| Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block] |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
40,266 |
|
|
$ |
77,591 |
|
|
$ |
209,908 |
|
|
$ |
— |
|
|
$ |
327,765 |
|
Cost of products sold |
|
9,967 |
|
|
53,258 |
|
|
137,564 |
|
|
— |
|
|
200,789 |
|
Gross profit |
|
30,299 |
|
|
24,333 |
|
|
72,344 |
|
|
— |
|
|
126,976 |
|
Selling, administrative and engineering expenses |
|
19,072 |
|
|
17,467 |
|
|
45,933 |
|
|
— |
|
|
82,472 |
|
Amortization of intangible assets |
|
318 |
|
|
2,785 |
|
|
3,183 |
|
|
— |
|
|
6,286 |
|
Operating profit |
|
10,909 |
|
|
4,081 |
|
|
23,228 |
|
|
— |
|
|
38,218 |
|
Financing costs, net |
|
6,547 |
|
|
— |
|
|
(356 |
) |
|
— |
|
|
6,191 |
|
Intercompany expense (income), net |
|
(5,732 |
) |
|
1,234 |
|
|
4,498 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
465 |
|
|
(96 |
) |
|
(808 |
) |
|
— |
|
|
(439 |
) |
Earnings before income tax expense |
|
9,629 |
|
|
2,943 |
|
|
19,894 |
|
|
— |
|
|
32,466 |
|
Income tax expense |
|
2,310 |
|
|
706 |
|
|
4,776 |
|
|
— |
|
|
7,792 |
|
Net earnings before equity in earnings of subsidiaries |
|
7,319 |
|
|
2,237 |
|
|
15,118 |
|
|
— |
|
|
24,674 |
|
Equity in earnings of subsidiaries |
|
17,355 |
|
|
14,147 |
|
|
194 |
|
|
(31,696 |
) |
|
— |
|
Net earnings |
|
$ |
24,674 |
|
|
$ |
16,384 |
|
|
$ |
15,312 |
|
|
$ |
(31,696 |
) |
|
$ |
24,674 |
|
Comprehensive loss |
|
$ |
(38,289 |
) |
|
$ |
(6,600 |
) |
|
$ |
(23,150 |
) |
|
$ |
29,750 |
|
|
$ |
(38,289 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
45,091 |
|
|
$ |
79,636 |
|
|
$ |
214,829 |
|
|
$ |
— |
|
|
$ |
339,556 |
|
Cost of products sold |
|
12,072 |
|
|
55,255 |
|
|
140,449 |
|
|
— |
|
|
207,776 |
|
Gross profit |
|
33,019 |
|
|
24,381 |
|
|
74,380 |
|
|
— |
|
|
131,780 |
|
Selling, administrative and engineering expenses |
|
16,858 |
|
|
15,952 |
|
|
49,108 |
|
|
— |
|
|
81,918 |
|
Amortization of intangible assets |
|
318 |
|
|
2,575 |
|
|
3,322 |
|
|
— |
|
|
6,215 |
|
Operating profit |
|
15,843 |
|
|
5,854 |
|
|
21,950 |
|
|
— |
|
|
43,647 |
|
Financing costs, net |
|
6,779 |
|
|
3 |
|
|
(32 |
) |
|
— |
|
|
6,750 |
|
Intercompany expense (income), net |
|
(4,997 |
) |
|
(339 |
) |
|
5,336 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
10,417 |
|
|
(293 |
) |
|
(8,983 |
) |
|
— |
|
|
1,141 |
|
Earnings from continuing operations before income tax expense (benefit) |
|
3,644 |
|
|
6,483 |
|
|
25,629 |
|
|
— |
|
|
35,756 |
|
Income tax expense (benefit) |
|
1,008 |
|
|
1,795 |
|
|
(52 |
) |
|
— |
|
|
2,751 |
|
Net earnings before equity in earnings of subsidiaries |
|
2,636 |
|
|
4,688 |
|
|
25,681 |
|
|
— |
|
|
33,005 |
|
Equity in earnings of subsidiaries |
|
34,222 |
|
|
13,333 |
|
|
3,200 |
|
|
(50,755 |
) |
|
— |
|
Earnings from continuing operations |
|
36,858 |
|
|
18,021 |
|
|
28,881 |
|
|
(50,755 |
) |
|
33,005 |
|
Earnings (loss) from discontinued operations |
|
(821 |
) |
|
3,338 |
|
|
515 |
|
|
— |
|
|
3,032 |
|
Net earnings |
|
$ |
36,037 |
|
|
$ |
21,359 |
|
|
$ |
29,396 |
|
|
$ |
(50,755 |
) |
|
$ |
36,037 |
|
Comprehensive income |
|
$ |
53,040 |
|
|
$ |
38,797 |
|
|
$ |
27,671 |
|
|
$ |
(66,468 |
) |
|
$ |
53,040 |
|
|
| Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,686 |
