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, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
45,091 |
|
|
$ |
79,636 |
|
|
$ |
214,829 |
|
|
$ |
— |
|
|
$ |
339,556 |
|
Cost of products sold |
|
12,072 |
|
|
55,255 |
|
|
140,449 |
|
|
— |
|
|
207,776 |
|
Gross profit |
|
33,019 |
|
|
24,381 |
|
|
74,380 |
|
|
— |
|
|
131,780 |
|
Selling, administrative and engineering expenses |
|
16,858 |
|
|
15,952 |
|
|
49,108 |
|
|
— |
|
|
81,918 |
|
Amortization of intangible assets |
|
318 |
|
|
2,575 |
|
|
3,322 |
|
|
— |
|
|
6,215 |
|
Operating profit |
|
15,843 |
|
|
5,854 |
|
|
21,950 |
|
|
— |
|
|
43,647 |
|
Financing costs, net |
|
6,779 |
|
|
3 |
|
|
(32 |
) |
|
— |
|
|
6,750 |
|
Intercompany expense (income), net |
|
(4,997 |
) |
|
(339 |
) |
|
5,336 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
10,417 |
|
|
(293 |
) |
|
(8,983 |
) |
|
— |
|
|
1,141 |
|
Earnings from continuing operations before income tax expense (benefit) |
|
3,644 |
|
|
6,483 |
|
|
25,629 |
|
|
— |
|
|
35,756 |
|
Income tax expense (benefit) |
|
1,008 |
|
|
1,795 |
|
|
(52 |
) |
|
— |
|
|
2,751 |
|
Net earnings before equity in earnings of subsidiaries |
|
2,636 |
|
|
4,688 |
|
|
25,681 |
|
|
— |
|
|
33,005 |
|
Equity in earnings of subsidiaries |
|
34,222 |
|
|
13,333 |
|
|
3,200 |
|
|
(50,755 |
) |
|
— |
|
Earnings from continuing operations |
|
36,858 |
|
|
18,021 |
|
|
28,881 |
|
|
(50,755 |
) |
|
33,005 |
|
Earnings (loss) from discontinued operations |
|
(821 |
) |
|
3,338 |
|
|
515 |
|
|
— |
|
|
3,032 |
|
Net earnings |
|
$ |
36,037 |
|
|
$ |
21,359 |
|
|
$ |
29,396 |
|
|
$ |
(50,755 |
) |
|
$ |
36,037 |
|
Comprehensive income |
|
$ |
53,040 |
|
|
$ |
38,797 |
|
|
$ |
27,671 |
|
|
$ |
(66,468 |
) |
|
$ |
53,040 |
|
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2012 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
45,838 |
|
|
$ |
70,191 |
|
|
$ |
191,780 |
|
|
$ |
— |
|
|
$ |
307,809 |
|
Cost of products sold |
|
12,408 |
|
|
48,304 |
|
|
122,729 |
|
|
— |
|
|
183,441 |
|
Gross profit |
|
33,430 |
|
|
21,887 |
|
|
69,051 |
|
|
— |
|
|
124,368 |
|
Selling, administrative and engineering expenses |
|
17,118 |
|
|
15,103 |
|
|
42,639 |
|
|
— |
|
|
74,860 |
|
Amortization of intangible assets |
|
321 |
|
|
2,657 |
|
|
3,056 |
|
|
— |
|
|
6,034 |
|
Operating profit |
|
15,991 |
|
|
4,127 |
|
|
23,356 |
|
|
— |
|
|
43,474 |
|
Financing costs, net |
|
6,358 |
|
|
5 |
|
|
(41 |
) |
|
— |
|
|
6,322 |
|
Intercompany expense (income), net |
|
(7,270 |
) |
|
1,955 |
|
|
5,315 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
(364 |
) |
|
(403 |
) |
|
1,411 |
|
|
— |
|
|
644 |
|
Earnings from continuing operations before income tax expense |
|
17,267 |
|
|
2,570 |
|
|
16,671 |
|
|
— |
|
|
36,508 |
|
Income tax expense |
|
3,236 |
|
|
121 |
|
|
2,600 |
|
|
— |
|
|
5,957 |
|
Net earnings before equity in earnings of subsidiaries |
|
14,031 |
|
|
2,449 |
|
|
14,071 |
|
|
— |
|
|
30,551 |
|
Equity in earnings of subsidiaries |
|
22,551 |
|
|
17,899 |
