Guarantor Subsidiaries (Tables)

6 Months Ended

Feb. 28, 2019

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

(in thousands)

	Three Months Ended February 28, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	41,091		$	80,230		$	150,586		$	—		$	271,907
Cost of products sold	9,979			59,701			104,741			—			174,421
Gross profit	31,112			20,529			45,845			—			97,486
Selling, administrative and engineering expenses	22,614			16,079			32,052			—			70,745
Amortization of intangible assets	318			1,867			1,256			—			3,441
Restructuring charges	—			—			60			—			60
Impairment & divestiture (income) charges	(904		)	3,187			4,603			—			6,886
Operating profit (loss)	9,084			(604		)	7,874			—			16,354
Financing costs (income), net	7,275			—			(122		)	—			7,153
Intercompany (income) expense, net	(6,117		)	8,866			(2,749		)	—			—
Intercompany dividends	(246,248		)	—			—			246,248			—
Other (income) expense, net	(166		)	1			821			—			656
Earnings (loss) before income tax expense (benefit)	254,340			(9,471		)	9,924			(246,248		)	8,545
Income tax expense (benefit)	420			(1,348		)	6,720			—			5,792
Net earnings (loss) before equity in (loss) earnings of subsidiaries	253,920			(8,123		)	3,204			(246,248		)	2,753
Equity in (loss) earnings of subsidiaries	(251,167		)	4,086			1,372			245,709			—
Net earnings (loss)	$	2,753		$	(4,037	)	$	4,576		$	(539	)	$	2,753
Comprehensive income (loss)	$	45,190		$	(3,966	)	$	46,755		$	(42,789	)	$	45,190

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended February 28, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	36,219		$	83,072		$	155,874		$	—		$	275,165
Cost of products sold	5,848			63,979			115,642			—			185,469
Gross profit	30,371			19,093			40,232			—			89,696
Selling, administrative and engineering expenses	17,975			17,232			33,080			—			68,287
Amortization of intangible assets	318			2,861			1,989			—			5,168
Restructuring charges	194			909			2,347			—			3,450
Impairment & divestiture charges (income)	4,217			—			(1,230		)	—			2,987
Operating profit (loss)	7,667			(1,909		)	4,046			—			9,804
Financing costs (income), net	7,777			22			(195		)	—			7,604
Intercompany (income) expense, net	(5,042		)	5,419			(377		)	—			—
Other expense, net	305			49			228			—			582
Earnings (loss) before income tax expense (benefit)	4,627			(7,399		)	4,390			—			1,618
Income tax expense (benefit)	10,612			(2,234		)	11,461			—			19,839
Net loss before equity in loss of subsidiaries	(5,985		)	(5,165		)	(7,071		)	—			(18,221		)
Equity in loss of subsidiaries	(12,236		)	(9,454		)	(1,459		)	23,149			—
Net loss	$	(18,221	)	$	(14,619	)	$	(8,530	)	$	23,149		$	(18,221	)
Comprehensive income (loss)	$	62,788		$	(14,619	)	$	74,820		$	(60,201	)	$	62,788

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Six Months Ended February 28, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	81,381		$	176,052		$	307,005		$	—		$	564,438
Cost of products sold	19,860			130,297			211,787			—			361,944
Gross profit	61,521			45,755			95,218			—			202,494
Selling, administrative and engineering expenses	43,579			34,393			65,964			—			143,936
Amortization of intangible assets	637			4,559			2,524			—			7,720
Restructuring (income) charges	—			(93		)	556			—			463
Impairment & divestiture (income) charges	(904		)	13,407			30,836			—			43,339
Operating profit (loss)	18,209			(6,511		)	(4,662		)	—			7,036
Financing costs (income), net	14,826			—			(378		)	—			14,448
Intercompany (income) expense, net	(10,170		)	15,357			(5,187		)	—			—
Intercompany dividends	(246,248		)	—			—			246,248			—
Other (income) expense, net	(381		)	8			1,941			—			1,568
Earnings (loss) before income tax (benefit) expense	260,182			(21,876		)	(1,038		)	(246,248		)	(8,980		)
Income tax (benefit) expense	(2,287		)	(1,450		)	9,456			—			5,719
Net earnings (loss) before equity in (loss) earnings of subsidiaries	262,469			(20,426		)	(10,494		)	(246,248		)	(14,699		)
Equity in (loss) earnings of subsidiaries	(277,168		)	(9,046		)	2,627			283,587			—
Net loss	$	(14,699	)	$	(29,472	)	$	(7,867	)	$	37,339		$	(14,699	)
Comprehensive income (loss)	$	19,794		$	(29,400	)	$	26,636		$	2,764		$	19,794

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Six Months Ended February 28, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	71,929		$	170,906		$	321,285		$	—		$	564,120
Cost of products sold	12,811			128,553			232,149			—			373,513
Gross profit	59,118			42,353			89,136			—			190,607
Selling, administrative and engineering expenses	37,690			35,680			69,395			—			142,765
Amortization of intangible assets	636			5,722			3,941			—			10,299
Restructuring charges	5,550			1,078			3,451						10,079
Impairment & divestiture charges (income)	4,217			—			(1,230		)	—			2,987
Operating profit (loss)	11,025			(127		)	13,579			—			24,477
Financing costs (income), net	15,400			43			(325		)	—			15,118
Intercompany (income) expense, net	(9,919		)	10,903			(984		)	—			—
Other expense, net	255			94			562			—			911
Earnings (loss) before income tax expense (benefit)	5,289			(11,167		)	14,326			—			8,448
Income tax expense (benefit)	10,327			(1,797		)	12,913			—			21,443
Net (loss) earnings before equity in loss of subsidiaries	(5,038		)	(9,370		)	1,413			—			(12,995		)
Equity in loss of subsidiaries	(7,957		)	(661		)	(1,505		)	10,123			—
Net loss	$	(12,995	)	$	(10,031	)	$	(92	)	$	10,123		$	(12,995	)
Comprehensive income (loss)	$	71,039		$	(10,031	)	$	86,386		$	(76,355	)	$	71,039

