Guarantor Subsidiaries (Tables)
|
12 Months Ended |
Aug. 31, 2014
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Condensed Consolidating Statements of Earnings |
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
195,573 |
|
|
$ |
315,715 |
|
|
$ |
888,574 |
|
|
$ |
— |
|
|
$ |
1,399,862 |
|
Cost of products sold |
|
57,464 |
|
|
219,750 |
|
|
575,776 |
|
|
— |
|
|
852,990 |
|
Gross profit |
|
138,109 |
|
|
95,965 |
|
|
312,798 |
|
|
— |
|
|
546,872 |
|
Selling, administrative and engineering expenses |
|
96,220 |
|
|
44,102 |
|
|
191,771 |
|
|
— |
|
|
332,093 |
|
Loss (gain) on product line divestiture |
|
1,200 |
|
|
(14,695 |
) |
|
— |
|
|
— |
|
|
(13,495 |
) |
Amortization of intangible assets |
|
1,272 |
|
|
10,520 |
|
|
13,374 |
|
|
— |
|
|
25,166 |
|
Operating profit |
|
39,417 |
|
|
56,038 |
|
|
107,653 |
|
|
— |
|
|
203,108 |
|
Financing costs, net |
|
25,611 |
|
|
3 |
|
|
(569 |
) |
|
— |
|
|
25,045 |
|
Intercompany expense (income), net |
|
(27,601 |
) |
|
5,520 |
|
|
22,081 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
12,716 |
|
|
153 |
|
|
(8,832 |
) |
|
— |
|
|
4,037 |
|
Earnings from continuing operations before income tax expense (benefit) |
|
28,691 |
|
|
50,362 |
|
|
94,973 |
|
|
— |
|
|
174,026 |
|
Income tax expense (benefit) |
|
(16,529 |
) |
|
30,793 |
|
|
18,309 |
|
|
— |
|
|
32,573 |
|
Net earnings before equity in earnings of subsidiaries |
|
45,220 |
|
|
19,569 |
|
|
76,664 |
|
|
— |
|
|
141,453 |
|
Equity in earnings of subsidiaries |
|
139,865 |
|
|
33,061 |
|
|
6,160 |
|
|
(179,086 |
) |
|
— |
|
Earnings from continuing operations |
|
185,085 |
|
|
52,630 |
|
|
82,824 |
|
|
(179,086 |
) |
|
141,453 |
|
Earnings (loss) from discontinued operations |
|
(21,512 |
) |
|
56,494 |
|
|
(12,862 |
) |
|
— |
|
|
22,120 |
|
Net earnings |
|
$ |
163,573 |
|
|
$ |
109,124 |
|
|
$ |
69,962 |
|
|
$ |
(179,086 |
) |
|
$ |
163,573 |
|
Comprehensive income |
|
$ |
163,825 |
|
|
$ |
123,148 |
|
|
$ |
55,990 |
|
|
$ |
(179,138 |
) |
|
$ |
163,825 |
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
196,531 |
|
|
$ |
293,884 |
|
|
$ |
789,327 |
|
|
$ |
— |
|
|
$ |
1,279,742 |
|
Cost of products sold |
|
65,178 |
|
|
201,704 |
|
|
505,910 |
|
|
— |
|
|
772,792 |
|
Gross profit |
|
131,353 |
|
|
92,180 |
|
|
283,417 |
|
|
— |
|
|
506,950 |
|
Selling, administrative and engineering expenses |
|
69,734 |
|
|
59,358 |
|
|
164,774 |
|
|
— |
|
|
293,866 |
|
Amortization of intangible assets |
|
1,276 |
|
|
10,481 |
|
|
11,182 |
|
|
— |
|
|
22,939 |
|
Operating profit |
|
60,343 |
|
|
22,341 |
|
|
107,461 |
|
|
— |
|
|
190,145 |
|
Financing costs, net |
|
25,270 |
|
|
9 |
|
|
(442 |
) |
|
— |
|
|
24,837 |
|
Intercompany expense (income), net |
|
(21,041 |
) |
|
1,082 |
|
|
19,959 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
(2,105 |
) |
|
(571 |
) |
|
5,035 |
|
|
— |
|
|
2,359 |
|
Earnings from continuing operations before income tax expense (benefit) |
|
58,219 |
|
|
21,821 |
|
|
82,909 |