|
|
1,024 |
|
|
(41,474 |
) |
|
— |
|
Earnings from continuing operations |
|
36,582 |
|
|
20,348 |
|
|
15,095 |
|
|
(41,474 |
) |
|
30,551 |
|
Earnings (loss) from discontinued operations |
|
(239 |
) |
|
2,533 |
|
|
3,498 |
|
|
— |
|
|
5,792 |
|
Net earnings |
|
$ |
36,343 |
|
|
$ |
22,881 |
|
|
$ |
18,593 |
|
|
$ |
(41,474 |
) |
|
$ |
36,343 |
|
Comprehensive income |
|
$ |
48,518 |
|
|
$ |
28,858 |
|
|
$ |
26,019 |
|
|
$ |
(54,877 |
) |
|
$ |
48,518 |
|
|
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,669 |
|
|
$ |
— |
|
|
$ |
106,873 |
|
|
$ |
— |
|
|
$ |
109,542 |
|
Accounts receivable, net |
|
16,425 |
|
|
42,229 |
|
|
162,874 |
|
|
— |
|
|
221,528 |
|
Inventories, net |
|
27,283 |
|
|
43,317 |
|
|
84,529 |
|
|
— |
|
|
155,129 |
|
Deferred income taxes |
|
12,926 |
|
|
— |
|
|
5,659 |
|
|
— |
|
|
18,585 |
|
Other current assets |
|
9,386 |
|
|
963 |
|
|
22,287 |
|
|
— |
|
|
32,636 |
|
Assets of discontinued operations |
|
— |
|
|
186,037 |
|
|
84,069 |
|
|
— |
|
|
270,106 |
|
Total current assets |
|
68,689 |
|
|
272,546 |
|
|
466,291 |
|
|
— |
|
|
807,526 |
|
Property, plant & equipment, net |
|
7,695 |
|
|
22,521 |
|
|
175,112 |
|
|
— |
|
|
205,328 |
|
Goodwill |
|
62,543 |
|
|
264,502 |
|
|
418,431 |
|
|
— |
|
|
745,476 |
|
Other intangibles, net |
|
12,929 |
|
|
138,682 |
|
|
223,696 |
|
|
— |
|
|
375,307 |
|
Investment in subsidiaries |
|
2,143,586 |
|
|
229,910 |
|
|
113,539 |
|
|
(2,487,035 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
521,072 |
|
|
368,018 |
|
|
(889,090 |
) |
|
— |
|
Other long-term assets |
|
14,635 |
|
|
22 |
|
|
15,571 |
|
|
— |
|
|
30,228 |
|
Total assets |
|
$ |
2,310,077 |
|
|
$ |
1,449,255 |
|
|
$ |
1,780,658 |
|
|
$ |
(3,376,125 |
) |
|
$ |
2,163,865 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
20,058 |
|
|
$ |
32,040 |
|
|
$ |
107,177 |
|
|
$ |
— |
|
|
$ |
159,275 |
|
Accrued compensation and benefits |
|
9,490 |
|
|
3,532 |
|
|
28,391 |
|
|
— |
|
|
41,413 |
|
Current maturities of long-term debt |
|
1,125 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,125 |
|
Income taxes payable |
|
6,332 |
|
|
— |
|
|
4,132 |
|
|
— |
|
|
10,464 |
|
Other current liabilities |
|
21,592 |
|
|
5,812 |
|
|
33,560 |
|
|
— |
|
|
60,964 |
|
Liabilities of discontinued operations |
|
— |
|
|
22,774 |
|
|
30,459 |
|
|
— |
|
|
53,233 |
|
Total current liabilities |
|
58,597 |
|
|
64,158 |
|
|
203,719 |
|
|
— |
|
|
326,474 |
|
Long-term debt, less current maturities |
|
501,875 |
|
|
— |
|
|
— |
|
|
— |
|
|
501,875 |
|
Deferred income taxes |
|
65,576 |
|
|
— |
|
|
52,701 |
|
|
— |
|
|
118,277 |
|
Pension and postretirement benefit liabilities |
|
14,563 |
|
|
— |
|
|
4,604 |
|
|
— |
|
|
19,167 |
|
Other long-term liabilities |
|
53,241 |
|
|
339 |
|
|
12,793 |
|
|
— |
|
|
66,373 |
|
Intercompany payable |
|
484,526 |
|
|
— |
|
|
404,564 |
|
|
(889,090 |
) |
|
— |
|
Shareholders’ equity |
|
1,131,699 |
|
|
1,384,758 |
|
|
1,102,277 |
|
|
(2,487,035 |
) |
|
1,131,699 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,310,077 |
