|
Guarantor Subsidiaries (Tables)
|
6 Months Ended |
|
Feb. 28, 2015
|
| 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 OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended February 28, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
39,335 |
|
|
$ |
70,675 |
|
|
$ |
190,995 |
|
|
$ |
— |
|
|
$ |
301,005 |
|
Cost of products sold |
|
12,076 |
|
|
52,182 |
|
|
126,986 |
|
|
— |
|
|
191,244 |
|
Gross profit |
|
27,259 |
|
|
18,493 |
|
|
64,009 |
|
|
— |
|
|
109,761 |
|
Selling, administrative and engineering expenses |
|
16,430 |
|
|
16,367 |
|
|
42,971 |
|
|
— |
|
|
75,768 |
|
Amortization of intangible assets |
|
318 |
|
|
2,785 |
|
|
2,984 |
|
|
— |
|
|
6,087 |
|
Impairment charge |
|
— |
|
|
20,249 |
|
|
64,104 |
|
|
— |
|
|
84,353 |
|
Operating profit (loss) |
|
10,511 |
|
|
(20,908 |
) |
|
(46,050 |
) |
|
— |
|
|
(56,447 |
) |
Financing costs, net |
|
7,267 |
|
|
— |
|
|
(237 |
) |
|
— |
|
|
7,030 |
|
Intercompany expense (income), net |
|
(5,098 |
) |
|
849 |
|
|
4,249 |
|
|
— |
|
|
— |
|
Intercompany dividend income |
|
(212 |
) |
|
(243 |
) |
|
(31 |
) |
|
486 |
|
|
— |
|
Other income, net |
|
(246 |
) |
|
(64 |
) |
|
(309 |
) |
|
— |
|
|
(619 |
) |
Earnings (loss) before income tax expense (benefit) |
|
8,800 |
|
|
(21,450 |
) |
|
(49,722 |
) |
|
(486 |
) |
|
(62,858 |
) |
Income tax expense (benefit) |
|
1,514 |
|
|
(207 |
) |
|
757 |
|
|
(84 |
) |
|
1,980 |
|
Net earnings (loss) before equity in earnings (loss) of subsidiaries |
|
7,286 |
|
|
(21,243 |
) |
|
(50,479 |
) |
|
(402 |
) |
|
(64,838 |
) |
Equity in earnings (loss) of subsidiaries |
|
(72,124 |
) |
|
(28,577 |
) |
|
323 |
|
|
100,378 |
|
|
— |
|
Net loss |
|
$ |
(64,838 |
) |
|
$ |
(49,820 |
) |
|
$ |
(50,156 |
) |
|
$ |
99,976 |
|
|
$ |
(64,838 |
) |
Comprehensive loss |
|
$ |
(121,586 |
) |
|
$ |
(65,247 |
) |
|
$ |
(65,507 |
) |
|
$ |
130,754 |
|
|
$ |
(121,586 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended February 28, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
43,595 |
|
|
$ |
75,203 |
|
|
$ |
208,972 |
|
|
$ |
— |
|
|
$ |
327,770 |
|
Cost of products sold |
|
11,992 |
|
|
52,009 |
|
|
139,322 |
|
|
— |
|
|
203,323 |
|
Gross profit |
|
31,603 |
|
|
23,194 |
|
|
69,650 |
|
|
— |
|
|
124,447 |
|
Selling, administrative and engineering expenses |
|
19,399 |
|
|
13,753 |
|
|
46,088 |
|
|
— |
|
|
79,240 |
|
Amortization of intangible assets |
|
318 |
|
|
2,576 |
|
|
3,332 |
|
|
— |
|
|
6,226 |
|
Operating profit |
|
11,886 |
|
|
6,865 |
|
|
20,230 |
|
|
— |
|
|
38,981 |
|
Financing costs, net |
|
6,499 |
|
|
— |
|
|
(237 |
) |
|
— |
|
|
6,262 |
|
Intercompany expense (income), net |
|
(12,153 |
) |
|
5,334 |
|
|
6,819 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
669 |
|
|
(125 |
) |
|
782 |
|
|
— |
|
|
1,326 |
|
Earnings from continuing operations before income tax expense |
|
16,871 |
|
|
1,656 |
|
|
12,866 |
|
|
— |
|
|
31,393 |
|
Income tax expense |
|
4,885 |
|
|
479 |
|
|
3,725 |
|
|
— |
|
|
9,089 |
|
Net earnings before equity in earnings of subsidiaries |
|
11,986 |
|
|
1,177 |
|
|
9,141 |
|
|
— |
|
|
22,304 |
|
Equity in earnings (loss) of subsidiaries |
|
50,097 |
|
|
(23,996 |
) |
