| Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block] |
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
35,710 |
|
|
$ |
87,834 |
|
|
$ |
165,411 |
|
|
$ |
— |
|
|
$ |
288,955 |
|
Cost of products sold |
6,963 |
|
|
64,574 |
|
|
116,507 |
|
|
— |
|
|
188,044 |
|
Gross profit |
28,747 |
|
|
23,260 |
|
|
48,904 |
|
|
— |
|
|
100,911 |
|
Selling, administrative and engineering expenses |
19,715 |
|
|
18,448 |
|
|
36,315 |
|
|
— |
|
|
74,478 |
|
Amortization of intangible assets |
318 |
|
|
2,861 |
|
|
1,952 |
|
|
— |
|
|
5,131 |
|
Restructuring charges |
5,356 |
|
|
169 |
|
|
1,104 |
|
|
— |
|
|
6,629 |
|
Operating profit |
3,358 |
|
|
1,782 |
|
|
9,533 |
|
|
— |
|
|
14,673 |
|
Financing costs, net |
7,623 |
|
|
21 |
|
|
(130 |
) |
|
— |
|
|
7,514 |
|
Intercompany (income) expense, net |
(4,877 |
) |
|
5,484 |
|
|
(607 |
) |
|
— |
|
|
— |
|
Other (income) expense, net |
(50 |
) |
|
45 |
|
|
334 |
|
|
— |
|
|
329 |
|
Earnings (loss) before income tax (benefit) expense |
662 |
|
|
(3,768 |
) |
|
9,936 |
|
|
— |
|
|
6,830 |
|
Income tax (benefit) expense |
(285 |
) |
|
437 |
|
|
1,452 |
|
|
— |
|
|
1,604 |
|
Net earnings (loss) before equity in earnings (loss) of subsidiaries |
947 |
|
|
(4,205 |
) |
|
8,484 |
|
|
— |
|
|
5,226 |
|
Equity in earnings (loss) of subsidiaries |
4,279 |
|
|
8,793 |
|
|
(46 |
) |
|
(13,026 |
) |
|
— |
|
Net earnings |
5,226 |
|
|
4,588 |
|
|
8,438 |
|
|
(13,026 |
) |
|
5,226 |
|
Comprehensive income |
$ |
8,251 |
|
|
$ |
4,588 |
|
|
$ |
11,566 |
|
|
$ |
(16,154 |
) |
|
$ |
8,251 |
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
31,729 |
|
|
$ |
84,276 |
|
|
$ |
149,788 |
|
|
$ |
— |
|
|
$ |
265,793 |
|
Cost of products sold |
7,094 |
|
|
61,416 |
|
|
104,216 |
|
|
— |
|
|
172,726 |
|
Gross profit |
24,635 |
|
|
22,860 |
|
|
45,572 |
|
|
— |
|
|
93,067 |
|
Selling, administrative and engineering expenses |
17,967 |
|
|
16,636 |
|
|
33,999 |
|
|
— |
|
|
68,602 |
|
Amortization of intangible assets |
318 |
|
|
3,076 |
|
|
1,868 |
|
|
— |
|
|
5,262 |
|
Restructuring charges |
355 |
|
|
723 |
|
|
1,870 |
|
|
— |
|
|
2,948 |
|
Director & officer transition charges |
7,784 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,784 |
|
Operating (loss) profit |
(1,789 |
) |
|
2,425 |
|
|
7,835 |
|
|
— |
|
|
8,471 |
|
Financing costs (income), net |
7,326 |
|
|
— |
|
|
(194 |
) |
|
— |
|
|
7,132 |
|
Intercompany (income) expense, net |
(5,068 |
) |
|
(1,086 |
) |
|
6,154 |
|
|
— |
|
|
— |
|
Intercompany dividends |
— |
|
|
(55,143 |
) |
|
— |
|
|
55,143 |
|
|
— |
|
Other expense (income), net |
2,085 |
|
|
(70 |
) |
|
(2,643 |
) |
|
— |
|
|
(628 |
) |
(Loss) earnings before income tax benefit |
(6,132 |
) |
|
58,724 |
|
|
4,518 |
|
|
(55,143 |
) |
|
1,967 |
|
Income tax benefit |
(2,714 |
) |
|
(30 |
) |
|
(254 |
) |
|
— |
|
|
(2,998 |
) |
Net (loss) earnings before equity in earnings of subsidiaries |
(3,418 |
) |
|
58,754 |
|
|
4,772 |
|
|
(55,143 |
) |
|
4,965 |
|
Equity in earnings of subsidiaries |
8,383 |
|
|
