x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | 39-0168610 | |
(State of incorporation) | (I.R.S. Employer Id. No.) |
Large accelerated filer | x | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Page No. | |
• | economic uncertainty or a prolonged economic downturn; |
• | the realization of anticipated cost savings from restructuring activities and cost reduction efforts; |
• | market conditions in the truck, automotive, agricultural, industrial, production automation, oil & gas, energy, maintenance, power generation, marine, solar, infrastructure, residential and commercial construction and retail Do-It Yourself (“DIY”) industries; |
• | increased competition in the markets we serve and market acceptance of existing and new products; |
• | our ability to successfully identify and integrate acquisitions and realize anticipated benefits/results from acquired companies; |
• | operating margin risk due to competitive product pricing, operating efficiencies, reduced production levels and material, labor and overhead cost increases; |
• | foreign currency, interest rate and commodity risk; |
• | supply chain and industry trends, including changes in purchasing and other business practices by customers; |
• | regulatory and legal developments including changes to United States taxation rules, health care reform and governmental climate change initiatives; |
• | the potential for a non-cash asset impairment charge, if operating performance at one or more of our reporting units were to fall significantly below current levels (given the amount of goodwill and intangible assets recorded in previously completed acquisitions); |
• | our level of indebtedness, ability to comply with the financial and other covenants in our debt agreements and current credit market conditions. |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net sales | $ | 370,370 | $ | 378,024 | $ | 747,618 | $ | 770,823 | ||||||||
Cost of products sold | 230,811 | 236,732 | 461,073 | 476,923 | ||||||||||||
Gross profit | 139,559 | 141,292 | 286,545 | 293,900 | ||||||||||||
Selling, administrative and engineering expenses | 89,977 | 84,763 | 177,807 | 172,872 | ||||||||||||
Amortization of intangible assets | 7,638 | 7,073 | 15,492 | 14,291 | ||||||||||||
Operating profit | 41,944 | 49,456 | 93,246 | 106,737 | ||||||||||||
Financing costs, net | 6,260 | 7,821 | 12,582 | 16,043 | ||||||||||||
Other (income) expense, net | (36 | ) | (171 | ) | 328 | 486 | ||||||||||
Earnings before income tax expense | 35,720 | 41,806 | 80,336 | 90,208 | ||||||||||||
Income tax expense | 7,285 | 9,631 | 15,558 | 20,859 | ||||||||||||
Net earnings | $ | 28,435 | $ | 32,175 | $ | 64,778 | $ | 69,349 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.39 | $ | 0.47 | $ | 0.89 | $ | 1.02 | ||||||||
Diluted | $ | 0.38 | $ | 0.43 | $ | 0.87 | $ | 0.94 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 72,946 | 68,064 | 72,869 | 68,242 | ||||||||||||
Diluted | 74,416 | 75,105 | 74,343 | 75,124 |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net earnings | $ | 28,435 | $ | 32,175 | $ | 64,778 | $ | 69,349 | ||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Foreign currency translation adjustments | (11,945 | ) | 3,979 | 144 | (28,588 | ) | ||||||||||
Pension and other postretirement benefit plans | ||||||||||||||||
Actuarial loss arising during period | — | — | 125 | — | ||||||||||||
Amortization of actuarial losses included in net periodic pension cost | 90 | 50 | 180 | 83 | ||||||||||||
Total pension and other postretirement benefit plans | 90 | 50 | 305 | 83 | ||||||||||||
Cash flow hedges | ||||||||||||||||
Unrealized net losses arising during period | (116 | ) | (267 | ) | (114 | ) | (119 | ) | ||||||||
Net gain reclassified into earnings | — | — | (131 | ) | — | |||||||||||
Total cash flow hedges | (116 | ) | (267 | ) | (245 | ) | (119 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (11,971 | ) | 3,762 | 204 | (28,624 | ) | ||||||||||
Comprehensive income | $ | 16,464 | $ | 35,937 | $ | 64,982 | $ | 40,725 |
February 28, 2013 | August 31, 2012 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 90,823 | $ | 68,184 | ||||
Accounts receivable, net | 238,601 | 234,756 | ||||||
Inventories, net | 217,540 | 211,690 | ||||||
Deferred income taxes | 23,604 | 22,583 | ||||||
Other current assets | 24,862 | 24,068 | ||||||
Total current assets | 595,430 | 561,281 | ||||||
Property, plant and equipment | ||||||||
Land, buildings and improvements | 51,744 | 49,866 | ||||||
Machinery and equipment | 246,542 | 242,718 | ||||||
Gross property, plant and equipment | 298,286 | 292,584 | ||||||