|
867 |
|
|
(26,968 |
) |
|
— |
|
Earnings (loss) from continuing operations |
|
62,083 |
|
|
(22,819 |
) |
|
10,008 |
|
|
(26,968 |
) |
|
22,304 |
|
Earnings (loss) from discontinued operations, net of income taxes |
|
(20,691 |
) |
|
53,156 |
|
|
(13,377 |
) |
|
— |
|
|
19,088 |
|
Net earnings (loss) |
|
$ |
41,392 |
|
|
$ |
30,337 |
|
|
$ |
(3,369 |
) |
|
$ |
(26,968 |
) |
|
$ |
41,392 |
|
Comprehensive income (loss) |
|
$ |
45,789 |
|
|
$ |
34,943 |
|
|
$ |
(5,804 |
) |
|
$ |
(29,139 |
) |
|
$ |
45,789 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
79,601 |
|
|
$ |
148,266 |
|
|
$ |
400,903 |
|
|
$ |
— |
|
|
$ |
628,770 |
|
Cost of products sold |
|
22,043 |
|
|
105,440 |
|
|
264,550 |
|
|
— |
|
|
392,033 |
|
Gross profit |
|
57,558 |
|
|
42,826 |
|
|
136,353 |
|
|
— |
|
|
236,737 |
|
Selling, administrative and engineering expenses |
|
35,502 |
|
|
33,834 |
|
|
88,904 |
|
|
— |
|
|
158,240 |
|
Amortization of intangible assets |
|
636 |
|
|
5,570 |
|
|
6,167 |
|
|
— |
|
|
12,373 |
|
Impairment charge |
|
— |
|
|
20,249 |
|
|
64,104 |
|
|
— |
|
|
84,353 |
|
Operating profit (loss) |
|
21,420 |
|
|
(16,827 |
) |
|
(22,822 |
) |
|
— |
|
|
(18,229 |
) |
Financing costs, net |
|
13,814 |
|
|
— |
|
|
(593 |
) |
|
— |
|
|
13,221 |
|
Intercompany expense (income), net |
|
(10,830 |
) |
|
2,083 |
|
|
8,747 |
|
|
— |
|
|
— |
|
Intercompany dividend income |
|
(212 |
) |
|
(243 |
) |
|
(31 |
) |
|
486 |
|
|
— |
|
Other expense (income), net |
|
219 |
|
|
(160 |
) |
|
(1,117 |
) |
|
— |
|
|
(1,058 |
) |
Earnings (loss) before income tax expense |
|
18,429 |
|
|
(18,507 |
) |
|
(29,828 |
) |
|
(486 |
) |
|
(30,392 |
) |
Income tax expense |
|
3,824 |
|
|
499 |
|
|
5,533 |
|
|
(84 |
) |
|
9,772 |
|
Net earnings (loss) before equity in earnings (loss) of subsidiaries |
|
14,605 |
|
|
(19,006 |
) |
|
(35,361 |
) |
|
(402 |
) |
|
(40,164 |
) |
Equity in earnings (loss) of subsidiaries |
|
(54,769 |
) |
|
(14,430 |
) |
|
517 |
|
|
68,682 |
|
|
— |
|
Net loss |
|
$ |
(40,164 |
) |
|
$ |
(33,436 |
) |
|
$ |
(34,844 |
) |
|
$ |
68,280 |
|
|
$ |
(40,164 |
) |
Comprehensive loss |
|
$ |
(159,875 |
) |
|
$ |
(71,847 |
) |
|
$ |
(88,657 |
) |
|
$ |
160,504 |
|
|
$ |
(159,875 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
88,686 |
|
|
$ |
154,839 |
|
|
$ |
423,801 |
|
|
$ |
— |
|
|
$ |
667,326 |
|
Cost of products sold |
|
24,064 |
|
|
107,264 |
|
|
279,771 |
|
|
— |
|
|
411,099 |
|
Gross profit |
|
64,622 |
|
|
47,575 |
|
|
144,030 |
|
|
— |
|
|
256,227 |
|
Selling, administrative and engineering expenses |
|
36,257 |
|
|
29,705 |
|
|
95,196 |
|
|
— |
|
|
161,158 |
|
Amortization of intangible assets |
|
636 |
|
|
5,151 |
|
|
6,654 |
|
|
— |
|
|
12,441 |
|
Operating profit |
|
27,729 |
|
|
12,719 |
|
|
42,180 |
|
|
— |
|
|
82,628 |
|
Financing costs, net |
|
13,278 |
|
|
3 |
|
|
(269 |
) |
|
— |
|
|
13,012 |
|
Intercompany expense (income), net |
|
(17,150 |
) |
|
4,995 |
|
|
12,155 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
11,086 |
|
|
(418 |
) |
|
(8,201 |
) |
|
— |
|
|
2,467 |
|
Earnings from continuing operations before income tax expense |
|
20,515 |
|
|
8,139 |
|
|
38,495 |
|
|
— |
|
|
67,149 |
|