|
|
$ |
1,449,255 |
|
|
$ |
1,780,658 |
|
|
$ |
(3,376,125 |
) |
|
$ |
2,163,865 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
16,122 |
|
|
$ |
— |
|
|
$ |
87,864 |
|
|
$ |
— |
|
|
$ |
103,986 |
|
Accounts receivable, net |
|
20,471 |
|
|
40,343 |
|
|
158,261 |
|
|
— |
|
|
219,075 |
|
Inventories, net |
|
27,343 |
|
|
38,948 |
|
|
76,258 |
|
|
— |
|
|
142,549 |
|
Deferred income taxes |
|
13,002 |
|
|
— |
|
|
5,794 |
|
|
— |
|
|
18,796 |
|
Other current assets |
|
7,454 |
|
|
963 |
|
|
19,811 |
|
|
— |
|
|
28,228 |
|
Assets of discontinued operations |
|
— |
|
|
192,129 |
|
|
80,477 |
|
|
— |
|
|
272,606 |
|
Total current assets |
|
84,392 |
|
|
272,383 |
|
|
428,465 |
|
|
— |
|
|
785,240 |
|
Property, plant & equipment, net |
|
7,050 |
|
|
22,801 |
|
|
171,645 |
|
|
— |
|
|
201,496 |
|
Goodwill |
|
62,543 |
|
|
264,502 |
|
|
407,907 |
|
|
— |
|
|
734,952 |
|
Other intangibles, net |
|
13,247 |
|
|
141,258 |
|
|
222,187 |
|
|
— |
|
|
376,692 |
|
Investment in subsidiaries |
|
2,086,534 |
|
|
201,779 |
|
|
96,333 |
|
|
(2,384,646 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
480,633 |
|
|
360,620 |
|
|
(841,253 |
) |
|
— |
|
Other long-term assets |
|
12,654 |
|
|
22 |
|
|
8,276 |
|
|
— |
|
|
20,952 |
|
Total assets |
|
$ |
2,266,420 |
|
|
$ |
1,383,378 |
|
|
$ |
1,695,433 |
|
|
$ |
(3,225,899 |
) |
|
$ |
2,119,332 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
22,194 |
|
|
$ |
30,637 |
|
|
$ |
101,218 |
|
|
$ |
— |
|
|
$ |
154,049 |
|
Accrued compensation and benefits |
|
13,835 |
|
|
2,716 |
|
|
27,249 |
|
|
— |
|
|
43,800 |
|
Income taxes payable |
|
8,135 |
|
|
— |
|
|
5,879 |
|
|
— |
|
|
14,014 |
|
Other current liabilities |
|
21,268 |
|
|
4,630 |
|
|
31,001 |
|
|
— |
|
|
56,899 |
|
Liabilities of discontinued operations |
|
— |
|
|
23,466 |
|
|
29,614 |
|
|
|
|
|
53,080 |
|
Total current liabilities |
|
65,432 |
|
|
61,449 |
|
|
194,961 |
|
|
— |
|
|
321,842 |
|
Long-term debt |
|
515,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
515,000 |
|
Deferred income taxes |
|
64,358 |
|
|
— |
|
|
51,507 |
|
|
— |
|
|
115,865 |
|
Pension and postretirement benefit liabilities |
|
16,267 |
|
|
— |
|
|
4,431 |
|
|
— |
|
|
20,698 |
|
Other long-term liabilities |
|
51,479 |
|
|
390 |
|
|
13,791 |
|
|
— |
|
|
65,660 |
|
Intercompany payable |
|
473,617 |
|
|
— |
|
|
367,636 |
|
|
(841,253 |
) |
|
— |
|
Shareholders’ equity |
|
1,080,267 |
|
|
1,321,539 |
|
|
1,063,107 |
|
|
(2,384,646 |
) |
|
1,080,267 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,266,420 |
|
|
$ |
1,383,378 |
|
|
$ |
1,695,433 |
|
|
$ |
(3,225,899 |
) |
|
$ |
2,119,332 |
|
|
Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, November 30, 2013 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
17,415 |
|
|
$ |
3,461 |
|
|
$ |
12,070 |
|
|
$ |
— |
|
|
$ |
32,946 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
— |
|
|
36 |
|
|
1,877 |
|
|
— |
|
|
1,913 |
|
Capital expenditures |
|
(1,208 |
) |
|
