Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 | Sep. 30, 2013 | Feb. 28, 2013 |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Aug-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ATU | ||
Entity Registrant Name | ACTUANT CORP | ||
Entity Central Index Key | 6955 | ||
Current Fiscal Year End Date | -23 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 73,042,303 | ||
Entity Public Float | $2,186 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Statement [Abstract] | |||||||||||
Net sales | $327,260 | $344,205 | $300,468 | $307,809 | $322,368 | $343,268 | $300,919 | $309,966 | $1,279,742 | $1,276,521 | $1,159,310 |
Cost of products sold | 772,792 | 765,061 | 694,508 | ||||||||
Gross profit | 129,500 | 136,904 | 116,178 | 124,368 | 129,608 | 138,754 | 116,083 | 127,015 | 506,950 | 511,460 | 464,802 |
Selling, administrative and engineering expenses | 293,866 | 284,920 | 270,392 | ||||||||
Amortization of intangible assets | 22,939 | 22,026 | 21,523 | ||||||||
Operating profit | 190,145 | 204,514 | 172,887 | ||||||||
Financing costs, net | 24,837 | 29,561 | 32,119 | ||||||||
Debt refinancing costs | 0 | 16,830 | 0 | ||||||||
Other expense, net | 2,359 | 3,493 | 2,747 | ||||||||
Earnings from continuing operations before income tax | 162,949 | 154,630 | 138,021 | ||||||||
Income tax expense | 15,372 | 29,354 | 27,833 | ||||||||
Earnings from continuing operations | 45,115 | 46,077 | 25,834 | 30,551 | 35,916 | 27,737 | 27,653 | 33,970 | 147,577 | 125,276 | 110,188 |
Earnings (loss) from discontinued operations, net of income taxes | 13,138 | -139,060 | 2,601 | 5,792 | -52,376 | 6,664 | 4,522 | 3,204 | -117,529 | -37,986 | 1,371 |
Net earnings | $58,253 | ($92,983) | $28,435 | $36,343 | ($16,460) | $34,401 | $32,175 | $37,174 | $30,048 | $87,290 | $111,559 |
Earnings from continuing operations per share: | |||||||||||
Basic (in dollars per share) | $0.62 | $0.63 | $0.35 | $0.42 | $0.49 | $0.39 | $0.41 | $0.50 | $2.02 | $1.79 | $1.61 |
Diluted (in dollars per share) | $0.60 | $0.62 | $0.35 | $0.41 | $0.48 | $0.36 | $0.37 | $0.46 | $1.98 | $1.68 | $1.49 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $0.80 | ($1.27) | $0.39 | $0.50 | ($0.23) | $0.48 | $0.47 | $0.54 | $0.41 | $1.25 | $1.63 |
Diluted (in dollars per share) | $0.78 | ($1.24) | $0.38 | $0.49 | ($0.22) | $0.45 | $0.43 | $0.50 | $0.40 | $1.17 | $1.50 |
Weighted average common shares outstanding: | |||||||||||
Basic (in shares) | 72,979 | 70,099 | 68,254 | ||||||||
Diluted (in shares) | 74,580 | 74,940 | 75,305 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | |||
Net earnings | $30,048 | $87,290 | $111,559 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | -2,918 | -48,571 | 46,307 |
Pension and other postretirement benefit plans | |||
Funded status adjustment | 3,442 | -6,358 | 2,766 |
Reclassification adjustment for losses included in net earnings | 125 | 0 | 2,988 |
Amortization of actuarial losses included in net periodic pension cost | 360 | 183 | 187 |
Total Pension and other postretirement benefit plans | 3,927 | -6,175 | 5,941 |
Cash flow hedges | |||
Unrealized net loss arising during period | -140 | -80 | -2,822 |
Reclassification adjustment for loss (gain) included in net earnings | -57 | 3,033 | 0 |
Total Cash flow hedges | -197 | 2,953 | -2,822 |
Total other comprehensive income (loss), net of tax | 812 | -51,793 | 49,426 |
Total comprehensive income | $30,860 | $35,497 | $160,985 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $103,986 | $68,184 |
Accounts receivable, net | 219,075 | 234,756 |
Inventories, net | 142,549 | 211,690 |
Deferred income taxes | 18,796 | 22,583 |
Prepaid expenses and other current assets | 28,228 | 24,068 |
Assets of discontinued operations | 272,606 | 0 |
Total current assets | 785,240 | 561,281 |
Property, plant and equipment | ||
Land, buildings, and improvements | 52,669 | 49,866 |
Machinery and equipment | 305,200 | 242,718 |
Gross property, plant and equipment | 357,869 | 292,584 |
Less: Accumulated depreciation | -156,373 | -176,700 |
Property, plant and equipment, net | 201,496 | 115,884 |
Goodwill | 734,952 | 866,412 |
Other intangibles, net | 376,692 | 445,884 |
Other long-term assets | 20,952 | 17,658 |
Total assets | 2,119,332 | 2,007,119 |
Current liabilities | ||
Trade accounts payable | 154,049 | 174,746 |
Accrued compensation and benefits | 43,800 | 58,817 |
Current maturities of debt | 0 | 7,500 |
Income taxes payable | 14,014 | 5,778 |
Other current liabilities | 56,899 | 72,165 |
Liabilities of discontinued operations | 53,080 | 0 |
Total current liabilities | 321,842 | 319,006 |
Long-term debt | 515,000 | 390,000 |
Deferred income taxes | 115,865 | 132,653 |
Pension and postretirement benefit liabilities | 20,698 | 26,442 |
Other long-term liabilities | 65,660 | 87,182 |
Shareholders’ equity | ||
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 77,001,144 and 75,519,079 shares, respectively | 15,399 | 15,102 |
Additional paid-in capital | 49,758 | 7,725 |
Treasury stock, at cost, 3,983,513 shares and 2,658,751 shares, respectively | -104,915 | -63,083 |
Retained earnings | 1,188,685 | 1,161,564 |
Accumulated other comprehensive loss | -68,660 | -69,472 |
Stock held in trust | -3,124 | -2,689 |
Deferred compensation liability | 3,124 | 2,689 |
Total shareholders’ equity | 1,080,267 | 1,051,836 |
Total liabilities and shareholders’ equity | $2,119,332 | $2,007,119 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Treasury stock, shares | 3,983,513 | 2,658,751 |
Common Class A | ||
Common stock, par value | 0.2 | 0.2 |
Common stock, shares authorized | 168,000,000 | 168,000,000 |
Common stock, shares issued | 77,001,144 | 75,519,079 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Operating activities | |||
Net earnings | $30,048 | $87,290 | $111,559 |
Non-cash items: | |||
Depreciation and amortization | 53,902 | 54,263 | 52,996 |
Net loss on disposal of business | 0 | 0 | 11,695 |
Stock-based compensation expense | 13,440 | 13,346 | 10,758 |
Provision (benefit) for deferred income taxes | -44,265 | -10,524 | 6,480 |
Amortization of debt discount and debt issuance costs | 1,940 | 1,990 | 2,904 |
Impairment charges | 158,817 | 62,464 | 0 |
Non-cash debt refinancing costs | 0 | 2,254 | 0 |
Other non-cash adjustments | 328 | 0 | -46 |
Changes in components of working capital and other: | |||
Accounts receivable | -10,925 | -12,310 | -2,564 |
Inventories | 13,714 | 11,532 | -29,909 |
Prepaid expenses and other assets | -4,603 | -2,164 | 5,876 |
Trade accounts payable | -9,279 | 5,902 | 7,158 |
Income taxes payable | 594 | -17,903 | 4,155 |
Accrued compensation and benefits | -14,256 | -6,292 | 12,178 |
Other accrued liabilities | 4,334 | -7,519 | -21,674 |
Cash provided by operating activities | 193,789 | 182,329 | 171,566 |
Investing activities | |||
Proceeds from sale of property, plant and equipment | 1,621 | 8,501 | 1,779 |
Proceeds from sale of business | 4,854 | 0 | 3,463 |
Capital expenditures | -23,668 | -22,740 | -23,096 |
Business acquisitions, net of cash acquired | -235,489 | -69,309 | -313,106 |
Cash used in investing activities | -252,682 | -83,548 | -330,960 |
Financing activities | |||
Net borrowings (repayments) on revolver | 125,000 | -58,167 | 58,204 |
Principal repayments on term loans | -7,500 | -2,500 | 0 |
Proceeds from issuance of term loans | 0 | 0 | 100,000 |
Repurchases of 2% Convertible Notes | 0 | -102 | -34 |
Proceeds from issuance of 5.625% Senior Notes | 0 | 300,000 | 0 |
Redemption of 6.875% Senior Notes | 0 | -250,000 | 0 |
Payment of deferred acquisition consideration | -5,378 | -958 | -350 |
Debt issuance costs | -2,035 | -5,490 | -5,197 |
Purchase of treasury shares | -41,832 | -63,083 | 0 |
Stock option exercises, related tax benefits and other | 33,261 | 10,913 | 8,235 |
Cash dividend | -2,911 | -2,748 | -2,716 |
Cash provided by (used in) financing activities | 98,605 | -72,135 | 158,142 |
Effect of exchange rate changes on cash | -3,910 | -2,683 | 5,251 |
Net increase in cash and cash equivalents | 35,802 | 23,963 | 3,999 |
Cash and cash equivalents—beginning of year | 68,184 | 44,221 | 40,222 |
Cash and cash equivalents—end of year | $103,986 | $68,184 | $44,221 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2003 | Aug. 31, 2013 | Aug. 31, 2012 | Apr. 16, 2012 | Aug. 31, 2012 | Apr. 16, 2012 |
Convertible Notes | Convertible Notes | Convertible Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | |
2% Converitble Notes | 2% Converitble Notes | 2% Converitble Notes | 5.625% Senior Notes | 5.625% Senior Notes | 5.625% Senior Notes | 6.875% Senior Notes | 6.875% Senior Notes | |
Debt instrument, interest rate | 2.00% | 2.00% | 2.00% | 5.63% | 5.63% | 5.63% | 6.88% | 6.88% |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Stock Held in Trust | Deferred Compensation Liability |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning Balance at Aug. 31, 2010 | $739,721 | $13,610 | ($175,157) | $0 | $968,373 | ($67,105) | ($1,934) | $1,934 |
Shares, Issued at Aug. 31, 2010 | 68,056,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 111,559 | 111,559 | ||||||
Other comprehensive income, net of tax | 49,426 | 49,426 | ||||||
Company stock contribution to employee benefit plans and other (in shares) | 138,000 | |||||||
Company stock contribution to employee benefit plans and other | 3,079 | 29 | 3,050 | |||||
Restricted stock awards (in shares) | -31,000 | |||||||
Restricted stock awards | 0 | -7 | 7 | |||||
Cash dividend ($0.04 per share) | -2,740 | -2,740 | ||||||
Stock based compensation expense | 11,036 | 11,036 | ||||||
Stock option exercises (in shares) | 484,000 | |||||||
Stock option exercises | 4,324 | 97 | 4,227 | |||||
Excess tax benefit on stock option exercises | 2,364 | 2,364 | ||||||
Stock issued to, acquired for and distributed from rabbi trust, in shares | 10,000 | |||||||
Stock issued to, acquired for and distributed from rabbi trust | 244 | 2 | 242 | -203 | 203 | |||
Ending Balance at Aug. 31, 2011 | 919,013 | 13,731 | -154,231 | 0 | 1,077,192 | -17,679 | -2,137 | 2,137 |
Shares, Issued at Aug. 31, 2011 | 68,657,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 87,290 | 87,290 | ||||||
Other comprehensive income, net of tax | -51,793 | -51,793 | ||||||
Company stock contribution to employee benefit plans and other (in shares) | 277,000 | |||||||
Company stock contribution to employee benefit plans and other | 5,585 | 55 | 5,530 | |||||
Conversion of 2% Convertible Notes (in shares) | 5,962,000 | |||||||
Conversion of 2% Convertible Notes | 134,949 | 1,192 | 133,757 | |||||
Restricted stock awards (in shares) | 17,000 | |||||||
Restricted stock awards | 0 | 3 | -3 | |||||
Cash dividend ($0.04 per share) | -2,918 | -2,918 | ||||||
Treasury stock | -63,083 | -63,083 | ||||||
Stock based compensation expense | 13,346 | 13,346 | ||||||
Stock option exercises (in shares) | 580,000 | |||||||
Stock option exercises | 6,550 | 116 | 6,434 | |||||
Excess tax benefit on stock option exercises | 2,349 | 2,349 | ||||||
Stock issued to, acquired for and distributed from rabbi trust, in shares | 26,000 | |||||||
Stock issued to, acquired for and distributed from rabbi trust | 548 | 5 | 543 | -552 | 552 | |||
Ending Balance at Aug. 31, 2012 | 1,051,836 | 15,102 | 7,725 | -63,083 | 1,161,564 | -69,472 | -2,689 | 2,689 |
Shares, Issued at Aug. 31, 2012 | 75,519,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 30,048 | 30,048 | ||||||
Other comprehensive income, net of tax | 812 | 812 | ||||||
Company stock contribution to employee benefit plans and other (in shares) | 21,000 | |||||||
Company stock contribution to employee benefit plans and other | 597 | 5 | 592 | |||||
Restricted stock awards (in shares) | 169,000 | |||||||
Restricted stock awards | 0 | 34 | -34 | |||||
Cash dividend ($0.04 per share) | -2,927 | -2,927 | ||||||
Treasury stock | -41,832 | -41,832 | ||||||
Stock based compensation expense | 13,440 | 13,440 | ||||||
Stock option exercises (in shares) | 1,278,626 | 1,276,000 | ||||||
Stock option exercises | 24,840 | 255 | 24,585 | |||||
Excess tax benefit on stock option exercises | 2,954 | 2,954 | ||||||
Stock issued to, acquired for and distributed from rabbi trust, in shares | 16,000 | |||||||
Stock issued to, acquired for and distributed from rabbi trust | 499 | 3 | 496 | -435 | 435 | |||
Ending Balance at Aug. 31, 2013 | $1,080,267 | $15,399 | $49,758 | ($104,915) | $1,188,685 | ($68,660) | ($3,124) | $3,124 |
Shares, Issued at Aug. 31, 2013 | 77,001,000 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Cash dividend, per share | $0.04 | $0.04 | $0.04 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||
Nature of Operations: Actuant Corporation (“Actuant” or the “Company”) is a global manufacturer of a broad range of industrial products and systems, organized into three reportable segments. The Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Energy segment provides joint integrity products and services, customized offshore vessel mooring solutions, as well as rope and cable solutions to the global oil & gas, power generation and other 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. | |||||||||||
Consolidation and Presentation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Actuant consolidates companies in which it owns or controls more than fifty percent of the voting shares. The results of companies acquired or disposed of during the fiscal year are included in the consolidated financial statements from the effective date of acquisition or until the date of divestiture. All intercompany balances, transactions and profits have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. | |||||||||||
Cash Equivalents: The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. | |||||||||||
Inventories: Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Inventory cost is determined using the last-in, first-out (“LIFO”) method for a portion of the U.S. owned inventory (approximately 21% and 19% of total inventories in 2013 and 2012, respectively). The first-in, first-out or average cost methods are used for all other inventories. If the LIFO method were not used, inventory balances would be higher than the amounts in the consolidated balance sheets by approximately $5.8 million and $6.6 million at August 31, 2013 and 2012, respectively. | |||||||||||
The nature of the Company’s products is such that they generally have a very short production cycle. Consequently, the amount of work-in-process at any point in time is minimal. In addition, many parts or components are ultimately either sold individually or assembled with other parts making a distinction between raw materials and finished goods impractical to determine. Other locations maintain and manage their inventories using a job cost system where the distinction of categories of inventory by state of completion is also not available. As a result of these factors, it is neither practical nor cost effective to segregate the amounts of raw materials, work-in-process or finished goods inventories at the respective balance sheet dates, as segregation would only be possible as the result of physical inventories which are taken at dates different from the balance sheet dates. | |||||||||||
Property, Plant and Equipment: Property, plant and equipment are stated at cost. Plant and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets, ranging from ten to forty years for buildings and improvements and two to fifteen years for machinery and equipment. Leasehold improvements are amortized over the life of the related asset or the term of the lease, whichever is shorter. | |||||||||||
Impairment of Long-Lived and Other Intangible Assets: The Company evaluates whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived and finite-lived intangible assets may warrant revision or that the remaining balance of the asset may not be recoverable. The measurement of possible impairment is generally estimated by the ability to recover the balance of assets from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the fair value of the asset. See Note 3, “Discontinued Operations” for details on long-lived asset impairment charges recognized in fiscal 2012 and 2013. | |||||||||||
Product Warranty Costs: The Company generally offers its customers a warranty on products sold, although warranty periods may vary by product type and application. During fiscal 2012 the warranty reserve was reduced by $7.7 million, the result of a purchase accounting adjustment to Mastervolt's initial estimated warranty reserve. The reserve for future warranty claims is based on historical claim rates and current warranty cost experience. The following is a reconciliation of the changes in product warranty reserves for fiscal years 2013 and 2012 (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Beginning balance | $ | 12,869 | $ | 23,707 | |||||||
Warranty reserves of acquired businesses | 981 | 338 | |||||||||
Purchase accounting adjustments | — | (7,726 | ) | ||||||||
Provision for warranties | 7,907 | 9,219 | |||||||||
Warranty payments and costs incurred | (11,616 | ) | (10,893 | ) | |||||||
Discontinued operations reclassification | (3,107 | ) | — | ||||||||
Impact of changes in foreign currency rates | 379 | (1,776 | ) | ||||||||
Ending balance | $ | 7,413 | $ | 12,869 | |||||||
Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectibility of the sales price is reasonably assured. For product sales, delivery does not occur until the passage of title and risk of loss have transferred to the customer (generally when products are shipped). Revenue from services is recognized when the services are provided or ratably over the contract term. Customer sales are recorded net of allowances for returns and discounts, which are recognized as a deduction from sales at the time of sale. The Company commits to one-time or on-going trade discounts and promotions with customers that require the Company to estimate and accrue the ultimate costs of such programs. The Company maintains an accrual at the end of each period for the earned, but unpaid costs related to the programs. The Company generally does not require collateral or other security for receivables and provides for an allowance for doubtful accounts based on historical experience and a review of its existing receivables. Accounts Receivable are stated net of an allowance for doubtful accounts of $3.7 million and $4.4 million at August 31, 2013 and 2012, respectively. | |||||||||||
Shipping and Handling Costs: The Company records costs associated with shipping its products in cost of products sold. | |||||||||||
Research and Development Costs: Research and development costs consist primarily of an allocation of overall engineering and development resources and are expensed as incurred. Such costs incurred in the development of new products or significant improvements to existing products were $21.0 million, $17.1 million and $12.5 million in fiscal 2013, 2012 and 2011, respectively. The Company also incurs significant costs in connection with fulfilling custom orders and developing unique solutions for unique customer needs which are not included in these research and development expense totals. | |||||||||||
Other Income/Expense: Other income and expense primarily consists of foreign exchange transaction losses of $2.7 million, $3.9 million and $3.3 million in fiscal 2013, 2012 and 2011, respectively. | |||||||||||
Financing Costs: Financing costs represent interest expense, financing fees and amortization of debt issuance costs, net of interest income. | |||||||||||
Income Taxes: The provision for income taxes includes federal, state, local and non-U.S. taxes on income. Tax credits, primarily for non-U.S. earnings, are recognized as a reduction of the provision for income taxes in the year in which they are available for U.S. tax purposes. Deferred taxes are provided on temporary differences between assets and liabilities for financial and tax reporting purposes as measured by enacted tax rates expected to apply when temporary differences are settled or realized. Future tax benefits are recognized to the extent that realization of those benefits is considered to be more likely than not. A valuation allowance is established for deferred tax assets for which realization is not more likely than not of being realized. The Company has not provided for any residual U.S. income taxes on unremitted earnings of non-U.S. subsidiaries as such earnings are intended to be indefinitely reinvested. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||
Foreign Currency Translation: The financial statements of the Company’s foreign operations are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and an appropriate weighted average exchange rate for each applicable period for revenues and expenses. Translation adjustments are reflected in the consolidated balance sheets and consolidated statements of shareholders' equity caption “Accumulated Other Comprehensive Loss.” | |||||||||||
Prior Period Correction: The Company recorded a $10.6 million adjustment in the fourth quarter of fiscal 2013 to properly state deferred income tax balances associated with its equity compensation programs. This adjustment, which resulted in a reduction to both long-term deferred income tax liabilities and income tax expense, was the result of the accumulation of immaterial errors over multiple prior periods. The correction is not material to current or previously issued financial statements. | |||||||||||
Use of Estimates: The Company has recorded reserves or allowances for customer rebates, returns and discounts, doubtful accounts, inventory, incurred but not reported medical claims, environmental matters, warranty claims, workers compensation claims, product and non-product litigation and incentive compensation. These reserves require the use of estimates and judgment. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The Company believes that such estimates are made with consistent and appropriate assumptions. Actual results may differ from these estimates under different assumptions or conditions. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Business Combinations [Abstract] | |||||||||||||||
Acquisitions | Acquisitions | ||||||||||||||
The Company completed several business acquisitions during the last three years. All of the acquisitions resulted in the recognition of goodwill in the Company’s consolidated financial statements because the purchase prices reflect the future earnings and cash flow potential of these companies, as well as the complementary strategic fit and resulting synergies these businesses bring to existing operations. The Company incurred acquisition transaction costs of $3.7 million, $1.4 million and $1.9 million in fiscal 2013, 2012 and 2011, respectively, related to various business acquisition activities. | |||||||||||||||
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. The Company obtains this information during due diligence and through other sources. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), through asset appraisals and learning more about the newly acquired business, the Company will refine its estimates of fair value and adjust the purchase price allocation. During fiscal 2013, goodwill related to prior year acquisitions increased by less than $0.1 million, the net result of purchase accounting adjustments to the fair value of acquired assets and assumed liabilities. | |||||||||||||||
Fiscal 2013 | |||||||||||||||
The Company acquired Viking SeaTech (“Viking”) for $235.4 million on August 27, 2013. Viking expands the Energy segment's geographic presence, technologies and services provided to the global energy market. Headquartered in Aberdeen, Scotland, Viking is a support specialist providing a comprehensive range of equipment and services to the offshore oil & gas industry. Viking serves customers globally with primary markets in the North Sea (U.K. and Norway) and Australia. The majority of Viking's revenue is derived from offshore vessel mooring solutions which include design, rental, installation and inspection. Viking also provides survey, manpower and other marine services to offshore operators, drillers and energy asset owners. The purchase price allocation for this acquisition resulted in the recognition of $87.7 million of goodwill (which is not deductible for tax purposes) and $65.4 million of intangible assets, including $40.5 million of customer relationships and $24.9 million of tradenames. | |||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the Viking acquisition (in thousands): | |||||||||||||||
Total | |||||||||||||||
Accounts receivable, net | $ | 17,225 | |||||||||||||
Inventories | 1,582 | ||||||||||||||
Property, plant & equipment | 99,776 | ||||||||||||||
Goodwill | 87,734 | ||||||||||||||
Other intangible assets | 65,360 | ||||||||||||||
Other assets | 1,755 | ||||||||||||||
Trade accounts payable | (7,664 | ) | |||||||||||||
Deferred income taxes | (25,923 | ) | |||||||||||||
Other liabilities | (4,439 | ) | |||||||||||||
Cash paid, net of cash acquired | $ | 235,406 | |||||||||||||
Fiscal 2012 | |||||||||||||||
During fiscal 2012, the Company completed two maximatecc tuck-in acquisitions that further expand the geographic presence, product offerings and technologies of the Engineered Solutions segment. On July 20, 2012 the Company completed the acquisition of the stock of CrossControl AB (“CrossControl”) for $40.6 million of cash, plus potential contingent consideration. CrossControl, headquartered in Sweden, provides advanced electronic solutions for human-machine interaction, vehicle control and mobile connectivity in critical environments. On March 28, 2012 the Company acquired the stock of Turotest Medidores Ltda (“Turotest”) for $8.1 million of cash and $5.3 million of deferred purchase price. Turotest, headquartered in Brazil, designs and manufactures instrument panels and gauges serving the Brazilian agriculture and industrial markets. | |||||||||||||||
In addition, on February 10, 2012 the Company completed the acquisition of the stock of Jeyco Pty Ltd (“Jeyco”) for $20.7 million of cash. This Cortland (Energy segment) tuck-in acquisition, designs and provides specialized mooring, rigging and towing systems and services to the offshore oil & gas industry in Australia and other international markets. Additionally, Jeyco’s products are used in a variety of applications for other markets including cyclone mooring and marine, defense and mining tow systems. | |||||||||||||||
The combined purchase price allocation for all three fiscal 2012 acquisitions resulted in the recognition of $40.1 million of goodwill (which is not deductible for tax purposes) and $32.8 million of intangible assets, including $24.2 million of customer relationships, $5.7 million of tradenames, $2.2 million of technologies and $0.7 million of non-compete agreements. | |||||||||||||||
