Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Nov. 30, 2014 | Dec. 31, 2014 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Nov-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ATU | |
Entity Registrant Name | ACTUANT CORP | |
Entity Central Index Key | 6955 | |
Current Fiscal Year End Date | -23 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 61,678,585 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Income Statement [Abstract] | ||
Net sales | $327,765 | $339,556 |
Cost of products sold | 200,789 | 207,776 |
Gross profit | 126,976 | 131,780 |
Selling, administrative and engineering expenses | 82,472 | 81,918 |
Amortization of intangible assets | 6,286 | 6,215 |
Operating profit | 38,218 | 43,647 |
Financing costs, net | 6,191 | 6,750 |
Other expense (income), net | -439 | 1,141 |
Earnings from continuing operations before income tax expense | 32,466 | 35,756 |
Income tax expense | 7,792 | 2,751 |
Earnings from continuing operations | 24,674 | 33,005 |
Earnings from discontinued operations, net of income taxes | 0 | 3,032 |
Net earnings | $24,674 | $36,037 |
Earnings from continuing operations per share: | ||
Basic (in dollars per share) | $0.38 | $0.45 |
Diluted (in dollars per share) | $0.38 | $0.44 |
Earnings per share: | ||
Basic (in dollars per share) | $0.38 | $0.49 |
Diluted (in dollars per share) | $0.38 | $0.48 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 64,357 | 73,085 |
Diluted (in shares) | 65,599 | 75,011 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $24,674 | $36,037 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | -63,275 | 17,047 |
Pension and other postretirement benefit plans | 362 | 50 |
Cash flow hedges | -50 | -94 |
Total other comprehensive (loss) income, net of tax | -62,963 | 17,003 |
Comprehensive (loss) income | ($38,289) | $53,040 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 30, 2014 | Aug. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $87,275 | $109,012 |
Accounts receivable, net | 221,719 | 227,008 |
Inventories, net | 164,517 | 162,620 |
Deferred income taxes | 10,384 | 11,050 |
Other current assets | 40,453 | 33,300 |
Total current assets | 524,348 | 542,990 |
Property, plant and equipment | ||
Land, buildings and improvements | 50,112 | 52,989 |
Machinery and equipment | 280,361 | 281,763 |
Gross property, plant and equipment | 330,473 | 334,752 |
Less: Accumulated depreciation | -166,558 | -165,651 |
Property, plant and equipment, net | 163,915 | 169,101 |
Goodwill | 714,956 | 742,770 |
Other intangibles, net | 346,214 | 365,177 |
Other long-term assets | 38,031 | 36,841 |
Total assets | 1,787,464 | 1,856,879 |
Current liabilities | ||
Trade accounts payable | 135,095 | 145,798 |
Accrued compensation and benefits | 42,408 | 52,964 |
Current maturities of debt and short-term borrowings | 7,619 | 4,500 |
Income taxes payable | 9,664 | 38,347 |
Other current liabilities | 58,594 | 57,512 |
Total current liabilities | 253,380 | 299,121 |
Long-term debt, less current maturities | 506,250 | 385,500 |
Deferred income taxes | 92,699 | 96,970 |
Pension and postretirement benefit liabilities | 14,558 | 15,699 |
Other long-term liabilities | 58,843 | 57,878 |
Total liabilities | 925,730 | 855,168 |
Shareholders’ equity | ||
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 78,576,338 and 78,480,780 shares, respectively | 15,715 | 15,695 |
Additional paid-in capital | 96,099 | 93,449 |
Treasury stock, at cost, 15,511,517 and 12,195,359 shares, respectively | -493,042 | -388,627 |
Retained earnings | 1,374,333 | 1,349,602 |
Accumulated other comprehensive loss | -131,371 | -68,408 |
Stock held in trust | -4,153 | -4,083 |
Deferred compensation liability | 4,153 | 4,083 |
Total shareholders’ equity | 861,734 | 1,001,711 |
Total liabilities and shareholders’ equity | $1,787,464 | $1,856,879 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 |
Treasury Stock, Shares | 15,511,517 | 12,195,359 |
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 | 78,576,338 | 78,480,780 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Operating Activities | ||
Net earnings | $24,674 | $36,037 |
Adjustments to reconcile net earnings to cash (used in) provided by operating activities: | ||
Depreciation and amortization | 13,708 | 16,204 |
Benefit for deferred income taxes | -1,352 | -8,408 |
Stock-based compensation expense | 3,546 | 4,103 |
Amortization of debt discount and debt issuance costs | 423 | 560 |
Other non-cash adjustments | 146 | -867 |
Sources (uses) of cash from changes in components of working capital and other: | ||
Accounts receivable | -3,629 | 7,040 |
Inventories | -6,500 | -11,634 |
Prepaid expenses and other assets | -10,698 | -3,049 |
Trade accounts payable | -7,398 | 2,560 |
Income taxes payable | -28,007 | -3,189 |
Accrued compensation and benefits | -9,963 | -2,595 |
Other accrued liabilities | -68 | -3,816 |
Cash (used in) provided by operating activities | -25,118 | 32,946 |
Investing Activities | ||
Capital expenditures | -7,986 | -11,257 |
Proceeds from sale of property, plant and equipment | 225 | 1,913 |
Cash used in investing activities | -7,761 | -9,344 |
Financing Activities | ||
Net borrowings (repayments) on revolver | 123,869 | -12,000 |
Purchase of treasury shares | -104,415 | -15,352 |
Stock option exercises, related tax benefits and other | 2,287 | 10,562 |
Payment of contingent acquisition consideration | 0 | -414 |
Cash dividend | -2,598 | -2,919 |
Cash provided by (used in) financing activities | 19,143 | -20,123 |
Effect of exchange rate changes on cash | -8,001 | 2,077 |
Net (decrease) increase in cash and cash equivalents | -21,737 | 5,556 |
Cash and cash equivalents – beginning of period | 109,012 | 103,986 |
Cash and cash equivalents – end of period | $87,275 | $109,542 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Nov. 30, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
General | |
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, 2014 was derived from the Company’s audited financial statements, but does not include all disclosures required by the United States 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 2014 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, 2014 are not necessarily indicative of the results that may be expected for the entire fiscal year ending August 31, 2015. | |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which includes amendments that change the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. The guidance is effective for annual periods beginning on or after December 15, 2014. The adoption of this standard is not expected to have a material impact on the financial statements of the Company. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for annual periods beginning on or after December 15, 2016. The Company is currently evaluating the impact of adopting this standard. |
Acquisitions
Acquisitions | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions | Acquisitions | |||||||
The Company completed one business acquisition during fiscal 2014. The acquisition resulted in the recognition of goodwill in the Company’s consolidated financial statements because its purchase price reflects the future earnings and cash flow potential of this company, as well as the complementary strategic fit and resulting synergies this business is 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 and adjust the purchase price allocation. | ||||||||
The Company acquired Hayes Industries Ltd. ("Hayes") on May 23, 2014 for $30.5 million plus up to $4.0 million of potential contingent consideration. This Industrial segment acquisition is headquartered in Sugar Land, Texas and maintains a leading position in the concrete tensioning market. Its products include patented encapsulated anchor systems, wedges and customized extruded cables. The purchase price allocation resulted in the recognition of $14.4 million of goodwill (which is deductible for tax purposes) and $10.6 million of intangible assets, including $5.0 million of patents, $3.3 million of customer relationships, $2.0 million of tradenames and $0.3 million for non-compete agreements. During the first quarter of fiscal 2015, goodwill related to the Hayes acquisition decreased by $3.2 million, the result of purchase accounting adjustments to reflect the fair value of acquired fixed assets. | ||||||||
The following unaudited pro forma results of operations of the Company for the three months ended November 30, 2014 and 2013, give effect to the Hayes acquisition as though the transaction and related financing had occurred on September 1, 2013 (in thousands, except per share amounts): | ||||||||
Three Months Ended November 30, | ||||||||
2014 | 2013 | |||||||
Net sales | ||||||||
As reported | $ | 327,765 | $ | 339,556 | ||||
Pro forma | 327,765 | 346,146 | ||||||
Earnings from continuing operations | ||||||||
As reported | $ | 24,674 | $ | 33,005 | ||||
Pro forma | 24,674 | 32,916 | ||||||
Basic earnings per share from continuing operations | ||||||||
As reported | $ | 0.38 | $ | 0.45 | ||||
Pro forma | 0.38 | 0.45 | ||||||