5,625 |
|
|
3,130 |
|
|
(17,138 |
) |
|
— |
|
Net earnings |
4,965 |
|
|
64,379 |
|
|
7,902 |
|
|
(72,281 |
) |
|
4,965 |
|
Comprehensive (loss) income |
$ |
(21,157 |
) |
|
$ |
46,292 |
|
|
$ |
631 |
|
|
$ |
(46,923 |
) |
|
$ |
(21,157 |
) |
|
| Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
9,504 |
|
|
$ |
— |
|
|
$ |
155,546 |
|
|
$ |
— |
|
|
$ |
165,050 |
|
Accounts receivable, net |
16,577 |
|
|
52,010 |
|
|
132,730 |
|
|
— |
|
|
201,317 |
|
Inventories, net |
24,490 |
|
|
54,521 |
|
|
75,235 |
|
|
— |
|
|
154,246 |
|
Assets held for sale |
— |
|
|
— |
|
|
21,393 |
|
|
— |
|
|
21,393 |
|
Other current assets |
29,359 |
|
|
2,997 |
|
|
43,974 |
|
|
— |
|
|
76,330 |
|
Total current assets |
79,930 |
|
|
109,528 |
|
|
428,878 |
|
|
— |
|
|
618,336 |
|
Property, plant and equipment, net |
8,051 |
|
|
30,461 |
|
|
60,476 |
|
|
— |
|
|
98,988 |
|
Goodwill |
38,847 |
|
|
200,499 |
|
|
292,108 |
|
|
— |
|
|
531,454 |
|
Other intangibles, net |
7,839 |
|
|
135,181 |
|
|
73,012 |
|
|
— |
|
|
216,032 |
|
Investment in subsidiaries |
1,839,467 |
|
|
1,196,261 |
|
|
804,946 |
|
|
(3,840,674 |
) |
|
— |
|
Intercompany receivable |
— |
|
|
577,424 |
|
|
206,969 |
|
|
(784,393 |
) |
|
— |
|
Other long-term assets |
8,147 |
|
|
1,869 |
|
|
15,415 |
|
|
— |
|
|
25,431 |
|
Total assets |
$ |
1,982,281 |
|
|
$ |
2,251,223 |
|
|
$ |
1,881,804 |
|
|
$ |
(4,625,067 |
) |
|
$ |
1,490,241 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
$ |
15,804 |
|
|
$ |
28,772 |
|
|
$ |
97,169 |
|
|
$ |
— |
|
|
$ |
141,745 |
|
Accrued compensation and benefits |
7,634 |
|
|
6,325 |
|
|
23,811 |
|
|
— |
|
|
37,770 |
|
Current maturities of debt and short-term borrowings |
30,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,000 |
|
Income taxes payable |
307 |
|
|
— |
|
|
6,335 |
|
|
— |
|
|
6,642 |
|
Liabilities held for sale |
— |
|
|
— |
|
|
70,787 |
|
|
— |
|
|
70,787 |
|
Other current liabilities |
20,521 |
|
|
8,140 |
|
|
28,314 |
|
|
— |
|
|
56,975 |
|
Total current liabilities |
74,266 |
|
|
43,237 |
|
|
226,416 |
|
|
— |
|
|
343,919 |
|
Long-term debt, net |
524,629 |
|
|
— |
|
|
— |
|
|
— |
|
|
524,629 |
|
Deferred income taxes |
23,789 |
|
|
— |
|
|
5,778 |
|
|
— |
|
|
29,567 |
|
Pension and postretirement benefit liabilities |
12,209 |
|
|
— |
|
|
7,330 |
|
|
— |
|
|
19,539 |
|
Other long-term liabilities |
49,646 |
|
|
305 |
|
|
6,318 |
|
|
— |
|
|
56,269 |
|
Intercompany payable |
781,424 |
|
|
— |
|
|
2,969 |
|
|
(784,393 |
) |
|
— |
|
Shareholders’ equity |
516,318 |
|
|
2,207,681 |
|
|
1,632,993 |
|
|
(3,840,674 |
) |
|
516,318 |
|
Total liabilities and shareholders’ equity |
$ |
1,982,281 |
|
|
$ |
2,251,223 |
|
|
$ |
1,881,804 |
|
|
$ |
(4,625,067 |
) |
|
$ |
1,490,241 |
|
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 intangibles, 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 and short-term borrowings |
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
$ |
(9,838 |
) |
|
$ |
3,580 |
|
|
$ |
(14,200 |
) |
|
$ |
— |
|
|
$ |
