Enerpac Tool (EPAC) 10-Q 9 Jul 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May. 31, 2015	Jun. 30, 2015
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ATU
Entity Registrant Name	ACTUANT CORP
Entity Central Index Key	6,955
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		59,478,846

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Income Statement [Abstract]
Net sales	$ 320,100	$ 378,187	$ 948,870	$ 1,045,513
Cost of products sold	201,540	229,637	593,573	640,737
Gross profit	118,560	148,550	355,297	404,776
Selling, administrative and engineering expenses	69,569	83,498	227,809	244,655
Amortization of intangible assets	5,989	6,272	18,362	18,713
Impairment charge	0	0	84,353	0
Operating profit	43,002	58,780	24,773	141,408
Financing costs, net	7,462	5,932	20,683	18,944
Other (income) expense, net	569	620	(489)	3,087
Earnings from continuing operations before income taxes	34,971	52,228	4,579	119,377
Income tax expense (benefit)	(2,987)	1,671	6,785	13,511
Earnings (loss) from continuing operations	37,958	50,557	(2,206)	105,866
Earnings from discontinued operations, net of income taxes	0	0	0	22,120
Net earnings (loss)	$ 37,958	$ 50,557	$ (2,206)	$ 127,986
Earnings (loss) from continuing operations per share:
Basic	$ 0.64	$ 0.72	$ (0.04)	$ 1.47
Diluted	0.63	0.70	(0.04)	1.44
Earnings (loss) per share:
Basic	0.64	0.72	(0.04)	1.78
Diluted	$ 0.63	$ 0.70	$ (0.04)	$ 1.74
Weighted average common shares outstanding:
Basic	59,617	70,432	61,911	71,915
Diluted	60,243	71,770	61,911	73,518

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 37,958	$ 50,557	$ (2,206)	$ 127,986
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(10,882)	25	(131,249)	21,342
Pension and other postretirement benefit plans	143	51	895	151
Cash flow hedges	40	96	(56)	79
Total other comprehensive (loss) income, net of tax	(10,699)	172	(130,410)	21,572
Comprehensive (loss) income	$ 27,259	$ 50,729	$ (132,616)	$ 149,558

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Current assets
Cash and cash equivalents	$ 108,125	$ 109,012
Accounts receivable, net	219,408	227,008
Inventories, net	155,196	162,620
Deferred income taxes	10,548	11,050
Other current assets	64,672	33,300
Total current assets	557,949	542,990
Property, plant and equipment
Land, buildings and improvements	48,729	52,989
Machinery and equipment	269,656	281,763
Gross property, plant and equipment	318,385	334,752
Less: Accumulated depreciation	(169,940)	(165,651)
Property, plant and equipment, net	148,445	169,101
Goodwill	612,232	742,770
Other intangibles, net	316,909	365,177
Other long-term assets	25,483	36,841
Total assets	1,661,018	1,856,879
Current liabilities
Trade accounts payable	129,689	145,798
Accrued compensation and benefits	42,433	52,964
Current maturities of debt	0	4,500
Income taxes payable	3,430	38,347
Other current liabilities	57,281	57,512
Total current liabilities	232,833	299,121
Long-term debt, less current maturities	600,000	385,500
Deferred income taxes	87,067	96,970
Pension and postretirement benefit liabilities	12,971	15,699
Other long-term liabilities	54,842	57,878
Total liabilities	987,713	855,168
Shareholders’ equity
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 78,900,471 and 78,480,780 shares, respectively	15,780	15,695
Additional paid-in capital	102,143	93,449
Treasury stock, at cost, 19,405,317 and 12,195,359 shares, respectively	(593,254)	(388,627)
Retained earnings	1,347,454	1,349,602
Accumulated other comprehensive loss	(198,818)	(68,408)
Stock held in trust	(3,497)	(4,083)
Deferred compensation liability	3,497	4,083
Total shareholders’ equity	673,305	1,001,711
Total liabilities and shareholders’ equity	$ 1,661,018	$ 1,856,879

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	May. 31, 2015	Aug. 31, 2014
Treasury Stock, Shares	19,405,317	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	78,900,471	78,480,780

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
Operating Activities
Net earnings (loss)	$ (2,206)	$ 127,986
Adjustments to reconcile net earnings (loss) to cash provided by operating activities:
Impairment charge	84,353	0
Net gain on disposal of business	0	(26,339)
Depreciation and amortization	40,235	46,934
Provision (benefit) for deferred income taxes	1,948	(11,545)
Stock-based compensation expense	9,237	14,006
Amortization of debt discount and debt issuance costs	1,329	1,406
Other non-cash adjustments	413	(346)
Sources (uses) of cash from changes in components of working capital and other:
Accounts receivable	(11,315)	(26,271)
Inventories	(5,076)	(25,676)
Trade accounts payable	(8,278)	1,464
Prepaid expenses and other assets	(15,593)	(1,342)
Income taxes payable/refundable	(47,983)	(25,939)
Accrued compensation and benefits	(11,564)	8,553
Other accrued liabilities	5,780	(9,705)
Cash provided by operating activities	41,280	73,186
Investing Activities
Capital expenditures	(17,234)	(33,839)
Proceeds from sale of property, plant and equipment	886	44,036
Proceeds from sale of business, net of transaction costs	0	252,773
Business acquisition, net of cash acquired	0	(30,500)
Cash (used in) provided by investing activities	(16,348)	232,470
Financing Activities
Purchase of treasury shares	(204,627)	(183,152)
Payment of contingent acquisition consideration	0	(1,585)
Debt issuance cost	(1,875)	0
Stock option exercises, related tax benefits and other	5,046	29,849
Cash dividend	(2,598)	(2,919)
Cash provided by (used in) financing activities	5,946	(282,807)
Effect of exchange rate changes on cash	(31,765)	2,790
Net (decrease) increase in cash and cash equivalents	(887)	25,639
Cash and cash equivalents – beginning of period	109,012	103,986
Cash and cash equivalents – end of period	108,125	129,625
Line of Credit | Senior Credit Facility - Revolver
Financing Activities
Net repayments	0	(125,000)
Line of Credit | Senior Credit Facility - Term Loan
Financing Activities
Net repayments	(3,375)	0
Proceeds from term loan	$ 213,375	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	May. 31, 2015
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. The condensed consolidated statement of cash flows for the nine months ended May 31, 2015 includes an adjustment to properly state the foreign currency impact on cash during the first half of the fiscal year. The impact of this adjustment is a $10.4 million increase in cash provided by operating activities and in the effect of exchange rate changes on cash. This adjustment had no impact on the results of operations, financial position or cash balances. Operating results for the three and nine months ended May 31, 2015 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 currently effective for annual periods beginning on or after December 15, 2016, subject to an additional one year deferral as recently proposed by the FASB. The Company is currently evaluating the impact of adopting this standard. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which includes amendments that require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Under the new guidance, the recognition and measurement of debt issuance costs is not affected. This guidance is effective for annual periods beginning on or after December 15, 2015. The Company is currently evaluating the impact of adopting this standard. Significant Accounting Policies (Goodwill and Intangible Assets) Intangible assets with definite lives, consisting primarily of purchased customer relationships, patents, trademarks and non-compete agreements, are amortized over periods from two to twenty-five years. Goodwill and intangible assets with indefinite lives are not subject to amortization, but are subject to annual impairment testing. The Company’s goodwill is tested for impairment annually, in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs impairment reviews for its reporting units using the fair value method based on management’s judgments and assumptions. In estimating the fair value, the Company generally utilizes a discounted cash flow model, which is dependent on a number of assumptions including estimated future revenues and expenses, weighted average cost of capital, capital expenditures and other variables. The estimated fair value of the reporting unit is compared to the carrying amount of the reporting unit, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the goodwill is potentially impaired and the Company then determines the implied fair value of goodwill, which is compared to the carrying value to determine if an impairment charge is required. Indefinite lived intangible assets (tradenames) are also subject to impairment testing. On an annual basis, or more frequently if events or changes in circumstances indicate that indefinite lived intangible assets might not be recoverable, the fair value of the indefinite lived intangible assets (using the relief of royalty valuation approach) are compared to the carrying value to determine if an impairment charge is required. A considerable amount of management judgment and assumptions are required in performing the impairment tests, principally in determining the fair value of each reporting unit and the indefinite lived intangible assets. While management believes the judgments and assumptions are reasonable; different assumptions or adverse market developments could change the estimated fair values and ultimately result in future impairment charges. As discussed in Note 4, "Goodwill and Other Intangible Assets," the Company recognized an $84.4 million non-cash pre-tax impairment charge in the second quarter of fiscal 2015.
New Accounting Pronouncements, Policy	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 currently effective for annual periods beginning on or after December 15, 2016, subject to an additional one year deferral as recently proposed by the FASB. The Company is currently evaluating the impact of adopting this standard. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which includes amendments that require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Under the new guidance, the recognition and measurement of debt issuance costs is not affected. This guidance is effective for annual periods beginning on or after December 15, 2015. The Company is currently evaluating the impact of adopting this standard.
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block]	Significant Accounting Policies (Goodwill and Intangible Assets) Intangible assets with definite lives, consisting primarily of purchased customer relationships, patents, trademarks and non-compete agreements, are amortized over periods from two to twenty-five years. Goodwill and intangible assets with indefinite lives are not subject to amortization, but are subject to annual impairment testing. The Company’s goodwill is tested for impairment annually, in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs impairment reviews for its reporting units using the fair value method based on management’s judgments and assumptions. In estimating the fair value, the Company generally utilizes a discounted cash flow model, which is dependent on a number of assumptions including estimated future revenues and expenses, weighted average cost of capital, capital expenditures and other variables. The estimated fair value of the reporting unit is compared to the carrying amount of the reporting unit, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the goodwill is potentially impaired and the Company then determines the implied fair value of goodwill, which is compared to the carrying value to determine if an impairment charge is required. Indefinite lived intangible assets (tradenames) are also subject to impairment testing. On an annual basis, or more frequently if events or changes in circumstances indicate that indefinite lived intangible assets might not be recoverable, the fair value of the indefinite lived intangible assets (using the relief of royalty valuation approach) are compared to the carrying value to determine if an impairment charge is required. A considerable amount of management judgment and assumptions are required in performing the impairment tests, principally in determining the fair value of each reporting unit and the indefinite lived intangible assets. While management believes the judgments and assumptions are reasonable; different assumptions or adverse market developments could change the estimated fair values and ultimately result in future impairment charges. As discussed in Note 4, "Goodwill and Other Intangible Assets," the Company recognized an $84.4 million non-cash pre-tax impairment charge in the second quarter of fiscal 2015.

