Guarantor Subsidiaries (Tables)

6 Months Ended

Feb. 28, 2017

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 (LOSS)

(in thousands)

	Three Months Ended February 28, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	34,953		$	80,973		$	142,943		$	—		$	258,869
Cost of products sold	10,049			61,821			99,673			—			171,543
Gross profit	24,904			19,152			43,270			—			87,326
Selling, administrative and engineering expenses	18,553			16,549			31,855			—			66,957
Amortization of intangible assets	318			2,918			1,833			—			5,069
Restructuring charges	372			441			1,288			—			2,101
Operating profit (loss)	5,661			(756		)	8,294			—			13,199
Financing costs (income), net	7,430			—			(96		)	—			7,334
Intercompany (income) expense, net	(7,882		)	11,242			(3,360		)	—			—
Intercompany dividends	—			(4,258		)	—			4,258			—
Other (income) expense, net	(48		)	(4		)	643			—			591
Earnings (loss) before income taxes	6,161			(7,736		)	11,107			(4,258		)	5,274
Income tax expense (benefit)	151			(667		)	716			—			200
Net earnings (loss) before equity in (loss) earnings of subsidiaries	6,010			(7,069		)	10,391			(4,258		)	5,074
Equity in earnings (loss) of subsidiaries	(936		)	8,057			(268		)	(6,853		)	—
Net earnings	$	5,074		$	988		$	10,123		$	(11,111	)	$	5,074
Comprehensive income	$	8,185		$	1,324		$	12,828		$	(14,152	)	$	8,185

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended February 29, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	32,399		$	84,099		$	146,791		$	—		$	263,289
Cost of products sold	12,077			61,815			98,367			—			172,259
Gross profit	20,322			22,284			48,424			—			91,030
Selling, administrative and engineering expenses	17,117			17,309			32,746			—			67,172
Amortization of intangible assets	318			3,336			2,226			—			5,880
Restructuring charges	79			2,446			1,057			—			3,582
Impairment charges	—			49,012			137,499			—			186,511
Operating profit (loss)	2,808			(49,819		)	(125,104		)	—			(172,115		)
Financing costs (income), net	7,308			—			(442		)	—			6,866
Intercompany (income) expense, net	(5,465		)	(1,072		)	6,537			—			—
Intercompany dividends	—			—			(5,338		)	5,338			—
Other expense (income), net	200			(28		)	63			—			235
Earnings (loss) before income taxes	765			(48,719		)	(125,924		)	(5,338		)	(179,216		)
Income tax benefit	(1,648		)	(1,000		)	(17,378		)	—			(20,026		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	2,413			(47,719		)	(108,546		)	(5,338		)	(159,190		)
Equity in (loss) earnings of subsidiaries	(161,603		)	(97,943		)	229			259,317			—
Net loss	$	(159,190	)	$	(145,662	)	$	(108,317	)	$	253,979		$	(159,190	)
Comprehensive loss	$	(173,341	)	$	(162,285	)	$	(106,174	)	$	268,459		$	(173,341	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Six Months Ended February 28, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	66,682		$	165,249		$	292,731		$	—		$	524,662
Cost of products sold	17,143			123,237			203,889			—			344,269
Gross profit	49,539			42,012			88,842			—			180,393
Selling, administrative and engineering expenses	36,520			33,185			65,856			—			135,561
Amortization of intangible assets	636			5,994			3,700			—			10,330
Restructuring charges	727			1,164			3,157			—			5,048
Director & officer transition charges	7,784			—			—			—			7,784
Operating profit	3,872			1,669			16,129			—			21,670
Financing costs (income), net	14,756			—			(289		)	—			14,467
Intercompany (income) expense, net	(12,950		)	10,156			2,794			—			—
Intercompany dividends	—			(59,401		)	—			59,401			—
Other expense (income), net	2,037			(74		)	(2,001		)	—			(38		)
Earnings before income taxes	29			50,988			15,625			(59,401		)	7,241
Income tax (benefit) expense	(2,563		)	(697		)	462			—			(2,798		)
Net earnings before equity in earnings of subsidiaries	2,592			51,685			15,163			(59,401		)	10,039
Equity in earnings of subsidiaries	7,447			13,682			2,862			(23,991		)	—
Net earnings	$	10,039		$	65,367		$	18,025		$	(83,392	)	$	10,039
Comprehensive (loss) income	$	(12,972	)	$	47,616		$	13,459		$	(61,075	)	$	(12,972	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Six Months Ended February 29, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	67,089		$	185,040		$	316,171		$	—		$	568,300
Cost of products sold	19,248			134,153			215,308			—			368,709
Gross profit	47,841			50,887			100,863			—			199,591
Selling, administrative and engineering expenses	36,877			35,839			67,367			—			140,083
Amortization of intangible assets	636			6,644			4,499			—			11,779
Restructuring charges	957			2,568			4,437			—			7,962
Impairment charges	—			49,012			137,499			—			186,511
Operating profit (loss)	9,371			(43,176		)	(112,939		)	—			(146,744		)
Financing costs (income), net	14,763			—			(781		)	—			13,982
Intercompany (income) expense, net	(11,294		)	(6,897		)	18,191			—			—
Intercompany dividends	—			—			(5,338		)	5,338			—
Other expense, net	603			31			221			—			855
Earnings (loss) before income taxes	5,299			(36,310		)	(125,232		)	(5,338		)	(161,581		)
Income tax (benefit) expense	(1,057		)	657			(17,439		)	—			(17,839		)
Net earnings (loss) before equity in earnings (loss) of subsidiaries	6,356			(36,967		)	(107,793		)	(5,338		)	(143,742		)
Equity in (loss) earnings of subsidiaries	(150,098		)	(95,069		)	2,087			243,080			—
Net loss	$	(143,742	)	$	(132,036	)	$	(105,706	)	$	237,742		$	(143,742	)
Comprehensive loss	$	(178,827	)	$	(160,882	)	$	(112,155	)	$	273,037		$	(178,827	)

