Guarantor Subsidiaries (Tables)
|
12 Months Ended |
Aug. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Condensed Consolidating Statements of Earnings |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS 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 |
|
Restructuring charges |
|
2,426 |
|
|
3,455 |
|
|
8,690 |
|
|
— |
|
|
14,571 |
|
Amortization of intangible assets |
|
1,272 |
|
|
13,287 |
|
|
8,384 |
|
|
— |
|
|
22,943 |
|
Loss on product line divestiture |
|
— |
|
|
5,092 |
|
|
— |
|
|
— |
|
|
5,092 |
|
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 expense (benefit) |
|
(8,729 |
) |
|
519 |
|
|
(17,046 |
) |
|
86 |
|
|
(25,170 |
) |
Net earnings (loss) before equity in earnings (loss) of subsidiaries |
|
25,865 |
|
|
(32,790 |
) |
|
(92,825 |
) |
|
(5,424 |
) |
|
(105,174 |
) |
Equity in earnings (loss) 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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
158,836 |
|
|
$ |
385,476 |
|
|
$ |
704,942 |
|
|
$ |
— |
|
|
$ |
1,249,254 |
|
Cost of products sold |
|
40,858 |
|
|
280,081 |
|
|
466,474 |
|
|
— |
|
|
787,413 |
|
Gross profit |
|
117,978 |
|
|
105,395 |
|
|
238,468 |
|
|
— |
|
|
461,841 |
|
Selling, administrative and engineering expenses |
|
74,588 |
|
|
69,041 |
|
|
155,972 |
|
|
— |
|
|
299,601 |
|
Impairment charges |
|
— |
|
|
20,249 |
|
|
64,104 |
|
|
— |
|
|
84,353 |
|
Amortization of intangible assets |
|
1,272 |
|
|
13,061 |
|
|
10,000 |
|
|
— |
|
|
24,333 |
|
Operating profit |
|
42,118 |
|
|
3,044 |
|
|
8,392 |
|
|
— |
|
|
53,554 |
|
Financing costs, net |
|
29,295 |
|
|
— |
|
|
(1,238 |
) |
|
— |
|
|
28,057 |
|
Intercompany (income) expense, net |
|
(19,727 |
) |
|
(8,835 |
) |
|
28,562 |
|
|
— |
|
|
— |
|
Intercompany dividends |
|
(212 |
) |
|
(243 |
) |
|
(10,707 |
) |
|
11,162 |
|
|
— |
|
Other expense (income), net |
|
160 |
|
|
(84 |
) |
|
30 |
|
|
— |
|
|
106 |
|
Earnings before income taxes |
|
32,602 |
|
|
12,206 |
|
|
(8,255 |
) |
|
(11,162 |
) |
|
25,391 |
|
Income tax expense (benefit) |
|
(8,218 |
) |
|
4,056 |
|
|
10,939 |
|
|
(1,258 |
) |
|
5,519 |
|
Net earnings (loss) before equity in earnings (loss) of subsidiaries |
|
40,820 |
|
|
8,150 |
|
|
(19,194 |
) |
|
(9,904 |
) |
|
19,872 |
|
Equity in earnings (loss) of subsidiaries |
|
(20,948 |
) |
|
(1,720 |
) |
|
6,520 |
|
|
16,148 |
|
|
— |
|
Net earnings (loss) |
|
19,872 |
|
|
6,430 |
|
|
(12,674 |
) |
|
6,244 |
|
|
19,872 |
|
Comprehensive loss |
|
$ |
(125,360 |
) |
|
$ |
(10,689 |
) |
|
$ |
(88,431 |
) |
|
$ |
99,120 |
|
|
$ |
(125,360 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
195,573 |
|
|
$ |
409,848 |
|
|
$ |
794,441 |
|
|
$ |
— |
|
|
$ |
1,399,862 |
|
Cost of products sold |
|
57,464 |
|
|
290,840 |
|
|
504,686 |
|
|
— |
|
|
852,990 |
|
Gross profit |
|
138,109 |
|
|
119,008 |
|
|
289,755 |
|
|
— |
|
|
546,872 |
|
Selling, administrative and engineering expenses |
|
96,220 |
|
|
54,699 |
|
|
181,174 |
|
|
— |
|
|
332,093 |
|
Loss (gain) on product line divestiture |
|
1,200 |
|
|
(14,695 |
) |
|
