Guarantor Subsidiaries (Tables)
|
12 Months Ended |
Aug. 31, 2019 |
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, 2019 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
167,009 |
|
|
$ |
70,621 |
|
|
$ |
417,128 |
|
|
$ |
— |
|
|
$ |
654,758 |
|
Cost of products sold |
|
46,220 |
|
|
44,007 |
|
|
271,879 |
|
|
— |
|
|
362,106 |
|
Gross profit |
|
120,789 |
|
|
26,614 |
|
|
145,249 |
|
|
— |
|
|
292,652 |
|
Selling, administrative and engineering expenses |
|
85,399 |
|
|
20,095 |
|
|
103,737 |
|
|
— |
|
|
209,231 |
|
Amortization of intangible assets |
|
1,272 |
|
|
2,600 |
|
|
5,050 |
|
|
— |
|
|
8,922 |
|
Restructuring charges |
|
562 |
|
|
1,402 |
|
|
2,192 |
|
|
— |
|
|
4,156 |
|
Impairment & divestiture charges |
|
— |
|
|
6,243 |
|
|
16,584 |
|
|
— |
|
|
22,827 |
|
Operating profit (loss) |
|
33,556 |
|
|
(3,726 |
) |
|
17,686 |
|
|
— |
|
|
47,516 |
|
Financing costs (income), net |
|
28,716 |
|
|
— |
|
|
(553 |
) |
|
— |
|
|
28,163 |
|
Intercompany (income) expense, net |
|
(15,020 |
) |
|
21,573 |
|
|
70,086 |
|
|
(76,639 |
) |
|
— |
|
Intercompany dividends |
|
(447,637 |
) |
|
(39,208 |
) |
|
— |
|
|
486,845 |
|
|
— |
|
Other (income) expense, net |
|
(435 |
) |
|
1 |
|
|
1,063 |
|
|
— |
|
|
629 |
|
Earnings (loss) before income tax (benefit) expense |
|
467,932 |
|
|
13,908 |
|
|
(52,910 |
) |
|
(410,206 |
) |
|
18,724 |
|
Income tax (benefit) expense |
|
(5,113 |
) |
|
(2,395 |
) |
|
18,165 |
|
|
— |
|
|
10,657 |
|
Earnings (loss) from continuing operations |
|
473,045 |
|
|
16,303 |
|
|
(71,075 |
) |
|
(410,206 |
) |
|
8,067 |
|
Loss from discontinued operations |
|
(3,148 |
) |
|
(93,730 |
) |
|
(83,695 |
) |
|
(76,639 |
) |
|
(257,212 |
) |
Net earnings (loss) before equity in loss of subsidiaries |
|
469,897 |
|
|
(77,427 |
) |
|
(154,770 |
) |
|
(486,845 |
) |
|
(249,145 |
) |
Equity in loss of subsidiaries |
|
(719,042 |
) |
|
(28,354 |
) |
|
11,064 |
|
|
736,332 |
|
|
— |
|
Net loss |
|
(249,145 |
) |
|
(105,781 |
) |
|
(143,706 |
) |
|
249,487 |
|
|
(249,145 |
) |
Comprehensive loss |
|
$ |
(246,572 |
) |
|
$ |
(105,781 |
) |
|
$ |
(137,292 |
) |
|
$ |
243,073 |
|
|
$ |
(246,572 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2018 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
159,411 |
|
|
$ |
65,128 |
|
|
$ |
416,764 |
|
|
$ |
— |
|
|
$ |
641,303 |
|
Cost of products sold |
|
29,811 |
|
|
41,674 |
|
|
286,534 |
|
|
— |
|
|
358,019 |
|
Gross profit |
|
129,600 |
|
|
23,454 |
|
|
130,230 |
|
|
— |
|
|
283,284 |
|
Selling, administrative and engineering expenses |
|
81,028 |
|
|
22,540 |
|
|
106,688 |
|
|
— |
|
|
210,256 |
|
Amortization of intangible assets |
|
1,272 |
|
|
2,892 |
|
|
5,116 |
|
|
— |
|
|
9,280 |
|
Restructuring charges |
|
6,109 |
|
|
661 |
|
|
3,785 |
|
|
|
|
|
10,555 |
|
Impairment & divestiture charges (benefit) |
|
4,217 |
|
|
— |
|
|
(1,230 |
) |
|
— |
|
|
