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 |
|
|