Guarantor Subsidiaries (Tables)

6 Months Ended

Feb. 28, 2014

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 EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended February 28, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	43,595		$	75,203		$	208,972		$	—		$	327,770
Cost of products sold	11,992			52,009			139,322			—			203,323
Gross profit	31,603			23,194			69,650			—			124,447
Selling, administrative and engineering expenses	19,399			13,753			46,088			—			79,240
Amortization of intangible assets	318			2,576			3,332			—			6,226
Operating profit	11,886			6,865			20,230			—			38,981
Financing costs, net	6,499			—			(237		)	—			6,262
Intercompany expense (income), net	(12,153		)	5,334			6,819			—			—
Other expense (income), net	669			(125		)	782			—			1,326
Earnings from continuing operations before income tax expense	16,871			1,656			12,866			—			31,393
Income tax expense	4,885			479			3,725			—			9,089
Net earnings before equity in earnings (loss) of subsidiaries	11,986			1,177			9,141			—			22,304
Equity in earnings (loss) of subsidiaries	50,097			(23,996		)	867			(26,968		)	—
Earnings (loss) from continuing operations	62,083			(22,819		)	10,008			(26,968		)	22,304
Earnings (loss) from discontinued operations, net of income taxes	(20,691		)	53,156			(13,377		)	—			19,088
Net earnings (loss)	$	41,392		$	30,337		$	(3,369	)	$	(26,968	)	$	41,392
Comprehensive income (loss)	$	45,789		$	34,943		$	(5,804	)	$	(29,139	)	$	45,789

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended February 28, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	47,407		$	66,709		$	186,352		$	—		$	300,468
Cost of products sold	14,938			47,395			121,957			—			184,290
Gross profit	32,469			19,314			64,395			—			116,178
Selling, administrative and engineering expenses	17,842			14,623			40,874			—			73,339
Amortization of intangible assets	318			2,657			2,993			—			5,968
Operating profit	14,309			2,034			20,528			—			36,871
Financing costs, net	6,409			1			(150		)	—			6,260
Intercompany expense (income), net	(4,651		)	(876		)	5,527			—			—
Other expense (income), net	(384		)	(53		)	400			—			(37		)
Earnings from continuing operations before income tax expense (benefit)	12,935			2,962			14,751			—			30,648
Income tax expense (benefit)	2,832			(785		)	2,767			—			4,814
Net earnings before equity in earnings (loss) of subsidiaries	10,103			3,747			11,984			—			25,834
Equity in earnings (loss) of subsidiaries	18,684			10,765			(589		)	(28,860		)	—
Earnings from continuing operations	28,787			14,512			11,395			(28,860		)	25,834
Earnings (loss) from discontinued operations, net of income taxes	(352		)	2,515			438			—			2,601
Net earnings	$	28,435		$	17,027		$	11,833		$	(28,860	)	$	28,435
Comprehensive income	$	16,464		$	4,840		$	12,009		$	(16,849	)	$	16,464

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Six months ended February 28, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	88,686		$	154,839		$	423,801		$	—		$	667,326
Cost of products sold	24,064			107,264			279,771			—			411,099
Gross profit	64,622			47,575			144,030			—			256,227
Selling, administrative and engineering expenses	36,257			29,705			95,196			—			161,158
Amortization of intangible assets	636			5,151			6,654			—			12,441
Operating profit	27,729			12,719			42,180			—			82,628
Financing costs, net	13,278			3			(269		)	—			13,012
Intercompany expense (income), net	(17,150		)	4,995			12,155			—			—
Other expense (income), net	11,086			(418		)	(8,201		)	—			2,467
Earnings from continuing operations before income tax expense	20,515			8,139			38,495			—			67,149
Income tax expense	5,893			2,274			3,673			—			11,840
Net earnings before equity in earnings (loss) of subsidiaries	14,622			5,865			34,822			—			55,309
Equity in earnings (loss) of subsidiaries	84,319			(10,663		)	4,067			(77,723		)	—
Earnings (loss) from continuing operations	98,941			(4,798		)	38,889			(77,723		)	55,309
Earnings (loss) from discontinued operations, net of income taxes	(21,512		)	56,494			(12,862		)	—			22,120
Net Earnings	$	77,429		$	51,696		$	26,027		$	(77,723	)	$	77,429
Comprehensive income	$	98,829		$	73,740		$	21,867		$	(95,607	)	$	98,829