Diluted earnings per share from continuing operations | ||||||||
As reported | $ | 0.38 | $ | 0.44 | ||||
Pro forma | 0.38 | 0.44 | ||||||
Discontinued_Operations_and_Di
Discontinued Operations and Divestiture Activities | 3 Months Ended | |||
Nov. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations and Divestiture Activities | Discontinued Operations and Divestiture Activities | |||
On June 13, 2014, the Company completed the divestiture of its Recreational Vehicle ("RV") business for $36.5 million in cash. This product line divestiture resulted in a $13.5 million pre-tax gain on sale ($2.8 million net of tax) during the fourth quarter of fiscal 2014. The results of the RV business (which had sales of $6.7 million in the first quarter of fiscal 2014) are not material to the consolidated financial results and are included in results from continuing operations. | ||||
The former Electrical segment was primarily involved in the design, manufacture and distribution of a broad range of electrical products to the retail DIY, wholesale, OEM, solar, utility, marine and other harsh environment markets. On December 13, 2013, the Company completed the sale of the Electrical segment for net cash proceeds of $252.4 million, which resulted in a pre-tax gain on disposal of $34.5 million ($26.3 million net of tax). The following table summarizes the results of discontinued operations (in thousands): | ||||
Three Months Ended November 30, 2013 | ||||
Net sales | $ | 63,012 | ||
Operating income | 5,229 | |||
Income tax expense | (2,197 | ) | ||
Income from discontinued operations, net of income taxes | $ | 3,032 | ||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||||||||||
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, 2014 are as follows (in thousands): | |||||||||||||||||||||||||||
Industrial | Energy | Engineered | Total | ||||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||
Balance as of August 31, 2014 | $ | 100,266 | $ | 350,627 | $ | 291,877 | $ | 742,770 | |||||||||||||||||||
Purchase accounting adjustments | (3,157 | ) | — | — | (3,157 | ) | |||||||||||||||||||||
Impact of changes in foreign currency rates | (1,827 | ) | (18,626 | ) | (4,204 | ) | (24,657 | ) | |||||||||||||||||||
Balance as of November 30, 2014 | $ | 95,282 | $ | 332,001 | $ | 287,673 | $ | 714,956 | |||||||||||||||||||
The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||
30-Nov-14 | 31-Aug-14 | ||||||||||||||||||||||||||
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 | $ | 314,131 | $ | 119,923 | $ | 194,208 | $ | 325,164 | $ | 117,706 | $ | 207,458 | ||||||||||||||
Patents | 11 | 31,265 | 17,995 | 13,270 | 31,678 | 17,494 | 14,184 | ||||||||||||||||||||
Trademarks and tradenames | 18 | 22,630 | 6,360 | 16,270 | 23,241 | 6,201 | 17,040 | ||||||||||||||||||||
Non-compete agreements and other | 4 | 7,134 | 6,644 | 490 | 7,373 | 6,783 | 590 | ||||||||||||||||||||
Indefinite lived intangible assets: | |||||||||||||||||||||||||||
Tradenames | N/A | 121,976 | — | 121,976 | 125,905 | — | 125,905 | ||||||||||||||||||||
$ | 497,136 | $ | 150,922 | $ | 346,214 | $ | 513,361 | $ | 148,184 | $ | 365,177 | ||||||||||||||||
The Company estimates that amortization expense will be $18.4 million for the remainder of fiscal 2015. Amortization expense for future years is estimated to be as follows: $24.4 million in fiscal 2016, $23.4 million in 2017, $23.1 million in fiscal 2018, $22.9 million in fiscal 2019, $22.2 million in fiscal 2020 and $89.8 million thereafter. These future amortization expense amounts represent estimates, which may change based on future acquisitions and divestitures or changes in foreign currency exchange rates. |
Product_Warranty_Costs
Product Warranty Costs | 3 Months Ended | ||||||||
Nov. 30, 2014 | |||||||||
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 (in thousands): | |||||||||
Three months ended November 30, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 4,056 | $ | 7,413 | |||||
Provision for warranties | 1,180 | 230 | |||||||
Warranty payments and costs incurred | (1,424 | ) | (1,232 | ) | |||||
Impact of changes in foreign currency rates | (84 | ) | 53 | ||||||
Ending balance | $ | 3,728 | $ | 6,464 | |||||
Debt
Debt | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
The following is a summary of the Company’s long-term indebtedness (in thousands): | ||||||||
November 30, 2014 | August 31, 2014 | |||||||
Senior Credit Facility | ||||||||
Revolver | $ | 123,000 | $ | — | ||||
Term Loan | 88,875 | 90,000 | ||||||
Total Senior Credit Facility | 211,875 | 90,000 | ||||||
5.625% Senior Notes | 300,000 | 300,000 | ||||||
Total Senior Indebtedness | 511,875 | 390,000 | ||||||
Less: current maturities of long-term debt | (5,625 | ) | (4,500 | ) | ||||
Total long-term debt, less current maturities | $ | 506,250 | $ | 385,500 | ||||
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, 2014, the borrowing spread on LIBOR based borrowings was 1.25% (aggregating to 1.45%). 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, 2014, the unused credit line under the revolver was $474.4 million of which $466.4 million was available for borrowings. Quarterly principal payments of $1.1 million began 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, 2014. | ||||||||
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. The Senior Notes include a call feature that allows the Company to repurchase them anytime on or after June 15, 2017 at stated redemption prices (ranging from 100.0% to 102.8%), plus accrued and unpaid interest. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||
Nov. 30, 2014 | |||||||||
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, measured at fair value, are included in the condensed consolidated balance sheet (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2014 | 2014 | ||||||||
Level 1 Valuation: | |||||||||
Cash equivalents | $ | 3,042 | $ | 1,207 | |||||
Investments | 2,133 | 2,118 | |||||||
Level 2 Valuation: | |||||||||
Foreign currency derivatives | $ | (2,109 | ) | $ | (966 | ) | |||
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, 2014 and August 31, 2014 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 $313.5 million and $315.8 million at November 30, 2014 and August 31, 2014, 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, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives |
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 recognized balances and certain forecasted cash flows that are denominated in non-functional currencies. 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 U.S. dollar equivalent notional value of short duration foreign currency forward contracts (fair value hedges or non-designated hedges) was $192.7 million and $219.9 million, at November 30, 2014 and August 31, 2014, respectively. Net foreign currency losses related to these derivative instruments were $2.1 million and $8.7 million, for the three months ended November 30, 2014 and 2013, respectively. These derivative losses offset foreign currency gains from the related revaluation of non-functional currency assets and liabilities (amounts included in other income and expense in the condensed consolidated statement of earnings). |
Capital_Stock_and_Share_Repurc
Capital Stock and Share Repurchase | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | The Company's Board of Directors previously authorized three separate stock repurchase authorizations (September 2011, March 2014 and October 2014) to repurchase up to 7,000,000 shares each (21,000,000 shares in total) of the Company’s outstanding common stock. At November 30, 2014, total shares repurchased under these publicly announced programs were 15,511,517. During the first quarter of fiscal 2015, the Company repurchased 3,316,158 shares of common stock for $104.4 million ($31.46 per share). | |||||||
The reconciliation between basic and diluted earnings per share from continuing operations is as follows (in thousands, except per share amounts): | ||||||||
Three Months Ended November 30, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Earnings from continuing operations | $ | 24,674 | $ | 33,005 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding - basic | 64,357 | 73,085 | ||||||
Net effect of dilutive securities—stock based compensation plans | 1,242 | 1,926 | ||||||
Weighted average common shares outstanding - diluted | 65,599 | 75,011 | ||||||
Earnings per common share from continuing operations: | ||||||||
Basic | $ | 0.38 | $ | 0.45 | ||||
Diluted | $ | 0.38 | $ | 0.44 | ||||
Anti-dilutive securities-stock based compensation plans (excluded from earnings per share calculation) | 487 | 1 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2014 | |
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 24.0% and 7.7% for the three months ended November 30, 2014 and 2013, respectively. Effective income tax rates for the three months ended November 30, 2014 and 2013 reflect the benefits of tax minimization planning, taxable earnings derived in foreign jurisdictions with tax rates that are lower than the U.S. Federal statutory rate, and foreign tax credits. Income tax expense for the three months ended November 30, 2013 included a $7.3 million discrete income tax benefit (net operating losses generated through the liquidation of a foreign entity). | |