|
|
— |
|
|
162,949 |
|
Income tax expense (benefit) |
|
(798 |
) |
|
2,009 |
|
|
14,161 |
|
|
— |
|
|
15,372 |
|
Net earnings before equity in earnings of subsidiaries |
|
59,017 |
|
|
19,812 |
|
|
68,748 |
|
|
— |
|
|
147,577 |
|
Equity in earnings (loss) of subsidiaries |
|
(26,527 |
) |
|
7,822 |
|
|
2,173 |
|
|
16,532 |
|
|
— |
|
Earnings from continuing operations |
|
32,490 |
|
|
27,634 |
|
|
70,921 |
|
|
16,532 |
|
|
147,577 |
|
Loss from discontinued operations |
|
(2,442 |
) |
|
(76,634 |
) |
|
(38,453 |
) |
|
— |
|
|
(117,529 |
) |
Net earnings (loss) |
|
$ |
30,048 |
|
|
$ |
(49,000 |
) |
|
$ |
32,468 |
|
|
$ |
16,532 |
|
|
$ |
30,048 |
|
Comprehensive income (loss) |
|
$ |
30,860 |
|
|
$ |
(48,416 |
) |
|
$ |
31,099 |
|
|
$ |
17,317 |
|
|
$ |
30,860 |
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2012 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
206,894 |
|
|
$ |
328,295 |
|
|
$ |
741,332 |
|
|
$ |
— |
|
|
$ |
1,276,521 |
|
Cost of products sold |
|
69,902 |
|
|
220,271 |
|
|
474,888 |
|
|
— |
|
|
765,061 |
|
Gross profit |
|
136,992 |
|
|
108,024 |
|
|
266,444 |
|
|
— |
|
|
511,460 |
|
Selling, administrative and engineering expenses |
|
79,742 |
|
|
61,113 |
|
|
144,065 |
|
|
— |
|
|
284,920 |
|
Amortization of intangible assets |
|
1,341 |
|
|
10,515 |
|
|
10,170 |
|
|
— |
|
|
22,026 |
|
Operating profit |
|
55,909 |
|
|
36,396 |
|
|
112,209 |
|
|
— |
|
|
204,514 |
|
Financing costs, net |
|
29,983 |
|
|
(14 |
) |
|
(408 |
) |
|
— |
|
|
29,561 |
|
Debt refinancing costs |
|
16,830 |
|
|
— |
|
|
— |
|
|
— |
|
|
16,830 |
|
Intercompany expense (income), net |
|
(32,185 |
) |
|
6,281 |
|
|
25,904 |
|
|
— |
|
|
— |
|
Other expense, net |
|
1,351 |
|
|
1,992 |
|
|
150 |
|
|
— |
|
|
3,493 |
|
Earnings from continuing operations before income tax expense |
|
39,930 |
|
|
28,137 |
|
|
86,563 |
|
|
— |
|
|
154,630 |
|
Income tax expense |
|
6,700 |
|
|
4,677 |
|
|
17,977 |
|
|
— |
|
|
29,354 |
|
Net earnings before equity in earnings of subsidiaries |
|
33,230 |
|
|
23,460 |
|
|
68,586 |
|
|
— |
|
|
125,276 |
|
Equity in earnings of subsidiaries |
|
56,407 |
|
|
14,373 |
|
|
1,649 |
|
|
(72,429 |
) |
|
— |
|
Earnings from continuing operations |
|
89,637 |
|
|
37,833 |
|
|
70,235 |
|
|
(72,429 |
) |
|
125,276 |
|
Earnings (loss) from discontinuing operations |
|
(2,347 |
) |
|
11,373 |
|
|
(47,012 |
) |
|
— |
|
|
(37,986 |
) |
Net earnings |
|
$ |
87,290 |
|
|
$ |
49,206 |
|
|
$ |
23,223 |
|
|
$ |
(72,429 |
) |
|
$ |
87,290 |
|
Comprehensive income |
|
$ |
35,497 |
|
|
$ |
24,934 |
|
|
$ |
6,064 |
|
|
$ |
(30,998 |
) |
|
$ |
35,497 |
|
|
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
27,931 |
|
|
$ |
3,325 |
|
|
$ |
77,756 |
|
|
$ |
— |
|
|
$ |
109,012 |
|
Accounts receivable, net |
|
22,811 |
|
|
38,511 |
|
|
165,686 |
|
|
— |
|
|
227,008 |
|
Inventories, net |
|
31,024 |
|
|
38,860 |
|
|
92,736 |
|
|
— |
|
|
162,620 |
|
Deferred income taxes |
|
7,503 |
|
|
— |
|
|
3,547 |
|
|
— |
|
