Guarantor Subsidiaries (Tables)

6 Months Ended

Feb. 29, 2016

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 29, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	32,399		$	55,783		$	175,107		$	—	$	263,289
Cost of products sold	12,077			39,688			120,494			—		172,259
Gross profit	20,322			16,095			54,613			—		91,030
Selling, administrative and engineering expenses	17,117			13,121			36,934			—		67,172
Amortization of intangible assets	318			2,644			2,918			—		5,880
Restructuring charges	79			2,374			1,129			—		3,582
Impairment charges	—			49,012			137,499			—		186,511
Operating profit (loss)	2,808			(51,056		)	(123,867		)	—		(172,115		)
Financing costs, net	7,308			—			(442		)	—		6,866
Intercompany (income) expense, net	(5,465		)	1,025			4,440			—		—
Other expense (income), net	200			(31		)	66			—		235
Earnings (loss) before income taxes	765			(52,050		)	(127,931		)	—		(179,216		)
Income tax benefit	(1,648		)	(744		)	(17,634		)	—		(20,026		)
Net earnings (loss) before equity in earnings (loss) of subsidiaries	2,413			(51,306		)	(110,297		)	—		(159,190		)
Equity in earnings (loss) of subsidiaries	(161,603		)	(95,088		)	111			256,580		—
Net loss	$	(159,190	)	$	(146,394	)	$	(110,186	)	$	256,580	$	(159,190	)
Comprehensive loss	$	(173,341	)	$	(163,017	)	$	(108,215	)	$	271,232	$	(173,341	)

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 charges	—			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 (income) expense, net	(5,098		)	849			4,249			—			—
Intercompany dividend income	(212		)	(243		)	(31		)	486			—
Other income, net	(246		)	(64		)	(309		)	—			(619		)
Earnings (loss) before income taxes	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 LOSS

(in thousands)

	Six Months Ended February 29, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	67,089		$	125,799		$	375,412		$	—	$	568,300
Cost of products sold	19,248			89,330			260,131			—		368,709
Gross profit	47,841			36,469			115,281			—		199,591
Selling, administrative and engineering expenses	36,877			27,507			75,699			—		140,083
Amortization of intangible assets	636			5,260			5,883			—		11,779
Restructuring charges	957			2,495			4,510			—		7,962
Impairment charges	—			49,012			137,499			—		186,511
Operating profit (loss)	9,371			(47,805		)	(108,310		)	—		(146,744		)
Financing costs, net	14,763			—			(781		)	—		13,982
Intercompany (income) expense, net	(11,294		)	(2,732		)	14,026			—		—
Other expense, net	603			31			221			—		855
Earnings (loss) before income taxes	5,299			(45,104		)	(121,776		)	—		(161,581		)
Income tax expense (benefit)	(1,057		)	305			(17,087		)	—		(17,839		)
Net earnings (loss) before equity in loss of subsidiaries	6,356			(45,409		)	(104,689		)	—		(143,742		)
Equity in loss of subsidiaries	(150,098		)	(89,755		)	(3		)	239,856		—
Net loss	$	(143,742	)	$	(135,164	)	$	(104,692	)	$	239,856	$	(143,742	)
Comprehensive loss	$	(178,827	)	$	(164,011	)	$	(111,313	)	$	275,324	$	(178,827	)

