Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Nov. 30, 2013 | Dec. 31, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ATU | ' |
Entity Registrant Name | 'ACTUANT CORP | ' |
Entity Central Index Key | '0000006955 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 72,772,165 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Income Statement [Abstract] | ' | ' |
Net sales | $339,556 | $307,809 |
Cost of products sold | 207,776 | 183,441 |
Gross profit | 131,780 | 124,368 |
Selling, administrative and engineering expenses | 81,918 | 74,860 |
Amortization of intangible assets | 6,215 | 6,034 |
Operating profit | 43,647 | 43,474 |
Financing costs, net | 6,750 | 6,322 |
Other expense, net | 1,141 | 644 |
Earnings from continuing operations before income tax expense | 35,756 | 36,508 |
Income tax expense | 2,751 | 5,957 |
Earnings from continuing operations | 33,005 | 30,551 |
Earnings from discontinued operations, net of income taxes | 3,032 | 5,792 |
Net earnings | $36,037 | $36,343 |
Earnings from continuing operations per share: | ' | ' |
Basic (in dollars per share) | $0.45 | $0.42 |
Diluted (in dollars per share) | $0.44 | $0.41 |
Earnings per share: | ' | ' |
Basic (in dollars per share) | $0.49 | $0.50 |
Diluted (in dollars per share) | $0.48 | $0.49 |
Weighted average common shares outstanding: | ' | ' |
Basic (in shares) | 73,085 | 72,791 |
Diluted (in shares) | 75,011 | 74,271 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' |
Net earnings | $36,037 | $36,343 |
Other comprehensive income, net of tax | ' | ' |
Foreign currency translation adjustments | 17,047 | 12,089 |
Pension and other postretirement benefit plans | 50 | 215 |
Cash flow hedges | -94 | -129 |
Total other comprehensive income, net of tax | 17,003 | 12,175 |
Comprehensive income | $53,040 | $48,518 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $109,542 | $103,986 |
Accounts receivable, net | 221,528 | 219,075 |
Inventories, net | 155,129 | 142,549 |
Deferred income taxes | 18,585 | 18,796 |
Other current assets | 32,636 | 28,228 |
Assets of discontinued operations | 270,106 | 272,606 |
Total current assets | 807,526 | 785,240 |
Property, plant and equipment | ' | ' |
Land, buildings and improvements | 53,200 | 52,669 |
Machinery and equipment | 319,345 | 305,200 |
Gross property, plant and equipment | 372,545 | 357,869 |
Less: Accumulated depreciation | -167,217 | -156,373 |
Property, plant and equipment, net | 205,328 | 201,496 |
Goodwill | 745,476 | 734,952 |
Other intangibles, net | 375,307 | 376,692 |
Other long-term assets | 30,228 | 20,952 |
Total assets | 2,163,865 | 2,119,332 |
Current liabilities | ' | ' |
Trade accounts payable | 159,275 | 154,049 |
Accrued compensation and benefits | 41,413 | 43,800 |
Current maturities of long-term debt | 1,125 | 0 |
Income taxes payable | 10,464 | 14,014 |
Other current liabilities | 60,964 | 56,899 |
Liabilities of discontinued operations | 53,233 | 53,080 |
Total current liabilities | 326,474 | 321,842 |
Long-term debt, less current maturities | 501,875 | 515,000 |
Deferred income taxes | 118,277 | 115,865 |
Pension and postretirement benefit liabilities | 19,167 | 20,698 |
Other long-term liabilities | 66,373 | 65,660 |
Shareholders’ equity | ' | ' |
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 77,380,943 and 77,001,144 shares, respectively | 15,475 | 15,399 |
Additional paid-in capital | 63,423 | 49,758 |
Treasury stock, at cost, 4,383,513 and 3,983,513 shares, respectively | -120,267 | -104,915 |
Retained earnings | 1,224,725 | 1,188,685 |
Accumulated other comprehensive loss | -51,657 | -68,660 |
Stock held in trust | -3,199 | -3,124 |
Deferred compensation liability | 3,199 | 3,124 |
Total shareholders’ equity | 1,131,699 | 1,080,267 |
Total liabilities and shareholders’ equity | $2,163,865 | $2,119,332 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
Treasury stock, shares | 4,383,513 | 3,983,513 |
Common Class A | ' | ' |
Common stock, par value | 0.2 | 0.2 |
Common stock, shares authorized | 168,000,000 | 168,000,000 |
Common stock, shares issued | 77,380,943 | 77,001,144 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Operating Activities | ' | ' |
Net earnings | $36,037 | $36,343 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 16,204 | 14,449 |
Benefit for deferred income taxes | -8,408 | -3,156 |
Stock-based compensation expense | 4,103 | 3,477 |
Amortization of debt discount and debt issuance costs | 560 | 496 |
Other non-cash adjustments | -867 | -177 |
Sources (uses) of cash from changes in components of working capital and other: | ' | ' |
Accounts receivable | 7,040 | 4,539 |
Inventories | -11,634 | -11,318 |
Prepaid expenses and other assets | -3,049 | -6,143 |
Trade accounts payable | 2,560 | -11,548 |
Income taxes payable | -3,189 | 1,161 |
Accrued compensation and benefits | -2,595 | -13,953 |
Other accrued liabilities | -3,816 | -1,895 |
Net cash provided by operating activities | 32,946 | 12,275 |
Investing Activities | ' | ' |
Proceeds from sale of property, plant and equipment | 1,913 | 977 |
Capital expenditures | -11,257 | -7,689 |
Business acquisitions, net of cash acquired | 0 | -83 |
Net cash used in investing activities | -9,344 | -6,795 |
Financing Activities | ' | ' |
Net repayments on revolver | -12,000 | 0 |
Principal repayments on term loan | 0 | -1,250 |
Purchase of treasury shares | -15,352 | -7,142 |
Stock option exercises and related tax benefits | 10,562 | 5,473 |
Payment of contingent acquisition consideration | -414 | 0 |
Cash dividend | -2,919 | -2,911 |
Net cash used in financing activities | -20,123 | -5,830 |
Effect of exchange rate changes on cash | 2,077 | 477 |
Net increase in cash and cash equivalents | 5,556 | 127 |
Cash and cash equivalents – beginning of period | 103,986 | 68,184 |
Cash and cash equivalents – end of period | $109,542 | $68,311 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Nov. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Actuant Corporation (“Actuant,” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial reporting and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The condensed consolidated balance sheet data as of August 31, 2013 was derived from the Company’s audited financial statements, but does not include all disclosures required by generally accepted accounting principles. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes in the Company’s fiscal 2013 Annual Report on Form 10-K. | |
In the opinion of management, all adjustments considered necessary for a fair statement of financial results have been made. Such adjustments consist of only those of a normal recurring nature. Operating results for the three months ended November 30, 2013 are not necessarily indicative of the results that may be expected for the entire fiscal year ending August 31, 2014. Certain prior year amounts have been reclassified to conform to current year presentation, including amounts related to discontinued operations. |
Acquisitions
Acquisitions | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
The Company incurred acquisition transaction costs of $0.1 million for both the three months ended November 30, 2013 and 2012, related to various business acquisition activities. In the first quarter of fiscal 2014, the Company also paid $0.4 million of deferred contingent consideration for acquisitions completed in previous periods. Acquisitions result in the recognition of goodwill in the Company’s consolidated financial statements because their purchase price reflects the future earnings and cash flow potential of these companies, as well as the complementary strategic fit and resulting synergies these businesses are expected to bring to existing operations. | |||||||||
The Company makes an initial allocation of the purchase price at the date of a business acquisition, based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains this information during due diligence and through other sources. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), including through asset appraisals and learning more about the newly acquired business, the Company will refine its estimates of fair value. | |||||||||