2,987 |
|
Operating profit (loss) |
|
36,974 |
|
|
(2,639 |
) |
|
15,871 |
|
|
— |
|
|
50,206 |
|
Financing costs (income), net |
|
31,752 |
|
|
— |
|
|
(880 |
) |
|
— |
|
|
30,872 |
|
Intercompany (income) expense, net |
|
(17,087 |
) |
|
16,276 |
|
|
(46,961 |
) |
|
47,772 |
|
|
— |
|
Intercompany dividends |
|
— |
|
|
(28,822 |
) |
|
— |
|
|
28,822 |
|
|
— |
|
Other (income) expense, net |
|
(826 |
) |
|
18 |
|
|
946 |
|
|
— |
|
|
138 |
|
Earnings before income tax (benefit) expense |
|
23,135 |
|
|
9,889 |
|
|
62,766 |
|
|
(76,594 |
) |
|
19,196 |
|
Income tax (benefit) expense |
|
(35,134 |
) |
|
21,689 |
|
|
27,895 |
|
|
— |
|
|
14,450 |
|
Earnings (loss) from continuing operations |
|
58,269 |
|
|
(11,800 |
) |
|
34,871 |
|
|
(76,594 |
) |
|
4,746 |
|
(Loss) earnings from discontinued operations |
|
(5,951 |
) |
|
9,342 |
|
|
(77,557 |
) |
|
47,772 |
|
|
(26,394 |
) |
Net earnings (loss) before equity in (loss) earnings of subsidiaries |
|
52,318 |
|
|
(2,458 |
) |
|
(42,686 |
) |
|
(28,822 |
) |
|
(21,648 |
) |
Equity in (loss) earnings of subsidiaries |
|
(73,966 |
) |
|
(54,385 |
) |
|
613 |
|
|
127,738 |
|
|
— |
|
Net loss |
|
(21,648 |
) |
|
(56,843 |
) |
|
(42,073 |
) |
|
98,916 |
|
|
(21,648 |
) |
Comprehensive income (loss) |
|
$ |
31,368 |
|
|
$ |
(56,843 |
) |
|
$ |
9,555 |
|
|
$ |
47,288 |
|
|
$ |
31,368 |
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2017 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
145,222 |
|
|
$ |
74,008 |
|
|
$ |
397,361 |
|
|
$ |
— |
|
|
$ |
616,591 |
|
Cost of products sold |
|
35,244 |
|
|
45,994 |
|
|
274,983 |
|
|
— |
|
|
356,221 |
|
Gross profit |
|
109,978 |
|
|
28,014 |
|
|
122,378 |
|
|
— |
|
|
260,370 |
|
Selling, administrative and engineering expenses |
|
76,816 |
|
|
24,958 |
|
|
106,354 |
|
|
— |
|
|
208,128 |
|
Amortization of intangible assets |
|
1,272 |
|
|
2,892 |
|
|
4,933 |
|
|
— |
|
|
9,097 |
|
Director & officer transition charges |
|
7,784 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,784 |
|
Restructuring charges |
|
634 |
|
|
19 |
|
|
2,581 |
|
|
— |
|
|
3,234 |
|
Impairment & divestiture charges |
|
— |
|
|
— |
|
|
116,979 |
|
|
— |
|
|
116,979 |
|
Operating profit (loss) |
|
23,472 |
|
|
145 |
|
|
(108,469 |
) |
|
— |
|
|
(84,852 |
) |
Financing costs (income), net |
|
30,005 |
|
|
— |
|
|
(784 |
) |
|
— |
|
|
29,221 |
|
Intercompany (income) expense, net |
|
(23,302 |
) |
|
84,562 |
|
|
(67,796 |
) |
|
6,536 |
|
|
— |
|
Intercompany dividends |
|
— |
|
|
(231,689 |
) |
|
(5,623 |
) |
|
237,312 |
|
|
— |
|
Other expense (income), net |
|
3,303 |
|
|
(26 |
) |
|
539 |
|
|
— |
|
|
3,816 |
|
Earnings (loss) before income tax (benefit) expense |
|
13,466 |
|
|
147,298 |
|
|
(34,805 |
) |
|
(243,848 |
) |
|
(117,889 |
) |
Income tax (benefit) expense |
|
(4,623 |
) |
|
(18,477 |
) |
|
486 |
|
|
— |
|
|
(22,614 |
) |
