Guarantor Subsidiaries (Tables)

3 Months Ended

Nov. 30, 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 November 30, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	38,622		$	10,771		$	97,281		$	—		$	146,674
Cost of products sold	12,354			5,848			59,784			—			77,986
Gross profit	26,268			4,923			37,497			—			68,688
Selling, administrative and engineering expenses	22,245			4,131			25,455			—			51,831
Amortization of intangible assets	318			285			1,269			—			1,872
Restructuring charges	459			819			694			—			1,972
Impairment & divestiture (benefit) charges	(2,578		)	—			1,222			—			(1,356		)
Operating profit (loss)	5,824			(312		)	8,857			—			14,369
Financing costs (income), net	6,795			—			(66		)	—			6,729
Intercompany (income) expense, net	1,748			9,163			2,247			(13,158		)	—
Intercompany dividends	(4,577		)	—			—			4,577			—
Other (income) expense, net	(179		)	214			283			—			318
Earnings before income tax expense	2,037			(9,689		)	6,393			8,581			7,322
Income tax (benefit) expense	(2,462		)	(1,217		)	4,629			—			950
Earnings (loss) from continuing operations	4,499			(8,472		)	1,764			8,581			6,372
Earnings (loss) from discontinued operations	18,087			(21,134		)	7,377			(8,581		)	(4,251		)
Net earnings (loss) before equity in loss of subsidiaries	22,586			(29,606		)	9,141			—			2,121
Equity in earnings (loss) of subsidiaries	(20,465		)	31,434			48,756			(59,725		)	—
Net earnings (loss)	2,121			1,828			57,897			(59,725		)	2,121
Comprehensive income	$	63,048		$	470		$	120,191		$	(120,661	)	$	63,048

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended November 30, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	40,289		$	19,726		$	98,536		$	—		$	158,551
Cost of products sold	10,046			12,317			65,876			—			88,239
Gross profit	30,243			7,409			32,660			—			70,312
Selling, administrative and engineering expenses	21,147			5,627			26,347			—			53,121
Amortization of intangible assets	318			723			1,256			—			2,297
Restructuring charges	—			(93		)	64			—			(29		)
Impairment & divestiture charges	—			—			23,477			—			23,477
Operating profit (loss)	8,778			1,152			(18,484		)	—			(8,554		)
Financing costs (income), net	7,551			—			(253		)	—			7,298
Intercompany (income) expense, net	(4,053		)	5,033			(3,202		)	2,222			—
Intercompany dividends	—			—			—			—			—
Other (income) expense, net	(216		)	12			709			—			505
Earnings before income tax (benefit) expense	5,496			(3,893		)	(15,738		)	(2,222		)	(16,357		)
Income tax (benefit) expense	(1,114		)	(250		)	1,430			—			66
Earnings (loss) from continuing operations	6,610			(3,643		)	(17,168		)	(2,222		)	(16,423		)
(Loss) earnings from discontinued operations	265			2,740			(6,256		)	2,222			(1,029		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	6,875			(903		)	(23,424		)	—			(17,452		)
Equity in (loss) earnings of subsidiaries	(24,327		)	(4,507		)	1,769			27,065			—
Net (loss) earning	(17,452		)	(5,410		)	(21,655		)	27,065			(17,452		)
Comprehensive income (loss)	$	(25,396	)	$	(5,410	)	$	(29,330	)	$	34,740		$	(25,396	)

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	November 30, 2019
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	11,951	$	—	$	194,829	$	—		$	206,780
Accounts receivable, net	20,986		8,749		92,292		—			122,027
Inventories, net	29,975		7,532		42,001		—			79,508
Assets held for sale	—		—		1,697		—			1,697
Other current assets	21,964		1,773		18,983		—			42,720
Total current assets	84,876		18,054		349,802		—			452,732
Property, plant & equipment, net	8,112		5,159		42,823		—			56,094
Goodwill	43,502		57,342		163,125		—			263,969
Other intangibles, net	5,293		8,166		37,776		—			51,235
Investment in subsidiaries	1,320,696		1,162,632		486,807		(2,970,135		)	—
Intercompany receivable	—		—		1,064,972		(1,064,972		)	—
Other long-term assets	36,515		5,833		42,134		—			84,482
Total assets	$	1,498,994	$	1,257,186	$	2,187,439	$	(4,035,107	)	$	908,512
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	16,763		2,320		49,707		—			68,790
Accrued compensation and benefits	11,761		648		12,872		—			25,281
Current maturities of debt	—		—		—		—			—
Income taxes payable	—		—		6,853		—			6,853
Liabilities held for sale	—		—		1,697		—			1,697
Other current liabilities	26,196		3,525		24,928		—			54,649
Total current liabilities	54,720		6,493		96,057		—			157,270
Long-term debt	286,236		—		—		—			286,236
Deferred income taxes	—		—		1,567		—			1,567
Pension and post-retirement benefit liabilities	11,558		—		8,248		—			19,806
Other long-term liabilities	64,239		4,250		21,891		—			90,380
Intercompany payable	728,988		335,984		—		(1,064,972		)	—
Shareholders’ equity	353,253		910,459		2,059,676		(2,970,135		)	353,253
Total liabilities and shareholders’ equity	$	1,498,994	$	1,257,186	$	2,187,439	$	(4,035,107	)	$	908,512