The Company acquired Viking SeaTech ("Viking") for $235.4 million on August 27, 2013. This Energy segment acquisition expanded the segment's geographic presence, technologies and services provided to the global energy market. Headquartered in Aberdeen, Scotland, Viking is a support specialist providing a comprehensive range of equipment and services to the offshore oil & gas industry. Viking serves customers globally with primary markets in the North Sea (U.K. and Norway) and Australia. The majority of Viking's revenue is derived from offshore vessel mooring solutions which include design, rental, installation and inspection. Viking also provides survey, manpower and other marine services to offshore operators, drillers and energy asset owners. The purchase price allocation of the Viking acquisition resulted in the recognition of $87.8 million of goodwill (which is not deductible for tax purposes) and $65.4 million of intangible assets, including $40.5 million of customer relationships and $24.9 million of tradenames. | |||||||||
The following unaudited pro forma results of operations of the Company for the three months ended November 30, 2013 and 2012, give effect to the Viking acquisition as though the transaction and related financing activities had occurred on September 1, 2012 (in thousands, except per share amounts): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Net sales | |||||||||
As reported | $ | 339,556 | $ | 307,809 | |||||
Pro forma | 339,556 | 332,742 | |||||||
Earnings from continuing operations | |||||||||
As reported | $ | 33,005 | $ | 30,551 | |||||
Pro forma | 33,005 | 33,672 | |||||||
Basic earnings per share from continuing operations | |||||||||
As reported | $ | 0.45 | $ | 0.42 | |||||
Pro forma | 0.45 | 0.46 | |||||||
Diluted earnings per share from continuing operations | |||||||||
As reported | $ | 0.44 | $ | 0.41 | |||||
Pro forma | 0.44 | 0.45 | |||||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Discontinued Operations | |||||||||
The Electrical segment is primarily involved in the design, manufacture and distribution of a broad range of electrical products to the retail DIY, wholesale, original equipment manufacturer (“OEM”), solar, utility, marine and other harsh environment markets. The results of operations for the Electrical segment have been reported as discontinued operations for all periods presented. The following table summarizes the results of discontinued operations (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Net sales | $ | 63,012 | $ | 69,439 | |||||
Operating income | 5,229 | 8,108 | |||||||
Income tax expense | (2,197 | ) | (2,316 | ) | |||||
Income from discontinued operations, net of taxes | $ | 3,032 | $ | 5,792 | |||||
During the third quarter of fiscal 2013, the Company committed to a plan to divest the entire Electrical segment. The divestiture will allow the Company to streamline its strategy and refocus on the remaining three segments in a way that better positions the Company to take advantage of its core competencies, current business model and global growth trends. As a result, the Company recognized an impairment charge during fiscal 2013 of $159.1 million, including a write-down of $137.8 million of goodwill and $21.3 million of indefinite lived intangible assets (tradename). The impairment charge represents the excess of the net book value of the held for sale assets over the estimated fair value, less selling costs. The following is a summary of the assets and liabilities of discontinued operations (in thousands): | |||||||||
30-Nov-13 | 31-Aug-13 | ||||||||
Accounts receivable, net | $ | 36,781 | $ | 41,247 | |||||
Inventories, net | 56,422 | 55,142 | |||||||
Property, plant & equipment, net | 9,977 | 9,545 | |||||||
Goodwill | 76,989 | 76,877 | |||||||
Other intangible assets, net | 85,083 | 84,387 | |||||||
Other assets | 4,854 | 5,408 | |||||||
Assets of discontinued operations | $ | 270,106 | $ | 272,606 | |||||
Trade accounts payable | $ | 19,192 | $ | 19,824 | |||||
Other current liabilities | 13,770 | 12,984 | |||||||
Deferred income taxes | 9,544 | 9,376 | |||||||
Other long-term liabilities | 10,727 | 10,896 | |||||||
Liabilities of discontinued operations | $ | 53,233 | $ | 53,080 | |||||
On December 13, 2013, the Company completed the sale of the Electrical segment for $258 million of cash. The sale price is subject to a post-closing working capital adjustment. The Company expects the net proceeds, after payment of various transaction costs and income taxes to be approximately $225 million, which will be utilized to reduce net debt. The divestiture is expected to result in a net gain on disposal. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||
The changes in the carrying value of goodwill for the three months ended November 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||||
Industrial | Energy | Engineered | Total | ||||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||
Balance as of August 31, 2013 | $ | 82,611 | $ | 341,903 | $ | 310,438 | $ | 734,952 | |||||||||||||||||||
Purchase accounting adjustments | — | 74 | — | 74 | |||||||||||||||||||||||
Impact of changes in foreign currency rates | 983 | 7,785 | 1,682 | 10,450 | |||||||||||||||||||||||
Balance as of November 30, 2013 | $ | 83,594 | $ | 349,762 | $ | 312,120 | $ | 745,476 | |||||||||||||||||||
The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||
30-Nov-13 | 31-Aug-13 | ||||||||||||||||||||||||||
Weighted Average | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Amortization | Carrying | Amortization | Book | Carrying | Amortization | Book | |||||||||||||||||||||
Period (Years) | Value | Value | Value | Value | |||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||
Customer relationships | 15 | $ | 322,758 | $ | 102,017 | $ | 220,741 | $ | 318,143 | $ | 95,215 | $ | 222,928 | ||||||||||||||
Patents | 11 | 30,821 | 19,464 | 11,357 | 30,564 | 18,747 | 11,817 | ||||||||||||||||||||
Trademarks and tradenames | 19 | 24,213 | 7,764 | 16,449 | 24,088 | 7,356 | 16,732 | ||||||||||||||||||||
Non-compete agreements and other | 4 | 7,143 | 6,617 | 526 | 7,034 | 6,458 | 576 | ||||||||||||||||||||
Indefinite lived intangible assets: | |||||||||||||||||||||||||||
Tradenames | N/A | 126,234 | 126,234 | 124,639 | — | 124,639 | |||||||||||||||||||||
$ | 511,169 | $ | 135,862 | $ | 375,307 | $ | 504,468 | $ | 127,776 | $ | 376,692 | ||||||||||||||||
Amortization expense recorded on the intangible assets listed above was $6.2 million and $6.0 million for the three months ended November 30, 2013 and 2012, respectively. The Company estimates that amortization expense will be approximately $18.8 million for the remainder of fiscal 2014. Amortization expense for future years is estimated to be as follows: $24.8 million in fiscal 2015, $24.7 million in 2016, $23.7 million in fiscal 2017, $23.3 million in fiscal 2018, $23.1 million in fiscal 2019 and $110.6 million thereafter. These future amortization expense amounts represent estimates, which may change based on future acquisitions, changes in foreign currency exchange rates or other factors. |
Product_Warranty_Costs
Product Warranty Costs | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Product Warranty Costs | ' | ||||||||
Product Warranty Costs | |||||||||
The Company generally offers its customers a warranty on products they purchase, although warranty periods vary by product type and application. The reserve for future warranty claims is based on historical claim rates and current warranty cost experience. The following is a rollforward of the accrued product warranty reserve from continuing operations (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 7,413 | $ | 5,121 | |||||
Provision for warranties | 230 | 1,365 | |||||||
Warranty payments and costs incurred | (1,232 | ) | (1,893 | ) | |||||
Impact of changes in foreign currency rates | 53 | 45 | |||||||
Ending balance | $ | 6,464 | $ | 4,638 | |||||
Debt
Debt | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
The following is a summary of the Company’s long-term indebtedness (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Senior Credit Facility | |||||||||
Revolver | $ | 113,000 | $ | 125,000 | |||||
Term Loan | 90,000 | 90,000 | |||||||
203,000 | 215,000 | ||||||||
5.625% Senior Notes | 300,000 | 300,000 | |||||||
Total Senior Indebtedness | 503,000 | 515,000 | |||||||
Less: current maturities of long-term debt | (1,125 | ) | — | ||||||
Total long-term debt, less current maturities | $ | 501,875 | $ | 515,000 | |||||
