			—		—
Cash provided by (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 in cash and cash equivalents	3,721			(91		)	32,172			—		35,802
Cash and cash equivalents—beginning of period	12,401			91			55,692			—		68,184
Cash and cash equivalents—end of period	$	16,122		$	—		$	87,864		$	—	$	103,986