Acquisitions

Acquisitions	9 Months Ended
	May. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions The Company completed one business acquisition during fiscal 2014 , which resulted in the recognition of goodwill in the condensed consolidated financial statements because its purchase price reflects the future earnings and cash flow potential of the acquired company, as well as the complementary strategic fit and resulting synergies the acquisition is expected to bring to existing operations. The Company makes an initial allocation of the purchase price at the date of acquisition, based upon its understanding of the fair value of the acquired assets and assumed liabilities. 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 other sources, the Company will refine its estimates of fair value and adjust the initial 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 domestic concrete tensioning market. Its products include patented encapsulated anchor systems, wedges and customized extruded cables. The purchase price allocation resulted in $ 14.3 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 fiscal 2015, goodwill related to this acquisition decreased by $3.2 million , the result of adjustments to reflect the fair value of acquired fixed assets. Hayes generated net sales of $ 7.6 million and $ 21.7 million during the three and nine months ended May 31, 2015, respectively.

Discontinued Operations and Div

Discontinued Operations and Divestiture Activities	9 Months Ended
	May. 31, 2015
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 $7.7 million and $20.8 million for the three and nine months ended May 31, 2014 , respectively) are included in the results from continuing operations, but are not material to the consolidated financial results. On December 13, 2013 , the Company completed the sale of its former 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 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. The following table summarizes the results of discontinued operations (in thousands): Nine Months Ended May 31, 2014 Net sales $ 72,139 Operating loss (4,873 ) Gain on disposal 34,459 Income tax expense (7,466 ) Income from discontinued operations, net of income taxes $ 22,120

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	May. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The Energy segment provides products and services to the global energy markets, where safety, reliability, up-time and productivity are key value drivers. The dramatic decline in oil prices since the start of the current fiscal year has caused customers to reduce the scope of maintenance activities or extend intervals between scheduled maintenance. In addition, a slowdown in upstream oil & gas activity has occurred as asset owners hesitate on starting new oil & gas projects, existing projects are sometimes deferred or canceled and capital spending is reduced. While the Company believes in the long-term growth prospects of the global energy markets, it has taken several actions to adjust the cost structure of the Energy segment in response to current unfavorable market demand. The Energy segment contains three reporting units for goodwill impairment testing (Hydratight, Cortland and Viking). The Hydratight business is primarily tied to downstream production and maintenance activities and therefore is less impacted by changes in customer capital spending patterns or oil & gas prices. However, customer demand at the more recent Cortland and Viking acquisitions are more susceptible to changes in oil & gas prices and capital spending reductions. The persistence of unfavorable market conditions (a “triggering event” in the second quarter that required an interim impairment review) is expected to have an adverse impact on the future financial results of the Energy segment. During the second quarter of fiscal 2015, the Company recognized a $84.4 million non-cash pre-tax impairment charge related to the goodwill and indefinite-lived intangible assets of the Cortland and Viking businesses. The impairment charge (as a result of lower projected near-term sales and profits) consisted of a $78.0 million write-down of goodwill and $6.4 million impairment of indefinite-lived intangible assets (tradenames). The changes in the carrying value of goodwill for the nine months ended May 31, 2015 are as follows (in thousands): Industrial Energy Engineered Solutions Total Balance as of August 31, 2014 $ 100,265 $ 350,628 $ 291,877 $ 742,770 Purchase accounting adjustments (3,244 ) — — (3,244 ) Impairment charge — (78,530 ) — (78,530 ) Impact of changes in foreign currency rates (5,058 ) (31,382 ) (12,324 ) (48,764 ) Balance as of May 31, 2015 $ 91,963 $ 240,715 $ 279,553 $ 612,232 The gross carrying value and accumulated amortization of the Company’s other intangible assets are as follows (in thousands): May 31, 2015 August 31, 2014 Weighted Average Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Amortizable intangible assets: Customer relationships 15 $ 304,265 $ 127,241 $ 177,024 $ 325,164 $ 117,706 $ 207,458 Patents 10 30,879 19,229 11,650 31,678 17,494 14,184 Trademarks and tradenames 18 21,850 6,797 15,053 23,241 6,201 17,040 Other intangibles 3 6,844 6,505 339 7,373 6,783 590 Indefinite lived intangible assets: Tradenames N/A 112,843 — 112,843 125,905 — 125,905 $ 476,681 $ 159,772 $ 316,909 $ 513,361 $ 148,184 $ 365,177 The Company estimates that amortization expense will be $5.9 million for the remaining three months of fiscal 2015 . Amortization expense for future years is estimated to be: $23.6 million in fiscal 2016 , $22.7 million in 2017 , $22.3 million in fiscal 2018 , $22.1 million in fiscal 2019 , $21.5 million in fiscal 2020 and $86.0 million thereafter. These future amortization expense amounts represent estimates and may be impacted by potential future acquisitions and divestitures or changes in foreign currency exchange rates.

Product Warranty Costs

Product Warranty Costs	9 Months Ended
	May. 31, 2015
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 product warranty reserve (in thousands): Nine Months Ended May 31, 2015 2014 Beginning balance $ 4,056 $ 7,413 Provision for warranties 4,198 2,923 Warranty reserve of acquired business — 50 Warranty payments and costs incurred (3,505 ) (5,311 ) Impact of changes in foreign currency rates (589 ) 30 Ending balance $ 4,160 $ 5,105

Debt

Debt	9 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt The following is a summary of the Company’s long-term indebtedness (in thousands): May 31, 2015 August 31, 2014 Senior Credit Facility Revolver $ — $ — Term Loan 300,000 90,000 Total Senior Credit Facility 300,000 90,000 5.625% Senior Notes 300,000 300,000 Total Senior Indebtedness 600,000 390,000 Less: current maturities of long-term debt — (4,500 ) Total long-term debt, less current maturities $ 600,000 $ 385,500 The Company’s Senior Credit Facility, which was amended and restated during the third quarter of fiscal 2015, matures on May 8, 2020 and includes a $ 600 million revolver, $ 300 million term loan and a $ 450 million expansion option. 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 net leverage ratio, ranging from 1.00% to 2.25% in the case of loans bearing interest at LIBOR and from 0.00% to 1.25% in the case of loans bearing interest at the base rate. At May 31, 2015 , the borrowing spread on LIBOR based borrowings was 1.75% (aggregating to 1.94% ). In addition, a non-use fee is payable quarterly on the average unused credit line under the revolver ranging from 0.15% to 0.35% per annum. At May 31, 2015 , the unused credit line under the revolver was $ 590.8 million , of which $250.5 million was available for borrowings. Quarterly principal payments of $3.8 million begin on the term loan on June 30, 2016 , increasing to $7.5 million per quarter beginning on June 30, 2017 , with the remaining principal due at maturity. The Senior Credit Facility is secured by substantially all of the Company’s domestic personal property assets and 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 to 1 and a minimum interest coverage ratio of 3.50 to 1. The Company was in compliance with all financial covenants at May 31, 2015 . 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 payments 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. As required under the indenture governing the Senior Notes, on June 19, 2015 , the Company initiated an offer to repurchase, at par value, an amount of Senior Notes equal to the net proceeds from the Electrical segment and RV divestitures that exceed the amounts reinvested in capital expenditures and business acquisitions since the divestitures. The maximum principal amount of Senior Notes that will be repurchased in the repurchase offer (which will expire on July 20, 2015 ) is $165.0 million . The Company has adequate capacity under its Senior Credit Facility revolver to fund the repurchase offer. However, if the Senior Notes continue to trade in excess of par value ( 102.8% on May 31, 2015 ) through the expiration of the repurchase offer, it is unlikely that Senior Note holders will accept the par repurchase offer.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	May. 31, 2015
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): May 31, 2015 August 31, 2014 Level 1 Valuation: Cash equivalents $ 1,971 $ 1,207 Investments 1,669 2,118 Level 2 Valuation: Foreign currency derivatives 202 $ (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 May 31, 2015 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 $308.3 million and $315.8 million at May 31, 2015 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	9 Months Ended
	May. 31, 2015
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 hedges certain portions of its recognized balances and 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 $186.4 million and $219.9 million , at May 31, 2015 and August 31, 2014 , respectively. Net foreign currency gains (losses) related to these derivative instruments are as follows (in thousands): Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Foreign currency gain (loss) $ 2,310 $ (2,141 ) $ 304 $ (13,452 ) These derivative gains and losses offset foreign currency gains and losses from the related revaluation of non-functional currency assets and liabilities (amounts included in other income and expense in the condensed consolidated statement of operations).

Capital Stock and Share Repurch

Capital Stock and Share Repurchase	9 Months Ended
	May. 31, 2015
Earnings Per Share [Abstract]
Capital Stock and Share Repurchase	The Company's Board of Directors has authorized the repurchase of shares of the Company's common stock under publicly announced share repurchase programs. At May 31, 2015 , the Company could repurchase an additional 8,594,683 shares under existing share repurchase authorizations. The following table summarizes the total capital deployed for share repurchases: Period Shares Repurchased Average Price Paid per Share Fiscal 2012 2,658,751 $ 23.70 Fiscal 2013 1,324,762 31.55 Fiscal 2014 8,211,846 34.52 Fiscal 2015 (September 1 - May 31) 7,209,958 28.35 19,405,317 $ 30.54 The reconciliation between basic and diluted earnings (loss) per share from continuing operations is as follows (in thousands, except per share amounts): Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Numerator: Earnings (loss) from continuing operations $ 37,958 $ 50,557 $ (2,206 ) $ 105,866 Denominator: Weighted average common shares outstanding - basic 59,617 70,432 61,911 71,915 Net effect of dilutive securities—stock based compensation plans (1) 626 1,338 — 1,603 Weighted average common shares outstanding - diluted 60,243 71,770 61,911 73,518 Earnings (loss) per common share from continuing operations: Basic $ 0.64 $ 0.72 $ (0.04 ) $ 1.47 Diluted $ 0.63 $ 0.70 $ (0.04 ) $ 1.44 Anti-dilutive securities stock based compensation plans (excluded from earnings per share calculation) 2,256 463 4,662 558 (1) As a result of the impairment charge in the second quarter of fiscal 2015 which caused a loss from continuing operations for the nine months ended May 31, 2015 , shares from stock based compensation plans are excluded from the calculation of diluted earnings (loss) per share, as the result would be anti-dilutive.