The Company’s Senior Credit Facility, which matures on July 18, 2018, includes a $600 million revolving credit facility, a $90 million term loan and a $350 million expansion option, subject to certain conditions. Borrowings are subject to a pricing grid, which can result in increases or decreases to the borrowing spread above LIBOR, depending on the Company’s leverage ratio, ranging from 1.00% to 2.50% in the case of loans bearing interest at LIBOR and from 0.00% to 1.50% in the case of loans bearing interest at the base rate. At November 30, 2013, the borrowing spread on LIBOR based borrowings was 1.50% (aggregating to approximately 1.70%). In addition, a non-use fee is payable quarterly on the average unused credit line under the revolver ranging from 0.15% to 0.40% per annum. At November 30, 2013, the available and unused credit line under the revolver was $483.0 million. Quarterly principal payments of $1.1 million will begin on the term loan on September 30, 2014, increasing to $2.3 million per quarter beginning on September 30, 2015, with the remaining principal due at maturity. The Senior Credit Facility, which is secured by substantially all of the Company’s domestic personal property assets, also contains customary limits and restrictions concerning investments, sales of assets, liens on assets, dividends and other payments. The two financial covenants included in the Senior Credit Facility agreement are a maximum leverage ratio of 3.75:1 and a minimum interest coverage ratio of 3.50:1. The Company was in compliance with all financial covenants at November 30, 2013. | |||||||||
On April 16, 2012, the Company issued $300 million of 5.625% Senior Notes due 2022 (the “Senior Notes”). The Senior Notes require no principal installments prior to their June 15, 2022 maturity, require semiannual interest payments in December and June of each year and contain certain financial and non-financial covenants. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Measurement | ' | ||||||||
Fair Value Measurement | |||||||||
The Company assesses the inputs used to measure the fair value of financial assets and liabilities using a three-tier hierarchy. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The following financial assets (liabilities), measured at fair value, are included in the condensed consolidated balance sheet (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Level 1 Valuation: | |||||||||
Cash equivalents | $ | 123 | $ | 1,092 | |||||
Investments | 1,962 | 1,793 | |||||||
Level 2 Valuation: | |||||||||
Foreign currency derivatives | $ | (626 | ) | $ | 143 | ||||
The fair value of the Company’s cash, accounts receivable, accounts payable, short-term borrowings and its variable rate long-term debt approximated book value at both November 30, 2013 and August 31, 2013 due to their short-term nature and the fact that the interest rates approximated market rates. The fair value of the Company’s outstanding $300 million of 5.625% Senior Notes was $303.0 million and $300.8 million November 30, 2013 and August 31, 2013, respectively. The fair value of the Senior Notes was based on quoted inactive market prices and are therefore classified as Level 2 within the valuation hierarchy. |
Derivatives
Derivatives | 3 Months Ended |
Nov. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivatives | ' |
Derivatives | |
All derivatives are recognized in the balance sheet at their estimated fair value. On the date it enters into a derivative contract, the Company designates the derivative as a hedge of a recognized asset or liability ("fair value hedge") or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedge"). The Company does not enter into derivatives for speculative purposes. Changes in the value of fair value hedges and non-designated hedges are recorded in earnings along with the gain or loss on the hedged asset or liability, while changes in the value of cash flow hedges are recorded in accumulated other comprehensive loss, until earnings are affected by the variability of cash flows. The fair value of outstanding foreign currency derivatives was a liability of $0.6 million and an asset of $0.1 million at November 30, 2013 and August 31, 2013, respectively. | |
The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations. In order to manage this risk the Company has hedged portions of its forecasted inventory purchases that are denominated in non-functional currencies through cash flow hedges. The U.S. dollar equivalent notional value of these foreign currency forward contracts was $5.5 million and $9.7 million, at November 30, 2013 and August 31, 2013, respectively. At November 30, 2013, unrealized losses of $0.2 million were included in accumulated other comprehensive loss and are expected to be reclassified to earnings during the next twelve months. | |
The Company also utilizes forward foreign currency exchange contracts to reduce the exchange rate risk associated with recognized non-functional currency balances. The effects of changes in exchange rates are reflected concurrently in earnings for both the fair value of the foreign currency exchange contracts and the related non-functional currency asset or liability. The U.S. dollar equivalent notional value of these short duration foreign currency forward contracts was $404.4 million and $383.6 million, at November 30, 2013 and August 31, 2013, respectively. Net foreign currency losses related to these derivative instruments was $8.7 million for the three months ended November 30, 2013, compared to a $0.6 million gain for the three months ended November 30, 2012. These derivative gains and losses offset foreign currency gains and losses from the related revaluation on non-functional currency assets and liabilities (amounts included in other income and expense in the condensed consolidated statement of earnings). |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
The reconciliations between basic and diluted earnings per share from continuing operations are as follows (in thousands, except per share amounts): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Earnings from continuing operations | $ | 33,005 | $ | 30,551 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding for basic earnings per share | 73,085 | 72,791 | |||||||
Net effect of dilutive securities—stock based compensation plans | 1,926 | 1,480 | |||||||
Weighted average common and equivalent shares outstanding for diluted earnings per share | 75,011 | 74,271 | |||||||
Earnings per common share from continuing operations: | |||||||||
Basic | $ | 0.45 | $ | 0.42 | |||||
Diluted | $ | 0.44 | $ | 0.41 | |||||
Anti-dilutive securities-stock based compensation plans (excluded from earnings per share calculation) | 1 | 789 | |||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company's income tax expense is impacted by a number of factors, including the amount of taxable earnings derived in foreign jurisdictions with tax rates that are higher or lower than the U.S. Federal statutory rate, permanent items, state tax rates and the ability to utilize various tax credits and net operating loss carryforwards. | |
The Company adjusts the quarterly provision for income taxes based on the estimated annual effective income tax rate and facts and circumstances known at each interim reporting period. The effective income tax rate from continuing operations was 7.7% for the three months ended November 30, 2013, and 16.3% for the comparable prior year period. During the three months ended November 30, 2013 the Company liquidated a foreign entity which generated a $7.3 million discrete income tax benefit from the resulting net operating loss carryforwards. Similarly, the first quarter fiscal 2013 income tax provision included $5.5 million of discrete period income tax benefits, the result of changes to deferred income tax balances and the recognition of a net operating loss carryforward of $3.4 million. | |
The gross liability for unrecognized tax benefits, excluding interest and penalties, increased from $18.0 million at August 31, 2013 to $18.7 million at November 30, 2013. Substantially all of these unrecognized tax benefits, if recognized, would reduce the effective income tax rate. In addition, as of November 30, 2013 and August 31, 2013, the Company had liabilities totaling $3.1 million and $2.9 million, respectively, for the payment of interest and penalties related to its unrecognized income tax benefits. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
Segment Information | |||||||||
The Company is a global manufacturer of a broad range of industrial products and systems and is organized into three reportable segments: Industrial, Energy and Engineered Solutions. The Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Energy segment provides joint integrity products and services, customizing offshore vessel mooring solutions, as well as rope and cable solutions to the global oil & gas, power generation and energy markets. The Engineered Solutions segment provides highly engineered position and motion control systems to OEMs in various vehicle markets, as well as a variety of other products to the industrial and agricultural markets. | |||||||||