|
11,050 |
|
Prepaid expenses and other current assets |
|
3,871 |
|
|
1,057 |
|
|
28,372 |
|
|
— |
|
|
33,300 |
|
Total current assets |
|
93,140 |
|
|
81,753 |
|
|
368,097 |
|
|
— |
|
|
542,990 |
|
Property, plant & equipment, net |
|
9,096 |
|
|
22,879 |
|
|
137,126 |
|
|
— |
|
|
169,101 |
|
Goodwill |
|
44,700 |
|
|
280,693 |
|
|
417,377 |
|
|
— |
|
|
742,770 |
|
Other intangibles, net |
|
11,974 |
|
|
140,400 |
|
|
212,803 |
|
|
— |
|
|
365,177 |
|
Intercompany receivable |
|
— |
|
|
678,073 |
|
|
622,818 |
|
|
(1,300,891 |
) |
|
— |
|
Investment in subsidiaries |
|
2,286,068 |
|
|
806,414 |
|
|
237,207 |
|
|
(3,329,689 |
) |
|
— |
|
Other long-term assets |
|
23,432 |
|
|
— |
|
|
13,409 |
|
|
— |
|
|
36,841 |
|
Total assets |
|
$ |
2,468,410 |
|
|
$ |
2,010,212 |
|
|
$ |
2,008,837 |
|
|
$ |
(4,630,580 |
) |
|
$ |
1,856,879 |
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
20,014 |
|
|
$ |
25,673 |
|
|
$ |
100,111 |
|
|
$ |
— |
|
|
$ |
145,798 |
|
Accrued compensation and benefits |
|
15,135 |
|
|
3,293 |
|
|
34,536 |
|
|
— |
|
|
52,964 |
|
Income taxes payable |
|
31,582 |
|
|
— |
|
|
6,765 |
|
|
— |
|
|
38,347 |
|
Current maturities of debt |
|
4,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,500 |
|
Other current liabilities |
|
19,081 |
|
|
3,989 |
|
|
34,442 |
|
|
— |
|
|
57,512 |
|
Total current liabilities |
|
90,312 |
|
|
32,955 |
|
|
175,854 |
|
|
— |
|
|
299,121 |
|
Long-term debt |
|
385,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
385,500 |
|
Deferred income taxes |
|
47,543 |
|
|
— |
|
|
49,427 |
|
|
— |
|
|
96,970 |
|
Pension and postretirement benefit liabilities |
|
8,668 |
|
|
— |
|
|
7,031 |
|
|
— |
|
|
15,699 |
|
Other long-term liabilities |
|
42,647 |
|
|
4,138 |
|
|
11,093 |
|
|
— |
|
|
57,878 |
|
Intercompany payable |
|
892,029 |
|
|
— |
|
|
408,861 |
|
|
(1,300,890 |
) |
|
— |
|
Shareholders’ equity |
|
1,001,711 |
|
|
1,973,119 |
|
|
1,356,571 |
|
|
(3,329,690 |
) |
|
1,001,711 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,468,410 |
|
|
$ |
2,010,212 |
|
|
$ |
2,008,837 |
|
|
$ |
(4,630,580 |
) |
|
$ |
1,856,879 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
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 |
|
Prepaid expenses and 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 & 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 |
|
Intercompany receivable |
|
— |
|
|
480,633 |
|
|
360,620 |
|
|
(841,253 |
) |
|
— |
|
Investment in subsidiaries |
|
2,086,534 |
|
|
201,779 |
|
|
96,333 |
|
|
(2,384,646 |
) |
|
— |
|
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 |
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
75,924 |
|
|
$ |
(20,966 |
) |
|
$ |
84,992 |
|
|
$ |
(14,716 |
) |
|
$ |
125,234 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant & equipment |
|
85 |
|
|
484 |
|
|
43,705 |
|
|
— |
|
|
44,274 |
|
Proceeds from sale of business |
|
(4,586 |
) |
|
250,748 |
|
|
43,428 |
|
|
— |
|
|
289,590 |
|
Intercompany investment |