The gross liability for unrecognized tax benefits, excluding interest and penalties, increased from $32.3 million at August 31, 2014 to $32.8 million at November 30, 2014. Substantially all of these unrecognized tax benefits, if recognized, would reduce the effective income tax rate. In addition, as of November 30, 2014 and August 31, 2014, the Company had liabilities totaling $2.2 million and $2.0 million, respectively, for the payment of interest and penalties related to unrecognized income tax benefits. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
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 in 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, customized 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, | ||||||||
2014 | 2013 | |||||||
Net Sales by Segment: | ||||||||
Industrial | $ | 102,413 | $ | 98,641 | ||||
Energy | 111,522 | 107,925 | ||||||
Engineered Solutions | 113,830 | 132,990 | ||||||
$ | 327,765 | $ | 339,556 | |||||
Net Sales by Reportable Product Line: | ||||||||
Industrial | $ | 102,413 | $ | 98,641 | ||||
Energy | 111,522 | 107,925 | ||||||
Vehicle Systems | 58,468 | 71,649 | ||||||
Other | 55,362 | 61,341 | ||||||
$ | 327,765 | $ | 339,556 | |||||
Operating Profit: | ||||||||
Industrial | $ | 26,705 | $ | 26,897 | ||||
Energy | 12,442 | 8,923 | ||||||
Engineered Solutions | 6,278 | 13,190 | ||||||
General Corporate | (7,207 | ) | (5,363 | ) | ||||
$ | 38,218 | $ | 43,647 | |||||
November 30, 2014 | August 31, 2014 | |||||||
Assets: | ||||||||
Industrial | $ | 293,531 | $ | 307,058 | ||||
Energy | 746,982 | 788,915 | ||||||
Engineered Solutions | 643,239 | 643,323 | ||||||
General Corporate | 103,712 | 117,583 | ||||||
$ | 1,787,464 | $ | 1,856,879 | |||||
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. 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, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Litigation | Contingencies and Litigation |
The Company had outstanding letters of credit of $15.0 million and $14.0 million at November 30, 2014 and August 31, 2014, 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 business. These legal proceedings typically include product liability, environmental, labor, patent claims and other disputes. Operating results for the three months ended November 30, 2014 include a $2.0 million charge for an adverse litigation matter. 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, are not expected to 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 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 $19.6 million at November 30, 2014 (including $13.4 million related to the divested Electrical segment). |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||||
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 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 primarily includes loan activity, purchases and sales of goods or services, investments 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 and the impact of foreign currency rate changes. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended November 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 40,266 | $ | 77,591 | $ | 209,908 | $ | — | $ | 327,765 | |||||||||||
Cost of products sold | 9,967 | 53,258 | 137,564 | — | 200,789 | ||||||||||||||||
Gross profit | 30,299 | 24,333 | 72,344 | — | 126,976 | ||||||||||||||||
Selling, administrative and engineering expenses | 19,072 | 17,467 | 45,933 | — | 82,472 | ||||||||||||||||
Amortization of intangible assets | 318 | 2,785 | 3,183 | — | 6,286 | ||||||||||||||||
Operating profit | 10,909 | 4,081 | 23,228 | — | 38,218 | ||||||||||||||||
Financing costs, net | 6,547 | — | (356 | ) | — | 6,191 | |||||||||||||||
Intercompany expense (income), net | (5,732 | ) | 1,234 | 4,498 | — | — | |||||||||||||||
Other expense (income), net | 465 | (96 | ) | (808 | ) | — | (439 | ) | |||||||||||||
Earnings before income tax expense | 9,629 | 2,943 | 19,894 | — | 32,466 | ||||||||||||||||
Income tax expense | 2,310 | 706 | 4,776 | — | 7,792 | ||||||||||||||||
Net earnings before equity in earnings of subsidiaries | 7,319 | 2,237 | 15,118 | — | 24,674 | ||||||||||||||||
Equity in earnings of subsidiaries | 17,355 | 14,147 | 194 | (31,696 | ) | — | |||||||||||||||
Net earnings | $ | 24,674 | $ | 16,384 | $ | 15,312 | $ | (31,696 | ) | $ | 24,674 | ||||||||||
Comprehensive loss | $ | (38,289 | ) | $ | (6,600 | ) | $ | (23,150 | ) | $ | 29,750 | $ | (38,289 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS 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 BALANCE SHEETS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
30-Nov-14 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,686 | $ | 1,134 | $ | 83,455 | $ | — | $ | 87,275 | |||||||||||
Accounts receivable, net | 18,436 | 42,765 | 160,518 | — | 221,719 | ||||||||||||||||
Inventories, net | 22,347 | 43,174 | 98,996 | — | 164,517 | ||||||||||||||||
Deferred income taxes | 4,960 | — | 5,424 | — | 10,384 | ||||||||||||||||
Other current assets | 13,970 | 1,454 | 25,029 | — | 40,453 | ||||||||||||||||
Total current assets | 62,399 | 88,527 | 373,422 | — | 524,348 | ||||||||||||||||
Property, plant and equipment, net | 7,577 | 26,273 | 130,065 | — | 163,915 | ||||||||||||||||
Goodwill | 15,354 | 306,882 | 392,720 | — | 714,956 | ||||||||||||||||
Other intangibles, net | 11,656 | 137,614 | 196,944 | — | 346,214 | ||||||||||||||||
Investment in subsidiaries | 2,179,271 | 1,106,103 | 31,067 | (3,316,441 | ) | — | |||||||||||||||
Intercompany receivable | — | 637,903 | 505,132 | (1,143,035 | ) | — | |||||||||||||||
Other long-term assets | 23,692 | — | 14,339 | — | 38,031 | ||||||||||||||||
Total assets | $ | 2,299,949 | $ | 2,303,302 | $ | 1,643,689 | $ | (4,459,476 | ) | $ | 1,787,464 | ||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Trade accounts payable | $ | 16,025 | $ | 25,736 | $ | 93,334 | $ | — | $ | 135,095 | |||||||||||
Accrued compensation and benefits | 9,656 | 2,799 | 29,953 | — | 42,408 | ||||||||||||||||
Current maturities of debt and short-term borrowings | 5,625 | — | 1,994 | — | 7,619 | ||||||||||||||||
Income taxes payable | 14,463 | (548 | ) | (4,251 | ) | — | 9,664 | ||||||||||||||
Other current liabilities | 18,267 | 4,743 | 35,584 | — | 58,594 | ||||||||||||||||
Total current liabilities | 64,036 | 32,730 | 156,614 | — | 253,380 | ||||||||||||||||
Long-term debt, less current maturities | 506,250 | — | — | — | 506,250 | ||||||||||||||||
Deferred income taxes | 46,882 | — | 45,817 | — | 92,699 | ||||||||||||||||
Pension and postretirement benefit liabilities | 8,259 | — | 6,299 | — | 14,558 | ||||||||||||||||
Other long-term liabilities | 44,794 | 4,191 | 9,858 | — | 58,843 | ||||||||||||||||
Intercompany payable | 767,994 | — | 375,041 | (1,143,035 | ) | — | |||||||||||||||
Shareholders’ equity | 861,734 | 2,266,381 | 1,050,060 | (3,316,441 | ) | 861,734 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,299,949 | $ | 2,303,302 | $ | 1,643,689 | $ | (4,459,476 | ) | $ | 1,787,464 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Aug-14 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 27,931 | $ | 3,325 | $ | 77,756 | $ | — | $ | 109,012 | |||||||||||
Accounts receivable, net | 22,811 | 38,511 | 165,686 | — | 227,008 | ||||||||||||||||
Inventories, net | 31,024 | 38,860 | 92,736 | — | 162,620 | ||||||||||||||||
Deferred income taxes | 7,503 | — | 3,547 | — | 11,050 | ||||||||||||||||
Other current assets | 3,871 | 1,057 | 28,372 | — | 33,300 | ||||||||||||||||
Total current assets | 93,140 | 81,753 | 368,097 | — | 542,990 | ||||||||||||||||
Property, plant and equipment, net | 9,096 | 22,879 | 137,126 | — | 169,101 | ||||||||||||||||
Goodwill | 44,700 | 280,693 | 417,377 | — | 742,770 | ||||||||||||||||
Other intangibles, net | 11,974 | 140,400 | 212,803 | — | 365,177 | ||||||||||||||||
Investment in subsidiaries | 2,286,068 | 806,414 | 237,207 | (3,329,689 | ) | — | |||||||||||||||
Intercompany receivable | — | 678,073 | 622,818 | (1,300,891 | ) | — | |||||||||||||||
Other long-term assets | 23,432 | — | 13,409 | — | 36,841 | ||||||||||||||||
Total assets | $ | 2,468,410 | $ | 2,010,212 | $ | 2,008,837 | $ | (4,630,580 | ) | $ | 1,856,879 | ||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Trade accounts payable | $ | 20,014 | $ | 25,673 | $ | 100,111 | $ | — | $ | 145,798 | |||||||||||
Accrued compensation and benefits | 15,135 | 3,293 | 34,536 | — | 52,964 | ||||||||||||||||
Income taxes payable | 31,582 | — | 6,765 | — | 38,347 | ||||||||||||||||
Current maturities of debt | 4,500 | — | — | — | 4,500 | ||||||||||||||||
Other current liabilities | 19,081 | 3,989 | 34,442 | — | 57,512 | ||||||||||||||||
Total current liabilities | 90,312 | 32,955 | 175,854 | — | 299,121 | ||||||||||||||||
Long-term debt | 385,500 | — | — | — | 385,500 | ||||||||||||||||