Net earnings (loss) from continuing operations |
|
18,089 |
|
|
165,775 |
|
|
(35,291 |
) |
|
(243,848 |
) |
|
(95,275 |
) |
Net (loss) earnings from discontinued operations |
|
(6,362 |
) |
|
9,791 |
|
|
19,097 |
|
|
6,536 |
|
|
29,062 |
|
Net earnings (loss) before equity in (loss) earnings of subsidiaries |
|
11,727 |
|
|
175,566 |
|
|
(16,194 |
) |
|
(237,312 |
) |
|
(66,213 |
) |
Equity in (loss) earnings of subsidiaries |
|
(77,940 |
) |
|
(67,668 |
) |
|
316 |
|
|
145,292 |
|
|
— |
|
Net (loss) earnings |
|
(66,213 |
) |
|
107,898 |
|
|
(15,878 |
) |
|
(92,020 |
) |
|
(66,213 |
) |
Comprehensive (loss) income |
|
$ |
(41,651 |
) |
|
$ |
90,011 |
|
|
$ |
43,818 |
|
|
$ |
(133,829 |
) |
|
$ |
(41,651 |
) |
|
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2019 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,581 |
|
|
$ |
— |
|
|
$ |
163,570 |
|
|
$ |
— |
|
|
$ |
211,151 |
|
Accounts receivable, net |
|
20,322 |
|
|
11,358 |
|
|
94,203 |
|
|
— |
|
|
125,883 |
|
Inventories, net |
|
26,737 |
|
|
6,566 |
|
|
43,884 |
|
|
— |
|
|
77,187 |
|
Assets from discontinued operations |
|
295 |
|
|
145,239 |
|
|
140,044 |
|
|
— |
|
|
285,578 |
|
Other current assets |
|
12,116 |
|
|
1,797 |
|
|
16,613 |
|
|
— |
|
|
30,526 |
|
Total current assets |
|
107,051 |
|
|
164,960 |
|
|
458,314 |
|
|
— |
|
|
730,325 |
|
Property, plant & equipment, net |
|
8,515 |
|
|
5,193 |
|
|
43,021 |
|
|
— |
|
|
56,729 |
|
Goodwill |
|
38,847 |
|
|
57,342 |
|
|
164,226 |
|
|
— |
|
|
260,415 |
|
Other intangibles, net |
|
5,611 |
|
|
8,451 |
|
|
38,313 |
|
|
— |
|
|
52,375 |
|
Investment in subsidiaries |
|
1,323,587 |
|
|
912,297 |
|
|
417,022 |
|
|
(2,652,906 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
— |
|
|
979,889 |
|
|
(979,889 |
) |
|
— |
|
Other long-term assets |
|
27,510 |
|
|
(13,424 |
) |
|
10,344 |
|
|
— |
|
|
24,430 |
|
Total assets |
|
$ |
1,511,121 |
|
|
$ |
1,134,819 |
|
|
$ |
2,111,129 |
|
|
$ |
(3,632,795 |
) |
|
$ |
1,124,274 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
23,678 |
|
|
$ |
3,231 |
|
|
$ |
50,005 |
|
|
$ |
— |
|
|
$ |
76,914 |
|
Accrued compensation and benefits |
|
11,495 |
|
|
1,657 |
|
|
13,269 |
|
|
— |
|
|
26,421 |
|
Current maturities of debt |
|
7,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,500 |
|
Income taxes payable |
|
— |
|
|
— |
|
|
4,838 |
|
|
— |
|
|
4,838 |
|
Liabilities from discontinued operations |
|
1,217 |
|
|
29,292 |
|
|
113,254 |
|
|
— |
|
|
143,763 |
|
Other current liabilities |
|
17,556 |
|
|
2,388 |
|
|
21,021 |
|
|
— |
|
|
40,965 |
|
Total current liabilities |
|
61,446 |
|
|
36,568 |
|
|
202,387 |
|
|
— |
|
|
300,401 |
|
Long-term debt |
|
452,945 |
|
|
— |
|
|
— |
|
|
— |
|
|
452,945 |
|
Deferred income taxes |
|
(4 |
) |
|
— |
|
|
1,568 |
|
|
— |
|
|
1,564 |
|
Pension and post-retirement benefit liabilities |
|
12,005 |
|
|
— |
|
|
8,208 |
|
|
— |
|
|
20,213 |
|