|
— |
|
|
(99,963 |
) |
|
— |
|
|
99,963 |
|
|
— |
|
Capital expenditures |
|
(4,498 |
) |
|
(4,675 |
) |
|
(32,684 |
) |
|
— |
|
|
(41,857 |
) |
Business acquisitions, net of cash acquired |
|
(30,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,500 |
) |
Cash provided by (used in) investing activities |
|
(39,499 |
) |
|
146,594 |
|
|
54,449 |
|
|
99,963 |
|
|
261,507 |
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Intercompany loan activity |
|
354,791 |
|
|
(122,303 |
) |
|
(232,488 |
) |
|
— |
|
|
— |
|
Net repayments on revolver |
|
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Intercompany capital contribution |
|
— |
|
|
— |
|
|
99,963 |
|
|
(99,963 |
) |
|
— |
|
Payment of deferred acquisition consideration |
|
— |
|
|
— |
|
|
(1,585 |
) |
|
— |
|
|
(1,585 |
) |
Purchase of treasury shares |
|
(283,712 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(283,712 |
) |
Stock option exercises, related tax benefits and other |
|
32,224 |
|
|
— |
|
|
— |
|
|
— |
|
|
32,224 |
|
Cash dividend |
|
(2,919 |
) |
|
— |
|
|
(14,716 |
) |
|
14,716 |
|
|
(2,919 |
) |
Cash used in financing activities |
|
(24,616 |
) |
|
(122,303 |
) |
|
(148,826 |
) |
|
(85,247 |
) |
|
(380,992 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(723 |
) |
|
— |
|
|
(723 |
) |
Net increase (decrease) in cash and cash equivalents |
|
11,809 |
|
|
3,325 |
|
|
(10,108 |
) |
|
— |
|
|
5,026 |
|
Cash and cash equivalents—beginning of year |
|
16,122 |
|
|
— |
|
|
87,864 |
|
|
— |
|
|
103,986 |
|
Cash and cash equivalents—end of year |
|
$ |
27,931 |
|
|
$ |
3,325 |
|
|
$ |
77,756 |
|
|
$ |
— |
|
|
$ |
109,012 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
81,597 |
|
|
$ |
26,095 |
|
|
$ |
86,097 |
|
|
$ |
— |
|
|
$ |
193,789 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant & equipment |
|
563 |
|
|
206 |
|
|
852 |
|
|
— |
|
|
1,621 |
|
Proceeds from sale of business |
|
— |
|
|
— |
|
|
4,854 |
|
|
— |
|
|
4,854 |
|
Capital expenditures |
|
(2,022 |
) |
|
(4,021 |
) |
|
(17,625 |
) |
|
— |
|
|
(23,668 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
— |
|
|
(235,489 |
) |
|
— |
|
|
(235,489 |
) |
Cash used in investing activities |
|
(1,459 |
) |
|
(3,815 |
) |
|
(247,408 |
) |
|
— |
|
|
(252,682 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolver |
|
125,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
125,000 |
|
Intercompany loan activity |
|
(179,050 |
) |
|
(22,371 |
) |
|
201,421 |
|
|
— |
|
|
— |
|
Principal repayment on term loans |
|
(7,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,500 |
) |
Payment of deferred acquisition consideration |
|
(1,350 |
) |
|
— |
|
|
(4,028 |
) |
|
— |
|
|
(5,378 |
) |
Debt issuance costs |
|
(2,035 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,035 |
) |
Purchase of treasury shares |
|
(41,832 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(41,832 |
) |
Stock option exercises, related tax benefits and other |
|
33,261 |
