Guarantor Subsidiaries (Tables)

12 Months Ended

Aug. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Year Ended August 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	159,411		$	371,890		$	651,310		$	—		$	1,182,611
Cost of products sold	29,619			275,280			462,452			—			767,351
Gross profit	129,792			96,610			188,858			—			415,260
Selling, administrative and engineering expenses	81,194			72,688			137,562			—			291,444
Amortization of intangible assets	1,272			11,394			7,899			—			20,565
Restructuring charges	6,433			1,398			4,164			—			11,995
Impairment & divestiture charges	4,217			23,740			45,101			—			73,058
Operating profit (loss)	36,676			(12,610		)	(5,868		)	—			18,198
Financing costs (income), net	31,752			81			(342		)	—			31,491
Intercompany (income) expense, net	(17,042		)	26,596			(9,554		)	—			—
Intercompany dividends	—			(28,822		)	—			28,822			—
Other (income) expense, net	(1,200		)	57			522			—			(621		)
Earnings (loss) before income tax (benefit) expense	23,166			(10,522		)	3,506			(28,822		)	(12,672		)
Income tax (benefit) expense	(25,380		)	17,921			16,435			—			8,976
Net earnings (loss) before equity in (loss) earnings of subsidiaries	48,546			(28,443		)	(12,929		)	(28,822		)	(21,648		)
Equity in (loss) earnings of subsidiaries	(70,194		)	(15,652		)	2,103			83,743			—
Net loss	(21,648		)	(44,095		)	(10,826		)	54,921			(21,648		)
Comprehensive income (loss)	$	31,368		$	(44,095	)	$	40,800		$	3,295		$	31,368

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands)

	Year Ended August 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	145,223		$	355,989		$	594,572		$	—		$	1,095,784
Cost of products sold	34,300			260,700			421,067			—			716,067
Gross profit	110,923			95,289			173,505			—			379,717
Selling, administrative and engineering expenses	74,996			69,826			132,666			—			277,488
Amortization of intangible assets	1,272			11,715			7,487			—			20,474
Director & officer transition charges	7,784			—			—			—			7,784
Restructuring charges	826			1,359			5,043			—			7,228
Impairment & divestiture charges	—			—			116,979			—			116,979
Operating profit (loss)	26,045			12,389			(88,670		)	—			(50,236		)
Financing costs, net	30,005			35			(337		)	—			29,703
Intercompany (income) expense, net	(22,941		)	22,066			875			—			—
Intercompany dividends	5,353			(59,401		)	(5,353		)	59,401			—
Other expense (income), net	2,690			87			(25		)	—			2,752
Earnings (loss) before income tax benefit	10,938			49,602			(83,830		)	(59,401		)	(82,691		)
Income tax benefit	(782		)	(14,574		)	(1,122		)	—			(16,478		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	11,720			64,176			(82,708		)	(59,401		)	(66,213		)
Equity in (loss) earnings of subsidiaries	(77,933		)	(81,389		)	3,335			155,987			—
Net loss	(66,213		)	(17,213		)	(79,373		)	96,586			(66,213		)
Comprehensive loss	$	(41,651	)	$	(35,121	)	$	(39,942	)	$	75,063		$	(41,651	)

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE LOSS

(in thousands)