Fiscal 2011 | |||||||||||||||
On June 2, 2011, the Company completed the acquisition of the stock of Weasler Engineering, Inc. (“Weasler”) for $153.2 million of cash. The purchase consideration was funded through the Company’s existing cash balances and borrowings under the revolving credit facility. Weasler, which is headquartered in Wisconsin, is a global designer and manufacturer of highly engineered drive train components and systems for agriculture, lawn & turf and industrial equipment. Weasler also supplies a variety of torque limiters, high-end gear boxes, clutches and torsional dampers. | |||||||||||||||
On December 10, 2010, the Company completed the acquisition of the stock of Mastervolt International Holding B.V. (“Mastervolt”) for $158.2 million of cash. Mastervolt, which is headquartered in The Netherlands, is a designer, developer and global supplier of highly innovative, branded power electronics, primarily for the solar and marine markets. | |||||||||||||||
The combined purchase price allocations for the two fiscal 2011 acquisitions resulted in the recognition of $152.4 million of goodwill (which is not deductible for tax purposes) and $157.5 million of intangible assets, including $81.5 million of customer relationships, $69.9 million of tradenames, $5.5 million of patents and technologies and $0.6 million of non-compete agreements. | |||||||||||||||
The following unaudited pro forma results of operations of the Company give effect to all acquisitions completed in the last three years as though the transactions and related financing activities had occurred on September 1, 2010 (in thousands, except per share amounts). | |||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net sales | |||||||||||||||
As reported | $ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | |||||||||
Pro forma | 1,365,115 | 1,419,173 | 1,393,061 | ||||||||||||
Earnings from continuing operations | |||||||||||||||
As reported | $ | 147,577 | $ | 125,276 | $ | 110,188 | |||||||||
Pro forma | 153,946 | 134,581 | 125,785 | ||||||||||||
Basic earnings per share from continuing operations | |||||||||||||||
As reported | $ | 2.02 | $ | 1.79 | $ | 1.61 | |||||||||
Pro forma | 2.11 | 1.92 | 1.84 | ||||||||||||
Diluted earnings per share from continuing operations | |||||||||||||||
As reported | $ | 1.98 | $ | 1.68 | $ | 1.49 | |||||||||
Pro forma | 2.06 | 1.81 | 1.69 | ||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||
The Electrical segment is 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 results of operations for the Electrical segment have been reported as discontinued operations in the accompanying consolidated statements of earnings for all periods presented as a result of the Company announcing its intention to divest this segment in the third quarter of fiscal 2013. The following table summarizes the results of the Electrical segment for each of the last three fiscal years (in thousands): | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | $ | 286,308 | $ | 328,821 | $ | 335,318 | |||||||
Operating profit | 34,536 | 28,148 | 20,029 | ||||||||||
Impairment charge | (159,104 | ) | (62,464 | ) | — | ||||||||
Net loss on disposal (1) | — | — | (15,829 | ) | |||||||||
Income tax benefit (expense) | 7,039 | (3,670 | ) | (2,829 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | (117,529 | ) | $ | (37,986 | ) | $ | 1,371 | |||||
(1) During the second quarter of fiscal 2011, the Company completed the sale of the European Electrical business for total cash proceeds of $3.5 million, net of transaction costs. As a result of the sale transaction, the Company recognized a pre-tax loss on disposal of $15.8 million, including an $11.4 million charge to cover future lease payments on an unfavorable real estate lease used by the divested business. | |||||||||||||
During the third quarter of fiscal 2013, the Company committed to a plan to divest the entire Electrical segment. The divestiture will allow the Company to streamline its business portfolio and refocus on the remaining three segments in a way that better positions the Company to take advantage of its core competencies, current business model and global growth trends. As a result, the Company recognized a non-cash impairment charge in fiscal 2013 of $159.1 million, including a write-down of $137.8 million of goodwill and $21.3 million of indefinite lived intangible assets (tradename). The impairment charge represents the excess of the net book value of the assets held for sale over the estimated fair value, less selling costs. As a result of the impairment charge, there is no remaining goodwill associated with the Mastervolt business and $76.9 million for North American Electrical. The following is a summary of the August 31, 2013 assets and liabilities of the Electrical segment (in thousands): | |||||||||||||
Accounts receivable, net | $ | 41,247 | |||||||||||
Inventories, net | 55,142 | ||||||||||||
Property, plant & equipment, net | 9,545 | ||||||||||||
Goodwill | 76,877 | ||||||||||||
Other intangible assets, net | 84,387 | ||||||||||||
Other assets | 5,408 | ||||||||||||
Assets of discontinued operations | $ | 272,606 | |||||||||||
Trade accounts payable | $ | 19,824 | |||||||||||
Other current liabilities | 12,984 | ||||||||||||
Deferred income taxes | 9,376 | ||||||||||||
Other long-term liabilities | 10,896 | ||||||||||||
Liabilities of discontinued operations | $ | 53,080 | |||||||||||
During the fourth quarter of fiscal 2012, the Company recognized a $62.5 million pre-tax non-cash impairment charge related to the goodwill and indefinite lived intangible assets of the Electrical segment's Mastervolt business. The impairment was the result of business underperformance and volatility in the solar market. During the fourth quarter of fiscal 2012, industry-wide solar inverter inventory levels and production capacity exceeded demand, significant pricing competition existed and less favorable government incentive schemes were announced and implemented in Mastervolt's served European markets. This challenging economic and competitive environment, as well as uncertainty regarding the long-term strategic fit of the business had a significant adverse impact on projected long-term Mastervolt sales and profits. The impairment charge consisted of the write-down of $36.6 million of goodwill and $25.9 million of indefinite lived intangible assets (tradenames). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Goodwill is not subject to amortization and is tested for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Impairment tests are performed by the Company annually in the fourth quarter of each fiscal year. Total cumulative goodwill impairment charges for continuing operations were $22.2 million at August 31, 2013 and 2012. The changes in the carrying amount of goodwill for the years ended August 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||||||
Industrial | Energy | Electrical | Engineered | Total | |||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||
Balance as of August 31, 2011 | $ | 85,409 | $ | 252,285 | $ | 260,777 | $ | 289,995 | $ | 888,466 | |||||||||||||||||
Businesses acquired | — | 14,101 | — | 26,188 | 40,289 | ||||||||||||||||||||||
Purchase accounting adjustments | — | — | (3,995 | ) | 715 | (3,280 | ) | ||||||||||||||||||||
Impairment charge | — | — | (36,557 | ) | — | (36,557 | ) | ||||||||||||||||||||
Impact of changes in foreign currency rates | (4,005 | ) | (6,865 | ) | (6,355 | ) | (5,281 | ) | (22,506 | ) | |||||||||||||||||
Balance as of August 31, 2012 | 81,404 | 259,521 | 213,870 | 311,617 | 866,412 | ||||||||||||||||||||||
Business acquired | — | 87,734 | — | — | 87,734 | ||||||||||||||||||||||
Purchase accounting adjustments | — | 117 | — | (100 | ) | 17 | |||||||||||||||||||||
Impairment charge | — | — | (137,804 | ) | — | (137,804 | ) | ||||||||||||||||||||
Reclassification to discontinued operations | — | — | (76,877 | ) | — | (76,877 | ) | ||||||||||||||||||||
Divestiture of Nielsen Sessions business | — | — | — | (2,556 | ) | (2,556 | ) | ||||||||||||||||||||
Impact of changes in foreign currency rates | 1,207 | (5,469 | ) | 811 | 1,477 | (1,974 | ) | ||||||||||||||||||||
Balance as of August 31, 2013 | $ | 82,611 | $ | 341,903 | $ | — | $ | 310,438 | $ | 734,952 | |||||||||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||
Weighted | August 31, 2013 | August 31, 2012 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||
Period (Years) | Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | |||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||
Customer relationships | 15 | $ | 318,143 | $ | 95,215 | $ | 222,928 | $ | 347,739 | $ | 93,768 | $ | 253,971 | ||||||||||||||
Patents | 11 | 30,564 | 18,747 | 11,817 | 52,851 | 34,842 | 18,009 | ||||||||||||||||||||
Trademarks and tradenames | 19 | 24,088 | 7,356 | 16,732 | 43,820 | 8,670 | 35,150 | ||||||||||||||||||||
Non-compete agreements and other | 4 | 7,034 | 6,458 | 576 | 7,677 | 6,316 | 1,361 | ||||||||||||||||||||
Indefinite lived intangible assets: | |||||||||||||||||||||||||||
Tradenames | N/A | 124,639 | — | 124,639 | 137,393 | — | 137,393 | ||||||||||||||||||||
$ | 504,468 | $ | 127,776 | $ | 376,692 | $ | 589,480 | $ | 143,596 | $ | 445,884 | ||||||||||||||||
Changes in the gross carrying value of intangible assets result from foreign currency exchange rate changes, impairment charges and the reclassification of Electrical segment intangible assets to discontinued operations (refer to Note 3, "Discontinued Operations"). Amortization expense recorded on intangible assets for the years ended August 31, 2013, 2012 and 2011 was $22.9 million, $22.0 million and $21.5 million, respectively. Amortization expense for future years is estimated to be: $24.6 million in each of fiscal years 2014 and 2015, $24.5 million in fiscal 2016, $23.4 million in fiscal 2017, $23.0 million in fiscal 2018 and $132.0 million in aggregate thereafter. The future amortization expense amounts represent estimates, which may change based on future acquisitions, changes in foreign currency exchange rates or other factors. |
Debt
Debt | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Debt | Debt | ||||||||||
The following is a summary of the Company’s long-term indebtedness (in thousands): | |||||||||||
August 31, | |||||||||||
2013 | 2012 | ||||||||||
Senior Credit Facility | |||||||||||
Revolver | $ | 125,000 | $ | — | |||||||
Term Loan | 90,000 | 97,500 | |||||||||
215,000 | 97,500 | ||||||||||
5.625% Senior Notes | 300,000 | 300,000 | |||||||||
Total Senior Indebtedness | 515,000 | 397,500 | |||||||||
Less: current maturities of long-term debt | — | (7,500 | ) | ||||||||
Total long-term debt, less current maturities | $ | 515,000 | $ | 390,000 | |||||||
The Company’s Senior Credit Facility, which matures on July 18, 2018, provides a $600.0 million revolving credit facility, a $90.0 million term loan and a $350.0 million expansion option, subject to certain conditions. Borrowings are subject to a pricing grid, which can result in increases or decreases to the borrowing spread, depending on the Company’s leverage ratio, ranging from 1.00% to 2.50% in the case of loans bearing interest at LIBOR and from 0.00% to 1.50% in the case of loans bearing interest at the base rate. As of August 31, 2013, the borrowing spread on LIBOR based borrowings was 1.25% (aggregating to approximately 1.50%). In addition, a non-use fee is payable quarterly on the average unused credit line under the revolver ranging from 0.15% to 0.40% per annum. As of August 31, 2013 the available and unused credit line under the revolver was $471.6 million. Quarterly term loan principal payments of $1.1 million begin on September 30, 2014, increase to $2.3 million per quarter on September 30, 2015, with the remaining principal due at maturity. The Senior Credit Facility, which is secured by substantially all of the Company’s domestic personal property assets, also contains customary limits and restrictions concerning investments, sales of assets, liens on assets, dividends and other payments. The two financial covenants included in the Senior Credit Facility agreement are a maximum leverage ratio of 3.75:1 and a minimum interest coverage ratio of 3.50:1. The Company was in compliance with its financial covenants at August 31, 2013. | |||||||||||
On April 16, 2012, the Company issued $300.0 million of 5.625% Senior Notes due 2022 (the “Senior Notes”). The Senior Notes require no principal installments prior to their June 15, 2022 maturity, require semiannual interest payments in December and June of each year and contain certain financial and non-financial covenants. The Company utilized the net proceeds from this issuance to fund the repurchase of all its then-outstanding $250 million 6.875% Senior Notes due 2017 at a cost of 104%, or $260.4 million. | |||||||||||
In November 2003, the Company issued $150.0 million of Senior Subordinated Convertible Debentures due November 15, 2023 (the “2% Convertible Notes”). Prior to fiscal 2012, the Company had repurchased (for cash) $32.2 million of 2% Convertible Notes at an average price of 99.3% of par value. In addition, $0.2 million of 2% Convertible Notes were converted into shares of the Company’s Class A common stock in the first quarter of fiscal 2012. In March 2012, the Company called all of the remaining $117.6 million of 2% Convertible Notes outstanding for cash at par. As a result of the call notice, substantially all of the holders of the 2% Convertible Notes converted them into newly issued shares of the Company’s Class A common stock, at a conversion rate of 50.6554 shares per $1,000 of principal amount (resulting in the issuance of 5,951,440 shares of common stock), while the remaining $0.1 million of 2% Convertible Notes were repurchased for cash. The impact of the additional share issuance was already included in the diluted earnings per share calculation on an if-converted method. As a result of the 2% Convertible Notes being redeemed for the Company’s common stock, $15.6 million of related prior income tax benefit was recaptured and repaid in the fourth quarter of fiscal 2012. | |||||||||||
In fiscal 2011, the Company entered into interest rate swap contracts that had a total notional value of $100.0 million and maturity dates of March 23, 2016. The interest rate swap contracts paid the Company variable interest at the three month LIBOR rate, while the Company paid the counterparties a fixed interest rate of approximately 2.06%. These interest rate swap contracts were entered into to synthetically convert $100.0 million of the Senior Credit Facility variable rate borrowings into fixed rate debt. In connection with the debt refinancing transactions discussed above, the Company terminated the interest rate swap contracts on April 3, 2012, which resulted in a cash payment to the counterparty of $4.1 million, in full settlement of the fair value of the contracts. | |||||||||||
In connection with the debt refinancing activities, during the year ended August 31, 2012, the Company recognized a $16.8 million pre-tax debt refinancing charge, which included $10.4 million of tender premium paid to holders of the 6.875% Senior Notes, a $2.3 million write-off of deferred financing costs and debt discount and a $4.1 million charge related to the termination of the interest rate swap agreements. The related tax benefit on the debt refinancing charge was $6.3 million. | |||||||||||
The Company made cash interest payments of $20.8 million, $25.9 million and $26.1 million in fiscal 2013, 2012 and 2011, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||
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 and liabilities, measured at fair value, are included in the consolidated balance sheet (in thousands): | |||||||||||
August 31, | |||||||||||
2013 | 2012 | ||||||||||
Level 1 Valuation: | |||||||||||
Cash equivalents | $ | 1,092 | $ | 5,154 | |||||||
Investments | 1,793 | 1,602 | |||||||||
Level 2 Valuation: | |||||||||||
Foreign currency forward contracts | $ | 143 | $ | 945 | |||||||
At August 31, 2012, Mastervolt's goodwill ($40.0 million) and tradename ($13.6 million) were written down to estimated fair value, resulting in a non-cash impairment charge of $62.5 million. In order to arrive at the implied fair value of goodwill, the Company assigned the fair value to all of the assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. The tradename was valued using the relief of royalty income approach. At August 31, 2013, the assets and liabilities of the Electrical segment are classified as discontinued operations and therefore are valued at fair value, less cost to sell. In determining the fair value of the Electrical segment the Company utilized generally accepted valuation techniques, which required the Company to make assumptions and apply judgment to estimate macro economic factors, industry and market trends and the future profitability of current business strategies. These represent Level 3 assets measured at fair value on a nonrecurring basis. | |||||||||||
The fair value of the Company’s cash, accounts receivable, accounts payable and its variable rate long-term debt approximated book value at August 31, 2013 and 2012 due to their short-term nature and the fact that the interest rates approximated year-end market rates. The fair value of the Company’s outstanding $300.0 million of 5.625% Senior Notes was $300.8 million and $309.8 million at August 31, 2013 and 2012, 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 | 12 Months Ended |
Aug. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives |
All derivatives are recognized in the balance sheet at their estimated fair value. On the date the Company enters into a derivative contract, it designates the derivative as a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). The Company does not enter into derivatives for speculative purposes. Changes in the value of fair value hedges and non-designated hedges are recorded in earnings along with the gain or loss on the hedged asset or liability, while changes in the value of cash flow hedges are recorded in accumulated other comprehensive loss, until earnings are affected by the variability of cash flows. The fair value of outstanding foreign currency derivatives was an asset of $0.1 million and $0.9 million at August 31, 2013 and 2012, respectively. | |
The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations. In order to manage this risk the Company has hedged portions of its forecasted inventory purchases that are denominated in non-functional currencies (cash flow hedges). The U.S. dollar equivalent notional value of these foreign currency forward contracts was $9.7 million and $3.0 million, at August 31, 2013 and 2012, respectively. At August 31, 2013, unrealized losses of $0.1 million on these contracts were included in accumulated other comprehensive loss and are expected to be reclassified to earnings during the next twelve months. | |
The Company also utilizes forward foreign currency exchange contracts to reduce the exchange rate risk associated with recognized non-functional currency balances. The effects of changes in exchange rates are reflected concurrently in earnings for both the fair value of the foreign currency exchange contracts and the related non-functional currency asset or liability. The U.S. dollar equivalent notional value of these short duration foreign currency forward contracts was $383.6 million and $197.5 million, at August 31, 2013 and 2012, respectively. Net foreign currency gains related to these derivative instruments was $0.8 million for the year ended August 31, 2013, which offset foreign currency losses from the related revaluation on non-functional currency assets and liabilities (amounts included in other income and expense in the consolidated statement of earnings). |
Leases
Leases | 12 Months Ended |
Aug. 31, 2013 | |
Leases [Abstract] | |
Leases | Leases |
The Company leases certain facilities, computers, equipment and vehicles under various lease agreements generally over periods of one to twenty years. Under most arrangements, the Company pays the property taxes, insurance, maintenance and expenses related to the leased property. Many of the leases include provisions that enable the Company to renew the lease based upon fair value rental rates on the date of expiration of the initial lease. | |
As of August 31, 2013, future obligations under non-cancelable operating leases (related to continuing operations) were as follows: $24.1 million in fiscal 2014; $19.1 million in fiscal 2015; $15.9 million in fiscal 2016; $13.3 million in fiscal 2017; $10.3 million in fiscal 2018; and $38.6 million in aggregate thereafter. Total related rental expense under operating leases was $26.0 million, $24.2 million and $21.1 million in fiscal 2013, 2012 and 2011, respectively. As discussed in Note 14, “Contingencies and Litigation” the Company is also contingently liable for certain leases entered into by a former subsidiary. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||
The Company has several defined benefit pension plans which cover certain existing and former employees of domestic businesses it acquired, that were entitled to those benefits prior to acquisition, or existing and former employees of foreign businesses. Most of the U.S. defined benefit pension plans are frozen, and as a result, the majority of the plan participants no longer earn additional benefits. The following table provides detail of changes in the projected benefit obligations, the fair value of plan assets and the funded status of the Company’s U.S. defined benefit pension plans as of the August 31 measurement date (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Reconciliation of benefit obligations: | |||||||||||||||
Benefit obligation at beginning of year | $ | 50,870 | $ | 44,430 | |||||||||||
Adjustment | (280 | ) | — | ||||||||||||
Interest cost | 1,928 | 2,162 | |||||||||||||
Actuarial (gain) loss | (4,983 | ) | 6,855 | ||||||||||||
Benefits paid | (2,489 | ) | (2,577 | ) | |||||||||||
Benefit obligation at end of year | $ | 45,046 | $ | 50,870 | |||||||||||
Reconciliation of plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 33,695 | $ | 32,412 | |||||||||||
Actual return on plan assets | 2,252 | 2,911 | |||||||||||||
Company contributions | 596 | 949 | |||||||||||||
Benefits paid from plan assets | (2,489 | ) | (2,577 | ) | |||||||||||
Fair value of plan assets at end of year | 34,054 | 33,695 | |||||||||||||
Funded status of the plans (underfunded) | $ | (10,992 | ) | $ | (17,175 | ) | |||||||||
The following table provides detail on the Company’s net periodic benefit costs (in thousands): | |||||||||||||||
Year ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Interest cost | $ | 1,928 | $ | 2,162 | $ | 2,108 | |||||||||
Expected return on assets | (2,468 | ) | (2,471 | ) | (2,221 | ) | |||||||||
Amortization of actuarial loss | 878 | 675 | 669 | ||||||||||||
Net benefit cost | $ | 338 | $ | 366 | $ | 556 | |||||||||
At August 31, 2013 and 2012, $12.0 million and $15.6 million, respectively, of pension plan actuarial gains and losses, which have not yet been recognized in net periodic benefit cost, were included in accumulated other comprehensive loss, net of income taxes. During fiscal 2014, $0.4 million of these actuarial losses are expected to be recognized in net periodic benefit cost. | |||||||||||||||
Weighted-average assumptions used to determine U.S. pension plan obligations as of August 31 and weighted-average assumptions used to determine net periodic benefit cost for the years ended August 31 are as follows: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Assumptions for benefit obligations: | |||||||||||||||
Discount rate | 4.9 | % | 3.9 | % | 5 | % | |||||||||
Assumptions for net periodic benefit cost: | |||||||||||||||
Discount rate | 3.9 | % | 5 | % | 4.6 | % | |||||||||
Expected return on plan assets | 7.75 | % | 7.9 | % | 8 | % | |||||||||
The Company employs a total return on investment approach for its pension plan assets whereby a mix of equity and fixed income investments are used to maximize the long-term return for plan assets, at a prudent level of risk. The investment portfolio contains a diversified blend of equity and fixed income investments. Within the equity allocation, a blend of growth and value investments are maintained in a variety of market capitalizations and diversified between U.S. and non-U.S. stocks. The Company’s targeted asset allocation as a percentage of total plan assets is 60% - 80% in equity securities, with the remainder invested in fixed income securities and cash. Cash balances are maintained at levels adequate to meet near-term plan expenses and benefit payments. Investment risk is measured and monitored on an ongoing basis. At August 31, 2013, Company’s overall expected long-term rate of return for assets in U.S. pension plans was 7.65%. The expected long-term rate of return is based on the portfolio as a whole and not on the sum of the returns on individual asset categories. The target return is based on historical returns adjusted to reflect the current view of the long-term investment market. | |||||||||||||||
The fair value of all U.S. pension plan assets are determined based on quoted market prices and therefore all plan assets are determined based on Level 1 inputs, except for fixed income securities which are valued based on Level 2 inputs, as defined in Note 6, “Fair Value Measurements.” The U.S. pension plan investment allocations by asset category were as follows (in thousands): | |||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | % | 2012 | % | ||||||||||||
Cash and cash equivalents | $ | 348 | 1 | % | $ | 250 | 0.7 | % | |||||||
Fixed income securities: | |||||||||||||||
Government bonds | — | — | 310 | 0.9 | |||||||||||
Corporate bonds | 8,741 | 25.7 | 7,489 | 22.2 | |||||||||||
Mutual funds | 3,464 | 10.2 | 2,678 | 8 | |||||||||||
12,205 | 35.9 | 10,477 | 31.1 | ||||||||||||
Equity securities: | |||||||||||||||
Mutual funds | 21,501 | 63.1 | 22,968 | 68.2 | |||||||||||
Total plan assets | $ | 34,054 | 100 | % | $ | 33,695 | 100 | % | |||||||
Projected benefit payments from plan assets to participants in the Company’s U.S. pension plans are approximately $2.6 million per year for fiscal 2014 through 2018 and $14.9 million in aggregate for the following five years. | |||||||||||||||
Non-U.S. Defined Benefit Pension Plans | |||||||||||||||
The Company has several non-U.S. defined benefit pension plans which cover certain existing and former employees of businesses outside the U.S. Most of the non-U.S. defined benefit pension plans continue to earn additional benefits. The funded status of these plans is summarized as follows (in thousands): | |||||||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Benefit obligation | $ | 12,912 | $ | 12,227 | |||||||||||