Less: Accumulated depreciation | (184,162 | ) | (176,700 | ) | ||||
Property, plant and equipment, net | 114,124 | 115,884 | ||||||
Goodwill | 866,685 | 866,412 | ||||||
Other intangibles, net | 430,827 | 445,884 | ||||||
Other long-term assets | 16,765 | 17,658 | ||||||
Total assets | $ | 2,023,831 | $ | 2,007,119 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Trade accounts payable | $ | 153,814 | $ | 174,746 | ||||
Accrued compensation and benefits | 45,297 | 58,817 | ||||||
Current maturities of long-term debt | 10,000 | 7,500 | ||||||
Income taxes payable | 2,852 | 5,778 | ||||||
Other current liabilities | 58,566 | 72,165 | ||||||
Total current liabilities | 270,529 | 319,006 | ||||||
Long-term debt | 385,000 | 390,000 | ||||||
Deferred income taxes | 129,080 | 132,653 | ||||||
Pension and postretirement benefit liabilities | 26,137 | 26,442 | ||||||
Other long-term liabilities | 88,817 | 87,182 | ||||||
Shareholders’ equity | ||||||||
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 76,111,414 and 75,519,079 shares, respectively | 15,221 | 15,102 | ||||||
Additional paid-in capital | 23,873 | 7,725 | ||||||
Treasury stock, at cost, 2,978,994 and 2,658,751 shares, respectively | (71,904 | ) | (63,083 | ) | ||||
Retained earnings | 1,226,346 | 1,161,564 | ||||||
Accumulated other comprehensive loss | (69,268 | ) | (69,472 | ) | ||||
Stock held in trust | (3,076 | ) | (2,689 | ) | ||||
Deferred compensation liability | 3,076 | 2,689 | ||||||
Total shareholders’ equity | 1,124,268 | 1,051,836 | ||||||
Total liabilities and shareholders’ equity | $ | 2,023,831 | $ | 2,007,119 |
Six Months Ended | ||||||||
February 28, 2013 | February 29, 2012 | |||||||
Operating Activities | ||||||||
Net earnings | $ | 64,778 | $ | 69,349 | ||||
Adjustments to reconcile net earnings to cash provided by operating activities: | ||||||||
Depreciation and amortization | 28,898 | 26,610 | ||||||
Amortization of debt discount and debt issuance costs | 992 | 997 | ||||||
Stock-based compensation expense | 7,128 | 6,962 | ||||||
Benefit for deferred income taxes | (6,018 | ) | (2,254 | ) | ||||
Other non-cash adjustments | (172 | ) | (346 | ) | ||||
Changes in components of working capital and other | ||||||||
Accounts receivable | (3,721 | ) | (17,107 | ) | ||||
Inventories | (4,152 | ) | (1,060 | ) | ||||
Prepaid expenses and other assets | (1,204 | ) | (2,137 | ) | ||||
Trade accounts payable | (22,281 | ) | (8,128 | ) | ||||
Income taxes payable | (2,722 | ) | 36 | |||||
Accrued compensation and benefits | (12,427 | ) | (14,098 | ) | ||||
Other accrued liabilities | (8,776 | ) | (6,823 | ) | ||||
Net cash provided by operating activities | 40,323 | 52,001 | ||||||
Investing Activities | ||||||||
Proceeds from sale of property, plant and equipment | 1,177 | 7,775 | ||||||
Capital expenditures | (11,726 | ) | (10,452 | ) | ||||
Business acquisitions, net of cash acquired | (1,433 | ) | (18,907 | ) | ||||
Net cash used in investing activities | (11,982 | ) | (21,584 | ) | ||||
Financing Activities | ||||||||
Net borrowings on revolver and other debt | — | (167 | ) | |||||
Principal repayments on term loan | (2,500 | ) | — | |||||
Purchase of treasury shares | (8,821 | ) | (20,410 | ) | ||||
Stock option exercises and related tax benefits | 10,772 | 5,507 | ||||||
Cash dividend | (2,911 | ) | (2,748 | ) | ||||
Net cash used in financing activities | (3,460 | ) | (17,818 | ) | ||||
Effect of exchange rate changes on cash | (2,242 | ) | 1,625 | |||||
Net increase in cash and cash equivalents | 22,639 | 14,224 | ||||||
Cash and cash equivalents – beginning of period | 68,184 | 44,221 | ||||||
Cash and cash equivalents – end of period | $ | 90,823 | $ | 58,445 |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net sales | ||||||||||||||||
As reported | $ | 370,370 | $ | 378,024 | $ | 747,618 | $ | 770,823 | ||||||||
Pro forma | 370,370 | 395,154 | 747,618 | 810,941 | ||||||||||||
Net earnings | ||||||||||||||||
As reported | $ | 28,435 | $ | 32,175 | $ | 64,778 | $ | 69,349 | ||||||||
Pro forma | 28,508 | 32,695 | 65,010 | 72,785 | ||||||||||||
Basic earnings per share | ||||||||||||||||
As reported | $ | 0.39 | $ | 0.47 | $ | 0.89 | $ | 1.02 | ||||||||
Pro forma | 0.39 | 0.48 | 0.89 | 1.07 | ||||||||||||
Diluted earnings per share | ||||||||||||||||
As reported | $ | 0.38 | $ | 0.43 | $ | 0.87 | $ | 0.94 | ||||||||
Pro forma | 0.38 | 0.44 | 0.87 | 0.98 |
Industrial | Energy | Electrical | Engineered Solutions | Total | ||||||||||||||||
Balance as of August 31, 2012 | $ | 81,404 | $ | 259,521 | $ | 213,870 | $ | 311,617 | $ | 866,412 | ||||||||||