Income tax expense |
|
5,893 |
|
|
2,274 |
|
|
3,673 |
|
|
— |
|
|
11,840 |
|
Net earnings before equity in earnings (loss) of subsidiaries |
|
14,622 |
|
|
5,865 |
|
|
34,822 |
|
|
— |
|
|
55,309 |
|
Equity in earnings (loss) of subsidiaries |
|
84,319 |
|
|
(10,663 |
) |
|
4,067 |
|
|
(77,723 |
) |
|
— |
|
Earnings (loss) from continuing operations |
|
98,941 |
|
|
(4,798 |
) |
|
38,889 |
|
|
(77,723 |
) |
|
55,309 |
|
Earnings (loss) from discontinued operations, net of income taxes |
|
(21,512 |
) |
|
56,494 |
|
|
(12,862 |
) |
|
— |
|
|
22,120 |
|
Net earnings |
|
$ |
77,429 |
|
|
$ |
51,696 |
|
|
$ |
26,027 |
|
|
$ |
(77,723 |
) |
|
$ |
77,429 |
|
Comprehensive income |
|
$ |
98,829 |
|
|
$ |
73,740 |
|
|
$ |
21,867 |
|
|
$ |
(95,607 |
) |
|
$ |
98,829 |
|
|
| Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,553 |
|
|
$ |
1,937 |
|
|
$ |
80,007 |
|
|
$ |
— |
|
|
$ |
87,497 |
|
Accounts receivable, net |
|
17,648 |
|
|
42,966 |
|
|
143,448 |
|
|
— |
|
|
204,062 |
|
Inventories, net |
|
24,640 |
|
|
42,056 |
|
|
96,088 |
|
|
— |
|
|
162,784 |
|
Deferred income taxes |
|
7,579 |
|
|
— |
|
|
3,034 |
|
|
— |
|
|
10,613 |
|
Other current assets |
|
16,563 |
|
|
2,502 |
|
|
29,210 |
|
|
— |
|
|
48,275 |
|
Total current assets |
|
71,983 |
|
|
89,461 |
|
|
351,787 |
|
|
— |
|
|
513,231 |
|
Property, plant and equipment, net |
|
7,161 |
|
|
25,998 |
|
|
120,019 |
|
|
— |
|
|
153,178 |
|
Goodwill |
|
38,847 |
|
|
263,141 |
|
|
313,965 |
|
|
— |
|
|
615,953 |
|
Other intangibles, net |
|
11,338 |
|
|
134,829 |
|
|
178,700 |
|
|
— |
|
|
324,867 |
|
Investment in subsidiaries |
|
2,051,045 |
|
|
1,014,867 |
|
|
13,273 |
|
|
(3,079,185 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
639,140 |
|
|
544,177 |
|
|
(1,183,317 |
) |
|
— |
|
Other long-term assets |
|
18,100 |
|
|
— |
|
|
11,490 |
|
|
— |
|
|
29,590 |
|
Total assets |
|
$ |
2,198,474 |
|
|
$ |
2,167,436 |
|
|
$ |
1,533,411 |
|
|
$ |
(4,262,502 |
) |
|
$ |
1,636,819 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
15,948 |
|
|
$ |
23,535 |
|
|
$ |
87,401 |
|
|
$ |
— |
|
|
$ |
126,884 |
|
Accrued compensation and benefits |
|
13,278 |
|
|
2,997 |
|
|
25,514 |
|
|
— |
|
|
41,789 |
|
Current maturities of debt |
|
6,750 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,750 |
|
Income taxes payable |
|
(6,309 |
) |
|
(548 |
) |
|
7,459 |
|
|
— |
|
|
602 |
|
Other current liabilities |
|
18,600 |
|
|
4,952 |
|
|
33,128 |
|
|
— |
|
|
56,680 |
|
Total current liabilities |
|
48,267 |
|
|
30,936 |
|
|
153,502 |
|
|
— |
|
|
232,705 |
|
Long-term debt, less current maturities |
|
580,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
580,000 |
|
Deferred income taxes |
|
49,247 |
|
|
— |
|
|
38,724 |
|
|
— |
|
|
87,971 |
|
Pension and postretirement benefit liabilities |
|
7,440 |
|
|
— |
|
|
6,176 |
|
|
— |
|
|
13,616 |
|
Other long-term liabilities |
|
43,378 |
|
|
4,223 |
|
|
8,201 |
|
|
— |
|
|
55,802 |
|
Intercompany payable |
|
803,417 |
|
|
— |
|
|
379,900 |
|
|
(1,183,317 |
) |
|
— |
|
Shareholders’ equity |
|
666,725 |
|
|
2,132,277 |
|
|
946,908 |
|
|
(3,079,185 |
) |
|
666,725 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,198,474 |