(20,458 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(1,478 |
) |
|
(3,589 |
) |
|
(2,837 |
) |
|
— |
|
|
(7,904 |
) |
Proceeds from sale of property, plant and equipment |
— |
|
|
9 |
|
|
23 |
|
|
— |
|
|
32 |
|
Rental asset lease buyout for Viking divestiture |
— |
|
|
— |
|
|
(27,718 |
) |
|
— |
|
|
(27,718 |
) |
Cash used in investing activities |
(1,478 |
) |
|
(3,580 |
) |
|
(30,532 |
) |
|
— |
|
|
(35,590 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Repayments on term loan |
(7,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,500 |
) |
Stock option exercises and other |
2,231 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,231 |
|
Taxes paid related to the net share settlement of equity awards |
(282 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(282 |
) |
Cash dividend |
(2,390 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,390 |
) |
Intercompany loan activity |
(5,954 |
) |
|
— |
|
|
5,954 |
|
|
— |
|
|
— |
|
Cash (used in) provided by financing activities |
(13,895 |
) |
|
— |
|
|
5,954 |
|
|
— |
|
|
(7,941 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(532 |
) |
|
— |
|
|
(532 |
) |
Net decrease in cash and cash equivalents |
(25,211 |
) |
|
— |
|
|
(39,310 |
) |
|
— |
|
|
(64,521 |
) |
Cash and cash equivalents—beginning of period |
34,715 |
|
|
— |
|
|
194,856 |
|
|
— |
|
|
229,571 |
|
Cash and cash equivalents—end of period |
$ |
9,504 |
|
|
$ |
— |
|
|
$ |
155,546 |
|
|
$ |
— |
|
|
$ |
165,050 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net provided by operating activities |
$ |
61,380 |
|
|
$ |
2,491 |
|
|
$ |
3,736 |
|
|
$ |
(55,143 |
) |
|
$ |
12,463 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(861 |
) |
|
(2,607 |
) |
|
(1,671 |
) |
|
— |
|
|
(5,139 |
) |
Proceeds from sale of property, plant and equipment |
— |
|
|
46 |
|
|
84 |
|
|
— |
|
|
130 |
|
Cash used in investing activities |
(861 |
) |
|
(2,561 |
) |
|
(1,587 |
) |
|
— |
|
|
(5,009 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Principal repayments on term loan |
(3,750 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,750 |
) |
Taxes paid related to the net share settlement of equity awards |
(223 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(223 |
) |
Stock option exercises and other |
964 |
|
|
— |
|
|
— |
|
|
— |
|
|
964 |
|
Cash dividend |
(2,358 |
) |
|
— |
|
|
(55,143 |
) |
|
55,143 |
|
|
(2,358 |
) |
Intercompany loan activity |
(53,734 |
) |
|
— |
|
|
53,734 |
|
|
— |
|
|
— |
|
Cash used in financing activities |
(59,101 |
) |
|
— |
|
|
(1,409 |
) |
|
55,143 |
|
|
(5,367 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(4,820 |
) |
|
— |
|
|
(4,820 |
) |
Net increase (decrease) in cash and cash equivalents |
1,418 |
|
|
(71 |
) |
|
(4,080 |
) |
|
— |
|
|
(2,733 |
) |
Cash and cash equivalents—beginning of period |
7,953 |
|
|
71 |
|
|
171,580 |
|
|
— |
|
|
179,604 |
|
Cash and cash equivalents—end of period |
$ |
9,371 |
|
|
$ |
— |
|
|
$ |
167,500 |
|
|
$ |
— |
|
|
$ |
176,871 |
|
|