| Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block] |
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
34,690 |
|
|
$ |
70,016 |
|
|
$ |
200,305 |
|
|
$ |
— |
|
|
$ |
305,011 |
|
Cost of products sold |
|
7,171 |
|
|
49,642 |
|
|
139,636 |
|
|
— |
|
|
196,449 |
|
Gross profit |
|
27,519 |
|
|
20,374 |
|
|
60,669 |
|
|
— |
|
|
108,562 |
|
Selling, administrative and engineering expenses |
|
19,760 |
|
|
14,386 |
|
|
38,765 |
|
|
— |
|
|
72,911 |
|
Amortization of intangible assets |
|
318 |
|
|
2,616 |
|
|
2,966 |
|
|
— |
|
|
5,900 |
|
Restructuring charges |
|
878 |
|
|
121 |
|
|
3,381 |
|
|
— |
|
|
4,380 |
|
Operating profit |
|
6,563 |
|
|
3,251 |
|
|
15,557 |
|
|
— |
|
|
25,371 |
|
Financing costs, net |
|
7,455 |
|
|
— |
|
|
(338 |
) |
|
— |
|
|
7,117 |
|
Intercompany expense (income), net |
|
(5,829 |
) |
|
(3,757 |
) |
|
9,586 |
|
|
— |
|
|
— |
|
Other expense, net |
|
403 |
|
|
62 |
|
|
154 |
|
|
— |
|
|
619 |
|
Earnings before income taxes |
|
4,534 |
|
|
6,946 |
|
|
6,155 |
|
|
— |
|
|
17,635 |
|
Income tax expense |
|
591 |
|
|
1,049 |
|
|
547 |
|
|
— |
|
|
2,187 |
|
Net earnings before equity in earnings (loss) of subsidiaries |
|
3,943 |
|
|
5,897 |
|
|
5,608 |
|
|
— |
|
|
15,448 |
|
Equity in earnings (loss) of subsidiaries |
|
11,505 |
|
|
5,333 |
|
|
(114 |
) |
|
(16,724 |
) |
|
— |
|
Net earnings |
|
$ |
15,448 |
|
|
$ |
11,230 |
|
|
$ |
5,494 |
|
|
$ |
(16,724 |
) |
|
$ |
15,448 |
|
Comprehensive loss |
|
$ |
(5,486 |
) |
|
$ |
(994 |
) |
|
$ |
(3,098 |
) |
|
$ |
4,092 |
|
|
$ |
(5,486 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE LOSS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
40,266 |
|
|
$ |
77,591 |
|
|
$ |
209,908 |
|
|
$ |
— |
|
|
$ |
327,765 |
|
Cost of products sold |
|
9,967 |
|
|
53,258 |
|
|
137,564 |
|
|
— |
|
|
200,789 |
|
Gross profit |
|
30,299 |
|
|
24,333 |
|
|
72,344 |
|
|
— |
|
|
126,976 |
|
Selling, administrative and engineering expenses |
|
19,072 |
|
|
17,467 |
|
|
45,933 |
|
|
— |
|
|
82,472 |
|
Amortization of intangible assets |
|
318 |
|
|
2,785 |
|
|
3,183 |
|
|
— |
|
|
6,286 |
|
Operating profit |
|
10,909 |
|
|
4,081 |
|
|
23,228 |
|
|
— |
|
|
38,218 |
|
Financing costs, net |
|
6,547 |
|
|
— |
|
|
(356 |
) |
|
— |
|
|
6,191 |
|
Intercompany expense (income), net |
|
(5,732 |
) |
|
1,234 |
|
|
4,498 |
|
|
— |
|
|
— |
|
Other expense (income), net |
|
465 |
|
|
(96 |
) |
|
(808 |
) |
|
— |
|
|
(439 |
) |
Earnings before income taxes |
|
9,629 |
|
|
2,943 |
|
|
19,894 |
|
|
— |
|
|
32,466 |
|
Income tax expense |
|
2,310 |
|
|
706 |
|
|
4,776 |
|
|
— |
|
|
7,792 |
|
Net earnings before equity in earnings of subsidiaries |
|
7,319 |
|
|
2,237 |
|
|
15,118 |
|
|
— |
|
|
24,674 |
|
Equity in earnings of subsidiaries |
|
17,355 |
|
|