The following tables summarize financial information by reportable segment and product line (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Net Sales by Segment: | |||||||||
Industrial | $ | 98,641 | $ | 101,122 | |||||
Energy | 107,925 | 90,769 | |||||||
Engineered Solutions | 132,990 | 115,918 | |||||||
$ | 339,556 | $ | 307,809 | ||||||
Net Sales by Reportable Product Line: | |||||||||
Industrial | $ | 98,641 | $ | 101,122 | |||||
Energy | 107,925 | 90,769 | |||||||
Vehicle Systems | 71,649 | 58,029 | |||||||
Other | 61,341 | 57,889 | |||||||
$ | 339,556 | $ | 307,809 | ||||||
Operating Profit: | |||||||||
Industrial | $ | 26,897 | $ | 27,006 | |||||
Energy | 8,923 | 15,387 | |||||||
Engineered Solutions | 13,190 | 7,625 | |||||||
General Corporate | (5,363 | ) | (6,544 | ) | |||||
$ | 43,647 | $ | 43,474 | ||||||
November 30, 2013 | August 31, 2013 | ||||||||
Assets: | |||||||||
Industrial | $ | 287,705 | $ | 280,110 | |||||
Energy | 833,032 | 812,444 | |||||||
Engineered Solutions | 675,785 | 652,581 | |||||||
General Corporate | 97,237 | 101,591 | |||||||
Assets of Discontinued Operations | 270,106 | 272,606 | |||||||
$ | 2,163,865 | $ | 2,119,332 | ||||||
In addition to the impact of changes in foreign currency exchange rates, the comparability of segment and product line information is also impacted by acquisition/divestiture activities and restructuring costs and the related benefits. Corporate assets, which are not allocated, principally represent cash and cash equivalents, capitalized debt issuance costs and deferred income taxes. |
Contingencies_and_Litigation
Contingencies and Litigation | 3 Months Ended |
Nov. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies and Litigation | ' |
Contingencies and Litigation | |
The Company had outstanding letters of credit of $11.2 million and $10.7 million at November 30, 2013 and August 31, 2013, respectively, the majority of which secure self-insured workers compensation liabilities. | |
The Company is a party to various legal proceedings that have arisen in the normal course of its business. These legal proceedings typically include product liability, environmental, labor, patent claims and other disputes. The Company has recorded reserves for loss contingencies based on the specific circumstances of each case. Such reserves are recorded when it is probable that a loss has been incurred as of the balance sheet date and can be reasonably estimated. In the opinion of management, the resolution of these contingencies, individually and in the aggregate, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. | |
The Company has facilities in numerous geographic locations that are subject to a range of environmental laws and regulations. Environmental expenditures over the past two years have not been material. Management believes that such costs will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. | |
The Company remains contingently liable for lease payments under leases of businesses that it previously divested or spun-off, in the event that such businesses are unable to fulfill their future lease payment obligations. The discounted present value of future minimum lease payments for these leases was $10.9 million at November 30, 2013. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||||
Guarantor Subsidiaries | |||||||||||||||||||||
As discussed in Note 6, “Debt” on April 16, 2012, Actuant Corporation (the “Parent”) issued $300.0 million of 5.625% Senior Notes. All material domestic wholly owned subsidiaries (the “Guarantors”) fully and unconditionally guarantee (except for certain customary limitations) such debt on a joint and several basis. There are no significant restrictions on the ability of the Guarantors to make distributions to the Parent. The following tables present the results of operations, financial position and cash flows of Actuant Corporation and its subsidiaries, the Guarantor and non-Guarantor entities, and the eliminations necessary to arrive at the information for the Company on a consolidated basis. | |||||||||||||||||||||
Certain assets, liabilities and expenses have not been allocated to the Guarantors and non-Guarantors and therefore are included in the Parent column in the accompanying condensed consolidating financial statements. These items are of a corporate or consolidated nature and include, but are not limited to, tax provisions and related assets and liabilities, certain employee benefit obligations, prepaid and accrued insurance and corporate indebtedness. Intercompany activity in the condensed consolidating financial statements primarily includes loan activity, purchases and sales of goods or services and dividends. Intercompany balances also reflect certain non-cash transactions including transfers of assets and liabilities between the Parent, Guarantor and non-Guarantor, allocation of non-cash expenses from the Parent to the Guarantors and non-Guarantors, the impact of foreign currency rate changes and non-cash intercompany dividends. | |||||||||||||||||||||
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 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Nov-13 | |||||||||||||||||||||
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) | |||||||||||||||||||||
31-Aug-13 | |||||||||||||||||||||
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 | |||||||||||||||||||||
(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 | |||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Pro Forma Results of Operations | ' | ||||||||
The following unaudited pro forma results of operations of the Company for the three months ended November 30, 2013 and 2012, give effect to the Viking acquisition as though the transaction and related financing activities had occurred on September 1, 2012 (in thousands, except per share amounts): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Net sales | |||||||||
As reported | $ | 339,556 | $ | 307,809 | |||||
Pro forma | 339,556 | 332,742 | |||||||
Earnings from continuing operations | |||||||||
As reported | $ | 33,005 | $ | 30,551 | |||||
Pro forma | 33,005 | 33,672 | |||||||
Basic earnings per share from continuing operations | |||||||||
As reported | $ | 0.45 | $ | 0.42 | |||||
Pro forma | 0.45 | 0.46 | |||||||
Diluted earnings per share from continuing operations | |||||||||
As reported | $ | 0.44 | $ | 0.41 | |||||
Pro forma | 0.44 | 0.45 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) (Electrical) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Electrical | ' | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||
The following is a summary of the assets and liabilities of discontinued operations (in thousands): | |||||||||
30-Nov-13 | 31-Aug-13 | ||||||||
Accounts receivable, net | $ | 36,781 | $ | 41,247 | |||||
Inventories, net | 56,422 | 55,142 | |||||||
Property, plant & equipment, net | 9,977 | 9,545 | |||||||
Goodwill | 76,989 | 76,877 | |||||||
Other intangible assets, net | 85,083 | 84,387 | |||||||
Other assets | 4,854 | 5,408 | |||||||
Assets of discontinued operations | $ | 270,106 | $ | 272,606 | |||||
Trade accounts payable | $ | 19,192 | $ | 19,824 | |||||
Other current liabilities | 13,770 | 12,984 | |||||||
Deferred income taxes | 9,544 | 9,376 | |||||||
Other long-term liabilities | 10,727 | 10,896 | |||||||
Liabilities of discontinued operations | $ | 53,233 | $ | 53,080 | |||||
The following table summarizes the results of discontinued operations (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Net sales | $ | 63,012 | $ | 69,439 | |||||
Operating income | 5,229 | 8,108 | |||||||
Income tax expense | (2,197 | ) | (2,316 | ) | |||||
Income from discontinued operations, net of taxes | $ | 3,032 | $ | 5,792 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||||
The changes in the carrying value of goodwill for the three months ended November 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||||
Industrial | Energy | Engineered | Total | ||||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||
Balance as of August 31, 2013 | $ | 82,611 | $ | 341,903 | $ | 310,438 | $ | 734,952 | |||||||||||||||||||
Purchase accounting adjustments | — | 74 | — | 74 | |||||||||||||||||||||||
Impact of changes in foreign currency rates | 983 | 7,785 | 1,682 | 10,450 | |||||||||||||||||||||||
Balance as of November 30, 2013 | $ | 83,594 | $ | 349,762 | $ | 312,120 | $ | 745,476 | |||||||||||||||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Table | ' | ||||||||||||||||||||||||||
The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||
30-Nov-13 | 31-Aug-13 | ||||||||||||||||||||||||||
