Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block] |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
40,290 |
|
|
$ |
95,822 |
|
|
$ |
156,419 |
|
|
$ |
— |
|
|
$ |
292,531 |
|
Cost of products sold |
9,881 |
|
|
70,596 |
|
|
107,046 |
|
|
— |
|
|
187,523 |
|
Gross profit |
30,409 |
|
|
25,226 |
|
|
49,373 |
|
|
— |
|
|
105,008 |
|
Selling, administrative and engineering expenses |
20,966 |
|
|
18,314 |
|
|
33,912 |
|
|
— |
|
|
73,192 |
|
Amortization of intangible assets |
318 |
|
|
2,692 |
|
|
1,268 |
|
|
— |
|
|
4,278 |
|
Restructuring charges |
— |
|
|
(93 |
) |
|
496 |
|
|
— |
|
|
403 |
|
Impairment & divestiture charges |
— |
|
|
10,220 |
|
|
26,233 |
|
|
— |
|
|
36,453 |
|
Operating profit (loss) |
9,125 |
|
|
(5,907 |
) |
|
(12,536 |
) |
|
— |
|
|
(9,318 |
) |
Financing costs (income), net |
7,551 |
|
|
— |
|
|
(256 |
) |
|
— |
|
|
7,295 |
|
Intercompany (income) expense, net |
(4,053 |
) |
|
6,491 |
|
|
(2,438 |
) |
|
— |
|
|
— |
|
Other (income) expense, net |
(216 |
) |
|
7 |
|
|
1,120 |
|
|
— |
|
|
911 |
|
Earnings (loss) before income tax (benefit) expense |
5,843 |
|
|
(12,405 |
) |
|
(10,962 |
) |
|
— |
|
|
(17,524 |
) |
Income tax (benefit) expense |
(2,706 |
) |
|
(102 |
) |
|
2,736 |
|
|
|
|
|
(72 |
) |
Net earnings (loss) before equity in (loss) earnings of subsidiaries |
8,549 |
|
|
(12,303 |
) |
|
(13,698 |
) |
|
— |
|
|
(17,452 |
) |
Equity in (loss) earnings of subsidiaries |
(26,001 |
) |
|
(13,132 |
) |
|
1,255 |
|
|
37,878 |
|
|
— |
|
Net loss |
(17,452 |
) |
|
(25,435 |
) |
|
(12,443 |
) |
|
37,878 |
|
|
(17,452 |
) |
Comprehensive loss |
$ |
(25,396 |
) |
|
$ |
(25,434 |
) |
|
$ |
(20,119 |
) |
|
$ |
45,553 |
|
|
$ |
(25,396 |
) |
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 (income), 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 Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
41,371 |
|
|
$ |
— |
|
|
$ |
162,072 |
|
|
$ |
— |
|
|
$ |
203,443 |
|
Accounts receivable, net |
18,511 |
|
|
40,803 |
|
|
131,876 |
|
|
— |
|
|
191,190 |
|
Inventories, net |
25,035 |
|
|
51,389 |
|
|
78,340 |
|
|
— |
|
|
154,764 |
|
Assets held for sale |
— |
|
|
79,748 |
|
|
26,445 |
|
|
— |
|
|
106,193 |
|
Other current assets |
11,761 |
|
|
1,824 |
|
|
38,160 |
|
|
— |
|
|
51,745 |
|
Total current assets |
96,678 |
|
|
173,764 |
|
|
436,893 |
|
|
— |
|
|
707,335 |
|
Property, plant & equipment, net |
7,828 |
|
|
16,557 |
|
|
54,775 |
|
|
— |
|
|
79,160 |
|
Goodwill |
38,847 |
|
|
184,121 |
|
|
254,392 |
|
|
— |
|
|
477,360 |
|
Other intangibles, net |
6,566 |
|
|
97,932 |
|
|
48,221 |
|
|
— |
|
|
152,719 |
|
Investment in subsidiaries |
1,806,237 |
|
|
1,198,123 |
|
|
807,031 |
|
|
(3,811,391 |
) |
|
— |
|
Intercompany receivable |
— |
|
|
616,713 |
|
|
208,731 |
|
|
(825,444 |
) |
|
— |
|
Other long-term assets |
12,745 |
|
|
339 |
|
|
20,375 |
|
|
— |
|
|
33,459 |
|
Total assets |
$ |
1,968,901 |
|
|
$ |
2,287,549 |
|
|
$ |
