Guarantor Subsidiaries (Tables)
|
12 Months Ended |
Aug. 31, 2015 |
|---|
| 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, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
158,836 |
|
|
$ |
268,070 |
|
|
$ |
822,348 |
|
|
$ |
— |
|
|
$ |
1,249,254 |
|
Cost of products sold |
|
40,858 |
|
|
189,251 |
|
|
557,304 |
|
|
— |
|
|
787,413 |
|
Gross profit |
|
117,978 |
|
|
78,819 |
|
|
265,044 |
|
|
— |
|
|
461,841 |
|
Selling, administrative and engineering expenses |
|
74,588 |
|
|
56,054 |
|
|
168,959 |
|
|
— |
|
|
299,601 |
|
Impairment charge |
|
— |
|
|
20,249 |
|
|
64,104 |
|
|
— |
|
|
84,353 |
|
Amortization of intangible assets |
|
1,272 |
|
|
10,594 |
|
|
12,467 |
|
|
— |
|
|
24,333 |
|
Operating profit (loss) |
|
42,118 |
|
|
(8,078 |
) |
|
19,514 |
|
|
— |
|
|
53,554 |
|
Financing costs, net |
|
29,295 |
|
|
— |
|
|
(1,238 |
) |
|
— |
|
|
28,057 |
|
Intercompany expense (income), net |
|
(19,727 |
) |
|
1,432 |
|
|
18,295 |
|
|
— |
|
|
— |
|
Intercompany dividends |
|
(212 |
) |
|
(243 |
) |
|
(31 |
) |
|
486 |
|
|
— |
|
Other expense (income), net |
|
160 |
|
|
(71 |
) |
|
17 |
|
|
— |
|
|
106 |
|
Earnings (loss) before income tax expense (benefit) |
|
32,602 |
|
|
(9,196 |
) |
|
2,471 |
|
|
(486 |
) |
|
25,391 |
|
Income tax expense (benefit) |
|
(8,218 |
) |
|
1,702 |
|
|
12,119 |
|
|
(84 |
) |
|
5,519 |
|
Net earnings (loss) before equity in earnings (loss) of subsidiaries |
|
40,820 |
|
|
(10,898 |
) |
|
(9,648 |
) |
|
(402 |
) |
|
19,872 |
|
Equity in earnings (loss) of subsidiaries |
|
(20,948 |
) |
|
8,466 |
|
|
31 |
|
|
12,451 |
|
|
— |
|
Net earnings (loss) |
|
$ |
19,872 |
|
|
$ |
(2,432 |
) |
|
$ |
(9,617 |
) |
|
$ |
12,049 |
|
|
$ |
19,872 |
|
Comprehensive loss |
|
$ |
(125,360 |
) |
|
$ |
(19,551 |
) |
|
$ |
(85,374 |
) |
|
$ |
104,925 |
|
|
$ |
(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 |
|
|
$ |
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 from continuing operations 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(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 from continuing operations before equity in earnings (loss) 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 Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,688 |
|
|
$ |
523 |
|
|
$ |
149,635 |
|
|
$ |
— |
|
|
$ |
168,846 |
|
Accounts receivable, net |
|
16,135 |
|
|
33,748 |
|
|
143,198 |
|
|
— |
|
|
193,081 |
|
Inventories, net |
|
23,074 |
|
|
33,480 |
|
|
86,198 |
|
|
— |
|
|
142,752 |
|
Deferred income taxes |
|
9,256 |
|
|
— |
|
|
3,666 |
|
|
— |
|
|
12,922 |
|
Other current assets |
|
18,020 |
|
|
2,967 |
|
|
21,801 |
|
|
— |
|
|
42,788 |
|
Total current assets |
|
85,173 |
|
|
70,718 |
|
|
404,498 |
|
|
— |
|
|
560,389 |
|
Property, plant & equipment, net |
|
6,363 |
|
|
23,691 |
|
|
112,404 |
|
|
— |
|
|
142,458 |
|
Goodwill |
|
38,847 |
|
|
189,337 |
|
|
380,072 |
|
|
— |
|
|
608,256 |
|
Other intangibles, net |
|
10,702 |
|
|
109,665 |
|
|
188,395 |
|
|
— |
|
|
308,762 |
|
Investment in subsidiaries |
|
2,067,438 |
|
|
1,017,418 |
|
|
27,552 |
|
|
(3,112,408 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
619,198 |
|
|
565,968 |
|
|
(1,185,166 |
) |
|
— |
|
Other long-term assets |
|
10,694 |
|
|
— |
|
|
6,358 |
|
|
— |
|
|
17,052 |
|
Total assets |
|
$ |
2,219,217 |
|
|
$ |
2,030,027 |
|
|
$ |
1,685,247 |
|
|
$ |
(4,297,574 |
) |
|
$ |
1,636,917 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
14,700 |
|
|
$ |
19,213 |
|
|
$ |
84,202 |
|
|
$ |
— |
|
|
$ |
118,115 |
|
Accrued compensation and benefits |
|
16,479 |
|
|
2,952 |
|
|
24,276 |
|
|
— |
|
|
43,707 |
|
Current maturities of debt and other short-term borrowings |
|
3,750 |
|
|
— |
|
|
219 |
|
|
— |
|
|
3,969 |
|
Income taxes payable |
|
10,947 |
|
|
— |
|
|
3,858 |
|
|
— |
|
|
14,805 |
|
Other current liabilities |
|
19,817 |
|
|
4,783 |
|
|
29,860 |
|
|
— |
|
|
54,460 |
|
Total current liabilities |
|
65,693 |
|
|
26,948 |
|
|
142,415 |
|
|
— |
|
|
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 |
|
|
— |
|
|
390,281 |
|
|
(1,185,166 |
) |
|
— |
|
Shareholders’ equity |
|
673,001 |
|
|
2,002,679 |
|
|
1,109,729 |
|
|
(3,112,408 |
) |
|
673,001 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,219,217 |
|
|
$ |
2,030,027 |
|
|
$ |
1,685,247 |
|
|
$ |
(4,297,574 |
) |
|
$ |
1,636,917 |
|
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 |
|
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 |
|
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 |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
