Guarantor Subsidiaries (Tables)

12 Months Ended

Aug. 31, 2016

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, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	135,679		$	361,209		$	652,522		$	—		$	1,149,410
Cost of products sold	34,576			263,197			448,240			—			746,013
Gross profit	101,103			98,012			204,282			—			403,397
Selling, administrative and engineering expenses	69,677			69,382			135,438			—			274,497
Restructuring charges	2,426			3,455			8,690			—			14,571
Amortization of intangible assets	1,272			13,287			8,384			—			22,943
Loss on product line divestiture	—			5,092			—			—			5,092
Impairment charges	—			49,012			137,499			—			186,511
Operating profit (loss)	27,728			(42,216		)	(85,729		)	—			(100,217		)
Financing costs, net	30,123			—			(1,355		)	—			28,768
Intercompany (income) expense, net	(20,445		)	(9,999		)	30,444			—			—
Intercompany dividends	—			—			(5,338		)	5,338			—
Other expense, net	914			54			391			—			1,359
Earnings (loss) before income taxes	17,136			(32,271		)	(109,871		)	(5,338		)	(130,344		)
Income tax expense (benefit)	(8,729		)	519			(17,046		)	86			(25,170		)
Net earnings (loss) before equity in earnings (loss) of subsidiaries	25,865			(32,790		)	(92,825		)	(5,424		)	(105,174		)
Equity in earnings (loss) of subsidiaries	(131,037		)	(83,747		)	3,024			211,760			—
Net loss	(105,174		)	(116,537		)	(89,801		)	206,336			(105,174		)
Comprehensive loss	$	(143,357	)	$	(157,344	)	$	(83,802	)	$	241,146		$	(143,357	)

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		$	385,476		$	704,942		$	—		$	1,249,254
Cost of products sold	40,858			280,081			466,474			—			787,413
Gross profit	117,978			105,395			238,468			—			461,841
Selling, administrative and engineering expenses	74,588			69,041			155,972			—			299,601
Impairment charges	—			20,249			64,104			—			84,353
Amortization of intangible assets	1,272			13,061			10,000			—			24,333
Operating profit	42,118			3,044			8,392			—			53,554
Financing costs, net	29,295			—			(1,238		)	—			28,057
Intercompany (income) expense, net	(19,727		)	(8,835		)	28,562			—			—
Intercompany dividends	(212		)	(243		)	(10,707		)	11,162			—
Other expense (income), net	160			(84		)	30			—			106
Earnings before income taxes	32,602			12,206			(8,255		)	(11,162		)	25,391
Income tax expense (benefit)	(8,218		)	4,056			10,939			(1,258		)	5,519
Net earnings (loss) before equity in earnings (loss) of subsidiaries	40,820			8,150			(19,194		)	(9,904		)	19,872
Equity in earnings (loss) of subsidiaries	(20,948		)	(1,720		)	6,520			16,148			—
Net earnings (loss)	19,872			6,430			(12,674		)	6,244			19,872
Comprehensive loss	$	(125,360	)	$	(10,689	)	$	(88,431	)	$	99,120		$	(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		$	409,848		$	794,441		$	—		$	1,399,862
Cost of products sold	57,464			290,840			504,686			—			852,990
Gross profit	138,109			119,008			289,755			—			546,872
Selling, administrative and engineering expenses	96,220			54,699			181,174			—			332,093
Loss (gain) on product line divestiture	1,200			(14,695		)	—			—			(13,495		)
Amortization of intangible assets	1,272			12,687			11,207			—			25,166
Operating profit	39,417			66,317			97,374			—			203,108
Financing costs, net	25,611			3			(569		)	—			25,045
Intercompany (income) expense, net	(27,601		)	(5,760		)	33,361			—			—
Other expense (income), net	12,716			153			(8,832		)	—			4,037
Earnings from continuing operations before income taxes	28,691			71,921			73,414			—			174,026
Income tax expense (benefit)	(16,529		)	33,690			15,412			—			32,573
Net earnings from continuing operations before equity in earnings of subsidiaries	45,220			38,231			58,002			—			141,453
Equity in earnings of subsidiaries	139,865			23,297			15,058			(178,220		)	—
Earnings from continuing operations	185,085			61,528			73,060			(178,220		)	141,453
Earnings (loss) from discontinued operations	(21,512		)	56,494			(12,862		)	—			22,120
Net earnings	163,573			118,022			60,198			(178,220		)	163,573
Comprehensive income	$	163,825		$	132,046		$	46,226		$	(178,272	)	$	163,825