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 intangible assets, net	5,611			8,451			38,313		—			52,375
Investment in subsidiaries	1,323,587			912,297			417,022		(2,652,906		)	—
Intercompany receivables	—			—			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 Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended November 30, 2019
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash (used in) provided by operating activities - continuing operations	$	(97,861	)	$	1,202		$	96,525		$	(3,961	)	$	(4,095	)
Cash provided by (used in) operating activities - discontinued operations	17,187			3,966			(39,369		)	(616		)	(18,832		)
Cash (used in) provided by operating activities	(80,674		)	5,168			57,156			(4,577		)	(22,927		)
Investing Activities
Capital expenditures	(1,240		)	(416		)	(1,531		)	—			(3,187		)
Proceeds from sale of property, plant and equipment	—			131			31			—			162
Proceeds from sale of business, net of transaction costs	6,000			—			2,726			—			8,726
Intercompany investment	21,877			—			(16,406		)	(5,471		)	—
Cash provided by (used in) investing activities - continuing operations	26,637			(285		)	(15,180		)	(5,471		)	5,701
Cash provided by (used in) investing activities - discontinued operations	208,901			(474		)	(786		)	—			207,641
Cash provided by (used in) investing activities	235,538			(759		)	(15,966		)	(5,471		)	213,342
Financing Activities
Principal repayments on term loan	(175,000		)	—			—			—			(175,000		)
Borrowings on revolving credit facility	100,000			—			—			—			100,000
Principal repayments on revolving credit facility	(100,000		)	—			—			—			(100,000		)
Purchase of treasury shares	(17,805		)	—			—			—			(17,805		)
Taxes paid related to the net share settlement of equity awards	(2,638		)	—			—			—			(2,638		)
Stock option exercises, related tax benefits and other	2,640			—			—			—			2,640
Cash dividends	(2,419		)	—			—			—			(2,419		)
Intercompany loan activity	4,728			—			83,851			(88,579		)	—
Cash (used in) provided by financing activities - continuing operations	(190,494		)	—			83,851			(88,579		)	(195,222		)
Cash (used in) provided by financing activities - discontinued operations	—			(4,409		)	(94,218		)	98,627			—
Cash (used in) provided by financing activities	(190,494		)	(4,409		)	(10,367		)	10,048			(195,222		)
Effect of exchange rate changes on cash	—			—			436			—			436
Net (decrease) increase in cash and cash equivalents	(35,630		)	—			31,259			—			(4,371		)
Cash and cash equivalents—beginning of period	47,581			—			163,570			—			211,151
Cash and cash equivalents—end of period	$	11,951		$	—		$	194,829		$	—		$	206,780

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended November 30, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Cash (used in) provided by operating activities - continuing operations	$	(20,566	)	$	7,714		$	313		$	1,865		$	(10,674	)
Cash provided by (used in) operating activities - discontinued operations	4,291			(5,935		)	(14,927		)	(1,865		)	(18,436		)
Cash (used in) provided by operating activities	(16,275		)	1,779			(14,614		)	—			(29,110		)
Investing Activities													—
Capital expenditures	(423		)	(680		)	(3,466		)	—			(4,569		)
Proceeds from sale of property, plant and equipment	8			—			3			—			11
Cash used in investing activities - continuing operations	(415		)	(680		)	(3,463		)	—			(4,558		)
Cash used in investing activities - discontinued operations	—			(1,099		)	(1,998		)	—			(3,097		)
Cash used in investing activities	(415		)	(1,779		)	(5,461		)	—			(7,655		)
Financing Activities
Principal repayments on term loan	(7,500		)	—			—			—			(7,500		)
Taxes paid related to the net share settlement of equity awards	(201		)	—			—			—			(201		)
Stock option exercises, related tax benefits and other	552			—			—			—			552
Cash dividends	(2,439		)	—			—			—			(2,439		)
Cash used in financing activities - continuing operations	(9,588		)	—			—			—			(9,588		)
Cash used in financing activities - discontinued operations	—			—			—			—			—
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