— |
|
|
— |
|
|
(13,495 |
) |
Amortization of intangible assets |
|
1,272 |
|
|
12,687 |
|
|
11,207 |
|
|
— |
|
|
25,166 |
|
Operating profit |
|
39,417 |
|
|
66,317 |
|
|
97,374 |
|
|
— |
|
|
203,108 |
|
Financing costs, net |
|
25,611 |
|
|
3 |
|
|
(569 |
) |
|
— |
|
|
25,045 |
|
Intercompany (income) expense, net |
|
(27,601 |
) |
|
(5,760 |
) |
|
33,361 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
12,716 |
|
|
153 |
|
|
(8,832 |
) |
|
— |
|
|
4,037 |
|
Earnings from continuing operations before income taxes |
|
28,691 |
|
|
71,921 |
|
|
73,414 |
|
|
— |
|
|
174,026 |
|
Income tax expense (benefit) |
|
(16,529 |
) |
|
33,690 |
|
|
15,412 |
|
|
— |
|
|
32,573 |
|
Net earnings from continuing operations before equity in earnings of subsidiaries |
|
45,220 |
|
|
38,231 |
|
|
58,002 |
|
|
— |
|
|
141,453 |
|
Equity in earnings of subsidiaries |
|
139,865 |
|
|
23,297 |
|
|
15,058 |
|
|
(178,220 |
) |
|
— |
|
Earnings from continuing operations |
|
185,085 |
|
|
61,528 |
|
|
73,060 |
|
|
(178,220 |
) |
|
141,453 |
|
Earnings (loss) from discontinued operations |
|
(21,512 |
) |
|
56,494 |
|
|
(12,862 |
) |
|
— |
|
|
22,120 |
|
Net earnings |
|
163,573 |
|
|
118,022 |
|
|
60,198 |
|
|
(178,220 |
) |
|
163,573 |
|
Comprehensive income |
|
$ |
163,825 |
|
|
$ |
132,046 |
|
|
$ |
46,226 |
|
|
$ |
(178,272 |
) |
|
$ |
163,825 |
|
|
Condensed Consolidating Balance Sheets |
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 & 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 |
|
9,580 |
|
|
10 |
|
|
17,530 |
|
|
— |
|
|
27,120 |
|
Total assets |
|
$ |
2,028,446 |
|
|
$ |
2,201,799 |
|
|
$ |
1,331,491 |
|
|
$ |
(4,119,198 |
) |
|
$ |
1,442,538 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
565,559 |
|
|
— |
|
|
— |
|
|
— |
|
|
565,559 |
|
Deferred income taxes |
|
30,666 |
|
|
— |
|
|
690 |
|
|
— |
|
|
31,356 |
|
Pension and post-retirement 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 |
|
$ |
2,028,446 |
|
|
$ |
2,201,799 |
|
|
$ |
1,331,491 |
|
|
$ |
(4,119,198 |
) |
|
$ |
1,442,538 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2015 |
ASSETS |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,688 |
|
|
$ |
567 |
|
|
$ |
149,591 |
|
|
$ |
— |
|
|
$ |
168,846 |
|
Accounts receivable, net |
|
16,135 |
|
|
49,258 |
|
|
127,688 |
|
|
— |
|
|
193,081 |
|
Inventories, net |
|
23,074 |
|
|
55,151 |
|
|
64,527 |
|
|
— |
|
|
142,752 |
|
Deferred income taxes |
|
9,256 |
|
|
— |
|
|
3,666 |
|
|
— |
|
|
12,922 |
|
Other current assets |
|
18,020 |
|
|
4,708 |
|
|
20,060 |
|
|
— |
|
|
42,788 |
|
Total current assets |
|
85,173 |
|
|
109,684 |
|
|
365,532 |
|
|
— |
|
|
560,389 |
|
Property, plant & equipment, net |
|
6,363 |
|
|
33,675 |
|
|
102,420 |
|
|
— |
|
|
142,458 |
|
Goodwill |
|
38,847 |
|
|
318,088 |
|
|
251,321 |
|
|
— |
|
|
608,256 |
|
Other intangibles, net |
|
10,702 |
|
|
173,497 |
|
|
124,563 |
|
|
— |
|
|
308,762 |
|
Investment in subsidiaries |
|
2,067,438 |
|
|
632,581 |
|
|
182,001 |
|
|
(2,882,020 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