Deferred income taxes | 47,543 | — | 49,427 | — | 96,970 | ||||||||||||||||
Pension and postretirement benefit liabilities | 8,668 | — | 7,031 | — | 15,699 | ||||||||||||||||
Other long-term liabilities | 42,647 | 4,138 | 11,093 | — | 57,878 | ||||||||||||||||
Intercompany payable | 892,029 | — | 408,861 | (1,300,890 | ) | — | |||||||||||||||
Shareholders’ equity | 1,001,711 | 1,973,119 | 1,356,571 | (3,329,690 | ) | 1,001,711 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,468,410 | $ | 2,010,212 | $ | 2,008,837 | $ | (4,630,580 | ) | $ | 1,856,879 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended, November 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 5,024 | $ | (28,333 | ) | $ | (1,809 | ) | $ | — | $ | (25,118 | ) | ||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | (226 | ) | (1,140 | ) | (6,620 | ) | — | (7,986 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 1 | 224 | — | 225 | ||||||||||||||||
Cash used in investing activities | (226 | ) | (1,139 | ) | (6,396 | ) | — | (7,761 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net borrowings on revolver | 121,875 | — | 1,994 | — | 123,869 | ||||||||||||||||
Intercompany loan activity | (47,192 | ) | 27,281 | 19,911 | — | — | |||||||||||||||
Purchase of treasury shares | (104,415 | ) | — | — | — | (104,415 | ) | ||||||||||||||
Stock option exercises, related tax benefits and other | 2,287 | — | — | — | 2,287 | ||||||||||||||||
Cash dividend | (2,598 | ) | — | — | — | (2,598 | ) | ||||||||||||||
Cash provided by (used in) financing activities | (30,043 | ) | 27,281 | 21,905 | — | 19,143 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (8,001 | ) | — | (8,001 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (25,245 | ) | (2,191 | ) | 5,699 | — | (21,737 | ) | |||||||||||||
Cash and cash equivalents—beginning of period | 27,931 | 3,325 | 77,756 | — | 109,012 | ||||||||||||||||
Cash and cash equivalents—end of period | $ | 2,686 | $ | 1,134 | $ | 83,455 | $ | — | $ | 87,275 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended, November 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
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 | |||||||||||||||||||||
Principal repayments of term loans | (12,000 | ) | — | — | — | (12,000 | ) | ||||||||||||||
Intercompany loan activity | (9,951 | ) | (2,227 | ) | 12,178 | — | — | ||||||||||||||
Purchase of treasury shares | (15,352 | ) | — | — | — | (15,352 | ) | ||||||||||||||
Payment of contingent acquisition consideration | — | — | (414 | ) | — | (414 | ) | ||||||||||||||
Stock option exercises, related tax benefits and other | 10,562 | — | — | — | 10,562 | ||||||||||||||||
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 | |||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
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, 2014 and 2013, give effect to the Hayes acquisition as though the transaction and related financing had occurred on September 1, 2013 (in thousands, except per share amounts): | |||||||
Three Months Ended November 30, | ||||||||
2014 | 2013 | |||||||
Net sales | ||||||||
As reported | $ | 327,765 | $ | 339,556 | ||||
Pro forma | 327,765 | 346,146 | ||||||
Earnings from continuing operations | ||||||||
As reported | $ | 24,674 | $ | 33,005 | ||||
Pro forma | 24,674 | 32,916 | ||||||
Basic earnings per share from continuing operations | ||||||||
As reported | $ | 0.38 | $ | 0.45 | ||||
Pro forma | 0.38 | 0.45 | ||||||
Diluted earnings per share from continuing operations | ||||||||
As reported | $ | 0.38 | $ | 0.44 | ||||
Pro forma | 0.38 | 0.44 | ||||||
Discontinued_Operations_and_Di1
Discontinued Operations and Divestiture Activities (Tables) (Electrical) | 3 Months Ended | |||
Nov. 30, 2014 | ||||
Electrical | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items] | ||||
Schedule of Disposal Groups, Including Discontinued Operations and Divestiture Activities, Income Statement, Balance Sheet and Additional Disclosures | he following table summarizes the results of discontinued operations (in thousands): | |||
Three Months Ended November 30, 2013 | ||||
Net sales | $ | 63,012 | ||
Operating income | 5,229 | |||
Income tax expense | (2,197 | ) | ||
Income from discontinued operations, net of income taxes | $ | 3,032 | ||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying value of goodwill for the three months ended November 30, 2014 are as follows (in thousands): | ||||||||||||||||||||||||||
Industrial | Energy | Engineered | Total | ||||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||
Balance as of August 31, 2014 | $ | 100,266 | $ | 350,627 | $ | 291,877 | $ | 742,770 | |||||||||||||||||||
Purchase accounting adjustments | (3,157 | ) | — | — | (3,157 | ) | |||||||||||||||||||||
Impact of changes in foreign currency rates | (1,827 | ) | (18,626 | ) | (4,204 | ) | (24,657 | ) | |||||||||||||||||||
Balance as of November 30, 2014 | $ | 95,282 | $ | 332,001 | $ | 287,673 | $ | 714,956 | |||||||||||||||||||
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-14 | 31-Aug-14 | ||||||||||||||||||||||||||
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 | $ | 314,131 | $ | 119,923 | $ | 194,208 | $ | 325,164 | $ | 117,706 | $ | 207,458 | ||||||||||||||
Patents | 11 | 31,265 | 17,995 | 13,270 | 31,678 | 17,494 | 14,184 | ||||||||||||||||||||
Trademarks and tradenames | 18 | 22,630 | 6,360 | 16,270 | 23,241 | 6,201 | 17,040 | ||||||||||||||||||||
Non-compete agreements and other | 4 | 7,134 | 6,644 | 490 | 7,373 | 6,783 | 590 | ||||||||||||||||||||
Indefinite lived intangible assets: | |||||||||||||||||||||||||||
Tradenames | N/A | 121,976 | — | 121,976 | 125,905 | — | 125,905 | ||||||||||||||||||||
$ | 497,136 | $ | 150,922 | $ | 346,214 | $ | 513,361 | $ | 148,184 | $ | 365,177 | ||||||||||||||||
Product_Warranty_Costs_Tables
Product Warranty Costs (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2014 | |||||||||
Guarantees [Abstract] | |||||||||
Schedule of Product Warranty Liability | The following is a rollforward of the accrued product warranty reserve (in thousands): | ||||||||
Three months ended November 30, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 4,056 | $ | 7,413 | |||||
Provision for warranties | 1,180 | 230 | |||||||
Warranty payments and costs incurred | (1,424 | ) | (1,232 | ) | |||||
Impact of changes in foreign currency rates | (84 | ) | 53 | ||||||
Ending balance | $ | 3,728 | $ | 6,464 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Indebtedness | The following is a summary of the Company’s long-term indebtedness (in thousands): | |||||||
November 30, 2014 | August 31, 2014 | |||||||
Senior Credit Facility | ||||||||
Revolver | $ | 123,000 | $ | — | ||||
Term Loan | 88,875 | 90,000 | ||||||
Total Senior Credit Facility | 211,875 | 90,000 | ||||||
5.625% Senior Notes | 300,000 | 300,000 | ||||||
Total Senior Indebtedness | 511,875 | 390,000 | ||||||
Less: current maturities of long-term debt | (5,625 | ) | (4,500 | ) | ||||
Total long-term debt, less current maturities | $ | 506,250 | $ | 385,500 | ||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet | The following financial assets, measured at fair value, are included in the condensed consolidated balance sheet (in thousands): | ||||||||
November 30, | August 31, | ||||||||
2014 | 2014 | ||||||||
Level 1 Valuation: | |||||||||
Cash equivalents | $ | 3,042 | $ | 1,207 | |||||
Investments | 2,133 | 2,118 | |||||||
Level 2 Valuation: | |||||||||
Foreign currency derivatives | $ | (2,109 | ) | $ | (966 | ) |
Capital_Stock_and_Share_Repurc1
Capital Stock and Share Repurchase (Tables) | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliations between Basic and Diluted Earnings Per Share | The reconciliation between basic and diluted earnings per share from continuing operations is as follows (in thousands, except per share amounts): | |||||||
Three Months Ended November 30, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Earnings from continuing operations | $ | 24,674 | $ | 33,005 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding - basic | 64,357 | 73,085 | ||||||
Net effect of dilutive securities—stock based compensation plans | 1,242 | 1,926 | ||||||
Weighted average common shares outstanding - diluted | 65,599 | 75,011 | ||||||
Earnings per common share from continuing operations: | ||||||||
Basic | $ | 0.38 | $ | 0.45 | ||||
Diluted | $ | 0.38 | $ | 0.44 | ||||
Anti-dilutive securities-stock based compensation plans (excluded from earnings per share calculation) | 487 | 1 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Nov. 30, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Net Sales by Segment: | ||||||||
Industrial | $ | 102,413 | $ | 98,641 | ||||
Energy | 111,522 | 107,925 | ||||||
Engineered Solutions | 113,830 | 132,990 | ||||||
$ | 327,765 | $ | 339,556 | |||||
Net Sales by Reportable Product Line: | ||||||||
Industrial | $ | 102,413 | $ | 98,641 | ||||
Energy | 111,522 | 107,925 | ||||||
Vehicle Systems | 58,468 | 71,649 | ||||||
Other | 55,362 | 61,341 | ||||||
$ | 327,765 | $ | 339,556 | |||||
Operating Profit: | ||||||||
