| 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 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 taxes |
(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 STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
34,690 |
|
|
$ |
100,941 |
|
|
$ |
169,380 |
|
|
$ |
— |
|
|
$ |
305,011 |
|
Cost of products sold |
7,171 |
|
|
72,338 |
|
|
116,940 |
|
|
— |
|
|
196,449 |
|
Gross profit |
27,519 |
|
|
28,603 |
|
|
52,440 |
|
|
— |
|
|
108,562 |
|
Selling, administrative and engineering expenses |
19,760 |
|
|
18,530 |
|
|
34,621 |
|
|
— |
|
|
72,911 |
|
Amortization of intangible assets |
318 |
|
|
3,308 |
|
|
2,274 |
|
|
— |
|
|
5,900 |
|
Restructuring charges |
878 |
|
|
122 |
|
|
3,380 |
|
|
— |
|
|
4,380 |
|
Operating profit |
6,563 |
|
|
6,643 |
|
|
12,165 |
|
|
— |
|
|
25,371 |
|
Financing costs (income), net |
7,455 |
|
|
— |
|
|
(338 |
) |
|
— |
|
|
7,117 |
|
Intercompany (income) expense, net |
(5,829 |
) |
|
(5,825 |
) |
|
11,654 |
|
|
— |
|
|
— |
|
Other expense, net |
403 |
|
|
59 |
|
|
157 |
|
|
— |
|
|
619 |
|
Earnings before income taxes |
4,534 |
|
|
12,409 |
|
|
692 |
|
|
— |
|
|
17,635 |
|
Income tax expense (benefit) |
591 |
|
|
1,657 |
|
|
(61 |
) |
|
— |
|
|
2,187 |
|
Net earnings before equity in earnings of subsidiaries |
3,943 |
|
|
10,752 |
|
|
753 |
|
|
— |
|
|
15,448 |
|
Equity in earnings of subsidiaries |
11,505 |
|
|
2,874 |
|
|
1,858 |
|
|
(16,237 |
) |
|
— |
|
Net earnings |
15,448 |
|
|
13,626 |
|
|
2,611 |
|
|
(16,237 |
) |
|
15,448 |
|
Comprehensive (loss) income |
$ |
(5,486 |
) |
|
$ |
1,403 |
|
|
$ |
(5,981 |
) |
|
$ |
4,578 |
|
|
$ |
(5,486 |
) |
|
| Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
9,371 |
|
|
$ |
— |
|
|
$ |
167,500 |
|
|
$ |
— |
|
|
$ |
176,871 |
|
Accounts receivable, net |
13,628 |
|
|
47,846 |
|
|
127,341 |
|
|
— |
|
|
188,815 |
|
Inventories, net |
20,606 |
|
|
44,651 |
|
|
69,807 |
|
|
— |
|
|
135,064 |
|
Other current assets |
9,068 |
|
|
2,721 |
|
|
36,309 |
|
|
— |
|
|
48,098 |
|
Total current assets |
52,673 |
|
|
95,218 |
|
|
400,957 |
|
|
— |
|
|
548,848 |
|
Property, plant and equipment, net |
6,190 |
|
|
24,740 |
|
|
79,612 |
|
|
— |
|
|
110,542 |
|
Goodwill |
38,847 |
|
|
200,499 |
|
|
270,132 |
|
|
— |
|
|
509,478 |
|
Other intangibles, net |
9,111 |
|
|
146,681 |
|
|
74,740 |
|
|
— |
|
|
230,532 |
|
Investment in subsidiaries |
1,886,508 |
|
|
687,115 |
|
|
514,291 |
|
|
(3,087,914 |
) |
|
— |
|
Intercompany receivable |
— |
|
|
1,198,419 |
|
|
— |
|
|
(1,198,419 |
) |
|
— |
|
Other long-term assets |
9,422 |
|
|
10 |
|
|
12,884 |
|
|
— |
|
|
22,316 |
|
Total assets |
$ |
2,002,751 |
|
|
$ |
2,352,682 |
|
|
$ |
1,352,616 |
|
|
$ |
(4,286,333 |
) |
|
$ |
1,421,716 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
$ |
11,647 |
|
|
$ |
22,390 |
|
|
$ |
85,629 |
|
|
$ |
— |
|
|
$ |
119,666 |
|
Accrued compensation and benefits |
13,509 |
|
|