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Six Months Ended February 28, 2013
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	93,245		$	136,899		$	378,133		$	—		$	608,277
Cost of products sold	27,347			95,698			244,686			—			367,731
Gross profit	65,898			41,201			133,447			—			240,546
Selling, administrative and engineering expenses	34,959			29,726			83,514			—			148,199
Amortization of intangible assets	639			5,314			6,049			—			12,002
Operating profit	30,300			6,161			43,884			—			80,345
Financing costs, net	12,767			6			(191		)	—			12,582
Intercompany expense (income), net	(11,921		)	1,079			10,842			—			—
Other expense (income), net	(747		)	(464		)	1,818			—			607
Earnings from continuing operations before income tax expense (benefit)	30,201			5,540			31,415			—			67,156
Income tax expense (benefit)	6,008			(326		)	5,089			—			10,771
Net earnings before equity in earnings of subsidiaries	24,193			5,866			26,326			—			56,385
Equity in earnings of subsidiaries	41,235			28,664			435			(70,334		)	—
Earnings from continuing operations	65,428			34,530			26,761			(70,334		)	56,385
Earnings (loss) from discontinued operations, net of income taxes	$	(650	)	$	5,378		$	3,665		$	—		$	8,393
Net Earnings	$	64,778		$	39,908		$	30,426		$	(70,334	)	$	64,778
Comprehensive income	$	64,982		$	33,698		$	38,028		$	(71,726	)	$	64,982

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	February 28, 2014
	Parent		Guarantors		Non-Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	11,580	$	26	$	143,411		$	—		$	155,017
Accounts receivable, net	18,589		42,072		173,290			—			233,951
Inventories, net	32,100		45,070		87,824			—			164,994
Deferred income taxes	10,656		—		5,670			—			16,326
Other current assets	10,187		1,126		18,803			—			30,116
Total current assets	83,112		88,294		428,998			—			600,404
Property, plant and equipment, net	8,288		22,342		177,549			—			208,179
Goodwill	62,543		264,502		422,737			—			749,782
Other intangibles, net	12,611		136,107		223,316			—			372,034
Investment in subsidiaries	2,213,047		751,730		222,605			(3,187,382		)	—
Intercompany receivable	—		683,850		455,699			(1,139,549		)	—
Other long-term assets	12,957		22		15,756			—			28,735
Total assets	$	2,392,558	$	1,946,847	$	1,946,660		$	(4,326,931	)	$	1,959,134
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	20,342	$	29,988	$	103,396		$	—		$	153,726
Accrued compensation and benefits	10,439		3,183		32,202			—			45,824
Current maturities of long-term debt	2,250		—		—			—			2,250
Income taxes payable	35,187		—		(2,338		)	—			32,849
Other current liabilities	20,101		9,930		33,615			—			63,646
Total current liabilities	88,319		43,101		166,875			—			298,295
Long-term debt, less current maturities	387,750		—		—			—			387,750
Deferred income taxes	42,124		—		52,990			—			95,114
Pension and postretirement benefit liabilities	7,585		—		4,698			—			12,283
Other long-term liabilities	51,657		110		12,824			—			64,591
Intercompany payable	714,022		—		425,527			(1,139,549		)	—
Shareholders’ equity	1,101,101		1,903,636		1,283,746			(3,187,382		)	1,101,101
Total liabilities and shareholders’ equity	$	2,392,558	$	1,946,847	$	1,946,660		$	(4,326,931	)	$	1,959,134

