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Guarantor Subsidiaries (Tables)
 12 Months Ended
Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Statements of Earnings
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
 
 
Year Ended August 31, 2019
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
 
$
167,009

 
$
70,621

 
$
417,128

 
$
—

 
$
654,758

Cost of products sold
 
46,220

 
44,007

 
271,879

 
—

 
362,106

Gross profit
 
120,789

 
26,614

 
145,249

 
—

 
292,652

Selling, administrative and engineering expenses
 
85,399

 
20,095

 
103,737

 
—

 
209,231

Amortization of intangible assets
 
1,272

 
2,600

 
5,050

 
—

 
8,922

Restructuring charges
 
562

 
1,402

 
2,192

 
—

 
4,156

Impairment & divestiture charges
 
—

 
6,243

 
16,584

 
—

 
22,827

Operating profit (loss)
 
33,556

 
(3,726
)
 
17,686

 
—

 
47,516

Financing costs (income), net
 
28,716

 
—

 
(553
)
 
—

 
28,163

Intercompany (income) expense, net
 
(15,020
)
 
21,573

 
70,086

 
(76,639
)
 
—

Intercompany dividends
 
(447,637
)
 
(39,208
)
 
—

 
486,845

 
—

Other (income) expense, net
 
(435
)
 
1

 
1,063

 
—

 
629

Earnings (loss) before income tax (benefit) expense
 
467,932

 
13,908

 
(52,910
)
 
(410,206
)
 
18,724

Income tax (benefit) expense
 
(5,113
)
 
(2,395
)
 
18,165

 
—

 
10,657

Earnings (loss) from continuing operations
 
473,045

 
16,303

 
(71,075
)
 
(410,206
)
 
8,067

Loss from discontinued operations
 
(3,148
)
 
(93,730
)
 
(83,695
)
 
(76,639
)
 
(257,212
)
Net earnings (loss) before equity in loss of subsidiaries
 
469,897

 
(77,427
)
 
(154,770
)
 
(486,845
)
 
(249,145
)
Equity in loss of subsidiaries
 
(719,042
)
 
(28,354
)
 
11,064

 
736,332

 
—

Net loss
 
(249,145
)
 
(105,781
)
 
(143,706
)
 
249,487

 
(249,145
)
Comprehensive loss
 
$
(246,572
)
 
$
(105,781
)
 
$
(137,292
)
 
$
243,073

 
$
(246,572
)


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
 
 
 
Year Ended August 31, 2018
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
 
$
159,411

 
$
65,128

 
$
416,764

 
$
—

 
$
641,303

Cost of products sold
 
29,811

 
41,674

 
286,534

 
—

 
358,019

Gross profit
 
129,600

 
23,454

 
130,230

 
—

 
283,284

Selling, administrative and engineering expenses
 
81,028

 
22,540

 
106,688

 
—

 
210,256

Amortization of intangible assets
 
1,272

 
2,892

 
5,116

 
—

 
9,280

Restructuring charges
 
6,109

 
661

 
3,785

 


 
10,555

Impairment & divestiture charges (benefit)
 
4,217

 
—

 
(1,230
)
 
—

 
2,987

Operating profit (loss)
 
36,974

 
(2,639
)
 
15,871

 
—

 
50,206

Financing costs (income), net
 
31,752

 
—

 
(880
)
 
—

 
30,872

Intercompany (income) expense, net
 
(17,087
)
 
16,276

 
(46,961
)
 
47,772

 
—

Intercompany dividends
 
—

 
(28,822
)
 
—

 
28,822

 
—

Other (income) expense, net
 
(826
)
 
18

 
946

 
—

 
138

Earnings before income tax (benefit) expense
 
23,135

 
9,889

 
62,766

 
(76,594
)
 
19,196

Income tax (benefit) expense
 
(35,134
)
 
21,689

 
27,895

 
—

 
14,450

Earnings (loss) from continuing operations
 
58,269

 
(11,800
)
 
34,871

 
(76,594
)
 
4,746

(Loss) earnings from discontinued operations
 
(5,951
)
 
9,342

 
(77,557
)
 
47,772

 
(26,394
)
Net earnings (loss) before equity in (loss) earnings of subsidiaries
 
52,318

 
(2,458
)
 