5,497 |
|
|
24,226 |
|
|
— |
|
|
43,232 |
|
Current maturities of debt and short-term borrowings |
22,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
22,500 |
|
Income taxes payable |
2,935 |
|
|
— |
|
|
2,993 |
|
|
— |
|
|
5,928 |
|
Other current liabilities |
22,692 |
|
|
6,952 |
|
|
26,933 |
|
|
— |
|
|
56,577 |
|
Total current liabilities |
73,283 |
|
|
34,839 |
|
|
139,781 |
|
|
— |
|
|
247,903 |
|
Long-term debt, net |
554,369 |
|
|
— |
|
|
— |
|
|
— |
|
|
554,369 |
|
Deferred income taxes |
18,851 |
|
|
— |
|
|
9,048 |
|
|
— |
|
|
27,899 |
|
Pension and postretirement benefit liabilities |
16,351 |
|
|
— |
|
|
8,283 |
|
|
— |
|
|
24,634 |
|
Other long-term liabilities |
48,367 |
|
|
408 |
|
|
8,049 |
|
|
— |
|
|
56,824 |
|
Intercompany payable |
781,443 |
|
|
— |
|
|
416,976 |
|
|
(1,198,419 |
) |
|
— |
|
Shareholders’ equity |
510,087 |
|
|
2,317,435 |
|
|
770,479 |
|
|
(3,087,914 |
) |
|
510,087 |
|
Total liabilities and shareholders’ equity |
$ |
2,002,751 |
|
|
$ |
2,352,682 |
|
|
$ |
1,352,616 |
|
|
$ |
(4,286,333 |
) |
|
$ |
1,421,716 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,953 |
|
|
$ |
71 |
|
|
$ |
171,580 |
|
|
$ |
— |
|
|
$ |
179,604 |
|
Accounts receivable, net |
13,692 |
|
|
41,715 |
|
|
131,422 |
|
|
— |
|
|
186,829 |
|
Inventories, net |
19,897 |
|
|
44,283 |
|
|
66,576 |
|
|
— |
|
|
130,756 |
|
Other current assets |
7,754 |
|
|
3,858 |
|
|
33,851 |
|
|
— |
|
|
45,463 |
|
Total current assets |
49,296 |
|
|
89,927 |
|
|
403,429 |
|
|
— |
|
|
542,652 |
|
Property, plant and equipment, net |
5,927 |
|
|
23,511 |
|
|
84,577 |
|
|
— |
|
|
114,015 |
|
Goodwill |
38,847 |
|
|
200,499 |
|
|
279,930 |
|
|
— |
|
|
519,276 |
|
Other intangibles, net |
9,429 |
|
|
149,757 |
|
|
80,289 |
|
|
— |
|
|
239,475 |
|
Investment in subsidiaries |
1,915,367 |
|
|
578,423 |
|
|
465,736 |
|
|
(2,959,526 |
) |
|
— |
|
Intercompany receivable |
— |
|
|
1,159,672 |
|
|
— |
|
|
(1,159,672 |
) |
|
— |
|
Other long-term assets |
5,702 |
|
|
10 |
|
|
17,530 |
|
|
— |
|
|
23,242 |
|
Total assets |
$ |
2,024,568 |
|
|
$ |
2,201,799 |
|
|
$ |
1,331,491 |
|
|
$ |
(4,119,198 |
) |
|
$ |
1,438,660 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
$ |
11,529 |
|
|
$ |
20,669 |
|
|
$ |
82,853 |
|
|
$ |
— |
|
|
$ |
115,051 |
|
Accrued compensation and benefits |
17,506 |
|
|
5,754 |
|
|
23,641 |
|
|
— |
|
|
46,901 |
|
Current maturities of debt and short-term borrowings |
18,750 |
|
|
— |
|
|
— |
|
|
— |
|
|
18,750 |
|
Income taxes payable |
1,886 |
|
|
— |
|
|
7,368 |
|
|
— |
|
|
9,254 |
|
Other current liabilities |
20,459 |
|
|
6,989 |
|
|
24,508 |
|
|
— |
|
|
51,956 |
|
Total current liabilities |
70,130 |
|
|
33,412 |
|
|
138,370 |
|
|
— |
|
|
241,912 |
|
Long-term debt, net |
561,681 |
|
|
— |
|
|
— |
|
|
— |
|
|
561,681 |
|
Deferred income taxes |
30,666 |
|
|
— |
|
|
690 |
|
|
— |
|
|
31,356 |
|
