Guarantor Subsidiaries (Tables)

9 Months Ended

May 31, 2018

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 (LOSS)

(in thousands)

	Three Months Ended May 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	41,851		$	101,780		$	173,465		$	—		$	317,096
Cost of products sold	6,394			73,266			120,927			—			200,587
Gross profit	35,457			28,514			52,538			—			116,509
Selling, administrative and engineering expenses	22,480			18,439			36,651			—			77,570
Amortization of intangible assets	318			2,861			2,005			—			5,184
Restructuring charges	661			253			256			—			1,170
Operating profit	11,998			6,961			13,626			—			32,585
Financing costs (income), net	7,847			22			(113		)	—			7,756
Intercompany (income) expense, net	(2,023		)	7,120			(5,097		)	—			—
Other (income) expense, net	(251		)	(8		)	71			—			(188		)
Earnings (loss) before income tax (benefit) expense	6,425			(173		)	18,765			—			25,017
Income tax (benefit) expense	(11,354		)	(86		)	7,445			—			(3,995		)
Net earnings (loss) before equity in earnings of subsidiaries	17,779			(87		)	11,320			—			29,012
Equity in earnings of subsidiaries	11,233			13,406			1,157			(25,796		)	—
Net earnings	$	29,012		$	13,319		$	12,477		$	(25,796	)	$	29,012
Comprehensive income (loss)	$	8,059		$	13,319		$	(9,092	)	$	(4,227	)	$	8,059

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended May 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	39,753		$	98,391		$	157,283		$	—		$	295,427
Cost of products sold	9,944			71,565			111,114			—			192,623
Gross profit	29,809			26,826			46,169			—			102,804
Selling, administrative and engineering expenses	18,113			18,060			33,878			—			70,051
Amortization of intangible assets	318			2,865			1,854			—			5,037
Restructuring charges	99			153			132			—			384
Operating profit	11,279			5,748			10,305			—			27,332
Financing costs (income), net	7,558			—			(5		)	—			7,553
Intercompany (income) expense, net	(3,941		)	3,958			(17		)	—			—
Intercompany dividends	5,353			—			(5,353		)	—			—
Other (income) expense, net	(159		)	98			1,358			—			1,297
Earnings before income tax benefit	2,468			1,692			14,322			—			18,482
Income tax benefit	(3,521		)	(168		)	(340		)	—			(4,029		)
Net earnings before equity in earnings of subsidiaries	5,989			1,860			14,662			—			22,511
Equity in earnings of subsidiaries	16,523			15,475			1,754			(33,752		)	—
Net earnings	$	22,511		$	17,335		$	16,416		$	(33,752	)	$	22,511
Comprehensive income	$	42,835		$	24,376		$	28,358		$	(52,734	)	$	42,835

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Nine Months Ended May 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	113,780		$	272,686		$	494,750		$	—		$	881,216
Cost of products sold	19,205			201,819			353,076			—			574,100
Gross profit	94,575			70,867			141,674			—			307,116
Selling, administrative and engineering expenses	60,385			54,119			106,046			—			220,550
Amortization of intangible assets	954			8,583			5,946			—			15,483
Restructuring charges	6,211			1,331			3,707			—			11,249
Impairment & divestiture charges (income)	4,217			—			(1,230		)	—			2,987
Operating profit	22,808			6,834			27,205			—			56,847
Financing costs (income), net	23,247			65			(438		)	—			22,874
Intercompany (income) expense, net	(11,942		)	18,023			(6,081		)	—			—
Other (income) expense, net	(211		)	86			633			—			508
Earnings (loss) before income tax (benefit) expense	11,714			(11,340		)	33,091			—			33,465
Income tax (benefit) expense	(1,027		)	(1,883		)	20,358			—			17,448
Net earnings (loss) before equity in earnings (loss) of subsidiaries	12,741			(9,457		)	12,733			—			16,017
Equity in earnings (loss) of subsidiaries	3,276			12,745			(348		)	(15,673		)	—
Net earnings	$	16,017		$	3,288		$	12,385		$	(15,673	)	$	16,017
Comprehensive income	$	79,098		$	3,288		$	77,294		$	(80,582	)	$	79,098

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(in thousands)