(42,686
)
 
(28,822
)
 
(21,648
)
Equity in (loss) earnings of subsidiaries
 
(73,966
)
 
(54,385
)
 
613

 
127,738

 
—

Net loss
 
(21,648
)
 
(56,843
)
 
(42,073
)
 
98,916

 
(21,648
)
Comprehensive income (loss)
 
$
31,368

 
$
(56,843
)
 
$
9,555

 
$
47,288

 
$
31,368



CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE LOSS
(in thousands)
 
 
 
Year Ended August 31, 2017
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
 
$
145,222

 
$
74,008

 
$
397,361

 
$
—

 
$
616,591

Cost of products sold
 
35,244

 
45,994

 
274,983

 
—

 
356,221

Gross profit
 
109,978

 
28,014

 
122,378

 
—

 
260,370

Selling, administrative and engineering expenses
 
76,816

 
24,958

 
106,354

 
—

 
208,128

Amortization of intangible assets
 
1,272

 
2,892

 
4,933

 
—

 
9,097

Director & officer transition charges
 
7,784

 
—

 
—

 
—

 
7,784

Restructuring charges
 
634

 
19

 
2,581

 
—

 
3,234

Impairment & divestiture charges
 
—

 
—

 
116,979

 
—

 
116,979

Operating profit (loss)
 
23,472

 
145

 
(108,469
)
 
—

 
(84,852
)
Financing costs (income), net
 
30,005

 
—

 
(784
)
 
—

 
29,221

Intercompany (income) expense, net
 
(23,302
)
 
84,562

 
(67,796
)
 
6,536

 
—

Intercompany dividends
 
—

 
(231,689
)
 
(5,623
)
 
237,312

 
—

Other expense (income), net
 
3,303

 
(26
)
 
539

 
—

 
3,816

Earnings (loss) before income tax (benefit) expense
 
13,466

 
147,298

 
(34,805
)
 
(243,848
)
 
(117,889
)
Income tax (benefit) expense
 
(4,623
)
 
(18,477
)
 
486

 
—

 
(22,614
)
Net earnings (loss) from continuing operations
 
18,089

 
165,775

 
(35,291
)
 
(243,848
)
 
(95,275
)
Net (loss) earnings from discontinued operations
 
(6,362
)
 
9,791

 
19,097

 
6,536

 
29,062

Net earnings (loss) before equity in (loss) earnings of subsidiaries
 
11,727

 
175,566

 
(16,194
)
 
(237,312
)
 
(66,213
)
Equity in (loss) earnings of subsidiaries
 
(77,940
)
 
(67,668
)
 
316

 
145,292

 
—

Net (loss) earnings
 
(66,213
)
 
107,898

 
(15,878
)
 
(92,020
)
 
(66,213
)
Comprehensive (loss) income
 
$
(41,651
)
 
$
90,011

 
$
43,818

 
$
(133,829
)
 
$
(41,651
)
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
 
 
 
August 31, 2019
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
47,581

 
$
—

 
$
163,570

 
$
—

 
$
211,151

Accounts receivable, net
 
20,322

 
11,358

 
94,203

 
—

 
125,883

Inventories, net
 
26,737

 
6,566

 
43,884

 
—

 
77,187

Assets from discontinued operations
 
295

 
145,239

 
140,044

 
—

 
285,578

Other current assets
 
12,116

 
1,797

 
16,613

 
—

 
30,526

Total current assets
 
107,051

 
164,960

 
458,314

 
—

 
730,325

Property, plant & equipment, net
 
8,515

 
5,193

 
43,021

 
—

 
56,729

Goodwill
 
38,847

 
57,342

 
164,226

 
—

 
260,415

Other intangibles, net
 
5,611

 
8,451

 
38,313

 
—

 
52,375

Investment in subsidiaries
 
1,323,587

 
912,297

 
417,022

 
(2,652,906
)
 
—

Intercompany receivable
 
—

 
—

 
979,889

 
(979,889
)
 
—

Other long-term assets
 
27,510

 
(13,424
)
 
10,344

 
—

 
24,430

Total assets
 
$
1,511,121

 
$
1,134,819

 
$
2,111,129

 
$
(3,632,795
)
 