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	February 28, 2017
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	6,509	$	—	$	165,381	$	—		$	171,890
Accounts receivable, net	16,364		48,848		136,702		—			201,914
Inventories, net	20,486		43,861		63,226		—			127,573
Other current assets	8,666		3,540		41,778		—			53,984
Total current assets	52,025		96,249		407,087		—			555,361
Property, plant and equipment, net	6,801		26,357		82,034		—			115,192
Goodwill	38,847		200,498		269,733		—			509,078
Other intangibles, net	8,793		143,763		73,003		—			225,559
Investment in subsidiaries	1,893,280		1,402,022		531,353		(3,826,655		)	—
Intercompany receivable	—		700,169		191,146		(891,315		)	—
Other long-term assets	5,430		10		16,404		—			21,844
Total assets	$	2,005,176	$	2,569,068	$	1,570,760	$	(4,717,970	)	$	1,427,034
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	12,838	$	22,627	$	89,484	$	—		$	124,949
Accrued compensation and benefits	15,032		4,886		22,445		—			42,363
Current maturities of debt and short-term borrowings	26,250		—		—		—			26,250
Income taxes payable	1,113		—		—		—			1,113
Other current liabilities	16,710		5,038		27,481		—			49,229
Total current liabilities	71,943		32,551		139,410		—			243,904
Long-term debt, net	547,058		—		—		—			547,058
Deferred income taxes	21,503		—		9,534		—			31,037
Pension and postretirement benefit liabilities	15,863		—		8,279		—			24,142
Other long-term liabilities	47,024		417		8,443		—			55,884
Intercompany payable	776,776		—		114,539		(891,315		)	—
Shareholders’ equity	525,009		2,536,100		1,290,555		(3,826,655		)	525,009
Total liabilities and shareholders’ equity	$	2,005,176	$	2,569,068	$	1,570,760	$	(4,717,970	)	$	1,427,034