Fair value of plan assets | 7,790 | 7,440 | |||||||||||||
Funded status of plans (underfunded) | $ | (5,122 | ) | $ | (4,787 | ) | |||||||||
Net periodic benefit cost for these non-U.S. plans was $0.8 million, $0.5 million and $0.5 million in fiscal 2013, 2012 and 2011, respectively. The weighted average discount rate utilized for determining the benefit obligation at August 31, 2013 and 2012 was 4.3% and 4.0%, respectively. The plan assets of these non-U.S. pension plans consist primarily of participating units in common stock and bond funds. The Company’s overall expected long-term rate of return on these investments is 4.6%. During fiscal 2014, the Company anticipates contributing $0.6 million in aggregate to these pension plans. | |||||||||||||||
Other Postretirement Health Benefit Plans | |||||||||||||||
The Company provides other postretirement health benefits (“OPEB”) to certain existing and former employees of domestic businesses it acquired, who were entitled to such benefits prior to acquisition. These unfunded plans had a benefit obligation of $2.9 million and $3.4 million at August 31, 2013 and 2012, respectively. These obligations are determined utilizing assumptions consistent with those used for U.S. pension plans and a health care cost trend rate of 7.5%, trending downward to 5% by the year 2018, and remaining level thereafter. Net periodic benefit costs for the other postretirement benefits was a credit of approximately $0.2 million for each of the years ended August 31, 2013, 2012 and 2011. Benefit payments from the plan are funded through participant contributions and Company contributions, which are projected to be $0.3 million in fiscal 2014. | |||||||||||||||
Defined Contribution Benefit Plans | |||||||||||||||
The Company maintains a 401(k) Plan for substantially all full time U.S. employees (the “401(k) Plan”). Under plan provisions, the Company either funds cash or issues new shares of Class A common stock for its contributions. Amounts are allocated to accounts set aside for each employee’s retirement. Employees generally may contribute up to 50% of their compensation to individual accounts within the 401(k) Plan. While contributions vary, the Company generally makes core contributions to employee accounts equal to 3% of each employee’s eligible annual cash compensation, subject to IRS limitations. The Company also maintains a Restoration Plan that allows eligible highly compensated employees (as defined by the Internal Revenue Code) to receive a core contribution as if no IRS limits were in place. Company contributions to the Restoration Plan are made in the form of Actuant common stock and are contributed into each eligible participant’s Deferred Compensation Plan account. In addition, the Company matches approximately 25% of each employee’s contribution up to 6% of the employee’s eligible compensation. Expense recognized related to the 401(k) plan totaled approximately $4.5 million, $5.1 million and $4.6 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||||||||||
In addition to the 401(k) Plan the Company established a nonqualified supplemental executive retirement plan (“the SERP Plan”) in fiscal 2011. The unfunded SERP plan covers certain executive level employees and has a benefit accrual formula based on age and years of service (with Company contributions ranging from 3% to 6% of eligible wages). Expense recognized in fiscal 2013 and 2012 for the SERP Plan was $0.6 million and $0.7 million, respectively. | |||||||||||||||
Deferred Compensation Plan | |||||||||||||||
The Company maintains a deferred compensation plan to allow eligible U.S. employees to defer receipt of current cash compensation in order to provide future savings benefits. Eligibility is limited to all employees that earn compensation that exceeds certain pre-defined levels. Participants have the option to invest their deferrals in a fixed income investment, in Company common stock, or a combination of the two. The fixed income portion of the plan is unfunded, and therefore all compensation deferred under the plan is held by the Company and commingled with its general assets. Liabilities of $23.2 million and $19.6 million are included in “Other current liabilities” and “Other long-term liabilities” on the consolidated balance sheets at August 31, 2013 and 2012, respectively, to reflect the unfunded portion of the deferred compensation liability. The Company recorded expense of $1.6 million, $1.5 million and $1.2 million for the years ended August 31, 2013, 2012 and 2011, respectively, for non-funded interest on participant deferrals in the fixed income investment option. Company common stock contributions to fund the plan are held in a rabbi trust, accounted for in a manner similar to treasury stock and are recorded at cost in “Stock held in trust” within shareholders’ equity with the corresponding deferred compensation liability also recorded within shareholders’ equity. Since no investment diversification is permitted within the trust, changes in fair value of Actuant common stock are not recognized. The shares held in the trust are included in both the basic and diluted earnings per share calculations. The cost of the shares held in the trust was $1.9 million and $1.5 million at August 31, 2013 and 2012, respectively. | |||||||||||||||
Long Term Incentive Plan | |||||||||||||||
The Company adopted a long term incentive plan in July, 2006 to provide certain executive officers with an opportunity to receive a lump sum cash incentive payment based on Actuant’s common stock meeting or exceeding $50 per share price target prior to May 1, 2014. The Company recorded expense of $0.3 million, $0.1 million and $0.1 million for the years ended August 31, 2013, 2012 and 2011, respectively, pursuant to this plan. A related liability of $1.3 million and $1.1 million is included in “Other current liabilities” on the consolidated balance sheets at August 31, 2013 and 2012, respectively. As of August 31, 2013 the minimum and maximum payments available under the plan, depending on the attainment of the $50 per share stock price target, are $0 and $10.0 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||
Income tax expense from continuing operations is summarized as follows (in thousands): | |||||||||||||||
Year ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Currently payable: | |||||||||||||||
Federal | $ | 24,809 | $ | 22,078 | $ | (78 | ) | ||||||||
Foreign | 13,335 | 10,396 | 20,903 | ||||||||||||
State | 902 | 1,534 | 586 | ||||||||||||
39,046 | 34,008 | 21,411 | |||||||||||||
Deferred: | |||||||||||||||
Federal | (13,514 | ) | (495 | ) | 14,948 | ||||||||||
Foreign | (9,942 | ) | (4,598 | ) | (4,223 | ) | |||||||||
State | (218 | ) | 439 | (4,303 | ) | ||||||||||
(23,674 | ) | (4,654 | ) | 6,422 | |||||||||||
$ | 15,372 | $ | 29,354 | $ | 27,833 | ||||||||||
Income tax expense from continuing operations recognized in the accompanying consolidated statements of earnings differs from the amounts computed by applying the Federal income tax rate to earnings from continuing operations before income tax expense. A reconciliation of income taxes at the Federal statutory rate to the effective tax rate is summarized in the following table: | |||||||||||||||
Year ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||||
State income taxes, net of Federal effect | 0.9 | 1.2 | 0.4 | ||||||||||||
Net effect of foreign tax rates and credits | (8.8 | ) | (14.6 | ) | (14.0 | ) | |||||||||
NOL utilization and changes in valuation allowance | (3.1 | ) | 0.1 | (3.0 | ) | ||||||||||
Tax contingency reserve | (5.6 | ) | (2.2 | ) | (1.6 | ) | |||||||||
Prior period correction (1) | (6.5 | ) | — | — | |||||||||||
Other items | (2.5 | ) | (0.5 | ) | 3.4 | ||||||||||
Effective income tax rate | 9.4 | % | 19 | % | 20.2 | % | |||||||||
(1) During the fourth quarter of fiscal 2013, the Company recorded a $10.6 million adjustment to properly state deferred income tax balances associated with its equity compensation programs. The correction is not material to current or previously issued financial statements. | |||||||||||||||
Temporary differences and carryforwards that gave rise to deferred tax assets and liabilities include the following items (in thousands): | |||||||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Deferred income tax assets: | |||||||||||||||
Operating loss and tax credit carryforwards | $ | 35,071 | $ | 16,393 | |||||||||||
Compensation related liabilities | 20,812 | 9,909 | |||||||||||||
Postretirement benefits | 7,731 | 10,679 | |||||||||||||
Inventory reserves | 7,049 | 8,045 | |||||||||||||
Book reserves and other items | 11,523 | 12,781 | |||||||||||||
Total deferred income tax assets | 82,186 | 57,807 | |||||||||||||
Valuation allowance | (22,777 | ) | (8,153 | ) | |||||||||||
Net deferred income tax assets | 59,409 | 49,654 | |||||||||||||
Deferred income tax liabilities: | |||||||||||||||
Depreciation and amortization | (129,498 | ) | (156,751 | ) | |||||||||||
Other items | (1,985 | ) | (2,098 | ) | |||||||||||
Deferred income tax liabilities | (131,483 | ) | (158,849 | ) | |||||||||||
Net deferred income tax liability | $ | (72,074 | ) | $ | (109,195 | ) | |||||||||
Certain of the operating loss and tax credit carryforwards may be carried forward indefinitely, with the remaining $12.9 million expiring at various dates between 2014 and 2021. The valuation allowance represents a reserve for operating loss and tax credit carryforwards for which utilization is uncertain. | |||||||||||||||
Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, are as follows (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Beginning balance | $ | 24,608 | $ | 26,179 | $ | 28,225 | |||||||||
Increase for tax positions taken in a prior period | 3,601 | 3,400 | 4,026 | ||||||||||||
Decrease for tax positions taken in a prior period | (7,622 | ) | (4,579 | ) | (6,072 | ) | |||||||||
Decrease due to settlements | (2,581 | ) | (392 | ) | — | ||||||||||
Ending balance | $ | 18,006 | $ | 24,608 | $ | 26,179 | |||||||||
Substantially all of these unrecognized tax benefits, if recognized, would impact the effective income tax rate. As of August 31, 2013, 2012 and 2011, the Company recognized $2.9 million, $4.5 million and $5.1 million, respectively for interest and penalties related to unrecognized tax benefits. With few exceptions, the Company is no longer subject to U.S. federal, state and local and foreign income tax examinations by tax authorities in our major tax jurisdictions for years before fiscal 2006. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits could decrease up to $4.3 million within the next twelve months. | |||||||||||||||
The Company’s policy is to remit earnings from foreign subsidiaries only to the extent any resultant foreign income taxes are creditable in the United States. Accordingly, the Company does not currently provide for the additional United States and foreign income taxes which would become payable upon remission of undistributed earnings of foreign subsidiaries. Undistributed earnings on which additional income taxes have not been provided amounted to approximately $427.1 million at August 31, 2013. If all such undistributed earnings were remitted, an additional income tax provision of approximately $79.8 million would have been necessary as of August 31, 2013. | |||||||||||||||
Earnings before income taxes, for continuing operations, are summarized as follows (in thousands): | |||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Domestic | $ | 67,392 | $ | 65,685 | $ | 47,445 | |||||||||
Foreign | 95,557 | 88,945 | 90,576 | ||||||||||||
$ | 162,949 | $ | 154,630 | $ | 138,021 | ||||||||||
Both domestic and foreign pre-tax earnings are impacted by changes in sales levels, acquisition and divestiture activities (see Note 2, “Acquisitions” and Note 3, “Discontinued Operations”), restructuring costs and the related benefits, growth investments, debt levels, interest rates and the impact of changes in foreign currency exchange rates. In addition, fiscal 2012 domestic pre-tax earnings include a $16.8 million (domestic) debt refinancing charge. | |||||||||||||||
Cash paid for income taxes, net of refunds was $42.1 million, $56.5 million and $23.1 million during the years ended August 31, 2013, 2012 and 2011, respectively. |
Capital_Stock
Capital Stock | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Capital Stock | Capital Stock | ||||||||||||
The authorized common stock of the Company as of August 31, 2013 consisted of 168,000,000 shares of Class A common stock, $0.20 par value, of which 77,001,144 shares were issued and 73,017,631 outstanding; 1,500,000 shares of Class B common stock, $0.20 par value, none of which were issued and outstanding; and 160,000 shares of cumulative preferred stock, $1.00 par value (“preferred stock”), none of which have been issued. Holders of both classes of the Company’s common stock are entitled to dividends, as the Company’s board of directors may declare out of funds legally available, subject to any contractual restrictions on the payment of dividends or other distributions on the common stock. If the Company were to issue any of its preferred stock, no dividends could be paid or set apart for payment on shares of common stock, unless paid in common stock, until dividends on all of the issued and outstanding shares of preferred stock had been paid or set apart for payment and provision had been made for any mandatory sinking fund payments. | |||||||||||||
On September 28, 2011, the Company’s Board of Directors authorized a share buyback program for up to 7,000,000 shares of the Company’s Class A common stock. The share repurchase plan may be implemented from time to time on the open market or in privately negotiated transactions, with repurchased shares available for use in connection with the Company’s stock-based compensation plans and for other corporate purposes. As of August 31, 2013 a total of 3,983,513 shares had been repurchased under this program. | |||||||||||||
Earnings Per Share | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net earnings | $ | 30,048 | $ | 87,290 | $ | 111,559 | |||||||
Plus: 2% Convertible Notes financings costs, net of taxes | — | 425 | 1,755 | ||||||||||
Net earnings for diluted earnings per share | $ | 30,048 | $ | 87,715 | $ | 113,314 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding for basic earnings per share | 72,979 | 70,099 | 68,254 | ||||||||||
Net effect of dilutive securities—employee stock compensation plans | 1,601 | 1,119 | 1,089 | ||||||||||
Net effect of 2% Convertible Notes based on the if-converted method | — | 3,722 | 5,962 | ||||||||||
Weighted average common shares outstanding for diluted earnings per share | 74,580 | 74,940 | 75,305 | ||||||||||
Basic Earnings Per Share: | $ | 0.41 | $ | 1.25 | $ | 1.63 | |||||||
Diluted Earnings Per Share: | $ | 0.4 | $ | 1.17 | $ | 1.5 | |||||||
At August 31, 2013, 2012 and 2011, outstanding share based awards to acquire 619,000, 2,582,000 and 2,582,000 shares of common stock were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. |
Stock_Plans
Stock Plans | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Stock Plans | Stock Plans | ||||||||||||||
Stock options may be granted to key employees and directors under the Actuant Corporation 2009 Omnibus Incentive Plan (the “Plan”). At August 31, 2013, 9,400,000 shares of Class A common stock were authorized for issuance under the Plan, of which 4,503,394 shares were available for future award grants. The Plan permits the Company to grant share-based awards, including stock options and restricted stock, to employees and directors. Options generally have a maximum term of ten years, an exercise price equal to 100% of the fair market value of the Company’s common stock at the date of grant and generally vest 50% after three years and 100% after five years. The Company’s restricted stock grants generally have similar vesting provisions. In addition, in fiscal 2012 the Company began issuing Performance Shares under the Plan. The Performance Shares include a three-year performance period, with vesting based 50% on achievement of an absolute Free Cash Flow Conversion target and 50% on the Company’s Total Shareholder Return (TSR) relative to the S&P 600 SmallCap Industrial index. The provisions of share-based awards may vary by individual grant with respect to vesting period, dividend and voting rights, performance conditions and forfeitures. | |||||||||||||||
A summary of stock option activity during fiscal 2013 is as follows: | |||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||
Exercise Price (Per Share) | Remaining Contractual | Intrinsic Value | |||||||||||||
Term | |||||||||||||||
Outstanding on September 1, 2012 | 5,289,384 | $ | 22.33 | ||||||||||||
Granted | 276,136 | 28.7 | |||||||||||||
Exercised | (1,278,626 | ) | 19.48 | ||||||||||||
Forfeited | (107,343 | ) | 22.1 | ||||||||||||
Outstanding on August 31, 2013 | 4,179,551 | $ | 23.66 | 5.3 | $ | 48.8 | million | ||||||||
Exercisable on August 31, 2013 | 2,609,876 | $ | 23.92 | 4.2 | $ | 30.8 | million | ||||||||
Intrinsic value is the difference between the market value of the stock at August 31, 2013 and the exercise price which is aggregated for all options outstanding and exercisable. A summary of the weighted-average grant-date fair value of options, total intrinsic value of options exercised, and cash receipts from options exercised is shown below (in thousands, except per share amounts): | |||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Weighted-average fair value of options granted (per share) | $ | 10.49 | $ | 8.73 | $ | 10.74 | |||||||||
Intrinsic value of options exercised | 15,803 | 7,946 | 7,540 | ||||||||||||
Cash receipts from exercise of options | 24,840 | 6,550 | 4,324 | ||||||||||||
A summary of restricted stock activity (including Performance Shares) during fiscal 2013 is as follows: | |||||||||||||||
Number of | Weighted-Average Fair Value at Grant Date (Per Share) | ||||||||||||||
Shares | |||||||||||||||
Outstanding August 31, 2012 | 1,507,443 | $23.85 | |||||||||||||
Granted | 430,793 | 29.18 | |||||||||||||
Forfeited | (131,688 | ) | 22.76 | ||||||||||||
Vested | (212,359 | ) | 20.46 | ||||||||||||
Outstanding August 31, 2013 | 1,594,189 | 25.83 | |||||||||||||
As of August 31, 2013, there was $29.8 million of total unrecognized compensation cost related to share-based awards, including stock options and restricted stock awards/units. That cost is expected to be recognized over a weighted average period of 2.9 years. The total fair value of shares vested during the fiscal years ended August 31, 2013 and 2012 was $6.2 million and $3.3 million, respectively. | |||||||||||||||
The Company generally records compensation expense (over the vesting period) for restricted stock awards based on the market value of Actuant common stock on the grant date. Stock based compensation expense is determined using a binomial pricing model for options. The fair value of Performance Shares with market vesting conditions is determined utilizing a Monte Carlo simulation model. Assumptions used to determine the fair value of each option were based upon historical data and standard industry valuation practices and methodology. The following weighted-average assumptions were used in each fiscal year: | |||||||||||||||
Fiscal Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Dividend yield | 0.14 | % | 0.18 | % | 0.15 | % | |||||||||
Expected volatility | 38.36 | % | 39.97 | % | 39.62 | % | |||||||||
Risk-free rate of return | 0.84 | % | 1.19 | % | 2.53 | % | |||||||||
Expected forfeiture rate | 15 | % | 15 | % | 15 | % | |||||||||
Expected life | 6.1 years | 6.1 years | 6.1 years | ||||||||||||
Business_Segment_Geographic_an
Business Segment, Geographic and Customer Information | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Business Segment, Geographic and Customer Information | Business Segment, Geographic and Customer Information | ||||||||||||||
The Company is a global manufacturer of a broad range of industrial products and systems and is organized into three reportable segments: Industrial, Energy and Engineered Solutions. The Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Energy segment provides joint integrity products and services, 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): | |||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net Sales by Segment: | |||||||||||||||
Industrial | $ | 422,620 | $ | 419,295 | $ | 393,013 | |||||||||
Energy | 363,372 | 349,163 | 293,060 | ||||||||||||
Engineered Solutions | 493,750 | 508,063 | 473,237 | ||||||||||||
$ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | ||||||||||
Net Sales by Reportable Product Line: | |||||||||||||||
Industrial | $ | 422,620 | $ | 419,295 | $ | 393,013 | |||||||||
Energy | 363,372 | 349,163 | 293,060 | ||||||||||||
Vehicle Systems | 253,073 | 279,549 | 328,763 | ||||||||||||
Other | 240,677 | 228,514 | 144,474 | ||||||||||||
$ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | ||||||||||
Operating Profit (Loss): | |||||||||||||||
Industrial | $ | 117,644 | $ | 114,777 | $ | 98,415 | |||||||||
Energy | 63,280 | 62,205 | 49,345 | ||||||||||||
Engineered Solutions | 40,328 | 60,851 | 63,612 | ||||||||||||
General Corporate | (31,107 | ) | (33,319 | ) | (38,485 | ) | |||||||||
$ | 190,145 | $ | 204,514 | $ | 172,887 | ||||||||||
Depreciation and Amortization: | |||||||||||||||
Industrial | $ | 8,553 | $ | 8,358 | $ | 8,655 | |||||||||
Energy | 18,451 | 18,115 | 18,152 | ||||||||||||
Engineered Solutions | 16,949 | 15,093 | 13,916 | ||||||||||||
General Corporate | 2,145 | 2,030 | 2,579 | ||||||||||||
Discontinued Operations | 7,804 | 10,667 | 9,694 | ||||||||||||
$ | 53,902 | $ | 54,263 | $ | 52,996 | ||||||||||
Capital Expenditures: | |||||||||||||||
Industrial | $ | 3,524 | $ | 5,333 | $ | 3,590 | |||||||||
Energy | 9,417 | 8,962 | 8,978 | ||||||||||||
Engineered Solutions | 7,001 | 3,463 | 5,966 | ||||||||||||
General Corporate | 867 | 1,905 | 1,902 | ||||||||||||
Discontinued Operations | 2,859 | 3,077 | 2,660 | ||||||||||||
$ | 23,668 | $ | 22,740 | $ | 23,096 | ||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Assets: | |||||||||||||||
Industrial | $ | 280,110 | $ | 268,735 | |||||||||||
Energy | 817,547 | 540,409 | |||||||||||||
Electrical | — | 437,914 | |||||||||||||
Engineered Solutions | 652,581 | 667,550 | |||||||||||||
General Corporate | 96,488 | 92,511 | |||||||||||||
Assets of discontinued operations | 272,606 | — | |||||||||||||
$ | 2,119,332 | $ | 2,007,119 | ||||||||||||
In addition to the impact of changes in foreign currency exchange rates, the comparability of segment and product line information is impacted by acquisition/divestiture activities, restructuring costs and related benefits. Corporate assets, which are not allocated, principally represent cash and cash equivalents, capitalized debt issuance costs and deferred income taxes. | |||||||||||||||
The following tables summarize financial information from continuing operations by geographic region (in thousands): | |||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net Sales: | |||||||||||||||
United States | $ | 549,057 | $ | 599,831 | $ | 479,070 | |||||||||
Netherlands | 159,396 | 185,112 | 207,787 | ||||||||||||
United Kingdom | 144,131 | 141,037 | 116,935 | ||||||||||||
Australia | 68,255 | 47,472 | 27,854 | ||||||||||||
France | 52,806 | 48,681 | 49,971 | ||||||||||||
All other | 306,097 | 254,388 | 277,693 | ||||||||||||
$ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | ||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Long-lived Assets: | |||||||||||||||
Norway | $ | 59,557 | $ | 941 | |||||||||||
United Kingdom | 54,136 | 17,672 | |||||||||||||
United States | 41,161 | 50,950 | |||||||||||||
China | 19,551 | 20,166 | |||||||||||||
Netherlands | 10,418 | 12,166 | |||||||||||||
All other | 20,358 | 17,725 | |||||||||||||
$ | 205,181 | $ | 119,620 | ||||||||||||
The Company’s largest customer accounted for less than 3.0% of sales in each of the last three fiscal years. Export sales from domestic operations were approximately 8.0% of total net sales in each of the periods presented. |
Contingencies_and_Litigation
Contingencies and Litigation | 12 Months Ended |
Aug. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Litigation | Contingencies and Litigation |
The Company had outstanding letters of credit of $10.7 million and $8.5 million at August 31, 2013 and 2012, respectively, the majority of which secure self-insured workers compensation obligations. | |
The Company is a party to various legal proceedings that have arisen in the normal course of its business. These legal proceedings typically include product liability, environmental, labor, patent claims and divestiture disputes. The Company has recorded reserves for loss contingencies based on the specific circumstances of each case. Such reserves are recorded when it is probable that a loss has been incurred as of the balance sheet date, can be reasonably estimated and is not covered by insurance. In the opinion of management, the resolution of these contingencies will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. | |
The Company remains contingently liable for lease payments under leases of businesses that it previously divested or spun-off, in the event that such businesses are unable to fulfill their future lease payment obligations. The discounted present value of future minimum lease payments for these leases was $10.9 million at August 31, 2013. | |
The Company has facilities in numerous geographic locations that are subject to a range of environmental laws and regulations. Environmental expenditures over the past three 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. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||
On April 16, 2012, Actuant Corporation (the “Parent”) issued $300.0 million of 5.625% Senior Notes. All of our material domestic wholly owned subsidiaries (the “Guarantors”) fully and unconditionally guarantee (except for certain customary limitations) the 5.625% Senior Notes 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 consolidating financial statements. These items are of a corporate or consolidated nature and include, but are not limited to, tax provisions and related assets and liabilities, certain employee benefit obligations, prepaid and accrued insurance and corporate indebtedness. Intercompany activity in the consolidating financial statements primarily includes loan activity, purchases and sales of goods or services and dividends. Intercompany balances also reflect certain non-cash transactions including transfers of assets and liabilities between the Parent, Guarantor and non-Guarantor, allocation of non-cash expenses from the Parent to the Guarantors and non-Guarantors, the impact of foreign currency rate changes and non-cash intercompany dividends. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 196,531 | $ | 293,884 | $ | 789,327 | $ | — | $ | 1,279,742 | |||||||||||