$
1,124,274

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
 
$
23,678

 
$
3,231

 
$
50,005

 
$
—

 
$
76,914

Accrued compensation and benefits
 
11,495

 
1,657

 
13,269

 
—

 
26,421

Current maturities of debt
 
7,500

 
—

 
—

 
—

 
7,500

Income taxes payable
 
—

 
—

 
4,838

 
—

 
4,838

Liabilities from discontinued operations
 
1,217

 
29,292

 
113,254

 
—

 
143,763

Other current liabilities
 
17,556

 
2,388

 
21,021

 
—

 
40,965

Total current liabilities
 
61,446

 
36,568

 
202,387

 
—

 
300,401

Long-term debt
 
452,945

 
—

 
—

 
—

 
452,945

Deferred income taxes
 
(4
)
 
—

 
1,568

 
—

 
1,564

Pension and post-retirement benefit liabilities
 
12,005

 
—

 
8,208

 
—

 
20,213

Other long-term liabilities
 
44,621

 
114

 
3,237

 
—

 
47,972

Intercompany payable
 
638,929

 
340,960

 
—

 
(979,889
)
 
—

Shareholders’ equity
 
301,179

 
757,177

 
1,895,729

 
(2,652,906
)
 
301,179

Total liabilities and shareholders’ equity
 
$
1,511,121

 
$
1,134,819

 
$
2,111,129

 
$
(3,632,795
)
 
$
1,124,274




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

 
15,634

 
87,658

 
—

 
123,261

Inventories, net
 
22,646

 
5,121

 
44,253

 
—

 
72,020

Assets from discontinued operations
 
(1,144
)
 
255,676

 
314,401

 
—

 
568,933

Other current assets
 
6,953

 
2,421

 
23,155

 
—

 
32,529

Total current assets
 
116,369

 
278,852

 
652,012

 
—

 
1,047,233

Property, plant & equipment, net
 
7,634

 
4,481

 
42,859

 
—

 
54,974

Goodwill
 
38,847

 
57,342

 
183,943

 
—

 
280,132

Other intangible assets, net
 
6,884

 
17,294

 
47,479

 
—

 
71,657

Investment in subsidiaries
 
1,836,879

 
918,050

 
301,782

 
(3,056,711
)
 
—

Intercompany receivables
 
—

 
—

 
937,259

 
(937,259
)
 
—

Other long-term assets
 
14,972

 
50

 
16,199

 
—

 
31,221

Total assets
 
$
2,021,585

 
$
1,276,069

 
$
2,181,533

 
$
(3,993,970
)
 
$
1,485,217

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
 
$
16,091

 
$
2,646

 
$
50,847

 
$
—

 
$
69,584

Accrued compensation and benefits
 
19,643

 
1,774

 
14,575

 
—

 
35,992

Current maturities of debt
 
30,000

 
—

 
—

 
—

 
30,000

Income taxes payable
 
—

 
—

 
4,091

 
—

 
4,091

Liabilities from discontinued operations
 
17,839

 
20,384

 
122,350

 
—

 
160,573

Other current liabilities
 
17,380

 
6,017

 
30,371

 
—

 
53,768

Total current liabilities
 
100,953

 
30,821

 
222,234

 
—

 
354,008

Long-term debt
 
502,695

 
—

 
—

 
—

 
502,695

Deferred income taxes
 
2,415

 
—

 
1,532

 
—

 
3,947

Pension and post-retirement benefit liabilities
 
7,765

 
—

 
6,192

 
—

 
13,957

Other long-term liabilities
 
45,483

 
265

 
6,150

 
—

 
51,898

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
 
$
2,021,585

 
$
1,276,069

 
$
2,181,533

 
$
(3,993,970
)
 
$
1,485,217
Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
 
 
 
Year Ended August 31, 2019
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities - continuing operations
 
$
182,274

 
$
107,127

 
$
(6,856
)
 
$
(241,642
)
 
$
40,903

Cash (used in) provided by operating activities - discontinued operations
 
(163,135
)
 
147,274

 
136,264

 
(107,461
)
 
12,942

Cash provided by operating activities
 
19,139

 
254,401

 
129,408

 
(349,103
)
 
53,845

Investing Activities
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(2,292
)
 
(2,042
)
 
(10,589
)
 