Other long-term liabilities |
|
44,621 |
|
|
114 |
|
|
3,237 |
|
|
— |
|
|
47,972 |
|
Intercompany payable |
|
638,929 |
|
|
340,960 |
|
|
— |
|
|
(979,889 |
) |
|
— |
|
Shareholders’ equity |
|
301,179 |
|
|
757,177 |
|
|
1,895,729 |
|
|
(2,652,906 |
) |
|
301,179 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,511,121 |
|
|
$ |
1,134,819 |
|
|
$ |
2,111,129 |
|
|
$ |
(3,632,795 |
) |
|
$ |
1,124,274 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2018 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
67,945 |
|
|
$ |
— |
|
|
$ |
182,545 |
|
|
$ |
— |
|
|
$ |
250,490 |
|
Accounts receivable, net |
|
19,969 |
|
|
15,634 |
|
|
87,658 |
|
|
— |
|
|
123,261 |
|
Inventories, net |
|
22,646 |
|
|
5,121 |
|
|
44,253 |
|
|
— |
|
|
72,020 |
|
Assets from discontinued operations |
|
(1,144 |
) |
|
255,676 |
|
|
314,401 |
|
|
— |
|
|
568,933 |
|
Other current assets |
|
6,953 |
|
|
2,421 |
|
|
23,155 |
|
|
— |
|
|
32,529 |
|
Total current assets |
|
116,369 |
|
|
278,852 |
|
|
652,012 |
|
|
— |
|
|
1,047,233 |
|
Property, plant & equipment, net |
|
7,634 |
|
|
4,481 |
|
|
42,859 |
|
|
— |
|
|
54,974 |
|
Goodwill |
|
38,847 |
|
|
57,342 |
|
|
183,943 |
|
|
— |
|
|
280,132 |
|
Other intangible assets, net |
|
6,884 |
|
|
17,294 |
|
|
47,479 |
|
|
— |
|
|
71,657 |
|
Investment in subsidiaries |
|
1,836,879 |
|
|
918,050 |
|
|
301,782 |
|
|
(3,056,711 |
) |
|
— |
|
Intercompany receivables |
|
— |
|
|
— |
|
|
937,259 |
|
|
(937,259 |
) |
|
— |
|
Other long-term assets |
|
14,972 |
|
|
50 |
|
|
16,199 |
|
|
— |
|
|
31,221 |
|
Total assets |
|
$ |
2,021,585 |
|
|
$ |
1,276,069 |
|
|
$ |
2,181,533 |
|
|
$ |
(3,993,970 |
) |
|
$ |
1,485,217 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
16,091 |
|
|
$ |
2,646 |
|
|
$ |
50,847 |
|
|
$ |
— |
|
|
$ |
69,584 |
|
Accrued compensation and benefits |
|
19,643 |
|
|
1,774 |
|
|
14,575 |
|
|
— |
|
|
35,992 |
|
Current maturities of debt |
|
30,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,000 |
|
Income taxes payable |
|
— |
|
|
— |
|
|
4,091 |
|
|
— |
|
|
4,091 |
|
Liabilities from discontinued operations |
|
17,839 |
|
|
20,384 |
|
|
122,350 |
|
|
— |
|
|
160,573 |
|
Other current liabilities |
|
17,380 |
|
|
6,017 |
|
|
30,371 |
|
|
— |
|
|
53,768 |
|
Total current liabilities |
|
100,953 |
|
|
30,821 |
|
|
222,234 |
|
|
— |
|
|
354,008 |
|
Long-term debt |
|
502,695 |
|
|
— |
|
|
— |
|
|
— |
|
|
502,695 |
|
Deferred income taxes |
|
2,415 |
|
|
— |
|
|
1,532 |
|
|
— |
|
|
3,947 |
|
Pension and post-retirement benefit liabilities |
|
7,765 |
|
|
— |
|
|
6,192 |
|
|
— |
|
|
13,957 |
|
Other long-term liabilities |
|
45,483 |
|
|
265 |
|
|
6,150 |
|
|
— |
|
|
51,898 |
|
Intercompany payable |
|
803,562 |
|
|
133,697 |
|
|
— |
|
|
(937,259 |
) |
|
— |
|
Shareholders’ equity |
|
558,712 |
|
|
1,111,286 |
|
|
1,945,425 |
|
|
(3,056,711 |
) |
|