|
|
$ |
2,167,436 |
|
|
$ |
1,533,411 |
|
|
$ |
(4,262,502 |
) |
|
$ |
1,636,819 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
27,931 |
|
|
$ |
3,325 |
|
|
$ |
77,756 |
|
|
$ |
— |
|
|
$ |
109,012 |
|
Accounts receivable, net |
|
22,811 |
|
|
38,511 |
|
|
165,686 |
|
|
— |
|
|
227,008 |
|
Inventories, net |
|
31,024 |
|
|
38,860 |
|
|
92,736 |
|
|
— |
|
|
162,620 |
|
Deferred income taxes |
|
7,503 |
|
|
— |
|
|
3,547 |
|
|
— |
|
|
11,050 |
|
Other current assets |
|
3,871 |
|
|
1,057 |
|
|
28,372 |
|
|
— |
|
|
33,300 |
|
Total current assets |
|
93,140 |
|
|
81,753 |
|
|
368,097 |
|
|
— |
|
|
542,990 |
|
Property, plant and equipment, net |
|
9,096 |
|
|
22,879 |
|
|
137,126 |
|
|
— |
|
|
169,101 |
|
Goodwill |
|
44,700 |
|
|
280,693 |
|
|
417,377 |
|
|
— |
|
|
742,770 |
|
Other intangibles, net |
|
11,974 |
|
|
140,400 |
|
|
212,803 |
|
|
— |
|
|
365,177 |
|
Investment in subsidiaries |
|
2,286,068 |
|
|
806,414 |
|
|
237,207 |
|
|
(3,329,689 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
678,073 |
|
|
622,818 |
|
|
(1,300,891 |
) |
|
— |
|
Other long-term assets |
|
23,432 |
|
|
— |
|
|
13,409 |
|
|
— |
|
|
36,841 |
|
Total assets |
|
$ |
2,468,410 |
|
|
$ |
2,010,212 |
|
|
$ |
2,008,837 |
|
|
$ |
(4,630,580 |
) |
|
$ |
1,856,879 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
20,014 |
|
|
$ |
25,673 |
|
|
$ |
100,111 |
|
|
$ |
— |
|
|
$ |
145,798 |
|
Accrued compensation and benefits |
|
15,135 |
|
|
3,293 |
|
|
34,536 |
|
|
— |
|
|
52,964 |
|
Income taxes payable |
|
31,582 |
|
|
— |
|
|
6,765 |
|
|
— |
|
|
38,347 |
|
Current maturities of debt |
|
4,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,500 |
|
Other current liabilities |
|
19,081 |
|
|
3,989 |
|
|
34,442 |
|
|
— |
|
|
57,512 |
|
Total current liabilities |
|
90,312 |
|
|
32,955 |
|
|
175,854 |
|
|
— |
|
|
299,121 |
|
Long-term debt |
|
385,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
385,500 |
|
Deferred income taxes |
|
47,543 |
|
|
— |
|
|
49,427 |
|
|
— |
|
|
96,970 |
|
Pension and postretirement benefit liabilities |
|
8,668 |
|
|
— |
|
|
7,031 |
|
|
— |
|
|
15,699 |
|
Other long-term liabilities |
|
42,647 |
|
|
4,138 |
|
|
11,093 |
|
|
— |
|
|
57,878 |
|
Intercompany payable |
|
892,029 |
|
|
— |
|
|
408,861 |
|
|
(1,300,890 |
) |
|
— |
|
Shareholders’ equity |
|
1,001,711 |
|
|
1,973,119 |
|
|
1,356,571 |
|
|
(3,329,690 |
) |
|
1,001,711 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,468,410 |
|
|
$ |
2,010,212 |
|
|
$ |
2,008,837 |
|
|
$ |
(4,630,580 |
) |
|
$ |
1,856,879 |
|
|
| Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) operating activities |
|
$ |
18,035 |
|
|
$ |
(41,149 |
) |
|
$ |
13,495 |
|
|
$ |
— |
|
|
$ |
(9,619 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(519 |
) |
|
(2,447 |
) |
|
(9,911 |
) |
|
— |
|
|
(12,877 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
198 |
|
|
509 |
|
|
— |
|
|
707 |
|
Intercompany investment |
|
(1,117 |
) |
|
— |
|
|
— |
|
|
1,117 |
|
|
— |
|
Cash used in investing activities |
|
(1,636 |
) |
|
(2,249 |
) |
|
(9,402 |
) |
|
1,117 |
|
|
(12,170 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net borrowings on revolver |
|