—

 
(14,923
)
Proceeds from sale of property, plant and equipment
 
2

 
—

 
1,460

 
—

 
1,462

Intercompany investment
 
47,104

 
—

 
(49,366
)
 
2,262

 
—

Cash provided by (used in) investing activities - continuing operations
 
44,814

 
(2,042
)
 
(58,495
)
 
2,262

 
(13,461
)
Cash provided by (used in) investing activities - discontinued operations
 
21,039

 
(3,288
)
 
30,988

 
(24,232
)
 
24,507

Cash provided by (used in) investing activities
 
65,853

 
(5,330
)
 
(27,507
)
 
(21,970
)
 
11,046

Financing Activities
 
 
 
 
 
 
 
 
 
 
Payment for redemption of term loan
 
(200,000
)
 
—

 
—

 
—

 
(200,000
)
Proceeds from issuance of term loan
 
200,000

 
—

 
—

 
—

 
200,000

Principal Repayments on term loan
 
(72,500
)
 
—

 
—

 
—

 
(72,500
)
Purchase of treasury shares
 
(22,481
)
 
—

 
—

 
—

 
(22,481
)
Taxes paid related to the net share settlement of equity awards
 
(1,872
)
 
—

 
—

 
—

 
(1,872
)
Stock option exercises, related tax benefits and other
 
1,900

 
—

 
—

 
—

 
1,900

Cash dividends
 
(2,439
)
 
—

 
—

 
—

 
(2,439
)
Payment of debt issuance costs
 
(2,125
)
 
—

 
—

 
—

 
(2,125
)
Intercompany dividends paid
 
—

 
(30,465
)
 
(85,941
)
 
116,406

 
—

Intercompany loan activity
 
(5,839
)
 
—

 
(21,894
)
 
27,733

 
—

Intercompany capital contribution
 
—

 
(42,539
)
 
(80,880
)
 
123,419

 
—

Cash used in financing activities - continuing operations
 
(105,356
)
 
(73,004
)
 
(188,715
)
 
267,558

 
(99,517
)
Cash (used in) provided by financing activities - discontinued operations
 
—

 
(176,067
)
 
72,552

 
103,515

 
—

Cash used in financing activities
 
(105,356
)
 
(249,071
)
 
(116,163
)
 
371,073

 
(99,517
)
Effect of exchange rate changes on cash
 
—

 
—

 
(4,713
)
 
—

 
(4,713
)
Net decrease in cash and cash equivalents
 
(20,364
)
 
—

 
(18,975
)
 
—

 
(39,339
)
Cash and cash equivalents—beginning of period
 
67,945

 
—

 
182,545

 
—

 
250,490

Cash and cash equivalents—end of period
 
$
47,581

 
$
—

 
$
163,570

 
$
—

 
$
211,151




CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
 
 
 
Year Ended August 31, 2018
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
 
Cash provided by operating activities - continuing operations
 
$
66,416

 
$
11,374

 
$
60,866

 
$
(66,740
)
 
$
71,916

Cash provided by operating activities - discontinued operations
 
(3,123
)
 
13,399

 
23,944

 
(43
)
 
34,177

Cash provided by operating activities
 
63,293

 
24,773

 
84,810

 
(66,783
)
 
106,093

Investing Activities
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(2,822
)
 
(2,320
)
 
(5,879
)
 
—

 
(11,021
)
Proceeds from sale of property, plant and equipment
 
—

 
—

 
104

 
—

 
104

Intercompany investment
 
(11,754
)
 
—

 
—

 
11,754

 
—

Rental asset buyout for Viking divestiture
 
—

 
—

 
(27,718
)
 
—

 
(27,718
)
Proceeds from sale of business, net of transaction costs
 
198

 
—

 
8,704

 
—

 
8,902

Cash paid for business acquisitions, net of cash acquired
 
—

 
(1,732
)
 
(21,486
)
 
—

 
(23,218
)
Cash provided by (used in) investing activities - continuing operations
 
(14,378
)
 
(4,052
)
 
(46,275
)
 
11,754

 
(52,951
)
Cash provided by (used in) investing activities - discontinued operations
 
—

 
(2,664
)
 
(7,137
)
 
1

 
(9,800
)
Cash used in investing activities
 
(14,378
)
 