Industrial | $ | 26,705 | $ | 26,897 | ||||
Energy | 12,442 | 8,923 | ||||||
Engineered Solutions | 6,278 | 13,190 | ||||||
General Corporate | (7,207 | ) | (5,363 | ) | ||||
$ | 38,218 | $ | 43,647 | |||||
November 30, 2014 | August 31, 2014 | |||||||
Assets: | ||||||||
Industrial | $ | 293,531 | $ | 307,058 | ||||
Energy | 746,982 | 788,915 | ||||||
Engineered Solutions | 643,239 | 643,323 | ||||||
General Corporate | 103,712 | 117,583 | ||||||
$ | 1,787,464 | $ | 1,856,879 | |||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block] | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended November 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 40,266 | $ | 77,591 | $ | 209,908 | $ | — | $ | 327,765 | |||||||||||
Cost of products sold | 9,967 | 53,258 | 137,564 | — | 200,789 | ||||||||||||||||
Gross profit | 30,299 | 24,333 | 72,344 | — | 126,976 | ||||||||||||||||
Selling, administrative and engineering expenses | 19,072 | 17,467 | 45,933 | — | 82,472 | ||||||||||||||||
Amortization of intangible assets | 318 | 2,785 | 3,183 | — | 6,286 | ||||||||||||||||
Operating profit | 10,909 | 4,081 | 23,228 | — | 38,218 | ||||||||||||||||
Financing costs, net | 6,547 | — | (356 | ) | — | 6,191 | |||||||||||||||
Intercompany expense (income), net | (5,732 | ) | 1,234 | 4,498 | — | — | |||||||||||||||
Other expense (income), net | 465 | (96 | ) | (808 | ) | — | (439 | ) | |||||||||||||
Earnings before income tax expense | 9,629 | 2,943 | 19,894 | — | 32,466 | ||||||||||||||||
Income tax expense | 2,310 | 706 | 4,776 | — | 7,792 | ||||||||||||||||
Net earnings before equity in earnings of subsidiaries | 7,319 | 2,237 | 15,118 | — | 24,674 | ||||||||||||||||
Equity in earnings of subsidiaries | 17,355 | 14,147 | 194 | (31,696 | ) | — | |||||||||||||||
Net earnings | $ | 24,674 | $ | 16,384 | $ | 15,312 | $ | (31,696 | ) | $ | 24,674 | ||||||||||
Comprehensive loss | $ | (38,289 | ) | $ | (6,600 | ) | $ | (23,150 | ) | $ | 29,750 | $ | (38,289 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS 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 Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
30-Nov-14 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,686 | $ | 1,134 | $ | 83,455 | $ | — | $ | 87,275 | |||||||||||
Accounts receivable, net | 18,436 | 42,765 | 160,518 | — | 221,719 | ||||||||||||||||
Inventories, net | 22,347 | 43,174 | 98,996 | — | 164,517 | ||||||||||||||||
Deferred income taxes | 4,960 | — | 5,424 | — | 10,384 | ||||||||||||||||
Other current assets | 13,970 | 1,454 | 25,029 | — | 40,453 | ||||||||||||||||
Total current assets | 62,399 | 88,527 | 373,422 | — | 524,348 | ||||||||||||||||
Property, plant and equipment, net | 7,577 | 26,273 | 130,065 | — | 163,915 | ||||||||||||||||
Goodwill | 15,354 | 306,882 | 392,720 | — | 714,956 | ||||||||||||||||
Other intangibles, net | 11,656 | 137,614 | 196,944 | — | 346,214 | ||||||||||||||||
Investment in subsidiaries | 2,179,271 | 1,106,103 | 31,067 | (3,316,441 | ) | — | |||||||||||||||
Intercompany receivable | — | 637,903 | 505,132 | (1,143,035 | ) | — | |||||||||||||||
Other long-term assets | 23,692 | — | 14,339 | — | 38,031 | ||||||||||||||||
Total assets | $ | 2,299,949 | $ | 2,303,302 | $ | 1,643,689 | $ | (4,459,476 | ) | $ | 1,787,464 | ||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Trade accounts payable | $ | 16,025 | $ | 25,736 | $ | 93,334 | $ | — | $ | 135,095 | |||||||||||
Accrued compensation and benefits | 9,656 | 2,799 | 29,953 | — | 42,408 | ||||||||||||||||
Current maturities of debt and short-term borrowings | 5,625 | — | 1,994 | — | 7,619 | ||||||||||||||||
Income taxes payable | 14,463 | (548 | ) | (4,251 | ) | — | 9,664 | ||||||||||||||
Other current liabilities | 18,267 | 4,743 | 35,584 | — | 58,594 | ||||||||||||||||
Total current liabilities | 64,036 | 32,730 | 156,614 | — | 253,380 | ||||||||||||||||
Long-term debt, less current maturities | 506,250 | — | — | — | 506,250 | ||||||||||||||||
Deferred income taxes | 46,882 | — | 45,817 | — | 92,699 | ||||||||||||||||
Pension and postretirement benefit liabilities | 8,259 | — | 6,299 | — | 14,558 | ||||||||||||||||
Other long-term liabilities | 44,794 | 4,191 | 9,858 | — | 58,843 | ||||||||||||||||
Intercompany payable | 767,994 | — | 375,041 | (1,143,035 | ) | — | |||||||||||||||
Shareholders’ equity | 861,734 | 2,266,381 | 1,050,060 | (3,316,441 | ) | 861,734 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,299,949 | $ | 2,303,302 | $ | 1,643,689 | $ | (4,459,476 | ) | $ | 1,787,464 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Aug-14 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 27,931 | $ | 3,325 | $ | 77,756 | $ | — | $ | 109,012 | |||||||||||
Accounts receivable, net | 22,811 | 38,511 | 165,686 | — | 227,008 | ||||||||||||||||
Inventories, net | 31,024 | 38,860 | 92,736 | — | 162,620 | ||||||||||||||||
Deferred income taxes | 7,503 | — | 3,547 | — | 11,050 | ||||||||||||||||
Other current assets | 3,871 | 1,057 | 28,372 | — | 33,300 | ||||||||||||||||
Total current assets | 93,140 | 81,753 | 368,097 | — | 542,990 | ||||||||||||||||
Property, plant and equipment, net | 9,096 | 22,879 | 137,126 | — | 169,101 | ||||||||||||||||
Goodwill | 44,700 | 280,693 | 417,377 | — | 742,770 | ||||||||||||||||
Other intangibles, net | 11,974 | 140,400 | 212,803 | — | 365,177 | ||||||||||||||||
Investment in subsidiaries | 2,286,068 | 806,414 | 237,207 | (3,329,689 | ) | — | |||||||||||||||
Intercompany receivable | — | 678,073 | 622,818 | (1,300,891 | ) | — | |||||||||||||||
Other long-term assets | 23,432 | — | 13,409 | — | 36,841 | ||||||||||||||||
Total assets | $ | 2,468,410 | $ | 2,010,212 | $ | 2,008,837 | $ | (4,630,580 | ) | $ | 1,856,879 | ||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Trade accounts payable | $ | 20,014 | $ | 25,673 | $ | 100,111 | $ | — | $ | 145,798 | |||||||||||
Accrued compensation and benefits | 15,135 | 3,293 | 34,536 | — | 52,964 | ||||||||||||||||
Income taxes payable | 31,582 | — | 6,765 | — | 38,347 | ||||||||||||||||
Current maturities of debt | 4,500 | — | — | — | 4,500 | ||||||||||||||||
Other current liabilities | 19,081 | 3,989 | 34,442 | — | 57,512 | ||||||||||||||||
Total current liabilities | 90,312 | 32,955 | 175,854 | — | 299,121 | ||||||||||||||||
Long-term debt | 385,500 | — | — | — | 385,500 | ||||||||||||||||
Deferred income taxes | 47,543 | — | 49,427 | — | 96,970 | ||||||||||||||||
Pension and postretirement benefit liabilities | 8,668 | — | 7,031 | — | 15,699 | ||||||||||||||||
Other long-term liabilities | 42,647 | 4,138 | 11,093 | — | 57,878 | ||||||||||||||||
Intercompany payable | 892,029 | — | 408,861 | (1,300,890 | ) | — | |||||||||||||||
Shareholders’ equity | 1,001,711 | 1,973,119 | 1,356,571 | (3,329,690 | ) | 1,001,711 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,468,410 | $ | 2,010,212 | $ | 2,008,837 | $ | (4,630,580 | ) | $ | 1,856,879 | ||||||||||
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended, November 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 5,024 | $ | (28,333 | ) | $ | (1,809 | ) | $ | — | $ | (25,118 | ) | ||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | (226 | ) | (1,140 | ) | (6,620 | ) | — | (7,986 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 1 | 224 | — | 225 | ||||||||||||||||
Cash used in investing activities | (226 | ) | (1,139 | ) | (6,396 | ) | — | (7,761 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net borrowings on revolver | 121,875 | — | 1,994 | — | 123,869 | ||||||||||||||||
Intercompany loan activity | (47,192 | ) | 27,281 | 19,911 | — | — | |||||||||||||||
Purchase of treasury shares | (104,415 | ) | — | — | — | (104,415 | ) | ||||||||||||||
Stock option exercises, related tax benefits and other | 2,287 | — | — | — | 2,287 | ||||||||||||||||
Cash dividend | (2,598 | ) | — | — | — | (2,598 | ) | ||||||||||||||
Cash provided by (used in) financing activities | (30,043 | ) | 27,281 | 21,905 | — | 19,143 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (8,001 | ) | — | (8,001 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (25,245 | ) | (2,191 | ) | 5,699 | — | (21,737 | ) | |||||||||||||
Cash and cash equivalents—beginning of period | 27,931 | 3,325 | 77,756 | — | 109,012 | ||||||||||||||||
Cash and cash equivalents—end of period | $ | 2,686 | $ | 1,134 | $ | 83,455 | $ | — | $ | 87,275 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended, November 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
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 | |||||||||||||||||||||
Principal repayments of term loans | (12,000 | ) | — | — | — | (12,000 | ) | ||||||||||||||
Intercompany loan activity | (9,951 | ) | (2,227 | ) | 12,178 | — | — | ||||||||||||||
Purchase of treasury shares | (15,352 | ) | — | — | — | (15,352 | ) | ||||||||||||||
Payment of contingent acquisition consideration | — | — | (414 | ) | — | (414 | ) | ||||||||||||||
Stock option exercises, related tax benefits and other | 10,562 | — | — | — | 10,562 | ||||||||||||||||
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 | |||||||||||
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