Income Taxes

Income Taxes	9 Months Ended
	May. 31, 2015
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. Comparative pre-tax income, income tax expense (benefit) and effective income tax rates from continuing operations are as follows: Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Earnings from continuing operations before income taxes $ 34,971 $ 52,228 $ 4,579 $ 119,377 Income tax expense (benefit) (2,987 ) 1,671 6,785 13,511 Effective income tax rate (8.5 )% 3.2 % 148.2 % 11.3 % The income tax provision for the current and prior year periods reflects 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. The effective income tax rate for the third quarter of fiscal 2015 was (8.5)% compared to 3.2% in the comparable prior year period. Income tax expense for the three months ended May 31, 2015 includes $19.2 million of tax reserve benefits from the lapsing of income tax statutes of limitations and the favorable resolution of income tax audits, which were partially offset by a $5.0 million increase to the reserve for uncertain tax positions and a $5.2 million increase in valuation allowances due to uncertainty regarding utilization of foreign net operating losses. Similarly, income tax expense for the three months ended May 31, 2014 included a $10.5 million income tax benefit from tax planning and a $6.8 million tax reserve benefit from the lapsing of income tax statues of limitations. The effective income tax rate for the nine months ended May 31, 2015 was 148.2% , primarily the result of the second quarter impairment charge ( $1.7 million tax benefit on $84.4 million pre-tax charge). The gross liability for unrecognized income tax benefits, excluding interest and penalties, decreased to $21.2 million at May 31, 2015 from $32.3 million at August 31, 2014 . Substantially all of these unrecognized tax benefits, if recognized, would reduce the effective income tax rate. In addition, at May 31, 2015 and August 31, 2014 , the Company had liabilities totaling $2.1 million and $2.0 million , respectively, for the payment of interest and penalties related to unrecognized income tax benefits.

Segment Information

Segment Information	9 Months Ended
	May. 31, 2015
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 engaged 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 May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Net Sales by Segment: Industrial $ 103,546 $ 109,809 $ 302,448 $ 302,022 Energy 99,297 125,231 311,029 339,187 Engineered Solutions 117,257 143,147 335,393 404,304 $ 320,100 $ 378,187 $ 948,870 $ 1,045,513 Net Sales by Reportable Product Line: Industrial $ 103,546 $ 109,809 $ 302,448 $ 302,022 Energy 99,297 125,231 311,029 339,187 Vehicle Systems 59,673 75,442 170,122 214,369 Other 57,584 67,705 165,271 189,935 $ 320,100 $ 378,187 $ 948,870 $ 1,045,513 Operating Profit (Loss): Industrial $ 29,165 $ 34,123 $ 79,386 $ 87,496 Energy 12,774 19,936 (50,457 ) 38,363 Engineered Solutions 8,313 13,560 16,601 36,297 General Corporate (7,250 ) (8,839 ) (20,757 ) (20,748 ) $ 43,002 $ 58,780 $ 24,773 $ 141,408 May 31, 2015 August 31, 2014 Assets: Industrial $ 289,849 $ 307,058 Energy 619,514 788,915 Engineered Solutions 624,289 643,323 General Corporate 127,366 117,583 $ 1,661,018 $ 1,856,879 In addition to the impact of foreign currency exchange rate changes, the comparability of segment and product line information is also impacted by acquisition/divestiture activities and the second quarter fiscal 2015 Energy segment impairment charge. 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	9 Months Ended
	May. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Litigation	Contingencies and Litigation The Company had outstanding letters of credit of $16.4 million and $14.0 million at May 31, 2015 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 nine months ended May 31, 2015 include a $3.0 million charge for adverse litigation matters. 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 lease payment obligations. The discounted present value of future minimum lease payments for these leases was $18.5 million at May 31, 2015 (including $13.7 million related to the divested Electrical segment).

Guarantor Subsidiaries

Guarantor Subsidiaries	9 Months Ended
	May. 31, 2015
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 May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 40,011 $ 58,896 $ 221,193 $ — $ 320,100 Cost of products sold 11,749 40,360 149,431 — 201,540 Gross profit 28,262 18,536 71,762 — 118,560 Selling, administrative and engineering expenses 16,560 11,228 41,781 — 69,569 Amortization of intangible assets 318 2,394 3,277 — 5,989 Operating profit 11,384 4,914 26,704 — 43,002 Financing costs, net 7,769 — (307 ) — 7,462 Intercompany expense (income), net (3,559 ) (1,187 ) 4,746 — — Other expense, net 123 27 419 — 569 Earnings before income taxes 7,051 6,074 21,846 — 34,971 Income tax expense (benefit) (11,957 ) 914 8,056 — (2,987 ) Net earnings before equity in earnings (loss) of subsidiaries 19,008 5,160 13,790 — 37,958 Equity in earnings (loss) of subsidiaries 18,950 12,757 (340 ) (31,367 ) — Net earnings $ 37,958 $ 17,917 $ 13,450 $ (31,367 ) $ 37,958 Comprehensive income $ 27,259 $ 13,244 $ 7,930 $ (21,174 ) $ 27,259 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands) Three Months Ended May 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 54,219 $ 84,870 $ 239,098 $ — $ 378,187 Cost of products sold 14,841 58,152 156,644 — 229,637 Gross profit 39,378 26,718 82,454 — 148,550 Selling, administrative and engineering expenses 21,554 16,128 45,816 — 83,498 Amortization of intangible assets 318 2,575 3,379 — 6,272 Operating profit 17,506 8,015 33,259 — 58,780 Financing costs, net 6,122 — (190 ) — 5,932 Intercompany expense (income), net (5,620 ) 560 5,060 — — Other expense (income), net 1,597 23 (1,000 ) — 620 Earnings before income taxes 15,407 7,432 29,389 — 52,228 Income tax expense (benefit) (9,755 ) 2,306 9,120 — 1,671 Net earnings before equity in earnings of subsidiaries 25,162 5,126 20,269 — 50,557 Equity in earnings of subsidiaries 25,395 20,151 683 (46,229 ) — Net earnings $ 50,557 $ 25,277 $ 20,952 $ (46,229 ) $ 50,557 Comprehensive income $ 50,729 $ 25,621 $ 20,970 $ (46,591 ) $ 50,729 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands) Nine Months Ended May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 119,612 $ 207,162 $ 622,096 $ — $ 948,870 Cost of products sold 33,792 145,800 413,981 — 593,573 Gross profit 85,820 61,362 208,115 — 355,297 Selling, administrative and engineering expenses 52,062 45,062 130,685 — 227,809 Amortization of intangible assets 954 7,964 9,444 — 18,362 Impairment charge — 20,249 64,104 — 84,353 Operating profit (loss) 32,804 (11,913 ) 3,882 — 24,773 Financing costs, net 21,583 — (900 ) — 20,683 Intercompany expense (income), net (14,389 ) 896 13,493 — — Intercompany dividend income (212 ) (243 ) (31 ) 486 — Other expense (income), net 342 (133 ) (698 ) — (489 ) Earnings (loss) before income taxes 25,480 (12,433 ) (7,982 ) (486 ) 4,579 Income tax expense (benefit) (8,133 ) 1,413 13,589 (84 ) 6,785 Net earnings (loss) before equity in earnings (loss) of subsidiaries 33,613 (13,846 ) (21,571 ) (402 ) (2,206 ) Equity in earnings (loss) of subsidiaries (35,819 ) (1,673 ) 177 37,315 — Net loss $ (2,206 ) $ (15,519 ) $ (21,394 ) $ 36,913 $ (2,206 ) Comprehensive loss $ (132,616 ) $ (58,603 ) $ (80,728 ) $ 139,331 $ (132,616 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands) Nine Months Ended May 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 142,905 $ 239,709 $ 662,899 $ — $ 1,045,513 Cost of products sold 38,905 165,416 436,416 — 640,737 Gross profit 104,000 74,293 226,483 — 404,776 Selling, administrative and engineering expenses 57,811 45,833 141,011 — 244,655 Amortization of intangible assets 954 7,726 10,033 — 18,713 Operating profit 45,235 20,734 75,439 — 141,408 Financing costs, net 19,400 3 (459 ) — 18,944 Intercompany expense (income), net (22,770 ) 5,555 17,215 — — Other expense (income), net 12,683 (395 ) (9,201 ) — 3,087 Earnings from continuing operations before income taxes 35,922 15,571 67,884 — 119,377 Income tax expense (benefit) (3,862 ) 4,580 12,793 — 13,511 Net earnings before equity in earnings of subsidiaries 39,784 10,991 55,091 — 105,866 Equity in earnings of subsidiaries 109,714 9,488 4,750 (123,952 ) — Earnings from continuing operations 149,498 20,479 59,841 (123,952 ) 105,866 Earnings (loss) from discontinued operations, net of income taxes (21,512 ) 56,494 (12,862 ) — 22,120 Net earnings $ 127,986 $ 76,973 $ 46,979 $ (123,952 ) $ 127,986 Comprehensive income $ 149,558 $ 99,361 $ 42,837 $ (142,198 ) $ 149,558 CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 9,821 $ 964 $ 97,340 $ — $ 108,125 Accounts receivable, net 15,863 31,347 172,198 — 219,408 Inventories, net 25,373 34,098 95,725 — 155,196 Deferred income taxes 7,559 — 2,989 — 10,548 Other current assets 37,391 1,681 25,600 — 64,672 Total current assets 96,007 68,090 393,852 — 557,949 Property, plant and equipment, net 6,851 20,902 120,692 — 148,445 Goodwill 38,847 175,045 398,340 — 612,232 Other intangibles, net 11,020 102,705 203,184 — 316,909 Investment in subsidiaries 2,056,121 1,076,426 31,019 (3,163,566 ) — Intercompany receivable — 601,999 584,965 (1,186,964 ) — Other long-term assets 19,620 — 5,863 — 25,483 Total assets $ 2,228,466 $ 2,045,167 $ 1,737,915 $ (4,350,530 ) $ 1,661,018 LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 15,440 $ 20,953 $ 93,296 $ — $ 129,689 Accrued compensation and benefits 13,269 2,426 26,738 — 42,433 Income taxes payable (273 ) (550 ) 4,253 — 3,430 Other current liabilities 19,886 3,180 34,215 — 57,281 Total current liabilities 48,322 26,009 158,502 — 232,833 Long-term debt, less current maturities 600,000 — — — 600,000 Deferred income taxes 48,635 — 38,432 — 87,067 Pension and postretirement benefit liabilities 6,919 — 6,052 — 12,971 Other long-term liabilities 44,927 2,090 7,825 — 54,842 Intercompany payable 806,358 — 380,606 (1,186,964 ) — Shareholders’ equity 673,305 2,017,068 1,146,498 (3,163,566 ) 673,305 Total liabilities and shareholders’ equity $ 2,228,466 $ 2,045,167 $ 1,737,915 $ (4,350,530 ) $ 1,661,018 CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) August 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 27,931 $ 3,325 $ 77,756 $ — $ 109,012 Accounts receivable, net 22,811 38,511 165,686 — 227,008 Inventories, net 31,024 38,860 92,736 — 162,620 Deferred income taxes 7,503 — 3,547 — 11,050 Other current assets 3,871 1,057 28,372 — 33,300 Total current assets 93,140 81,753 368,097 — 542,990 Property, plant and equipment, net 9,096 22,879 137,126 — 169,101 Goodwill 44,700 280,693 417,377 — 742,770 Other intangibles, net 11,974 140,400 212,803 — 365,177 Investment in subsidiaries 2,286,068 806,414 237,207 (3,329,689 ) — Intercompany receivable — 678,073 622,818 (1,300,891 ) — Other long-term assets 23,432 — 13,409 — 36,841 Total assets $ 2,468,410 $ 2,010,212 $ 2,008,837 $ (4,630,580 ) $ 1,856,879 LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 20,014 $ 25,673 $ 100,111 $ — $ 145,798 Accrued compensation and benefits 15,135 3,293 34,536 — 52,964 Income taxes payable 31,582 — 6,765 — 38,347 Current maturities of debt 4,500 — — — 4,500 Other current liabilities 19,081 3,989 34,442 — 57,512 Total current liabilities 90,312 32,955 175,854 — 299,121 Long-term debt 385,500 — — — 385,500 Deferred income taxes 47,543 — 49,427 — 96,970 Pension and postretirement benefit liabilities 8,668 — 7,031 — 15,699 Other long-term liabilities 42,647 4,138 11,093 — 57,878 Intercompany payable 892,029 — 408,861 (1,300,890 ) — Shareholders’ equity 1,001,711 1,973,119 1,356,571 (3,329,690 ) 1,001,711 Total liabilities and shareholders’ equity $ 2,468,410 $ 2,010,212 $ 2,008,837 $ (4,630,580 ) $ 1,856,879 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating Activities Cash provided by (used in) operating activities $ 36,510 $ (39,865 ) $ 44,635 $ — $ 41,280 Investing Activities Capital expenditures (880 ) (3,495 ) (12,859 ) — (17,234 ) Proceeds from sale of property, plant and equipment — 203 683 — 886 Intercompany investment (1,117 ) — — 1,117 — Cash used in investing activities (1,997 ) (3,292 ) (12,176 ) 1,117 (16,348 ) Financing Activities Proceeds from term loan 213,375 — — — 213,375 Debt issuance costs (1,875 ) — — — (1,875 ) Principal repayments on term loan (3,375 ) — — — (3,375 ) Purchase of treasury shares (204,627 ) — — — (204,627 ) Intercompany loan activity (58,569 ) 40,796 17,773 — — Intercompany capital contribution — — 1,117 (1,117 ) — Stock option exercises, related tax benefits and other 5,046 — — — 5,046 Cash dividend (2,598 ) — — — (2,598 ) Cash provided by (used in) financing activities (52,623 ) 40,796 18,890 (1,117 ) 5,946 Effect of exchange rate changes on cash — — (31,765 ) — (31,765 ) Net (decrease) increase in cash and cash equivalents (18,110 ) (2,361 ) 19,584 — (887 ) Cash and cash equivalents—beginning of period 27,931 3,325 77,756 — 109,012 Cash and cash equivalents—end of period $ 9,821 $ 964 $ 97,340 $ — $ 108,125 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended May 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating Activities Cash provided by operating activities $ 33,121 $ 10,376 $ 44,405 $ (14,716 ) $ 73,186 Investing Activities Capital expenditures (3,823 ) (3,558 ) (26,458 ) — (33,839 ) Proceeds from sale of property, plant and equipment 52 484 43,500 — 44,036 Proceeds from sale of business, net of transaction costs (4,586 ) 214,268 43,091 — 252,773 Business acquisitions, net of cash acquired (30,500 ) — — — (30,500 ) Intercompany investment — (99,963 ) — 99,963 — Cash provided by (used in) investing activities (38,857 ) 111,231 60,133 99,963 232,470 Financing Activities Net repayments on revolver (125,000 ) — — — (125,000 ) Purchase of treasury shares (183,152 ) — — — (183,152 ) Intercompany loan activity 313,748 (118,216 ) (195,532 ) — — Intercompany capital contribution — — 99,963 (99,963 ) — Stock option exercises, related tax benefits and other 29,849 — — — 29,849 Payment of contingent acquisition consideration — — (1,585 ) — (1,585 ) Cash dividend (2,919 ) — (14,716 ) 14,716 (2,919 ) Cash provided by (used in) financing activities 32,526 (118,216 ) (111,870 ) (85,247 ) (282,807 ) Effect of exchange rate changes on cash — — 2,790 — 2,790 Net increase (decrease) in cash and cash equivalents 26,790 3,391 (4,542 ) — 25,639 Cash and cash equivalents—beginning of period 16,122 — 87,864 — 103,986 Cash and cash equivalents—end of period $ 42,912 $ 3,391 $ 83,322 $ — $ 129,625