14,147 |
|
|
194 |
|
|
(31,696 |
) |
|
— |
|
Net earnings |
|
$ |
24,674 |
|
|
$ |
16,384 |
|
|
$ |
15,312 |
|
|
$ |
(31,696 |
) |
|
$ |
24,674 |
|
Comprehensive loss |
|
$ |
(38,289 |
) |
|
$ |
(6,600 |
) |
|
$ |
(23,150 |
) |
|
$ |
29,750 |
|
|
$ |
(38,289 |
) |
|
| Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,575 |
|
|
$ |
121 |
|
|
$ |
159,249 |
|
|
$ |
— |
|
|
$ |
171,945 |
|
Accounts receivable, net |
|
15,069 |
|
|
41,028 |
|
|
140,848 |
|
|
— |
|
|
196,945 |
|
Inventories, net |
|
23,030 |
|
|
33,103 |
|
|
87,595 |
|
|
— |
|
|
143,728 |
|
Other current assets |
|
11,432 |
|
|
2,059 |
|
|
36,705 |
|
|
— |
|
|
50,196 |
|
Total current assets |
|
62,106 |
|
|
76,311 |
|
|
424,397 |
|
|
— |
|
|
562,814 |
|
Property, plant and equipment, net |
|
5,326 |
|
|
23,105 |
|
|
110,132 |
|
|
— |
|
|
138,563 |
|
Goodwill |
|
38,847 |
|
|
189,337 |
|
|
373,197 |
|
|
— |
|
|
601,381 |
|
Other intangibles, net |
|
10,385 |
|
|
107,049 |
|
|
181,958 |
|
|
— |
|
|
299,392 |
|
Investment in subsidiaries |
|
2,062,302 |
|
|
1,007,347 |
|
|
22,674 |
|
|
(3,092,323 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
609,571 |
|
|
563,924 |
|
|
(1,173,495 |
) |
|
— |
|
Other long-term assets |
|
11,141 |
|
|
— |
|
|
10,244 |
|
|
— |
|
|
21,385 |
|
Total assets |
|
$ |
2,190,107 |
|
|
$ |
2,012,720 |
|
|
$ |
1,686,526 |
|
|
$ |
(4,265,818 |
) |
|
$ |
1,623,535 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
14,480 |
|
|
$ |
17,586 |
|
|
$ |
92,317 |
|
|
$ |
— |
|
|
$ |
124,383 |
|
Accrued compensation and benefits |
|
12,319 |
|
|
3,543 |
|
|
26,270 |
|
|
— |
|
|
42,132 |
|
Current maturities of debt and short-term borrowings |
|
7,491 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,491 |
|
Income taxes payable |
|
2,608 |
|
|
— |
|
|
8,948 |
|
|
— |
|
|
11,556 |
|
Other current liabilities |
|
23,674 |
|
|
3,747 |
|
|
29,522 |
|
|
— |
|
|
56,943 |
|
Total current liabilities |
|
60,572 |
|
|
24,876 |
|
|
157,057 |
|
|
— |
|
|
242,505 |
|
Long-term debt, less current maturities |
|
580,559 |
|
|
— |
|
|
— |
|
|
— |
|
|
580,559 |
|
Deferred income taxes |
|
34,713 |
|
|
— |
|
|
29,281 |
|
|
— |
|
|
63,994 |
|
Pension and postretirement benefit liabilities |
|
11,306 |
|
|
— |
|
|
5,132 |
|
|
— |
|
|
16,438 |
|
Other long-term liabilities |
|
46,773 |
|
|
474 |
|
|
8,340 |
|
|
— |
|
|
55,587 |
|
Intercompany payable |
|
791,732 |
|
|
— |
|
|
381,763 |
|
|
(1,173,495 |
) |
|
— |
|
Shareholders’ equity |
|
664,452 |
|
|
1,987,370 |
|
|
1,104,953 |
|
|
(3,092,323 |
) |
|
664,452 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,190,107 |
|
|
$ |
2,012,720 |
|
|
$ |
1,686,526 |
|
|
$ |
(4,265,818 |
) |
|
$ |
1,623,535 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,688 |
|
|
$ |
523 |
|
|
$ |
149,635 |