	Year Ended August 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	135,679		$	361,209		$	652,522		$	—		$	1,149,410
Cost of products sold	34,576			263,197			448,240			—			746,013
Gross profit	101,103			98,012			204,282			—			403,397
Selling, administrative and engineering expenses	69,677			69,382			135,438			—			274,497
Amortization of intangible assets	1,272			13,287			8,384			—			22,943
Loss on product line divestiture	—			5,092			—			—			5,092
Restructuring charges	2,426			3,455			8,690			—			14,571
Impairment charges	—			49,012			137,499			—			186,511
Operating profit (loss)	27,728			(42,216		)	(85,729		)	—			(100,217		)
Financing costs, net	30,123			—			(1,355		)	—			28,768
Intercompany (income) expense, net	(20,445		)	(9,999		)	30,444			—			—
Intercompany dividends	—			—			(5,338		)	5,338			—
Other expense, net	914			54			391			—			1,359
Earnings (loss) before income taxes	17,136			(32,271		)	(109,871		)	(5,338		)	(130,344		)
Income tax (benefit) expense	(8,729		)	519			(17,046		)	86			(25,170		)
Net earnings (loss) before equity in (loss) earnings of subsidiaries	25,865			(32,790		)	(92,825		)	(5,424		)	(105,174		)
Equity in (loss) earnings of subsidiaries	(131,037		)	(83,747		)	3,024			211,760			—
Net loss	(105,174		)	(116,537		)	(89,801		)	206,336			(105,174		)
Comprehensive loss	$	(143,357	)	$	(157,344	)	$	(83,802	)	$	241,146		$	(143,357	)

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	August 31, 2018
	Parent		Guarantors		Non-Guarantors		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	67,649	$	—	$	182,841	$	—		$	250,490
Accounts receivable, net	19,969		54,822		112,958		—			187,749
Inventories, net	22,570		59,391		74,395		—			156,356
Assets held for sale	—		—		23,573		—			23,573
Other current assets	7,358		4,759		30,615		—			42,732
Total current assets	117,546		118,972		424,382		—			660,900
Property, plant & equipment, net	7,937		26,408		55,875		—			90,220
Goodwill	38,847		203,543		270,022		—			512,412
Other intangible assets, net	6,884		121,793		52,360		—			181,037
Investment in subsidiaries	1,836,954		1,211,781		789,917		(3,838,652		)	—
Intercompany receivables	—		622,646		200,173		(822,819		)	—
Other long-term assets	12,955		366		23,448		—			36,769
Total assets	$	2,021,123	$	2,305,509	$	1,816,177	$	(4,661,471	)	$	1,481,338
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	15,890	$	29,022	$	85,926	$	—		$	130,838
Accrued compensation and benefits	22,171		9,804		22,533		—			54,508
Current maturities of debt	30,000		—		—		—			30,000
Income taxes payable	—		—		4,091		—			4,091
Liabilities held for sale	—		—		44,225		—			44,225
Other current liabilities	17,379		11,078		38,842		—			67,299
Total current liabilities	85,440		49,904		195,617		—			330,961
Long-term debt	502,695		—		—		—			502,695
Deferred income taxes	17,467		—		4,466		—			21,933
Pension and post-retirement benefit liabilities	7,765		—		7,104		—			14,869
Other long-term liabilities	45,483		359		6,326		—			52,168
Intercompany payable	803,561		19,258		—		(822,819		)	—
Shareholders’ equity	558,712		2,235,988		1,602,664		(3,838,652		)	558,712
Total liabilities and shareholders’ equity	$	2,021,123	$	2,305,509	$	1,816,177	$	(4,661,471	)	$	1,481,338

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 intangible assets, 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)

	Year Ended August 31, 2018
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	63,264		$	27,673		$	15,156		$	—		$	106,093
Investing Activities
Capital expenditures	(2,822		)	(8,015		)	(10,033		)	—			(20,870		)
Proceeds from sale of property, plant and equipment	—			99			54			—			153
Rental asset buyout for Viking divestiture	—			—			(27,718		)	—			(27,718		)
Proceeds from sale of businesses, net of transaction costs	198			—			8,704			—			8,902
Cash paid for business acquisitions, net of cash acquired	—			(1,732		)	(21,486		)	—			(23,218		)
Intercompany investment	(11,754		)	(1		)	—			11,755			—
Cash used in investing activities	(14,378		)	(9,649		)	(50,479		)	11,755			(62,751		)
Financing Activities
Principal repayment on term loan	(30,000		)	—			—			—			(30,000		)
Taxes paid related to the net share settlement of equity awards	(1,284		)	—			—			—			(1,284		)
Stock option exercises, related tax benefits and other	15,681			—			—			—			15,681
Cash dividend	(2,390		)	—			—			—			(2,390		)
Changes in receivables and payable to subsidiaries	2,041			(18,024		)	15,983			—			—
Intercompany capital contribution	—			—			11,755			(11,755		)	—
Cash (used in) provided by financing activities	(15,952		)	(18,024		)	27,738			(11,755		)	(17,993		)
Effect of exchange rate changes on cash	—			—			(4,430		)	—			(4,430		)
Net increase (decrease) in cash and cash equivalents	32,934			—			(12,015		)	—			20,919
Cash and cash equivalents—beginning of period	34,715			—			194,856			—			229,571
Cash and cash equivalents—end of period	$	67,649		$	—		$	182,841		$	—		$	250,490

