Quarterly report pursuant to Section 13 or 15(d)

Guarantor Subsidiaries (Tables)

v3.10.0.1
Guarantor Subsidiaries (Tables)
9 Months Ended
May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Three Months Ended May 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$
41,851

 
$
101,780

 
$
173,465

 
$

 
$
317,096

Cost of products sold
6,394

 
73,266

 
120,927

 

 
200,587

Gross profit
35,457

 
28,514

 
52,538

 

 
116,509

Selling, administrative and engineering expenses
22,480

 
18,439

 
36,651

 

 
77,570

Amortization of intangible assets
318

 
2,861

 
2,005

 

 
5,184

Restructuring charges
661

 
253

 
256

 

 
1,170

Operating profit
11,998

 
6,961

 
13,626

 

 
32,585

Financing costs (income), net
7,847

 
22

 
(113
)
 

 
7,756

Intercompany (income) expense, net
(2,023
)
 
7,120

 
(5,097
)
 

 

Other (income) expense, net
(251
)
 
(8
)
 
71

 

 
(188
)
Earnings (loss) before income tax (benefit) expense
6,425

 
(173
)
 
18,765

 

 
25,017

Income tax (benefit) expense
(11,354
)
 
(86
)
 
7,445

 

 
(3,995
)
Net earnings (loss) before equity in earnings of subsidiaries
17,779

 
(87
)
 
11,320

 

 
29,012

Equity in earnings of subsidiaries
11,233

 
13,406

 
1,157

 
(25,796
)
 

Net earnings
$
29,012

 
$
13,319

 
$
12,477

 
$
(25,796
)
 
$
29,012

Comprehensive income (loss)
$
8,059

 
$
13,319

 
$
(9,092
)
 
$
(4,227
)
 
$
8,059

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(in thousands)
 
Three Months Ended May 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$
39,753

 
$
98,391

 
$
157,283

 
$

 
$
295,427

Cost of products sold
9,944

 
71,565

 
111,114

 

 
192,623

Gross profit
29,809

 
26,826

 
46,169

 

 
102,804

Selling, administrative and engineering expenses
18,113

 
18,060

 
33,878

 

 
70,051

Amortization of intangible assets
318

 
2,865

 
1,854

 

 
5,037

Restructuring charges
99

 
153

 
132

 

 
384

Operating profit
11,279

 
5,748

 
10,305

 

 
27,332

Financing costs (income), net
7,558

 

 
(5
)
 

 
7,553

Intercompany (income) expense, net
(3,941
)
 
3,958

 
(17
)
 

 

Intercompany dividends
5,353

 

 
(5,353
)
 

 

Other (income) expense, net
(159
)
 
98

 
1,358

 

 
1,297

Earnings before income tax benefit
2,468

 
1,692

 
14,322

 

 
18,482

Income tax benefit
(3,521
)
 
(168
)
 
(340
)
 

 
(4,029
)
Net earnings before equity in earnings of subsidiaries
5,989

 
1,860

 
14,662

 

 
22,511

Equity in earnings of subsidiaries
16,523

 
15,475

 
1,754

 
(33,752
)
 

Net earnings
$
22,511

 
$
17,335

 
$
16,416

 
$
(33,752
)
 
$
22,511

Comprehensive income
$
42,835

 
$
24,376

 
$
28,358

 
$
(52,734
)
 
$
42,835

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(in thousands)

 
Nine Months Ended May 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$
113,780

 
$
272,686

 
$
494,750

 
$

 
$
881,216

Cost of products sold
19,205

 
201,819

 
353,076

 

 
574,100

Gross profit
94,575

 
70,867

 
141,674

 

 
307,116

Selling, administrative and engineering expenses
60,385

 
54,119

 
106,046

 

 
220,550

Amortization of intangible assets
954

 
8,583

 
5,946

 

 
15,483

Restructuring charges
6,211

 
1,331

 
3,707

 

 
11,249

Impairment & divestiture charges (income)
4,217

 

 
(1,230
)
 

 
2,987

Operating profit
22,808

 
6,834

 
27,205

 

 
56,847

Financing costs (income), net
23,247

 
65

 
(438
)
 

 
22,874

Intercompany (income) expense, net
(11,942
)
 