Discontinued Operations and D20

Discontinued Operations and Divestiture Activities (Tables)	9 Months Ended
	May. 31, 2015
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): Nine Months Ended May 31, 2014 Net sales $ 72,139 Operating loss (4,873 ) Gain on disposal 34,459 Income tax expense (7,466 ) Income from discontinued operations, net of income taxes $ 22,120

Goodwill and Other Intangible21

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	May. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying value of goodwill for the nine months ended May 31, 2015 are as follows (in thousands): Industrial Energy Engineered Solutions Total Balance as of August 31, 2014 $ 100,265 $ 350,628 $ 291,877 $ 742,770 Purchase accounting adjustments (3,244 ) — — (3,244 ) Impairment charge — (78,530 ) — (78,530 ) Impact of changes in foreign currency rates (5,058 ) (31,382 ) (12,324 ) (48,764 ) Balance as of May 31, 2015 $ 91,963 $ 240,715 $ 279,553 $ 612,232
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): May 31, 2015 August 31, 2014 Weighted Average Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Amortizable intangible assets: Customer relationships 15 $ 304,265 $ 127,241 $ 177,024 $ 325,164 $ 117,706 $ 207,458 Patents 10 30,879 19,229 11,650 31,678 17,494 14,184 Trademarks and tradenames 18 21,850 6,797 15,053 23,241 6,201 17,040 Other intangibles 3 6,844 6,505 339 7,373 6,783 590 Indefinite lived intangible assets: Tradenames N/A 112,843 — 112,843 125,905 — 125,905 $ 476,681 $ 159,772 $ 316,909 $ 513,361 $ 148,184 $ 365,177

Product Warranty Costs (Tables)

Product Warranty Costs (Tables)	9 Months Ended
	May. 31, 2015
Guarantees [Abstract]
Schedule of Product Warranty Liability	The following is a rollforward of the product warranty reserve (in thousands): Nine Months Ended May 31, 2015 2014 Beginning balance $ 4,056 $ 7,413 Provision for warranties 4,198 2,923 Warranty reserve of acquired business — 50 Warranty payments and costs incurred (3,505 ) (5,311 ) Impact of changes in foreign currency rates (589 ) 30 Ending balance $ 4,160 $ 5,105

Debt (Tables)

Debt (Tables)	9 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
Long-Term Indebtedness	The following is a summary of the Company’s long-term indebtedness (in thousands): May 31, 2015 August 31, 2014 Senior Credit Facility Revolver $ — $ — Term Loan 300,000 90,000 Total Senior Credit Facility 300,000 90,000 5.625% Senior Notes 300,000 300,000 Total Senior Indebtedness 600,000 390,000 Less: current maturities of long-term debt — (4,500 ) Total long-term debt, less current maturities $ 600,000 $ 385,500

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	May. 31, 2015
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): May 31, 2015 August 31, 2014 Level 1 Valuation: Cash equivalents $ 1,971 $ 1,207 Investments 1,669 2,118 Level 2 Valuation: Foreign currency derivatives 202 $ (966 )

Derivatives Derivatives (Tables

Derivatives Derivatives (Tables)	9 Months Ended
	May. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) [Table Text Block]	Net foreign currency gains (losses) related to these derivative instruments are as follows (in thousands): Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Foreign currency gain (loss) $ 2,310 $ (2,141 ) $ 304 $ (13,452 )

Capital Stock and Share Repur26

Capital Stock and Share Repurchase (Tables)	9 Months Ended
	May. 31, 2015
Earnings Per Share [Abstract]
Class of Treasury Stock	The following table summarizes the total capital deployed for share repurchases: Period Shares Repurchased Average Price Paid per Share Fiscal 2012 2,658,751 $ 23.70 Fiscal 2013 1,324,762 31.55 Fiscal 2014 8,211,846 34.52 Fiscal 2015 (September 1 - May 31) 7,209,958 28.35 19,405,317 $ 30.54
Schedule of Earnings Per Share, Basic and Diluted	The reconciliation between basic and diluted earnings (loss) per share from continuing operations is as follows (in thousands, except per share amounts): Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Numerator: Earnings (loss) from continuing operations $ 37,958 $ 50,557 $ (2,206 ) $ 105,866 Denominator: Weighted average common shares outstanding - basic 59,617 70,432 61,911 71,915 Net effect of dilutive securities—stock based compensation plans (1) 626 1,338 — 1,603 Weighted average common shares outstanding - diluted 60,243 71,770 61,911 73,518 Earnings (loss) per common share from continuing operations: Basic $ 0.64 $ 0.72 $ (0.04 ) $ 1.47 Diluted $ 0.63 $ 0.70 $ (0.04 ) $ 1.44 Anti-dilutive securities stock based compensation plans (excluded from earnings per share calculation) 2,256 463 4,662 558 (1) As a result of the impairment charge in the second quarter of fiscal 2015 which caused a loss from continuing operations for the nine months ended May 31, 2015 , shares from stock based compensation plans are excluded from the calculation of diluted earnings (loss) per share, as the result would be anti-dilutive.