558,712 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,021,585 |
|
|
$ |
1,276,069 |
|
|
$ |
2,181,533 |
|
|
$ |
(3,993,970 |
) |
|
$ |
1,485,217 |
|
|
Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2019 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) operating activities - continuing operations |
|
$ |
182,274 |
|
|
$ |
107,127 |
|
|
$ |
(6,856 |
) |
|
$ |
(241,642 |
) |
|
$ |
40,903 |
|
Cash (used in) provided by operating activities - discontinued operations |
|
(163,135 |
) |
|
147,274 |
|
|
136,264 |
|
|
(107,461 |
) |
|
12,942 |
|
Cash provided by operating activities |
|
19,139 |
|
|
254,401 |
|
|
129,408 |
|
|
(349,103 |
) |
|
53,845 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,292 |
) |
|
(2,042 |
) |
|
(10,589 |
) |
|
— |
|
|
(14,923 |
) |
Proceeds from sale of property, plant and equipment |
|
2 |
|
|
— |
|
|
1,460 |
|
|
— |
|
|
1,462 |
|
Intercompany investment |
|
47,104 |
|
|
— |
|
|
(49,366 |
) |
|
2,262 |
|
|
— |
|
Cash provided by (used in) investing activities - continuing operations |
|
44,814 |
|
|
(2,042 |
) |
|
(58,495 |
) |
|
2,262 |
|
|
(13,461 |
) |
Cash provided by (used in) investing activities - discontinued operations |
|
21,039 |
|
|
(3,288 |
) |
|
30,988 |
|
|
(24,232 |
) |
|
24,507 |
|
Cash provided by (used in) investing activities |
|
65,853 |
|
|
(5,330 |
) |
|
(27,507 |
) |
|
(21,970 |
) |
|
11,046 |
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Payment for redemption of term loan |
|
(200,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(200,000 |
) |
Proceeds from issuance of term loan |
|
200,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
200,000 |
|
Principal Repayments on term loan |
|
(72,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(72,500 |
) |
Purchase of treasury shares |
|
(22,481 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(22,481 |
) |
Taxes paid related to the net share settlement of equity awards |
|
(1,872 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,872 |
) |
Stock option exercises, related tax benefits and other |
|
1,900 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,900 |
|
Cash dividends |
|
(2,439 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,439 |
) |
Payment of debt issuance costs |
|
(2,125 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,125 |
) |
Intercompany dividends paid |
|
— |
|
|
(30,465 |
) |
|
(85,941 |
) |
|
116,406 |
|
|
— |
|
Intercompany loan activity |
|
(5,839 |
) |
|
— |
|
|
(21,894 |
) |
|
27,733 |
|
|
— |
|
Intercompany capital contribution |
|
— |
|
|
(42,539 |
) |
|
(80,880 |
) |
|
123,419 |
|
|
— |
|
Cash used in financing activities - continuing operations |
|
(105,356 |
) |
|
(73,004 |
) |
|
(188,715 |
) |
|
267,558 |
|
|
(99,517 |
) |
Cash (used in) provided by financing activities - discontinued operations |
|
— |
|
|
(176,067 |
) |
|
72,552 |
|
|
103,515 |
|
|
— |
|