	Nine Months Ended May 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	106,435		$	263,640		$	450,014		$	—		$	820,089
Cost of products sold	27,087			194,802			315,003			—			536,892
Gross profit	79,348			68,838			135,011			—			283,197
Selling, administrative and engineering expenses	54,633			51,245			99,731			—			205,609
Amortization of intangible assets	954			8,859			5,555			—			15,368
Restructuring charges	826			1,317			3,290			—			5,433
Director & officer transition charges	7,784			—			—			—			7,784
Operating profit	15,151			7,417			26,435			—			49,003
Financing costs (income), net	22,314			—			(295		)	—			22,019
Intercompany (income) expense, net	(16,891		)	14,114			2,777			—			—
Intercompany dividends	5,353			(59,401		)	(5,353		)	59,401			—
Other expense (income), net	1,878			24			(642		)	—			1,260
Earnings before income tax (benefit) expense	2,497			52,680			29,948			(59,401		)	25,724
Income tax (benefit) expense	(6,084		)	(865		)	122			—			(6,827		)
Net earnings before equity in earnings of subsidiaries	8,581			53,545			29,826			(59,401		)	32,551
Equity in earnings of subsidiaries	23,970			29,157			4,616			(57,743		)	—
Net earnings	$	32,551		$	82,702		$	34,442		$	(117,144	)	$	32,551
Comprehensive income	$	29,864		$	71,992		$	41,817		$	(113,809	)	$	29,864

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	May 31, 2018
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	36,411	$	—	$	153,079	$	—		$	189,490
Accounts receivable, net	18,176		55,856		138,252		—			212,284
Inventories, net	26,590		62,274		78,453		—			167,317
Other current assets	9,763		4,045		44,924		—			58,732
Total current assets	90,940		122,175		414,708		—			627,823
Property, plant & equipment, net	8,073		31,872		60,820		—			100,765
Goodwill	38,847		201,578		298,367		—			538,792
Other intangibles, net	7,202		129,460		73,498		—			210,160
Investment in subsidiaries	1,890,023		1,264,257		802,395		(3,956,675		)	—
Intercompany receivable	—		564,943		214,895		(779,838		)	—
Other long-term assets	10,391		31		16,823		—			27,245
Total assets	$	2,045,476	$	2,314,316	$	1,881,506	$	(4,736,513	)	$	1,504,785
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	14,511	$	30,284	$	97,404	$	—		$	142,199
Accrued compensation and benefits	14,112		8,962		25,019		—			48,093
Current maturities of debt	30,000		—		—		—			30,000
Income taxes payable	6,069		—		11,536		—			17,605
Other current liabilities	18,931		6,521		37,985		—			63,437
Total current liabilities	83,623		45,767		171,944		—			301,334
Long-term debt	510,007		—		—		—			510,007
Deferred income taxes	13,659		—		5,832		—			19,491
Pension and post-retirement benefit liabilities	11,587		—		7,105		—			18,692
Other long-term liabilities	46,651		374		7,208		—			54,233
Intercompany payable	778,921		—		917		(779,838		)	—
Shareholders’ equity	601,028		2,268,175		1,688,500		(3,956,675		)	601,028
Total liabilities and shareholders’ equity	$	2,045,476	$	2,314,316	$	1,881,506	$	(4,736,513	)	$	1,504,785