(1,270 |
) |
|
(8,779 |
) |
|
— |
|
|
(11,257 |
) |
Cash used in investing activities |
|
(1,208 |
) |
|
(1,234 |
) |
|
(6,902 |
) |
|
— |
|
|
(9,344 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net repayments on revolver |
|
(12,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,000 |
) |
Intercompany loan activity |
|
(9,951 |
) |
|
(2,227 |
) |
|
12,178 |
|
|
— |
|
|
— |
|
Purchase of treasury shares |
|
(15,352 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(15,352 |
) |
Stock option exercises and related tax benefits |
|
10,562 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,562 |
|
Payment of contingent acquisition consideration |
|
— |
|
|
— |
|
|
(414 |
) |
|
— |
|
|
(414 |
) |
Cash dividend |
|
(2,919 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,919 |
) |
Cash provided by (used in) financing activities |
|
(29,660 |
) |
|
(2,227 |
) |
|
11,764 |
|
|
— |
|
|
(20,123 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
2,077 |
|
|
— |
|
|
2,077 |
|
Net increase (decrease) in cash and cash equivalents |
|
(13,453 |
) |
|
— |
|
|
19,009 |
|
|
— |
|
|
5,556 |
|
Cash and cash equivalents—beginning of period |
|
16,122 |
|
|
— |
|
|
87,864 |
|
|
— |
|
|
103,986 |
|
Cash and cash equivalents—end of period |
|
$ |
2,669 |
|
|
$ |
— |
|
|
$ |
106,873 |
|
|
$ |
— |
|
|
$ |
109,542 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, November 30, 2012 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
|
$ |
(658 |
) |
|
$ |
4,779 |
|
|
$ |
8,154 |
|
|
$ |
— |
|
|
$ |
12,275 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
571 |
|
|
14 |
|
|
392 |
|
|
— |
|
|
977 |
|
Capital expenditures |
|
(399 |
) |
|
(1,291 |
) |
|
(5,999 |
) |
|
— |
|
|
(7,689 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
— |
|
|
(83 |
) |
|
— |
|
|
(83 |
) |
Cash provided by (used in) investing activities |
|
172 |
|
|
(1,277 |
) |
|
(5,690 |
) |
|
— |
|
|
(6,795 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Principal repayments of term loans |
|
(1,250 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,250 |
) |
Intercompany loan activity |
|
(4,991 |
) |
|
(3,593 |
) |
|
8,584 |
|
|
— |
|
|
— |
|
Purchase of treasury shares |
|
(7,142 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,142 |
) |
Stock option exercises and related tax benefits |
|
5,473 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,473 |
|
Cash dividend |
|
(2,911 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,911 |
) |
Cash provided by (used in) financing activities |
|
(10,821 |
) |
|
(3,593 |
) |
|
8,584 |
|
|
— |
|
|
(5,830 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
477 |
|
|
— |
|
|
477 |
|
Net (decrease) increase in cash and cash equivalents |
|
(11,307 |
) |
|
(91 |
) |
|
11,525 |
|
|
— |
|
|
127 |
|
Cash and cash equivalents—beginning of period |
|
12,401 |
|
|
91 |
|
|
55,692 |
|
|
— |
|
|
68,184 |
|
Cash and cash equivalents—end of period |
|
$ |
1,094 |
|
|
$ |
— |
|
|
$ |
67,217 |
|
|
$ |
— |
|
|
$ |
68,311 |
|
|