Guarantor Subsidiaries (Tables)

9 Months Ended

May 31, 2017

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 INCOME (LOSS)

(in thousands)

	Three Months Ended May 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	39,753		$	98,391		$	157,283		$	—		$	295,427
Cost of products sold	9,944			71,565			111,114			—			192,623
Gross profit	29,809			26,826			46,169			—			102,804
Selling, administrative and engineering expenses	18,113			18,060			33,878			—			70,051
Amortization of intangible assets	318			2,865			1,854			—			5,037
Restructuring charges	99			153			132			—			384
Operating profit	11,279			5,748			10,305			—			27,332
Financing costs, net	7,558			—			(5		)	—			7,553
Intercompany (income) expense, net	(3,941		)	3,958			(17		)	—			—
Intercompany dividends	5,353			—			(5,353		)	—			—
Other (income) expense, net	(159		)	98			1,358			—			1,297
Earnings before income taxes	2,468			1,692			14,322			—			18,482
Income tax benefit	(3,521		)	(168		)	(340		)	—			(4,029		)
Net earnings before equity in earnings of subsidiaries	5,989			1,860			14,662			—			22,511
Equity in earnings of subsidiaries	16,523			15,475			1,754			(33,752		)	—
Net earnings	22,511			17,335			16,416			(33,752		)	22,511
Comprehensive income	$	42,835		$	24,376		$	28,358		$	(52,734	)	$	42,835

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended May 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	33,610		$	94,095		$	177,636		$	—		$	305,341
Cost of products sold	6,603			67,079			124,133			—			197,815
Gross profit	27,007			27,016			53,503			—			107,526
Selling, administrative and engineering expenses	17,172			17,805			35,143			—			70,120
Amortization of intangible assets	318			3,322			1,927			—			5,567
Restructuring charges	100			443			2,953			—			3,496
Operating profit	9,417			5,446			13,480			—			28,343
Financing costs (income), net	7,601			—			(348		)	—			7,253
Intercompany (income) expense, net	(4,990		)	(933		)	5,923			—			—
Other expense, net	199			13			539			—			751
Earnings before income taxes	6,607			6,366			7,366			—			20,339
Income tax (benefit) expense	(929		)	287			(185		)	—			(827		)
Net earnings before equity in earnings of subsidiaries	7,536			6,079			7,551			—			21,166
Equity in earnings of subsidiaries	13,630			7,715			1,769			(23,114		)	—
Net earnings	21,166			13,794			9,320			(23,114		)	21,166
Comprehensive income	$	36,488		$	27,280		$	10,936		$	(38,216	)	$	36,488

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Nine Months Ended May 31, 2017
	Parent			Guarantors				Non-Guarantors			Eliminations			Consolidated
Net sales	$	106,435		$	263,640			$	450,014		$	—		$	820,089
Cost of products sold	27,087			194,802				315,003			—			536,892
Gross profit	79,348			68,838				135,011			—			283,197
Selling, administrative and engineering expenses	54,633			51,245				99,731			—			205,609
Amortization of intangible assets	954			8,859				5,555			—			15,368
Restructuring charges	826			1,317				3,290			—			5,433
Director & officer transition charges	7,784			—				—			—			7,784
Operating profit	15,151			7,417			—	26,435			—			49,003
Financing costs (income), net	22,314			—				(295		)	—			22,019
Intercompany (income) expense, net	(16,891		)	14,114				2,777			—			—
Intercompany dividends	5,353			(59,401		)		(5,353		)	59,401			—
Other expense (income), net	1,878			24				(642		)	—			1,260
Earnings before income taxes	2,497			52,680				29,948			(59,401		)	25,724
Income tax (benefit) expense	(6,084		)	(865		)		122			—			(6,827		)
Net earnings before equity in earnings of subsidiaries	8,581			53,545				29,826			(59,401		)	32,551
Equity in earnings of subsidiaries	23,970			29,157				4,616			(57,743		)	—
Net earnings	32,551			82,702				34,442			(117,144		)	32,551
Comprehensive income	$	29,864		$	71,992			$	41,817		$	(113,809	)	$	29,864

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Nine Months Ended May 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	100,699		$	279,135		$	493,807		$	—		$	873,641
Cost of products sold	25,851			201,232			339,441			—			566,524
Gross profit	74,848			77,903			154,366			—			307,117
Selling, administrative and engineering expenses	54,049			53,644			102,509			—			210,202
Amortization of intangible assets	954			9,966			6,427			—			17,347
Restructuring charges	1,057			3,011			7,390			—			11,458
Impairment charges	—			49,012			137,499			—			186,511
Operating profit (loss)	18,788			(37,730		)	(99,459		)	—			(118,401		)
Financing costs (income), net	22,364			—			(1,128		)	—			21,236
Intercompany (income) expense, net	(16,284		)	(7,830		)	24,114			—			—
Intercompany dividends	—			—			(5,338		)	5,338			—
Other expense, net	802			44			759			—			1,605
Earnings (loss) before income tax expense	11,906			(29,944		)	(117,866		)	(5,338		)	(141,242		)
Income tax (benefit) expense	(1,986		)	944			(17,624		)	—			(18,666		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	13,892			(30,888		)	(100,242		)	(5,338		)	(122,576		)
Equity in (loss) earnings of subsidiaries	(136,468		)	(87,354		)	3,856			219,966			—
Net loss	(122,576		)	(118,242		)	(96,386		)	214,628			(122,576		)
Comprehensive loss	$	(142,339	)	$	(133,602	)	$	(101,219	)	$	234,821		$	(142,339	)