1,140,030 |
|
|
45,141 |
|
|
(1,185,171 |
) |
|
— |
|
Other long-term assets |
|
10,694 |
|
|
— |
|
|
6,358 |
|
|
— |
|
|
17,052 |
|
Total assets |
|
$ |
2,219,217 |
|
|
$ |
2,407,555 |
|
|
$ |
1,077,336 |
|
|
$ |
(4,067,191 |
) |
|
$ |
1,636,917 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
14,700 |
|
|
$ |
27,767 |
|
|
$ |
75,648 |
|
|
$ |
— |
|
|
$ |
118,115 |
|
Accrued compensation and benefits |
|
16,479 |
|
|
3,625 |
|
|
23,603 |
|
|
— |
|
|
43,707 |
|
Income taxes payable |
|
10,947 |
|
|
— |
|
|
3,858 |
|
|
— |
|
|
14,805 |
|
Current maturities of debt and short-term borrowings |
|
3,750 |
|
|
— |
|
|
219 |
|
|
— |
|
|
3,969 |
|
Other current liabilities |
|
19,817 |
|
|
5,807 |
|
|
28,836 |
|
|
— |
|
|
54,460 |
|
Total current liabilities |
|
65,693 |
|
|
37,199 |
|
|
132,164 |
|
|
— |
|
|
235,056 |
|
Long-term debt |
|
584,309 |
|
|
— |
|
|
— |
|
|
— |
|
|
584,309 |
|
Deferred income taxes |
|
43,210 |
|
|
— |
|
|
29,731 |
|
|
— |
|
|
72,941 |
|
Pension and post-retirement benefit liabilities |
|
11,712 |
|
|
— |
|
|
6,116 |
|
|
— |
|
|
17,828 |
|
Other long-term liabilities |
|
46,407 |
|
|
400 |
|
|
6,975 |
|
|
— |
|
|
53,782 |
|
Intercompany payable |
|
794,885 |
|
|
— |
|
|
390,286 |
|
|
(1,185,171 |
) |
|
— |
|
Shareholders’ equity |
|
673,001 |
|
|
2,369,956 |
|
|
512,064 |
|
|
(2,882,020 |
) |
|
673,001 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,219,217 |
|
|
$ |
2,407,555 |
|
|
$ |
1,077,336 |
|
|
$ |
(4,067,191 |
) |
|
$ |
1,636,917 |
|
|
Condensed Consolidating Statements of Cash Flows |
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 provided by (used in) 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 loans |
|
(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 provided by (used in) 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 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
90,632 |
|
|
$ |
(20,750 |
) |
|
$ |
72,228 |
|
|
$ |
(10,676 |
) |
|
$ |
131,434 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(1,086 |
) |
|
(5,848 |
) |
|
(15,582 |
) |
|
— |
|
|
(22,516 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
273 |
|
|
971 |
|
|
— |
|
|
1,244 |
|
Intercompany investment |
|
(3,727 |
) |
|
— |
|
|
— |
|
|
3,727 |
|
|
— |
|
Cash used in investing activities |
|
(4,813 |
) |
|
(5,575 |
) |
|
(14,611 |
) |
|
3,727 |
|
|
(21,272 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolving credit facility |
|
— |
|
|
— |
|
|
220 |
|
|
— |
|
|
220 |
|
Principal repayment on term loan |
|
(3,375 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,375 |
) |
Proceeds from term loans |
|
213,375 |
|
|
— |
|
|
— |
|
|
— |
|
|
213,375 |
|
Redemption on 5.625% Senior Notes |
|
(11,941 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11,941 |
) |
Debt issuance costs |
|
(2,025 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,025 |
) |
Purchase of treasury shares |
|
(212,003 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(212,003 |
) |
Taxes paid related to net share settlement of equity awards |