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2013
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	16,122	$	—	$	87,864	$	—		$	103,986
Accounts receivable, net	20,471		40,343		158,261		—			219,075
Inventories, net	27,343		38,948		76,258		—			142,549
Deferred income taxes	13,002		—		5,794		—			18,796
Other current assets	7,454		963		19,811		—			28,228
Assets of discontinued operations	—		192,129		80,477		—			272,606
Total current assets	84,392		272,383		428,465		—			785,240
Property, plant and equipment, net	7,050		22,801		171,645		—			201,496
Goodwill	62,543		264,502		407,907		—			734,952
Other intangibles, net	13,247		141,258		222,187		—			376,692
Investment in subsidiaries	2,086,534		201,779		96,333		(2,384,646		)	—
Intercompany receivable	—		480,633		360,620		(841,253		)	—
Other long-term assets	12,654		22		8,276		—			20,952
Total assets	$	2,266,420	$	1,383,378	$	1,695,433	$	(3,225,899	)	$	2,119,332
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	22,194	$	30,637	$	101,218	$	—		$	154,049
Accrued compensation and benefits	13,835		2,716		27,249		—			43,800
Income taxes payable	8,135		—		5,879		—			14,014
Other current liabilities	21,268		4,630		31,001		—			56,899
Liabilities of discontinued operations	—		23,466		29,614		—			53,080
Total current liabilities	65,432		61,449		194,961		—			321,842
Long-term debt	515,000		—		—		—			515,000
Deferred income taxes	64,358		—		51,507		—			115,865
Pension and postretirement benefit liabilities	16,267		—		4,431		—			20,698
Other long-term liabilities	51,479		390		13,791		—			65,660
Intercompany payable	473,617		—		367,636		(841,253		)	—
Shareholders’ equity	1,080,267		1,321,539		1,063,107		(2,384,646		)	1,080,267
Total liabilities and shareholders’ equity	$	2,266,420	$	1,383,378	$	1,695,433	$	(3,225,899	)	$	2,119,332

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 28, 2014
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(223	)	$	8,331		$	43,491		$	(14,716	)	$	36,883
Investing Activities
Proceeds from sale of property, plant and equipment	1			74			1,933			—			2,008
Proceeds (loss) on sale of businesses, net of transaction costs	(4,134		)	214,268			33,252			—			243,386
Intercompany investment	—			(99,963		)	—			99,963			—
Capital expenditures	(2,424		)	(2,379		)	(17,423		)	—			(22,226		)
Net cash provided by (used in) investing activities	(6,557		)	112,000			17,762			99,963			223,168
Financing Activities
Net repayments on revolver	(125,000		)	—			—			—			(125,000		)
Changes in receivables and payables to subsidiaries	213,449			(120,305		)	(93,144		)	—			—
Intercompany capital contributions	—			—			99,963			(99,963		)	—
Purchase of treasury shares	(109,095		)	—			—			—			(109,095		)
Stock option exercises and related tax benefits	25,803			—			—			—			25,803
Payment of contingent acquisition consideration	—			—			(753		)	—			(753		)
Cash dividend	(2,919		)	—			(14,716		)	14,716			(2,919		)
Net cash provided by (used in) financing activities	2,238			(120,305		)	(8,650		)	(85,247		)	(211,964		)
Effect of exchange rate changes on cash	—			—			2,944			—			2,944
Net increase (decrease) in cash and cash equivalents	(4,542		)	26			55,547			—			51,031
Cash and cash equivalents—beginning of period	16,122			—			87,864			—			103,986
Cash and cash equivalents—end of period	$	11,580		$	26		$	143,411		$	—		$	155,017

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	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	—			—			(83		)	—		(83		)
Net cash used in investing activities	(106		)	(1,940		)	(8,586		)	—		(10,632		)
Financing Activities
Principal repayments of term loans	(2,500		)	—			—			—		(2,500		)
Intercompany loan activity	(7,370		)	(7,064		)	14,434			—		—
Purchase of treasury shares	(8,821		)	—			—			—		(8,821		)
Payment of contingent acquisition consideration	(1,350		)	—			—			—		(1,350		)
Stock option exercises and related tax benefits	10,772			—			—			—		10,772
Cash dividend	(2,911		)	—			—			—		(2,911		)
Net cash provided by (used in) financing activities	(12,180		)	(7,064		)	14,434			—		(4,810		)
Effect of exchange rate changes on cash	—			—			(2,242		)	—		(2,242		)
Net (decrease) increase 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