Weighted Average | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Amortization | Carrying | Amortization | Book | Carrying | Amortization | Book | |||||||||||||||||||||
Period (Years) | Value | Value | Value | Value | |||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||
Customer relationships | 15 | $ | 322,758 | $ | 102,017 | $ | 220,741 | $ | 318,143 | $ | 95,215 | $ | 222,928 | ||||||||||||||
Patents | 11 | 30,821 | 19,464 | 11,357 | 30,564 | 18,747 | 11,817 | ||||||||||||||||||||
Trademarks and tradenames | 19 | 24,213 | 7,764 | 16,449 | 24,088 | 7,356 | 16,732 | ||||||||||||||||||||
Non-compete agreements and other | 4 | 7,143 | 6,617 | 526 | 7,034 | 6,458 | 576 | ||||||||||||||||||||
Indefinite lived intangible assets: | |||||||||||||||||||||||||||
Tradenames | N/A | 126,234 | 126,234 | 124,639 | — | 124,639 | |||||||||||||||||||||
$ | 511,169 | $ | 135,862 | $ | 375,307 | $ | 504,468 | $ | 127,776 | $ | 376,692 | ||||||||||||||||
Product_Warranty_Costs_Tables
Product Warranty Costs (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability | ' | ||||||||
The following is a rollforward of the accrued product warranty reserve from continuing operations (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 7,413 | $ | 5,121 | |||||
Provision for warranties | 230 | 1,365 | |||||||
Warranty payments and costs incurred | (1,232 | ) | (1,893 | ) | |||||
Impact of changes in foreign currency rates | 53 | 45 | |||||||
Ending balance | $ | 6,464 | $ | 4,638 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Indebtedness | ' | ||||||||
The following is a summary of the Company’s long-term indebtedness (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Senior Credit Facility | |||||||||
Revolver | $ | 113,000 | $ | 125,000 | |||||
Term Loan | 90,000 | 90,000 | |||||||
203,000 | 215,000 | ||||||||
5.625% Senior Notes | 300,000 | 300,000 | |||||||
Total Senior Indebtedness | 503,000 | 515,000 | |||||||
Less: current maturities of long-term debt | (1,125 | ) | — | ||||||
Total long-term debt, less current maturities | $ | 501,875 | $ | 515,000 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet | ' | ||||||||
The following financial assets (liabilities), measured at fair value, are included in the condensed consolidated balance sheet (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Level 1 Valuation: | |||||||||
Cash equivalents | $ | 123 | $ | 1,092 | |||||
Investments | 1,962 | 1,793 | |||||||
Level 2 Valuation: | |||||||||
Foreign currency derivatives | $ | (626 | ) | $ | 143 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Reconciliations between Basic and Diluted Earnings Per Share | ' | ||||||||
The reconciliations between basic and diluted earnings per share from continuing operations are as follows (in thousands, except per share amounts): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Earnings from continuing operations | $ | 33,005 | $ | 30,551 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding for basic earnings per share | 73,085 | 72,791 | |||||||
Net effect of dilutive securities—stock based compensation plans | 1,926 | 1,480 | |||||||
Weighted average common and equivalent shares outstanding for diluted earnings per share | 75,011 | 74,271 | |||||||
Earnings per common share from continuing operations: | |||||||||
Basic | $ | 0.45 | $ | 0.42 | |||||
Diluted | $ | 0.44 | $ | 0.41 | |||||
Anti-dilutive securities-stock based compensation plans (excluded from earnings per share calculation) | 1 | 789 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Summary of Financial Information by Reportable Segment and Product Line | ' | ||||||||
The following tables summarize financial information by reportable segment and product line (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2013 | 2012 | ||||||||
Net Sales by Segment: | |||||||||
Industrial | $ | 98,641 | $ | 101,122 | |||||
Energy | 107,925 | 90,769 | |||||||
Engineered Solutions | 132,990 | 115,918 | |||||||
$ | 339,556 | $ | 307,809 | ||||||
Net Sales by Reportable Product Line: | |||||||||
Industrial | $ | 98,641 | $ | 101,122 | |||||
Energy | 107,925 | 90,769 | |||||||
Vehicle Systems | 71,649 | 58,029 | |||||||
Other | 61,341 | 57,889 | |||||||
$ | 339,556 | $ | 307,809 | ||||||
Operating Profit: | |||||||||
Industrial | $ | 26,897 | $ | 27,006 | |||||
Energy | 8,923 | 15,387 | |||||||
Engineered Solutions | 13,190 | 7,625 | |||||||
General Corporate | (5,363 | ) | (6,544 | ) | |||||
$ | 43,647 | $ | 43,474 | ||||||
November 30, 2013 | August 31, 2013 | ||||||||
Assets: | |||||||||
Industrial | $ | 287,705 | $ | 280,110 | |||||
Energy | 833,032 | 812,444 | |||||||
Engineered Solutions | 675,785 | 652,581 | |||||||
General Corporate | 97,237 | 101,591 | |||||||
Assets of Discontinued Operations | 270,106 | 272,606 | |||||||
$ | 2,163,865 | $ | 2,119,332 | ||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
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 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) | |||||||||||||||||||||
30-Nov-13 | |||||||||||||||||||||
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) | |||||||||||||||||||||
31-Aug-13 | |||||||||||||||||||||
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 | |||||||||||
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||
Nov. 30, 2013 | Nov. 30, 2012 | Aug. 27, 2013 | Aug. 27, 2013 | Aug. 27, 2013 | |
Viking SeaTech | Viking SeaTech | Tradenames | |||
Customer relationships | Viking SeaTech | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Acquisition related costs | $100,000 | $100,000 | ' | ' | ' |
Deferred purchase price for business acquisitions | 400,000 | ' | ' | ' | ' |
Cash paid for business acquisitions, net of cash acquired | 0 | 83,000 | 235,400,000 | ' | ' |
Recognition of goodwill due to acquisitions | ' | ' | 87,800,000 | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | ' | ' | $65,400,000 | $40,500,000 | $24,900,000 |
Acquisitions_Proforma_Results_
Acquisitions - Proforma Results of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Net sales | ' | ' |
Net sales, As reported | $339,556 | $307,809 |
Net sales, Pro forma | 339,556 | 332,742 |
Earnings from continuing operations | ' | ' |
Earnings from continuing operations, As reported | 33,005 | 30,551 |
Earnings from continuing operations, Pro Forma | $33,005 | $33,672 |
Basic earnings per share from continuing operations | ' | ' |
Basic earnings per share from continuing operations, As reported (in dollars per share) | $0.45 | $0.42 |
Basic earnings per share from continuing operations, Pro Forma (in dollars per share) | $0.45 | $0.46 |
Diluted earnings per share from continuing operations | ' | ' |
Diluted earnings per share from continuing operations, As reported (in dollars per share) | $0.44 | $0.41 |
Diluted earnings per share from continuing operations, Pro Forma (in dollars per share) | $0.44 | $0.45 |
Discontinued_Operations_Income
Discontinued Operations Income Statement and Balance Sheet Summary (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' |
Income from discontinued operations, net of taxes | $3,032 | $5,792 | ' |
Assets of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' | ' |
Assets of discontinued operations | 270,106 | ' | 272,606 |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' | ' |
Liabilities of discontinued operations | 53,233 | ' | 53,080 |
Electrical | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' |
Net sales | 63,012 | 69,439 | ' |
Operating income | 5,229 | 8,108 | ' |
Income tax expense | -2,197 | -2,316 | ' |
Income from discontinued operations, net of taxes | 3,032 | 5,792 | ' |
Assets of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' | ' |
Accounts receivable, net | 36,781 | ' | 41,247 |
Inventories, net | 56,422 | ' | 55,142 |
Property, plant & equipment, net | 9,977 | ' | 9,545 |
Goodwill | 76,989 | ' | 76,877 |
Other intangible assets, net | 85,083 | ' | 84,387 |
Other assets | 4,854 | ' | 5,408 |
Assets of discontinued operations | 270,106 | ' | 272,606 |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' | ' |
Trade accounts payable | 19,192 | ' | 19,824 |
Other current liabilities | 13,770 | ' | 12,984 |
Deferred income taxes | 9,544 | ' | 9,376 |
Other long-term liabilities | 10,727 | ' | 10,896 |
Liabilities of discontinued operations | $53,233 | ' | $53,080 |
Discontinued_Operations_Narrat
Discontinued Operations Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | Dec. 13, 2013 |
Segment | Electrical | Electrical | |
Subsequent Event | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of reportable segments | 3 | ' | ' |
Asset Impairment Charges | ' | $159.10 | ' |
Goodwill impairment | ' | 137.8 | ' |