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	May 31, 2017
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	26,554	$	—	$	172,400	$	—		$	198,954
Accounts receivable, net	16,860		54,887		136,017		—			207,764
Inventories, net	20,114		44,605		65,536		—			130,255
Other current assets	14,276		2,695		51,507		—			68,478
Total current assets	77,804		102,187		425,460		—			605,451
Property, plant and equipment, net	6,879		26,667		83,831		—			117,377
Goodwill	38,847		200,499		280,447		—			519,793
Other intangibles, net	8,475		140,902		73,909		—			223,286
Investment in subsidiaries	1,916,360		1,134,186		755,620		(3,806,166		)	—
Intercompany receivable	—		708,400		193,397		(901,797		)	—
Other long-term assets	4,944		812		16,376		—			22,132
Total assets	$	2,053,309	$	2,313,653	$	1,829,040	$	(4,707,963	)	$	1,488,039
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	11,278	$	27,522	$	88,836	$	—		$	127,636
Accrued compensation and benefits	17,249		7,843		25,269		—			50,361
Current maturities of debt and short-term borrowings	30,000		—		—		—			30,000
Income taxes payable	—		—		8,785		—			8,785
Other current liabilities	17,887		6,525		27,512		—			51,924
Total current liabilities	76,414		41,890		150,402		—			268,706
Long-term debt, net	539,252		—		—		—			539,252
Deferred income taxes	23,899		—		8,416		—			32,315
Pension and postretirement benefit liabilities	15,632		—		8,830		—			24,462
Other long-term liabilities	44,621		371		6,752		—			51,744
Intercompany payable	781,931		—		119,866		(901,797		)	—
Shareholders’ equity	571,560		2,271,392		1,534,774		(3,806,166		)	571,560
Total liabilities and shareholders’ equity	$	2,053,309	$	2,313,653	$	1,829,040	$	(4,707,963	)	$	1,488,039

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 and 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	5,702		10		17,530		—			23,242
Total assets	$	2,024,568	$	2,201,799	$	1,331,491	$	(4,119,198	)	$	1,438,660
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, net	561,681		—		—		—			561,681
Deferred income taxes	30,666		—		690		—			31,356
Pension and postretirement 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	$	2,024,568	$	2,201,799	$	1,331,491	$	(4,119,198	)	$	1,438,660

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	82,185		$	13,184		$	20,798		$	(64,754	)	$	51,413
Investing Activities
Capital expenditures	(2,706		)	(8,037		)	(12,176		)	—			(22,919		)
Proceeds from sale of property, plant and equipment	—			135			109			—			244
Cash used in investing activities	(2,706		)	(7,902		)	(12,067		)	—			(22,675		)
Financing Activities
Principal repayments on term loan	(11,250		)	—			—			—			(11,250		)
Taxes paid related to the net share settlement of equity awards	(999		)	—			—			—			(999		)
Redemption of 5.625% Senior Notes	(500		)	—			—			—			(500		)
Stock option exercises, related tax benefits and other	7,963			—			—			—			7,963
Payment of deferred acquisition consideration	—			—			(742		)	—			(742		)
Cash dividend	(2,358		)	(5,353		)	(59,401		)	64,754			(2,358		)
Intercompany loan activity	(53,734		)	—			53,734			—			—
Cash used in financing activities	(60,878		)	(5,353		)	(6,409		)	64,754			(7,886		)
Effect of exchange rate changes on cash	—			—			(1,502		)	—			(1,502		)
Net increase (decrease) in cash and cash equivalents	18,601			(71		)	820			—			19,350
Cash and cash equivalents—beginning of period	7,953			71			171,580			—			179,604
Cash and cash equivalents—end of period	$	26,554		$	—		$	172,400		$	—		$	198,954

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	15,256		$	8,657		$	56,416		$	(5,338	)	$	74,991
Investing Activities
Capital expenditures	(1,237		)	(4,656		)	(9,730		)	—			(15,623		)
Proceeds from sale of property, plant and equipment	13			6,637			1,985			—			8,635
Intercompany investment	(339		)	(6,125		)	—			6,464			—
Business acquisitions, net of cash acquired	—			—			(80,674		)	—			(80,674		)
Cash used in investing activities	(1,563		)	(4,144		)	(88,419		)	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		)	(5,338		)	—			5,338			(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		)	(4,999		)	18,054			(1,126		)	(12,326		)
Effect of exchange rate changes on cash	—			—			(6,760		)	—			(6,760		)
Net decrease in cash and cash equivalents	(10,562		)	(486		)	(20,709		)	—			(31,757		)
Cash and cash equivalents—beginning of period	18,688			567			149,591			—			168,846
Cash and cash equivalents—end of period	$	8,126		$	81		$	128,882		$	—		$	137,089