Guarantor Subsidiaries (Tables)

9 Months Ended

May 31, 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 May 31, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	42,915		$	67,493		$	184,858		$	—		$	295,266
Cost of products sold	11,238			45,853			126,274			—			183,365
Gross profit	31,677			21,640			58,584			—			111,901
Selling, administrative and engineering expenses	20,766			11,823			37,023			—			69,612
Amortization of intangible assets	318			1,532			2,561			—			4,411
Restructuring charges	574			205			336			—			1,115
Impairment & divestiture charges (benefit)	—			876			(11,473		)	—			(10,597		)
Operating profit	10,019			7,204			30,137			—			47,360
Financing costs, net	7,221			—			34			—			7,255
Intercompany (income) expense, net	(2,627		)	5,711			(3,084		)	—			—
Intercompany dividends	(74,593		)	(39,208		)	—			113,801			—
Other (income) expense, net	(52		)	(14		)	444			—			378
Earnings before income tax expense	80,070			40,715			32,743			(113,801		)	39,727
Income tax expense	2,067			1,304			3,938			—			7,309
Net earnings before equity in (loss) earnings of subsidiaries	78,003			39,411			28,805			(113,801		)	32,418
Equity in (loss) earnings of subsidiaries	(45,585		)	19,556			6,080			19,949			—
Net earnings	$	32,418		$	58,967		$	34,885		$	(93,852	)	$	32,418
Comprehensive income	$	18,618		$	58,967		$	21,141		$	(80,108	)	$	18,618

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended May 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	41,851		$	67,677		$	207,568		$	—		$	317,096
Cost of products sold	6,394			46,823			147,370			—			200,587
Gross profit	35,457			20,854			60,198			—			116,509
Selling, administrative and engineering expenses	22,373			12,276			42,814			—			77,463
Amortization of intangible assets	318			1,582			3,284			—			5,184
Restructuring charges	661			215			294			—			1,170
Operating profit	12,105			6,781			13,806			—			32,692
Financing costs (income), net	7,847			—			(91		)	—			7,756
Intercompany (income) expense, net	(2,123		)	9,272			(7,149		)	—			—
Other (income) expense, net	(144		)	(25		)	88			—			(81		)
Earnings (loss) before income tax (benefit) expense	6,525			(2,466		)	20,958			—			25,017
Income tax (benefit) expense	(11,354		)	(193		)	7,552			—			(3,995		)
Net earnings (loss) before equity in earnings (loss) of subsidiaries	17,879			(2,273		)	13,406			—			29,012
Equity in earnings (loss) of subsidiaries	11,133			(1,253		)	638			(10,518		)	—
Net earnings (loss)	$	29,012		$	(3,526	)	$	14,044		$	(10,518	)	$	29,012
Comprehensive income (loss)	$	8,059		$	(3,527	)	$	(7,523	)	$	11,050		$	8,059

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Nine Months Ended May 31, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	124,295		$	189,752		$	545,657		$	—		$	859,704
Cost of products sold	31,096			133,547			380,666			—			545,309
Gross profit	93,199			56,205			164,991			—			314,395
Selling, administrative and engineering expenses	64,346			35,888			113,314			—			213,548
Amortization of intangible assets	954			4,596			6,581			—			12,131
Restructuring charges	574			112			892			—			1,578
Impairment & divestiture (benefit) charges	(904		)	1,783			31,862			—			32,741
Operating profit	28,229			13,826			12,342			—			54,397
Financing costs (income), net	22,047			—			(344		)	—			21,703
Intercompany (income) expense, net	(12,797		)	20,168			(7,371		)	—			—
Intercompany dividends	(320,841		)	(39,208		)	—			360,049			—
Other (income) expense, net	(433		)	(20		)	2,399			—			1,946
Earnings before income tax (benefit) expense	340,253			32,886			17,658			(360,049		)	30,748
Income tax (benefit) expense	(218		)	289			12,958			—			13,029
Net earnings before equity in (loss) earnings of subsidiaries	340,471			32,597			4,700			(360,049		)	17,719
Equity in (loss) earnings of subsidiaries	(322,752		)	9,150			8,901			304,701			—
Net earnings	$	17,719		$	41,747		$	13,601		$	(55,348	)	$	17,719
Comprehensive income	$	38,412		$	41,747		$	34,432		$	(76,179	)	$	38,412