23-May-14 | Nov. 30, 2014 | |
Business Acquisition [Line Items] | ||
Purchase accounting adjustments | ($3,157,000) | |
Hayes Industries [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | 23-May-14 | |
Cash paid for business acquisitions, net of cash acquired | 30,500,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 4,000,000 | |
Recognition of Goodwill due to Business acquired | 14,400,000 | |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 10,600,000 | |
Purchase accounting adjustments | 3,157,000 | |
Hayes Industries [Member] | Customer relationships | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 3,300,000 | |
Hayes Industries [Member] | Patents | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 5,000,000 | |
Hayes Industries [Member] | Tradenames | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 2,000,000 | |
Hayes Industries [Member] | Non-compete agreements and other | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | $300,000 |
Acquisitions_Proforma_Results_
Acquisitions - Proforma Results of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Net sales | ||
Net sales, As reported | $327,765 | $339,556 |
Net sales, Pro forma | 327,765 | 346,146 |
Earnings from continuing operations | ||
Earnings from continuing operations, As reported | 24,674 | 33,005 |
Earnings from continuing operations, Pro Forma | $24,674 | $32,916 |
Basic earnings per share from continuing operations | ||
Basic earnings per share from continuing operations, As reported (in dollars per share) | $0.38 | $0.45 |
Basic earnings per share from continuing operations, Pro Forma (in dollars per share) | $0.38 | $0.45 |
Diluted earnings per share from continuing operations | ||
Diluted earnings per share from continuing operations, As reported (in dollars per share) | $0.38 | $0.44 |
Diluted earnings per share from continuing operations, Pro Forma (in dollars per share) | $0.38 | $0.44 |
Discontinued_Operations_and_Di2
Discontinued Operations and Divestiture Activities Income Statement and Balance Sheet Summary (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Income from discontinued operations, net of income taxes | $0 | $3,032 |
Electrical | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Net sales | 63,012 | |
Operating income (loss) | 5,229 | |
Income tax expense | -2,197 | |
Income from discontinued operations, net of income taxes | $3,032 |
Discontinued_Operations_and_Di3
Discontinued Operations and Divestiture Activities Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 13, 2013 | Jun. 13, 2014 | Nov. 30, 2013 |
Electrical | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items] | |||
Disposal Date | 13-Dec-13 | ||
Proceeds from sale of businesses, net of transaction costs | $252,400 | ||
Gain on disposal | 34,459 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 26,339 | ||
Recreational vehicle [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items] | |||
Disposal Date | 13-Jun-14 | ||
Proceeds from sale of businesses, net of transaction costs | 36,500 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | -13,495 | ||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal - net of tax | 2,813 | ||
Disposal Group, Not Discontinued Operations, revenue | $6,712 |
Changes_in_Carrying_Value_of_G
Changes in Carrying Value of Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2014 |
Goodwill [Roll Forward] | |
Balance as of August 31, 2014 | $742,770 |
Purchase accounting adjustments | -3,157 |
Impact of changes in foreign currency rates | -24,657 |
Balance as of November 30, 2014 | 714,956 |
Industrial | |
Goodwill [Roll Forward] | |
Balance as of August 31, 2014 | 100,266 |
Purchase accounting adjustments | -3,157 |
Impact of changes in foreign currency rates | -1,827 |
Balance as of November 30, 2014 | 95,282 |
Energy | |
Goodwill [Roll Forward] | |
Balance as of August 31, 2014 | 350,627 |
Purchase accounting adjustments | 0 |
Impact of changes in foreign currency rates | -18,626 |
Balance as of November 30, 2014 | 332,001 |
Engineered Solutions | |
Goodwill [Roll Forward] | |
Balance as of August 31, 2014 | 291,877 |
Purchase accounting adjustments | 0 |
Impact of changes in foreign currency rates | -4,204 |
Balance as of November 30, 2014 | $287,673 |
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, 2014 | Aug. 31, 2014 |
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $150,922 | $148,184 |
Other intangibles, gross | 497,136 | 513,361 |
Other intangibles, net | 346,214 | 365,177 |
Tradenames | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 121,976 | 125,905 |
Customer relationships | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 15 years | |
Gross Carrying Value | 314,131 | 325,164 |
Accumulated Amortization | 119,923 | 117,706 |
Net Book Value | 194,208 | 207,458 |
Patents | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 11 years | |
Gross Carrying Value | 31,265 | 31,678 |
Accumulated Amortization | 17,995 | 17,494 |
Net Book Value | 13,270 | 14,184 |
Trademarks and tradenames | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 18 years | |
Gross Carrying Value | 22,630 | 23,241 |
Accumulated Amortization | 6,360 | 6,201 |
Net Book Value | 16,270 | 17,040 |
Non-compete agreements and other | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 4 years | |
Gross Carrying Value | 7,134 | 7,373 |
Accumulated Amortization | 6,644 | 6,783 |
Net Book Value | $490 | $590 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense of intangible assets | $6,286,000 | $6,215,000 |
Future amortization expense, remainder of 2015 | 18,400,000 | |
Future amortization expense, 2016 | 24,400,000 | |
Future amortization expense, 2017 | 23,400,000 | |
Future amortization expense, 2018 | 23,100,000 | |
Future amortization expense, 2019 | 22,900,000 | |
Future amortization expense, 2020 | 22,200,000 | |
Future amortization expense, thereafter | $89,800,000 |
Rollforward_of_Accrued_Product
Rollforward of Accrued Product Warranty Reserve (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $4,056 | $7,413 |
Provision for warranties | 1,180 | 230 |
Warranty payments and costs incurred | -1,424 | -1,232 |
Impact of changes in foreign currency rates | -84 | 53 |
Ending balance | $3,728 | $6,464 |
LongTerm_Indebtedness_Details
Long-Term Indebtedness (Details) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | $511,875 | $390,000 |
Less: current maturities of long-term debt | -5,625 | -4,500 |
Total long-term debt, less current maturities | 506,250 | 385,500 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | 211,875 | 90,000 |
Line of Credit | Senior Credit Facility - Revolver | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | 123,000 | 0 |
Line of Credit | Senior Credit Facility - Term Loan | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | 88,875 | 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 $) | 3 Months Ended | 0 Months Ended |
Nov. 30, 2014 | Apr. 16, 2012 | |
Debt Instrument [Line Items] | ||
Senior credit facility expansion option, available | 350,000,000 | |
Debt Instrument, actual interest rate | 1.45% | |
Libor Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate over variable rate | 1.25% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 600,000,000 | |
Senior Credit Facility - Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 90,000,000 | |
Senior Credit Facility - Term Loan | Starting on September 30, 2014 | ||
Debt Instrument [Line Items] | ||
Quarterly installments, payable on term loan | 1,100,000 | |
Senior Credit Facility - Term Loan | starting on September 30, 2015 | ||
Debt Instrument [Line Items] | ||
Quarterly installments, payable on term loan | 2,300,000 | |
Line of Credit | Senior Credit Facility - Revolver | ||
Debt Instrument [Line Items] | ||
Unused credit line | 474,400,000 | |
Unused credit line Available for Borrowing, Amount | 466,400,000 | |
Senior Notes | 5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Face amount | 300,000,000 | 300,000,000 |
Debt instrument, interest rate | 5.63% | 5.63% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |
Interest coverage ratio | 3.5 | |
Minimum [Member] | Libor Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate over variable rate | 1.00% | |
Minimum [Member] | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate over variable rate | 0.00% | |
Minimum [Member] | Senior Notes | 5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | |
Leverage ratio | 3.75 | |
Maximum [Member] | Libor Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate over variable rate | 2.50% | |
Maximum [Member] | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate over variable rate | 1.50% | |
Maximum [Member] | Senior Notes | 5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 102.80% |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet (Detail) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 |
In Thousands, unless otherwise specified | ||
Level 1 Valuation: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $3,042 | $1,207 |
Investments | 2,133 | 2,118 |