Cost of products sold | 65,178 | 201,704 | 505,910 | — | 772,792 | ||||||||||||||||
Gross profit | 131,353 | 92,180 | 283,417 | — | 506,950 | ||||||||||||||||
Selling, administrative and engineering expenses | 69,734 | 59,358 | 164,774 | — | 293,866 | ||||||||||||||||
Amortization of intangible assets | 1,276 | 10,481 | 11,182 | — | 22,939 | ||||||||||||||||
Operating profit | 60,343 | 22,341 | 107,461 | — | 190,145 | ||||||||||||||||
Financing costs, net | 25,270 | 9 | (442 | ) | — | 24,837 | |||||||||||||||
Intercompany expense (income), net | (21,041 | ) | 1,082 | 19,959 | — | — | |||||||||||||||
Other expense (income), net | (2,105 | ) | (571 | ) | 5,035 | — | 2,359 | ||||||||||||||
Earnings from continuing operations before income tax expense | 58,219 | 21,821 | 82,909 | — | 162,949 | ||||||||||||||||
Income tax expense (benefit) | (798 | ) | 2,009 | 14,161 | — | 15,372 | |||||||||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 59,017 | 19,812 | 68,748 | — | 147,577 | ||||||||||||||||
Equity in earnings (loss) of subsidiaries | (26,527 | ) | 7,822 | 2,173 | 16,532 | — | |||||||||||||||
Earnings from continuing operations | 32,490 | 27,634 | 70,921 | 16,532 | 147,577 | ||||||||||||||||
Loss from discontinued operations | (2,442 | ) | (76,634 | ) | (38,453 | ) | — | (117,529 | ) | ||||||||||||
Net earnings (loss) | $ | 30,048 | $ | (49,000 | ) | $ | 32,468 | $ | 16,532 | $ | 30,048 | ||||||||||
Comprehensive income (loss) | $ | 30,860 | $ | (48,416 | ) | $ | 31,099 | $ | 17,317 | $ | 30,860 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 206,894 | $ | 328,295 | $ | 741,332 | $ | — | $ | 1,276,521 | |||||||||||
Cost of products sold | 69,902 | 220,271 | 474,888 | — | 765,061 | ||||||||||||||||
Gross profit | 136,992 | 108,024 | 266,444 | — | 511,460 | ||||||||||||||||
Selling, administrative and engineering expenses | 79,742 | 61,113 | 144,065 | — | 284,920 | ||||||||||||||||
Amortization of intangible assets | 1,341 | 10,515 | 10,170 | — | 22,026 | ||||||||||||||||
Operating profit | 55,909 | 36,396 | 112,209 | — | 204,514 | ||||||||||||||||
Financing costs, net | 29,983 | (14 | ) | (408 | ) | — | 29,561 | ||||||||||||||
Debt refinancing costs | 16,830 | — | — | — | 16,830 | ||||||||||||||||
Intercompany expense (income), net | (32,185 | ) | 6,281 | 25,904 | — | — | |||||||||||||||
Other expense, net | 1,351 | 1,992 | 150 | — | 3,493 | ||||||||||||||||
Earnings from continuing operations before income tax expense | 39,930 | 28,137 | 86,563 | — | 154,630 | ||||||||||||||||
Income tax expense | 6,700 | 4,677 | 17,977 | — | 29,354 | ||||||||||||||||
Net earnings before equity in earnings of subsidiaries | 33,230 | 23,460 | 68,586 | — | 125,276 | ||||||||||||||||
Equity in earnings of subsidiaries | 56,407 | 14,373 | 1,649 | (72,429 | ) | — | |||||||||||||||
Earnings from continuing operations | 89,637 | 37,833 | 70,235 | (72,429 | ) | 125,276 | |||||||||||||||
(Loss) earnings from discontinued operations | (2,347 | ) | 11,373 | (47,012 | ) | — | (37,986 | ) | |||||||||||||
Net earnings | $ | 87,290 | $ | 49,206 | $ | 23,223 | $ | (72,429 | ) | $ | 87,290 | ||||||||||
Comprehensive income | $ | 35,497 | $ | 24,934 | $ | 6,064 | $ | (30,998 | ) | $ | 35,497 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 170,094 | $ | 302,911 | $ | 686,305 | $ | — | $ | 1,159,310 | |||||||||||
Cost of products sold | 55,256 | 200,332 | 438,920 | — | 694,508 | ||||||||||||||||
Gross profit | 114,838 | 102,579 | 247,385 | — | 464,802 | ||||||||||||||||
Selling, administrative and engineering expenses | 87,333 | 57,288 | 125,771 | — | 270,392 | ||||||||||||||||
Amortization of intangible assets | 335 | 12,060 | 9,128 | — | 21,523 | ||||||||||||||||
Operating profit | 27,170 | 33,231 | 112,486 | — | 172,887 | ||||||||||||||||
Financing costs, net | 31,912 | (1 | ) | 208 | — | 32,119 | |||||||||||||||
Intercompany expense (income), net | (16,924 | ) | 14,670 | 2,254 | — | — | |||||||||||||||
Other expense (income), net | (4,519 | ) | 112 | 7,154 | — | 2,747 | |||||||||||||||
Earnings from continuing operations before income tax expense | 16,701 | 18,450 | 102,870 | — | 138,021 | ||||||||||||||||
Income tax expense | 4,148 | 2,680 | 21,005 | — | 27,833 | ||||||||||||||||
Net earnings before equity in earnings of subsidiaries | 12,553 | 15,770 | 81,865 | — | 110,188 | ||||||||||||||||
Equity in earnings of subsidiaries | 112,364 | 77,395 | 6,261 | (196,020 | ) | — | |||||||||||||||
Earnings from continuing operations | 124,917 | 93,165 | 88,126 | (196,020 | ) | 110,188 | |||||||||||||||
(Loss) earnings from discontinuing operations | (13,358 | ) | 8,881 | 5,848 | — | 1,371 | |||||||||||||||
Net earnings | $ | 111,559 | $ | 102,046 | $ | 93,974 | $ | (196,020 | ) | $ | 111,559 | ||||||||||
Comprehensive income | $ | 160,985 | $ | 130,503 | $ | 106,875 | $ | (237,378 | ) | $ | 160,985 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Aug-13 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 16,122 | $ | — | $ | 87,864 | $ | — | $ | 103,986 | |||||||||||
Accounts receivable, net | 20,471 | 40,343 | 158,261 | — | 219,075 | ||||||||||||||||
Inventories, net | 27,343 | 38,948 | 76,258 | — | 142,549 | ||||||||||||||||
Deferred income taxes | 13,002 | — | 5,794 | — | 18,796 | ||||||||||||||||
Prepaid expenses and other current assets | 7,454 | 963 | 19,811 | — | 28,228 | ||||||||||||||||
Assets of discontinued operations | — | 192,129 | 80,477 | — | 272,606 | ||||||||||||||||
Total current assets | 84,392 | 272,383 | 428,465 | — | 785,240 | ||||||||||||||||
Property, plant & equipment, net | 7,050 | 22,801 | 171,645 | — | 201,496 | ||||||||||||||||
Goodwill | 62,543 | 264,502 | 407,907 | — | 734,952 | ||||||||||||||||
Other intangibles, net | 13,247 | 141,258 | 222,187 | — | 376,692 | ||||||||||||||||
Intercompany receivable | — | 480,633 | 360,620 | (841,253 | ) | — | |||||||||||||||
Investment in subsidiaries | 2,086,534 | 201,779 | 96,333 | (2,384,646 | ) | — | |||||||||||||||
Other long-term assets | 12,654 | 22 | 8,276 | — | 20,952 | ||||||||||||||||
Total assets | $ | 2,266,420 | $ | 1,383,378 | $ | 1,695,433 | $ | (3,225,899 | ) | $ | 2,119,332 | ||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Trade accounts payable | $ | 22,194 | $ | 30,637 | $ | 101,218 | $ | — | $ | 154,049 | |||||||||||
Accrued compensation and benefits | 13,835 | 2,716 | 27,249 | — | 43,800 | ||||||||||||||||
Income taxes payable | 8,135 | — | 5,879 | — | 14,014 | ||||||||||||||||
Other current liabilities | 21,268 | 4,630 | 31,001 | — | 56,899 | ||||||||||||||||
Liabilities of discontinued operations | — | 23,466 | 29,614 | — | 53,080 | ||||||||||||||||
Total current liabilities | 65,432 | 61,449 | 194,961 | — | 321,842 | ||||||||||||||||
Long-term debt | 515,000 | — | — | — | 515,000 | ||||||||||||||||
Deferred income taxes | 64,358 | — | 51,507 | — | 115,865 | ||||||||||||||||
Pension and post-retirement benefit liabilities | 16,267 | — | 4,431 | — | 20,698 | ||||||||||||||||
Other long-term liabilities | 51,479 | 390 | 13,791 | — | 65,660 | ||||||||||||||||
Intercompany payable | 473,617 | — | 367,636 | (841,253 | ) | — | |||||||||||||||
Shareholders’ equity | 1,080,267 | 1,321,539 | 1,063,107 | (2,384,646 | ) | 1,080,267 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,266,420 | $ | 1,383,378 | $ | 1,695,433 | $ | (3,225,899 | ) | $ | 2,119,332 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Aug-12 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,401 | $ | 91 | $ | 55,692 | $ | — | $ | 68,184 | |||||||||||
Accounts receivable, net | 20,401 | 74,006 | 140,349 | — | 234,756 | ||||||||||||||||
Inventories, net | 29,658 | 75,905 | 106,127 | — | 211,690 | ||||||||||||||||
Deferred income taxes | 17,942 | — | 4,641 | — | 22,583 | ||||||||||||||||
Prepaid expenses and other current assets | 8,157 | 1,166 | 14,745 | — | 24,068 | ||||||||||||||||
Total current assets | 88,559 | 151,168 | 321,554 | — | 561,281 | ||||||||||||||||
Property, plant & equipment, net | 6,944 | 31,818 | 77,122 | — | 115,884 | ||||||||||||||||
Goodwill | 62,543 | 433,193 | 370,676 | — | 866,412 | ||||||||||||||||
Other intangibles, net | 14,522 | 206,194 | 225,168 | — | 445,884 | ||||||||||||||||
Intercompany receivable | — | 418,253 | 307,282 | (725,535 | ) | — | |||||||||||||||
Investment in subsidiaries | 1,886,478 | 250,738 | 90,770 | (2,227,986 | ) | — | |||||||||||||||
Other long-term assets | 12,297 | 22 | 5,339 | — | 17,658 | ||||||||||||||||
Total assets | $ | 2,071,343 | $ | 1,491,386 | $ | 1,397,911 | $ | (2,953,521 | ) | $ | 2,007,119 | ||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Trade accounts payable | $ | 21,722 | $ | 44,893 | $ | 108,131 | $ | — | $ | 174,746 | |||||||||||
Accrued compensation and benefits | 23,459 | 6,646 | 28,712 | — | 58,817 | ||||||||||||||||
Income taxes payable | 3,129 | — | 2,649 | — | 5,778 | ||||||||||||||||
Current maturities of debt | 7,500 | — | — | — | 7,500 | ||||||||||||||||
Other current liabilities | 20,876 | 11,566 | 39,723 | — | 72,165 | ||||||||||||||||
Total current liabilities | 76,686 | 63,105 | 179,215 | — | 319,006 | ||||||||||||||||
Long-term debt | 390,000 | — | — | — | 390,000 | ||||||||||||||||
Deferred income taxes | 91,604 | — | 41,049 | — | 132,653 | ||||||||||||||||
Pension and post-retirement benefit liabilities | 22,500 | — | 3,942 | — | 26,442 | ||||||||||||||||
Other long-term liabilities | 59,929 | 620 | 26,633 | — | 87,182 | ||||||||||||||||
Intercompany payable | 378,788 | — | 346,747 | (725,535 | ) | — | |||||||||||||||
Shareholders’ equity | 1,051,836 | 1,427,661 | 800,325 | (2,227,986 | ) | 1,051,836 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,071,343 | $ | 1,491,386 | $ | 1,397,911 | $ | (2,953,521 | ) | $ | 2,007,119 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | $ | 81,597 | $ | 26,095 | $ | 86,097 | $ | — | $ | 193,789 | |||||||||||
Investing Activities | |||||||||||||||||||||
Proceeds from sale of property, plant & equipment | 563 | 206 | 852 | — | 1,621 | ||||||||||||||||
Proceeds from sale of business | — | — | 4,854 | — | 4,854 | ||||||||||||||||
Capital expenditures | (2,022 | ) | (4,021 | ) | (17,625 | ) | — | (23,668 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (235,489 | ) | — | (235,489 | ) | ||||||||||||||
Cash used in investing activities | (1,459 | ) | (3,815 | ) | (247,408 | ) | — | (252,682 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net borrowings on revolving credit facilities | 125,000 | — | — | — | 125,000 | ||||||||||||||||
Intercompany loan activity | (179,050 | ) | (22,371 | ) | 201,421 | — | — | ||||||||||||||
Principal repayment on term loans | (7,500 | ) | — | — | — | (7,500 | ) | ||||||||||||||
Payment of deferred acquisition consideration | (1,350 | ) | — | (4,028 | ) | — | (5,378 | ) | |||||||||||||
Debt issuance costs | (2,035 | ) | — | — | — | (2,035 | ) | ||||||||||||||
Purchase of treasury shares | (41,832 | ) | — | — | — | (41,832 | ) | ||||||||||||||
Stock option exercises and related tax benefits | 33,261 | — | — | — | 33,261 | ||||||||||||||||
Cash dividend | (2,911 | ) | — | — | — | (2,911 | ) | ||||||||||||||
Cash provided (used in) financing activities | (76,417 | ) | (22,371 | ) | 197,393 | — | 98,605 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (3,910 | ) | — | (3,910 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,721 | (91 | ) | 32,172 | — | 35,802 | |||||||||||||||
Cash and cash equivalents—beginning of year | 12,401 | 91 | 55,692 | — | 68,184 | ||||||||||||||||
Cash and cash equivalents—end of year | $ | 16,122 | $ | — | $ | 87,864 | $ | — | $ | 103,986 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | $ | 97,454 | $ | 20,363 | $ | 64,512 | $ | — | $ | 182,329 | |||||||||||
Investing Activities | |||||||||||||||||||||
Proceeds from sale of property, plant & equipment | 1,909 | 353 | 6,239 | — | 8,501 | ||||||||||||||||
Capital expenditures | (5,062 | ) | (4,069 | ) | (13,609 | ) | — | (22,740 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (69,309 | ) | — | (69,309 | ) | ||||||||||||||
Cash used in investing activities | (3,153 | ) | (3,716 | ) | (76,679 | ) | — | (83,548 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net repayments on revolving credit facilities | (57,990 | ) | — | (177 | ) | — | (58,167 | ) | |||||||||||||
Intercompany loan activity | (11,482 | ) | (16,556 | ) | 28,038 | — | — | ||||||||||||||
Principal repayment on term loans | (2,500 | ) | — | — | — | (2,500 | ) | ||||||||||||||
Repurchases of 2% Convertible Notes | (102 | ) | — | — | — | (102 | ) | ||||||||||||||
Proceeds from issuance of 5.625% Senior Notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Redemption of 6.875% Senior Notes | (250,000 | ) | — | — | — | (250,000 | ) | ||||||||||||||
Payment of deferred acquisition consideration | (290 | ) | — | (668 | ) | — | (958 | ) | |||||||||||||
Debt issuance costs | (5,490 | ) | — | — | — | (5,490 | ) | ||||||||||||||
Purchase of treasury shares | (63,083 | ) | — | — | — | (63,083 | ) | ||||||||||||||
Stock option exercises and related tax benefits | 10,913 | — | — | — | 10,913 | ||||||||||||||||
Cash dividend | (2,748 | ) | — | — | — | (2,748 | ) | ||||||||||||||
Cash provided (used in) financing activities | (82,772 | ) | (16,556 | ) | 27,193 | — | (72,135 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | — | (2,683 | ) | — | (2,683 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 11,529 | 91 | 12,343 | — | 23,963 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 872 | — | 43,349 | — | 44,221 | ||||||||||||||||
Cash and cash equivalents—end of year | $ | 12,401 | $ | 91 | $ | 55,692 | $ | — | $ | 68,184 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | $ | 92,573 | $ | 3,122 | $ | 77,404 | $ | (1,533 | ) | $ | 171,566 | ||||||||||
Investing Activities | |||||||||||||||||||||
Proceeds from sale of property, plant & equipment | 103 | 313 | 1,363 | — | 1,779 | ||||||||||||||||
Proceeds from sale of business | — | — | 3,463 | — | 3,463 | ||||||||||||||||
Capital expenditures | (5,284 | ) | (4,740 | ) | (13,072 | ) | — | (23,096 | ) | ||||||||||||
Business acquisitions, net of cash acquired | (153,409 | ) | — | (159,697 | ) | — | (313,106 | ) | |||||||||||||
Cash used in investing activities | (158,590 | ) | (4,427 | ) | (167,943 | ) | — | (330,960 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net borrowings on revolving credit facilities | 58,000 | — | 204 | — | 58,204 | ||||||||||||||||
Proceeds from issuance of term loans | 100,000 | — | — | — | 100,000 | ||||||||||||||||
Repurchases of 2% Convertible Notes | (34 | ) | — | — | — | (34 | ) | ||||||||||||||
Intercompany loan activity | (96,454 | ) | 1,655 | 94,799 | — | — | |||||||||||||||
Payment of deferred acquisition consideration | — | (350 | ) | — | — | (350 | ) | ||||||||||||||
Debt issuance costs | (5,197 | ) | — | — | — | (5,197 | ) | ||||||||||||||
Stock option exercises and related tax benefits | 8,235 | — | — | — | 8,235 | ||||||||||||||||
Cash dividend | (2,716 | ) | — | (1,533 | ) | 1,533 | (2,716 | ) | |||||||||||||
Cash provided by financing activities | 61,834 | 1,305 | 93,470 | 1,533 | 158,142 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | 5,251 | — | 5,251 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (4,183 | ) | — | 8,182 | — | 3,999 | |||||||||||||||
Cash and cash equivalents—beginning of year | 5,055 | — | 35,167 | — | 40,222 | ||||||||||||||||
Cash and cash equivalents—end of year | $ | 872 | $ | — | $ | 43,349 | $ | — | $ | 44,221 | |||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
Quarterly financial data for fiscal 2013 and fiscal 2012 is as follows: | |||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Net sales | $ | 307,809 | $ | 300,468 | $ | 344,205 | $ | 327,260 | $ | 1,279,742 | |||||||||||
Gross profit | 124,368 | 116,178 | 136,904 | 129,500 | 506,950 | ||||||||||||||||
Earnings from continuing operations | 30,551 | 25,834 | 46,077 | 45,115 | 147,577 | ||||||||||||||||
Earnings (loss) from discontinued operations | 5,792 | 2,601 | (139,060 | ) | 13,138 | (117,529 | ) | ||||||||||||||
Net earnings (loss) | 36,343 | 28,435 | (92,983 | ) | 58,253 | 30,048 | |||||||||||||||
Earnings from continuing operations per share: | |||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.35 | $ | 0.63 | $ | 0.62 | $ | 2.02 | |||||||||||
Diluted | 0.41 | 0.35 | 0.62 | 0.6 | 1.98 | ||||||||||||||||
Earnings (loss) from discontinued operations per share: | |||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.04 | $ | (1.90 | ) | $ | 0.18 | $ | (1.61 | ) | |||||||||
Diluted | 0.08 | 0.03 | (1.86 | ) | 0.18 | (1.58 | ) | ||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.5 | $ | 0.39 | $ | (1.27 | ) | $ | 0.8 | $ | 0.41 | ||||||||||
Diluted | 0.49 | 0.38 | (1.24 | ) | 0.78 | 0.4 | |||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Net sales | $ | 309,966 | $ | 300,919 | $ | 343,268 | $ | 322,368 | $ | 1,276,521 | |||||||||||
Gross profit | 127,015 | 116,083 | 138,754 | 129,608 | 511,460 | ||||||||||||||||
Earnings from continuing operations | 33,970 | 27,653 | 27,737 | 35,916 | 125,276 | ||||||||||||||||
Earnings (loss) from discontinued operations | 3,204 | 4,522 | 6,664 | (52,376 | ) | (37,986 | ) | ||||||||||||||
Net earnings (loss) | 37,174 | 32,175 | 34,401 | (16,460 | ) | 87,290 | |||||||||||||||
Earnings from continuing operations per share: | |||||||||||||||||||||
Basic | $ | 0.5 | $ | 0.41 | $ | 0.39 | $ | 0.49 | $ | 1.79 | |||||||||||
Diluted | 0.46 | 0.37 | 0.36 | 0.48 | 1.68 | ||||||||||||||||
Earnings (loss) from discontinued operations per share: | |||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.06 | $ | 0.09 | $ | (0.72 | ) | $ | (0.54 | ) | |||||||||
Diluted | 0.04 | 0.06 | 0.09 | (0.70 | ) | (0.51 | ) | ||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.47 | $ | 0.48 | $ | (0.23 | ) | $ | 1.25 | ||||||||||
Diluted | 0.5 | 0.43 | 0.45 | (0.22 | ) | 1.17 | |||||||||||||||
The sum of the quarters may not equal the total of the respective year’s earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding during the year. | |||||||||||||||||||||
During the third quarter of fiscal 2013 the Company recognized a $170.3 million non-cash impairment charge related to the goodwill and intangible assets of the Electrical segment (discontinued operations). In the fourth quarter of fiscal 2013, the Company re-assessed its initial estimate of fair value less selling costs for the Electrical segment and recognized an $11.2 million increase to the carrying value of the Electrical segment assets (income included in discontinued operations). Fourth quarter fiscal 2012 discontinued operations include a $62.5 million non-cash impairment charge related to the goodwill and indefinite lived intangibles of the Mastervolt business. Refer to Note 3, “Discontinued Operations” for further information. | |||||||||||||||||||||
During the fourth quarter of fiscal 2013, the Company recorded a $10.6 million adjustment (reduction to income tax expense) to properly state deferred income tax balances associated with its equity compensation programs. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Additions | Deductions | ||||||||||||||||||||||||
Description | Balance at | Charged to | Acquired/ | Accounts | Other | Balance at | |||||||||||||||||||
Beginning of | Costs and | (Divested)/ | Written Off | End of | |||||||||||||||||||||
Period | Expenses | (Discontinued) | Less | Period | |||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||
Allowance for losses—Trade accounts receivable | |||||||||||||||||||||||||
31-Aug-13 | $ | 4,375 | $ | 584 | $ | (437 | ) | $ | (787 | ) | $ | (34 | ) | $ | 3,701 | ||||||||||
31-Aug-12 | 7,173 | 107 | 96 | (2,740 | ) | (261 | ) | 4,375 | |||||||||||||||||
31-Aug-11 | 7,680 | 1,021 | 939 | (3,048 | ) | 581 | 7,173 | ||||||||||||||||||
Valuation allowance—Income taxes | |||||||||||||||||||||||||
31-Aug-13 | $ | 8,153 | $ | 4,527 | $ | 11,281 | $ | (1,184 | ) | $ | — | $ | 22,777 | ||||||||||||
31-Aug-12 | 7,260 | 2,954 | — | (2,061 | ) | — | 8,153 | ||||||||||||||||||
31-Aug-11 | 8,542 | 4,498 | — | (5,831 | ) | 51 | 7,260 | ||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Nature of Operations | Nature of Operations: Actuant Corporation (“Actuant” or the “Company”) is a global manufacturer of a broad range of industrial products and systems, organized into three reportable segments. The Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Energy segment provides joint integrity products and services, customized offshore vessel mooring solutions, as well as rope and cable solutions to the global oil & gas, power generation and other 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. | ||||||||||
Consolidation and Presentation | Consolidation and Presentation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Actuant consolidates companies in which it owns or controls more than fifty percent of the voting shares. The results of companies acquired or disposed of during the fiscal year are included in the consolidated financial statements from the effective date of acquisition or until the date of divestiture. All intercompany balances, transactions and profits have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. | ||||||||||
Cash Equivalents | Cash Equivalents: The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. | ||||||||||
Inventories | Inventories: Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Inventory cost is determined using the last-in, first-out (“LIFO”) method for a portion of the U.S. owned inventory (approximately 21% and 19% of total inventories in 2013 and 2012, respectively). The first-in, first-out or average cost methods are used for all other inventories. If the LIFO method were not used, inventory balances would be higher than the amounts in the consolidated balance sheets by approximately $5.8 million and $6.6 million at August 31, 2013 and 2012, respectively. | ||||||||||
The nature of the Company’s products is such that they generally have a very short production cycle. Consequently, the amount of work-in-process at any point in time is minimal. In addition, many parts or components are ultimately either sold individually or assembled with other parts making a distinction between raw materials and finished goods impractical to determine. Other locations maintain and manage their inventories using a job cost system where the distinction of categories of inventory by state of completion is also not available. As a result of these factors, it is neither practical nor cost effective to segregate the amounts of raw materials, work-in-process or finished goods inventories at the respective balance sheet dates, as segregation would only be possible as the result of physical inventories which are taken at dates different from the balance sheet dates. | |||||||||||
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost. Plant and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets, ranging from ten to forty years for buildings and improvements and two to fifteen years for machinery and equipment. Leasehold improvements are amortized over the life of the related asset or the term of the lease, whichever is shorter. | ||||||||||
Impairment of Long-Lived and Other Intangible Assets | Impairment of Long-Lived and Other Intangible Assets: The Company evaluates whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived and finite-lived intangible assets may warrant revision or that the remaining balance of the asset may not be recoverable. The measurement of possible impairment is generally estimated by the ability to recover the balance of assets from expected future operating cash flows on an undiscounted basis. If impairment is determined to exist, any related impairment loss is calculated based on the fair value of the asset. See Note 3, “Discontinued Operations” for details on long-lived asset impairment charges recognized in fiscal 2012 and 2013. | ||||||||||
Product Warranty Costs | Product Warranty Costs: The Company generally offers its customers a warranty on products sold, although warranty periods may vary by product type and application. During fiscal 2012 the warranty reserve was reduced by $7.7 million, the result of a purchase accounting adjustment to Mastervolt's initial estimated warranty reserve. The reserve for future warranty claims is based on historical claim rates and current warranty cost experience. The following is a reconciliation of the changes in product warranty reserves for fiscal years 2013 and 2012 (in thousands): | ||||||||||
Revenue Recognition | |||||||||||
2013 | 2012 | ||||||||||
Beginning balance | $ | 12,869 | $ | 23,707 | |||||||
Warranty reserves of acquired businesses | 981 | 338 | |||||||||
Purchase accounting adjustments | — | (7,726 | ) | ||||||||
Provision for warranties | 7,907 | 9,219 | |||||||||
Warranty payments and costs incurred | (11,616 | ) | (10,893 | ) | |||||||
Discontinued operations reclassification | (3,107 | ) | — | ||||||||
Impact of changes in foreign currency rates | 379 | (1,776 | ) | ||||||||
Ending balance | $ | 7,413 | $ | 12,869 | |||||||
Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectibility of the sales price is reasonably assured. For product sales, delivery does not occur until the passage of title and risk of loss have transferred to the customer (generally when products are shipped). Revenue from services is recognized when the services are provided or ratably over the contract term. Customer sales are recorded net of allowances for returns and discounts, which are recognized as a deduction from sales at the time of sale. The Company commits to one-time or on-going trade discounts and promotions with customers that require the Company to estimate and accrue the ultimate costs of such programs. The Company maintains an accrual at the end of each period for the earned, but unpaid costs related to the programs. The Company generally does not require collateral or other security for receivables and provides for an allowance for doubtful accounts based on historical experience and a review of its existing receivables. Accounts Receivable are stated net of an allowance for doubtful accounts of $3.7 million and $4.4 million at August 31, 2013 and 2012, respectively. | |||||||||||
Shipping and Handling Costs | Shipping and Handling Costs: The Company records costs associated with shipping its products in cost of products sold. | ||||||||||
Research and Development Costs | Research and Development Costs: Research and development costs consist primarily of an allocation of overall engineering and development resources and are expensed as incurred. Such costs incurred in the development of new products or significant improvements to existing products were $21.0 million, $17.1 million and $12.5 million in fiscal 2013, 2012 and 2011, respectively. The Company also incurs significant costs in connection with fulfilling custom orders and developing unique solutions for unique customer needs which are not included in these research and development expense totals. | ||||||||||