18,023

 
(6,081
)
 

 

Other (income) expense, net
(211
)
 
86

 
633

 

 
508

Earnings (loss) before income tax (benefit) expense
11,714

 
(11,340
)
 
33,091

 

 
33,465

Income tax (benefit) expense
(1,027
)
 
(1,883
)
 
20,358

 

 
17,448

Net earnings (loss) before equity in earnings (loss) of subsidiaries
12,741

 
(9,457
)
 
12,733

 

 
16,017

Equity in earnings (loss) of subsidiaries
3,276

 
12,745

 
(348
)
 
(15,673
)
 

Net earnings
$
16,017

 
$
3,288

 
$
12,385

 
$
(15,673
)
 
$
16,017

Comprehensive income
$
79,098

 
$
3,288

 
$
77,294

 
$
(80,582
)
 
$
79,098

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(in thousands)

 
Nine Months Ended May 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$
106,435

 
$
263,640

 
$
450,014

 
$

 
$
820,089

Cost of products sold
27,087

 
194,802

 
315,003

 

 
536,892

Gross profit
79,348

 
68,838

 
135,011

 

 
283,197

Selling, administrative and engineering expenses
54,633

 
51,245

 
99,731

 

 
205,609

Amortization of intangible assets
954

 
8,859

 
5,555

 

 
15,368

Restructuring charges
826

 
1,317

 
3,290

 

 
5,433

Director & officer transition charges
7,784

 

 

 

 
7,784

Operating profit
15,151

 
7,417

 
26,435

 

 
49,003

Financing costs (income), net
22,314

 

 
(295
)
 

 
22,019

Intercompany (income) expense, net
(16,891
)
 
14,114

 
2,777

 

 

Intercompany dividends
5,353

 
(59,401
)
 
(5,353
)
 
59,401

 

Other expense (income), net
1,878

 
24

 
(642
)
 

 
1,260

Earnings before income tax (benefit) expense
2,497

 
52,680

 
29,948

 
(59,401
)
 
25,724

Income tax (benefit) expense
(6,084
)
 
(865
)
 
122

 

 
(6,827
)
Net earnings before equity in earnings of subsidiaries
8,581

 
53,545

 
29,826

 
(59,401
)
 
32,551

Equity in earnings of subsidiaries
23,970

 
29,157

 
4,616

 
(57,743
)
 

Net earnings
$
32,551

 
$
82,702

 
$
34,442

 
$
(117,144
)
 
$
32,551

Comprehensive income
$
29,864

 
$
71,992

 
$
41,817

 
$
(113,809
)
 
$
29,864

Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
 
May 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
36,411

 
$

 
$
153,079

 
$

 
$
189,490

Accounts receivable, net
18,176

 
55,856

 
138,252

 

 
212,284

Inventories, net
26,590

 
62,274

 
78,453

 

 
167,317

Other current assets
9,763

 
4,045

 
44,924

 

 
58,732

Total current assets
90,940

 
122,175

 
414,708

 

 
627,823

Property, plant & equipment, net
8,073

 
31,872

 
60,820

 

 
100,765

Goodwill
38,847

 
201,578

 
298,367

 

 
538,792

Other intangibles, net
7,202

 
129,460

 
73,498

 

 
210,160

Investment in subsidiaries
1,890,023

 
1,264,257

 
802,395

 
(3,956,675
)
 

Intercompany receivable

 
564,943

 
214,895

 
(779,838
)
 

Other long-term assets
10,391

 
31

 
16,823

 

 
27,245

Total assets
$
2,045,476

 
$
2,314,316

 
$
1,881,506

 
$
(4,736,513
)
 
$
1,504,785

LIABILITIES & SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
14,511

 
$
30,284

 
$
97,404

 
$

 
$
142,199

Accrued compensation and benefits
14,112

 
8,962

 
25,019

 

 
48,093

Current maturities of debt
30,000

 

 

 

 
30,000

Income taxes payable
6,069

 

 
11,536

 

 
17,605

Other current liabilities
18,931

 
6,521

 
37,985

 

 
63,437

Total current liabilities
83,623

 
45,767

 
171,944

 

 
301,334

Long-term debt
510,007

 

 

 

 
510,007

Deferred income taxes
13,659

 