|
|
$ |
— |
|
|
$ |
168,846 |
|
Accounts receivable, net |
|
16,135 |
|
|
33,748 |
|
|
143,198 |
|
|
— |
|
|
193,081 |
|
Inventories, net |
|
23,074 |
|
|
33,480 |
|
|
86,198 |
|
|
— |
|
|
142,752 |
|
Deferred income taxes |
|
9,256 |
|
|
— |
|
|
3,666 |
|
|
— |
|
|
12,922 |
|
Other current assets |
|
18,020 |
|
|
2,967 |
|
|
21,801 |
|
|
— |
|
|
42,788 |
|
Total current assets |
|
85,173 |
|
|
70,718 |
|
|
404,498 |
|
|
— |
|
|
560,389 |
|
Property, plant and equipment, net |
|
6,363 |
|
|
23,691 |
|
|
112,404 |
|
|
— |
|
|
142,458 |
|
Goodwill |
|
38,847 |
|
|
189,337 |
|
|
380,072 |
|
|
— |
|
|
608,256 |
|
Other intangibles, net |
|
10,702 |
|
|
109,665 |
|
|
188,395 |
|
|
— |
|
|
308,762 |
|
Investment in subsidiaries |
|
2,067,438 |
|
|
1,017,418 |
|
|
27,552 |
|
|
(3,112,408 |
) |
|
— |
|
Intercompany receivable |
|
— |
|
|
619,198 |
|
|
565,968 |
|
|
(1,185,166 |
) |
|
— |
|
Other long-term assets |
|
10,694 |
|
|
— |
|
|
6,358 |
|
|
— |
|
|
17,052 |
|
Total assets |
|
$ |
2,219,217 |
|
|
$ |
2,030,027 |
|
|
$ |
1,685,247 |
|
|
$ |
(4,297,574 |
) |
|
$ |
1,636,917 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
14,700 |
|
|
$ |
19,213 |
|
|
$ |
84,202 |
|
|
$ |
— |
|
|
$ |
118,115 |
|
Accrued compensation and benefits |
|
16,479 |
|
|
2,952 |
|
|
24,276 |
|
|
— |
|
|
43,707 |
|
Current maturities of debt and short-term borrowings |
|
3,750 |
|
|
— |
|
|
219 |
|
|
— |
|
|
3,969 |
|
Income taxes payable |
|
10,947 |
|
|
— |
|
|
3,858 |
|
|
— |
|
|
14,805 |
|
Other current liabilities |
|
19,817 |
|
|
4,783 |
|
|
29,860 |
|
|
— |
|
|
54,460 |
|
Total current liabilities |
|
65,693 |
|
|
26,948 |
|
|
142,415 |
|
|
— |
|
|
235,056 |
|
Long-term debt, less current maturities |
|
584,309 |
|
|
— |
|
|
— |
|
|
— |
|
|
584,309 |
|
Deferred income taxes |
|
43,210 |
|
|
— |
|
|
29,731 |
|
|
— |
|
|
72,941 |
|
Pension and postretirement benefit liabilities |
|
11,712 |
|
|
— |
|
|
6,116 |
|
|
— |
|
|
17,828 |
|
Other long-term liabilities |
|
46,407 |
|
|
400 |
|
|
6,975 |
|
|
— |
|
|
53,782 |
|
Intercompany payable |
|
794,885 |
|
|
— |
|
|
390,281 |
|
|
(1,185,166 |
) |
|
— |
|
Shareholders’ equity |
|
673,001 |
|
|
2,002,679 |
|
|
1,109,729 |
|
|
(3,112,408 |
) |
|
673,001 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,219,217 |
|
|
$ |
2,030,027 |
|
|
$ |
1,685,247 |
|
|
$ |
(4,297,574 |
) |
|
$ |
1,636,917 |
|
|
| Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2015 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) operating activities |
|
$ |
2,021 |
|
|
$ |
(8,725 |
) |
|
$ |
27,073 |
|
|
$ |
— |
|
|
$ |
20,369 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(195 |
) |
|
(606 |
) |
|
(4,728 |
) |
|
— |
|
|
(5,529 |
) |
Proceeds from sale of property, plant and equipment |
|
13 |
