Guarantor Subsidiaries (Tables)

12 Months Ended

Aug. 31, 2017

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, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	145,223		$	355,989		$	594,572		$	—		$	1,095,784
Cost of products sold	34,300			260,700			421,067			—			716,067
Gross profit	110,923			95,289			173,505			—			379,717
Selling, administrative and engineering expenses	74,996			69,826			132,666			—			277,488
Amortization of intangible assets	1,272			11,715			7,487			—			20,474
Restructuring charges	826			1,359			5,043			—			7,228
Director & officer transition charges	7,784			—			—			—			7,784
Impairment & other divestiture charges	—			—			116,979			—			116,979
Operating profit (loss)	26,045			12,389			(88,670		)	—			(50,236		)
Financing costs, net	30,005			35			(337		)	—			29,703
Intercompany (income) expense, net	(22,941		)	22,066			875			—			—
Intercompany dividends	5,353			(59,401		)	(5,353		)	59,401			—
Other expense (income), net	2,690			87			(25		)	—			2,752
Earnings (loss) before income tax benefit	10,938			49,602			(83,830		)	(59,401		)	(82,691		)
Income tax benefit	(782		)	(14,574		)	(1,122		)	—			(16,478		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	11,720			64,176			(82,708		)	(59,401		)	(66,213		)
Equity in (loss) earnings of subsidiaries	(77,933		)	(81,389		)	3,335			155,987			—
Net loss	(66,213		)	(17,213		)	(79,373		)	96,586			(66,213		)
Comprehensive loss	$	(41,651	)	$	(35,121	)	$	(39,942	)	$	75,063		$	(41,651	)

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 (benefit) expense	(8,729		)	519			(17,046		)	86			(25,170		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	25,865			(32,790		)	(92,825		)	(5,424		)	(105,174		)
Equity in (loss) earnings 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 EARNINGS 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 (loss) before income taxes	32,602			12,206			(8,255		)	(11,162		)	25,391
Income tax (benefit) expense	(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 Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2017
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	34,715	$	—	$	194,856	$	—		$	229,571
Accounts receivable, net	17,498		50,749		121,959		—			190,206
Inventories, net	23,308		48,492		71,851		—			143,651
Assets held for sale	—		—		21,835		—			21,835
Other current assets	23,576		3,619		34,468		—			61,663
Total current assets	99,097		102,860		444,969		—			646,926
Property, plant & equipment, net	7,049		26,130		61,342		—			94,521
Goodwill	38,847		200,499		290,735		—			530,081
Other intangible assets, net	8,156		138,042		74,291		—			220,489
Investment in subsidiaries	1,832,472		1,186,715		805,016		(3,824,203		)	—
Intercompany receivable	—		589,193		205,183		(794,376		)	—
Other long-term assets	8,377		812		15,749		—			24,938
Total assets	$	1,993,998	$	2,244,251	$	1,897,285	$	(4,618,579	)	$	1,516,955
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	15,412	$	27,168	$	90,807	$	—		$	133,387
Accrued compensation and benefits	19,082		7,672		24,185		—			50,939
Current maturities of debt and short-term borrowings	30,000		—		—		—			30,000
Income taxes payable	153		—		5,927		—			6,080
Liabilities held for sale	—		—		101,083		—			101,083
Other current liabilities	18,512		7,169		31,764		—			57,445
Total current liabilities	83,159		42,009		253,766		—			378,934
Long-term debt, net	531,940		—		—		—			531,940
Deferred income taxes	24,164		—		5,695		—			29,859
Pension and post-retirement benefit liabilities	12,540		—		7,322		—			19,862
Other long-term liabilities	48,692		352		6,777		—			55,821
Intercompany payable	792,964		—		1,412		(794,376		)	—
Shareholders’ equity	500,539		2,201,890		1,622,313		(3,824,203		)	500,539
Total liabilities and shareholders’ equity	$	1,993,998	$	2,244,251	$	1,897,285	$	(4,618,579	)	$	1,516,955

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	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 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	$	2,024,568	$	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)

	Year Ended August 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	98,589		$	14,340		$	39,672		$	(64,754	)	$	87,847
Investing Activities
Capital expenditures	(3,391		)	(9,265		)	(15,539		)	—			(28,195		)
Proceeds from sale of property, plant and equipment	—			207			363			—			570
Intercompany investment	(6,900		)	—			—			6,900			—
Cash used in investing activities	(10,291		)	(9,058		)	(15,176		)	6,900			(27,625		)
Financing Activities
Principal repayment on term loan	(18,750		)	—			—			—			(18,750		)
Redemption on 5.625% Senior Notes	(500		)	—			—			—			(500		)
Taxes paid related to the net share settlement of equity awards	(1,065		)	—			—			—			(1,065		)
Stock option exercises, related tax benefits and other	8,917			—			—			—			8,917
Payment of contingent acquisition consideration	—			—			(742		)	—			(742		)
Cash dividend	(2,358		)	(5,353		)	(59,401		)	64,754			(2,358		)
Intercompany loan activity	(47,780		)	—			47,780			—			—
Intercompany capital contributions	—			—			6,900			(6,900		)	—
Cash used in financing activities	(61,536		)	(5,353		)	(5,463		)	57,854			(14,498		)
Effect of exchange rate changes on cash	—			—			4,243			—			4,243
Net increase (decrease) in cash and cash equivalents	26,762			(71		)	23,276			—			49,967
Cash and cash equivalents—beginning of period	7,953			71			171,580			—			179,604
Cash and cash equivalents—end of period	$	34,715		$	—		$	194,856		$	—		$	229,571

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 (used in) provided by 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 loan	(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 (used in) provided by financing activities	(67,200		)	(4,999		)	52,228			1,541			(18,430		)
Effect of exchange rate changes on cash	—			—			(5,375		)	—			(5,375		)
Net (decrease) increase 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 of 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 contribution	—			—			3,727			(3,727		)	—
Cash (used in) provided by financing activities	(95,062		)	23,405			49,291			6,949			(15,417		)
Effect of exchange rate changes on cash	—			—			(34,911		)	—			(34,911		)
Net (decrease) increase 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