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Nine Months Ended May 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	113,780		$	180,385		$	587,051		$	—		$	881,216
Cost of products sold	19,205			129,964			424,931			—			574,100
Gross profit	94,575			50,421			162,120			—			307,116
Selling, administrative and engineering expenses	60,009			36,863			123,356			—			220,228
Amortization of intangible assets	954			4,746			9,783			—			15,483
Restructuring charges	6,211			634			4,404						11,249
Impairment & divestiture charges (benefit)	4,217			—			(1,230		)	—			2,987
Operating profit	23,184			8,178			25,807			—			57,169
Financing costs (income), net	23,247			—			(373		)	—			22,874
Intercompany (income) expense, net	(11,987		)	16,179			(4,192		)	—			—
Other expense, net	56			49			725			—			830
Earnings (loss) before income tax (benefit) expense	11,868			(8,050		)	29,647			—			33,465
Income tax (benefit) expense	(1,028		)	(1,087		)	19,563			—			17,448
Net earnings (loss) before equity in earnings (loss) of subsidiaries	12,896			(6,963		)	10,084			—			16,017
Equity in earnings (loss) of subsidiaries	3,121			(13,286		)	(1,550		)	11,715			—
Net earnings (loss)	$	16,017		$	(20,249	)	$	8,534		$	11,715		$	16,017
Comprehensive income (loss)	$	79,098		$	(20,250	)	$	73,445		$	(53,195	)	$	79,098

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	May 31, 2019
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	7,453	$	—	$	193,881	$	—		$	201,334
Accounts receivable, net	19,675		39,103		144,030		—			202,808
Inventories, net	28,842		40,665		98,085		—			167,592
Other current assets	11,006		2,506		30,963		—			44,475
Total current assets	66,976		82,274		466,959		—			616,209
Property, plant & equipment, net	7,557		16,286		66,130		—			89,973
Goodwill	38,847		178,097		274,555		—			491,499
Other intangibles, net	5,929		84,155		68,098		—			158,182
Investment in subsidiaries	1,630,936		1,028,078		374,724		(3,033,738		)	—
Intercompany receivable	—		—		929,356		(929,356		)	—
Other long-term assets	14,610		300		22,383		—			37,293
Total assets	$	1,764,855	$	1,389,190	$	2,202,205	$	(3,963,094	)	$	1,393,156
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	16,185		12,902		97,058		—			126,145
Accrued compensation and benefits	12,642		3,260		24,027		—			39,929
Current maturities of debt	6,250		—		—		—			6,250
Income taxes payable	1,013		—		7,749		—			8,762
Other current liabilities	18,786		4,493		29,198		—			52,477
Total current liabilities	54,876		20,655		158,032		—			233,563
Long-term debt	468,984		—		—		—			468,984
Deferred income taxes	2,533		13,360		5,208		—			21,101
Pension and post-retirement benefit liabilities	7,330		—		6,945		—			14,275
Other long-term liabilities	43,394		256		4,159		—			47,809
Intercompany payable	580,314		349,042		—		(929,356		)	—
Shareholders’ equity	607,424		1,005,877		2,027,861		(3,033,738		)	607,424
Total liabilities and shareholders’ equity	$	1,764,855	$	1,389,190	$	2,202,205	$	(3,963,094	)	$	1,393,156