Cash used in financing activities |
|
(105,356 |
) |
|
(249,071 |
) |
|
(116,163 |
) |
|
371,073 |
|
|
(99,517 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(4,713 |
) |
|
— |
|
|
(4,713 |
) |
Net decrease in cash and cash equivalents |
|
(20,364 |
) |
|
— |
|
|
(18,975 |
) |
|
— |
|
|
(39,339 |
) |
Cash and cash equivalents—beginning of period |
|
67,945 |
|
|
— |
|
|
182,545 |
|
|
— |
|
|
250,490 |
|
Cash and cash equivalents—end of period |
|
$ |
47,581 |
|
|
$ |
— |
|
|
$ |
163,570 |
|
|
$ |
— |
|
|
$ |
211,151 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2018 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities - continuing operations |
|
$ |
66,416 |
|
|
$ |
11,374 |
|
|
$ |
60,866 |
|
|
$ |
(66,740 |
) |
|
$ |
71,916 |
|
Cash provided by operating activities - discontinued operations |
|
(3,123 |
) |
|
13,399 |
|
|
23,944 |
|
|
(43 |
) |
|
34,177 |
|
Cash provided by operating activities |
|
63,293 |
|
|
24,773 |
|
|
84,810 |
|
|
(66,783 |
) |
|
106,093 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,822 |
) |
|
(2,320 |
) |
|
(5,879 |
) |
|
— |
|
|
(11,021 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
— |
|
|
104 |
|
|
— |
|
|
104 |
|
Intercompany investment |
|
(11,754 |
) |
|
— |
|
|
— |
|
|
11,754 |
|
|
— |
|
Rental asset buyout for Viking divestiture |
|
— |
|
|
— |
|
|
(27,718 |
) |
|
— |
|
|
(27,718 |
) |
Proceeds from sale of business, net of transaction costs |
|
198 |
|
|
— |
|
|
8,704 |
|
|
— |
|
|
8,902 |
|
Cash paid for business acquisitions, net of cash acquired |
|
— |
|
|
(1,732 |
) |
|
(21,486 |
) |
|
— |
|
|
(23,218 |
) |
Cash provided by (used in) investing activities - continuing operations |
|
(14,378 |
) |
|
(4,052 |
) |
|
(46,275 |
) |
|
11,754 |
|
|
(52,951 |
) |
Cash provided by (used in) investing activities - discontinued operations |
|
— |
|
|
(2,664 |
) |
|
(7,137 |
) |
|
1 |
|
|
(9,800 |
) |
Cash used in investing activities |
|
(14,378 |
) |
|
(6,716 |
) |
|
(53,412 |
) |
|
11,755 |
|
|
(62,751 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Principal repayments 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 dividends |
|
(2,390 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,390 |
) |
Intercompany dividends paid |
|
— |
|
|
— |
|
|
(28,822 |
) |
|
28,822 |
|
|
— |
|
Intercompany loan activity |
|
2,041 |
|
|
(18,057 |
) |
|
105,386 |
|
|
(89,370 |
) |
|
— |
|
Intercompany capital contribution |
|
— |
|
|
— |
|
|
100 |
|
|
(100 |
) |
|
— |
|
Cash used in financing activities - continuing operations |
|
(15,952 |
) |
|
(18,057 |
) |
|
76,664 |
|
|
(60,648 |
) |
|
(17,993 |
) |
Cash used in financing activities - discontinued operations |
|
— |
|
|
— |
|
|
(115,676 |
) |
|
115,676 |
|
|
— |
|
Cash used in financing activities |
|
(15,952 |
) |
|
(18,057 |
) |
|
(39,012 |
) |
|
55,028 |
|
|
(17,993 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(4,430 |