|
|
— |
|
|
— |
|
|
— |
|
|
33,261 |
|
Cash dividend |
|
(2,911 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,911 |
) |
Cash provided (used in) financing activities |
|
(76,417 |
) |
|
(22,371 |
) |
|
197,393 |
|
|
— |
|
|
98,605 |
|
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(3,910 |
) |
|
— |
|
|
(3,910 |
) |
Net increase (decrease) in cash and cash equivalents |
|
3,721 |
|
|
(91 |
) |
|
32,172 |
|
|
— |
|
|
35,802 |
|
Cash and cash equivalents—beginning of year |
|
12,401 |
|
|
91 |
|
|
55,692 |
|
|
— |
|
|
68,184 |
|
Cash and cash equivalents—end of year |
|
$ |
16,122 |
|
|
$ |
— |
|
|
$ |
87,864 |
|
|
$ |
— |
|
|
$ |
103,986 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2012 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
97,454 |
|
|
$ |
20,363 |
|
|
$ |
64,512 |
|
|
$ |
— |
|
|
$ |
182,329 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant & equipment |
|
1,909 |
|
|
353 |
|
|
6,239 |
|
|
— |
|
|
8,501 |
|
Capital expenditures |
|
(5,062 |
) |
|
(4,069 |
) |
|
(13,609 |
) |
|
— |
|
|
(22,740 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
— |
|
|
(69,309 |
) |
|
— |
|
|
(69,309 |
) |
Cash used in investing activities |
|
(3,153 |
) |
|
(3,716 |
) |
|
(76,679 |
) |
|
— |
|
|
(83,548 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net repayments on revolver |
|
(57,990 |
) |
|
— |
|
|
(177 |
) |
|
— |
|
|
(58,167 |
) |
Principal repayment on term loans |
|
(2,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,500 |
) |
Repurchases of 2% Convertible Notes |
|
(102 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(102 |
) |
Proceeds from issuance of 5.625% Senior Notes |
|
300,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
300,000 |
|
Redemption of 6.875% Senior Notes |
|
(250,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(250,000 |
) |
Intercompany loan activity |
|
(11,482 |
) |
|
(16,556 |
) |
|
28,038 |
|
|
— |
|
|
— |
|
Payment of deferred acquisition consideration |
|
(290 |
) |
|
— |
|
|
(668 |
) |
|
— |
|
|
(958 |
) |
Debt issuance costs |
|
(5,490 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,490 |
) |
Purchase of treasury shares |
|
(63,083 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(63,083 |
) |
Stock option exercises, related tax benefits and other |
|
10,913 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,913 |
|
Cash dividend |
|
(2,748 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,748 |
) |
Cash provided by (used in) financing activities |
|
(82,772 |
) |
|
(16,556 |
) |
|
27,193 |
|
|
— |
|
|
(72,135 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(2,683 |
) |
|
— |
|
|
(2,683 |
) |
Net increase in cash and cash equivalents |
|
11,529 |
|
|
91 |
|
|
12,343 |
|
|
— |
|
|
23,963 |
|
Cash and cash equivalents—beginning of year |
|
872 |
|
|
— |
|
|
43,349 |
|
|
— |
|
|
44,221 |
|
Cash and cash equivalents—end of year |
|
$ |
12,401 |
|
|
$ |
91 |
|
|
$ |
55,692 |
|
|
$ |
— |
|
|
$ |
68,184 |
|
|