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	9 Months Ended
	May. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Effective Tax Rate [Table Text Block]	Comparative pre-tax income, income tax expense (benefit) and effective income tax rates from continuing operations are as follows: Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Earnings from continuing operations before income taxes $ 34,971 $ 52,228 $ 4,579 $ 119,377 Income tax expense (benefit) (2,987 ) 1,671 6,785 13,511 Effective income tax rate (8.5 )% 3.2 % 148.2 % 11.3 %

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	May. 31, 2015
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 May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Net Sales by Segment: Industrial $ 103,546 $ 109,809 $ 302,448 $ 302,022 Energy 99,297 125,231 311,029 339,187 Engineered Solutions 117,257 143,147 335,393 404,304 $ 320,100 $ 378,187 $ 948,870 $ 1,045,513 Net Sales by Reportable Product Line: Industrial $ 103,546 $ 109,809 $ 302,448 $ 302,022 Energy 99,297 125,231 311,029 339,187 Vehicle Systems 59,673 75,442 170,122 214,369 Other 57,584 67,705 165,271 189,935 $ 320,100 $ 378,187 $ 948,870 $ 1,045,513 Operating Profit (Loss): Industrial $ 29,165 $ 34,123 $ 79,386 $ 87,496 Energy 12,774 19,936 (50,457 ) 38,363 Engineered Solutions 8,313 13,560 16,601 36,297 General Corporate (7,250 ) (8,839 ) (20,757 ) (20,748 ) $ 43,002 $ 58,780 $ 24,773 $ 141,408 May 31, 2015 August 31, 2014 Assets: Industrial $ 289,849 $ 307,058 Energy 619,514 788,915 Engineered Solutions 624,289 643,323 General Corporate 127,366 117,583 $ 1,661,018 $ 1,856,879

Guarantor Subsidiaries (Tables)

Guarantor Subsidiaries (Tables)	9 Months Ended
	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule Of Condensed Consolidating Statement Of Earnings And Comprehensive Income [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands) Three Months Ended May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 40,011 $ 58,896 $ 221,193 $ — $ 320,100 Cost of products sold 11,749 40,360 149,431 — 201,540 Gross profit 28,262 18,536 71,762 — 118,560 Selling, administrative and engineering expenses 16,560 11,228 41,781 — 69,569 Amortization of intangible assets 318 2,394 3,277 — 5,989 Operating profit 11,384 4,914 26,704 — 43,002 Financing costs, net 7,769 — (307 ) — 7,462 Intercompany expense (income), net (3,559 ) (1,187 ) 4,746 — — Other expense, net 123 27 419 — 569 Earnings before income taxes 7,051 6,074 21,846 — 34,971 Income tax expense (benefit) (11,957 ) 914 8,056 — (2,987 ) Net earnings before equity in earnings (loss) of subsidiaries 19,008 5,160 13,790 — 37,958 Equity in earnings (loss) of subsidiaries 18,950 12,757 (340 ) (31,367 ) — Net earnings $ 37,958 $ 17,917 $ 13,450 $ (31,367 ) $ 37,958 Comprehensive income $ 27,259 $ 13,244 $ 7,930 $ (21,174 ) $ 27,259 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands) Three Months Ended May 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 54,219 $ 84,870 $ 239,098 $ — $ 378,187 Cost of products sold 14,841 58,152 156,644 — 229,637 Gross profit 39,378 26,718 82,454 — 148,550 Selling, administrative and engineering expenses 21,554 16,128 45,816 — 83,498 Amortization of intangible assets 318 2,575 3,379 — 6,272 Operating profit 17,506 8,015 33,259 — 58,780 Financing costs, net 6,122 — (190 ) — 5,932 Intercompany expense (income), net (5,620 ) 560 5,060 — — Other expense (income), net 1,597 23 (1,000 ) — 620 Earnings before income taxes 15,407 7,432 29,389 — 52,228 Income tax expense (benefit) (9,755 ) 2,306 9,120 — 1,671 Net earnings before equity in earnings of subsidiaries 25,162 5,126 20,269 — 50,557 Equity in earnings of subsidiaries 25,395 20,151 683 (46,229 ) — Net earnings $ 50,557 $ 25,277 $ 20,952 $ (46,229 ) $ 50,557 Comprehensive income $ 50,729 $ 25,621 $ 20,970 $ (46,591 ) $ 50,729 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands) Nine Months Ended May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 119,612 $ 207,162 $ 622,096 $ — $ 948,870 Cost of products sold 33,792 145,800 413,981 — 593,573 Gross profit 85,820 61,362 208,115 — 355,297 Selling, administrative and engineering expenses 52,062 45,062 130,685 — 227,809 Amortization of intangible assets 954 7,964 9,444 — 18,362 Impairment charge — 20,249 64,104 — 84,353 Operating profit (loss) 32,804 (11,913 ) 3,882 — 24,773 Financing costs, net 21,583 — (900 ) — 20,683 Intercompany expense (income), net (14,389 ) 896 13,493 — — Intercompany dividend income (212 ) (243 ) (31 ) 486 — Other expense (income), net 342 (133 ) (698 ) — (489 ) Earnings (loss) before income taxes 25,480 (12,433 ) (7,982 ) (486 ) 4,579 Income tax expense (benefit) (8,133 ) 1,413 13,589 (84 ) 6,785 Net earnings (loss) before equity in earnings (loss) of subsidiaries 33,613 (13,846 ) (21,571 ) (402 ) (2,206 ) Equity in earnings (loss) of subsidiaries (35,819 ) (1,673 ) 177 37,315 — Net loss $ (2,206 ) $ (15,519 ) $ (21,394 ) $ 36,913 $ (2,206 ) Comprehensive loss $ (132,616 ) $ (58,603 ) $ (80,728 ) $ 139,331 $ (132,616 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands) Nine Months Ended May 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 142,905 $ 239,709 $ 662,899 $ — $ 1,045,513 Cost of products sold 38,905 165,416 436,416 — 640,737 Gross profit 104,000 74,293 226,483 — 404,776 Selling, administrative and engineering expenses 57,811 45,833 141,011 — 244,655 Amortization of intangible assets 954 7,726 10,033 — 18,713 Operating profit 45,235 20,734 75,439 — 141,408 Financing costs, net 19,400 3 (459 ) — 18,944 Intercompany expense (income), net (22,770 ) 5,555 17,215 — — Other expense (income), net 12,683 (395 ) (9,201 ) — 3,087 Earnings from continuing operations before income taxes 35,922 15,571 67,884 — 119,377 Income tax expense (benefit) (3,862 ) 4,580 12,793 — 13,511 Net earnings before equity in earnings of subsidiaries 39,784 10,991 55,091 — 105,866 Equity in earnings of subsidiaries 109,714 9,488 4,750 (123,952 ) — Earnings from continuing operations 149,498 20,479 59,841 (123,952 ) 105,866 Earnings (loss) from discontinued operations, net of income taxes (21,512 ) 56,494 (12,862 ) — 22,120 Net earnings $ 127,986 $ 76,973 $ 46,979 $ (123,952 ) $ 127,986 Comprehensive income $ 149,558 $ 99,361 $ 42,837 $ (142,198 ) $ 149,558
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 9,821 $ 964 $ 97,340 $ — $ 108,125 Accounts receivable, net 15,863 31,347 172,198 — 219,408 Inventories, net 25,373 34,098 95,725 — 155,196 Deferred income taxes 7,559 — 2,989 — 10,548 Other current assets 37,391 1,681 25,600 — 64,672 Total current assets 96,007 68,090 393,852 — 557,949 Property, plant and equipment, net 6,851 20,902 120,692 — 148,445 Goodwill 38,847 175,045 398,340 — 612,232 Other intangibles, net 11,020 102,705 203,184 — 316,909 Investment in subsidiaries 2,056,121 1,076,426 31,019 (3,163,566 ) — Intercompany receivable — 601,999 584,965 (1,186,964 ) — Other long-term assets 19,620 — 5,863 — 25,483 Total assets $ 2,228,466 $ 2,045,167 $ 1,737,915 $ (4,350,530 ) $ 1,661,018 LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 15,440 $ 20,953 $ 93,296 $ — $ 129,689 Accrued compensation and benefits 13,269 2,426 26,738 — 42,433 Income taxes payable (273 ) (550 ) 4,253 — 3,430 Other current liabilities 19,886 3,180 34,215 — 57,281 Total current liabilities 48,322 26,009 158,502 — 232,833 Long-term debt, less current maturities 600,000 — — — 600,000 Deferred income taxes 48,635 — 38,432 — 87,067 Pension and postretirement benefit liabilities 6,919 — 6,052 — 12,971 Other long-term liabilities 44,927 2,090 7,825 — 54,842 Intercompany payable 806,358 — 380,606 (1,186,964 ) — Shareholders’ equity 673,305 2,017,068 1,146,498 (3,163,566 ) 673,305 Total liabilities and shareholders’ equity $ 2,228,466 $ 2,045,167 $ 1,737,915 $ (4,350,530 ) $ 1,661,018 CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) August 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 27,931 $ 3,325 $ 77,756 $ — $ 109,012 Accounts receivable, net 22,811 38,511 165,686 — 227,008 Inventories, net 31,024 38,860 92,736 — 162,620 Deferred income taxes 7,503 — 3,547 — 11,050 Other current assets 3,871 1,057 28,372 — 33,300 Total current assets 93,140 81,753 368,097 — 542,990 Property, plant and equipment, net 9,096 22,879 137,126 — 169,101 Goodwill 44,700 280,693 417,377 — 742,770 Other intangibles, net 11,974 140,400 212,803 — 365,177 Investment in subsidiaries 2,286,068 806,414 237,207 (3,329,689 ) — Intercompany receivable — 678,073 622,818 (1,300,891 ) — Other long-term assets 23,432 — 13,409 — 36,841 Total assets $ 2,468,410 $ 2,010,212 $ 2,008,837 $ (4,630,580 ) $ 1,856,879 LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable $ 20,014 $ 25,673 $ 100,111 $ — $ 145,798 Accrued compensation and benefits 15,135 3,293 34,536 — 52,964 Income taxes payable 31,582 — 6,765 — 38,347 Current maturities of debt 4,500 — — — 4,500 Other current liabilities 19,081 3,989 34,442 — 57,512 Total current liabilities 90,312 32,955 175,854 — 299,121 Long-term debt 385,500 — — — 385,500 Deferred income taxes 47,543 — 49,427 — 96,970 Pension and postretirement benefit liabilities 8,668 — 7,031 — 15,699 Other long-term liabilities 42,647 4,138 11,093 — 57,878 Intercompany payable 892,029 — 408,861 (1,300,890 ) — Shareholders’ equity 1,001,711 1,973,119 1,356,571 (3,329,690 ) 1,001,711 Total liabilities and shareholders’ equity $ 2,468,410 $ 2,010,212 $ 2,008,837 $ (4,630,580 ) $ 1,856,879
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended May 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating Activities Cash provided by (used in) operating activities $ 36,510 $ (39,865 ) $ 44,635 $ — $ 41,280 Investing Activities Capital expenditures (880 ) (3,495 ) (12,859 ) — (17,234 ) Proceeds from sale of property, plant and equipment — 203 683 — 886 Intercompany investment (1,117 ) — — 1,117 — Cash used in investing activities (1,997 ) (3,292 ) (12,176 ) 1,117 (16,348 ) Financing Activities Proceeds from term loan 213,375 — — — 213,375 Debt issuance costs (1,875 ) — — — (1,875 ) Principal repayments on term loan (3,375 ) — — — (3,375 ) Purchase of treasury shares (204,627 ) — — — (204,627 ) Intercompany loan activity (58,569 ) 40,796 17,773 — — Intercompany capital contribution — — 1,117 (1,117 ) — Stock option exercises, related tax benefits and other 5,046 — — — 5,046 Cash dividend (2,598 ) — — — (2,598 ) Cash provided by (used in) financing activities (52,623 ) 40,796 18,890 (1,117 ) 5,946 Effect of exchange rate changes on cash — — (31,765 ) — (31,765 ) Net (decrease) increase in cash and cash equivalents (18,110 ) (2,361 ) 19,584 — (887 ) Cash and cash equivalents—beginning of period 27,931 3,325 77,756 — 109,012 Cash and cash equivalents—end of period $ 9,821 $ 964 $ 97,340 $ — $ 108,125 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended May 31, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating Activities Cash provided by operating activities $ 33,121 $ 10,376 $ 44,405 $ (14,716 ) $ 73,186 Investing Activities Capital expenditures (3,823 ) (3,558 ) (26,458 ) — (33,839 ) Proceeds from sale of property, plant and equipment 52 484 43,500 — 44,036 Proceeds from sale of business, net of transaction costs (4,586 ) 214,268 43,091 — 252,773 Business acquisitions, net of cash acquired (30,500 ) — — — (30,500 ) Intercompany investment — (99,963 ) — 99,963 — Cash provided by (used in) investing activities (38,857 ) 111,231 60,133 99,963 232,470 Financing Activities Net repayments on revolver (125,000 ) — — — (125,000 ) Purchase of treasury shares (183,152 ) — — — (183,152 ) Intercompany loan activity 313,748 (118,216 ) (195,532 ) — — Intercompany capital contribution — — 99,963 (99,963 ) — Stock option exercises, related tax benefits and other 29,849 — — — 29,849 Payment of contingent acquisition consideration — — (1,585 ) — (1,585 ) Cash dividend (2,919 ) — (14,716 ) 14,716 (2,919 ) Cash provided by (used in) financing activities 32,526 (118,216 ) (111,870 ) (85,247 ) (282,807 ) Effect of exchange rate changes on cash — — 2,790 — 2,790 Net increase (decrease) in cash and cash equivalents 26,790 3,391 (4,542 ) — 25,639 Cash and cash equivalents—beginning of period 16,122 — 87,864 — 103,986 Cash and cash equivalents—end of period $ 42,912 $ 3,391 $ 83,322 $ — $ 129,625