Other Income/Expense | Other Income/Expense: Other income and expense primarily consists of foreign exchange transaction losses of $2.7 million, $3.9 million and $3.3 million in fiscal 2013, 2012 and 2011, respectively. | ||||||||||
Financing Costs | Financing Costs: Financing costs represent interest expense, financing fees and amortization of debt issuance costs, net of interest income. | ||||||||||
Income Taxes | Income Taxes: The provision for income taxes includes federal, state, local and non-U.S. taxes on income. Tax credits, primarily for non-U.S. earnings, are recognized as a reduction of the provision for income taxes in the year in which they are available for U.S. tax purposes. Deferred taxes are provided on temporary differences between assets and liabilities for financial and tax reporting purposes as measured by enacted tax rates expected to apply when temporary differences are settled or realized. Future tax benefits are recognized to the extent that realization of those benefits is considered to be more likely than not. A valuation allowance is established for deferred tax assets for which realization is not more likely than not of being realized. The Company has not provided for any residual U.S. income taxes on unremitted earnings of non-U.S. subsidiaries as such earnings are intended to be indefinitely reinvested. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||
Foreign Currency Translation | Foreign Currency Translation: The financial statements of the Company’s foreign operations are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and an appropriate weighted average exchange rate for each applicable period for revenues and expenses. Translation adjustments are reflected in the consolidated balance sheets and consolidated statements of shareholders' equity caption “Accumulated Other Comprehensive Loss.” | ||||||||||
Use of Estimates | Use of Estimates: The Company has recorded reserves or allowances for customer rebates, returns and discounts, doubtful accounts, inventory, incurred but not reported medical claims, environmental matters, warranty claims, workers compensation claims, product and non-product litigation and incentive compensation. These reserves require the use of estimates and judgment. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The Company believes that such estimates are made with consistent and appropriate assumptions. Actual results may differ from these estimates under different assumptions or conditions. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Reconciliation of Changes in Accrued Product Warranty | The following is a reconciliation of the changes in product warranty reserves for fiscal years 2013 and 2012 (in thousands): | ||||||||||
2013 | 2012 | ||||||||||
Beginning balance | $ | 12,869 | $ | 23,707 | |||||||
Warranty reserves of acquired businesses | 981 | 338 | |||||||||
Purchase accounting adjustments | — | (7,726 | ) | ||||||||
Provision for warranties | 7,907 | 9,219 | |||||||||
Warranty payments and costs incurred | (11,616 | ) | (10,893 | ) | |||||||
Discontinued operations reclassification | (3,107 | ) | — | ||||||||
Impact of changes in foreign currency rates | 379 | (1,776 | ) | ||||||||
Ending balance | $ | 7,413 | $ | 12,869 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Business Combinations [Abstract] | |||||||||||||||
Summary of Estimated Fair Value of Asset Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the Viking acquisition (in thousands): | ||||||||||||||
Total | |||||||||||||||
Accounts receivable, net | $ | 17,225 | |||||||||||||
Inventories | 1,582 | ||||||||||||||
Property, plant & equipment | 99,776 | ||||||||||||||
Goodwill | 87,734 | ||||||||||||||
Other intangible assets | 65,360 | ||||||||||||||
Other assets | 1,755 | ||||||||||||||
Trade accounts payable | (7,664 | ) | |||||||||||||
Deferred income taxes | (25,923 | ) | |||||||||||||
Other liabilities | (4,439 | ) | |||||||||||||
Cash paid, net of cash acquired | $ | 235,406 | |||||||||||||
Proforma Results of Operations | The following unaudited pro forma results of operations of the Company give effect to all acquisitions completed in the last three years as though the transactions and related financing activities had occurred on September 1, 2010 (in thousands, except per share amounts). | ||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net sales | |||||||||||||||
As reported | $ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | |||||||||
Pro forma | 1,365,115 | 1,419,173 | 1,393,061 | ||||||||||||
Earnings from continuing operations | |||||||||||||||
As reported | $ | 147,577 | $ | 125,276 | $ | 110,188 | |||||||||
Pro forma | 153,946 | 134,581 | 125,785 | ||||||||||||
Basic earnings per share from continuing operations | |||||||||||||||
As reported | $ | 2.02 | $ | 1.79 | $ | 1.61 | |||||||||
Pro forma | 2.11 | 1.92 | 1.84 | ||||||||||||
Diluted earnings per share from continuing operations | |||||||||||||||
As reported | $ | 1.98 | $ | 1.68 | $ | 1.49 | |||||||||
Pro forma | 2.06 | 1.81 | 1.69 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following is a summary of the August 31, 2013 assets and liabilities of the Electrical segment (in thousands): | ||||||||||||
Accounts receivable, net | $ | 41,247 | |||||||||||
Inventories, net | 55,142 | ||||||||||||
Property, plant & equipment, net | 9,545 | ||||||||||||
Goodwill | 76,877 | ||||||||||||
Other intangible assets, net | 84,387 | ||||||||||||
Other assets | 5,408 | ||||||||||||
Assets of discontinued operations | $ | 272,606 | |||||||||||
Trade accounts payable | $ | 19,824 | |||||||||||
Other current liabilities | 12,984 | ||||||||||||
Deferred income taxes | 9,376 | ||||||||||||
Other long-term liabilities | 10,896 | ||||||||||||
Liabilities of discontinued operations | $ | 53,080 | |||||||||||
The following table summarizes the results of the Electrical segment for each of the last three fiscal years (in thousands): | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | $ | 286,308 | $ | 328,821 | $ | 335,318 | |||||||
Operating profit | 34,536 | 28,148 | 20,029 | ||||||||||
Impairment charge | (159,104 | ) | (62,464 | ) | — | ||||||||
Net loss on disposal (1) | — | — | (15,829 | ) | |||||||||
Income tax benefit (expense) | 7,039 | (3,670 | ) | (2,829 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | (117,529 | ) | $ | (37,986 | ) | $ | 1,371 | |||||
(1) During the second quarter of fiscal 2011, the Company completed the sale of the European Electrical business for total cash proceeds of $3.5 million, net of transaction costs. As a result of the sale transaction, the Company recognized a pre-tax loss on disposal of $15.8 million, including an $11.4 million charge to cover future lease payments on an unfavorable real estate lease used by the divested business. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Changes in Carrying Value of Goodwill | The changes in the carrying amount of goodwill for the years ended August 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||||||||||||||||
Industrial | Energy | Electrical | Engineered | Total | |||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||
Balance as of August 31, 2011 | $ | 85,409 | $ | 252,285 | $ | 260,777 | $ | 289,995 | $ | 888,466 | |||||||||||||||||
Businesses acquired | — | 14,101 | — | 26,188 | 40,289 | ||||||||||||||||||||||
Purchase accounting adjustments | — | — | (3,995 | ) | 715 | (3,280 | ) | ||||||||||||||||||||
Impairment charge | — | — | (36,557 | ) | — | (36,557 | ) | ||||||||||||||||||||
Impact of changes in foreign currency rates | (4,005 | ) | (6,865 | ) | (6,355 | ) | (5,281 | ) | (22,506 | ) | |||||||||||||||||
Balance as of August 31, 2012 | 81,404 | 259,521 | 213,870 | 311,617 | 866,412 | ||||||||||||||||||||||
Business acquired | — | 87,734 | — | — | 87,734 | ||||||||||||||||||||||
Purchase accounting adjustments | — | 117 | — | (100 | ) | 17 | |||||||||||||||||||||
Impairment charge | — | — | (137,804 | ) | — | (137,804 | ) | ||||||||||||||||||||
Reclassification to discontinued operations | — | — | (76,877 | ) | — | (76,877 | ) | ||||||||||||||||||||
Divestiture of Nielsen Sessions business | — | — | — | (2,556 | ) | (2,556 | ) | ||||||||||||||||||||
Impact of changes in foreign currency rates | 1,207 | (5,469 | ) | 811 | 1,477 | (1,974 | ) | ||||||||||||||||||||
Balance as of August 31, 2013 | $ | 82,611 | $ | 341,903 | $ | — | $ | 310,438 | $ | 734,952 | |||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): | ||||||||||||||||||||||||||
Weighted | August 31, 2013 | August 31, 2012 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||
Period (Years) | Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | |||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||
Customer relationships | 15 | $ | 318,143 | $ | 95,215 | $ | 222,928 | $ | 347,739 | $ | 93,768 | $ | 253,971 | ||||||||||||||
Patents | 11 | 30,564 | 18,747 | 11,817 | 52,851 | 34,842 | 18,009 | ||||||||||||||||||||
Trademarks and tradenames | 19 | 24,088 | 7,356 | 16,732 | 43,820 | 8,670 | 35,150 | ||||||||||||||||||||
Non-compete agreements and other | 4 | 7,034 | 6,458 | 576 | 7,677 | 6,316 | 1,361 | ||||||||||||||||||||
Indefinite lived intangible assets: | |||||||||||||||||||||||||||
Tradenames | N/A | 124,639 | — | 124,639 | 137,393 | — | 137,393 | ||||||||||||||||||||
$ | 504,468 | $ | 127,776 | $ | 376,692 | $ | 589,480 | $ | 143,596 | $ | 445,884 | ||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Long-Term Indebtedness | The following is a summary of the Company’s long-term indebtedness (in thousands): | ||||||||||
August 31, | |||||||||||
2013 | 2012 | ||||||||||
Senior Credit Facility | |||||||||||
Revolver | $ | 125,000 | $ | — | |||||||
Term Loan | 90,000 | 97,500 | |||||||||
215,000 | 97,500 | ||||||||||
5.625% Senior Notes | 300,000 | 300,000 | |||||||||
Total Senior Indebtedness | 515,000 | 397,500 | |||||||||
Less: current maturities of long-term debt | — | (7,500 | ) | ||||||||
Total long-term debt, less current maturities | $ | 515,000 | $ | 390,000 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet | The following financial assets and liabilities, measured at fair value, are included in the consolidated balance sheet (in thousands): | ||||||||||
August 31, | |||||||||||
2013 | 2012 | ||||||||||
Level 1 Valuation: | |||||||||||
Cash equivalents | $ | 1,092 | $ | 5,154 | |||||||
Investments | 1,793 | 1,602 | |||||||||
Level 2 Valuation: | |||||||||||
Foreign currency forward contracts | $ | 143 | $ | 945 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||
Weighted Average Assumption used to Determine Benefit Obligations and Net Periodic Benefit Cost | Weighted-average assumptions used to determine U.S. pension plan obligations as of August 31 and weighted-average assumptions used to determine net periodic benefit cost for the years ended August 31 are as follows: | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Assumptions for benefit obligations: | |||||||||||||||
Discount rate | 4.9 | % | 3.9 | % | 5 | % | |||||||||
Assumptions for net periodic benefit cost: | |||||||||||||||
Discount rate | 3.9 | % | 5 | % | 4.6 | % | |||||||||
Expected return on plan assets | 7.75 | % | 7.9 | % | 8 | % | |||||||||
Pension Plans, Defined Benefit | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets | The following table provides detail of changes in the projected benefit obligations, the fair value of plan assets and the funded status of the Company’s U.S. defined benefit pension plans as of the August 31 measurement date (in thousands): | ||||||||||||||
2013 | 2012 | ||||||||||||||
Reconciliation of benefit obligations: | |||||||||||||||
Benefit obligation at beginning of year | $ | 50,870 | $ | 44,430 | |||||||||||
Adjustment | (280 | ) | — | ||||||||||||
Interest cost | 1,928 | 2,162 | |||||||||||||
Actuarial (gain) loss | (4,983 | ) | 6,855 | ||||||||||||
Benefits paid | (2,489 | ) | (2,577 | ) | |||||||||||
Benefit obligation at end of year | $ | 45,046 | $ | 50,870 | |||||||||||
Reconciliation of plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 33,695 | $ | 32,412 | |||||||||||
Actual return on plan assets | 2,252 | 2,911 | |||||||||||||
Company contributions | 596 | 949 | |||||||||||||
Benefits paid from plan assets | (2,489 | ) | (2,577 | ) | |||||||||||
Fair value of plan assets at end of year | 34,054 | 33,695 | |||||||||||||
Funded status of the plans (underfunded) | $ | (10,992 | ) | $ | (17,175 | ) | |||||||||
Net Periodic Benefit Costs | The following table provides detail on the Company’s net periodic benefit costs (in thousands): | ||||||||||||||
Year ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Interest cost | $ | 1,928 | $ | 2,162 | $ | 2,108 | |||||||||
Expected return on assets | (2,468 | ) | (2,471 | ) | (2,221 | ) | |||||||||
Amortization of actuarial loss | 878 | 675 | 669 | ||||||||||||
Net benefit cost | $ | 338 | $ | 366 | $ | 556 | |||||||||
U.S. Pension Plan Investment Allocations by Asset Category | The U.S. pension plan investment allocations by asset category were as follows (in thousands): | ||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | % | 2012 | % | ||||||||||||
Cash and cash equivalents | $ | 348 | 1 | % | $ | 250 | 0.7 | % | |||||||
Fixed income securities: | |||||||||||||||
Government bonds | — | — | 310 | 0.9 | |||||||||||
Corporate bonds | 8,741 | 25.7 | 7,489 | 22.2 | |||||||||||
Mutual funds | 3,464 | 10.2 | 2,678 | 8 | |||||||||||
12,205 | 35.9 | 10,477 | 31.1 | ||||||||||||
Equity securities: | |||||||||||||||
Mutual funds | 21,501 | 63.1 | 22,968 | 68.2 | |||||||||||
Total plan assets | $ | 34,054 | 100 | % | $ | 33,695 | 100 | % | |||||||
Other Pension Plans, Defined Benefit | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets | The Company has several non-U.S. defined benefit pension plans which cover certain existing and former employees of businesses outside the U.S. Most of the non-U.S. defined benefit pension plans continue to earn additional benefits. The funded status of these plans is summarized as follows (in thousands): | ||||||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Benefit obligation | $ | 12,912 | $ | 12,227 | |||||||||||
Fair value of plan assets | 7,790 | 7,440 | |||||||||||||
Funded status of plans (underfunded) | $ | (5,122 | ) | $ | (4,787 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Income Tax Expense from Continuing Operations | Income tax expense from continuing operations is summarized as follows (in thousands): | ||||||||||||||
Year ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Currently payable: | |||||||||||||||
Federal | $ | 24,809 | $ | 22,078 | $ | (78 | ) | ||||||||
Foreign | 13,335 | 10,396 | 20,903 | ||||||||||||
State | 902 | 1,534 | 586 | ||||||||||||
39,046 | 34,008 | 21,411 | |||||||||||||
Deferred: | |||||||||||||||
Federal | (13,514 | ) | (495 | ) | 14,948 | ||||||||||
Foreign | (9,942 | ) | (4,598 | ) | (4,223 | ) | |||||||||
State | (218 | ) | 439 | (4,303 | ) | ||||||||||
(23,674 | ) | (4,654 | ) | 6,422 | |||||||||||
$ | 15,372 | $ | 29,354 | $ | 27,833 | ||||||||||
Reconciliation of Income Taxes at Federal Statutory Rate to Effective Tax Rate | A reconciliation of income taxes at the Federal statutory rate to the effective tax rate is summarized in the following table: | ||||||||||||||
Year ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||||
State income taxes, net of Federal effect | 0.9 | 1.2 | 0.4 | ||||||||||||
Net effect of foreign tax rates and credits | (8.8 | ) | (14.6 | ) | (14.0 | ) | |||||||||
NOL utilization and changes in valuation allowance | (3.1 | ) | 0.1 | (3.0 | ) | ||||||||||
Tax contingency reserve | (5.6 | ) | (2.2 | ) | (1.6 | ) | |||||||||
Prior period correction (1) | (6.5 | ) | — | — | |||||||||||
Other items | (2.5 | ) | (0.5 | ) | 3.4 | ||||||||||
Effective income tax rate | 9.4 | % | 19 | % | 20.2 | % | |||||||||
(1) During the fourth quarter of fiscal 2013, the Company recorded a $10.6 million adjustment to properly state deferred income tax balances associated with its equity compensation programs. The correction is not material to current or previously issued financial statements. | |||||||||||||||
Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities | Temporary differences and carryforwards that gave rise to deferred tax assets and liabilities include the following items (in thousands): | ||||||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Deferred income tax assets: | |||||||||||||||
Operating loss and tax credit carryforwards | $ | 35,071 | $ | 16,393 | |||||||||||
Compensation related liabilities | 20,812 | 9,909 | |||||||||||||
Postretirement benefits | 7,731 | 10,679 | |||||||||||||
Inventory reserves | 7,049 | 8,045 | |||||||||||||
Book reserves and other items | 11,523 | 12,781 | |||||||||||||
Total deferred income tax assets | 82,186 | 57,807 | |||||||||||||
Valuation allowance | (22,777 | ) | (8,153 | ) | |||||||||||
Net deferred income tax assets | 59,409 | 49,654 | |||||||||||||
Deferred income tax liabilities: | |||||||||||||||
Depreciation and amortization | (129,498 | ) | (156,751 | ) | |||||||||||
Other items | (1,985 | ) | (2,098 | ) | |||||||||||
Deferred income tax liabilities | (131,483 | ) | (158,849 | ) | |||||||||||
Net deferred income tax liability | $ | (72,074 | ) | $ | (109,195 | ) | |||||||||
Changes in Gross Liability for Unrecognized Tax benefits, Excluding Interest and Penalties | Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, are as follows (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Beginning balance | $ | 24,608 | $ | 26,179 | $ | 28,225 | |||||||||
Increase for tax positions taken in a prior period | 3,601 | 3,400 | 4,026 | ||||||||||||
Decrease for tax positions taken in a prior period | (7,622 | ) | (4,579 | ) | (6,072 | ) | |||||||||
Decrease due to settlements | (2,581 | ) | (392 | ) | — | ||||||||||
Ending balance | $ | 18,006 | $ | 24,608 | $ | 26,179 | |||||||||
Earnings before Income Taxes, Including both Continuing and Discontinued Operations | Earnings before income taxes, for continuing operations, are summarized as follows (in thousands): | ||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Domestic | $ | 67,392 | $ | 65,685 | $ | 47,445 | |||||||||
Foreign | 95,557 | 88,945 | 90,576 | ||||||||||||
$ | 162,949 | $ | 154,630 | $ | 138,021 | ||||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net earnings | $ | 30,048 | $ | 87,290 | $ | 111,559 | |||||||
Plus: 2% Convertible Notes financings costs, net of taxes | — | 425 | 1,755 | ||||||||||
Net earnings for diluted earnings per share | $ | 30,048 | $ | 87,715 | $ | 113,314 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding for basic earnings per share | 72,979 | 70,099 | 68,254 | ||||||||||
Net effect of dilutive securities—employee stock compensation plans | 1,601 | 1,119 | 1,089 | ||||||||||
Net effect of 2% Convertible Notes based on the if-converted method | — | 3,722 | 5,962 | ||||||||||
Weighted average common shares outstanding for diluted earnings per share | 74,580 | 74,940 | 75,305 | ||||||||||
Basic Earnings Per Share: | $ | 0.41 | $ | 1.25 | $ | 1.63 | |||||||
Diluted Earnings Per Share: | $ | 0.4 | $ | 1.17 | $ | 1.5 | |||||||
Stock_Plans_Tables
Stock Plans (Tables) | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Summary Stock option Activity | A summary of stock option activity during fiscal 2013 is as follows: | ||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||
Exercise Price (Per Share) | Remaining Contractual | Intrinsic Value | |||||||||||||
Term | |||||||||||||||
Outstanding on September 1, 2012 | 5,289,384 | $ | 22.33 | ||||||||||||
Granted | 276,136 | 28.7 | |||||||||||||
Exercised | (1,278,626 | ) | 19.48 | ||||||||||||
Forfeited | (107,343 | ) | 22.1 | ||||||||||||
Outstanding on August 31, 2013 | 4,179,551 | $ | 23.66 | 5.3 | $ | 48.8 | million | ||||||||
Exercisable on August 31, 2013 | 2,609,876 | $ | 23.92 | 4.2 | $ | 30.8 | million | ||||||||
Summary of Weighted Average Grant-Date Fair Value Of options, Total Intrinsic Value of Options Exercised, and Cash Receipts from Options Exercised | A summary of the weighted-average grant-date fair value of options, total intrinsic value of options exercised, and cash receipts from options exercised is shown below (in thousands, except per share amounts): | ||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Weighted-average fair value of options granted (per share) | $ | 10.49 | $ | 8.73 | $ | 10.74 | |||||||||
Intrinsic value of options exercised | 15,803 | 7,946 | 7,540 | ||||||||||||
Cash receipts from exercise of options | 24,840 | 6,550 | 4,324 | ||||||||||||
Summary Of Restricted Stock Activity | A summary of restricted stock activity (including Performance Shares) during fiscal 2013 is as follows: | ||||||||||||||
Number of | Weighted-Average Fair Value at Grant Date (Per Share) | ||||||||||||||
Shares | |||||||||||||||
Outstanding August 31, 2012 | 1,507,443 | $23.85 | |||||||||||||
Granted | 430,793 | 29.18 | |||||||||||||
Forfeited | (131,688 | ) | 22.76 | ||||||||||||
Vested | (212,359 | ) | 20.46 | ||||||||||||
Outstanding August 31, 2013 | 1,594,189 | 25.83 | |||||||||||||
Weighted Average Assumptions | The following weighted-average assumptions were used in each fiscal year: | ||||||||||||||
Fiscal Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Dividend yield | 0.14 | % | 0.18 | % | 0.15 | % | |||||||||
Expected volatility | 38.36 | % | 39.97 | % | 39.62 | % | |||||||||
Risk-free rate of return | 0.84 | % | 1.19 | % | 2.53 | % | |||||||||
Expected forfeiture rate | 15 | % | 15 | % | 15 | % | |||||||||
Expected life | 6.1 years | 6.1 years | 6.1 years | ||||||||||||
Business_Segment_Geographic_an1
Business Segment, Geographic and Customer Information (Tables) | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Summary of Financial Information by Reportable Segment and Product Line | The following tables summarize financial information by reportable segment and product line (in thousands): | ||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net Sales by Segment: | |||||||||||||||
Industrial | $ | 422,620 | $ | 419,295 | $ | 393,013 | |||||||||
Energy | 363,372 | 349,163 | 293,060 | ||||||||||||
Engineered Solutions | 493,750 | 508,063 | 473,237 | ||||||||||||
$ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | ||||||||||
Net Sales by Reportable Product Line: | |||||||||||||||
Industrial | $ | 422,620 | $ | 419,295 | $ | 393,013 | |||||||||
Energy | 363,372 | 349,163 | 293,060 | ||||||||||||
Vehicle Systems | 253,073 | 279,549 | 328,763 | ||||||||||||
Other | 240,677 | 228,514 | 144,474 | ||||||||||||
$ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | ||||||||||
Operating Profit (Loss): | |||||||||||||||
Industrial | $ | 117,644 | $ | 114,777 | $ | 98,415 | |||||||||
Energy | 63,280 | 62,205 | 49,345 | ||||||||||||
Engineered Solutions | 40,328 | 60,851 | 63,612 | ||||||||||||
General Corporate | (31,107 | ) | (33,319 | ) | (38,485 | ) | |||||||||
$ | 190,145 | $ | 204,514 | $ | 172,887 | ||||||||||
Depreciation and Amortization: | |||||||||||||||
Industrial | $ | 8,553 | $ | 8,358 | $ | 8,655 | |||||||||
Energy | 18,451 | 18,115 | 18,152 | ||||||||||||
Engineered Solutions | 16,949 | 15,093 | 13,916 | ||||||||||||
General Corporate | 2,145 | 2,030 | 2,579 | ||||||||||||
Discontinued Operations | 7,804 | 10,667 | 9,694 | ||||||||||||
$ | 53,902 | $ | 54,263 | $ | 52,996 | ||||||||||
Capital Expenditures: | |||||||||||||||
Industrial | $ | 3,524 | $ | 5,333 | $ | 3,590 | |||||||||
Energy | 9,417 | 8,962 | 8,978 | ||||||||||||
Engineered Solutions | 7,001 | 3,463 | 5,966 | ||||||||||||
General Corporate | 867 | 1,905 | 1,902 | ||||||||||||
Discontinued Operations | 2,859 | 3,077 | 2,660 | ||||||||||||
$ | 23,668 | $ | 22,740 | $ | 23,096 | ||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Assets: | |||||||||||||||
Industrial | $ | 280,110 | $ | 268,735 | |||||||||||
Energy | 817,547 | 540,409 | |||||||||||||
Electrical | — | 437,914 | |||||||||||||
Engineered Solutions | 652,581 | 667,550 | |||||||||||||
General Corporate | 96,488 | 92,511 | |||||||||||||
Assets of discontinued operations | 272,606 | — | |||||||||||||
$ | 2,119,332 | $ | 2,007,119 | ||||||||||||
Financial Information From Continuing Operations By Geographic Region | The following tables summarize financial information from continuing operations by geographic region (in thousands): | ||||||||||||||
Year Ended August 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net Sales: | |||||||||||||||
United States | $ | 549,057 | $ | 599,831 | $ | 479,070 | |||||||||
Netherlands | 159,396 | 185,112 | 207,787 | ||||||||||||
United Kingdom | 144,131 | 141,037 | 116,935 | ||||||||||||
Australia | 68,255 | 47,472 | 27,854 | ||||||||||||
France | 52,806 | 48,681 | 49,971 | ||||||||||||
All other | 306,097 | 254,388 | 277,693 | ||||||||||||
$ | 1,279,742 | $ | 1,276,521 | $ | 1,159,310 | ||||||||||
August 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Long-lived Assets: | |||||||||||||||
Norway | $ | 59,557 | $ | 941 | |||||||||||
United Kingdom | 54,136 | 17,672 | |||||||||||||
United States | 41,161 | 50,950 | |||||||||||||
China | 19,551 | 20,166 | |||||||||||||
Netherlands | 10,418 | 12,166 | |||||||||||||
All other | 20,358 | 17,725 | |||||||||||||
$ | 205,181 | $ | 119,620 | ||||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Condensed Consolidating Statements of Earnings | CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 196,531 | $ | 293,884 | $ | 789,327 | $ | — | $ | 1,279,742 | |||||||||||
Cost of products sold | 65,178 | 201,704 | 505,910 | — | 772,792 | ||||||||||||||||
Gross profit | 131,353 | 92,180 | 283,417 | — | 506,950 | ||||||||||||||||
Selling, administrative and engineering expenses | 69,734 | 59,358 | 164,774 | — | 293,866 | ||||||||||||||||
Amortization of intangible assets | 1,276 | 10,481 | 11,182 | — | 22,939 | ||||||||||||||||
Operating profit | 60,343 | 22,341 | 107,461 | — | 190,145 | ||||||||||||||||
Financing costs, net | 25,270 | 9 | (442 | ) | — | 24,837 | |||||||||||||||
Intercompany expense (income), net | (21,041 | ) | 1,082 | 19,959 | — | — | |||||||||||||||
Other expense (income), net | (2,105 | ) | (571 | ) | 5,035 | — | 2,359 | ||||||||||||||
Earnings from continuing operations before income tax expense | 58,219 | 21,821 | 82,909 | — | 162,949 | ||||||||||||||||
Income tax expense (benefit) | (798 | ) | 2,009 | 14,161 | — | 15,372 | |||||||||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 59,017 | 19,812 | 68,748 | — | 147,577 | ||||||||||||||||
Equity in earnings (loss) of subsidiaries | (26,527 | ) | 7,822 | 2,173 | 16,532 | — | |||||||||||||||
Earnings from continuing operations | 32,490 | 27,634 | 70,921 | 16,532 | 147,577 | ||||||||||||||||
