Guarantor Subsidiaries (Tables)

9 Months Ended

May 31, 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 EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended May 31, 2016
	Parent			Guarantors		Non-Guarantors			Eliminations			Consolidated
Net sales	$	33,610		$	62,534	$	209,197		$	—		$	305,341
Cost of products sold	6,603			43,381		147,831			—			197,815
Gross profit	27,007			19,153		61,366			—			107,526
Selling, administrative and engineering expenses	17,172			13,606		39,342			—			70,120
Amortization of intangible assets	318			2,630		2,619			—			5,567
Restructuring charges	100			197		3,199			—			3,496
Operating profit	9,417			2,720		16,206			—			28,343
Financing costs, net	7,601			—		(348		)	—			7,253
Intercompany (income) expense, net	(4,990		)	1,254		3,736			—			—
Other expense, net	199			13		539			—			751
Earnings before income taxes	6,607			1,453		12,279			—			20,339
Income tax expense (benefit)	(929		)	115		(13		)	—			(827		)
Net earnings before equity in earnings of subsidiaries	7,536			1,338		12,292			—			21,166
Equity in earnings of subsidiaries	13,630			10,382		239			(24,251		)	—
Net earnings	$	21,166		$	11,720	$	12,531		$	(24,251	)	$	21,166
Comprehensive income	$	36,488		$	25,205	$	14,148		$	(39,353	)	$	36,488

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(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 (income) expense, 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 LOSS

(in thousands)

	Nine Months Ended May 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	100,699		$	188,333		$	584,609		$	—	$	873,641
Cost of products sold	25,851			132,711			407,962			—		566,524
Gross profit	74,848			55,622			176,647			—		307,117
Selling, administrative and engineering expenses	54,049			41,113			115,040			—		210,202
Amortization of intangible assets	954			7,890			8,503			—		17,347
Restructuring charges	1,057			2,692			7,709			—		11,458
Impairment charges	—			49,012			137,499			—		186,511
Operating profit (loss)	18,788			(45,085		)	(92,104		)	—		(118,401		)
Financing costs, net	22,364			—			(1,128		)	—		21,236
Intercompany (income) expense, net	(16,284		)	(1,478		)	17,762			—		—
Other expense, net	802			44			759			—		1,605
Earnings (loss) before income taxes	11,906			(43,651		)	(109,497		)	—		(141,242		)
Income tax expense (benefit)	(1,986		)	420			(17,100		)	—		(18,666		)
Net earnings (loss) before equity in loss of subsidiaries	13,892			(44,071		)	(92,397		)	—		(122,576		)
Equity in earnings (loss) of subsidiaries	(136,468		)	(79,373		)	236			215,605		—
Net loss	$	(122,576	)	$	(123,444	)	$	(92,161	)	$	215,605	$	(122,576	)
Comprehensive loss	$	(142,339	)	$	(138,806	)	$	(97,165	)	$	235,971	$	(142,339	)

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 charges	—			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 Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	May 31, 2016
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	8,199	$	—	$	128,890	$	—		$	137,089
Accounts receivable, net	13,367		33,889		152,846		—			200,102
Inventories, net	22,416		29,748		86,292		—			138,456
Other current assets	13,268		3,187		43,631		—			60,086
Total current assets	57,250		66,824		411,659		—			535,733
Property, plant and equipment, net	5,641		19,080		93,507		—			118,228
Goodwill	38,847		143,690		346,884		—			529,421
Other intangibles, net	9,747		98,411		147,763		—			255,921
Investment in subsidiaries	1,915,828		899,892		87,193		(2,902,913		)	—
Intercompany receivable	—		617,942		556,837		(1,174,779		)	—
Other long-term assets	9,877		7		18,233		—			28,117
Total assets	$	2,037,190	$	1,845,846	$	1,662,076	$	(4,077,692	)	$	1,467,420
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	14,085	$	16,096	$	89,919	$	—		$	120,100
Accrued compensation and benefits	15,801		4,671		26,960		—			47,432
Current maturities of debt and short-term borrowings	15,000		—		—		—			15,000
Income taxes payable	—		—		1,249		—			1,249
Other current liabilities	23,187		4,937		30,756		—			58,880
Total current liabilities	68,073		25,704		148,884		—			242,661
Long-term debt, less current maturities	573,059		—		—		—			573,059
Deferred income taxes	34,641		—		20,891		—			55,532
Pension and postretirement benefit liabilities	10,228		—		5,461		—			15,689
Other long-term liabilities	47,083		593		8,954		—			56,630
Intercompany payable	780,257		—		394,522		(1,174,779		)	—
Shareholders’ equity	523,849		1,819,549		1,083,364		(2,902,913		)	523,849
Total liabilities and shareholders’ equity	$	2,037,190	$	1,845,846	$	1,662,076	$	(4,077,692	)	$	1,467,420

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)

	Nine Months Ended May 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash provided by operating activities	$	15,329		$	5,017		$	54,645		$	—		$	74,991
Investing Activities
Proceeds from sale of property, plant and equipment	13			3,337			5,285			—			8,635
Capital expenditures	(1,237		)	(3,091		)	(11,295		)	—			(15,623		)
Intercompany investment	(339		)	(6,125		)	—			6,464			—
Business acquisitions, net of cash acquired	—			—			(80,674		)	—			(80,674		)
Cash used in by investing activities	(1,563		)	(5,879		)	(86,684		)	6,464			(87,662		)
Financing Activities
Net repayments on revolver and other debt	—			—			(210		)	—			(210		)
Purchase of treasury shares	(14,125		)	—			—			—			(14,125		)
Taxes paid related to the net share settlement of equity awards	(1,344		)	—			—			—			(1,344		)
Stock option exercises, related tax benefits and other	5,729			—			—			—			5,729
Cash dividend	(2,376		)	—			—			—			(2,376		)
Intercompany loan activity	(12,139		)	—			12,139			—			—
Intercompany capital contribution	—			339			6,125			(6,464		)	—
Cash (used in) provided by financing activities	(24,255		)	339			18,054			(6,464		)	(12,326		)
Effect of exchange rate changes on cash	—			—			(6,760		)	—			(6,760		)
Net decrease in cash and cash equivalents	(10,489		)	(523		)	(20,745		)	—			(31,757		)
Cash and cash equivalents—beginning of period	18,688			523			149,635			—			168,846
Cash and cash equivalents—end of period	$	8,199		$	—		$	128,890		$	—		$	137,089

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2015
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	38,854		$	(39,865	)	$	44,635		$	—		$	43,624
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
Principal repayment on term loan	(3,375		)	—			—			—			(3,375		)
Proceeds from term loan	213,375			—			—			—			213,375
Purchase of treasury shares	(204,627		)	—			—			—			(204,627		)
Taxes paid related to the net share settlement of equity awards	(2,344		)	—			—			—			(2,344		)
Stock option exercises, related tax benefits and other	5,046			—			—			—			5,046
Debt issuance costs	(1,875		)	—			—			—			(1,875		)
Cash dividend	(2,598		)	—			—			—			(2,598		)
Intercompany loan activity	(58,569		)	40,796			17,773			—			—
Intercompany capital contribution	—			—			1,117			(1,117		)	—
Cash (used in) provided by financing activities	(54,967		)	40,796			18,890			(1,117		)	3,602
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