Level 2 Valuation: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency derivatives | ($2,109) | ($966) |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (Senior Notes, 5.625% Senior Notes, USD $) | Nov. 30, 2014 | Aug. 31, 2014 | 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 | $313,500,000 | $315,800,000 |
Derivatives_Narrative_Details
Derivatives Narrative (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2014 |
Derivative [Line Items] | |||
Net foreign currency gain (loss) | ($2.10) | ($8.70) | |
Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $192.70 | $219.90 |
Capital_Stock_and_Share_Repurc2
Capital Stock and Share Repurchase (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Earnings Per Share [Abstract] | ||
Earnings from continuing operations | $24,674 | $33,005 |
Weighted average common shares outstanding - basic | 64,357 | 73,085 |
Net effect of dilutive securities—stock based compensation plans | 1,242 | 1,926 |
Weighted average common shares outstanding - diluted | 65,599 | 75,011 |
Basic (in dollars per share) | $0.38 | $0.45 |
Diluted (in dollars per share) | $0.38 | $0.44 |
Anti-dilutive securities-stock based compensation plans (excluded from earnings per share calculation) | 487 | 1 |
Capital_Stock_and_Share_Repurc3
Capital Stock and Share Repurchase Capital Stock and Share Repurchase Additional Information (Details) (USD $) | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2014 | Oct. 01, 2014 | Aug. 31, 2014 | Mar. 19, 2014 | Sep. 28, 2011 |
Equity [Abstract] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 7,000,000 | 7,000,000 | 7,000,000 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased, Cumulative | 21,000,000 | ||||
Treasury Stock, Shares | 15,511,517 | 12,195,359 | |||
Treasury Stock, Shares, Acquired | 3,316,158 | ||||
Treasury Stock, Value, Acquired, Cost Method | $104.40 | ||||
Treasury Stock Acquired, Average Cost Per Share | $31.46 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 24.00% | 7.70% | |
Discrete item | $7.30 | ||
Gross liability for unrecognized tax benefits, excluding interest and penalties | 32.8 | 32.3 | |
Liabilities for payment of interest and penalties related to its unrecognized tax benefits | $2.20 | $2 |
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, 2014 | Nov. 30, 2013 | Aug. 31, 2014 |
Segment | |||
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 3 | ||
Net sales | $327,765 | $339,556 | |
Operating profit (Loss) | 38,218 | 43,647 | |
Assets | 1,787,464 | 1,856,879 | |
Industrial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 102,413 | 98,641 | |
Operating profit (Loss) | 26,705 | 26,897 | |
Assets | 293,531 | 307,058 | |
Energy | |||
Segment Reporting Information [Line Items] | |||
Net sales | 111,522 | 107,925 | |
Operating profit (Loss) | 12,442 | 8,923 | |
Assets | 746,982 | 788,915 | |
Engineered Solutions | |||
Segment Reporting Information [Line Items] | |||
Net sales | 113,830 | 132,990 | |
Operating profit (Loss) | 6,278 | 13,190 | |
Assets | 643,239 | 643,323 | |
Vehicle Systems | |||
Segment Reporting Information [Line Items] | |||
Net sales | 58,468 | 71,649 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 55,362 | 61,341 | |
General Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating profit (Loss) | -7,207 | -5,363 | |
Assets | $103,712 | $117,583 |
Contingencies_and_Litigation_A
Contingencies and Litigation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items] | ||
Outstanding letters of credit | $15 | $14 |
Litigation Settlement, Expense | 2 | |
Discounted present value of future minimum lease payments | 19.6 | |
Electrical | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items] | ||
Discounted present value of future minimum lease payments | $13.40 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (5.625% Senior Notes, Senior Notes, USD $) | Nov. 30, 2014 | 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, 2014 | Nov. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $327,765 | $339,556 |
Cost of products sold | 200,789 | 207,776 |
Gross profit | 126,976 | 131,780 |
Selling, administrative and engineering expenses | 82,472 | 81,918 |
Amortization of intangible assets | 6,286 | 6,215 |
Operating profit | 38,218 | 43,647 |
Financing costs, net | 6,191 | 6,750 |
Intercompany expense (income), net | 0 | 0 |
Other expense (income), net | -439 | 1,141 |
Earnings from continuing operations before income tax expense | 32,466 | 35,756 |
Income tax expense | 7,792 | 2,751 |
Net earnings before equity in earnings of subsidiaries | 24,674 | 33,005 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from continuing operations | 24,674 | 33,005 |
Earnings from discontinued operations, net of income taxes | 0 | 3,032 |
Net earnings | 24,674 | 36,037 |
Comprehensive (loss) income | -38,289 | 53,040 |
Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 40,266 | 45,091 |
Cost of products sold | 9,967 | 12,072 |
Gross profit | 30,299 | 33,019 |
Selling, administrative and engineering expenses | 19,072 | 16,858 |
Amortization of intangible assets | 318 | 318 |
Operating profit | 10,909 | 15,843 |
Financing costs, net | 6,547 | 6,779 |
Intercompany expense (income), net | -5,732 | -4,997 |
Other expense (income), net | 465 | 10,417 |
Earnings from continuing operations before income tax expense | 9,629 | 3,644 |
Income tax expense | 2,310 | 1,008 |
Net earnings before equity in earnings of subsidiaries | 7,319 | 2,636 |
Equity in earnings of subsidiaries | 17,355 | 34,222 |
Earnings from continuing operations | 36,858 | |
Earnings from discontinued operations, net of income taxes | -821 | |
Net earnings | 24,674 | 36,037 |
Comprehensive (loss) income | -38,289 | 53,040 |
Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 77,591 | 79,636 |
Cost of products sold | 53,258 | 55,255 |
Gross profit | 24,333 | 24,381 |
Selling, administrative and engineering expenses | 17,467 | 15,952 |
Amortization of intangible assets | 2,785 | 2,575 |
Operating profit | 4,081 | 5,854 |
Financing costs, net | 0 | 3 |
Intercompany expense (income), net | 1,234 | -339 |
Other expense (income), net | -96 | -293 |
Earnings from continuing operations before income tax expense | 2,943 | 6,483 |
Income tax expense | 706 | 1,795 |
Net earnings before equity in earnings of subsidiaries | 2,237 | 4,688 |
Equity in earnings of subsidiaries | 14,147 | 13,333 |
Earnings from continuing operations | 18,021 | |
Earnings from discontinued operations, net of income taxes | 3,338 | |
Net earnings | 16,384 | 21,359 |
Comprehensive (loss) income | -6,600 | 38,797 |
Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 209,908 | 214,829 |
Cost of products sold | 137,564 | 140,449 |
Gross profit | 72,344 | 74,380 |
Selling, administrative and engineering expenses | 45,933 | 49,108 |
Amortization of intangible assets | 3,183 | 3,322 |
Operating profit | 23,228 | 21,950 |
Financing costs, net | -356 | -32 |
Intercompany expense (income), net | 4,498 | 5,336 |
Other expense (income), net | -808 | -8,983 |
Earnings from continuing operations before income tax expense | 19,894 | 25,629 |
Income tax expense | 4,776 | -52 |
Net earnings before equity in earnings of subsidiaries | 15,118 | 25,681 |
Equity in earnings of subsidiaries | 194 | 3,200 |
Earnings from continuing operations | 28,881 | |
Earnings from discontinued operations, net of income taxes | 515 | |
Net earnings | 15,312 | 29,396 |
Comprehensive (loss) income | -23,150 | 27,671 |
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 | -31,696 | -50,755 |
Earnings from continuing operations | -50,755 | |
Earnings from discontinued operations, net of income taxes | 0 | |
Net earnings | -31,696 | -50,755 |
Comprehensive (loss) income | $29,750 | ($66,468) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $87,275 | $109,012 | $109,542 | $103,986 |
Accounts receivable, net | 221,719 | 227,008 | ||
Inventories, net | 164,517 | 162,620 | ||
Deferred income taxes | 10,384 | 11,050 | ||
Other current assets | 40,453 | 33,300 | ||
Total current assets | 524,348 | 542,990 | ||
Property, plant and equipment, net | 163,915 | 169,101 | ||
Goodwill | 714,956 | 742,770 | ||
Other intangibles, net | 346,214 | 365,177 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other long-term assets | 38,031 | 36,841 | ||
Total assets | 1,787,464 | 1,856,879 | ||
Current liabilities | ||||
Trade accounts payable | 135,095 | 145,798 | ||
Accrued compensation and benefits | 42,408 | 52,964 | ||
Current maturities of debt and short-term borrowings | 7,619 | 4,500 | ||
Income taxes payable | 9,664 | 38,347 | ||
Other current liabilities | 58,594 | 57,512 | ||
Total current liabilities | 253,380 | 299,121 | ||
Long-term debt, less current maturities | 506,250 | 385,500 | ||
Deferred income taxes | 92,699 | 96,970 | ||
Pension and postretirement benefit liabilities | 14,558 | 15,699 | ||
Other long-term liabilities | 58,843 | 57,878 | ||
Intercompany payable | 0 | 0 | ||
Shareholders’ equity | 861,734 | 1,001,711 | ||
Total liabilities and shareholders’ equity | 1,787,464 | 1,856,879 | ||
Parent | ||||
Current assets | ||||
