Guarantor Subsidiaries (Tables)

3 Months Ended

Nov. 30, 2018

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 November 30, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Net sales	$	40,290		$	95,822		$	156,419		$	—	$	292,531
Cost of products sold	9,881			70,596			107,046			—		187,523
Gross profit	30,409			25,226			49,373			—		105,008
Selling, administrative and engineering expenses	20,966			18,314			33,912			—		73,192
Amortization of intangible assets	318			2,692			1,268			—		4,278
Restructuring charges	—			(93		)	496			—		403
Impairment & divestiture charges	—			10,220			26,233			—		36,453
Operating profit (loss)	9,125			(5,907		)	(12,536		)	—		(9,318		)
Financing costs (income), net	7,551			—			(256		)	—		7,295
Intercompany (income) expense, net	(4,053		)	6,491			(2,438		)	—		—
Other (income) expense, net	(216		)	7			1,120			—		911
Earnings (loss) before income tax (benefit) expense	5,843			(12,405		)	(10,962		)	—		(17,524		)
Income tax (benefit) expense	(2,706		)	(102		)	2,736					(72		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	8,549			(12,303		)	(13,698		)	—		(17,452		)
Equity in (loss) earnings of subsidiaries	(26,001		)	(13,132		)	1,255			37,878		—
Net loss	(17,452		)	(25,435		)	(12,443		)	37,878		(17,452		)
Comprehensive loss	$	(25,396	)	$	(25,434	)	$	(20,119	)	$	45,553	$	(25,396	)

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended November 30, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	35,710		$	87,834		$	165,411		$	—		$	288,955
Cost of products sold	6,963			64,574			116,507			—			188,044
Gross profit	28,747			23,260			48,904			—			100,911
Selling, administrative and engineering expenses	19,715			18,448			36,315			—			74,478
Amortization of intangible assets	318			2,861			1,952			—			5,131
Restructuring charges	5,356			169			1,104			—			6,629
Operating profit	3,358			1,782			9,533			—			14,673
Financing costs (income), net	7,623			21			(130		)	—			7,514
Intercompany (income) expense, net	(4,877		)	5,484			(607		)	—			—
Other (income) expense, net	(50		)	45			334			—			329
Earnings (loss) before income tax (benefit) expense	662			(3,768		)	9,936			—			6,830
Income tax (benefit) expense	(285		)	437			1,452			—			1,604
Net earnings (loss) before equity in earnings (loss) of subsidiaries	947			(4,205		)	8,484			—			5,226
Equity in earnings (loss) of subsidiaries	4,279			8,793			(46		)	(13,026		)	—
Net earnings	5,226			4,588			8,438			(13,026		)	5,226
Comprehensive income	$	8,251		$	4,588		$	11,566		$	(16,154	)	$	8,251

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	November 30, 2018
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	41,371	$	—	$	162,072	$	—		$	203,443
Accounts receivable, net	18,511		40,803		131,876		—			191,190
Inventories, net	25,035		51,389		78,340		—			154,764
Assets held for sale	—		79,748		26,445		—			106,193
Other current assets	11,761		1,824		38,160		—			51,745
Total current assets	96,678		173,764		436,893		—			707,335
Property, plant & equipment, net	7,828		16,557		54,775		—			79,160
Goodwill	38,847		184,121		254,392		—			477,360
Other intangibles, net	6,566		97,932		48,221		—			152,719
Investment in subsidiaries	1,806,237		1,198,123		807,031		(3,811,391		)	—
Intercompany receivable	—		616,713		208,731		(825,444		)	—
Other long-term assets	12,745		339		20,375		—			33,459
Total assets	$	1,968,901	$	2,287,549	$	1,830,418	$	(4,636,835	)	$	1,450,033
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	13,915	$	20,468	$	89,684	$	—		$	124,067
Accrued compensation and benefits	10,509		2,938		22,896		—			36,343
Current maturities of debt and short-term borrowings	30,000		—		—		—			30,000
Income taxes payable	—		—		8,215		—			8,215
Liabilities held for sale	—		12,951		57,079		—			70,030
Other current liabilities	18,207		6,481		39,026		—			63,714
Total current liabilities	72,631		42,838		216,900		—			332,369
Long-term debt	495,384		—		—		—			495,384
Deferred income taxes	15,426		—		1,505		—			16,931
Pension and post-retirement benefit liabilities	7,632		—		7,039		—			14,671
Other long-term liabilities	47,348		285		5,480		—			53,113
Intercompany payable	792,915		32,529		—		(825,444		)	—
Shareholders’ equity	537,565		2,211,897		1,599,494		(3,811,391		)	537,565
Total liabilities and shareholders’ equity	$	1,968,901	$	2,287,549	$	1,830,418	$	(4,636,835	)	$	1,450,033