Purchase accounting adjustments | — | 117 | — | 522 | 639 | |||||||||||||||
Impact of changes in foreign currency rates | 1,020 | (4,645 | ) | 918 | 2,341 | (366 | ) | |||||||||||||
Balance as of February 28, 2013 | $ | 82,424 | $ | 254,993 | $ | 214,788 | $ | 314,480 | $ | 866,685 |
February 28, 2013 | August 31, 2012 | |||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | ||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||
Customer relationships | 15 | $ | 347,474 | $ | 104,772 | $ | 242,702 | $ | 347,739 | $ | 93,768 | $ | 253,971 | |||||||||||||
Patents | 13 | 52,655 | 36,292 | 16,363 | 52,851 | 34,842 | 18,009 | |||||||||||||||||||
Trademarks and tradenames | 19 | 43,853 | 9,959 | 33,894 | 43,820 | 8,670 | 35,150 | |||||||||||||||||||
Non-compete agreements and other | 4 | 7,600 | 6,678 | 922 | 7,677 | 6,316 | 1,361 | |||||||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||||||||||
Tradenames | N/A | 136,946 | — | 136,946 | 137,393 | — | 137,393 | |||||||||||||||||||
$ | 588,528 | $ | 157,701 | $ | 430,827 | $ | 589,480 | $ | 143,596 | $ | 445,884 |
Six Months Ended | ||||||||
February 28, 2013 | February 29, 2012 | |||||||
Beginning balances | $ | 12,869 | $ | 23,707 | ||||
Purchase accounting adjustments | — | (7,726 | ) | |||||
Warranty reserves of acquired businesses | — | 43 | ||||||
Provision for warranties | 4,220 | 5,393 | ||||||
Warranty payments and costs incurred | (5,659 | ) | (5,640 | ) | ||||
Impact of changes in foreign currency rates | 320 | (1,109 | ) | |||||
Ending balances | $ | 11,750 | $ | 14,668 |
February 28, 2013 | August 31, 2012 | |||||||
Senior Credit Facility | ||||||||
Revolver | $ | — | $ | — | ||||
Term Loan | 95,000 | 97,500 | ||||||
95,000 | 97,500 | |||||||
5.625% Senior Notes | 300,000 | 300,000 | ||||||
Total Senior Indebtedness | 395,000 | 397,500 | ||||||
Less: current maturities of long-term debt | (10,000 | ) | (7,500 | ) | ||||
Total long-term debt | $ | 385,000 | $ | 390,000 |
February 28, 2013 | August 31, 2012 | |||||||
Level 1 Valuation: | ||||||||
Cash equivalents | $ | 1,132 | $ | 5,154 | ||||
Investments | 1,714 | 1,602 | ||||||
Level 2 Valuation: | ||||||||
Foreign currency derivatives | $ | (517 | ) | $ | 945 |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net earnings | $ | 28,435 | $ | 32,175 | $ | 64,778 | $ | 69,349 | ||||||||
Plus: 2% Convertible Notes financing costs, net of taxes | — | 383 | — | 893 | ||||||||||||
Net earnings for diluted earnings per share | $ | 28,435 | $ | 32,558 | $ | 64,778 | $ | 70,242 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding for basic earnings per share | 72,946 | 68,064 | 72,869 | 68,242 | ||||||||||||
Net effect of dilutive securities—equity based compensation plans | 1,470 | 1,084 | 1,474 | 925 | ||||||||||||
Net effect of 2% Convertible Notes based on the if-converted method | — | 5,957 | — | 5,957 | ||||||||||||
Weighted average common and equivalent shares outstanding for diluted earnings per share | 74,416 | 75,105 | 74,343 | 75,124 | ||||||||||||
Basic Earnings Per Share: | $ | 0.39 | $ | 0.47 | $ | 0.89 | $ | 1.02 | ||||||||
Diluted Earnings Per Share: | $ | 0.38 | $ | 0.43 | $ | 0.87 | $ | 0.94 | ||||||||
Anti-dilutive securities-equity based compensation plans (excluded from earnings per share calculation) | 759 | 2,175 | 774 | 3,016 |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net Sales by Segment: | ||||||||||||||||
Industrial | $ | 98,999 | $ | 98,342 | $ | 200,121 | $ | 198,595 | ||||||||
Energy | 80,794 | 78,937 | 171,563 | 159,358 | ||||||||||||
Electrical | 69,902 | 77,105 | 139,341 | 159,938 | ||||||||||||
Engineered Solutions | 120,675 | 123,640 | 236,593 | 252,932 | ||||||||||||
$ | 370,370 | $ | 378,024 | $ | 747,618 | $ | 770,823 | |||||||||
Net Sales by Reportable Product Line: | ||||||||||||||||
Industrial | $ | 98,999 | $ | 98,342 | $ | 200,121 | $ | 198,595 | ||||||||
Energy | 80,794 | 78,937 | 171,563 | 159,358 | ||||||||||||
Electrical | 69,902 | 77,105 | 139,341 | 159,938 | ||||||||||||
Vehicle Systems | 59,675 | 68,916 | 120,862 | 145,280 | ||||||||||||
Other | 61,000 | 54,724 | 115,731 | 107,652 | ||||||||||||
$ | 370,370 | $ | 378,024 | $ | 747,618 | $ | 770,823 | |||||||||
Operating Profit: | ||||||||||||||||
Industrial | $ | 26,350 | $ | 26,691 | $ | 53,356 | $ | 54,624 | ||||||||
Energy | 9,677 | 11,632 | 25,064 | 24,849 | ||||||||||||
Electrical | 5,072 | 5,801 | 12,900 | 10,778 | ||||||||||||
Engineered Solutions | 8,275 | 13,281 | 15,900 | 32,280 | ||||||||||||
General Corporate | (7,430 | ) | (7,949 | ) | (13,974 | ) | (15,794 | ) | ||||||||
$ | 41,944 | $ | 49,456 | $ | 93,246 | $ | 106,737 |