|
(2,466 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,466 |
) |
Stock option exercises, related tax benefits and other |
|
5,396 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,396 |
|
Cash dividend |
|
(2,598 |
) |
|
(10,676 |
) |
|
— |
|
|
10,676 |
|
|
(2,598 |
) |
Intercompany loan activity |
|
(79,425 |
) |
|
34,081 |
|
|
45,344 |
|
|
— |
|
|
— |
|
Intercompany capital contributions |
|
— |
|
|
— |
|
|
3,727 |
|
|
(3,727 |
) |
|
— |
|
Cash provided by (used in) financing activities |
|
(95,062 |
) |
|
23,405 |
|
|
49,291 |
|
|
6,949 |
|
|
(15,417 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(34,911 |
) |
|
— |
|
|
(34,911 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(9,243 |
) |
|
(2,920 |
) |
|
71,997 |
|
|
— |
|
|
59,834 |
|
Cash and cash equivalents—beginning of period |
|
27,931 |
|
|
3,487 |
|
|
77,594 |
|
|
— |
|
|
109,012 |
|
Cash and cash equivalents—end of period |
|
$ |
18,688 |
|
|
$ |
567 |
|
|
$ |
149,591 |
|
|
$ |
— |
|
|
$ |
168,846 |
|
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 |
|
$ |
76,870 |
|
|
$ |
(19,156 |
) |
|
$ |
83,182 |
|
|
$ |
(14,716 |
) |
|
$ |
126,180 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(4,498 |
) |
|
(6,397 |
) |
|
(30,962 |
) |
|
— |
|
|
(41,857 |
) |
Proceeds from sale of property, plant and equipment |
|
85 |
|
|
503 |
|
|
43,686 |
|
|
— |
|
|
44,274 |
|
Proceeds from sale of business |
|
(4,586 |
) |
|
250,748 |
|
|
43,428 |
|
|
— |
|
|
289,590 |
|
Business acquisitions, net of cash acquired |
|
(30,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,500 |
) |
Cash (used in) provided by investing activities |
|
(39,499 |
) |
|
244,854 |
|
|
56,152 |
|
|
— |
|
|
261,507 |
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net repayments on revolving credit facility |
|
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Payment of deferred acquisition consideration |
|
— |
|
|
— |
|
|
(1,585 |
) |
|
— |
|
|
(1,585 |
) |
Purchase of treasury shares |
|
(283,712 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(283,712 |
) |
Taxes paid related to net share settlement of equity awards |
|
(946 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(946 |
) |
Stock option exercises, related tax benefits and other |
|
32,224 |
|
|
— |
|
|
— |
|
|
— |
|
|
32,224 |
|
Cash dividend |
|
(2,919 |
) |
|
— |
|
|
(14,716 |
) |
|
14,716 |
|
|
(2,919 |
) |
Intercompany loan activity |
|
354,791 |
|
|
(222,266 |
) |
|
(132,525 |
) |
|
— |
|
|
— |
|
Cash used in financing activities |
|
(25,562 |
) |
|
(222,266 |
) |
|
(148,826 |
) |
|
14,716 |
|
|
(381,938 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(723 |
) |
|
— |
|
|
(723 |
) |
Net increase (decrease) in cash and cash equivalents |
|
11,809 |
|
|
3,432 |
|
|
(10,215 |
) |
|
— |
|
|
5,026 |
|
Cash and cash equivalents—beginning of period |
|
16,122 |
|
|
(107 |
) |
|
87,971 |
|
|
— |
|
|
103,986 |
|
Cash and cash equivalents—end of period |
|
$ |
27,931 |
|
|
$ |
3,325 |
|
|
$ |
77,756 |
|
|
$ |
— |
|
|
$ |
109,012 |
|
|