20,014 |
|
|
$ |
25,673 |
|
|
$ |
100,111 |
|
|
$ |
— |
|
|
$ |
145,798 |
|
Accrued compensation and benefits |
|
15,135 |
|
|
3,293 |
|
|
34,536 |
|
|
— |
|
|
52,964 |
|
Current maturities of debt |
|
4,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,500 |
|
Income taxes payable |
|
31,582 |
|
|
— |
|
|
6,765 |
|
|
— |
|
|
38,347 |
|
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 post-retirement 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
88,166 |
|
|
$ |
(33,047 |
) |
|
$ |
73,849 |
|
|
$ |
— |
|
|
$ |
128,968 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(1,086 |
) |
|
(4,094 |
) |
|
(17,336 |
) |
|
— |
|
|
(22,516 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
258 |
|
|
986 |
|
|
— |
|
|
1,244 |
|
Intercompany investment |
|
(3,727 |
) |
|
— |
|
|
— |
|
|
3,727 |
|
|
— |
|
Cash used in investing activities |
|
(4,813 |
) |
|
(3,836 |
) |
|
(16,350 |
) |
|
3,727 |
|
|
(21,272 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolver and other debt |
|
— |
|
|
— |
|
|
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 |
) |
Stock option exercises, related tax benefits and other |
|
5,396 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,396 |
|
Cash dividend |
|
(2,598 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(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 |
|
(92,596 |
) |
|
34,081 |
|
|
49,291 |
|
|
(3,727 |
) |
|
(12,951 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(34,911 |
) |
|
— |
|
|
(34,911 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(9,243 |
) |
|
(2,802 |
) |
|
71,879 |
|
|
— |
|
|
59,834 |
|
Cash and cash equivalents—beginning of period |
|
27,931 |
|
|
3,325 |
|
|
77,756 |
|
|
— |
|
|
109,012 |
|
Cash and cash equivalents—end of period |
|
$ |
18,688 |
|
|
$ |
523 |
|
|
$ |
149,635 |
|
|
$ |
— |
|
|
$ |
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 |
|
$ |
75,924 |
|
|
$ |
(20,966 |
) |
|
$ |
84,992 |
|
|
$ |
(14,716 |
) |
|
$ |
125,234 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(4,498 |
) |
|
(4,675 |
) |
|
(32,684 |
) |
|
— |
|
|
(41,857 |
) |
Proceeds from sale of property, plant and equipment |
|
85 |
|
|
484 |
|
|
43,705 |
|
|
— |
|
|
44,274 |
|
Proceeds from sale of businesses |
|
(4,586 |
) |
|
250,748 |
|
|
43,428 |
|
|
— |
|
|
289,590 |
|
Business acquisitions, net of cash acquired |
|
(30,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,500 |
) |
Intercompany investment |
|
— |
|
|
(99,963 |
) |
|
— |
|
|
99,963 |
|
|
— |
|
Cash (used in) provided by investing activities |
|
(39,499 |
) |
|
146,594 |
|
|
54,449 |
|
|
99,963 |
|
|
261,507 |
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net repayments on revolver |
|
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
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 |
) |
Intercompany loan activity |
|
354,791 |
|
|
(122,303 |
) |
|
(232,488 |
) |
|
— |
|
|
— |
|
Intercompany capital contribution |
|
— |
|
|
— |
|
|
99,963 |
|
|
(99,963 |
) |
|
— |
|
Cash used 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 period |
|
16,122 |
|
|
— |
|
|
87,864 |
|
|
— |
|
|
103,986 |
|
Cash and cash equivalents—end of period |
|
$ |
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 |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,022 |
) |
|
(4,021 |
) |
|
(17,625 |
) |
|
— |
|
|
(23,668 |
) |
Proceeds from sale of property, plant and equipment |
|
563 |
|
|
206 |
|
|
852 |
|
|
— |
|
|
1,621 |
|
Proceeds from sale of business |
|
— |
|
|
— |
|
|
4,854 |
|
|
— |
|
|
4,854 |
|
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 repayments on revolver |
|
125,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
125,000 |
|
Principal repayment on term loans |
|
(7,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,500 |
) |
Payment of deferred acquisition consideration |
|
(1,350 |
) |
|
— |
|
|
(4,028 |
) |
|
— |
|
|
(5,378 |
) |
Debt issuance cost |
|
(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 |
) |
Intercompany loan activity |
|
(179,050 |
) |
|
(22,371 |
) |
|
201,421 |
|
|
— |
|
|
— |
|
Cash provided by (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 in cash and cash equivalents |
|
3,721 |
|
|
(91 |
) |
|
32,172 |
|
|
— |
|
|
35,802 |
|
Cash and cash equivalents—beginning of period |
|
12,401 |
|
|
91 |
|
|
55,692 |
|
|
— |
|
|
68,184 |
|
Cash and cash equivalents—end of period |
|
$ |
16,122 |
|
|
$ |
— |
|
|
$ |
87,864 |
|
|
$ |
— |
|
|
$ |
103,986 |
|
|