February 28, 2013 | August 31, 2012 | |||||||
Assets: | ||||||||
Industrial | $ | 272,791 | $ | 268,735 | ||||
Energy | 534,279 | 540,409 | ||||||
Electrical | 443,474 | 437,914 | ||||||
Engineered Solutions | 672,836 | 667,550 | ||||||
General Corporate | 100,451 | 92,511 | ||||||
$ | 2,023,831 | $ | 2,007,119 |
Three Months Ended February 28, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | 47,407 | $ | 121,600 | $ | 201,363 | $ | — | $ | 370,370 | ||||||||||
Cost of products sold | 14,938 | 87,004 | 128,869 | — | 230,811 | |||||||||||||||
Gross profit | 32,469 | 34,596 | 72,494 | — | 139,559 | |||||||||||||||
Selling, administrative and engineering expenses | 18,527 | 24,376 | 47,074 | — | 89,977 | |||||||||||||||
Amortization of intangible assets | 318 | 3,282 | 4,038 | — | 7,638 | |||||||||||||||
Operating profit | 13,624 | 6,938 | 21,382 | — | 41,944 | |||||||||||||||
Financing costs, net | 6,409 | 1 | (150 | ) | — | 6,260 | ||||||||||||||
Intercompany expense (income), net | (4,651 | ) | (876 | ) | 5,527 | — | — | |||||||||||||
Other expense (income), net | (383 | ) | (53 | ) | 400 | — | (36 | ) | ||||||||||||
Earnings before income tax expense | 12,249 | 7,866 | 15,605 | — | 35,720 | |||||||||||||||
Income tax expense | 2,498 | 1,604 | 3,183 | — | 7,285 | |||||||||||||||
Net earnings before equity in earnings of subsidiaries | 9,751 | 6,262 | 12,422 | — | 28,435 | |||||||||||||||
Equity in earnings of subsidiaries | 18,684 | 10,765 | (589 | ) | (28,860 | ) | — | |||||||||||||
Net earnings | $ | 28,435 | $ | 17,027 | $ | 11,833 | $ | (28,860 | ) | $ | 28,435 | |||||||||
Comprehensive income | $ | 16,464 | $ | 4,840 | $ | 12,009 | $ | (16,849 | ) | $ | 16,464 |
Three Months Ended February 29, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | 49,514 | $ | 137,431 | $ | 191,079 | $ | — | $ | 378,024 | ||||||||||
Cost of products sold | 17,114 | 97,651 | 121,967 | — | 236,732 | |||||||||||||||
Gross profit | 32,400 | 39,780 | 69,112 | — | 141,292 | |||||||||||||||
Selling, administrative and engineering expenses | 19,660 | 26,612 | 38,491 | — | 84,763 | |||||||||||||||
Amortization of intangible assets | 335 | 3,411 | 3,327 | — | 7,073 | |||||||||||||||
Operating profit | 12,405 | 9,757 | 27,294 | — | 49,456 | |||||||||||||||
Financing costs, net | 8,035 | 5 | (219 | ) | — | 7,821 | ||||||||||||||
Intercompany expense (income), net | (8,682 | ) | 1,733 | 6,949 | — | — | ||||||||||||||
Other expense (income), net | 822 | 1,330 | (2,323 | ) | — | (171 | ) | |||||||||||||
Earnings before income tax expense | 12,230 | 6,689 | 22,887 | — | 41,806 | |||||||||||||||
Income tax expense | 2,818 | 1,541 | 5,272 | — | 9,631 | |||||||||||||||
Net earnings before equity in earnings of subsidiaries | 9,412 | 5,148 | 17,615 | — | 32,175 | |||||||||||||||
Equity in earnings of subsidiaries | 22,763 | 17,819 | 1,926 | (42,508 | ) | — | ||||||||||||||
Net earnings | $ | 32,175 | $ | 22,967 | $ | 19,541 | $ | (42,508 | ) | $ | 32,175 | |||||||||
Comprehensive income | $ | 35,937 | $ | 24,589 | $ | 22,041 | $ | (46,630 | ) | $ | 35,937 |
Six Months Ended February 28, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | 93,245 | $ | 245,717 | $ | 408,656 | $ | — | $ | 747,618 | ||||||||||
Cost of products sold | 27,346 | 174,872 | 258,855 | — | 461,073 | |||||||||||||||
Gross profit | 65,899 | 70,845 | 149,801 | — | 286,545 | |||||||||||||||
Selling, administrative and engineering expenses | 35,980 | 49,416 | 92,411 | — | 177,807 | |||||||||||||||
Amortization of intangible assets | 639 | 6,731 | 8,122 | — | 15,492 | |||||||||||||||
Operating profit | 29,280 | 14,698 | 49,268 | — | 93,246 | |||||||||||||||
Financing costs, net | 12,767 | 6 | (191 | ) | — | 12,582 | ||||||||||||||
Intercompany expense (income), net | (11,921 | ) | 1,079 | 10,842 | — | — | ||||||||||||||
Other expense, net | (747 | ) | (369 | ) | 1,444 | — | 328 | |||||||||||||
Earnings before income tax expense | 29,181 | 13,982 | 37,173 | — | 80,336 | |||||||||||||||
Income tax expense | 5,638 | 2,738 | 7,182 | — | 15,558 | |||||||||||||||
Net earnings before equity in earnings of subsidiaries | 23,543 | 11,244 | 29,991 | — | 64,778 | |||||||||||||||
Equity in earnings of subsidiaries | 41,235 | 28,664 | 435 | (70,334 | ) | — | ||||||||||||||
Net earnings | $ | 64,778 | $ | 39,908 | $ | 30,426 | $ | (70,334 | ) | $ | 64,778 | |||||||||
Comprehensive income | $ | 64,982 | $ | 33,698 | $ | 38,028 | $ | (71,726 | ) | $ | 64,982 |
Six Months Ended February 29, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | 98,034 | $ | 273,872 | $ | 398,917 | $ | — | $ | 770,823 | ||||||||||