(6,716
)
 
(53,412
)
 
11,755

 
(62,751
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
Principal repayments on term loan
 
(30,000
)
 
—

 
—

 
—

 
(30,000
)
Taxes paid related to the net share settlement of equity awards
 
(1,284
)
 
—

 
—

 
—

 
(1,284
)
Stock option exercises, related tax benefits and other
 
15,681

 
—

 
—

 
—

 
15,681

Cash dividends
 
(2,390
)
 
—

 
—

 
—

 
(2,390
)
Intercompany dividends paid
 
—

 
—

 
(28,822
)
 
28,822

 
—

Intercompany loan activity
 
2,041

 
(18,057
)
 
105,386

 
(89,370
)
 
—

Intercompany capital contribution
 
—

 
—

 
100

 
(100
)
 
—

Cash used in financing activities - continuing operations
 
(15,952
)
 
(18,057
)
 
76,664

 
(60,648
)
 
(17,993
)
Cash used in financing activities - discontinued operations
 
—

 
—

 
(115,676
)
 
115,676

 
—

Cash used in financing activities
 
(15,952
)
 
(18,057
)
 
(39,012
)
 
55,028

 
(17,993
)
Effect of exchange rate changes on cash
 
—

 
—

 
(4,430
)
 
—

 
(4,430
)
Net decrease in cash and cash equivalents
 
32,963

 
—

 
(12,044
)
 
—

 
20,919

Cash and cash equivalents—beginning of period
 
34,982

 
—

 
194,589

 
$
—

 
229,571

Cash and cash equivalents—end of period
 
$
67,945

 
$
—

 
$
182,545

 
$
—

 
$
250,490

 

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
 
 
 
Year Ended August 31, 2017
 
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
 
Cash provided by operating activities - continuing operations
 
$
112,557

 
$
(93,067
)
 
$
(201,903
)
 
$
230,505

 
$
48,092

Cash provided by operating activities - discontinued operations
 
(23,697
)
 
14,820

 
42,748

 
6,536

 
40,407

Cash provided by operating activities
 
88,860

 
(78,247
)
 
(159,155
)
 
237,041

 
88,499

Investing Activities
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(2,697
)
 
(1,824
)
 
(12,717
)
 
—

 
(17,238
)
Proceeds from sale of property, plant and equipment
 
—

 
—

 
448

 
—

 
448

Intercompany investment
 
2,882

 
78,154

 
(26,600
)
 
(54,436
)
 
—

Cash provided by (used in) investing activities - continuing operations
 
185

 
76,330

 
(38,869
)
 
(54,436
)
 
(16,790
)
Cash provided by (used in) investing activities - discontinued operations
 
—

 
(3,436
)
 
(7,399
)
 
—

 
(10,835
)
Cash used in investing activities
 
185

 
72,894

 
(46,268
)
 
(54,436
)
 
(27,625
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
Principal Repayments on term loan
 
(18,750
)
 
—

 
—

 
—

 
(18,750
)
Redemption of 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
 
8,265

 
—

 
—

 
—

 
8,265

Cash dividends
 
(2,358
)
 
—

 
—

 
—

 
(2,358
)
Intercompany dividends paid
 
—

 
—

 
231,688

 
(231,688
)
 
—

Intercompany loan activity
 
(47,780
)
 
—

 
47,780

 
—

 
—

Intercompany capital contribution
 
—

 
—

 
(54,436
)
 
54,436

 
—

Cash used in financing activities - continuing operations
 
(62,188
)
 
—

 
225,032

 
(177,252
)
 
(14,408
)
Cash used in financing activities - discontinued operations
 
—

 
5,353

 
(742
)
 
(5,353
)
 
(742
)
Cash used in financing activities
 
(62,188
)
 
5,353

 
224,290

 
(182,605
)
 
(15,150
)
Effect of exchange rate changes on cash
 
—

 
—

 
4,243

 
—

 
4,243

Net decrease in cash and cash equivalents
 
26,857

 
—

 
23,110

 
—

 
49,967

Cash and cash equivalents—beginning of period
 
8,125

 
$
—

 
171,479

 
—

 
179,604

Cash and cash equivalents—end of period
 
$
34,982

 
$
—

 
$
194,589

 
$
—

 
$
229,571