199,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
199,000 |
|
Repayment on term loan |
|
(2,250 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,250 |
) |
Purchase of treasury shares |
|
(180,512 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(180,512 |
) |
Intercompany loan activity |
|
(57,170 |
) |
|
42,010 |
|
|
15,160 |
|
|
— |
|
|
— |
|
Intercompany capital contribution |
|
— |
|
|
— |
|
|
1,117 |
|
|
(1,117 |
) |
|
— |
|
Stock option exercises, related tax benefits and other |
|
4,753 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,753 |
|
Cash dividend |
|
(2,598 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,598 |
) |
Cash provided by (used in) financing activities |
|
(38,777 |
) |
|
42,010 |
|
|
16,277 |
|
|
(1,117 |
) |
|
18,393 |
|
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(18,119 |
) |
|
— |
|
|
(18,119 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(22,378 |
) |
|
(1,388 |
) |
|
2,251 |
|
|
— |
|
|
(21,515 |
) |
Cash and cash equivalents—beginning of period |
|
27,931 |
|
|
3,325 |
|
|
77,756 |
|
|
— |
|
|
109,012 |
|
Cash and cash equivalents—end of period |
|
$ |
5,553 |
|
|
$ |
1,937 |
|
|
$ |
80,007 |
|
|
$ |
— |
|
|
$ |
87,497 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) operating activities |
|
$ |
(223 |
) |
|
$ |
8,331 |
|
|
$ |
43,491 |
|
|
$ |
(14,716 |
) |
|
$ |
36,883 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,424 |
) |
|
(2,379 |
) |
|
(17,423 |
) |
|
— |
|
|
(22,226 |
) |
Proceeds from sale of property, plant and equipment |
|
1 |
|
|
74 |
|
|
1,933 |
|
|
— |
|
|
2,008 |
|
Proceeds from sale of businesses, net |
|
(4,134 |
) |
|
214,268 |
|
|
33,252 |
|
|
— |
|
|
243,386 |
|
Intercompany investment |
|
— |
|
|
(99,963 |
) |
|
— |
|
|
99,963 |
|
|
— |
|
Cash provided by (used in) investing activities |
|
(6,557 |
) |
|
112,000 |
|
|
17,762 |
|
|
99,963 |
|
|
223,168 |
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net repayments on revolver |
|
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Purchase of treasury shares |
|
(109,095 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(109,095 |
) |
Intercompany loan activity |
|
213,449 |
|
|
(120,305 |
) |
|
(93,144 |
) |
|
— |
|
|
— |
|
Intercompany capital contribution |
|
— |
|
|
— |
|
|
99,963 |
|
|
(99,963 |
) |
|
— |
|
Stock option exercises and related tax benefits |
|
25,803 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,803 |
|
Payment of contingent acquisition consideration |
|
— |
|
|
— |
|
|
(753 |
) |
|
— |
|
|
(753 |
) |
Cash dividend |
|
(2,919 |
) |
|
— |
|
|
(14,716 |
) |
|
14,716 |
|
|
(2,919 |
) |
Cash provided by (used in) financing activities |
|
2,238 |
|
|
(120,305 |
) |
|
(8,650 |
) |
|
(85,247 |
) |
|
(211,964 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
2,944 |
|
|
— |
|
|
2,944 |
|
Net increase (decrease) in cash and cash equivalents |
|
(4,542 |
) |
|
26 |
|
|
55,547 |
|
|
— |
|
|
51,031 |
|
Cash and cash equivalents—beginning of period |
|
16,122 |
|
|
— |
|
|
87,864 |
|
|
— |
|
|
103,986 |
|
Cash and cash equivalents—end of period |
|
$ |
11,580 |
|
|
$ |
26 |
|
|
$ |
143,411 |
|
|
$ |
— |
|
|
$ |
155,017 |
|
|