Pension and postretirement benefit liabilities |
16,803 |
|
|
— |
|
|
8,864 |
|
|
— |
|
|
25,667 |
|
Other long-term liabilities |
47,739 |
|
|
588 |
|
|
8,767 |
|
|
— |
|
|
57,094 |
|
Intercompany payable |
776,599 |
|
|
— |
|
|
383,073 |
|
|
(1,159,672 |
) |
|
— |
|
Shareholders’ equity |
520,950 |
|
|
2,167,799 |
|
|
791,727 |
|
|
(2,959,526 |
) |
|
520,950 |
|
Total liabilities and shareholders’ equity |
$ |
2,024,568 |
|
|
$ |
2,201,799 |
|
|
$ |
1,331,491 |
|
|
$ |
(4,119,198 |
) |
|
$ |
1,438,660 |
|
|
| Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Cash provided by operating activities |
$ |
61,002 |
|
|
$ |
2,491 |
|
|
$ |
3,736 |
|
|
$ |
(55,143 |
) |
|
$ |
12,085 |
|
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, related tax benefits and other |
1,342 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,342 |
|
Cash dividend |
(2,358 |
) |
|
— |
|
|
(55,143 |
) |
|
55,143 |
|
|
(2,358 |
) |
Intercompany loan activity |
(53,734 |
) |
|
— |
|
|
53,734 |
|
|
— |
|
|
— |
|
Cash used in financing activities |
(58,723 |
) |
|
— |
|
|
(1,409 |
) |
|
55,143 |
|
|
(4,989 |
) |
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 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
2,958 |
|
|
$ |
(8,504 |
) |
|
$ |
26,852 |
|
|
$ |
— |
|
|
$ |
21,306 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(195 |
) |
|
(1,091 |
) |
|
(4,243 |
) |
|
— |
|
|
(5,529 |
) |
Proceeds from sale of property, plant and equipment |
13 |
|
|
103 |
|
|
1,321 |
|
|
— |
|
|
1,437 |
|
Business acquisitions, net of cash acquired |
— |
|
|
— |
|
|
(530 |
) |
|
— |
|
|
(530 |
) |
Cash used in investing activities |
(182 |
) |
|
(988 |
) |
|
(3,452 |
) |
|
— |
|
|
(4,622 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Net repayments on revolver and other debt |
— |
|
|
— |
|
|
(218 |
) |
|
— |
|
|
(218 |
) |
Purchase of treasury shares |
(4,682 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,682 |
) |
Taxes paid related to the net share settlement of equity awards |
(937 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(937 |
) |
Stock option exercises, related tax benefits and other |
1,090 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,090 |
|
Cash dividend |
(2,376 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,376 |
) |
Intercompany loan activity |
(1,984 |
) |
|
8,929 |
|
|
(6,945 |
) |
|
— |
|
|
— |
|
Cash (used in) provided by financing activities |
(8,889 |
) |
|
8,929 |
|
|
(7,163 |
) |
|
— |
|
|
(7,123 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(6,462 |
) |
|
— |
|
|
(6,462 |
) |
Net (decrease) increase in cash and cash equivalents |
(6,113 |
) |
|
(563 |
) |
|
9,775 |
|
|
— |
|
|
3,099 |
|
Cash and cash equivalents—beginning of period |
18,688 |
|
|
567 |
|
|
149,591 |
|
|
— |
|
|
168,846 |
|
Cash and cash equivalents—end of period |
$ |
12,575 |
|
|
$ |
4 |
|
|
$ |
159,366 |
|
|
$ |
— |
|
|
$ |
171,945 |
|
|