) |
|
— |
|
|
(4,430 |
) |
Net decrease in cash and cash equivalents |
|
32,963 |
|
|
— |
|
|
(12,044 |
) |
|
— |
|
|
20,919 |
|
Cash and cash equivalents—beginning of period |
|
34,982 |
|
|
— |
|
|
194,589 |
|
|
$ |
— |
|
|
229,571 |
|
Cash and cash equivalents—end of period |
|
$ |
67,945 |
|
|
$ |
— |
|
|
$ |
182,545 |
|
|
$ |
— |
|
|
$ |
250,490 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2017 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities - continuing operations |
|
$ |
112,557 |
|
|
$ |
(93,067 |
) |
|
$ |
(201,903 |
) |
|
$ |
230,505 |
|
|
$ |
48,092 |
|
Cash provided by operating activities - discontinued operations |
|
(23,697 |
) |
|
14,820 |
|
|
42,748 |
|
|
6,536 |
|
|
40,407 |
|
Cash provided by operating activities |
|
88,860 |
|
|
(78,247 |
) |
|
(159,155 |
) |
|
237,041 |
|
|
88,499 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,697 |
) |
|
(1,824 |
) |
|
(12,717 |
) |
|
— |
|
|
(17,238 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
— |
|
|
448 |
|
|
— |
|
|
448 |
|
Intercompany investment |
|
2,882 |
|
|
78,154 |
|
|
(26,600 |
) |
|
(54,436 |
) |
|
— |
|
Cash provided by (used in) investing activities - continuing operations |
|
185 |
|
|
76,330 |
|
|
(38,869 |
) |
|
(54,436 |
) |
|
(16,790 |
) |
Cash provided by (used in) investing activities - discontinued operations |
|
— |
|
|
(3,436 |
) |
|
(7,399 |
) |
|
— |
|
|
(10,835 |
) |
Cash used in investing activities |
|
185 |
|
|
72,894 |
|
|
(46,268 |
) |
|
(54,436 |
) |
|
(27,625 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Principal Repayments on term loan |
|
(18,750 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(18,750 |
) |
Redemption of 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 |
|
Cash dividends |
|
(2,358 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,358 |
) |
Intercompany dividends paid |
|
— |
|
|
— |
|
|
231,688 |
|
|
(231,688 |
) |
|
— |
|
Intercompany loan activity |
|
(47,780 |
) |
|
— |
|
|
47,780 |
|
|
— |
|
|
— |
|
Intercompany capital contribution |
|
— |
|
|
— |
|
|
(54,436 |
) |
|
54,436 |
|
|
— |
|
Cash used in financing activities - continuing operations |
|
(62,188 |
) |
|
— |
|
|
225,032 |
|
|
(177,252 |
) |
|
(14,408 |
) |
Cash used in financing activities - discontinued operations |
|
— |
|
|
5,353 |
|
|
(742 |
) |
|
(5,353 |
) |
|
(742 |
) |
Cash used in financing activities |
|
(62,188 |
) |
|
5,353 |
|
|
224,290 |
|
|
(182,605 |
) |
|
(15,150 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
4,243 |
|
|
— |
|
|
4,243 |
|
Net decrease in cash and cash equivalents |
|
26,857 |
|
|
— |
|
|
23,110 |
|
|
— |
|
|
49,967 |
|
Cash and cash equivalents—beginning of period |
|
8,125 |
|
|
$ |
— |
|
|
171,479 |
|
|
— |
|
|
179,604 |
|
Cash and cash equivalents—end of period |
|
$ |
34,982 |
|
|
$ |
— |
|
|
$ |
194,589 |
|
|
$ |
— |
|
|
$ |
229,571 |
|
|