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	May. 31, 2015	Feb. 28, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Accounting Policies [Abstract]
Prior Period Reclassification Adjustment				$ 10,400
Impairment charge	$ 0	$ 84,353	$ 0	$ 84,353	$ 0

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	May. 23, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Business Acquisition [Line Items]
Cash paid for business acquisitions, net of cash acquired				$ 0	$ 30,500
Purchase accounting adjustments				3,244
Net sales		$ 320,100	$ 378,187	948,870	$ 1,045,513
Hayes Industries [Member]
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement	May 23, 2014
Cash paid for business acquisitions, net of cash acquired	$ 30,500
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		4,000		4,000
Recognition of Goodwill due to Business acquired	14,300
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	10,600
Purchase accounting adjustments				3,244
Net sales		$ 7,600		$ 21,700
Hayes Industries [Member] | Customer relationships
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	3,300
Hayes Industries [Member] | Patents
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	5,000
Hayes Industries [Member] | Tradenames
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	2,000
Hayes Industries [Member] | Other intangibles
Business Acquisition [Line Items]
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	$ 300

Discontinued Operations and D32

Discontinued Operations and Divestiture Activities Income Statement and Balance Sheet Summary (Details) - USD ($) $ in Thousands	Dec. 13, 2013	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income from discontinued operations, net of income taxes		$ 0	$ 0	$ 0	$ 22,120
Electrical
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales					72,139
Operating loss					(4,873)
Gain on disposal	$ 34,459				34,459
Income tax expense					(7,466)
Income from discontinued operations, net of income taxes					$ 22,120

Discontinued Operations and D33

Discontinued Operations and Divestiture Activities Narrative (Details) - USD ($) $ in Thousands	Jun. 13, 2014	Dec. 13, 2013	May. 31, 2014	May. 31, 2015	May. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items]
Proceeds from sale of businesses, net of transaction costs					$ 252,773
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax				$ 0	26,339
Electrical
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations and Divestiture Activities[Line Items]
Disposal Date		Dec. 13, 2013
Proceeds from sale of businesses, net of transaction costs		$ 252,400
Gain on disposal		34,459			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	Jun. 13, 2014
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	$ 2,800
Disposal Group, Not Discontinued Operations, revenue			$ 7,700		$ 20,800

Changes in Carrying Value of Go

Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Feb. 28, 2015	May. 31, 2015
Goodwill [Roll Forward]
Balance as of August 31, 2014		$ 742,770
Purchase accounting adjustments		(3,244)
Goodwill Impairment charge	$ (77,992)	(78,530)
Impact of changes in foreign currency rates		(48,764)
Balance as of May 31, 2015		612,232
Industrial
Goodwill [Roll Forward]
Balance as of August 31, 2014		100,265
Purchase accounting adjustments		(3,244)
Goodwill Impairment charge		0
Impact of changes in foreign currency rates		(5,058)
Balance as of May 31, 2015		91,963
Energy
Goodwill [Roll Forward]
Balance as of August 31, 2014		350,628
Purchase accounting adjustments		0
Goodwill Impairment charge		(78,530)
Impact of changes in foreign currency rates		(31,382)
Balance as of May 31, 2015		240,715
Engineered Solutions
Goodwill [Roll Forward]
Balance as of August 31, 2014		291,877
Purchase accounting adjustments		0
Goodwill Impairment charge		0
Impact of changes in foreign currency rates		(12,324)
Balance as of May 31, 2015		$ 279,553

Gross Carrying Amount and Accum

Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	Aug. 31, 2014
Indefinite And Finite Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 159,772	$ 148,184
Other intangibles, gross	476,681	513,361
Other intangibles, net	316,909	365,177
Tradenames
Indefinite And Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 112,843	125,905
Customer relationships
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	15 years
Gross Carrying Value	$ 304,265	325,164
Accumulated Amortization	127,241	117,706
Net Book Value	$ 177,024	207,458
Patents
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	10 years
Gross Carrying Value	$ 30,879	31,678
Accumulated Amortization	19,229	17,494
Net Book Value	$ 11,650	14,184
Trademarks and tradenames
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	18 years
Gross Carrying Value	$ 21,850	23,241
Accumulated Amortization	6,797	6,201
Net Book Value	$ 15,053	17,040
Other intangibles
Indefinite And Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	3 years
Gross Carrying Value	$ 6,844	7,373
Accumulated Amortization	6,505	6,783
Net Book Value	$ 339	$ 590

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	May. 31, 2015	Feb. 28, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Aug. 31, 2014
Goodwill [Line Items]
Impairment charge	$ 0	$ 84,353	$ 0	$ 84,353	$ 0
Goodwill Impairment charge		77,992		78,530
Goodwill	612,232			612,232		$ 742,770
Future Amortization Expense, Remainder of 2015	5,900			5,900
Future Amortization Expense, 2016	23,600			23,600
Future Amortization Expense, 2017	22,700			22,700
Future Amortization Expense, 2018	22,300			22,300
Future Amortization Expense, 2019	22,100			22,100
Future Amortization Expense, 2020	21,500			21,500
Future Amortization Expense, Thereafter	86,000			86,000
Energy
Goodwill [Line Items]
Goodwill Impairment charge				78,530
Goodwill	$ 240,715			$ 240,715		$ 350,628
Tradenames
Goodwill [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)		$ 6,362

Rollforward of Accrued Product

Rollforward of Accrued Product Warranty Reserve (Details) - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 4,056	$ 7,413
Provision for warranties	4,198	2,923
Warranty reserve of acquired business	0	(50)
Warranty payments and costs incurred	(3,505)	(5,311)
Impact of changes in foreign currency rates	(589)	30
Ending balance	$ 4,160	$ 5,105

Long-Term Indebtedness (Details

Long-Term Indebtedness (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Debt Instrument [Line Items]
Total Senior Indebtedness	$ 600,000	$ 390,000
Less: current maturities of long-term debt	0	(4,500)
Total long-term debt, less current maturities	600,000	385,500
Line of Credit
Debt Instrument [Line Items]
Total Senior Indebtedness	300,000	90,000
Line of Credit | Senior Credit Facility - Revolver
Debt Instrument [Line Items]
Total Senior Indebtedness	0	0
Line of Credit | Senior Credit Facility - Term Loan
Debt Instrument [Line Items]
Total Senior Indebtedness	300,000	90,000
Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Total Senior Indebtedness	$ 300,000	$ 300,000

Debt - Additional Information (

Debt - Additional Information (Details)	Apr. 16, 2012USD ($)	Dec. 31, 2015USD ($)	May. 31, 2015USD ($)covenant	May. 31, 2015USD ($)covenant
Debt Instrument [Line Items]
Senior credit facility expansion option, available			$ 450,000,000	$ 450,000,000
Debt Instrument, actual interest rate			1.94%	1.94%
Libor Rate
Debt Instrument [Line Items]
Debt instrument, interest rate over variable rate			1.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				May 8, 2020
Maximum borrowing capacity			$ 600,000,000	$ 600,000,000
Senior Credit Facility - Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			300,000,000	300,000,000
Quarterly installments, payable on term loan			3,750,000
Line of Credit | Senior Credit Facility - Revolver
Debt Instrument [Line Items]
Unused credit line			590,800,000	590,800,000
Unused credit line Available for Borrowing, Amount			250,500,000	$ 250,500,000
Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Jun. 15, 2022
Debt Instrument, Face Amount	$ 300,000,000		$ 300,000,000	$ 300,000,000
Debt instrument, interest rate	5.625%		5.625%	5.625%
Debt Instrument, Call Date, Earliest				Jun. 19, 2015
Debt Instrument, Call Date, Latest				Jul. 20, 2015
Debt Instrument, Repurchase Amount			$ 165,000,000	$ 165,000,000
Debt Instrument, Fair Value, Current Price			102.80%	102.80%
Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.15%
Interest coverage ratio | covenant			3.50	3.50
Minimum | Libor Rate
Debt Instrument [Line Items]
Debt instrument, interest rate over variable rate			1.00%
Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate over variable rate			0.00%
Minimum | Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.35%
Leverage ratio | covenant			3.75	3.75
Maximum | Libor Rate
Debt Instrument [Line Items]
Debt instrument, interest rate over variable rate			2.25%
Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate over variable rate			1.25%
Maximum | Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.80%
Scenario, Forecast | Senior Credit Facility - Term Loan
Debt Instrument [Line Items]
Quarterly installments, payable on term loan		$ 7,500,000

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Level 1 Valuation:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 1,971	$ 1,207
Investments	1,669	2,118
Level 2 Valuation:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivatives	$ 202	$ (966)

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - Senior Notes - 5.625% Senior Notes - USD ($)	May. 31, 2015	Aug. 31, 2014	Apr. 16, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Face Amount	$ 300,000,000		$ 300,000,000
Debt instrument, interest rate	5.625%		5.625%
Fair value of long-term debt	$ 308,300,000	$ 315,800,000

Derivatives Narrative (Details)

Derivatives Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Aug. 31, 2014
Derivative [Line Items]
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives and Not Designated as Hedging Instruments at Fair Value	$ 2,310	$ (2,141)	$ 304	$ (13,452)
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 186,400		$ 186,400		$ 219,900