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2018
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	67,945	$	—	$	182,545	$	—		$	250,490
Accounts receivable, net	19,969		37,787		129,993		—			187,749
Inventories, net	22,646		35,840		97,870		—			156,356
Assets held for sale	—		—		23,573		—			23,573
Other current assets	7,359		2,542		32,831		—			42,732
Total current assets	117,919		76,169		466,812		—			660,900
Property, plant & equipment, net	7,937		14,635		67,648		—			90,220
Goodwill	38,847		178,097		295,468		—			512,412
Other intangible assets, net	6,884		88,752		85,401		—			181,037
Investment in subsidiaries	1,836,879		918,050		301,782		(3,056,711		)	—
Intercompany receivables	—		—		937,259		(937,259		)	—
Other long-term assets	12,955		366		23,448		—			36,769
Total assets	$	2,021,421	$	1,276,069	$	2,177,818	$	(3,993,970	)	$	1,481,338
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	16,186	$	16,496	$	98,156	$	—		$	130,838
Accrued compensation and benefits	22,171		5,930		26,407		—			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	17,380		8,361		41,558		—			67,299
Total current liabilities	85,737		30,787		214,437		—			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		299		6,386		—			52,168
Intercompany payable	803,562		133,697		—		(937,259		)	—
Shareholders’ equity	558,712		1,111,286		1,945,425		(3,056,711		)	558,712
Total liabilities and shareholders’ equity	$	2,021,421	$	1,276,069	$	2,177,818	$	(3,993,970	)	$	1,481,338

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash (used in) provided by operating activities	$	(48,125	)	$	239,969		$	169,396		$	(360,049	)	$	1,191
Investing Activities
Capital expenditures	(1,314		)	(4,614		)	(17,791		)	—			(23,719		)
Proceeds from sale of property, plant and equipment	8			42			1,299			—			1,349
Intercompany investment	49,185			—			—			(49,185		)	—
Proceeds from sale of business, net of transaction costs	23,611			—			12,548			—			36,159
Cash provided by (used in) investing activities	71,490			(4,572		)	(3,944		)	(49,185		)	13,789
Financing Activities
Principal repayments on term loan	(57,500		)	—			—			—			(57,500		)
Payment for redemption of term loan	(200,000		)	—			—			—			(200,000		)
Proceeds from issuance of term loan	200,000			—			—			—			200,000
Payment of debt issuance costs	(2,125		)	—			—			—			(2,125		)
Stock option exercises, related tax benefits and other	1,352			—			—			—			1,352
Taxes paid related to the net share settlement of equity awards	(1,811		)	—			—			—			(1,811		)
Cash dividends	(2,439		)	(261,978		)	(98,071		)	360,049			(2,439		)
Intercompany loan activity	(21,334		)	26,581			(5,247		)	—			—
Intercompany capital contribution	—			—			(49,185		)	49,185			—
Cash used in financing activities	(83,857		)	(235,397		)	(152,503		)	409,234			(62,523		)
Effect of exchange rate changes on cash	—			—			(1,613		)	—			(1,613		)
Net (decrease) increase in cash and cash equivalents	(60,492		)	—			11,336			—			(49,156		)
Cash and cash equivalents—beginning of period	67,945			—			182,545			—			250,490
Cash and cash equivalents—end of period	$	7,453		$	—		$	193,881		$	—		$	201,334

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	25,851		$	5,587		$	4,151		$	—		$	35,589
Investing Activities
Capital expenditures	(2,455		)	(3,944		)	(12,317		)	—			(18,716		)
Proceeds from sale of property, plant and equipment	—			89			59			—			148
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		)	(20,594		)	—			(22,326		)
Intercompany investment	(100		)	—			—			100			—
Cash used in investing activities	(2,357		)	(5,587		)	(51,988		)	100			(59,832		)
Financing Activities
Principal repayments on term loan	(22,500		)	—			—			—			(22,500		)
Stock option exercises, related tax benefits and other	10,435			—			—			—			10,435
Taxes paid related to the net share settlement of equity awards	(1,279		)	—			—			—			(1,279		)
Cash dividends	(2,390		)	—			—			—			(2,390		)
Intercompany loan activity	(5,954		)	—			5,954			—			—
Intercompany capital contribution	—			—			100			(100		)	—
Cash (used in) provided by financing activities	(21,688		)	—			6,054			(100		)	(15,734		)
Effect of exchange rate changes on cash	—			—			(104		)	—			(104		)
Net increase (decrease) in cash and cash equivalents	1,806			—			(41,887		)	—			(40,081		)
Cash and cash equivalents—beginning of period	34,982			—			194,589			—			229,571
Cash and cash equivalents—end of period	$	36,788		$	—		$	152,702		$	—		$	189,490