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	February 28, 2019
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	9,426	$	—	$	160,962	$	—		$	170,388
Accounts receivable, net	22,057		44,345		143,772		—			210,174
Inventories, net	28,088		52,849		80,709		—			161,646
Assets held for sale	—		53,714		2,399		—			56,113
Other current assets	14,829		2,000		38,034		—			54,863
Total current assets	74,400		152,908		425,876		—			653,184
Property, plant & equipment, net	7,800		16,859		58,473		—			83,132
Goodwill	38,847		184,120		257,241		—			480,208
Other intangibles, net	6,247		96,065		47,723		—			150,035
Investment in subsidiaries	1,630,688		1,234,687		798,879		(3,664,254		)	—
Intercompany receivable	—		406,039		210,522		(616,561		)	—
Other long-term assets	12,992		320		23,186		—			36,498
Total assets	$	1,770,974	$	2,090,998	$	1,821,900	$	(4,280,815	)	$	1,403,057
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	16,600		17,390		88,496		—			122,486
Accrued compensation and benefits	12,028		4,330		21,044		—			37,402
Current maturities of debt	30,000		—		—		—			30,000
Income taxes payable	—		—		8,548		—			8,548
Liabilities held for sale	—		7,634		13,186		—			20,820
Other current liabilities	16,321		6,650		35,900		—			58,871
Total current liabilities	74,949		36,004		167,174		—			278,127
Long-term debt	455,573		—		—		—			455,573
Deferred income taxes	15,526		—		3,447		—			18,973
Pension and post-retirement benefit liabilities	7,405		—		6,966		—			14,371
Other long-term liabilities	45,820		271		4,292		—			50,383
Intercompany payable	586,071		30,490		—		(616,561		)	—
Shareholders’ equity	585,630		2,024,233		1,640,021		(3,664,254		)	585,630
Total liabilities and shareholders’ equity	$	1,770,974	$	2,090,998	$	1,821,900	$	(4,280,815	)	$	1,403,057

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)

	Six Months Ended February 28, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash (used in) provided by operating activities	$	(79,539	)	$	305,640		$	(31,167	)	$	(246,248	)	$	(51,314	)
Investing Activities
Capital expenditures	(950		)	(6,478		)	(8,239		)	—			(15,667		)
Proceeds from sale of property, plant and equipment	8			(31		)	75			—			52
Intercompany investment	52,883			—			—			(52,883		)	—
Proceeds from sale of business, net of transaction costs	23,611			—			12,548			—			36,159
Cash used in investing activities	75,552			(6,509		)	4,384			(52,883		)	20,544
Financing Activities
Principal repayments on term loan	(47,500		)	—			—			—			(47,500		)
Stock option exercises, related tax benefits and other	1,031			—			—			—			1,031
Taxes paid related to the net share settlement of equity awards	(1,489		)	—			—			—			(1,489		)
Cash Dividends	(2,439		)	(246,248		)	—			246,248			(2,439		)
Intercompany loan activity	(3,839		)	—			3,839			—			—
Intercompany capital contribution	—			(52,883		)	—			52,883			—
Cash (used in) provided by financing activities	(54,236		)	(299,131		)	3,839			299,131			(50,397		)
Effect of exchange rate changes on cash	—			—			1,065			—			1,065
Net decrease in cash and cash equivalents	(58,223		)	—			(21,879		)	—			(80,102		)
Cash and cash equivalents—beginning of period	67,649			—			182,841			—			250,490
Cash and cash equivalents—end of period	$	9,426		$	—		$	160,962		$	—		$	170,388

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 28, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations		Consolidated
Operating Activities
Net cash (used in) provided by operating activities	$	(14,509	)	$	6,923		$	(14,520	)	$	—	$	(22,106	)
Investing Activities
Capital expenditures	(1,982		)	(5,274		)	(5,291		)	—		(12,547		)
Proceeds from sale of property, plant and equipment	—			83			30			—		113
Rental asset buyout for Viking divestiture	—			—			(27,718		)	—		(27,718		)
Proceeds from sale of business, net of transaction costs	198			—			8,582			—		8,780
Cash paid for business acquisitions, net of cash acquired	—			(1,732		)	(14,785		)	—		(16,517		)
Cash used in investing activities	(1,784		)	(6,923		)	(39,182		)	—		(47,889		)
Financing Activities
Principal repayments on term loan	(15,000		)	—			—			—		(15,000		)
Stock option exercises, related tax benefits and other	10,305			—			—			—		10,305
Taxes paid related to the net share settlement of equity awards	(1,107		)	—			—			—		(1,107		)
Cash dividends	(2,390		)	—			—			—		(2,390		)
Intercompany loan activity	(5,954		)	—			5,954			—		—
Cash used in financing activities	(14,146		)	—			5,954			—		(8,192		)
Effect of exchange rate changes on cash	—			—			2,211			—		2,211
Net decrease in cash and cash equivalents	(30,439		)	—			(45,537		)	—		(75,976		)
Cash and cash equivalents—beginning of period	34,715			—			194,856			—		229,571
Cash and cash equivalents—end of period	$	4,276		$	—		$	149,319		$	—	$	153,595