Capital Stock and Share Repur43

Capital Stock and Share Repurchase Share Repurchase (Details) - $ / shares	9 Months Ended	12 Months Ended			33 Months Ended
	May. 31, 2015	Aug. 31, 2014	Aug. 31, 2013	Aug. 31, 2012	May. 31, 2015
Equity [Abstract]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	8,594,683				8,594,683
Treasury Stock, Shares, Acquired	7,209,958	8,211,846	1,324,762	2,658,751	19,405,317
Treasury Stock Acquired, Average Cost Per Share	$ 28.35	$ 34.52	$ 31.55	$ 23.70	$ 30.54

Capital Stock (Details)

Capital Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Earnings Per Share [Abstract]
Earnings (loss) from continuing operations	$ 37,958	$ 50,557	$ (2,206)	$ 105,866
Weighted average common shares outstanding - basic	59,617	70,432	61,911	71,915
Net effect of dilutive securities—stock based compensation plans (1)	626	1,338	0	1,603
Weighted average common shares outstanding - diluted	60,243	71,770	61,911	73,518
Basic	$ 0.64	$ 0.72	$ (0.04)	$ 1.47
Diluted	$ 0.63	$ 0.70	$ (0.04)	$ 1.44
Anti-dilutive securities stock based compensation plans (excluded from earnings per share calculation)	2,256	463	4,662	558

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	May. 31, 2015	Feb. 28, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Aug. 31, 2014
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 34,971		$ 52,228	$ 4,579	$ 119,377
Income tax expense (benefit)	$ (2,987)		$ 1,671	$ 6,785	$ 13,511
Effective Tax Rate	(8.50%)		3.20%	148.20%	11.30%
Impairment charge	$ 0	$ 84,353	$ 0	$ 84,353	$ 0
Asset Impairment Charge Income Tax Benefit		$ 1,700
Tax Adjustments, Settlements, and Unusual Provisions	19,200
Unrecognized Tax Benefits	21,200			21,200		$ 32,300
Valuation Allowances and Reserves, Adjustments	5,200
Discrete item			10,500
Unrecognized Tax Benefits, Period Increase (Decrease)	5,000		$ 6,800
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 2,100			$ 2,100		$ 2,000

Summary of Financial Informatio

Summary of Financial Information by Reportable Segment and Product Line (Details) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015USD ($)	May. 31, 2014USD ($)	May. 31, 2015USD ($)Segment	May. 31, 2014USD ($)	Aug. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			3
Net sales	$ 320,100	$ 378,187	$ 948,870	$ 1,045,513
Operating profit (Loss)	43,002	58,780	24,773	141,408
Assets	1,661,018		1,661,018		$ 1,856,879
Industrial
Segment Reporting Information [Line Items]
Net sales	103,546	109,809	302,448	302,022
Operating profit (Loss)	29,165	34,123	79,386	87,496
Assets	289,849		289,849		307,058
Energy
Segment Reporting Information [Line Items]
Net sales	99,297	125,231	311,029	339,187
Operating profit (Loss)	12,774	19,936	(50,457)	38,363
Assets	619,514		619,514		788,915
Engineered Solutions
Segment Reporting Information [Line Items]
Net sales	117,257	143,147	335,393	404,304
Operating profit (Loss)	8,313	13,560	16,601	36,297
Assets	624,289		624,289		643,323
Vehicle Systems
Segment Reporting Information [Line Items]
Net sales	59,673	75,442	170,122	214,369
Other
Segment Reporting Information [Line Items]
Net sales	57,584	67,705	165,271	189,935
General Corporate
Segment Reporting Information [Line Items]
Operating profit (Loss)	(7,250)	$ (8,839)	(20,757)	$ (20,748)
Assets	$ 127,366		$ 127,366		$ 117,583

Contingencies and Litigation -

Contingencies and Litigation - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	May. 31, 2015	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	$ 16.4	$ 14
Litigation Settlement, Expense	3
Discounted present value of future minimum lease payments	18.5
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	$ 13.7

Guarantor Subsidiaries - Additi

Guarantor Subsidiaries - Additional Information (Details) - 5.625% Senior Notes - Senior Notes - USD ($)	May. 31, 2015	Apr. 16, 2012
Guarantor Obligations [Line Items]
Debt Instrument, Face Amount	$ 300,000,000	$ 300,000,000
Debt instrument, interest rate	5.625%	5.625%

Condensed Consolidating Stateme

Condensed Consolidating Statements of Earnings and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	May. 31, 2015	Feb. 28, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 320,100		$ 378,187	$ 948,870	$ 1,045,513
Cost of products sold	201,540		229,637	593,573	640,737
Gross profit	118,560		148,550	355,297	404,776
Selling, administrative and engineering expenses	69,569		83,498	227,809	244,655
Amortization of intangible assets	5,989		6,272	18,362	18,713
Impairment charge	0	$ 84,353	0	84,353	0
Operating profit	43,002		58,780	24,773	141,408
Financing costs, net	7,462		5,932	20,683	18,944
Intercompany expense (income), net	0		0	0	0
Intercompany dividend income				0
Other (income) expense, net	569		620	(489)	3,087
Earnings from continuing operations before income taxes	34,971		52,228	4,579	119,377
Income tax expense (benefit)	(2,987)		1,671	6,785	13,511
Net earnings before equity in earnings (loss) of subsidiaries	37,958		50,557	(2,206)	105,866
Equity in earnings (loss) of subsidiaries	0		0	0	0
Earnings (loss) from continuing operations	37,958		50,557	(2,206)	105,866
Earnings from discontinued operations, net of income taxes	0		0	0	22,120
Net earnings (loss)	37,958		50,557	(2,206)	127,986
Comprehensive (loss) income	27,259		50,729	(132,616)	149,558
Parent
Condensed Financial Statements, Captions [Line Items]
Net sales	40,011		54,219	119,612	142,905
Cost of products sold	11,749		14,841	33,792	38,905
Gross profit	28,262		39,378	85,820	104,000
Selling, administrative and engineering expenses	16,560		21,554	52,062	57,811
Amortization of intangible assets	318		318	954	954
Impairment charge				0
Operating profit	11,384		17,506	32,804	45,235
Financing costs, net	7,769		6,122	21,583	19,400
Intercompany expense (income), net	(3,559)		(5,620)	(14,389)	(22,770)
Intercompany dividend income				(212)
Other (income) expense, net	123		1,597	342	12,683
Earnings from continuing operations before income taxes	7,051		15,407	25,480	35,922
Income tax expense (benefit)	(11,957)		(9,755)	(8,133)	(3,862)
Net earnings before equity in earnings (loss) of subsidiaries	19,008		25,162	33,613	39,784
Equity in earnings (loss) of subsidiaries	18,950		25,395	(35,819)	109,714
Earnings (loss) from continuing operations					149,498
Earnings from discontinued operations, net of income taxes					(21,512)
Net earnings (loss)	37,958		50,557	(2,206)	127,986
Comprehensive (loss) income	27,259		50,729	(132,616)	149,558
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net sales	58,896		84,870	207,162	239,709
Cost of products sold	40,360		58,152	145,800	165,416
Gross profit	18,536		26,718	61,362	74,293
Selling, administrative and engineering expenses	11,228		16,128	45,062	45,833
Amortization of intangible assets	2,394		2,575	7,964	7,726
Impairment charge				20,249
Operating profit	4,914		8,015	(11,913)	20,734
Financing costs, net	0		0	0	3
Intercompany expense (income), net	(1,187)		560	896	5,555
Intercompany dividend income				(243)
Other (income) expense, net	27		23	(133)	(395)
Earnings from continuing operations before income taxes	6,074		7,432	(12,433)	15,571
Income tax expense (benefit)	914		2,306	1,413	4,580
Net earnings before equity in earnings (loss) of subsidiaries	5,160		5,126	(13,846)	10,991
Equity in earnings (loss) of subsidiaries	12,757		20,151	(1,673)	9,488
Earnings (loss) from continuing operations					20,479
Earnings from discontinued operations, net of income taxes					56,494
Net earnings (loss)	17,917		25,277	(15,519)	76,973
Comprehensive (loss) income	13,244		25,621	(58,603)	99,361
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net sales	221,193		239,098	622,096	662,899
Cost of products sold	149,431		156,644	413,981	436,416
Gross profit	71,762		82,454	208,115	226,483
Selling, administrative and engineering expenses	41,781		45,816	130,685	141,011
Amortization of intangible assets	3,277		3,379	9,444	10,033
Impairment charge				64,104
Operating profit	26,704		33,259	3,882	75,439
Financing costs, net	(307)		(190)	(900)	(459)
Intercompany expense (income), net	4,746		5,060	13,493	17,215
Intercompany dividend income				(31)
Other (income) expense, net	419		(1,000)	(698)	(9,201)
Earnings from continuing operations before income taxes	21,846		29,389	(7,982)	67,884
Income tax expense (benefit)	8,056		9,120	13,589	12,793
Net earnings before equity in earnings (loss) of subsidiaries	13,790		20,269	(21,571)	55,091
Equity in earnings (loss) of subsidiaries	(340)		683	177	4,750
Earnings (loss) from continuing operations					59,841
Earnings from discontinued operations, net of income taxes					(12,862)
Net earnings (loss)	13,450		20,952	(21,394)	46,979
Comprehensive (loss) income	7,930		20,970	(80,728)	42,837
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net sales	0		0	0	0
Cost of products sold	0		0	0	0
Gross profit	0		0	0	0
Selling, administrative and engineering expenses	0		0	0	0
Amortization of intangible assets	0		0	0	0
Impairment charge				0
Operating profit	0		0	0	0
Financing costs, net	0		0	0	0
Intercompany expense (income), net	0		0	0	0
Intercompany dividend income				486
Other (income) expense, net	0		0	0	0
Earnings from continuing operations before income taxes	0		0	(486)	0
Income tax expense (benefit)	0		0	(84)	0
Net earnings before equity in earnings (loss) of subsidiaries	0		0	(402)	0
Equity in earnings (loss) of subsidiaries	(31,367)		(46,229)	37,315	(123,952)
Earnings (loss) from continuing operations					(123,952)
Earnings from discontinued operations, net of income taxes					0
Net earnings (loss)	(31,367)		(46,229)	36,913	(123,952)
Comprehensive (loss) income	$ (21,174)		$ (46,591)	$ 139,331	$ (142,198)