1,830,418 |
|
|
$ |
(4,636,835 |
) |
|
$ |
1,450,033 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
$ |
13,915 |
|
|
$ |
20,468 |
|
|
$ |
89,684 |
|
|
$ |
— |
|
|
$ |
124,067 |
|
Accrued compensation and benefits |
10,509 |
|
|
2,938 |
|
|
22,896 |
|
|
— |
|
|
36,343 |
|
Current maturities of debt and short-term borrowings |
30,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,000 |
|
Income taxes payable |
— |
|
|
— |
|
|
8,215 |
|
|
— |
|
|
8,215 |
|
Liabilities held for sale |
— |
|
|
12,951 |
|
|
57,079 |
|
|
— |
|
|
70,030 |
|
Other current liabilities |
18,207 |
|
|
6,481 |
|
|
39,026 |
|
|
— |
|
|
63,714 |
|
Total current liabilities |
72,631 |
|
|
42,838 |
|
|
216,900 |
|
|
— |
|
|
332,369 |
|
Long-term debt |
495,384 |
|
|
— |
|
|
— |
|
|
— |
|
|
495,384 |
|
Deferred income taxes |
15,426 |
|
|
— |
|
|
1,505 |
|
|
— |
|
|
16,931 |
|
Pension and post-retirement benefit liabilities |
7,632 |
|
|
— |
|
|
7,039 |
|
|
— |
|
|
14,671 |
|
Other long-term liabilities |
47,348 |
|
|
285 |
|
|
5,480 |
|
|
— |
|
|
53,113 |
|
Intercompany payable |
792,915 |
|
|
32,529 |
|
|
— |
|
|
(825,444 |
) |
|
— |
|
Shareholders’ equity |
537,565 |
|
|
2,211,897 |
|
|
1,599,494 |
|
|
(3,811,391 |
) |
|
537,565 |
|
Total liabilities and shareholders’ equity |
$ |
1,968,901 |
|
|
$ |
2,287,549 |
|
|
$ |
1,830,418 |
|
|
$ |
(4,636,835 |
) |
|
$ |
1,450,033 |
|
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 Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
$ |
(16,275 |
) |
|
$ |
4,337 |
|
|
$ |
(17,172 |
) |
|
$ |
— |
|
|
$ |
(29,110 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(423 |
) |
|
(4,340 |
) |
|
(2,903 |
) |
|
— |
|
|
(7,666 |
) |
Proceeds from sale of property, plant and equipment |
8 |
|
|
3 |
|
|
— |
|
|
— |
|
|
11 |
|
Cash used in investing activities |
(415 |
) |
|
(4,337 |
) |
|
(2,903 |
) |
|
— |
|
|
(7,655 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Principal repayments on term loan |
(7,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,500 |
) |
Stock option exercises, related tax benefits and other |
552 |
|
|
— |
|
|
— |
|
|
— |
|
|
552 |
|
Taxes paid related to the net share settlement of equity awards |
(201 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(201 |
) |
Cash Dividends |
(2,439 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,439 |
) |
Cash used in financing activities |
(9,588 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(9,588 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(694 |
) |
|
— |
|
|
(694 |
) |
Net decrease in cash and cash equivalents |
(26,278 |
) |
|
— |
|
|
(20,769 |
) |
|
— |
|
|
(47,047 |
) |
Cash and cash equivalents—beginning of period |
67,649 |
|
|
— |
|
|
182,841 |
|
|
— |
|
|
250,490 |
|
Cash and cash equivalents—end of period |
$ |
41,371 |
|
|
$ |
— |
|
|
$ |
162,072 |
|
|
$ |
— |
|
|
$ |
203,443 |
|
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 |
|
|