Indefinite lived intangible asset (tradenames) impairment | ' | 21.3 | ' |
Proceeds from sale of business | ' | ' | 258 |
Expected net proceeds from divestiture of business after transaction costs and income taxes | ' | ' | $225 |
Changes_in_Carrying_Value_of_G
Changes in Carrying Value of Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Goodwill [Roll Forward] | ' |
Balance as of August 31, 2013 | $734,952 |
Purchase accounting adjustments | 74 |
Impact of changes in foreign currency rates | 10,450 |
Balance as of November 30, 2013 | 745,476 |
Industrial | ' |
Goodwill [Roll Forward] | ' |
Balance as of August 31, 2013 | 82,611 |
Purchase accounting adjustments | 0 |
Impact of changes in foreign currency rates | 983 |
Balance as of November 30, 2013 | 83,594 |
Energy | ' |
Goodwill [Roll Forward] | ' |
Balance as of August 31, 2013 | 341,903 |
Purchase accounting adjustments | 74 |
Impact of changes in foreign currency rates | 7,785 |
Balance as of November 30, 2013 | 349,762 |
Engineered Solutions | ' |
Goodwill [Roll Forward] | ' |
Balance as of August 31, 2013 | 310,438 |
Purchase accounting adjustments | 0 |
Impact of changes in foreign currency rates | 1,682 |
Balance as of November 30, 2013 | $312,120 |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 |
Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Accumulated Amortization | $135,862 | $127,776 |
Other intangibles, gross | 511,169 | 504,468 |
Other intangibles, net | 375,307 | 376,692 |
Tradenames | ' | ' |
Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 126,234 | 124,639 |
Customer relationships | ' | ' |
Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (Years) | '15 years | ' |
Gross Carrying Value | 322,758 | 318,143 |
Accumulated Amortization | 102,017 | 95,215 |
Net Book Value | 220,741 | 222,928 |
Patents | ' | ' |
Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (Years) | '11 years | ' |
Gross Carrying Value | 30,821 | 30,564 |
Accumulated Amortization | 19,464 | 18,747 |
Net Book Value | 11,357 | 11,817 |
Trademarks and tradenames | ' | ' |
Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (Years) | '19 years | ' |
Gross Carrying Value | 24,213 | 24,088 |
Accumulated Amortization | 7,764 | 7,356 |
Net Book Value | 16,449 | 16,732 |
Non-compete agreements and other | ' | ' |
Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (Years) | '4 years | ' |
Gross Carrying Value | 7,143 | 7,034 |
Accumulated Amortization | 6,617 | 6,458 |
Net Book Value | $526 | $576 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense of intangible assets | $6,215,000 | $6,034,000 |
Future amortization expense, remainder of 2014 | 18,800,000 | ' |
Future amortization expense, 2015 | 24,800,000 | ' |
Future amortization expense, 2016 | 24,700,000 | ' |
Future amortization expense, 2017 | 23,700,000 | ' |
Future amortization expense, 2018 | 23,300,000 | ' |
Future amortization expense, 2019 | 23,100,000 | ' |
Future amortization expense, thereafter | $110,600,000 | ' |
Rollforward_of_Accrued_Product
Rollforward of Accrued Product Warranty Reserve (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Beginning balance | $7,413 | $5,121 |
Provision for warranties | 230 | 1,365 |
Warranty payments and costs incurred | -1,232 | -1,893 |
Impact of changes in foreign currency rates | 53 | 45 |
Ending balance | $6,464 | $4,638 |
LongTerm_Indebtedness_Details
Long-Term Indebtedness (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Senior Indebtedness | $503,000 | $515,000 |
Less: current maturities of long-term debt | -1,125 | 0 |
Total long-term debt, less current maturities | 501,875 | 515,000 |
Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Senior Indebtedness | 203,000 | 215,000 |
Line of Credit | Senior Credit Facility - Revolver | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Senior Indebtedness | 113,000 | 125,000 |
Line of Credit | Senior Credit Facility - Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Senior Indebtedness | 90,000 | 90,000 |
Senior Notes | 5.625% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Senior Indebtedness | $300,000 | $300,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Apr. 16, 2012 |
Minimum | Maximum | Libor Rate | Libor Rate | Libor Rate | Base Rate | Base Rate | Revolving Credit Facility | Senior Credit Facility - Term Loan | Senior Credit Facility - Term Loan | Senior Credit Facility - Term Loan | Line of Credit | Senior Notes | Senior Notes | ||
Minimum | Maximum | Minimum | Maximum | Starting on September 30, 2014 | starting on September 30, 2015 | Senior Credit Facility - Revolver | 5.625% Senior Notes | 5.625% Senior Notes | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | $90,000,000 | ' | ' | ' | ' | ' |
Senior credit facility expansion option, available | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate over variable rate | ' | ' | ' | 1.50% | 1.00% | 2.50% | 0.00% | 1.50% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, actual interest rate | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | 0.15% | 0.40% | ' | ' | ' | ' | ' | ' | ' |
Unused credit line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 483,000,000 | ' | ' |
Quarterly installments, payable on term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 2,300,000 | ' | ' | ' |
Leverage ratio | ' | ' | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | 350.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.63% | 5.63% |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 Valuation: | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $123 | $1,092 |
Investments | 1,962 | 1,793 |
Level 2 Valuation: | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Foreign currency contracts net assets (liabilities) fair value disclosure | ($626) | $143 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (Senior Notes, 5.625% Senior Notes, USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Apr. 16, 2012 |
Senior Notes | 5.625% Senior Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Face amount | $300,000,000 | ' | $300,000,000 |
Debt instrument, interest rate | 5.63% | ' | 5.63% |
Fair value of long-term debt | $303,000,000 | $300,800,000 | ' |
Derivatives_Narrative_Details
Derivatives Narrative (Details) (USD $) | 3 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | |
Derivative [Line Items] | ' | ' | ' |
Notional amount of foreign currency cash flow hedge | $5,500,000 | ' | $9,700,000 |
Unrealized losses expected to be reclassified during next 12 months | 200,000 | ' | ' |
Notional amount of foreign currency fair value hedge derivatives | 404,400,000 | ' | 383,600,000 |
Net foreign currency gain (loss) | -8,700,000 | 600,000 | ' |
Level 2 Valuation: | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Foreign currency contracts net assets (liabilities) fair value disclosure | ($626,000) | ' | $143,000 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Earnings from continuing operations | $33,005 | $30,551 |
Weighted average common shares outstanding for basic earnings per share | 73,085 | 72,791 |
Net effect of dilutive securities—stock based compensation plans | 1,926 | 1,480 |
Weighted average common and equivalent shares outstanding for diluted earnings per share | 75,011 | 74,271 |
Basic (in dollars per share) | $0.45 | $0.42 |
Diluted (in dollars per share) | $0.44 | $0.41 |
Anti-dilutive securities-stock based compensation plans (excluded from earnings per share calculation) | 1 | 789 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective income tax rate | 7.70% | 16.30% | ' |
Discrete income tax benefit | $7.30 | $5.50 | ' |
Operating Loss Carryforwards | ' | 3.4 | ' |
Gross liability for unrecognized tax benefits, excluding interest and penalties | 18.7 | ' | 18 |
Liabilities for payment of interest and penalties related to its unrecognized tax benefits | $3.10 | ' | $2.90 |
Summary_of_Financial_Informati
Summary of Financial Information by Reportable Segment and Product Line (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 |
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 3 | ' | ' |
Net sales | $339,556 | $307,809 | ' |
Operating profit (Loss) | 43,647 | 43,474 | ' |
Assets | 2,163,865 | ' | 2,119,332 |
Assets of discontinued operations | 270,106 | ' | 272,606 |
Industrial | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 98,641 | 101,122 | ' |
Operating profit (Loss) | 26,897 | 27,006 | ' |
Assets | 287,705 | ' | 280,110 |
Energy | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 107,925 | 90,769 | ' |
Operating profit (Loss) | 8,923 | 15,387 | ' |
Assets | 833,032 | ' | 812,444 |