Cost of products sold | 32,393 | 192,283 | 252,247 | — | 476,923 | |||||||||||||||
Gross profit | 65,641 | 81,589 | 146,670 | — | 293,900 | |||||||||||||||
Selling, administrative and engineering expenses | 40,326 | 52,874 | 79,672 | — | 172,872 | |||||||||||||||
Amortization of intangible assets | 670 | 6,831 | 6,790 | — | 14,291 | |||||||||||||||
Operating profit | 24,645 | 21,884 | 60,208 | — | 106,737 | |||||||||||||||
Financing costs, net | 16,272 | 8 | (237 | ) | — | 16,043 | ||||||||||||||
Intercompany expense (income), net | (16,173 | ) | 2,299 | 13,874 | — | — | ||||||||||||||
Other expense (income), net | 1,015 | 1,674 | (2,203 | ) | — | 486 | ||||||||||||||
Earnings before income tax expense | 23,531 | 17,903 | 48,774 | — | 90,208 | |||||||||||||||
Income tax expense | 5,440 | 4,142 | 11,277 | — | 20,859 | |||||||||||||||
Net earnings before equity in earnings of subsidiaries | 18,091 | 13,761 | 37,497 | — | 69,349 | |||||||||||||||
Equity in earnings of subsidiaries | 51,258 | 34,613 | 1,438 | (87,309 | ) | — | ||||||||||||||
Net earnings | $ | 69,349 | $ | 48,374 | $ | 38,935 | $ | (87,309 | ) | $ | 69,349 | |||||||||
Comprehensive income | $ | 40,725 | $ | 32,928 | $ | 33,362 | $ | (66,290 | ) | $ | 40,725 |
February 28, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 5,721 | $ | — | $ | 85,102 | $ | — | $ | 90,823 | ||||||||||
Accounts receivable, net | 19,233 | 71,033 | 148,335 | — | 238,601 | |||||||||||||||
Inventories, net | 29,981 | 78,581 | 108,978 | — | 217,540 | |||||||||||||||
Deferred income taxes | 18,827 | — | 4,777 | — | 23,604 | |||||||||||||||
Other current assets | 7,616 | 1,585 | 15,661 | — | 24,862 | |||||||||||||||
Total current assets | 81,378 | 151,199 | 362,853 | — | 595,430 | |||||||||||||||
Property, plant & equipment, net | 6,659 | 29,709 | 77,756 | — | 114,124 | |||||||||||||||
Goodwill | 62,543 | 432,751 | 371,391 | — | 866,685 | |||||||||||||||
Other intangibles, net | 13,883 | 199,463 | 217,481 | — | 430,827 | |||||||||||||||
Investment in subsidiaries | 1,927,053 | 268,708 | 91,270 | (2,287,031 | ) | — | ||||||||||||||
Intercompany receivable | — | 425,574 | 295,365 | (720,939 | ) | — | ||||||||||||||
Other long-term assets | 11,460 | 22 | 5,283 | — | 16,765 | |||||||||||||||
Total assets | $ | 2,102,976 | $ | 1,507,426 | $ | 1,421,399 | $ | (3,007,970 | ) | $ | 2,023,831 | |||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Trade accounts payable | $ | 16,738 | $ | 37,731 | $ | 99,345 | $ | — | $ | 153,814 | ||||||||||
Accrued compensation and benefits | 13,161 | 5,288 | 26,848 | — | 45,297 | |||||||||||||||
Current maturities of debt | 10,000 | — | — | — | 10,000 | |||||||||||||||
Income taxes payable | 3,688 | — | (836 | ) | — | 2,852 | ||||||||||||||
Other current liabilities | 13,910 | 10,325 | 34,331 | — | 58,566 | |||||||||||||||
Total current liabilities | 57,497 | 53,344 | 159,688 | — | 270,529 | |||||||||||||||
Long-term debt | 385,000 | — | — | — | 385,000 | |||||||||||||||
Deferred income taxes | 88,773 | — | 40,307 | — | 129,080 | |||||||||||||||
Pension and postretirement benefit liabilities | 22,195 | — | 3,942 | — | 26,137 | |||||||||||||||
Other long-term liabilities | 61,590 | 475 | 26,752 | — | 88,817 | |||||||||||||||
Intercompany payable | 363,653 | — | 357,286 | (720,939 | ) | — | ||||||||||||||
Shareholders’ equity | 1,124,268 | 1,453,607 | 833,424 | (2,287,031 | ) | 1,124,268 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,102,976 | $ | 1,507,426 | $ | 1,421,399 | $ | (3,007,970 | ) | $ | 2,023,831 |
August 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 12,401 | $ | 91 | $ | 55,692 | $ | — | $ | 68,184 | ||||||||||
Accounts receivable, net | 20,401 | 74,006 | 140,349 | — | 234,756 | |||||||||||||||
Inventories, net | 29,658 | 75,905 | 106,127 | — | 211,690 | |||||||||||||||
Deferred income taxes | 17,942 | — | 4,641 | — | 22,583 | |||||||||||||||
Other current assets | 8,157 | 1,166 | 14,745 | — | 24,068 | |||||||||||||||
Total current assets | 88,559 | 151,168 | 321,554 | — | 561,281 | |||||||||||||||
Property, plant & equipment, net | 6,944 | 31,818 | 77,122 | — | 115,884 | |||||||||||||||
Goodwill | 62,543 | 433,193 | 370,676 | — | 866,412 | |||||||||||||||
Other intangibles, net | 14,522 | 206,194 | 225,168 | — | 445,884 | |||||||||||||||
Investment in subsidiaries | 1,886,478 | 250,738 | 90,770 | (2,227,986 | ) | — | ||||||||||||||
Intercompany receivable | — | 418,253 | 307,282 | (725,535 | ) | — | ||||||||||||||
Other long-term assets | 12,297 | 22 | 5,339 | — | 17,658 | |||||||||||||||