Condensed Consolidating Balance

Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014	Aug. 31, 2013
Current assets
Cash and cash equivalents	$ 108,125	$ 109,012	$ 129,625	$ 103,986
Accounts receivable, net	219,408	227,008
Inventories, net	155,196	162,620
Deferred income taxes	10,548	11,050
Other current assets	64,672	33,300
Total current assets	557,949	542,990
Property, plant and equipment, net	148,445	169,101
Goodwill	612,232	742,770
Other intangibles, net	316,909	365,177
Investment in subsidiaries	0	0
Intercompany receivable	0	0
Other long-term assets	25,483	36,841
Total assets	1,661,018	1,856,879
Current liabilities
Trade accounts payable	129,689	145,798
Accrued compensation and benefits	42,433	52,964
Current maturities of debt		4,500
Income taxes payable	3,430	38,347
Other current liabilities	57,281	57,512
Total current liabilities	232,833	299,121
Long-term debt, less current maturities	600,000	385,500
Deferred income taxes	87,067	96,970
Pension and postretirement benefit liabilities	12,971	15,699
Other long-term liabilities	54,842	57,878
Intercompany payable	0	0
Shareholders’ equity	673,305	1,001,711
Total liabilities and shareholders’ equity	1,661,018	1,856,879
Parent
Current assets
Cash and cash equivalents	9,821	27,931	42,912	16,122
Accounts receivable, net	15,863	22,811
Inventories, net	25,373	31,024
Deferred income taxes	7,559	7,503
Other current assets	37,391	3,871
Total current assets	96,007	93,140
Property, plant and equipment, net	6,851	9,096
Goodwill	38,847	44,700
Other intangibles, net	11,020	11,974
Investment in subsidiaries	2,056,121	2,286,068
Intercompany receivable	0	0
Other long-term assets	19,620	23,432
Total assets	2,228,466	2,468,410
Current liabilities
Trade accounts payable	15,440	20,014
Accrued compensation and benefits	13,269	15,135
Current maturities of debt		4,500
Income taxes payable	(273)	31,582
Other current liabilities	19,886	19,081
Total current liabilities	48,322	90,312
Long-term debt, less current maturities	600,000	385,500
Deferred income taxes	48,635	47,543
Pension and postretirement benefit liabilities	6,919	8,668
Other long-term liabilities	44,927	42,647
Intercompany payable	806,358	892,029
Shareholders’ equity	673,305	1,001,711
Total liabilities and shareholders’ equity	2,228,466	2,468,410
Guarantors
Current assets
Cash and cash equivalents	964	3,325	3,391	0
Accounts receivable, net	31,347	38,511
Inventories, net	34,098	38,860
Deferred income taxes	0	0
Other current assets	1,681	1,057
Total current assets	68,090	81,753
Property, plant and equipment, net	20,902	22,879
Goodwill	175,045	280,693
Other intangibles, net	102,705	140,400
Investment in subsidiaries	1,076,426	806,414
Intercompany receivable	601,999	678,073
Other long-term assets	0	0
Total assets	2,045,167	2,010,212
Current liabilities
Trade accounts payable	20,953	25,673
Accrued compensation and benefits	2,426	3,293
Current maturities of debt		0
Income taxes payable	(550)	0
Other current liabilities	3,180	3,989
Total current liabilities	26,009	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	2,090	4,138
Intercompany payable	0	0
Shareholders’ equity	2,017,068	1,973,119
Total liabilities and shareholders’ equity	2,045,167	2,010,212
Non-Guarantors
Current assets
Cash and cash equivalents	97,340	77,756	83,322	87,864
Accounts receivable, net	172,198	165,686
Inventories, net	95,725	92,736
Deferred income taxes	2,989	3,547
Other current assets	25,600	28,372
Total current assets	393,852	368,097
Property, plant and equipment, net	120,692	137,126
Goodwill	398,340	417,377
Other intangibles, net	203,184	212,803
Investment in subsidiaries	31,019	237,207
Intercompany receivable	584,965	622,818
Other long-term assets	5,863	13,409
Total assets	1,737,915	2,008,837
Current liabilities
Trade accounts payable	93,296	100,111
Accrued compensation and benefits	26,738	34,536
Current maturities of debt		0
Income taxes payable	4,253	6,765
Other current liabilities	34,215	34,442
Total current liabilities	158,502	175,854
Long-term debt, less current maturities	0	0
Deferred income taxes	38,432	49,427
Pension and postretirement benefit liabilities	6,052	7,031
Other long-term liabilities	7,825	11,093
Intercompany payable	380,606	408,861
Shareholders’ equity	1,146,498	1,356,571
Total liabilities and shareholders’ equity	1,737,915	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	(3,163,566)	(3,329,689)
Intercompany receivable	(1,186,964)	(1,300,891)
Other long-term assets	0	0
Total assets	(4,350,530)	(4,630,580)
Current liabilities
Trade accounts payable	0	0
Accrued compensation and benefits	0	0
Current maturities of debt		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	(1,186,964)	(1,300,890)
Shareholders’ equity	(3,163,566)	(3,329,690)
Total liabilities and shareholders’ equity	$ (4,350,530)	$ (4,630,580)

Condensed Consolidating State51

Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
Operating Activities
Cash provided by (used in) operating activities	$ 41,280	$ 73,186
Investing Activities
Capital expenditures	(17,234)	(33,839)
Proceeds from sale of property, plant and equipment	886	44,036
Proceeds from sale of businesses, net of transaction costs		252,773
Business acquisition, net of cash acquired	0	(30,500)
Intercompany investment	0	0
Cash (used in) provided by investing activities	(16,348)	232,470
Financing Activities
Debt issuance cost	(1,875)	0
Purchase of treasury shares	(204,627)	(183,152)
Intercompany Loan Activity	0	0
Intercompany Capital Contribution	0	0
Stock option exercises, related tax benefits and other	5,046	29,849
Payment of contingent acquisition consideration	0	(1,585)
Cash dividend	(2,598)	(2,919)
Cash provided by (used in) financing activities	5,946	(282,807)
Effect of exchange rate changes on cash	(31,765)	2,790
Net (decrease) increase in cash and cash equivalents	(887)	25,639
Cash and cash equivalents – beginning of period	109,012	103,986
Cash and cash equivalents – end of period	108,125	129,625
Line of Credit | Senior Credit Facility - Revolver
Financing Activities
Net repayments	0	(125,000)
Line of Credit | Senior Credit Facility - Term Loan
Financing Activities
Proceeds from term loan	213,375	0
Net repayments	(3,375)	0
Parent
Operating Activities
Cash provided by (used in) operating activities	36,510	33,121
Investing Activities
Capital expenditures	(880)	(3,823)
Proceeds from sale of property, plant and equipment	0	52
Proceeds from sale of businesses, net of transaction costs		(4,586)
Business acquisition, net of cash acquired		(30,500)
Intercompany investment	(1,117)	0
Cash (used in) provided by investing activities	(1,997)	(38,857)
Financing Activities
Debt issuance cost	(1,875)
Purchase of treasury shares	(204,627)	(183,152)
Intercompany Loan Activity	58,569	(313,748)
Intercompany Capital Contribution	0	0
Stock option exercises, related tax benefits and other	5,046	29,849
Payment of contingent acquisition consideration		0
Cash dividend	(2,598)	(2,919)
Cash provided by (used in) financing activities	(52,623)	32,526
Effect of exchange rate changes on cash	0	0
Net (decrease) increase in cash and cash equivalents	(18,110)	26,790
Cash and cash equivalents – beginning of period	27,931	16,122
Cash and cash equivalents – end of period	9,821	42,912
Parent | Line of Credit | Senior Credit Facility - Revolver
Financing Activities
Net repayments		(125,000)
Parent | Line of Credit | Senior Credit Facility - Term Loan
Financing Activities
Proceeds from term loan	213,375
Net repayments	(3,375)
Guarantors
Operating Activities
Cash provided by (used in) operating activities	(39,865)	10,376
Investing Activities
Capital expenditures	(3,495)	(3,558)
Proceeds from sale of property, plant and equipment	203	484
Proceeds from sale of businesses, net of transaction costs		214,268
Business acquisition, net of cash acquired		0
Intercompany investment	0	(99,963)
Cash (used in) provided by investing activities	(3,292)	111,231
Financing Activities
Debt issuance cost	0
Purchase of treasury shares	0	0
Intercompany Loan Activity	(40,796)	118,216
Intercompany Capital Contribution	0	0
Stock option exercises, related tax benefits and other	0	0
Payment of contingent acquisition consideration		0
Cash dividend	0	0
Cash provided by (used in) financing activities	40,796	(118,216)
Effect of exchange rate changes on cash	0	0
Net (decrease) increase in cash and cash equivalents	(2,361)	3,391
Cash and cash equivalents – beginning of period	3,325	0
Cash and cash equivalents – end of period	964	3,391
Guarantors | Line of Credit | Senior Credit Facility - Revolver
Financing Activities
Net repayments		0
Guarantors | Line of Credit | Senior Credit Facility - Term Loan
Financing Activities
Proceeds from term loan	0
Net repayments	0
Non-Guarantors
Operating Activities
Cash provided by (used in) operating activities	44,635	44,405
Investing Activities
Capital expenditures	(12,859)	(26,458)
Proceeds from sale of property, plant and equipment	683	43,500
Proceeds from sale of businesses, net of transaction costs		43,091
Business acquisition, net of cash acquired		0
Intercompany investment	0	0
Cash (used in) provided by investing activities	(12,176)	60,133
Financing Activities
Debt issuance cost	0
Purchase of treasury shares	0	0
Intercompany Loan Activity	(17,773)	195,532
Intercompany Capital Contribution	1,117	99,963
Stock option exercises, related tax benefits and other	0	0
Payment of contingent acquisition consideration		(1,585)
Cash dividend	0	(14,716)
Cash provided by (used in) financing activities	18,890	(111,870)
Effect of exchange rate changes on cash	(31,765)	2,790
Net (decrease) increase in cash and cash equivalents	19,584	(4,542)
Cash and cash equivalents – beginning of period	77,756	87,864
Cash and cash equivalents – end of period	97,340	83,322
Non-Guarantors | Line of Credit | Senior Credit Facility - Revolver
Financing Activities
Net repayments		0
Non-Guarantors | Line of Credit | Senior Credit Facility - Term Loan
Financing Activities
Proceeds from term loan	0
Net repayments	0
Eliminations
Operating Activities
Cash provided by (used in) operating activities	0	(14,716)
Investing Activities
Capital expenditures	0	0
Proceeds from sale of property, plant and equipment	0	0
Proceeds from sale of businesses, net of transaction costs		0
Business acquisition, net of cash acquired		0
Intercompany investment	1,117	99,963
Cash (used in) provided by investing activities	1,117	99,963
Financing Activities
Debt issuance cost	0
Purchase of treasury shares	0	0
Intercompany Loan Activity	0	0
Intercompany Capital Contribution	(1,117)	(99,963)
Stock option exercises, related tax benefits and other	0	0
Payment of contingent acquisition consideration		0
Cash dividend	0	14,716
Cash provided by (used in) financing activities	(1,117)	(85,247)
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
Eliminations | Line of Credit | Senior Credit Facility - Revolver
Financing Activities
Net repayments		$ 0
Eliminations | Line of Credit | Senior Credit Facility - Term Loan
Financing Activities
Proceeds from term loan	0
Net repayments	$ 0