Engineered Solutions | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 132,990 | 115,918 | ' |
Operating profit (Loss) | 13,190 | 7,625 | ' |
Assets | 675,785 | ' | 652,581 |
Vehicle Systems | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 71,649 | 58,029 | ' |
Other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 61,341 | 57,889 | ' |
General Corporate | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating profit (Loss) | -5,363 | -6,544 | ' |
Assets | $97,237 | ' | $101,591 |
Contingencies_and_Litigation_A
Contingencies and Litigation - Additional Information (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Outstanding letters of credit | $11.20 | $10.70 |
Discounted present value of future minimum lease payments | $10.90 | ' |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (5.625% Senior Notes, Senior Notes, USD $) | Nov. 30, 2013 | Apr. 16, 2012 |
5.625% Senior Notes | Senior Notes | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Issuance of Senior Notes | $300,000,000 | $300,000,000 |
Debt instrument, interest rate | 5.63% | 5.63% |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Earnings and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | $339,556 | $307,809 |
Cost of products sold | 207,776 | 183,441 |
Gross profit | 131,780 | 124,368 |
Selling, administrative and engineering expenses | 81,918 | 74,860 |
Amortization of intangible assets | 6,215 | 6,034 |
Operating profit | 43,647 | 43,474 |
Financing costs, net | 6,750 | 6,322 |
Intercompany expense (income), net | 0 | 0 |
Other expense (income), net | 1,141 | 644 |
Earnings from continuing operations before income tax expense | 35,756 | 36,508 |
Income tax expense | 2,751 | 5,957 |
Net earnings before equity in earnings of subsidiaries | 33,005 | 30,551 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from continuing operations | 33,005 | 30,551 |
Earnings from discontinued operations, net of income taxes | 3,032 | 5,792 |
Net earnings | 36,037 | 36,343 |
Comprehensive income (loss) | 53,040 | 48,518 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 45,091 | 45,838 |
Cost of products sold | 12,072 | 12,408 |
Gross profit | 33,019 | 33,430 |
Selling, administrative and engineering expenses | 16,858 | 17,118 |
Amortization of intangible assets | 318 | 321 |
Operating profit | 15,843 | 15,991 |
Financing costs, net | 6,779 | 6,358 |
Intercompany expense (income), net | -4,997 | -7,270 |
Other expense (income), net | 10,417 | -364 |
Earnings from continuing operations before income tax expense | 3,644 | 17,267 |
Income tax expense | 1,008 | 3,236 |
Net earnings before equity in earnings of subsidiaries | 2,636 | 14,031 |
Equity in earnings of subsidiaries | 34,222 | 22,551 |
Earnings from continuing operations | 36,858 | 36,582 |
Earnings from discontinued operations, net of income taxes | -821 | -239 |
Net earnings | 36,037 | 36,343 |
Comprehensive income (loss) | 53,040 | 48,518 |
Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 79,636 | 70,191 |
Cost of products sold | 55,255 | 48,304 |
Gross profit | 24,381 | 21,887 |
Selling, administrative and engineering expenses | 15,952 | 15,103 |
Amortization of intangible assets | 2,575 | 2,657 |
Operating profit | 5,854 | 4,127 |
Financing costs, net | 3 | 5 |
Intercompany expense (income), net | -339 | 1,955 |
Other expense (income), net | -293 | -403 |
Earnings from continuing operations before income tax expense | 6,483 | 2,570 |
Income tax expense | 1,795 | 121 |
Net earnings before equity in earnings of subsidiaries | 4,688 | 2,449 |
Equity in earnings of subsidiaries | 13,333 | 17,899 |
Earnings from continuing operations | 18,021 | 20,348 |
Earnings from discontinued operations, net of income taxes | 3,338 | 2,533 |
Net earnings | 21,359 | 22,881 |
Comprehensive income (loss) | 38,797 | 28,858 |
Non-Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 214,829 | 191,780 |
Cost of products sold | 140,449 | 122,729 |
Gross profit | 74,380 | 69,051 |
Selling, administrative and engineering expenses | 49,108 | 42,639 |
Amortization of intangible assets | 3,322 | 3,056 |
Operating profit | 21,950 | 23,356 |
Financing costs, net | -32 | -41 |
Intercompany expense (income), net | 5,336 | 5,315 |
Other expense (income), net | -8,983 | 1,411 |
Earnings from continuing operations before income tax expense | 25,629 | 16,671 |
Income tax expense | -52 | 2,600 |
Net earnings before equity in earnings of subsidiaries | 25,681 | 14,071 |
Equity in earnings of subsidiaries | 3,200 | 1,024 |
Earnings from continuing operations | 28,881 | 15,095 |
Earnings from discontinued operations, net of income taxes | 515 | 3,498 |
Net earnings | 29,396 | 18,593 |
Comprehensive income (loss) | 27,671 | 26,019 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 0 | 0 |
Cost of products sold | 0 | 0 |
Gross profit | 0 | 0 |
Selling, administrative and engineering expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Operating profit | 0 | 0 |
Financing costs, net | 0 | 0 |
Intercompany expense (income), net | 0 | 0 |
Other expense (income), net | 0 | 0 |
Earnings from continuing operations before income tax expense | 0 | 0 |
Income tax expense | 0 | 0 |
Net earnings before equity in earnings of subsidiaries | 0 | 0 |
Equity in earnings of subsidiaries | -50,755 | -41,474 |
Earnings from continuing operations | -50,755 | -41,474 |
Earnings from discontinued operations, net of income taxes | 0 | 0 |
Net earnings | -50,755 | -41,474 |
Comprehensive income (loss) | ($66,468) | ($54,877) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $109,542 | $103,986 | $68,311 | $68,184 |
Accounts receivable, net | 221,528 | 219,075 | ' | ' |
Inventories, net | 155,129 | 142,549 | ' | ' |
Deferred income taxes | 18,585 | 18,796 | ' | ' |
Other current assets | 32,636 | 28,228 | ' | ' |
Assets of discontinued operations | 270,106 | 272,606 | ' | ' |
Total current assets | 807,526 | 785,240 | ' | ' |
Property, plant & equipment, net | 205,328 | 201,496 | ' | ' |
Goodwill | 745,476 | 734,952 | ' | ' |
Other intangibles, net | 375,307 | 376,692 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other long-term assets | 30,228 | 20,952 | ' | ' |
Total assets | 2,163,865 | 2,119,332 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Trade accounts payable | 159,275 | 154,049 | ' | ' |
Accrued compensation and benefits | 41,413 | 43,800 | ' | ' |
Current maturities of long-term debt | 1,125 | 0 | ' | ' |
Income taxes payable | 10,464 | 14,014 | ' | ' |
Other current liabilities | 60,964 | 56,899 | ' | ' |
Liabilities of discontinued operations | 53,233 | 53,080 | ' | ' |
Total current liabilities | 326,474 | 321,842 | ' | ' |
Long-term debt, less current maturities | 501,875 | 515,000 | ' | ' |
Deferred income taxes | 118,277 | 115,865 | ' | ' |
Pension and postretirement benefit liabilities | 19,167 | 20,698 | ' | ' |
Other long-term liabilities | 66,373 | 65,660 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Shareholders’ equity | 1,131,699 | 1,080,267 | ' | ' |
Total liabilities and shareholders’ equity | 2,163,865 | 2,119,332 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 2,669 | 16,122 | 1,094 | 12,401 |
Accounts receivable, net | 16,425 | 20,471 | ' | ' |
Inventories, net | 27,283 | 27,343 | ' | ' |
Deferred income taxes | 12,926 | 13,002 | ' | ' |
Other current assets | 9,386 | 7,454 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total current assets | 68,689 | 84,392 | ' | ' |
Property, plant & equipment, net | 7,695 | 7,050 | ' | ' |
Goodwill | 62,543 | 62,543 | ' | ' |
Other intangibles, net | 12,929 | 13,247 | ' | ' |
Investment in subsidiaries | 2,143,586 | 2,086,534 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other long-term assets | 14,635 | 12,654 | ' | ' |
Total assets | 2,310,077 | 2,266,420 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Trade accounts payable | 20,058 | 22,194 | ' | ' |
Accrued compensation and benefits | 9,490 | 13,835 | ' | ' |
Current maturities of long-term debt | 1,125 | ' | ' | ' |
Income taxes payable | 6,332 | 8,135 | ' | ' |
Other current liabilities | 21,592 | 21,268 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 58,597 | 65,432 | ' | ' |
Long-term debt, less current maturities | 501,875 | 515,000 | ' | ' |
Deferred income taxes | 65,576 | 64,358 | ' | ' |
Pension and postretirement benefit liabilities | 14,563 | 16,267 | ' | ' |
Other long-term liabilities | 53,241 | 51,479 | ' | ' |
Intercompany payable | 484,526 | 473,617 | ' | ' |
Shareholders’ equity | 1,131,699 | 1,080,267 | ' | ' |
Total liabilities and shareholders’ equity | 2,310,077 | 2,266,420 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 91 |
Accounts receivable, net | 42,229 | 40,343 | ' | ' |