Loss from discontinued operations | (2,442 | ) | (76,634 | ) | (38,453 | ) | — | (117,529 | ) | ||||||||||||
Net earnings (loss) | $ | 30,048 | $ | (49,000 | ) | $ | 32,468 | $ | 16,532 | $ | 30,048 | ||||||||||
Comprehensive income (loss) | $ | 30,860 | $ | (48,416 | ) | $ | 31,099 | $ | 17,317 | $ | 30,860 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 206,894 | $ | 328,295 | $ | 741,332 | $ | — | $ | 1,276,521 | |||||||||||
Cost of products sold | 69,902 | 220,271 | 474,888 | — | 765,061 | ||||||||||||||||
Gross profit | 136,992 | 108,024 | 266,444 | — | 511,460 | ||||||||||||||||
Selling, administrative and engineering expenses | 79,742 | 61,113 | 144,065 | — | 284,920 | ||||||||||||||||
Amortization of intangible assets | 1,341 | 10,515 | 10,170 | — | 22,026 | ||||||||||||||||
Operating profit | 55,909 | 36,396 | 112,209 | — | 204,514 | ||||||||||||||||
Financing costs, net | 29,983 | (14 | ) | (408 | ) | — | 29,561 | ||||||||||||||
Debt refinancing costs | 16,830 | — | — | — | 16,830 | ||||||||||||||||
Intercompany expense (income), net | (32,185 | ) | 6,281 | 25,904 | — | — | |||||||||||||||
Other expense, net | 1,351 | 1,992 | 150 | — | 3,493 | ||||||||||||||||
Earnings from continuing operations before income tax expense | 39,930 | 28,137 | 86,563 | — | 154,630 | ||||||||||||||||
Income tax expense | 6,700 | 4,677 | 17,977 | — | 29,354 | ||||||||||||||||
Net earnings before equity in earnings of subsidiaries | 33,230 | 23,460 | 68,586 | — | 125,276 | ||||||||||||||||
Equity in earnings of subsidiaries | 56,407 | 14,373 | 1,649 | (72,429 | ) | — | |||||||||||||||
Earnings from continuing operations | 89,637 | 37,833 | 70,235 | (72,429 | ) | 125,276 | |||||||||||||||
(Loss) earnings from discontinued operations | (2,347 | ) | 11,373 | (47,012 | ) | — | (37,986 | ) | |||||||||||||
Net earnings | $ | 87,290 | $ | 49,206 | $ | 23,223 | $ | (72,429 | ) | $ | 87,290 | ||||||||||
Comprehensive income | $ | 35,497 | $ | 24,934 | $ | 6,064 | $ | (30,998 | ) | $ | 35,497 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 170,094 | $ | 302,911 | $ | 686,305 | $ | — | $ | 1,159,310 | |||||||||||
Cost of products sold | 55,256 | 200,332 | 438,920 | — | 694,508 | ||||||||||||||||
Gross profit | 114,838 | 102,579 | 247,385 | — | 464,802 | ||||||||||||||||
Selling, administrative and engineering expenses | 87,333 | 57,288 | 125,771 | — | 270,392 | ||||||||||||||||
Amortization of intangible assets | 335 | 12,060 | 9,128 | — | 21,523 | ||||||||||||||||
Operating profit | 27,170 | 33,231 | 112,486 | — | 172,887 | ||||||||||||||||
Financing costs, net | 31,912 | (1 | ) | 208 | — | 32,119 | |||||||||||||||
Intercompany expense (income), net | (16,924 | ) | 14,670 | 2,254 | — | — | |||||||||||||||
Other expense (income), net | (4,519 | ) | 112 | 7,154 | — | 2,747 | |||||||||||||||
Earnings from continuing operations before income tax expense | 16,701 | 18,450 | 102,870 | — | 138,021 | ||||||||||||||||
Income tax expense | 4,148 | 2,680 | 21,005 | — | 27,833 | ||||||||||||||||
Net earnings before equity in earnings of subsidiaries | 12,553 | 15,770 | 81,865 | — | 110,188 | ||||||||||||||||
Equity in earnings of subsidiaries | 112,364 | 77,395 | 6,261 | (196,020 | ) | — | |||||||||||||||
Earnings from continuing operations | 124,917 | 93,165 | 88,126 | (196,020 | ) | 110,188 | |||||||||||||||
(Loss) earnings from discontinuing operations | (13,358 | ) | 8,881 | 5,848 | — | 1,371 | |||||||||||||||
Net earnings | $ | 111,559 | $ | 102,046 | $ | 93,974 | $ | (196,020 | ) | $ | 111,559 | ||||||||||
Comprehensive income | $ | 160,985 | $ | 130,503 | $ | 106,875 | $ | (237,378 | ) | $ | 160,985 | ||||||||||
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Aug-13 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 16,122 | $ | — | $ | 87,864 | $ | — | $ | 103,986 | |||||||||||
Accounts receivable, net | 20,471 | 40,343 | 158,261 | — | 219,075 | ||||||||||||||||
Inventories, net | 27,343 | 38,948 | 76,258 | — | 142,549 | ||||||||||||||||
Deferred income taxes | 13,002 | — | 5,794 | — | 18,796 | ||||||||||||||||
Prepaid expenses and other current assets | 7,454 | 963 | 19,811 | — | 28,228 | ||||||||||||||||
Assets of discontinued operations | — | 192,129 | 80,477 | — | 272,606 | ||||||||||||||||
Total current assets | 84,392 | 272,383 | 428,465 | — | 785,240 | ||||||||||||||||
Property, plant & equipment, net | 7,050 | 22,801 | 171,645 | — | 201,496 | ||||||||||||||||
Goodwill | 62,543 | 264,502 | 407,907 | — | 734,952 | ||||||||||||||||
Other intangibles, net | 13,247 | 141,258 | 222,187 | — | 376,692 | ||||||||||||||||
Intercompany receivable | — | 480,633 | 360,620 | (841,253 | ) | — | |||||||||||||||
Investment in subsidiaries | 2,086,534 | 201,779 | 96,333 | (2,384,646 | ) | — | |||||||||||||||
Other long-term assets | 12,654 | 22 | 8,276 | — | 20,952 | ||||||||||||||||
Total assets | $ | 2,266,420 | $ | 1,383,378 | $ | 1,695,433 | $ | (3,225,899 | ) | $ | 2,119,332 | ||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Trade accounts payable | $ | 22,194 | $ | 30,637 | $ | 101,218 | $ | — | $ | 154,049 | |||||||||||
Accrued compensation and benefits | 13,835 | 2,716 | 27,249 | — | 43,800 | ||||||||||||||||
Income taxes payable | 8,135 | — | 5,879 | — | 14,014 | ||||||||||||||||
Other current liabilities | 21,268 | 4,630 | 31,001 | — | 56,899 | ||||||||||||||||
Liabilities of discontinued operations | — | 23,466 | 29,614 | — | 53,080 | ||||||||||||||||
Total current liabilities | 65,432 | 61,449 | 194,961 | — | 321,842 | ||||||||||||||||
Long-term debt | 515,000 | — | — | — | 515,000 | ||||||||||||||||
Deferred income taxes | 64,358 | — | 51,507 | — | 115,865 | ||||||||||||||||
Pension and post-retirement benefit liabilities | 16,267 | — | 4,431 | — | 20,698 | ||||||||||||||||
Other long-term liabilities | 51,479 | 390 | 13,791 | — | 65,660 | ||||||||||||||||
Intercompany payable | 473,617 | — | 367,636 | (841,253 | ) | — | |||||||||||||||
Shareholders’ equity | 1,080,267 | 1,321,539 | 1,063,107 | (2,384,646 | ) | 1,080,267 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,266,420 | $ | 1,383,378 | $ | 1,695,433 | $ | (3,225,899 | ) | $ | 2,119,332 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Aug-12 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,401 | $ | 91 | $ | 55,692 | $ | — | $ | 68,184 | |||||||||||
Accounts receivable, net | 20,401 | 74,006 | 140,349 | — | 234,756 | ||||||||||||||||
Inventories, net | 29,658 | 75,905 | 106,127 | — | 211,690 | ||||||||||||||||
Deferred income taxes | 17,942 | — | 4,641 | — | 22,583 | ||||||||||||||||
Prepaid expenses and other current assets | 8,157 | 1,166 | 14,745 | — | 24,068 | ||||||||||||||||
Total current assets | 88,559 | 151,168 | 321,554 | — | 561,281 | ||||||||||||||||
Property, plant & equipment, net | 6,944 | 31,818 | 77,122 | — | 115,884 | ||||||||||||||||
Goodwill | 62,543 | 433,193 | 370,676 | — | 866,412 | ||||||||||||||||
Other intangibles, net | 14,522 | 206,194 | 225,168 | — | 445,884 | ||||||||||||||||
Intercompany receivable | — | 418,253 | 307,282 | (725,535 | ) | — | |||||||||||||||
Investment in subsidiaries | 1,886,478 | 250,738 | 90,770 | (2,227,986 | ) | — | |||||||||||||||
Other long-term assets | 12,297 | 22 | 5,339 | — | 17,658 | ||||||||||||||||
Total assets | $ | 2,071,343 | $ | 1,491,386 | $ | 1,397,911 | $ | (2,953,521 | ) | $ | 2,007,119 | ||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Trade accounts payable | $ | 21,722 | $ | 44,893 | $ | 108,131 | $ | — | $ | 174,746 | |||||||||||
Accrued compensation and benefits | 23,459 | 6,646 | 28,712 | — | 58,817 | ||||||||||||||||
Income taxes payable | 3,129 | — | 2,649 | — | 5,778 | ||||||||||||||||
Current maturities of debt | 7,500 | — | — | — | 7,500 | ||||||||||||||||
Other current liabilities | 20,876 | 11,566 | 39,723 | — | 72,165 | ||||||||||||||||
Total current liabilities | 76,686 | 63,105 | 179,215 | — | 319,006 | ||||||||||||||||
Long-term debt | 390,000 | — | — | — | 390,000 | ||||||||||||||||
Deferred income taxes | 91,604 | — | 41,049 | — | 132,653 | ||||||||||||||||
Pension and post-retirement benefit liabilities | 22,500 | — | 3,942 | — | 26,442 | ||||||||||||||||
Other long-term liabilities | 59,929 | 620 | 26,633 | — | 87,182 | ||||||||||||||||
Intercompany payable | 378,788 | — | 346,747 | (725,535 | ) | — | |||||||||||||||
Shareholders’ equity | 1,051,836 | 1,427,661 | 800,325 | (2,227,986 | ) | 1,051,836 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,071,343 | $ | 1,491,386 | $ | 1,397,911 | $ | (2,953,521 | ) | $ | 2,007,119 | ||||||||||
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | $ | 81,597 | $ | 26,095 | $ | 86,097 | $ | — | $ | 193,789 | |||||||||||
Investing Activities | |||||||||||||||||||||
Proceeds from sale of property, plant & equipment | 563 | 206 | 852 | — | 1,621 | ||||||||||||||||
Proceeds from sale of business | — | — | 4,854 | — | 4,854 | ||||||||||||||||
Capital expenditures | (2,022 | ) | (4,021 | ) | (17,625 | ) | — | (23,668 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (235,489 | ) | — | (235,489 | ) | ||||||||||||||
Cash used in investing activities | (1,459 | ) | (3,815 | ) | (247,408 | ) | — | (252,682 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net borrowings on revolving credit facilities | 125,000 | — | — | — | 125,000 | ||||||||||||||||
Intercompany loan activity | (179,050 | ) | (22,371 | ) | 201,421 | — | — | ||||||||||||||
Principal repayment on term loans | (7,500 | ) | — | — | — | (7,500 | ) | ||||||||||||||
Payment of deferred acquisition consideration | (1,350 | ) | — | (4,028 | ) | — | (5,378 | ) | |||||||||||||
Debt issuance costs | (2,035 | ) | — | — | — | (2,035 | ) | ||||||||||||||
Purchase of treasury shares | (41,832 | ) | — | — | — | (41,832 | ) | ||||||||||||||
Stock option exercises and related tax benefits | 33,261 | — | — | — | 33,261 | ||||||||||||||||
Cash dividend | (2,911 | ) | — | — | — | (2,911 | ) | ||||||||||||||
Cash provided (used in) financing activities | (76,417 | ) | (22,371 | ) | 197,393 | — | 98,605 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (3,910 | ) | — | (3,910 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,721 | (91 | ) | 32,172 | — | 35,802 | |||||||||||||||
Cash and cash equivalents—beginning of year | 12,401 | 91 | 55,692 | — | 68,184 | ||||||||||||||||
Cash and cash equivalents—end of year | $ | 16,122 | $ | — | $ | 87,864 | $ | — | $ | 103,986 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | $ | 97,454 | $ | 20,363 | $ | 64,512 | $ | — | $ | 182,329 | |||||||||||
Investing Activities | |||||||||||||||||||||
Proceeds from sale of property, plant & equipment | 1,909 | 353 | 6,239 | — | 8,501 | ||||||||||||||||
Capital expenditures | (5,062 | ) | (4,069 | ) | (13,609 | ) | — | (22,740 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (69,309 | ) | — | (69,309 | ) | ||||||||||||||
Cash used in investing activities | (3,153 | ) | (3,716 | ) | (76,679 | ) | — | (83,548 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net repayments on revolving credit facilities | (57,990 | ) | — | (177 | ) | — | (58,167 | ) | |||||||||||||
Intercompany loan activity | (11,482 | ) | (16,556 | ) | 28,038 | — | — | ||||||||||||||
Principal repayment on term loans | (2,500 | ) | — | — | — | (2,500 | ) | ||||||||||||||
Repurchases of 2% Convertible Notes | (102 | ) | — | — | — | (102 | ) | ||||||||||||||
Proceeds from issuance of 5.625% Senior Notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Redemption of 6.875% Senior Notes | (250,000 | ) | — | — | — | (250,000 | ) | ||||||||||||||
Payment of deferred acquisition consideration | (290 | ) | — | (668 | ) | — | (958 | ) | |||||||||||||
Debt issuance costs | (5,490 | ) | — | — | — | (5,490 | ) | ||||||||||||||
Purchase of treasury shares | (63,083 | ) | — | — | — | (63,083 | ) | ||||||||||||||
Stock option exercises and related tax benefits | 10,913 | — | — | — | 10,913 | ||||||||||||||||
Cash dividend | (2,748 | ) | — | — | — | (2,748 | ) | ||||||||||||||
Cash provided (used in) financing activities | (82,772 | ) | (16,556 | ) | 27,193 | — | (72,135 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | — | (2,683 | ) | — | (2,683 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 11,529 | 91 | 12,343 | — | 23,963 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 872 | — | 43,349 | — | 44,221 | ||||||||||||||||
Cash and cash equivalents—end of year | $ | 12,401 | $ | 91 | $ | 55,692 | $ | — | $ | 68,184 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | $ | 92,573 | $ | 3,122 | $ | 77,404 | $ | (1,533 | ) | $ | 171,566 | ||||||||||
Investing Activities | |||||||||||||||||||||
Proceeds from sale of property, plant & equipment | 103 | 313 | 1,363 | — | 1,779 | ||||||||||||||||
Proceeds from sale of business | — | — | 3,463 | — | 3,463 | ||||||||||||||||
Capital expenditures | (5,284 | ) | (4,740 | ) | (13,072 | ) | — | (23,096 | ) | ||||||||||||
Business acquisitions, net of cash acquired | (153,409 | ) | — | (159,697 | ) | — | (313,106 | ) | |||||||||||||
Cash used in investing activities | (158,590 | ) | (4,427 | ) | (167,943 | ) | — | (330,960 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net borrowings on revolving credit facilities | 58,000 | — | 204 | — | 58,204 | ||||||||||||||||
Proceeds from issuance of term loans | 100,000 | — | — | — | 100,000 | ||||||||||||||||
Repurchases of 2% Convertible Notes | (34 | ) | — | — | — | (34 | ) | ||||||||||||||
Intercompany loan activity | (96,454 | ) | 1,655 | 94,799 | — | — | |||||||||||||||
Payment of deferred acquisition consideration | — | (350 | ) | — | — | (350 | ) | ||||||||||||||
Debt issuance costs | (5,197 | ) | — | — | — | (5,197 | ) | ||||||||||||||
Stock option exercises and related tax benefits | 8,235 | — | — | — | 8,235 | ||||||||||||||||
Cash dividend | (2,716 | ) | — | (1,533 | ) | 1,533 | (2,716 | ) | |||||||||||||
Cash provided by financing activities | 61,834 | 1,305 | 93,470 | 1,533 | 158,142 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | 5,251 | — | 5,251 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (4,183 | ) | — | 8,182 | — | 3,999 | |||||||||||||||
Cash and cash equivalents—beginning of year | 5,055 | — | 35,167 | — | 40,222 | ||||||||||||||||
Cash and cash equivalents—end of year | $ | 872 | $ | — | $ | 43,349 | $ | — | $ | 44,221 | |||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data | Quarterly financial data for fiscal 2013 and fiscal 2012 is as follows: | ||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Net sales | $ | 307,809 | $ | 300,468 | $ | 344,205 | $ | 327,260 | $ | 1,279,742 | |||||||||||
Gross profit | 124,368 | 116,178 | 136,904 | 129,500 | 506,950 | ||||||||||||||||
Earnings from continuing operations | 30,551 | 25,834 | 46,077 | 45,115 | 147,577 | ||||||||||||||||
Earnings (loss) from discontinued operations | 5,792 | 2,601 | (139,060 | ) | 13,138 | (117,529 | ) | ||||||||||||||
Net earnings (loss) | 36,343 | 28,435 | (92,983 | ) | 58,253 | 30,048 | |||||||||||||||
Earnings from continuing operations per share: | |||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.35 | $ | 0.63 | $ | 0.62 | $ | 2.02 | |||||||||||
Diluted | 0.41 | 0.35 | 0.62 | 0.6 | 1.98 | ||||||||||||||||
Earnings (loss) from discontinued operations per share: | |||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.04 | $ | (1.90 | ) | $ | 0.18 | $ | (1.61 | ) | |||||||||
Diluted | 0.08 | 0.03 | (1.86 | ) | 0.18 | (1.58 | ) | ||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.5 | $ | 0.39 | $ | (1.27 | ) | $ | 0.8 | $ | 0.41 | ||||||||||
Diluted | 0.49 | 0.38 | (1.24 | ) | 0.78 | 0.4 | |||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Net sales | $ | 309,966 | $ | 300,919 | $ | 343,268 | $ | 322,368 | $ | 1,276,521 | |||||||||||
Gross profit | 127,015 | 116,083 | 138,754 | 129,608 | 511,460 | ||||||||||||||||
Earnings from continuing operations | 33,970 | 27,653 | 27,737 | 35,916 | 125,276 | ||||||||||||||||
Earnings (loss) from discontinued operations | 3,204 | 4,522 | 6,664 | (52,376 | ) | (37,986 | ) | ||||||||||||||
Net earnings (loss) | 37,174 | 32,175 | 34,401 | (16,460 | ) | 87,290 | |||||||||||||||
Earnings from continuing operations per share: | |||||||||||||||||||||
Basic | $ | 0.5 | $ | 0.41 | $ | 0.39 | $ | 0.49 | $ | 1.79 | |||||||||||
Diluted | 0.46 | 0.37 | 0.36 | 0.48 | 1.68 | ||||||||||||||||
Earnings (loss) from discontinued operations per share: | |||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.06 | $ | 0.09 | $ | (0.72 | ) | $ | (0.54 | ) | |||||||||
Diluted | 0.04 | 0.06 | 0.09 | (0.70 | ) | (0.51 | ) | ||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.47 | $ | 0.48 | $ | (0.23 | ) | $ | 1.25 | ||||||||||
Diluted | 0.5 | 0.43 | 0.45 | (0.22 | ) | 1.17 | |||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Segment | Segment | Segment | |||
Significant Accounting Policies [Line Items] | |||||
Number of reportable segments | 3 | 3 | 3 | ||
Portion of inventory determined using last-in, first-out ("LIFO") method | 21.00% | 21.00% | 19.00% | ||
Inventory LIFO reserve | $5.80 | $5.80 | $6.60 | ||
Accounts Receivable, allowance for doubtful accounts | 3.7 | 3.7 | 4.4 | ||
Research and development costs | 21 | 17.1 | 12.5 | ||
Foreign exchange transaction (gains)/losses | 2.7 | 3.9 | 3.3 | ||
properly state deferred income tax balances associated with its equity compensation programs | |||||
Significant Accounting Policies [Line Items] | |||||
Prior period reclassification adjustment | $10.60 | ||||
Minimum | Buildings and improvements | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 10 years | ||||
Minimum | Machinery and equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 2 years | ||||
Maximum | Buildings and improvements | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 40 years | ||||
Maximum | Machinery and equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 15 years |
Reconciliation_of_Changes_in_A
Reconciliation of Changes in Accrued Product Warranty (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $12,869 | $23,707 |
Warranty reserves of acquired businesses | 981 | 338 |
Purchase accounting adjustments | 0 | -7,726 |
Provision for warranties | 7,907 | 9,219 |
Warranty payments and costs incurred | -11,616 | -10,893 |
Discontinued operations reclassification | -3,107 | 0 |
Impact of changes in foreign currency rates | 379 | -1,776 |
Ending balance | $7,413 | $12,869 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 27, 2013 | Aug. 31, 2012 | Jul. 20, 2012 | Mar. 28, 2012 | Feb. 10, 2012 | Jun. 02, 2011 | Dec. 10, 2010 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 27, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 27, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2011 | |
acquisition | acquisition | Viking | Engineered Solutions | CrossControl | Turotest | Jeyco | Weasler Engineering, Inc. | Mastervolt International Holding B.V. | Customer Relationships | Customer Relationships | Customer Relationships | Tradenames | Tradenames | Tradenames | Technologies | Non-compete Agreements | Non-compete Agreements | Patents and Technologies | ||
Entity | Viking | Viking | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Transaction costs related to business acquisition activities | $3,700,000 | $1,400,000 | $1,900,000 | |||||||||||||||||
Reductions in goodwill due to purchase price adjustments (less than $0.1 million in fiscal 2013) | 17,000 | -3,280,000 | ||||||||||||||||||
Recognition of intangible assets due to acquisitions | 32,800,000 | 157,500,000 | 65,360,000 | 24,200,000 | 81,500,000 | 40,500,000 | 5,700,000 | 69,900,000 | 24,900,000 | 2,200,000 | 700,000 | 600,000 | 5,500,000 | |||||||
Number of tuck-in acquisitions | 2 | |||||||||||||||||||
Cash paid for business acquisitions, net of cash acquired | 235,489,000 | 69,309,000 | 313,106,000 | 40,600,000 | 8,100,000 | 20,700,000 | 153,200,000 | 158,200,000 | ||||||||||||
Number of businesses acquired | 3 | 2 | ||||||||||||||||||
Deferred purchase price for business acquisitions | 5,300,000 | |||||||||||||||||||
Recognition of goodwill due to acquisitions | $40,100,000 | $152,400,000 | $87,734,000 |
Summary_of_Estimated_Fair_Valu
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 27, 2013 |
In Thousands, unless otherwise specified | Viking | ||
Business Acquisition [Line Items] | |||
Accounts receivable, net | $17,225 | ||
Inventories | 1,582 | ||
Property, plant & equipment | 99,776 | ||
Goodwill | 40,100 | 152,400 | 87,734 |
Other assets | 32,800 | 157,500 | 65,360 |
Other assets | 1,755 | ||
Trade accounts payable | -7,664 | ||
Deferred income taxes | -25,923 | ||
Other liabilities | -4,439 | ||
Cash paid, net of cash acquired | $235,406 |
Proforma_Results_of_Operations
Proforma Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Business Combinations [Abstract] | |||||||||||
Net sales, As reported | $327,260 | $344,205 | $300,468 | $307,809 | $322,368 | $343,268 | $300,919 | $309,966 | $1,279,742 | $1,276,521 | $1,159,310 |
Net sales, Pro forma | 1,365,115 | 1,419,173 | 1,393,061 | ||||||||
Earnings from continuing operations, As reported | 45,115 | 46,077 | 25,834 | 30,551 | 35,916 | 27,737 | 27,653 | 33,970 | 147,577 | 125,276 | 110,188 |
Earnings from continuing operations, Pro forma | $153,946 | $134,581 | $125,785 | ||||||||
Basic earnings per share from continuing operations, As reported | $0.62 | $0.63 | $0.35 | $0.42 | $0.49 | $0.39 | $0.41 | $0.50 | $2.02 | $1.79 | $1.61 |
Basic earnings per share from continuing operations, Pro forma | $2.11 | $1.92 | $1.84 | ||||||||
Diluted earnings per share from continuing operations, As reported | $0.60 | $0.62 | $0.35 | $0.41 | $0.48 | $0.36 | $0.37 | $0.46 | $1.98 | $1.68 | $1.49 |
Diluted earnings per share from continuing operations, Pro forma | $2.06 | $1.81 | $1.69 |
Discontinued_Operations_Income
Discontinued Operations Income Statement and Balance Sheet Summary (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net sales | $286,308 | $328,821 | $335,318 | |||
Operating profit | 34,536 | 28,148 | 20,029 | |||
Impairment charge | -159,104 | -62,464 | 0 | |||
Net loss on disposal | 0 | [1] | 0 | [1] | -15,829 | [1] |
Income tax benefit (expense) | 7,039 | -3,670 | -2,829 | |||
Income (loss) from discontinued operations, net of taxes | -117,529 | -37,986 | 1,371 | |||
Assets of Disposal Group, Including Discontinued Operation [Abstract] | ||||||
Accounts receivable, net | 41,247 | |||||
Inventories, net | 55,142 | |||||
Property, plant & equipment, net | 9,545 | |||||
Goodwill | 76,877 | |||||
Other intangible assets, net | 84,387 | |||||
Other assets | 5,408 | |||||
Assets of discontinued operations | 272,606 | 0 | ||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ||||||
Trade accounts payable | 19,824 | |||||
Other current liabilities | 12,984 | |||||
Deferred income taxes | 9,376 | |||||
Other long-term liabilities | 10,896 | |||||
Liabilities of discontinued operations | $53,080 | |||||
[1] | During the second quarter of fiscal 2011, the Company completed the sale of the European Electrical business for total cash proceeds of $3.5 million, net of transaction costs. As a result of the sale transaction, the Company recognized a pre-tax loss on disposal of $15.8 million, including an $11.4 million charge to cover future lease payments on an unfavorable real estate lease used by the divested business. |
Discontinued_Operations_Narrat
Discontinued Operations Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Aug. 31, 2013 | 31-May-13 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Feb. 28, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | ||||
Segment | Segment | Segment | Electrical | Electrical | Electrical | Mastervolt International Holding B.V. | Mastervolt International Holding B.V. | |||||||
Europe | North America | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from sale of business | $4,854,000 | $0 | $3,463,000 | $3,500,000 | ||||||||||
pre-tax loss on disposal of business | 0 | [1] | 0 | [1] | 15,829,000 | [1] | 15,800,000 | |||||||
Loss on disposal of business, future lease payments | 11,400,000 | |||||||||||||
Number of reportable segments | 3 | 3 | 3 | |||||||||||
Impairment charges | -11,200,000 | 170,000,000 | 62,500,000 | 158,817,000 | 62,464,000 | 0 | 159,100,000 | |||||||
Goodwill impairment | -137,804,000 | -36,557,000 | 137,800,000 | 36,600,000 | ||||||||||
indefinite lived intangible asset (tradenames) impairment | 21,300,000 | 25,900,000 | ||||||||||||
Goodwill | 76,877,000 | 76,877,000 | 76,900,000 | 0 | ||||||||||
Goodwill and intangible asset impairment | 62,500,000 | |||||||||||||
Other intangible assets, net | $84,387,000 | $84,387,000 | ||||||||||||
[1] | During the second quarter of fiscal 2011, the Company completed the sale of the European Electrical business for total cash proceeds of $3.5 million, net of transaction costs. As a result of the sale transaction, the Company recognized a pre-tax loss on disposal of $15.8 million, including an $11.4 million charge to cover future lease payments on an unfavorable real estate lease used by the divested business. |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Narrative (Detail) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Cumulative goodwill impairment charges | $22,200,000 | $22,200,000 | |
Amortization expense of intangible assets | 22,939,000 | 22,026,000 | 21,523,000 |
Future amortization expense, 2014 | 24,600,000 | ||
Future amortization expense, 2015 | 24,600,000 | ||
Future amortization expense, 2016 | 24,500,000 | ||
Future amortization expense, 2017 | 23,400,000 | ||
Future amortization expense, 2018 | 23,000,000 | ||
Future amortization expense, thereafter | $132,000,000 |
Changes_in_Carrying_Value_of_G
Changes in Carrying Value of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Goodwill [Roll Forward] | ||
Beginning Balance | $866,412 | $888,466 |
Businesses acquired | 87,734 | 40,289 |
Purchase accounting adjustments | 17 | -3,280 |
Impairment charge | -137,804 | -36,557 |
Reclassification to discontinued operations | -76,877 | |
Divestiture of Nielsen Sessions business | -2,556 | |
Impact of changes in foreign currency rates | -1,974 | -22,506 |
Ending Balance | 734,952 | 866,412 |
Industrial | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 81,404 | 85,409 |
Businesses acquired | 0 | 0 |
Purchase accounting adjustments | 0 | 0 |
Impairment charge | 0 | 0 |
Reclassification to discontinued operations | 0 | |
Divestiture of Nielsen Sessions business | 0 | |
Impact of changes in foreign currency rates | 1,207 | -4,005 |
Ending Balance | 82,611 | 81,404 |
Energy | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 259,521 | 252,285 |
Businesses acquired | 87,734 | 14,101 |
Purchase accounting adjustments | 117 | 0 |
Impairment charge | 0 | 0 |
Reclassification to discontinued operations | 0 | |
Divestiture of Nielsen Sessions business | 0 | |
Impact of changes in foreign currency rates | -5,469 | -6,865 |
Ending Balance | 341,903 | 259,521 |