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2016
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	7,953	$	71	$	171,580	$	—		$	179,604
Accounts receivable, net	13,692		41,715		131,422		—			186,829
Inventories, net	19,897		44,283		66,576		—			130,756
Other current assets	7,754		3,858		33,851		—			45,463
Total current assets	49,296		89,927		403,429		—			542,652
Property, plant & equipment, net	5,927		23,511		84,577		—			114,015
Goodwill	38,847		200,499		279,930		—			519,276
Other intangibles, net	9,429		149,757		80,289		—			239,475
Investment in subsidiaries	1,915,367		578,423		465,736		(2,959,526		)	—
Intercompany receivable	—		1,159,672		—		(1,159,672		)	—
Other long-term assets	9,580		10		17,530		—			27,120
Total assets	$	2,028,446	$	2,201,799	$	1,331,491	$	(4,119,198	)	$	1,442,538
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	11,529	$	20,669	$	82,853	$	—		$	115,051
Accrued compensation and benefits	17,506		5,754		23,641		—			46,901
Current maturities of debt and short-term borrowings	18,750		—		—		—			18,750
Income taxes payable	1,886		—		7,368		—			9,254
Other current liabilities	20,459		6,989		24,508		—			51,956
Total current liabilities	70,130		33,412		138,370		—			241,912
Long-term debt	565,559		—		—		—			565,559
Deferred income taxes	30,666		—		690		—			31,356
Pension and post-retirement benefit liabilities	16,803		—		8,864		—			25,667
Other long-term liabilities	47,739		588		8,767		—			57,094
Intercompany payable	776,599		—		383,073		(1,159,672		)	—
Shareholders’ equity	520,950		2,167,799		791,727		(2,959,526		)	520,950
Total liabilities and shareholders' equity	$	2,028,446	$	2,201,799	$	1,331,491	$	(4,119,198	)	$	1,442,538

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2015
ASSETS	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
Current assets
Cash and cash equivalents	$	18,688	$	567	$	149,591	$	—		$	168,846
Accounts receivable, net	16,135		49,258		127,688		—			193,081
Inventories, net	23,074		55,151		64,527		—			142,752
Deferred income taxes	9,256		—		3,666		—			12,922
Other current assets	18,020		4,708		20,060		—			42,788
Total current assets	85,173		109,684		365,532		—			560,389
Property, plant & equipment, net	6,363		33,675		102,420		—			142,458
Goodwill	38,847		318,088		251,321		—			608,256
Other intangibles, net	10,702		173,497		124,563		—			308,762
Investment in subsidiaries	2,067,438		632,581		182,001		(2,882,020		)	—
Intercompany receivable	—		1,140,030		45,141		(1,185,171		)	—
Other long-term assets	10,694		—		6,358		—			17,052
Total assets	$	2,219,217	$	2,407,555	$	1,077,336	$	(4,067,191	)	$	1,636,917
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	14,700	$	27,767	$	75,648	$	—		$	118,115
Accrued compensation and benefits	16,479		3,625		23,603		—			43,707
Income taxes payable	10,947		—		3,858		—			14,805
Current maturities of debt and short-term borrowings	3,750		—		219		—			3,969
Other current liabilities	19,817		5,807		28,836		—			54,460
Total current liabilities	65,693		37,199		132,164		—			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		—		390,286		(1,185,171		)	—
Shareholders’ equity	673,001		2,369,956		512,064		(2,882,020		)	673,001
Total liabilities and shareholders’ equity	$	2,219,217	$	2,407,555	$	1,077,336	$	(4,067,191	)	$	1,636,917