Inventories, net | 43,317 | 38,948 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 963 | 963 | ' | ' |
Assets of discontinued operations | 186,037 | 192,129 | ' | ' |
Total current assets | 272,546 | 272,383 | ' | ' |
Property, plant & equipment, net | 22,521 | 22,801 | ' | ' |
Goodwill | 264,502 | 264,502 | ' | ' |
Other intangibles, net | 138,682 | 141,258 | ' | ' |
Investment in subsidiaries | 229,910 | 201,779 | ' | ' |
Intercompany receivable | 521,072 | 480,633 | ' | ' |
Other long-term assets | 22 | 22 | ' | ' |
Total assets | 1,449,255 | 1,383,378 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Trade accounts payable | 32,040 | 30,637 | ' | ' |
Accrued compensation and benefits | 3,532 | 2,716 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Other current liabilities | 5,812 | 4,630 | ' | ' |
Liabilities of discontinued operations | 22,774 | 23,466 | ' | ' |
Total current liabilities | 64,158 | 61,449 | ' | ' |
Long-term debt, less current maturities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension and postretirement benefit liabilities | 0 | 0 | ' | ' |
Other long-term liabilities | 339 | 390 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Shareholders’ equity | 1,384,758 | 1,321,539 | ' | ' |
Total liabilities and shareholders’ equity | 1,449,255 | 1,383,378 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 106,873 | 87,864 | 67,217 | 55,692 |
Accounts receivable, net | 162,874 | 158,261 | ' | ' |
Inventories, net | 84,529 | 76,258 | ' | ' |
Deferred income taxes | 5,659 | 5,794 | ' | ' |
Other current assets | 22,287 | 19,811 | ' | ' |
Assets of discontinued operations | 84,069 | 80,477 | ' | ' |
Total current assets | 466,291 | 428,465 | ' | ' |
Property, plant & equipment, net | 175,112 | 171,645 | ' | ' |
Goodwill | 418,431 | 407,907 | ' | ' |
Other intangibles, net | 223,696 | 222,187 | ' | ' |
Investment in subsidiaries | 113,539 | 96,333 | ' | ' |
Intercompany receivable | 368,018 | 360,620 | ' | ' |
Other long-term assets | 15,571 | 8,276 | ' | ' |
Total assets | 1,780,658 | 1,695,433 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Trade accounts payable | 107,177 | 101,218 | ' | ' |
Accrued compensation and benefits | 28,391 | 27,249 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | ' |
Income taxes payable | 4,132 | 5,879 | ' | ' |
Other current liabilities | 33,560 | 31,001 | ' | ' |
Liabilities of discontinued operations | 30,459 | 29,614 | ' | ' |
Total current liabilities | 203,719 | 194,961 | ' | ' |
Long-term debt, less current maturities | 0 | 0 | ' | ' |
Deferred income taxes | 52,701 | 51,507 | ' | ' |
Pension and postretirement benefit liabilities | 4,604 | 4,431 | ' | ' |
Other long-term liabilities | 12,793 | 13,791 | ' | ' |
Intercompany payable | 404,564 | 367,636 | ' | ' |
Shareholders’ equity | 1,102,277 | 1,063,107 | ' | ' |
Total liabilities and shareholders’ equity | 1,780,658 | 1,695,433 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property, plant & equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -2,487,035 | -2,384,646 | ' | ' |
Intercompany receivable | -889,090 | -841,253 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Total assets | -3,376,125 | -3,225,899 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Trade accounts payable | 0 | 0 | ' | ' |
Accrued compensation and benefits | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Liabilities of discontinued operations | 0 | ' | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt, less current maturities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension and postretirement benefit liabilities | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Intercompany payable | -889,090 | -841,253 | ' | ' |
Shareholders’ equity | -2,487,035 | -2,384,646 | ' | ' |
Total liabilities and shareholders’ equity | ($3,376,125) | ($3,225,899) | ' | ' |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Operating Activities | ' | ' |
Net cash provided by operating activities | $32,946 | $12,275 |
Investing Activities | ' | ' |
Proceeds from sale of property, plant and equipment | 1,913 | 977 |
Capital expenditures | -11,257 | -7,689 |
Business acquisitions, net of cash acquired | 0 | -83 |
Net cash used in investing activities | -9,344 | -6,795 |
Financing Activities | ' | ' |
Net repayments on revolver | -12,000 | 0 |
Principal repayments of term loans | 0 | 1,250 |
Intercompany loan activity | 0 | 0 |
Purchase of treasury shares | -15,352 | -7,142 |
Stock option exercises and related tax benefits | 10,562 | 5,473 |
Payment of contingent acquisition consideration | -414 | 0 |
Cash dividend | -2,919 | -2,911 |
Net cash used in financing activities | -20,123 | -5,830 |
Effect of exchange rate changes on cash | 2,077 | 477 |
Net increase in cash and cash equivalents | 5,556 | 127 |
Cash and cash equivalents – beginning of period | 103,986 | 68,184 |
Cash and cash equivalents – end of period | 109,542 | 68,311 |
Parent | ' | ' |
Operating Activities | ' | ' |
Net cash provided by operating activities | 17,415 | -658 |
Investing Activities | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 571 |
Capital expenditures | -1,208 | -399 |
Business acquisitions, net of cash acquired | ' | 0 |
Net cash used in investing activities | -1,208 | 172 |
Financing Activities | ' | ' |
Net repayments on revolver | -12,000 | ' |
Principal repayments of term loans | ' | 1,250 |
Intercompany loan activity | -9,951 | -4,991 |
Purchase of treasury shares | -15,352 | -7,142 |
Stock option exercises and related tax benefits | 10,562 | 5,473 |
Payment of contingent acquisition consideration | 0 | ' |
Cash dividend | -2,919 | -2,911 |
Net cash used in financing activities | -29,660 | -10,821 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | -13,453 | -11,307 |
Cash and cash equivalents – beginning of period | 16,122 | 12,401 |
Cash and cash equivalents – end of period | 2,669 | 1,094 |
Guarantors | ' | ' |
Operating Activities | ' | ' |
Net cash provided by operating activities | 3,461 | 4,779 |
Investing Activities | ' | ' |
Proceeds from sale of property, plant and equipment | 36 | 14 |
Capital expenditures | -1,270 | -1,291 |
Business acquisitions, net of cash acquired | ' | 0 |
Net cash used in investing activities | -1,234 | -1,277 |
Financing Activities | ' | ' |
Net repayments on revolver | 0 | ' |
Principal repayments of term loans | ' | 0 |
Intercompany loan activity | -2,227 | -3,593 |
Purchase of treasury shares | 0 | 0 |
Stock option exercises and related tax benefits | 0 | 0 |
Payment of contingent acquisition consideration | 0 | ' |
Cash dividend | 0 | 0 |
Net cash used in financing activities | -2,227 | -3,593 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 0 | -91 |
Cash and cash equivalents – beginning of period | 0 | 91 |
Cash and cash equivalents – end of period | 0 | 0 |
Non-Guarantors | ' | ' |
Operating Activities | ' | ' |
Net cash provided by operating activities | 12,070 | 8,154 |
Investing Activities | ' | ' |
Proceeds from sale of property, plant and equipment | 1,877 | 392 |
Capital expenditures | -8,779 | -5,999 |
Business acquisitions, net of cash acquired | ' | -83 |
Net cash used in investing activities | -6,902 | -5,690 |
Financing Activities | ' | ' |
Net repayments on revolver | 0 | ' |
Principal repayments of term loans | ' | 0 |
Intercompany loan activity | 12,178 | 8,584 |
Purchase of treasury shares | 0 | 0 |
Stock option exercises and related tax benefits | 0 | 0 |
Payment of contingent acquisition consideration | -414 | ' |
Cash dividend | 0 | 0 |
Net cash used in financing activities | 11,764 | 8,584 |
Effect of exchange rate changes on cash | 2,077 | 477 |
Net increase in cash and cash equivalents | 19,009 | 11,525 |
Cash and cash equivalents – beginning of period | 87,864 | 55,692 |
Cash and cash equivalents – end of period | 106,873 | 67,217 |
Eliminations | ' | ' |
Operating Activities | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Investing Activities | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Capital expenditures | 0 | 0 |
Business acquisitions, net of cash acquired | ' | 0 |
Net cash used in investing activities | 0 | 0 |
Financing Activities | ' | ' |
Net repayments on revolver | 0 | ' |
Principal repayments of term loans | ' | 0 |
Intercompany loan activity | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Stock option exercises and related tax benefits | 0 | 0 |
Payment of contingent acquisition consideration | 0 | ' |
Cash dividend | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents – beginning of period | 0 | 0 |
Cash and cash equivalents – end of period | $0 | $0 |