|
|
$ |
1,134 |
|
|
$ |
83,455 |
|
|
$ |
— |
|
|
$ |
87,275 |
|
Accounts receivable, net |
|
18,436 |
|
|
42,765 |
|
|
160,518 |
|
|
— |
|
|
221,719 |
|
Inventories, net |
|
22,347 |
|
|
43,174 |
|
|
98,996 |
|
|
— |
|
|
164,517 |
|
Deferred income taxes |
|
4,960 |
|
|
— |
|
|
5,424 |
|
|
— |
|
|
10,384 |
|
Other current assets |
|
13,970 |
|
|
1,454 |
|
|
25,029 |
|
|
— |
|
|
40,453 |
|
Total current assets |
|
62,399 |
|
|
88,527 |
|
|
373,422 |
|
|
— |
|
|
524,348 |
|
Property, plant and equipment, net |
|
7,577 |
|
|
26,273 |
|
|
130,065 |
|
|
— |
|
|
163,915 |
|
Goodwill |
|
15,354 |
|
|
306,882 |
|
|
392,720 |
|
|
— |
|
|
714,956 |
|
Other intangibles, net |
|
11,656 |
|
|
137,614 |
|
|
196,944 |
|
|
— |
|
|
346,214 |
|
Investment in subsidiaries |
|
2,179,271 |
|
|
1,106,103 |
|
|
31,067 |
|
|
(3,316,441 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
637,903 |
|
|
505,132 |
|
|
(1,143,035 |
) |
|
— |
|
Other long-term assets |
|
23,692 |
|
|
— |
|
|
14,339 |
|
|
— |
|
|
38,031 |
|
Total assets |
|
$ |
2,299,949 |
|
|
$ |
2,303,302 |
|
|
$ |
1,643,689 |
|
|
$ |
(4,459,476 |
) |
|
$ |
1,787,464 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
16,025 |
|
|
$ |
25,736 |
|
|
$ |
93,334 |
|
|
$ |
— |
|
|
$ |
135,095 |
|
Accrued compensation and benefits |
|
9,656 |
|
|
2,799 |
|
|
29,953 |
|
|
— |
|
|
42,408 |
|
Current maturities of debt and short-term borrowings |
|
5,625 |
|
|
— |
|
|
1,994 |
|
|
— |
|
|
7,619 |
|
Income taxes payable |
|
14,463 |
|
|
(548 |
) |
|
(4,251 |
) |
|
— |
|
|
9,664 |
|
Other current liabilities |
|
18,267 |
|
|
4,743 |
|
|
35,584 |
|
|
— |
|
|
58,594 |
|
Total current liabilities |
|
64,036 |
|
|
32,730 |
|
|
156,614 |
|
|
— |
|
|
253,380 |
|
Long-term debt, less current maturities |
|
506,250 |
|
|
— |
|
|
— |
|
|
— |
|
|
506,250 |
|
Deferred income taxes |
|
46,882 |
|
|
— |
|
|
45,817 |
|
|
— |
|
|
92,699 |
|
Pension and postretirement benefit liabilities |
|
8,259 |
|
|
— |
|
|
6,299 |
|
|
— |
|
|
14,558 |
|
Other long-term liabilities |
|
44,794 |
|
|
4,191 |
|
|
9,858 |
|
|
— |
|
|
58,843 |
|
Intercompany payable |
|
767,994 |
|
|
— |
|
|
375,041 |
|
|
(1,143,035 |
) |
|
— |
|
Shareholders’ equity |
|
861,734 |
|
|
2,266,381 |
|
|
1,050,060 |
|
|
(3,316,441 |
) |
|
861,734 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,299,949 |
|
|
$ |
2,303,302 |
|
|
$ |
1,643,689 |
|
|
$ |
(4,459,476 |
) |
|
$ |
1,787,464 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current 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 |
|
Other current assets |
|
3,871 |
|
|
1,057 |
|
|
28,372 |
|
|
— |
|
|
33,300 |
|
Total current assets |
|
93,140 |
|
|
81,753 |
|
|
368,097 |
|
|
— |
|
|
542,990 |
|
Property, plant and 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 |
|
Investment in subsidiaries |
|
2,286,068 |
|
|
806,414 |
|
|
237,207 |
|
|
(3,329,689 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
678,073 |
|
|
622,818 |
|
|
(1,300,891 |
) |
|
— |
|
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 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
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 Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, November 30, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) operating activities |