|
|
— |
|
|
1,424 |
|
|
— |
|
|
1,437 |
|
Business acquisitions, net of cash acquired |
|
— |
|
|
— |
|
|
(530 |
) |
|
— |
|
|
(530 |
) |
Cash used in investing activities |
|
(182 |
) |
|
(606 |
) |
|
(3,834 |
) |
|
— |
|
|
(4,622 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net repayments on revolver and other debt |
|
— |
|
|
— |
|
|
(218 |
) |
|
— |
|
|
(218 |
) |
Purchase of treasury shares |
|
(4,682 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,682 |
) |
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 provided by (used in) financing activities |
|
(7,952 |
) |
|
8,929 |
|
|
(7,163 |
) |
|
— |
|
|
(6,186 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(6,462 |
) |
|
— |
|
|
(6,462 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(6,113 |
) |
|
(402 |
) |
|
9,614 |
|
|
— |
|
|
3,099 |
|
Cash and cash equivalents—beginning of period |
|
18,688 |
|
|
523 |
|
|
149,635 |
|
|
— |
|
|
168,846 |
|
Cash and cash equivalents—end of period |
|
$ |
12,575 |
|
|
$ |
121 |
|
|
$ |
159,249 |
|
|
$ |
— |
|
|
$ |
171,945 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2014 |
|
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
5,024 |
|
|
$ |
(28,333 |
) |
|
$ |
4,135 |
|
|
$ |
— |
|
|
$ |
(19,174 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(226 |
) |
|
(1,140 |
) |
|
(6,620 |
) |
|
— |
|
|
(7,986 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
1 |
|
|
224 |
|
|
— |
|
|
225 |
|
Cash used in investing activities |
|
(226 |
) |
|
(1,139 |
) |
|
(6,396 |
) |
|
— |
|
|
(7,761 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Net borrowing on revolver and other debt |
|
123,000 |
|
|
— |
|
|
1,994 |
|
|
— |
|
|
124,994 |
|
Principal repayments on term loan |
|
(1,125 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,125 |
) |
Purchase of treasury shares |
|
(104,415 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(104,415 |
) |
Stock option exercises, related tax benefits and other |
|
2,287 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,287 |
|
Cash dividend |
|
(2,598 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,598 |
) |
Intercompany loan activity |
|
(47,192 |
) |
|
27,281 |
|
|
19,911 |
|
|
— |
|
|
— |
|
Cash (used in) provided by financing activities |
|
(30,043 |
) |
|
27,281 |
|
|
21,905 |
|
|
— |
|
|
19,143 |
|
Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(13,945 |
) |
|
— |
|
|
(13,945 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(25,245 |
) |
|
(2,191 |
) |
|
5,699 |
|
|
— |
|
|
(21,737 |
) |
Cash and cash equivalents—beginning of period |
|
27,931 |
|
|
3,325 |
|
|
77,756 |
|
|
— |
|
|
109,012 |
|
Cash and cash equivalents—end of period |
|
$ |
2,686 |
|
|
$ |
1,134 |
|
|
$ |
83,455 |
|
|
$ |
— |
|
|
$ |
87,275 |
|
|