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2017
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	34,715	$	—	$	194,856	$	—		$	229,571
Accounts receivable, net	17,498		50,749		121,959		—			190,206
Inventories, net	23,308		48,492		71,851		—			143,651
Assets held for sale	—		—		21,835		—			21,835
Other current assets	23,576		3,619		34,468		—			61,663
Total current assets	99,097		102,860		444,969		—			646,926
Property, plant & equipment, net	7,049		26,130		61,342		—			94,521
Goodwill	38,847		200,499		290,735		—			530,081
Other intangibles, net	8,156		138,042		74,291		—			220,489
Investment in subsidiaries	1,832,472		1,186,715		805,016		(3,824,203		)	—
Intercompany receivable	—		589,193		205,183		(794,376		)	—
Other long-term assets	8,377		812		15,749		—			24,938
Total assets	$	1,993,998	$	2,244,251	$	1,897,285	$	(4,618,579	)	$	1,516,955
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	15,412	$	27,168	$	90,807	$	—		$	133,387
Accrued compensation and benefits	19,082		7,672		24,185		—			50,939
Current maturities of debt	30,000		—		—		—			30,000
Income taxes payable	153		—		5,927		—			6,080
Liabilities held for sale	—		—		101,083		—			101,083
Other current liabilities	18,512		7,169		31,764		—			57,445
Total current liabilities	83,159		42,009		253,766		—			378,934
Long-term debt	531,940		—		—		—			531,940
Deferred income taxes	24,164		—		5,695		—			29,859
Pension and post-retirement benefit liabilities	12,540		—		7,322		—			19,862
Other long-term liabilities	48,692		352		6,777		—			55,821
Intercompany payable	792,964		—		1,412		(794,376		)	—
Shareholders’ equity	500,539		2,201,890		1,622,313		(3,824,203		)	500,539
Total liabilities and shareholders’ equity	$	1,993,998	$	2,244,251	$	1,897,285	$	(4,618,579	)	$	1,516,955

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	25,741		$	9,439		$	409		$	—		$	35,589
Investing Activities
Capital expenditures	(2,455		)	(7,806		)	(8,455		)	—			(18,716		)
Proceeds from sale of property, plant and equipment	—			99			49			—			148
Rental asset buyout for Viking divestiture	—			—			(27,718		)	—			(27,718		)
Proceeds from sale of business, net of transition costs	198			—			8,582			—			8,780
Cash paid for business acquisitions, net of cash acquired	—			(1,732		)	(20,594		)	—			(22,326		)
Intercompany investment	(100		)	—			—			100			—
Cash used in investing activities	(2,357		)	(9,439		)	(48,136		)	100			(59,832		)
Financing Activities
Principal repayments on term loan	(22,500		)	—			—			—			(22,500		)
Stock option exercises and other	10,435			—			—			—			10,435
Taxes paid related to the net share settlement of equity awards	(1,279		)	—			—			—			(1,279		)
Cash dividend	(2,390		)	—			—			—			(2,390		)
Intercompany loan activity	(5,954		)	—			5,954			—			—
Intercompany capital contribution	—			—			100			(100		)	—
Cash (used in) provided by financing activities	(21,688		)	—			6,054			(100		)	(15,734		)
Effect of exchange rate changes on cash	—			—			(104		)	—			(104		)
Net increase (decrease) in cash and cash equivalents	1,696			—			(41,777		)	—			(40,081		)
Cash and cash equivalents—beginning of period	34,715			—			194,856			—			229,571
Cash and cash equivalents—end of period	$	36,411		$	—		$	153,079		$	—		$	189,490

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Nine Months Ended May 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net provided by operating activities	$	82,834		$	13,184		$	20,798		$	(64,754	)	$	52,062
Investing Activities
Capital expenditures	(2,706		)	(8,037		)	(12,176		)	—			(22,919		)
Proceeds from sale of property, plant and equipment	—			135			109			—			244
Cash used in investing activities	(2,706		)	(7,902		)	(12,067		)	—			(22,675		)
Financing Activities
Principal repayments on term loan	(11,250		)	—			—			—			(11,250		)
Redemption of 5.625% Senior Notes	(500		)	—			—			—			(500		)
Stock option exercises and other	7,314			—			—			—			7,314
Taxes paid related to the net share settlement of equity awards	(999		)	—			—			—			(999		)
Payment of deferred acquisition consideration	—			—			(742		)	—			(742		)
Cash dividend	(2,358		)	(5,353		)	(59,401		)	64,754			(2,358		)
Intercompany loan activity	(53,734		)	—			53,734			—			—
Cash used in financing activities	(61,527		)	(5,353		)	(6,409		)	64,754			(8,535		)
Effect of exchange rate changes on cash	—			—			(1,502		)	—			(1,502		)
Net increase (decrease) in cash and cash equivalents	18,601			(71		)	820			—			19,350
Cash and cash equivalents—beginning of period	7,953			71			171,580			—			179,604
Cash and cash equivalents—end of period	$	26,554		$	—		$	172,400		$	—		$	198,954