|
$ |
5,024 |
|
|
$ |
(28,333 |
) |
|
$ |
(1,809 |
) |
|
$ |
— |
|
|
$ |
(25,118 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(226 |
) |
|
(1,140 |
) |
|
(6,620 |
) |
|
— |
|
|
(7,986 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
1 |
|
|
224 |
|
|
— |
|
|
225 |
|
Cash used in investing activities |
|
(226 |
) |
|
(1,139 |
) |
|
(6,396 |
) |
|
— |
|
|
(7,761 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolver |
|
121,875 |
|
|
— |
|
|
1,994 |
|
|
— |
|
|
123,869 |
|
Intercompany loan activity |
|
(47,192 |
) |
|
27,281 |
|
|
19,911 |
|
|
— |
|
|
— |
|
Purchase of treasury shares |
|
(104,415 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(104,415 |
) |
Stock option exercises, related tax benefits and other |
|
2,287 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,287 |
|
Cash dividend |
|
(2,598 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,598 |
) |
Cash provided by (used in) financing activities |
|
(30,043 |
) |
|
27,281 |
|
|
21,905 |
|
|
— |
|
|
19,143 |
|
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(8,001 |
) |
|
— |
|
|
(8,001 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(25,245 |
) |
|
(2,191 |
) |
|
5,699 |
|
|
— |
|
|
(21,737 |
) |
Cash and cash equivalents—beginning of period |
|
27,931 |
|
|
3,325 |
|
|
77,756 |
|
|
— |
|
|
109,012 |
|
Cash and cash equivalents—end of period |
|
$ |
2,686 |
|
|
$ |
1,134 |
|
|
$ |
83,455 |
|
|
$ |
— |
|
|
$ |
87,275 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, November 30, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities |
|
$ |
17,415 |
|
|
$ |
3,461 |
|
|
$ |
12,070 |
|
|
$ |
— |
|
|
$ |
32,946 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
— |
|
|
36 |
|
|
1,877 |
|
|
— |
|
|
1,913 |
|
Capital expenditures |
|
(1,208 |
) |
|
(1,270 |
) |
|
(8,779 |
) |
|
— |
|
|
(11,257 |
) |
Cash used in investing activities |
|
(1,208 |
) |
|
(1,234 |
) |
|
(6,902 |
) |
|
— |
|
|
(9,344 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Principal repayments of term loans |
|
(12,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,000 |
) |
Intercompany loan activity |
|
(9,951 |
) |
|
(2,227 |
) |
|
12,178 |
|
|
— |
|
|
— |
|
Purchase of treasury shares |
|
(15,352 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(15,352 |
) |
Payment of contingent acquisition consideration |
|
— |
|
|
— |
|
|
(414 |
) |
|
— |
|
|
(414 |
) |
Stock option exercises, related tax benefits and other |
|
10,562 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,562 |
|
Cash dividend |
|
(2,919 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,919 |
) |
Cash provided by (used in) financing activities |
|
(29,660 |
) |
|
(2,227 |
) |
|
11,764 |
|
|
— |
|
|
(20,123 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
2,077 |
|
|
— |
|
|
2,077 |
|
Net increase (decrease) in cash and cash equivalents |
|
(13,453 |
) |
|
— |
|
|
19,009 |
|
|
— |
|
|
5,556 |
|
Cash and cash equivalents—beginning of period |
|
16,122 |
|
|
— |
|
|
87,864 |
|
|
— |
|
|
103,986 |
|
Cash and cash equivalents—end of period |
|
$ |
2,669 |
|
|
$ |
— |
|
|
$ |
106,873 |
|
|
$ |
— |
|
|
$ |
109,542 |
|
|