 
5,832

 

 
19,491

Pension and post-retirement benefit liabilities
11,587

 

 
7,105

 

 
18,692

Other long-term liabilities
46,651

 
374

 
7,208

 

 
54,233

Intercompany payable
778,921

 

 
917

 
(779,838
)
 

Shareholders’ equity
601,028

 
2,268,175

 
1,688,500

 
(3,956,675
)
 
601,028

Total liabilities and shareholders’ equity
$
2,045,476

 
$
2,314,316

 
$
1,881,506

 
$
(4,736,513
)
 
$
1,504,785

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
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)
 
Nine Months Ended May 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
25,741

 
$
9,439

 
$
409

 
$

 
$
35,589

Investing Activities
 
 
 
 
 
 
 
 
 
Capital expenditures
(2,455
)
 
(7,806
)
 
(8,455
)
 

 
(18,716
)
Proceeds from sale of property, plant and equipment

 
99

 
49

 

 
148

Rental asset buyout for Viking divestiture

 

 
(27,718
)
 

 
(27,718
)
Proceeds from sale of business, net of transition costs
198

 

 
8,582

 

 
8,780

Cash paid for business acquisitions, net of cash acquired

 
(1,732
)
 
(20,594
)
 

 
(22,326
)
Intercompany investment
(100
)
 

 

 
100

 

Cash used in investing activities
(2,357
)
 
(9,439
)
 
(48,136
)
 
100

 
(59,832
)
Financing Activities
 
 
 
 
 
 
 
 
 
Principal repayments on term loan
(22,500
)
 

 

 

 
(22,500
)
Stock option exercises and other
10,435

 

 

 

 
10,435

Taxes paid related to the net share settlement of equity awards
(1,279
)
 

 

 

 
(1,279
)
Cash dividend
(2,390
)
 

 

 

 
(2,390
)
Intercompany loan activity
(5,954
)
 

 
5,954

 

 

Intercompany capital contribution

 

 
100

 
(100
)
 

Cash (used in) provided by financing activities
(21,688
)
 

 
6,054

 
(100
)
 
(15,734
)
Effect of exchange rate changes on cash

 

 
(104
)
 

 
(104
)
Net increase (decrease) in cash and cash equivalents
1,696

 

 
(41,777
)
 

 
(40,081
)
Cash and cash equivalents—beginning of period
34,715

 

 
194,856

 

 
229,571

Cash and cash equivalents—end of period
$
36,411

 
$

 
$
153,079

 
$

 
$
189,490

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
 
Nine Months Ended May 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
Net provided by operating activities
$
82,834

 
$
13,184

 
$
20,798

 
$
(64,754
)
 
$
52,062

Investing Activities
 
 
 
 
 
 
 
 
 
Capital expenditures
(2,706
)
 
(8,037
)
 
(12,176
)
 

 
(22,919
)
Proceeds from sale of property, plant and equipment

 
135

 
109

 

 
244

Cash used in investing activities
(2,706
)
 
(7,902
)
 
(12,067
)
 

 
(22,675
)
Financing Activities
 
 
 
 
 
 
 
 
 
Principal repayments on term loan
(11,250
)
 

 

 

 
(11,250
)
Redemption of 5.625% Senior Notes
(500
)
 

 

 

 
(500
)
Stock option exercises and other
7,314

 

 

 

 
7,314

Taxes paid related to the net share settlement of equity awards
(999
)
 

 

 

 
(999
)
Payment of deferred acquisition consideration

 

 
(742
)
 

 
(742
)
Cash dividend
(2,358
)
 
(5,353
)
 
(59,401
)
 
64,754

 
(2,358
)
Intercompany loan activity
(53,734
)
 

 
53,734

 

 

Cash used in financing activities
(61,527
)
 
(5,353
)
 
(6,409
)
 
64,754

 
(8,535
)
Effect of exchange rate changes on cash

 

 
(1,502
)
 

 
(1,502
)
Net increase (decrease) in cash and cash equivalents
18,601

 
(71
)
 
820

 

 
19,350

Cash and cash equivalents—beginning of period
7,953

 
71

 
171,580

 

 
179,604

Cash and cash equivalents—end of period
$
26,554

 
$

 
$
172,400

 
$

 
$
198,954