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended August 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	58,926		$	(1,953	)	$	66,062		$	(5,338	)	$	117,697
Investing Activities
Capital expenditures	(2,135		)	(6,781		)	(11,293		)	—			(20,209		)
Proceeds from sale of property, plant and equipment	13			7,000			2,283			—			9,296
Intercompany investment	(339		)	(3,458		)	—			3,797			—
Business acquisitions, net of cash acquired	—			—			(81,916		)	—			(81,916		)
Proceeds from sale of businesses, net of transaction costs	—			9,695			—			—			9,695
Cash provided by (used in) investing activities	(2,461		)	6,456			(90,926		)	3,797			(83,134		)
Financing Activities
Net repayments on revolving credit facility	—			—			(210		)	—			(210		)
Principal repayments on term loans	(3,750		)	—			—			—			(3,750		)
Purchase of treasury shares	(17,101		)	—			—			—			(17,101		)
Taxes paid related to the net share settlement of equity awards	(1,409		)	—			—			—			(1,409		)
Stock option exercises, related tax benefits, and other	6,416			—			—			—			6,416
Cash dividend	(2,376		)	(5,338		)	—			5,338			(2,376		)
Intercompany loan activity	(48,980		)	—			48,980			—			—
Intercompany capital contributions	—			339			3,458			(3,797		)	—
Cash provided by (used in) financing activities	(67,200		)	(4,999		)	52,228			1,541			(18,430		)
Effect of exchange rate changes on cash	—			—			(5,375		)	—			(5,375		)
Net increase (decrease) in cash and cash equivalents	(10,735		)	(496		)	21,989			—			10,758
Cash and cash equivalents—beginning of period	18,688			567			149,591			—			168,846
Cash and cash equivalents—end of period	$	7,953		$	71		$	171,580		$	—		$	179,604

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	$	90,632		$	(20,750	)	$	72,228		$	(10,676	)	$	131,434
Investing Activities
Capital expenditures	(1,086		)	(5,848		)	(15,582		)	—			(22,516		)
Proceeds from sale of property, plant and equipment	—			273			971			—			1,244
Intercompany investment	(3,727		)	—			—			3,727			—
Cash used in investing activities	(4,813		)	(5,575		)	(14,611		)	3,727			(21,272		)
Financing Activities
Net borrowings on revolving credit facility	—			—			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		)
Taxes paid related to net share settlement of equity awards	(2,466		)	—			—			—			(2,466		)
Stock option exercises, related tax benefits and other	5,396			—			—			—			5,396
Cash dividend	(2,598		)	(10,676		)	—			10,676			(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	(95,062		)	23,405			49,291			6,949			(15,417		)
Effect of exchange rate changes on cash	—			—			(34,911		)	—			(34,911		)
Net increase (decrease) in cash and cash equivalents	(9,243		)	(2,920		)	71,997			—			59,834
Cash and cash equivalents—beginning of period	27,931			3,487			77,594			—			109,012
Cash and cash equivalents—end of period	$	18,688		$	567		$	149,591		$	—		$	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	$	76,870		$	(19,156	)	$	83,182		$	(14,716	)	$	126,180
Investing Activities
Capital expenditures	(4,498		)	(6,397		)	(30,962		)	—			(41,857		)
Proceeds from sale of property, plant and equipment	85			503			43,686			—			44,274
Proceeds from sale of business	(4,586		)	250,748			43,428			—			289,590
Business acquisitions, net of cash acquired	(30,500		)	—			—			—			(30,500		)
Cash (used in) provided by investing activities	(39,499		)	244,854			56,152			—			261,507
Financing Activities
Net repayments on revolving credit facility	(125,000		)	—			—			—			(125,000		)
Payment of deferred acquisition consideration	—			—			(1,585		)	—			(1,585		)
Purchase of treasury shares	(283,712		)	—			—			—			(283,712		)
Taxes paid related to net share settlement of equity awards	(946		)	—			—			—			(946		)
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			(222,266		)	(132,525		)	—			—
Cash used in financing activities	(25,562		)	(222,266		)	(148,826		)	14,716			(381,938		)
Effect of exchange rate changes on cash	—			—			(723		)	—			(723		)
Net increase (decrease) in cash and cash equivalents	11,809			3,432			(10,215		)	—			5,026
Cash and cash equivalents—beginning of period	16,122			(107		)	87,971			—			103,986
Cash and cash equivalents—end of period	$	27,931		$	3,325		$	77,756		$	—		$	109,012