Cash and cash equivalents | 2,686 | 27,931 | 2,669 | 16,122 |
Accounts receivable, net | 18,436 | 22,811 | ||
Inventories, net | 22,347 | 31,024 | ||
Deferred income taxes | 4,960 | 7,503 | ||
Other current assets | 13,970 | 3,871 | ||
Total current assets | 62,399 | 93,140 | ||
Property, plant and equipment, net | 7,577 | 9,096 | ||
Goodwill | 15,354 | 44,700 | ||
Other intangibles, net | 11,656 | 11,974 | ||
Investment in subsidiaries | 2,179,271 | 2,286,068 | ||
Intercompany receivable | 0 | 0 | ||
Other long-term assets | 23,692 | 23,432 | ||
Total assets | 2,299,949 | 2,468,410 | ||
Current liabilities | ||||
Trade accounts payable | 16,025 | 20,014 | ||
Accrued compensation and benefits | 9,656 | 15,135 | ||
Current maturities of debt and short-term borrowings | 5,625 | 4,500 | ||
Income taxes payable | 14,463 | 31,582 | ||
Other current liabilities | 18,267 | 19,081 | ||
Total current liabilities | 64,036 | 90,312 | ||
Long-term debt, less current maturities | 506,250 | 385,500 | ||
Deferred income taxes | 46,882 | 47,543 | ||
Pension and postretirement benefit liabilities | 8,259 | 8,668 | ||
Other long-term liabilities | 44,794 | 42,647 | ||
Intercompany payable | 767,994 | 892,029 | ||
Shareholders’ equity | 861,734 | 1,001,711 | ||
Total liabilities and shareholders’ equity | 2,299,949 | 2,468,410 | ||
Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 1,134 | 3,325 | 0 | 0 |
Accounts receivable, net | 42,765 | 38,511 | ||
Inventories, net | 43,174 | 38,860 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 1,454 | 1,057 | ||
Total current assets | 88,527 | 81,753 | ||
Property, plant and equipment, net | 26,273 | 22,879 | ||
Goodwill | 306,882 | 280,693 | ||
Other intangibles, net | 137,614 | 140,400 | ||
Investment in subsidiaries | 1,106,103 | 806,414 | ||
Intercompany receivable | 637,903 | 678,073 | ||
Other long-term assets | 0 | 0 | ||
Total assets | 2,303,302 | 2,010,212 | ||
Current liabilities | ||||
Trade accounts payable | 25,736 | 25,673 | ||
Accrued compensation and benefits | 2,799 | 3,293 | ||
Current maturities of debt and short-term borrowings | 0 | 0 | ||
Income taxes payable | -548 | 0 | ||
Other current liabilities | 4,743 | 3,989 | ||
Total current liabilities | 32,730 | 32,955 | ||
Long-term debt, less current maturities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Pension and postretirement benefit liabilities | 0 | 0 | ||
Other long-term liabilities | 4,191 | 4,138 | ||
Intercompany payable | 0 | 0 | ||
Shareholders’ equity | 2,266,381 | 1,973,119 | ||
Total liabilities and shareholders’ equity | 2,303,302 | 2,010,212 | ||
Non-Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 83,455 | 77,756 | 106,873 | 87,864 |
Accounts receivable, net | 160,518 | 165,686 | ||
Inventories, net | 98,996 | 92,736 | ||
Deferred income taxes | 5,424 | 3,547 | ||
Other current assets | 25,029 | 28,372 | ||
Total current assets | 373,422 | 368,097 | ||
Property, plant and equipment, net | 130,065 | 137,126 | ||
Goodwill | 392,720 | 417,377 | ||
Other intangibles, net | 196,944 | 212,803 | ||
Investment in subsidiaries | 31,067 | 237,207 | ||
Intercompany receivable | 505,132 | 622,818 | ||
Other long-term assets | 14,339 | 13,409 | ||
Total assets | 1,643,689 | 2,008,837 | ||
Current liabilities | ||||
Trade accounts payable | 93,334 | 100,111 | ||
Accrued compensation and benefits | 29,953 | 34,536 | ||
Current maturities of debt and short-term borrowings | 1,994 | 0 | ||
Income taxes payable | -4,251 | 6,765 | ||
Other current liabilities | 35,584 | 34,442 | ||
Total current liabilities | 156,614 | 175,854 | ||
Long-term debt, less current maturities | 0 | 0 | ||
Deferred income taxes | 45,817 | 49,427 | ||
Pension and postretirement benefit liabilities | 6,299 | 7,031 | ||
Other long-term liabilities | 9,858 | 11,093 | ||
Intercompany payable | 375,041 | 408,861 | ||
Shareholders’ equity | 1,050,060 | 1,356,571 | ||
Total liabilities and shareholders’ equity | 1,643,689 | 2,008,837 | ||
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 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Investment in subsidiaries | -3,316,441 | -3,329,689 | ||
Intercompany receivable | -1,143,035 | -1,300,891 | ||
Other long-term assets | 0 | 0 | ||
Total assets | -4,459,476 | -4,630,580 | ||
Current liabilities | ||||
Trade accounts payable | 0 | 0 | ||
Accrued compensation and benefits | 0 | 0 | ||
Current maturities of debt and short-term borrowings | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 0 | 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 | -1,143,035 | -1,300,890 | ||
Shareholders’ equity | -3,316,441 | -3,329,690 | ||
Total liabilities and shareholders’ equity | ($4,459,476) | ($4,630,580) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Operating Activities | ||
Cash provided by (used in) operating activities | ($25,118) | $32,946 |
Investing Activities | ||
Capital expenditures | -7,986 | -11,257 |
Proceeds from sale of property, plant and equipment | 225 | 1,913 |
Cash used in investing activities | -7,761 | -9,344 |
Financing Activities | ||
Net borrowings (repayments) on revolver | 123,869 | -12,000 |
Intercompany loan activity | 0 | 0 |
Purchase of treasury shares | -104,415 | -15,352 |
Payment of contingent acquisition consideration | 0 | -414 |
Stock option exercises, related tax benefits and other | 2,287 | 10,562 |
Cash dividend | -2,598 | -2,919 |
Cash provided by (used in) financing activities | 19,143 | -20,123 |
Effect of exchange rate changes on cash | -8,001 | 2,077 |
Net (decrease) increase in cash and cash equivalents | -21,737 | 5,556 |
Cash and cash equivalents – beginning of period | 109,012 | 103,986 |
Cash and cash equivalents – end of period | 87,275 | 109,542 |
Parent | ||
Operating Activities | ||
Cash provided by (used in) operating activities | 5,024 | 17,415 |
Investing Activities | ||
Capital expenditures | -226 | -1,208 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Cash used in investing activities | -226 | -1,208 |
Financing Activities | ||
Net borrowings (repayments) on revolver | 121,875 | -12,000 |
Intercompany loan activity | -47,192 | -9,951 |
Purchase of treasury shares | -104,415 | -15,352 |
Payment of contingent acquisition consideration | 0 | |
Stock option exercises, related tax benefits and other | 2,287 | 10,562 |
Cash dividend | -2,598 | -2,919 |
Cash provided by (used in) financing activities | -30,043 | -29,660 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -25,245 | -13,453 |
Cash and cash equivalents – beginning of period | 27,931 | 16,122 |
Cash and cash equivalents – end of period | 2,686 | 2,669 |
Guarantors | ||
Operating Activities | ||
Cash provided by (used in) operating activities | -28,333 | 3,461 |
Investing Activities | ||
Capital expenditures | -1,140 | -1,270 |
Proceeds from sale of property, plant and equipment | 1 | 36 |
Cash used in investing activities | -1,139 | -1,234 |
Financing Activities | ||
Net borrowings (repayments) on revolver | 0 | 0 |
Intercompany loan activity | 27,281 | -2,227 |
Purchase of treasury shares | 0 | 0 |
Payment of contingent acquisition consideration | 0 | |
Stock option exercises, related tax benefits and other | 0 | 0 |
Cash dividend | 0 | 0 |
Cash provided by (used in) financing activities | 27,281 | -2,227 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -2,191 | 0 |
Cash and cash equivalents – beginning of period | 3,325 | 0 |
Cash and cash equivalents – end of period | 1,134 | 0 |
Non-Guarantors | ||
Operating Activities | ||
Cash provided by (used in) operating activities | -1,809 | 12,070 |
Investing Activities | ||
Capital expenditures | -6,620 | -8,779 |
Proceeds from sale of property, plant and equipment | 224 | 1,877 |
Cash used in investing activities | -6,396 | -6,902 |
Financing Activities | ||
Net borrowings (repayments) on revolver | 1,994 | 0 |
Intercompany loan activity | 19,911 | 12,178 |
Purchase of treasury shares | 0 | 0 |
Payment of contingent acquisition consideration | -414 | |
Stock option exercises, related tax benefits and other | 0 | 0 |
Cash dividend | 0 | 0 |
Cash provided by (used in) financing activities | 21,905 | 11,764 |
Effect of exchange rate changes on cash | -8,001 | 2,077 |
Net (decrease) increase in cash and cash equivalents | 5,699 | 19,009 |
Cash and cash equivalents – beginning of period | 77,756 | 87,864 |
Cash and cash equivalents – end of period | 83,455 | 106,873 |
Eliminations | ||
Operating Activities | ||
Cash provided by (used in) operating activities | 0 | 0 |
Investing Activities | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Cash used in investing activities | 0 | 0 |
Financing Activities | ||
Net borrowings (repayments) on revolver | 0 | 0 |
Intercompany loan activity | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Payment of contingent acquisition consideration | 0 | |
Stock option exercises, related tax benefits and other | 0 | 0 |
Cash dividend | 0 | 0 |
Cash provided by (used in) financing activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) 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 |