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2016
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	7,953	$	71	$	171,580	$	—		$	179,604
Accounts receivable, net	13,692		41,715		131,422		—			186,829
Inventories, net	19,897		44,283		66,576		—			130,756
Other current assets	7,754		3,858		33,851		—			45,463
Total current assets	49,296		89,927		403,429		—			542,652
Property, plant and equipment, net	5,927		23,511		84,577		—			114,015
Goodwill	38,847		200,499		279,930		—			519,276
Other intangibles, net	9,429		149,757		80,289		—			239,475
Investment in subsidiaries	1,915,367		578,423		465,736		(2,959,526		)	—
Intercompany receivable	—		1,159,672		—		(1,159,672		)	—
Other long-term assets	5,702		10		17,530		—			23,242
Total assets	$	2,024,568	$	2,201,799	$	1,331,491	$	(4,119,198	)	$	1,438,660
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	11,529	$	20,669	$	82,853	$	—		$	115,051
Accrued compensation and benefits	17,506		5,754		23,641		—			46,901
Current maturities of debt and short-term borrowings	18,750		—		—		—			18,750
Income taxes payable	1,886		—		7,368		—			9,254
Other current liabilities	20,459		6,989		24,508		—			51,956
Total current liabilities	70,130		33,412		138,370		—			241,912
Long-term debt, net	561,681		—		—		—			561,681
Deferred income taxes	30,666		—		690		—			31,356
Pension and postretirement benefit liabilities	16,803		—		8,864		—			25,667
Other long-term liabilities	47,739		588		8,767		—			57,094
Intercompany payable	776,599		—		383,073		(1,159,672		)	—
Shareholders’ equity	520,950		2,167,799		791,727		(2,959,526		)	520,950
Total liabilities and shareholders’ equity	$	2,024,568	$	2,201,799	$	1,331,491	$	(4,119,198	)	$	1,438,660

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 28, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	58,626		$	5,902		$	8,906		$	(59,401	)	$	14,033
Investing Activities
Capital expenditures	(2,156		)	(6,108		)	(6,431		)	—			(14,695		)
Proceeds from sale of property, plant and equipment	—			135			109			—			244
Cash used in investing activities	(2,156		)	(5,973		)	(6,322		)	—			(14,451		)
Financing Activities
Principal repayments on term loan	(7,500		)	—			—			—			(7,500		)
Taxes paid related to the net share settlement of equity awards	(920		)	—			—			—			(920		)
Stock option exercises, related tax benefits and other	6,598			—			—			—			6,598
Cash dividend	(2,358		)	—			(59,401		)	59,401			(2,358		)
Intercompany loan activity	(53,734		)	—			53,734			—			—
Cash used in financing activities	(57,914		)	—			(5,667		)	59,401			(4,180		)
Effect of exchange rate changes on cash	—			—			(3,116		)	—			(3,116		)
Net decrease in cash and cash equivalents	(1,444		)	(71		)	(6,199		)	—			(7,714		)
Cash and cash equivalents—beginning of period	7,953			71			171,580			—			179,604
Cash and cash equivalents—end of period	$	6,509		$	—		$	165,381		$	—		$	171,890

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended February 29, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash (used in) provided by operating activities	$	(1,531	)	$	5,293		$	30,439		$	(5,338	)	$	28,863
Investing Activities
Capital expenditures	(339		)	(3,194		)	(7,471		)	—			(11,004		)
Proceeds from sale of property, plant and equipment	13			2,672			1,951			—			4,636
Business acquisitions, net of cash acquired	—			—			(15,026		)	—			(15,026		)
Cash used in investing activities	(326		)	(522		)	(20,546		)	—			(21,394		)
Financing Activities
Net repayments on revolver and other debt	—			—			(210		)	—			(210		)
Purchase of treasury shares	(9,352		)	—			—			—			(9,352		)
Taxes paid related to the net share settlement of equity awards	(1,332		)	—			—			—			(1,332		)
Stock option exercises, related tax benefits and other	2,245			—			—			—			2,245
Cash dividend	(2,376		)	(5,338		)	—			5,338			(2,376		)
Intercompany loan activity	464			—			(464		)	—			—
Cash used in financing activities	(10,351		)	(5,338		)	(674		)	5,338			(11,025		)
Effect of exchange rate changes on cash	—			—			(10,619		)	—			(10,619		)
Net decrease in cash and cash equivalents	(12,208		)	(567		)	(1,400		)	—			(14,175		)
Cash and cash equivalents—beginning of period	18,688			567			149,591			—			168,846
Cash and cash equivalents—end of period	$	6,480		$	—		$	148,191		$	—		$	154,671