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2018
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	67,649	$	—	$	182,841	$	—		$	250,490
Accounts receivable, net	19,969		54,822		112,958		—			187,749
Inventories, net	22,570		59,391		74,395		—			156,356
Assets held for sale	—		—		23,573		—			23,573
Other current assets	7,358		4,759		30,615		—			42,732
Total current assets	117,546		118,972		424,382		—			660,900
Property, plant & equipment, net	7,937		26,408		55,875		—			90,220
Goodwill	38,847		203,543		270,022		—			512,412
Other intangible assets, net	6,884		121,793		52,360		—			181,037
Investment in subsidiaries	1,836,954		1,211,781		789,917		(3,838,652		)	—
Intercompany receivables	—		622,646		200,173		(822,819		)	—
Other long-term assets	12,955		366		23,448		—			36,769
Total assets	$	2,021,123	$	2,305,509	$	1,816,177	$	(4,661,471	)	$	1,481,338
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	15,890	$	29,022	$	85,926	$	—		$	130,838
Accrued compensation and benefits	22,171		9,804		22,533		—			54,508
Current maturities of debt	30,000		—		—		—			30,000
Income taxes payable	—		—		4,091		—			4,091
Liabilities held for sale	—		—		44,225		—			44,225
Other current liabilities	17,379		11,078		38,842		—			67,299
Total current liabilities	85,440		49,904		195,617		—			330,961
Long-term debt	502,695		—		—		—			502,695
Deferred income taxes	17,467		—		4,466		—			21,933
Pension and post-retirement benefit liabilities	7,765		—		7,104		—			14,869
Other long-term liabilities	45,483		359		6,326		—			52,168
Intercompany payable	803,561		19,258		—		(822,819		)	—
Shareholders’ equity	558,712		2,235,988		1,602,664		(3,838,652		)	558,712
Total liabilities and shareholders’ equity	$	2,021,123	$	2,305,509	$	1,816,177	$	(4,661,471	)	$	1,481,338

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended November 30, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash (used in) provided by operating activities	$	(16,275	)	$	4,337		$	(17,172	)	$	—	$	(29,110	)
Investing Activities
Capital expenditures	(423		)	(4,340		)	(2,903		)	—		(7,666		)
Proceeds from sale of property, plant and equipment	8			3			—			—		11
Cash used in investing activities	(415		)	(4,337		)	(2,903		)	—		(7,655		)
Financing Activities
Principal repayments on term loan	(7,500		)	—			—			—		(7,500		)
Stock option exercises, related tax benefits and other	552			—			—			—		552
Taxes paid related to the net share settlement of equity awards	(201		)	—			—			—		(201		)
Cash Dividends	(2,439		)	—			—			—		(2,439		)
Cash used in financing activities	(9,588		)	—			—			—		(9,588		)
Effect of exchange rate changes on cash	—			—			(694		)	—		(694		)
Net decrease in cash and cash equivalents	(26,278		)	—			(20,769		)	—		(47,047		)
Cash and cash equivalents—beginning of period	67,649			—			182,841			—		250,490
Cash and cash equivalents—end of period	$	41,371		$	—		$	162,072		$	—	$	203,443

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended November 30, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash (used in) provided by operating activities	$	(9,838	)	$	3,580		$	(14,200	)	$	—	$	(20,458	)
Investing Activities
Capital expenditures	(1,478		)	(3,589		)	(2,837		)	—		(7,904		)
Proceeds from sale of property, plant and equipment	—			9			23			—		32
Rental asset lease buyout for Viking divestiture	—			—			(27,718		)	—		(27,718		)
Cash used in investing activities	(1,478		)	(3,580		)	(30,532		)	—		(35,590		)
Financing Activities
Repayments on term loan	(7,500		)	—			—			—		(7,500		)
Stock option exercises and other	2,231			—			—			—		2,231
Taxes paid related to the net share settlement of equity awards	(282		)	—			—			—		(282		)
Cash dividend	(2,390		)	—			—			—		(2,390		)
Intercompany loan activity	(5,954		)	—			5,954			—		—
Cash (used in) provided by financing activities	(13,895		)	—			5,954			—		(7,941		)
Effect of exchange rate changes on cash	—			—			(532		)	—		(532		)
Net decrease in cash and cash equivalents	(25,211		)	—			(39,310		)	—		(64,521		)
Cash and cash equivalents—beginning of period	34,715			—			194,856			—		229,571
Cash and cash equivalents—end of period	$	9,504		$	—		$	155,546		$	—	$	165,050