Total assets | $ | 2,071,343 | $ | 1,491,386 | $ | 1,397,911 | $ | (2,953,521 | ) | $ | 2,007,119 | |||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Trade accounts payable | $ | 21,722 | $ | 44,893 | $ | 108,131 | $ | — | $ | 174,746 | ||||||||||
Accrued compensation and benefits | 23,459 | 6,646 | 28,712 | — | 58,817 | |||||||||||||||
Current maturities of debt | 7,500 | — | — | — | 7,500 | |||||||||||||||
Income taxes payable | 3,129 | — | 2,649 | — | 5,778 | |||||||||||||||
Other current liabilities | 20,876 | 11,566 | 39,723 | — | 72,165 | |||||||||||||||
Total current liabilities | 76,686 | 63,105 | 179,215 | — | 319,006 | |||||||||||||||
Long-term debt | 390,000 | — | — | — | 390,000 | |||||||||||||||
Deferred income taxes | 91,604 | — | 41,049 | — | 132,653 | |||||||||||||||
Pension and postretirement benefit liabilities | 22,500 | — | 3,942 | — | 26,442 | |||||||||||||||
Other long-term liabilities | 59,929 | 620 | 26,633 | — | 87,182 | |||||||||||||||
Intercompany payable | 378,788 | — | 346,747 | (725,535 | ) | — | ||||||||||||||
Shareholders’ equity | 1,051,836 | 1,427,661 | 800,325 | (2,227,986 | ) | 1,051,836 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,071,343 | $ | 1,491,386 | $ | 1,397,911 | $ | (2,953,521 | ) | $ | 2,007,119 |
Six Months Ended February 28, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net cash provided by operating activities | $ | 5,606 | $ | 8,913 | $ | 25,804 | $ | — | $ | 40,323 | ||||||||||
Investing Activities | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 562 | 74 | 541 | — | 1,177 | |||||||||||||||
Capital expenditures | (668 | ) | (2,014 | ) | (9,044 | ) | — | (11,726 | ) | |||||||||||
Business acquisitions, net of cash acquired | (1,350 | ) | — | (83 | ) | — | (1,433 | ) | ||||||||||||
Cash used in investing activities | (1,456 | ) | (1,940 | ) | (8,586 | ) | — | (11,982 | ) | |||||||||||
Financing Activities | ||||||||||||||||||||
Principal repayments on term loan | (2,500 | ) | — | — | — | (2,500 | ) | |||||||||||||
Intercompany loan activity | (7,370 | ) | (7,064 | ) | 14,434 | — | — | |||||||||||||
Purchase of treasury shares | (8,821 | ) | — | — | — | (8,821 | ) | |||||||||||||
Stock option exercises, related tax benefits and other | 10,772 | — | — | — | 10,772 | |||||||||||||||
Cash dividend | (2,911 | ) | — | — | — | (2,911 | ) | |||||||||||||
Cash provided by (used in) financing activities | (10,830 | ) | (7,064 | ) | 14,434 | — | (3,460 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (2,242 | ) | — | (2,242 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (6,680 | ) | (91 | ) | 29,410 | — | 22,639 | |||||||||||||
Cash and cash equivalents—beginning of period | 12,401 | 91 | 55,692 | — | 68,184 | |||||||||||||||
Cash and cash equivalents—end of period | $ | 5,721 | $ | — | $ | 85,102 | $ | — | $ | 90,823 |
Six Months Ended February 29, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (495 | ) | $ | 12,656 | $ | 39,840 | $ | — | $ | 52,001 | |||||||||
Investing Activities | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 1,541 | 113 | 6,121 | — | 7,775 | |||||||||||||||
Capital expenditures | (3,142 | ) | (1,699 | ) | (5,611 | ) | — | (10,452 | ) | |||||||||||
Business acquisitions, net of cash acquired | (290 | ) | — | (18,617 | ) | — | (18,907 | ) | ||||||||||||
Cash (used in) provided by investing activities | (1,891 | ) | (1,586 | ) | (18,107 | ) | — | (21,584 | ) | |||||||||||
Financing Activities | ||||||||||||||||||||
Net borrowings on revolving credit facilities | 10 | — | (177 | ) | — | (167 | ) | |||||||||||||
Intercompany loan activity | 24,565 | (11,070 | ) | (13,495 | ) | — | — | |||||||||||||
Purchase of treasury shares | (20,410 | ) | — | — | — | (20,410 | ) | |||||||||||||
Stock option exercises and related tax benefits | 5,507 | — | — | — | 5,507 | |||||||||||||||
Cash dividend | (2,748 | ) | — | — | — | (2,748 | ) | |||||||||||||
Cash (used in) provided by financing activities | 6,924 | (11,070 | ) | (13,672 | ) | — | (17,818 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | 1,625 | — | 1,625 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | 4,538 | — | 9,686 | — | 14,224 | |||||||||||||||
Cash and cash equivalents—beginning of period | 872 | — | 43,349 | — | 44,221 | |||||||||||||||
Cash and cash equivalents—end of period | $ | 5,410 | $ | — | $ | 53,035 | $ | — | $ | 58,445 |
Business | Segment | Acquisition Date | ||
CrossControl AB | Engineered Solutions | July 2012 | ||
Turotest Medidores Ltda | Engineered Solutions | March 2012 | ||
Jeyco Pty Ltd | Energy | February 2012 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||||||||||||||
Net sales | $ | 370 | 100 | % | $ | 378 | 100 | % | $ | 748 | 100 | % | $ | 771 | 100 | % | ||||||||||||