Electrical | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 213,870 | 260,777 |
Businesses acquired | 0 | 0 |
Purchase accounting adjustments | 0 | -3,995 |
Impairment charge | -137,804 | -36,557 |
Reclassification to discontinued operations | -76,877 | |
Divestiture of Nielsen Sessions business | 0 | |
Impact of changes in foreign currency rates | 811 | -6,355 |
Ending Balance | 0 | 213,870 |
Engineered Solutions | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 311,617 | 289,995 |
Businesses acquired | 0 | 26,188 |
Purchase accounting adjustments | -100 | 715 |
Impairment charge | 0 | 0 |
Reclassification to discontinued operations | 0 | |
Divestiture of Nielsen Sessions business | -2,556 | |
Impact of changes in foreign currency rates | 1,477 | -5,281 |
Ending Balance | $310,438 | $311,617 |
Gross_Carrying_Value_and_Accum
Gross Carrying Value and Accumulated Amortization of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | $504,468 | $589,480 |
Accumulated Amortization | 127,776 | 143,596 |
Other intangibles, net | 376,692 | 445,884 |
Tradenames | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 124,639 | 137,393 |
Customer Relationships | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 318,143 | 347,739 |
Accumulated Amortization | 95,215 | 93,768 |
Net Book Value | 222,928 | 253,971 |
Weighted Average Amortization Period | 15 years | |
Patents | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 30,564 | 52,851 |
Accumulated Amortization | 18,747 | 34,842 |
Net Book Value | 11,817 | 18,009 |
Weighted Average Amortization Period | 11 years | |
Trademarks and Tradenames | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 24,088 | 43,820 |
Accumulated Amortization | 7,356 | 8,670 |
Net Book Value | 16,732 | 35,150 |
Weighted Average Amortization Period | 19 years | |
Non-Compete Agreements and Other | ||
Indefinite And Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 7,034 | 7,677 |
Accumulated Amortization | 6,458 | 6,316 |
Net Book Value | $576 | $1,361 |
Weighted Average Amortization Period | 4 years |
LongTerm_Indebtedness_Detail
Long-Term Indebtedness (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | $515,000 | $397,500 |
Less: current maturities of long-term debt | 0 | -7,500 |
Total long-term debt, less current maturities | 515,000 | 390,000 |
Senior Credit Facility | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | 215,000 | 97,500 |
Senior Credit Facility | Senior Credit Facility - Revolver | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | 125,000 | 0 |
Senior Credit Facility | Senior Credit Facility - Term Loan | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | 90,000 | 97,500 |
Senior Notes | 5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total Senior Indebtedness | $300,000 | $300,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Apr. 03, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Apr. 16, 2012 | Aug. 31, 2012 | Apr. 16, 2012 | Apr. 30, 2012 | Mar. 31, 2012 | Nov. 30, 2011 | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2003 | Aug. 31, 2013 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | |
5.625% Senior Notes | 5.625% Senior Notes | 5.625% Senior Notes | 6.875% Senior Notes | 6.875% Senior Notes | 2% Converitble Notes | 2% Converitble Notes | 2% Converitble Notes | 2% Converitble Notes | 2% Converitble Notes | 2% Converitble Notes | Senior Credit Facility - Term Loan | Senior Credit Facility - Term Loan | Senior Credit Facility - Term Loan | Senior Credit Facility - Term Loan | Senior Credit Facility - Revolver | Senior Credit Facility - Revolver | Senior Credit Facility - Revolver | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | |||||
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Convertible Notes | Convertible Notes | Convertible Notes | Convertible Notes | Convertible Notes | Convertible Notes | Starting on September 30, 2014 | Starting on September 30, 2015 | Minimum | Maximum | covenant | Minimum | Maximum | LIBOR | LIBOR | LIBOR | Base Rate | Base Rate | ||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Maximum borrowing capacity | $90,000,000 | $600,000,000 | ||||||||||||||||||||||||||||
Senior credit facility expansion option, available | 350,000,000 | |||||||||||||||||||||||||||||
Debt instrument interest rate over variable rate | 1.25% | 1.00% | 2.50% | 0.00% | 1.50% | |||||||||||||||||||||||||
Debt instrument actual interest rate | 1.50% | |||||||||||||||||||||||||||||
Percentage of non-use fee, annually | 0.15% | 0.40% | ||||||||||||||||||||||||||||
Unused credit line | 471,600,000 | |||||||||||||||||||||||||||||
Quarterly installments, payable on term loan | 1,100,000 | 2,300,000 | ||||||||||||||||||||||||||||
Number of financial covenants | 2 | |||||||||||||||||||||||||||||
Leverage ratio | 3.75 | |||||||||||||||||||||||||||||
Fixed charge coverage ratio | 3.5 | |||||||||||||||||||||||||||||
Face amount | 300,000,000 | 300,000,000 | 250,000,000 | 150,000,000 | ||||||||||||||||||||||||||
Debt instrument, interest rate | 5.63% | 5.63% | 5.63% | 6.88% | 6.88% | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||||
Debt instrument redemption price percentage | 104.00% | |||||||||||||||||||||||||||||
Senior Notes | 260,400,000 | |||||||||||||||||||||||||||||
Cash paid for repurchase | 32,200,000 | |||||||||||||||||||||||||||||
Average price percentage of par value | 99.30% | |||||||||||||||||||||||||||||
Convertible Notes converted to class A common stock | 200,000 | |||||||||||||||||||||||||||||
Debt conversion converted remaining instrument amount | 117,600,000 | |||||||||||||||||||||||||||||
Conversion ratio per $1,000 of principal | 50.6554 | |||||||||||||||||||||||||||||
Number of shares issued due to calling of convertible notes | 5,951,440 | |||||||||||||||||||||||||||||
Repurchases of 2% Convertible Notes | 0 | 102,000 | 34,000 | 100,000 | ||||||||||||||||||||||||||
Prior income tax to be recaptured | 15,600,000 | |||||||||||||||||||||||||||||
Notional value of interest rate swap contracts | 100,000,000 | |||||||||||||||||||||||||||||
Fixed interest rate of interest rate swap contracts | 2.06% | |||||||||||||||||||||||||||||
Senior Credit Facility | 100,000,000 | |||||||||||||||||||||||||||||
Other long term Liabilities | 4,100,000 | |||||||||||||||||||||||||||||
Debt refinancing costs | 0 | 16,830,000 | 0 | |||||||||||||||||||||||||||
Tender premium | 10,400,000 | |||||||||||||||||||||||||||||
Write-off of deferred financing fees and debt discount | 2,300,000 | |||||||||||||||||||||||||||||
Loss on termination of interest rate swap agreements | 4,100,000 | |||||||||||||||||||||||||||||
Related tax benefit on debt refinancing charge | 6,300,000 | |||||||||||||||||||||||||||||
Cash interest payments | $20,800,000 | $25,900,000 | $26,100,000 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities Included in Condensed Consolidated Balance Sheet (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 Valuation | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $1,092 | $5,154 |
Investments | 1,793 | 1,602 |
Level 2 Valuation | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $143 | $945 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2013 | 31-May-13 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Apr. 16, 2012 | Aug. 31, 2012 | |
5.625% Senior Notes | 5.625% Senior Notes | 5.625% Senior Notes | Mastervolt International Holding B.V. | |||||||
Senior Notes | Senior Notes | Senior Notes | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Goodwill | $734,952,000 | $866,412,000 | $734,952,000 | $866,412,000 | $888,466,000 | $40,000,000 | ||||
Tradename | 13,600,000 | |||||||||
Impairment charges | -11,200,000 | 170,000,000 | 62,500,000 | 158,817,000 | 62,464,000 | 0 | 62,500,000 | |||
Face amount | 300,000,000 | 300,000,000 | ||||||||
Debt instrument, interest rate | 5.63% | 5.63% | 5.63% | |||||||
Fair value of long-term debt | $300,800,000 | $309,800,000 |
Derivatives_Details
Derivatives (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Derivative [Line Items] | ||
Notional amount of foreign currency cash flow hedge derivatives | $9.70 | $3 |
Unrealized losses expected to be reclassified during next 12 months | 0.1 | |
Notional amount of foreign currency fair value hedge derivatives | 383.6 | 197.5 |
Net foreign currency gains (losses) | $0.80 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Leases Disclosure [Line Items] | |||
Due in 2014 | $24.10 | ||
Due in 2015 | 19.1 | ||
Due in 2016 | 15.9 | ||
Due in 2017 | 13.3 | ||
Due in 2018 | 10.3 | ||
Due thereafter | 38.6 | ||
Operating lease, rental expense | $26 | $24.20 | $21.10 |
Minimum | |||
Leases Disclosure [Line Items] | |||
Lease agreements period | 1 year | ||
Maximum | |||
Leases Disclosure [Line Items] | |||
Lease agreements period | 20 years |
Changes_in_Projected_Benefit_O
Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status of Defined Benefit Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Reconciliation of benefit obligations: | |||
Interest cost | $1,928 | $2,162 | $2,108 |
Reconciliation of plan assets: | |||
Fair value of plan assets at beginning of year | 33,695 | ||
Fair value of plan assets at end of year | 34,054 | 33,695 | |
U.S. defined benefit pension plans | |||
Reconciliation of benefit obligations: | |||
Benefit obligation at beginning of year | 50,870 | 44,430 | |
Adjustment | -280 | 0 | |
Interest cost | 1,928 | 2,162 | |
Actuarial (gain) loss | -4,983 | 6,855 | |
Benefits paid | -2,489 | -2,577 | |
Benefit obligation at end of year | 45,046 | 50,870 | |
Reconciliation of plan assets: | |||
Fair value of plan assets at beginning of year | 33,695 | 32,412 | |
Actual return on plan assets | 2,252 | 2,911 | |
Company contributions | 596 | 949 | |
Benefits paid from plan assets | -2,489 | -2,577 | |
Fair value of plan assets at end of year | 34,054 | 33,695 | |
Funded status of the plans (underfunded) | ($10,992) | ($17,175) |
Net_Periodic_Benefit_Costs_Det
Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | |||
Interest cost | $1,928 | $2,162 | $2,108 |
Expected return on assets | -2,468 | -2,471 | -2,221 |
Amortization of actuarial loss | 878 | 675 | 669 |
Net benefit cost | $338 | $366 | $556 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Jul. 31, 2006 | Aug. 31, 2013 | |
Other Current Liabilities and Other Long-term Liabilities | Other Current Liabilities and Other Long-term Liabilities | Maximum | Minimum | U.S. defined benefit pension plans | U.S. defined benefit pension plans | U.S. defined benefit pension plans | Non-US Pension Plans, Defined Benefit | Non-US Pension Plans, Defined Benefit | Non-US Pension Plans, Defined Benefit | Other post-retirement health benefits ("OPEB") | Other post-retirement health benefits ("OPEB") | Other post-retirement health benefits ("OPEB") | Supplemental Executive Retirement Plan | Supplemental Executive Retirement Plan | Supplemental Executive Retirement Plan | Supplemental Executive Retirement Plan | Long Term Incentive Plan | Equity Securities | ||||
Maximum | Minimum | |||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Pension plan actuarial gain losses, not yet recognized in net periodic benefit cost | ($12,000,000) | ($15,600,000) | ||||||||||||||||||||
Pension plan actuarial gain losses, expected to be recognized in net periodic benefit cost in 2013 | -400,000 | |||||||||||||||||||||
Asset allocation in equity securities minimum | 60.00% | |||||||||||||||||||||
Asset allocation in equity securities maximum | 80.00% | |||||||||||||||||||||
Expected long term rate of return for assets | 7.65% | 4.60% | ||||||||||||||||||||
Amount of benefits expected to be paid, fiscal 2014 | 2,600,000 | |||||||||||||||||||||
Amount of benefits expected to be paid, fiscal 2015 | 2,600,000 | |||||||||||||||||||||
Amount of benefits expected to be paid, fiscal 2016 | 2,600,000 | |||||||||||||||||||||
Amount of benefits expected to be paid, fiscal 2017 | 2,600,000 | |||||||||||||||||||||
Amount of benefits expected to be paid, fiscal 2018 | 2,600,000 | |||||||||||||||||||||
Amount of benefits expected to be paid, fiscal 2019 through 2023 | 14,900,000 | |||||||||||||||||||||
Net periodic benefit costs (credit) | 338,000 | 366,000 | 556,000 | 800,000 | 500,000 | 500,000 | -200,000 | -200,000 | -200,000 | |||||||||||||
Weighted average discount rate for determining benefit obligation | 4.90% | 3.90% | 5.00% | 4.30% | 4.00% | |||||||||||||||||
Define benefit plan Company contributions, year 2014 | 600,000 | 300,000 | ||||||||||||||||||||
Benefit obligation | 45,046,000 | 50,870,000 | 44,430,000 | 12,912,000 | 12,227,000 | 2,900,000 | 3,400,000 | |||||||||||||||
Health care cost trend rate | 7.50% | |||||||||||||||||||||
Health care cost trending downward rate by 2018 | 5.00% | |||||||||||||||||||||
Maximum employee contribution to defined contribution benefit plans | 50.00% | |||||||||||||||||||||
Maximum Company contribution to defined contribution benefit plans | 3.00% | |||||||||||||||||||||
Employer matching contribution to employee contribution percentage | 25.00% | |||||||||||||||||||||
Employee contribution percentage of eligible compensation | 6.00% | |||||||||||||||||||||
Expense recognized related to defined contribution plan | 4,500,000 | 5,100,000 | 4,600,000 | 600,000 | 700,000 | |||||||||||||||||
Employer contribution to defined contribution benefit plans | 6.00% | 3.00% | ||||||||||||||||||||
Deferred compensation liability | 23,200,000 | 19,600,000 | ||||||||||||||||||||
Expense on participant deferrals in fixed income investment option | 1,600,000 | 1,500,000 | 1,200,000 | |||||||||||||||||||
Cost of stock held in trust for deferred compensation plan | 1,900,000 | 1,500,000 | ||||||||||||||||||||
Targeted common stock per share price appreciation to receive a lump sum cash incentive payment | $50 | |||||||||||||||||||||
Long term incentive plan expense (income) | 300,000 | 100,000 | 100,000 | |||||||||||||||||||
Long term incentive plan liability | 1,300,000 | 1,100,000 | ||||||||||||||||||||
Payment for long term incentive plan | $10,000,000 | $0 |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Assumptions for benefit obligations: | |||
Discount rate | 4.90% | 3.90% | 5.00% |
Assumptions for net periodic benefit cost: | |||
Discount rate | 3.90% | 5.00% | 4.60% |
Expected return on plan assets | 7.75% | 7.90% | 8.00% |
US_Pension_Plan_Investment_All
U.S. Pension Plan Investment Allocations by Asset Category (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | $34,054 | $33,695 |
Percentage of fair value of pension plan assets | 100.00% | 100.00% |
Cash and cash equivalents | Level 1 Valuation | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | 348 | 250 |
Percentage of fair value of pension plan assets | 1.00% | 0.70% |
Fixed Income Securities | Level 2 Valuation | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | 12,205 | 10,477 |
Percentage of fair value of pension plan assets | 35.90% | 31.10% |
Fixed Income Securities | Government Bonds | Level 2 Valuation | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | 0 | 310 |
Percentage of fair value of pension plan assets | 0.00% | 0.90% |
Fixed Income Securities | Corporate Bond | Level 2 Valuation | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | 8,741 | 7,489 |
Percentage of fair value of pension plan assets | 25.70% | 22.20% |
Fixed Income Securities | Mutual Funds | Level 2 Valuation | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | 3,464 | 2,678 |
Percentage of fair value of pension plan assets | 10.20% | 8.00% |
Equity Securities | Mutual Funds | Level 1 Valuation | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ||
Fair value of pension plan assets | $21,501 | $22,968 |
Percentage of fair value of pension plan assets | 63.10% | 68.20% |
Funded_Status_of_Defined_Benef
Funded Status of Defined Benefit Pension Plans (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $34,054 | $33,695 |
Non-US Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 12,912 | 12,227 |
Fair value of plan assets | 7,790 | 7,440 |
Funded status of the plans (underfunded) | ($5,122) | ($4,787) |
Income_Tax_Expense_from_Contin
Income Tax Expense from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Currently payable: | |||
Currently payable, Federal | $24,809 | $22,078 | ($78) |
Currently payable, Foreign | 13,335 | 10,396 | 20,903 |
Currently payable, State | 902 | 1,534 | 586 |
Currently payable | 39,046 | 34,008 | 21,411 |
Deferred: | |||
Deferred, Federal | -13,514 | -495 | 14,948 |
Deferred, Foreign | -9,942 | -4,598 | -4,223 |
Deferred, State | -218 | 439 | -4,303 |
Provision (benefit) for deferred income taxes | -23,674 | -4,654 | 6,422 |
Income tax expense (benefit) | $15,372 | $29,354 | $27,833 |
Reconciliation_of_Income_Taxes
Reconciliation of Income Taxes at Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | |||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | ||||
Income Tax Disclosure [Abstract] | ||||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | |||
State income taxes, net of Federal effect | 0.90% | 1.20% | 0.40% | |||
Net effect of foreign tax rates and credits | -8.80% | -14.60% | -14.00% | |||
NOL utilization and changes in valuation allowance | -3.10% | 0.10% | -3.00% | |||
Tax contingency reserve | -5.60% | -2.20% | -1.60% | |||
Prior period correction | -6.50% | [1] | 0.00% | [1] | 0.00% | [1] |
Other items | -2.50% | -0.50% | 3.40% | |||
Effective income tax rate | 9.40% | 19.00% | 20.20% | |||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $10.6 million adjustment to properly state deferred income tax balances associated with its equity compensation programs. The correction is not material to current or previously issued financial statements. |
Temporary_Differences_and_Carr
Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Operating loss and tax credit carryforwards | $35,071 | $16,393 |
Compensation related liabilities | 20,812 | 9,909 |
Postretirement benefits | 7,731 | 10,679 |
Inventory reserves | 7,049 | 8,045 |
Book reserves and other items | 11,523 | 12,781 |
Total deferred income tax assets | 82,186 | 57,807 |
Valuation allowance | -22,777 | -8,153 |
Net deferred income tax assets | 59,409 | 49,654 |
Deferred income tax liabilities: | ||
Depreciation and amortization | -129,498 | -156,751 |
Other items | -1,985 | -2,098 |
Deferred income tax liabilities | -131,483 | -158,849 |
Net deferred income tax liability | ($72,074) | ($109,195) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | |
properly state deferred income tax balances associated with its equity compensation programs | ||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||
Prior period reclassification adjustment | $10,600,000 | |||
Foreign loss carryforwards expiring at various dates between 2013 and 2021 | 12,900,000 | |||
Recognized interest and penalties related to unrecognized tax benefits | 2,900,000 | 4,500,000 | 5,100,000 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,300,000 | |||
Undistributed earnings | 427,100,000 | |||
Additional provision for undistributed earnings | 79,800,000 | |||
Debt refinancing costs | 0 | 16,830,000 | 0 | |
Income taxes, net of refunds | $42,100,000 | $56,500,000 | $23,100,000 |
Changes_in_Gross_Liability_for
Changes in Gross Liability for Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $24,608 | $26,179 | $28,225 |
Increase for tax positions taken in a prior period | 3,601 | 3,400 | 4,026 |
Decrease for tax positions taken in a prior period | -7,622 | -4,579 | -6,072 |
Decrease due to settlements | -2,581 | -392 | 0 |
Ending balance | $18,006 | $24,608 | $26,179 |
Earnings_before_Income_Taxes_I
Earnings before Income Taxes, Including both Continuing and Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Tax Disclosure [Abstract] | |||
Domestic | $67,392 | $65,685 | $47,445 |
Foreign | 95,557 | 88,945 | 90,576 |
Earnings from continuing operations before income tax | $162,949 | $154,630 | $138,021 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Sep. 28, 2011 | |
Capital Unit [Line Items] | ||||
Cumulative Preferred Stock, shares authorized share | 160,000 | |||
Cumulative Preferred Stock, par value | $1 | |||
Cumulative Preferred Stock, issued | 0 | |||
Shares authorized in buyback program | 7,000,000 | |||
Shares repurchased | 3,983,513 | 2,658,751 | ||
Anti-dilutive securities-equity based compensation plans (excluded from earnings per share calculation) | 619,000 | 2,582,000 | 2,582,000 | |
Common Class A | ||||
Capital Unit [Line Items] | ||||
Common stock, shares authorized | 168,000,000 | 168,000,000 | ||
Common stock, par value | $0.20 | 0.2 | ||
Common stock, shares issued | 77,001,144 | 75,519,079 | ||
Common stock, shares outstanding | 73,017,631 | |||
Common Class B | ||||
Capital Unit [Line Items] | ||||
Common stock, shares authorized | 1,500,000 | |||
Common stock, par value | $0.20 | |||
Common stock, shares issued | 0 | |||
Common stock, shares outstanding | 0 |
Basic_and_Diluted_Earnings_Per
Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Earnings Per Share [Abstract] | |||||||||||
Net earnings | $58,253 | ($92,983) | $28,435 | $36,343 | ($16,460) | $34,401 | $32,175 | $37,174 | $30,048 | $87,290 | $111,559 |
Plus: 2% Convertible Notes financings costs, net of taxes | 0 | 425 | 1,755 | ||||||||
Net earnings for diluted earnings per share | $30,048 | $87,715 | $113,314 | ||||||||
Weighted average common shares outstanding for basic earnings per share | 72,979 | 70,099 | 68,254 | ||||||||
Net effect of dilutive securities-employee stock compensation plans | 1,601 | 1,119 | 1,089 | ||||||||
Net effect of 2% Convertible Notes based on the if-converted method | 0 | 3,722 | 5,962 | ||||||||
Weighted average common and equivalent shares outstanding for diluted earnings per share | 74,580 | 74,940 | 75,305 | ||||||||
Basic Earnings Per Share (in dollars per share): | $0.80 | ($1.27) | $0.39 | $0.50 | ($0.23) | $0.48 | $0.47 | $0.54 | $0.41 | $1.25 | $1.63 |
Diluted Earnings Per Share (in dollars per share): | $0.78 | ($1.24) | $0.38 | $0.49 | ($0.22) | $0.45 | $0.43 | $0.50 | $0.40 | $1.17 | $1.50 |
Basic_and_Diluted_Earnings_Per1
Basic and Diluted Earnings Per Share (Parenthetical) (Detail) (2% Converitble Notes, Convertible Notes) | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2003 |
2% Converitble Notes | Convertible Notes | |||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||
Debt instrument, interest rate | 2.00% | 2.00% | 2.00% |
Stocks_Plans_Additional_Inform
Stocks Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class A Common Stock were authorized for issuance | 9,400,000 | |
Shares available for future grants | 4,503,394 | |
Exercise price as percentage of fair market value at grant date | 100.00% | |
Unrecognized compensation cost related to share-based compensation for stock options and restricted stock outstanding | $29.80 | |
Unrecognized compensation cost related to share-based compensation for stock options and restricted stock outstanding, recognition period | 2 years 10 months 24 days | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance period | 3 years | |
Performance Shares | Free Cash Flow Conversion Target | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance shares, vesting percentage | 50.00% | |
Performance Shares | Total Shareholders Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance shares, vesting percentage | 50.00% | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of shares vested | $6.20 | $3.30 |
After Three Years | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, vesting percentage | 50.00% | |
After Five Years | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, vesting percentage | 100.00% | |
Maximum | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options term | 10 years |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 |
Number of Stock Option Outstanding | |
Beginning Balance | 5,289,384 |
Granted | 276,136 |
Exercised | -1,278,626 |
Forfeited | -107,343 |
Ending Balance | 4,179,551 |
Options exercisable at end of Period | 2,609,876 |
Weighted Average Exercise Price | |
Beginning Balance | $22.33 |
Granted | $28.70 |
Exercised | $19.48 |
Forfeited | $22.10 |
Ending Balance | $23.66 |
Options exercisable at end of Period | $23.92 |
Option Outstanding weighted average remaining term | 5 years 3 months 18 days |
Option exercisable weighted average remaining term | 4 years 2 months 12 days |
Stock option, aggregate intrinsic Value | $48.80 |
Stock option, aggregate intrinsic Value | $30.80 |
Summary_of_WeightedAverage_Gra
Summary of Weighted-Average Grant-Date Fair Value of Options, Total Intrinsic Value of Options Exercised, and Cash Receipts from Options Exercised (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average fair value of options granted (per share) | $10.49 | $8.73 | $10.74 |
Intrinsic value gain of options exercised | $15,803 | $7,946 | $7,540 |
Cash receipts from exercise of options | $24,840 | $6,550 | $4,324 |
Summary_Of_Restricted_Stock_Ac
Summary Of Restricted Stock Activity (Detail) (Restricted Stock, USD $) | 12 Months Ended |
Aug. 31, 2013 | |
Restricted Stock | |
Aggregate Number of Restricted Shares | |
Beginning Balance | 1,507,443 |
Granted | 430,793 |
Forfeited | -131,688 |
Vested | -212,359 |
Ending Balance | 1,594,189 |
Weighted Average Fair Value at Grant Date | |
Beginning Balance | $23.85 |
Granted | $29.18 |
Forfeited | $22.76 |
Vested | $20.46 |
Ending Balance | $25.83 |
WeightedAverage_Assumptions_De
Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 0.14% | 0.18% | 0.15% |
Expected volatility | 38.36% | 39.97% | 39.62% |
Risk-free rate of return | 0.84% | 1.19% | 2.53% |
Expected forfeiture rate | 15.00% | 15.00% | 15.00% |
Expected life | 6 years 1 month | 6 years 1 month 6 days | 6 years 1 month 6 days |
Business_Segment_Geographic_an2
Business Segment, Geographic and Customer Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2013 | 31-May-13 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Segment | Segment | Segment | Maximum | Maximum | Maximum | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | 3 | 3 | 3 | |||
Largest customer sales in fiscal year, percent | 3.00% | 3.00% | 3.00% | 3.00% | ||
Export sales from domestic operation, as a percentage of total net sales | 8.00% | 8.00% | 8.00% | 8.00% |
Summary_of_Financial_Informati
Summary of Financial Information by Reportable Segment and Product Line (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $327,260 | $344,205 | $300,468 | $307,809 | $322,368 | $343,268 | $300,919 | $309,966 | $1,279,742 | $1,276,521 | $1,159,310 |
Operating profit (loss) | 190,145 | 204,514 | 172,887 | ||||||||
Depreciation and amortization | 53,902 | 54,263 | 52,996 | ||||||||
Discontinued Operations | 7,804 | 10,667 | 9,694 | ||||||||
Capital Expenditure | 23,668 | 22,740 | 23,096 | ||||||||
Assets | 2,119,332 | 2,007,119 | 2,119,332 | 2,007,119 | |||||||