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended August 31, 2017
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by operating activities	$	99,241		$	14,340		$	39,672		$	(64,754	)	$	88,499
Investing Activities
Capital expenditures	(3,391		)	(9,265		)	(15,539		)	—			(28,195		)
Proceeds from sale of property, plant and equipment	—			207			363			—			570
Intercompany investment	(6,900		)	—			—			6,900			—
Cash used in investing activities	(10,291		)	(9,058		)	(15,176		)	6,900			(27,625		)
Financing Activities
Principal repayment on term loan	(18,750		)	—			—			—			(18,750		)
Redemption on 5.625% Senior Notes	(500		)	—			—			—			(500		)
Taxes paid related to the net share settlement of equity awards	(1,065		)	—			—			—			(1,065		)
Stock option exercises, related tax benefits and other	8,265			—			—			—			8,265
Payment of deferred acquisition consideration	—			—			(742		)	—			(742		)
Cash dividend	(2,358		)	(5,353		)	(59,401		)	64,754			(2,358		)
Intercompany loan activity	(47,780		)	—			47,780			—			—
Intercompany capital contributions	—			—			6,900			(6,900		)	—
Cash used in financing activities	(62,188		)	(5,353		)	(5,463		)	57,854			(15,150		)
Effect of exchange rate changes on cash	—			—			4,243			—			4,243
Net increase (decrease) in cash and cash equivalents	26,762			(71		)	23,276			—			49,967
Cash and cash equivalents—beginning of period	7,953			71			171,580			—			179,604
Cash and cash equivalents—end of period	$	34,715		$	—		$	194,856		$	—		$	229,571

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended August 31, 2016
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	58,926		$	(1,953	)	$	66,062		$	(5,338	)	$	117,697
Investing Activities
Capital expenditures	(2,135		)	(6,781		)	(11,293		)	—			(20,209		)
Proceeds from sale of property, plant and equipment	13			7,000			2,283			—			9,296
Intercompany investment	(339		)	(3,458		)	—			3,797			—
Business acquisitions, net of cash acquired	—			—			(81,916		)	—			(81,916		)
Proceeds from sale of businesses, net of transaction costs	—			9,695			—			—			9,695
Cash (used in) provided by investing activities	(2,461		)	6,456			(90,926		)	3,797			(83,134		)
Financing Activities
Net repayments on revolving credit facility	—			—			(210		)	—			(210		)
Principal repayments on term loan	(3,750		)	—			—			—			(3,750		)
Purchase of treasury shares	(17,101		)	—			—			—			(17,101		)
Taxes paid related to the net share settlement of equity awards	(1,409		)	—			—			—			(1,409		)
Stock option exercises, related tax benefits and other	6,416			—			—			—			6,416
Cash dividend	(2,376		)	(5,338		)	—			5,338			(2,376		)
Intercompany loan activity	(48,980		)	—			48,980			—			—
Intercompany capital contributions	—			339			3,458			(3,797		)	—
Cash (used in) provided by financing activities	(67,200		)	(4,999		)	52,228			1,541			(18,430		)
Effect of exchange rate changes on cash	—			—			(5,375		)	—			(5,375		)
Net increase (decrease) in cash and cash equivalents	(10,735		)	(496		)	21,989			—			10,758
Cash and cash equivalents—beginning of period	18,688			567			149,591			—			168,846
Cash and cash equivalents—end of period	$	7,953		$	71		$	171,580		$	—		$	179,604