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 charges	—			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 before income taxes	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 Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	February 29, 2016
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	6,553	$	—	$	148,118	$	—		$	154,671
Accounts receivable, net	13,081		32,039		136,215		—			181,335
Inventories, net	24,689		31,557		91,125		—			147,371
Other current assets	14,389		2,683		37,834		—			54,906
Total current assets	58,712		66,279		413,292		—			538,283
Property, plant and equipment, net	5,363		19,647		85,857		—			110,867
Goodwill	38,847		143,690		303,816		—			486,353
Other intangibles, net	10,065		101,041		139,429		—			250,535
Investment in subsidiaries	1,886,769		900,034		24,363		(2,811,166		)	—
Intercompany receivable	—		604,822		571,847		(1,176,669		)	—
Other long-term assets	9,968		—		14,998		—			24,966
Total assets	$	2,009,724	$	1,835,513	$	1,553,602	$	(3,987,835	)	$	1,411,004
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	13,585	$	15,371	$	82,594	$	—		$	111,550
Accrued compensation and benefits	13,513		3,665		23,729		—			40,907
Current maturities of debt and short-term borrowings	11,250		—		—		—			11,250
Income taxes payable	—		—		5,136		—			5,136
Other current liabilities	18,955		5,213		28,599		—			52,767
Total current liabilities	57,303		24,249		140,058		—			221,610
Long-term debt, less current maturities	576,809		—		—		—			576,809
Deferred income taxes	35,157		—		17,457		—			52,614
Pension and postretirement benefit liabilities	11,016		—		5,300		—			16,316
Other long-term liabilities	47,004		1,028		8,091		—			56,123
Intercompany payable	794,903		—		381,766		(1,176,669		)	—
Shareholders’ equity	487,532		1,810,236		1,000,930		(2,811,166		)	487,532
Total liabilities and shareholders’ equity	$	2,009,724	$	1,835,513	$	1,553,602	$	(3,987,835	)	$	1,411,004

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2015
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current 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 and 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
Current liabilities
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 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, less current maturities	584,309		—		—		—			584,309
Deferred income taxes	43,210		—		29,731		—			72,941
Pension and postretirement 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 Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 29, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Cash provided by (used in) operating activities	$	(1,458	)	$	(1,222	)	$	31,543		$	—	$	28,863
Investing Activities
Proceeds from sale of property, plant and equipment	13			2,568			2,055			—		4,636
Capital expenditures	(339		)	(1,869		)	(8,796		)	—		(11,004		)
Business acquisitions, net of cash acquired	—			—			(15,026		)	—		(15,026		)
Cash (used in) provided by investing activities	(326		)	699			(21,767		)	—		(21,394		)
Financing Activities
Net repayments on revolver and other debt	—			—			(210		)	—		(210		)
Purchase of treasury shares	(9,352		)	—			—			—		(9,352		)
Taxes paid related to the net share settlement of equity awards	(1,332		)	—			—			—		(1,332		)
Stock option exercises, related tax benefits and other	2,245			—			—			—		2,245
Cash dividend	(2,376		)	—			—			—		(2,376		)
Intercompany loan activity	464			—			(464		)	—		—
Cash used in financing activities	(10,351		)	—			(674		)	—		(11,025		)
Effect of exchange rate changes on cash	—			—			(10,619		)	—		(10,619		)
Net decrease in cash and cash equivalents	(12,135		)	(523		)	(1,517		)	—		(14,175		)
Cash and cash equivalents—beginning of period	18,688			523			149,635			—		168,846
Cash and cash equivalents—end of period	$	6,553		$	—		$	148,118		$	—	$	154,671

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 28, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	20,360		$	(41,149	)	$	23,940		$	—		$	3,151
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 borrowing on revolver and other debt	199,000			—			—			—			199,000
Principal repayments on term loan	(2,250		)	—			—			—			(2,250		)
Purchase of treasury shares	(180,512		)	—			—			—			(180,512		)
Taxes paid related to the net share settlement of equity awards	(2,325		)	—			—			—			(2,325		)
Stock option exercises, related tax benefits and other	4,753			—			—			—			4,753
Cash dividend	(2,598		)	—			—			—			(2,598		)
Intercompany loan activity	(57,169		)	42,010			15,159			—			—
Intercompany capital contribution	—			—			1,117			(1,117		)	—
Cash (used in) provided by financing activities	(41,101		)	42,010			16,276			(1,117		)	16,068
Effect of exchange rate changes on cash	—			—			(28,564		)	—			(28,564		)
Net (decrease) increase in cash and cash equivalents	(22,377		)	(1,388		)	2,250			—			(21,515		)
Cash and cash equivalents—beginning of period	27,931			3,325			77,756			—			109,012
Cash and cash equivalents—end of period	$	5,554		$	1,937		$	80,006		$	—		$	87,497