Industrial | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 422,620 | 419,295 | 393,013 | ||||||||
Operating profit (loss) | 117,644 | 114,777 | 98,415 | ||||||||
Depreciation and amortization | 8,553 | 8,358 | 8,655 | ||||||||
Capital Expenditure | 3,524 | 5,333 | 3,590 | ||||||||
Assets | 280,110 | 268,735 | 280,110 | 268,735 | |||||||
Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 363,372 | 349,163 | 293,060 | ||||||||
Operating profit (loss) | 63,280 | 62,205 | 49,345 | ||||||||
Depreciation and amortization | 18,451 | 18,115 | 18,152 | ||||||||
Capital Expenditure | 9,417 | 8,962 | 8,978 | ||||||||
Assets | 817,547 | 540,409 | 817,547 | 540,409 | |||||||
Electrical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 0 | 437,914 | 0 | 437,914 | |||||||
Engineered Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 493,750 | 508,063 | 473,237 | ||||||||
Operating profit (loss) | 40,328 | 60,851 | 63,612 | ||||||||
Depreciation and amortization | 16,949 | 15,093 | 13,916 | ||||||||
Capital Expenditure | 7,001 | 3,463 | 5,966 | ||||||||
Assets | 652,581 | 667,550 | 652,581 | 667,550 | |||||||
General Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss) | -31,107 | -33,319 | -38,485 | ||||||||
Depreciation and amortization | 2,145 | 2,030 | 2,579 | ||||||||
Capital Expenditure | 867 | 1,905 | 1,902 | ||||||||
Assets | 96,488 | 92,511 | 96,488 | 92,511 | |||||||
Vehicle Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 253,073 | 279,549 | 328,763 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 240,677 | 228,514 | 144,474 | ||||||||
Discontinued Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditure | $2,859 | $3,077 | $2,660 |
Financial_Information_from_Con
Financial Information from Continuing Operations By Geographic Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Geographic Reporting Disclosure [Line Items] | |||||||||||
Assets of Disposal Group, Including Discontinued Operation | $272,606 | $0 | $272,606 | $0 | |||||||
Net sales | 327,260 | 344,205 | 300,468 | 307,809 | 322,368 | 343,268 | 300,919 | 309,966 | 1,279,742 | 1,276,521 | 1,159,310 |
Long-Lived Assets | 205,181 | 119,620 | 205,181 | 119,620 | |||||||
United States | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Net sales | 549,057 | 599,831 | 479,070 | ||||||||
Long-Lived Assets | 41,161 | 50,950 | 41,161 | 50,950 | |||||||
Norway | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Long-Lived Assets | 59,557 | 941 | 59,557 | 941 | |||||||
Netherlands | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Net sales | 159,396 | 185,112 | 207,787 | ||||||||
Long-Lived Assets | 10,418 | 12,166 | 10,418 | 12,166 | |||||||
United Kingdom | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Net sales | 144,131 | 141,037 | 116,935 | ||||||||
Long-Lived Assets | 54,136 | 17,672 | 54,136 | 17,672 | |||||||
Australia | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Net sales | 68,255 | 47,472 | 27,854 | ||||||||
France | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Net sales | 52,806 | 48,681 | 49,971 | ||||||||
China | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Long-Lived Assets | 19,551 | 20,166 | 19,551 | 20,166 | |||||||
All other | |||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||
Net sales | 306,097 | 254,388 | 277,693 | ||||||||
Long-Lived Assets | $20,358 | $17,725 | $20,358 | $17,725 |
Contingencies_and_Litigation_A
Contingencies and Litigation - Additional Information (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding letters of credit | $10.70 | $8.50 |
Discounted present value of future minimum lease payments | $10.90 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (USD $) | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2003 | Aug. 31, 2013 | Aug. 31, 2012 | Apr. 16, 2012 | Aug. 31, 2012 | Apr. 16, 2012 |
Convertible Notes | Convertible Notes | Convertible Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | |
2% Converitble Notes | 2% Converitble Notes | 2% Converitble Notes | 5.625% Senior Notes | 5.625% Senior Notes | 5.625% Senior Notes | 6.875% Senior Notes | 6.875% Senior Notes | |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $150,000,000 | $300,000,000 | $300,000,000 | $250,000,000 | ||||
Debt instrument, interest rate | 2.00% | 2.00% | 2.00% | 5.63% | 5.63% | 5.63% | 6.88% | 6.88% |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Earnings (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | $327,260 | $344,205 | $300,468 | $307,809 | $322,368 | $343,268 | $300,919 | $309,966 | $1,279,742 | $1,276,521 | $1,159,310 |
Cost of products sold | 772,792 | 765,061 | 694,508 | ||||||||
Gross profit | 129,500 | 136,904 | 116,178 | 124,368 | 129,608 | 138,754 | 116,083 | 127,015 | 506,950 | 511,460 | 464,802 |
Selling, administrative and engineering expenses | 293,866 | 284,920 | 270,392 | ||||||||
Amortization of intangible assets | 22,939 | 22,026 | 21,523 | ||||||||
Operating profit | 190,145 | 204,514 | 172,887 | ||||||||
Financing costs, net | 24,837 | 29,561 | 32,119 | ||||||||
Debt refinancing costs | 0 | 16,830 | 0 | ||||||||
Intercompany expense (income), net | 0 | 0 | 0 | ||||||||
Other expense (income), net | 2,359 | 3,493 | 2,747 | ||||||||
Earnings from continuing operations before income tax | 162,949 | 154,630 | 138,021 | ||||||||
Income tax expense | 15,372 | 29,354 | 27,833 | ||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 147,577 | 125,276 | 110,188 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Earnings from continuing operations | 45,115 | 46,077 | 25,834 | 30,551 | 35,916 | 27,737 | 27,653 | 33,970 | 147,577 | 125,276 | 110,188 |
Earnings (loss) from discontinued operations, net of income taxes | 13,138 | -139,060 | 2,601 | 5,792 | -52,376 | 6,664 | 4,522 | 3,204 | -117,529 | -37,986 | 1,371 |
Net earnings | 58,253 | -92,983 | 28,435 | 36,343 | -16,460 | 34,401 | 32,175 | 37,174 | 30,048 | 87,290 | 111,559 |
Comprehensive income (loss) | 30,860 | 35,497 | 160,985 | ||||||||
Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 196,531 | 206,894 | 170,094 | ||||||||
Cost of products sold | 65,178 | 69,902 | 55,256 | ||||||||
Gross profit | 131,353 | 136,992 | 114,838 | ||||||||
Selling, administrative and engineering expenses | 69,734 | 79,742 | 87,333 | ||||||||
Amortization of intangible assets | 1,276 | 1,341 | 335 | ||||||||
Operating profit | 60,343 | 55,909 | 27,170 | ||||||||
Financing costs, net | 25,270 | 29,983 | 31,912 | ||||||||
Debt refinancing costs | 16,830 | ||||||||||
Intercompany expense (income), net | -21,041 | -32,185 | -16,924 | ||||||||
Other expense (income), net | -2,105 | 1,351 | -4,519 | ||||||||
Earnings from continuing operations before income tax | 58,219 | 39,930 | 16,701 | ||||||||
Income tax expense | -798 | 6,700 | 4,148 | ||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 59,017 | 33,230 | 12,553 | ||||||||
Equity in earnings (loss) of subsidiaries | -26,527 | 56,407 | 112,364 | ||||||||
Earnings from continuing operations | 32,490 | 89,637 | 124,917 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | -2,442 | -2,347 | -13,358 | ||||||||
Net earnings | 30,048 | 87,290 | 111,559 | ||||||||
Comprehensive income (loss) | 30,860 | 35,497 | 160,985 | ||||||||
Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 293,884 | 328,295 | 302,911 | ||||||||
Cost of products sold | 201,704 | 220,271 | 200,332 | ||||||||
Gross profit | 92,180 | 108,024 | 102,579 | ||||||||
Selling, administrative and engineering expenses | 59,358 | 61,113 | 57,288 | ||||||||
Amortization of intangible assets | 10,481 | 10,515 | 12,060 | ||||||||
Operating profit | 22,341 | 36,396 | 33,231 | ||||||||
Financing costs, net | 9 | -14 | -1 | ||||||||
Debt refinancing costs | 0 | ||||||||||
Intercompany expense (income), net | 1,082 | 6,281 | 14,670 | ||||||||
Other expense (income), net | -571 | 1,992 | 112 | ||||||||
Earnings from continuing operations before income tax | 21,821 | 28,137 | 18,450 | ||||||||
Income tax expense | 2,009 | 4,677 | 2,680 | ||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 19,812 | 23,460 | 15,770 | ||||||||
Equity in earnings (loss) of subsidiaries | 7,822 | 14,373 | 77,395 | ||||||||
Earnings from continuing operations | 27,634 | 37,833 | 93,165 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | -76,634 | 11,373 | 8,881 | ||||||||
Net earnings | -49,000 | 49,206 | 102,046 | ||||||||
Comprehensive income (loss) | -48,416 | 24,934 | 130,503 | ||||||||
Non-Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 789,327 | 741,332 | 686,305 | ||||||||
Cost of products sold | 505,910 | 474,888 | 438,920 | ||||||||
Gross profit | 283,417 | 266,444 | 247,385 | ||||||||
Selling, administrative and engineering expenses | 164,774 | 144,065 | 125,771 | ||||||||
Amortization of intangible assets | 11,182 | 10,170 | 9,128 | ||||||||
Operating profit | 107,461 | 112,209 | 112,486 | ||||||||
Financing costs, net | -442 | -408 | 208 | ||||||||
Debt refinancing costs | 0 | ||||||||||
Intercompany expense (income), net | 19,959 | 25,904 | 2,254 | ||||||||
Other expense (income), net | 5,035 | 150 | 7,154 | ||||||||
Earnings from continuing operations before income tax | 82,909 | 86,563 | 102,870 | ||||||||
Income tax expense | 14,161 | 17,977 | 21,005 | ||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 68,748 | 68,586 | 81,865 | ||||||||
Equity in earnings (loss) of subsidiaries | 2,173 | 1,649 | 6,261 | ||||||||
Earnings from continuing operations | 70,921 | 70,235 | 88,126 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | -38,453 | -47,012 | 5,848 | ||||||||
Net earnings | 32,468 | 23,223 | 93,974 | ||||||||
Comprehensive income (loss) | 31,099 | 6,064 | 106,875 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of products sold | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, administrative and engineering expenses | 0 | 0 | 0 | ||||||||
Amortization of intangible assets | 0 | 0 | 0 | ||||||||
Operating profit | 0 | 0 | 0 | ||||||||
Financing costs, net | 0 | 0 | 0 | ||||||||
Debt refinancing costs | 0 | ||||||||||
Intercompany expense (income), net | 0 | 0 | 0 | ||||||||
Other expense (income), net | 0 | 0 | 0 | ||||||||
Earnings from continuing operations before income tax | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net earnings before equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | 16,532 | -72,429 | -196,020 | ||||||||
Earnings from continuing operations | 16,532 | -72,429 | -196,020 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Net earnings | 16,532 | -72,429 | -196,020 | ||||||||
Comprehensive income (loss) | $17,317 | ($30,998) | ($237,378) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $103,986 | $68,184 | $44,221 | $40,222 |
Accounts receivable, net | 219,075 | 234,756 | ||
Inventories, net | 142,549 | 211,690 | ||
Deferred income taxes | 18,796 | 22,583 | ||
Prepaid expenses and other current assets | 28,228 | 24,068 | ||
Assets of discontinued operations | 272,606 | 0 | ||
Total current assets | 785,240 | 561,281 | ||
Property, plant & equipment, net | 201,496 | 115,884 | ||
Goodwill | 734,952 | 866,412 | 888,466 | |
Other intangibles, net | 376,692 | 445,884 | ||
Intercompany receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other long-term assets | 20,952 | 17,658 | ||
Total assets | 2,119,332 | 2,007,119 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Trade accounts payable | 154,049 | 174,746 | ||
Accrued compensation and benefits | 43,800 | 58,817 | ||
Income taxes payable | 14,014 | 5,778 | ||
Current maturities of debt | 0 | 7,500 | ||
Other current liabilities | 56,899 | 72,165 | ||
Liabilities of discontinued operations | 53,080 | 0 | ||
Total current liabilities | 321,842 | 319,006 | ||
Long-term debt | 515,000 | 390,000 | ||
Deferred income taxes | 115,865 | 132,653 | ||
Pension and postretirement benefit liabilities | 20,698 | 26,442 | ||
Other long-term liabilities | 65,660 | 87,182 | ||
Intercompany payable | 0 | 0 | ||
Shareholders’ equity | 1,080,267 | 1,051,836 | 919,013 | 739,721 |
Total liabilities and shareholders’ equity | 2,119,332 | 2,007,119 | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 16,122 | 12,401 | 872 | 5,055 |
Accounts receivable, net | 20,471 | 20,401 | ||
Inventories, net | 27,343 | 29,658 | ||
Deferred income taxes | 13,002 | 17,942 | ||
Prepaid expenses and other current assets | 7,454 | 8,157 | ||
Assets of discontinued operations | 0 | |||
Total current assets | 84,392 | 88,559 | ||
Property, plant & equipment, net | 7,050 | 6,944 | ||
Goodwill | 62,543 | 62,543 | ||
Other intangibles, net | 13,247 | 14,522 | ||
Intercompany receivable | 0 | 0 | ||
Investment in subsidiaries | 2,086,534 | 1,886,478 | ||
Other long-term assets | 12,654 | 12,297 | ||
Total assets | 2,266,420 | 2,071,343 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Trade accounts payable | 22,194 | 21,722 | ||
Accrued compensation and benefits | 13,835 | 23,459 | ||
Income taxes payable | 8,135 | 3,129 | ||
Current maturities of debt | 7,500 | |||
Other current liabilities | 21,268 | 20,876 | ||
Liabilities of discontinued operations | 0 | |||
Total current liabilities | 65,432 | 76,686 | ||
Long-term debt | 515,000 | 390,000 | ||
Deferred income taxes | 64,358 | 91,604 | ||
Pension and postretirement benefit liabilities | 16,267 | 22,500 | ||
Other long-term liabilities | 51,479 | 59,929 | ||
Intercompany payable | 473,617 | 378,788 | ||
Shareholders’ equity | 1,080,267 | 1,051,836 | ||
Total liabilities and shareholders’ equity | 2,266,420 | 2,071,343 | ||
Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 91 | 0 | 0 |
Accounts receivable, net | 40,343 | 74,006 | ||
Inventories, net | 38,948 | 75,905 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses and other current assets | 963 | 1,166 | ||
Assets of discontinued operations | 192,129 | |||
Total current assets | 272,383 | 151,168 | ||
Property, plant & equipment, net | 22,801 | 31,818 | ||
Goodwill | 264,502 | 433,193 | ||
Other intangibles, net | 141,258 | 206,194 | ||
Intercompany receivable | 480,633 | 418,253 | ||
Investment in subsidiaries | 201,779 | 250,738 | ||
Other long-term assets | 22 | 22 | ||
Total assets | 1,383,378 | 1,491,386 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Trade accounts payable | 30,637 | 44,893 | ||
Accrued compensation and benefits | 2,716 | 6,646 | ||
Income taxes payable | 0 | 0 | ||
Current maturities of debt | 0 | |||
Other current liabilities | 4,630 | 11,566 | ||
Liabilities of discontinued operations | 23,466 | |||
Total current liabilities | 61,449 | 63,105 | ||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Pension and postretirement benefit liabilities | 0 | 0 | ||
Other long-term liabilities | 390 | 620 | ||
Intercompany payable | 0 | 0 | ||
Shareholders’ equity | 1,321,539 | 1,427,661 | ||
Total liabilities and shareholders’ equity | 1,383,378 | 1,491,386 | ||
Non-Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 87,864 | 55,692 | 43,349 | 35,167 |
Accounts receivable, net | 158,261 | 140,349 | ||
Inventories, net | 76,258 | 106,127 | ||
Deferred income taxes | 5,794 | 4,641 | ||
Prepaid expenses and other current assets | 19,811 | 14,745 | ||
Assets of discontinued operations | 80,477 | |||
Total current assets | 428,465 | 321,554 | ||
Property, plant & equipment, net | 171,645 | 77,122 | ||
Goodwill | 407,907 | 370,676 | ||
Other intangibles, net | 222,187 | 225,168 | ||
Intercompany receivable | 360,620 | 307,282 | ||
Investment in subsidiaries | 96,333 | 90,770 | ||
Other long-term assets | 8,276 | 5,339 | ||
Total assets | 1,695,433 | 1,397,911 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Trade accounts payable | 101,218 | 108,131 | ||
Accrued compensation and benefits | 27,249 | 28,712 | ||
Income taxes payable | 5,879 | 2,649 | ||
Current maturities of debt | 0 | |||
Other current liabilities | 31,001 | 39,723 | ||
Liabilities of discontinued operations | 29,614 | |||
Total current liabilities | 194,961 | 179,215 | ||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 51,507 | 41,049 | ||
Pension and postretirement benefit liabilities | 4,431 | 3,942 | ||
Other long-term liabilities | 13,791 | 26,633 | ||
Intercompany payable | 367,636 | 346,747 | ||
Shareholders’ equity | 1,063,107 | 800,325 | ||
Total liabilities and shareholders’ equity | 1,695,433 | 1,397,911 | ||
Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Assets of discontinued operations | 0 | |||
Total current assets | 0 | 0 | ||
Property, plant & equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Intercompany receivable | -841,253 | -725,535 | ||
Investment in subsidiaries | -2,384,646 | -2,227,986 | ||
Other long-term assets | 0 | 0 | ||
Total assets | -3,225,899 | -2,953,521 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Trade accounts payable | 0 | 0 | ||
Accrued compensation and benefits | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Current maturities of debt | 0 | |||
Other current liabilities | 0 | 0 | ||
Liabilities of discontinued operations | 0 | |||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Pension and postretirement benefit liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payable | -841,253 | -725,535 | ||
Shareholders’ equity | -2,384,646 | -2,227,986 | ||
Total liabilities and shareholders’ equity | ($3,225,899) | ($2,953,521) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Operating activities | |||
Net cash provided by operating activities | $193,789 | $182,329 | $171,566 |
Investing activities | |||
Proceeds from sale of property, plant and equipment | 1,621 | 8,501 | 1,779 |
Proceeds from sale of business | 4,854 | 0 | 3,463 |
Capital expenditures | -23,668 | -22,740 | -23,096 |
Business acquisitions, net of cash acquired | -235,489 | -69,309 | -313,106 |
Cash used in investing activities | -252,682 | -83,548 | -330,960 |
Financing activities | |||
Net borrowings on revolving credit facilities | 125,000 | -58,167 | 58,204 |
Proceeds from issuance of term loans | 0 | 0 | 100,000 |
Intercompany loan activity | 0 | 0 | 0 |
Repayment Of Term Loan | 7,500 | 2,500 | 0 |
Repurchases of 2% Convertible Notes | 0 | -102 | -34 |
Proceeds from issuance of 5.625% Senior Notes | 0 | 300,000 | 0 |
Redemption of 6.875% Senior Notes | 0 | -250,000 | 0 |
Payment of deferred acquisition consideration | -5,378 | -958 | -350 |
Debt issuance costs | -2,035 | -5,490 | -5,197 |
Purchase of treasury shares | -41,832 | -63,083 | 0 |
Stock option exercises and related tax benefits | 33,261 | 10,913 | 8,235 |
Cash dividend | -2,911 | -2,748 | -2,716 |
Cash provided by (used in) financing activities | 98,605 | -72,135 | 158,142 |
Effect of exchange rate changes on cash | -3,910 | -2,683 | 5,251 |
Net increase in cash and cash equivalents | 35,802 | 23,963 | 3,999 |
Cash and cash equivalents—beginning of year | 68,184 | 44,221 | 40,222 |
Cash and cash equivalents—end of year | 103,986 | 68,184 | 44,221 |
Parent | |||
Operating activities | |||
Net cash provided by operating activities | 81,597 | 97,454 | 92,573 |
Investing activities | |||
Proceeds from sale of property, plant and equipment | 563 | 1,909 | 103 |
Proceeds from sale of business | 0 | 0 | |
Capital expenditures | -2,022 | -5,062 | -5,284 |
Business acquisitions, net of cash acquired | 0 | 0 | -153,409 |
Cash used in investing activities | -1,459 | -3,153 | -158,590 |
Financing activities | |||
Net borrowings on revolving credit facilities | 125,000 | -57,990 | 58,000 |
Proceeds from issuance of term loans | 100,000 | ||
Intercompany loan activity | -179,050 | -11,482 | -96,454 |
Repayment Of Term Loan | 7,500 | 2,500 | |
Repurchases of 2% Convertible Notes | -102 | -34 | |
Proceeds from issuance of 5.625% Senior Notes | 300,000 | ||
Redemption of 6.875% Senior Notes | -250,000 | ||
Payment of deferred acquisition consideration | -1,350 | -290 | 0 |
Debt issuance costs | -2,035 | -5,490 | -5,197 |
Purchase of treasury shares | -41,832 | -63,083 | |
Stock option exercises and related tax benefits | 33,261 | 10,913 | 8,235 |
Cash dividend | -2,911 | -2,748 | -2,716 |
Cash provided by (used in) financing activities | -76,417 | -82,772 | 61,834 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 3,721 | 11,529 | -4,183 |
Cash and cash equivalents—beginning of year | 12,401 | 872 | 5,055 |
Cash and cash equivalents—end of year | 16,122 | 12,401 | 872 |
Guarantors | |||
Operating activities | |||
Net cash provided by operating activities | 26,095 | 20,363 | 3,122 |
Investing activities | |||
Proceeds from sale of property, plant and equipment | 206 | 353 | 313 |
Proceeds from sale of business | 0 | 0 | |
Capital expenditures | -4,021 | -4,069 | -4,740 |
Business acquisitions, net of cash acquired | 0 | 0 | 0 |
Cash used in investing activities | -3,815 | -3,716 | -4,427 |
Financing activities | |||
Net borrowings on revolving credit facilities | 0 | 0 | 0 |
Proceeds from issuance of term loans | 0 | ||
Intercompany loan activity | -22,371 | -16,556 | 1,655 |
Repayment Of Term Loan | 0 | 0 | |
Repurchases of 2% Convertible Notes | 0 | 0 | |
Proceeds from issuance of 5.625% Senior Notes | 0 | ||
Redemption of 6.875% Senior Notes | 0 | ||
Payment of deferred acquisition consideration | 0 | 0 | -350 |
Debt issuance costs | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | |
Stock option exercises and related tax benefits | 0 | 0 | 0 |
Cash dividend | 0 | 0 | 0 |
Cash provided by (used in) financing activities | -22,371 | -16,556 | 1,305 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | -91 | 91 | 0 |
Cash and cash equivalents—beginning of year | 91 | 0 | 0 |
Cash and cash equivalents—end of year | 0 | 91 | 0 |
Non-Guarantors | |||
Operating activities | |||
Net cash provided by operating activities | 86,097 | 64,512 | 77,404 |
Investing activities | |||
Proceeds from sale of property, plant and equipment | 852 | 6,239 | 1,363 |
Proceeds from sale of business | 4,854 | 3,463 | |
Capital expenditures | -17,625 | -13,609 | -13,072 |
Business acquisitions, net of cash acquired | -235,489 | -69,309 | -159,697 |
Cash used in investing activities | -247,408 | -76,679 | -167,943 |
Financing activities | |||
Net borrowings on revolving credit facilities | 0 | -177 | 204 |
Proceeds from issuance of term loans | 0 | ||
Intercompany loan activity | 201,421 | 28,038 | 94,799 |
Repayment Of Term Loan | 0 | 0 | |
Repurchases of 2% Convertible Notes | 0 | 0 | |
Proceeds from issuance of 5.625% Senior Notes | 0 | ||
Redemption of 6.875% Senior Notes | 0 | ||
Payment of deferred acquisition consideration | -4,028 | -668 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | |
Stock option exercises and related tax benefits | 0 | 0 | 0 |
Cash dividend | 0 | 0 | -1,533 |
Cash provided by (used in) financing activities | 197,393 | 27,193 | 93,470 |
Effect of exchange rate changes on cash | -3,910 | -2,683 | 5,251 |
Net increase in cash and cash equivalents | 32,172 | 12,343 | 8,182 |
Cash and cash equivalents—beginning of year | 55,692 | 43,349 | 35,167 |
Cash and cash equivalents—end of year | 87,864 | 55,692 | 43,349 |
Eliminations | |||
Operating activities | |||
Net cash provided by operating activities | 0 | 0 | -1,533 |
Investing activities | |||
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of business | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 |
Business acquisitions, net of cash acquired | 0 | 0 | 0 |
Cash used in investing activities | 0 | 0 | 0 |
Financing activities | |||
Net borrowings on revolving credit facilities | 0 | 0 | 0 |
Proceeds from issuance of term loans | 0 | ||
Intercompany loan activity | 0 | 0 | 0 |
Repayment Of Term Loan | 0 | 0 | |
Repurchases of 2% Convertible Notes | 0 | 0 | |
Proceeds from issuance of 5.625% Senior Notes | 0 | ||
Redemption of 6.875% Senior Notes | 0 | ||
Payment of deferred acquisition consideration | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | |
Stock option exercises and related tax benefits | 0 | 0 | 0 |
Cash dividend | 0 | 0 | 1,533 |
Cash provided by (used in) financing activities | 0 | 0 | 1,533 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents—beginning of year | 0 | 0 | 0 |
Cash and cash equivalents—end of year | $0 | $0 | $0 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $327,260 | $344,205 | $300,468 | $307,809 | $322,368 | $343,268 | $300,919 | $309,966 | $1,279,742 | $1,276,521 | $1,159,310 |
Gross profit | 129,500 | 136,904 | 116,178 | 124,368 | 129,608 | 138,754 | 116,083 | 127,015 | 506,950 | 511,460 | 464,802 |
Earnings from continuing operations | 45,115 | 46,077 | 25,834 | 30,551 | 35,916 | 27,737 | 27,653 | 33,970 | 147,577 | 125,276 | 110,188 |
Earnings (loss) from discontinued operations | 13,138 | -139,060 | 2,601 | 5,792 | -52,376 | 6,664 | 4,522 | 3,204 | -117,529 | -37,986 | 1,371 |
Net earnings | $58,253 | ($92,983) | $28,435 | $36,343 | ($16,460) | $34,401 | $32,175 | $37,174 | $30,048 | $87,290 | $111,559 |
Earnings from continuing operations per share: | |||||||||||
Basic (in dollars per share) | $0.62 | $0.63 | $0.35 | $0.42 | $0.49 | $0.39 | $0.41 | $0.50 | $2.02 | $1.79 | $1.61 |
Diluted (in dollars per share) | $0.60 | $0.62 | $0.35 | $0.41 | $0.48 | $0.36 | $0.37 | $0.46 | $1.98 | $1.68 | $1.49 |
Earnings (loss) from discontinued operations per share: | |||||||||||
Basic | $0.18 | ($1.90) | $0.04 | $0.08 | ($0.72) | $0.09 | $0.06 | $0.04 | ($1.61) | ($0.54) | |
Diluted | $0.18 | ($1.86) | $0.03 | $0.08 | ($0.70) | $0.09 | $0.06 | $0.04 | ($1.58) | ($0.51) | |
Net earnings (loss) per share: | |||||||||||
Basic (in dollars per share) | $0.80 | ($1.27) | $0.39 | $0.50 | ($0.23) | $0.48 | $0.47 | $0.54 | $0.41 | $1.25 | $1.63 |
Diluted (in dollars per share) | $0.78 | ($1.24) | $0.38 | $0.49 | ($0.22) | $0.45 | $0.43 | $0.50 | $0.40 | $1.17 | $1.50 |
Quarterly_Financial_Data_Addit
Quarterly Financial Data - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2013 | 31-May-13 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||||
Impairment charges | ($11,200,000) | $170,000,000 | $62,500,000 | $158,817,000 | $62,464,000 | $0 |
properly state deferred income tax balances associated with its equity compensation programs | ||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||||
Prior period reclassification adjustment | $10,600,000 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Allowance for losses -Trade accounts receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $4,375 | $7,173 | $7,680 |
Additions Charged to Costs and Expenses | 584 | 107 | 1,021 |
Additions Acquired/ (Divested)/ (Discontinued) | -437 | 96 | 939 |
Deductions Accounts Written Off Less Recoveries | -787 | -2,740 | -3,048 |
Other | -34 | -261 | 581 |
Ending Balance | 3,701 | 4,375 | 7,173 |
Valuation allowance - Income taxes | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 8,153 | 7,260 | 8,542 |
Additions Charged to Costs and Expenses | 4,527 | 2,954 | 4,498 |
Additions Acquired/ (Divested)/ (Discontinued) | 11,281 | 0 | 0 |
Deductions Accounts Written Off Less Recoveries | -1,184 | -2,061 | -5,831 |
Other | 0 | 0 | 51 |
Ending Balance | $22,777 | $8,153 | $7,260 |