Cost of products sold | 231 | 62 | % | 237 | 63 | % | 461 | 62 | % | 477 | 62 | % | ||||||||||||||||
Gross profit | 139 | 38 | % | 141 | 37 | % | 287 | 38 | % | 294 | 38 | % | ||||||||||||||||
Selling, administrative and engineering | 90 | 24 | % | 85 | 22 | % | 178 | 24 | % | 173 | 22 | % | ||||||||||||||||
Amortization of intangible assets | 8 | 2 | % | 7 | 2 | % | 15 | 2 | % | 14 | 2 | % | ||||||||||||||||
Operating profit | 41 | 12 | % | 49 | 13 | % | 94 | 12 | % | 107 | 14 | % | ||||||||||||||||
Financing costs, net | 6 | 2 | % | 8 | 2 | % | 13 | 2 | % | 16 | 2 | % | ||||||||||||||||
Other expense, net | — | 0 | % | (1 | ) | 0 | % | — | 0 | % | 1 | 0 | % | |||||||||||||||
Earnings before income tax expense | 35 | 10 | % | 42 | 11 | % | 81 | 10 | % | 90 | 12 | % | ||||||||||||||||
Income tax expense | 7 | 2 | % | 10 | 3 | % | 16 | 2 | % | 21 | 3 | % | ||||||||||||||||
Net earnings | $ | 28 | 8 | % | $ | 32 | 8 | % | $ | 65 | 8 | % | $ | 69 | 9 | % | ||||||||||||
Diluted earnings per share | $ | 0.38 | $ | 0.43 | $ | 0.87 | $ | 0.94 |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net sales | $ | 99 | $ | 98 | $ | 200 | $ | 199 | ||||||||
Operating profit | 26 | 27 | 53 | 55 | ||||||||||||
Operating profit % | 27 | % | 27 | % | 27 | % | 28 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net sales | $ | 81 | $ | 79 | $ | 172 | $ | 159 | ||||||||
Operating profit | 10 | 12 | 25 | 25 | ||||||||||||
Operating profit % | 12 | % | 15 | % | 15 | % | 16 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net sales | $ | 70 | $ | 77 | $ | 139 | $ | 160 | ||||||||
Operating profit | 5 | 6 | 13 | 11 | ||||||||||||
Operating profit % | 7 | % | 8 | % | 9 | % | 7 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
February 28, 2013 | February 29, 2012 | February 28, 2013 | February 29, 2012 | |||||||||||||
Net sales | $ | 121 | $ | 124 | $ | 237 | $ | 253 | ||||||||
Operating profit | 8 | 13 | 16 | 32 | ||||||||||||
Operating profit % | 7 | % | 11 | % | 7 | % | 13 | % |
Six Months Ended | ||||||||
February 28, 2013 | February 29, 2012 | |||||||
Net cash provided by operating activities | $ | 40 | $ | 52 | ||||
Net cash used in investing activities | (12 | ) | (22 | ) | ||||
Net cash used in financing activities | (3 | ) | (18 | ) | ||||
Effect of exchange rates on cash | (2 | ) | 2 | |||||
Net increase in cash and cash equivalents | $ | 23 | $ | 14 |
February 28, 2013 | PWC% | February 29, 2012 | PWC% | |||||||||||
Accounts receivable, net | $ | 239 | 16 | % | $ | 239 | 16 | % | ||||||
Inventory, net | 218 | 15 | % | 219 | 14 | % | ||||||||
Accounts payable | (154 | ) | (10 | )% | (159 | ) | (10 | )% | ||||||
Net primary working capital | $ | 303 | 21 | % | $ | 299 | 20 | % |
Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares That May Yet Be Purchased Under the Program | |||||||
December 1 to December 31, 2012 | 25,000 | 27.50 | 4,057,049 | ||||||
January 1 to January 31, 2013 | 36,043 | 27.46 | 4,021,006 | ||||||
February 1 to February 28, 2013 | — | — | 4,021,006 | ||||||
Total | 61,043 | 27.48 |
ACTUANT CORPORATION | |||
(Registrant) | |||
Date: April 8, 2013 | By: | /S/ ANDREW G. LAMPEREUR | |
Andrew G. Lampereur | |||
Executive Vice President and Chief Financial Officer | |||
(Principal Financial Officer) |
Exhibit | Description | Incorporated Herein By Reference To | Filed Herewith | |||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 | X | ||||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | ||||
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 | X | ||||
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | ||||
101 | The following materials from the Actuant Corporation Form 10-Q for the quarter ended February 28, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements. | X |
1. | I have reviewed this quarterly report on Form 10-Q of Actuant Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting |
/s/ Robert C. Arzbaecher | |
Robert C. Arzbaecher Chairman, Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Actuant Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting |
/s/ Andrew G. Lampereur | |
Andrew G. Lampereur | |
Executive Vice President and Chief Financial Officer |
/s/ Robert C. Arzbaecher | |
Robert C. Arzbaecher |
/s/ Andrew G. Lampereur | |
Andrew G. Lampereur |
Derivatives Narrative (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Feb. 28, 2013
|
Feb. 28, 2013
|
Aug. 31, 2012
|
|
Derivative [Line Items] | |||
Notional amount of foreign currency cash flow hedge | $ 12,700,000 | $ 12,700,000 | $ 2,800,000 |
Unrealized losses expected to be reclassified during next 12 months | 100,000 | 100,000 | |
Notional amount of foreign currency fair value hedge derivatives | 133,700,000 | 133,700,000 | 197,500,000 |
Net foreign currency losses | (900,000) | (300,000) | |
Level 2 Valuation:
|
|||
Derivative [Line Items] | |||
Foreign currency derivatives | $ (517,000) | $ (517,000) | $ 945,000 |
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2013
|
Feb. 29, 2012
|
Feb. 28, 2013
|
Feb. 29, 2012
|
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible assets | $ 7,638,000 | $ 7,073,000 | $ 15,492,000 | $ 14,291,000 |
Future amortization expense, 2013 | 14,300,000 | 14,300,000 | ||
Future amortization expense, 2014 | 28,100,000 | 28,100,000 | ||
Future amortization expense, 2015 | 28,000,000 | 28,000,000 | ||
Future amortization expense, 2016 | 27,800,000 | 27,800,000 | ||
Future amortization expense, 2017 | 26,600,000 | 26,600,000 | ||
Future amortization expense, 2018 | 26,200,000 | 26,200,000 | ||
Future amortization expense, thereafter | $ 142,900,000 | $ 142,900,000 |
Earnings Per Share (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2013
|
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliations between Basic and Diluted Earnings Per Share | The reconciliations between basic and diluted earnings per share are as follows (in thousands, except per share amounts):
|
Summary of Financial Information by Reportable Segment and Product Line (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2013
Segment
|
Feb. 29, 2012
|
Feb. 28, 2013
|
Feb. 29, 2012
|
Aug. 31, 2012
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | 4 | ||||
Net sales | $ 370,370 | $ 378,024 | $ 747,618 | $ 770,823 | |
Operating profit (Loss) | 41,944 | 49,456 | 93,246 | 106,737 | |
Assets | 2,023,831 | 2,023,831 | 2,007,119 | ||
Industrial
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 98,999 | 98,342 | 200,121 | 198,595 | |
Operating profit (Loss) | 26,350 | 26,691 | 53,356 | 54,624 | |
Assets | 272,791 | 272,791 | 268,735 | ||
Energy
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 80,794 | 78,937 | 171,563 | 159,358 | |
Operating profit (Loss) | 9,677 | 11,632 | 25,064 | 24,849 | |
Assets | 534,279 | 534,279 | 540,409 | ||
Electrical
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 69,902 | 77,105 | 139,341 | 159,938 | |
Operating profit (Loss) | 5,072 | 5,801 | 12,900 | 10,778 | |
Assets | 443,474 | 443,474 | 437,914 | ||
Engineered Solutions
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 120,675 | 123,640 | 236,593 | 252,932 | |
Operating profit (Loss) | 8,275 | 13,281 | 15,900 | 32,280 | |
Assets | 672,836 | 672,836 | 667,550 | ||
Vehicle Systems
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 59,675 | 68,916 | 120,862 | 145,280 | |
Other
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 61,000 | 54,724 | 115,731 | 107,652 | |
General Corporate
|
|||||
Segment Reporting Information [Line Items] | |||||
Operating profit (Loss) | (7,430) | (7,949) | (13,974) | (15,794) | |
Assets | $ 100,451 | $ 100,451 | $ 92,511 |
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet (Detail) (USD $)
In Thousands, unless otherwise specified |
Feb. 28, 2013
|
Aug. 31, 2012
|
---|---|---|
Level 1 Valuation:
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 1,132 | $ 5,154 |
Investments | 1,714 | 1,602 |
Level 2 Valuation:
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency derivatives | $ (517) | $ 945 |
Restructuring
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The Company continuously reviews its cost structure to be responsive to changes in end market demand, identify opportunities for cost synergies from recent acquisitions and in light of changes in the worldwide economy. As a result of increased uncertainty and reduced demand, the Company has implemented various restructuring initiatives to reduce costs through workforce reductions, plant consolidations, the continued movement of production and product sourcing to low cost countries and the centralization of certain selling and administrative functions. Restructuring costs were $1.0 million and $1.7 million for the three and six months ended February 28, 2013, respectively and $0.9 million and $1.4 million for the three and six months ended February 29, 2012, respectively. The restructuring reserve at February 28, 2013 and August 31, 2012 was $1.7 million and $2.9 million, respectively. The remaining restructuring related severance will be paid during the next twelve months, while facility consolidation costs (primarily reserves for future lease payments for vacated facilities) will be paid over the underlying lease terms. |