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v3.19.3

Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended
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Aug. 31, 2019
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] |
CONDENSED CONSOLIDATING BALANCE SHEETS | CONDENSED CONSOLIDATING BALANCE SHEETS (In millions)
| At August 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 361.9 |  |  | $ | 18.1 |  |  | $ | — |  |  | $ | 81.0 |  |  | $ | — |  |  | $ | 461.0 |
Accounts receivable, net | — |  |  | 484.7 |  |  | — |  |  | 76.3 |  |  | — |  |  | 561.0 |
Inventories | — |  |  | 317.1 |  |  | — |  |  | 23.7 |  |  | — |  |  | 340.8 |
Other current assets | 32.2 |  |  | 27.1 |  |  | — |  |  | 19.7 |  |  | — |  |  | 79.0 |
Total current assets | 394.1 |  |  | 847.0 |  |  | — |  |  | 200.7 |  |  | — |  |  | 1,441.8 |
Property, plant, and equipment, net | 0.2 |  |  | 220.7 |  |  | — |  |  | 56.4 |  |  | — |  |  | 277.3 |
Goodwill | — |  |  | 747.6 |  |  | 2.7 |  |  | 217.0 |  |  | — |  |  | 967.3 |
Intangible assets, net | — |  |  | 271.0 |  |  | 103.7 |  |  | 91.3 |  |  | — |  |  | 466.0 |
Deferred income taxes | 30.2 |  |  | — |  |  | — |  |  | 5.8 |  |  | (33.7 | ) |  | 2.3 |
Other long-term assets | 1.1 |  |  | 15.2 |  |  | — |  |  | 1.4 |  |  | — |  |  | 17.7 |
Investments in and amounts due from affiliates | 1,627.9 |  |  | 476.8 |  |  | 321.6 |  |  | — |  |  | (2,426.3 | ) |  | — |
Total assets | $ | 2,053.5 |  |  | $ | 2,578.3 |  |  | $ | 428.0 |  |  | $ | 572.6 |  |  | $ | (2,460.0 | ) |  | $ | 3,172.4 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 0.7 |  |  | $ | 314.4 |  |  | $ | — |  |  | $ | 23.7 |  |  | $ | — |  |  | $ | 338.8 |
Current maturities of long-term debt | — |  |  | 8.7 |  |  | — |  |  | 0.4 |  |  | — |  |  | 9.1 |
Other accrued liabilities | 11.8 |  |  | 186.0 |  |  | — |  |  | 50.4 |  |  | — |  |  | 248.2 |
Total current liabilities | 12.5 |  |  | 509.1 |  |  | — |  |  | 74.5 |  |  | — |  |  | 596.1 |
Long-term debt | — |  |  | 345.2 |  |  | — |  |  | 2.3 |  |  | — |  |  | 347.5 |
Deferred income taxes | — |  |  | 105.8 |  |  | — |  |  | 20.6 |  |  | (33.7 | ) |  | 92.7 |
Other long-term liabilities | 122.1 |  |  | 80.4 |  |  | — |  |  | 14.7 |  |  | — |  |  | 217.2 |
Amounts due to affiliates | — |  |  | — |  |  | — |  |  | 146.4 |  |  | (146.4 | ) |  | — |
Total stockholders’ equity | 1,918.9 |  |  | 1,537.8 |  |  | 428.0 |  |  | 314.1 |  |  | (2,279.9 | ) |  | 1,918.9 |
Total liabilities and stockholders’ equity | $ | 2,053.5 |  |  | $ | 2,578.3 |  |  | $ | 428.0 |  |  | $ | 572.6 |  |  | $ | (2,460.0 | ) |  | $ | 3,172.4 |
CONDENSED CONSOLIDATING BALANCE SHEETS (In millions)
| At August 31, 2018
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 80.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 48.6 |  |  | $ | — |  |  | $ | 129.1 |
Accounts receivable, net | — |  |  | 560.7 |  |  | — |  |  | 77.2 |  |  | — |  |  | 637.9 |
Inventories | — |  |  | 386.6 |  |  | — |  |  | 25.2 |  |  | — |  |  | 411.8 |
Other current assets | 2.3 |  |  | 18.6 |  |  | — |  |  | 11.4 |  |  | — |  |  | 32.3 |
Total current assets | 82.8 |  |  | 965.9 |  |  | — |  |  | 162.4 |  |  | — |  |  | 1,211.1 |
Property, plant, and equipment, net | 0.2 |  |  | 226.8 |  |  | — |  |  | 59.7 |  |  | — |  |  | 286.7 |
Goodwill | — |  |  | 746.5 |  |  | 2.7 |  |  | 221.4 |  |  | — |  |  | 970.6 |
Intangible assets, net | — |  |  | 286.6 |  |  | 106.5 |  |  | 105.6 |  |  | — |  |  | 498.7 |
Deferred income taxes | 36.4 |  |  | — |  |  | — |  |  | 6.2 |  |  | (39.7 | ) |  | 2.9 |
Other long-term assets | 1.2 |  |  | 15.6 |  |  | — |  |  | 2.0 |  |  | — |  |  | 18.8 |
Investments in and amounts due from affiliates | 1,707.0 |  |  | 370.6 |  |  | 279.5 |  |  | — |  |  | (2,357.1 | ) |  | — |
Total assets | $ | 1,827.6 |  |  | $ | 2,612.0 |  |  | $ | 388.7 |  |  | $ | 557.3 |  |  | $ | (2,396.8 | ) |  | $ | 2,988.8 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 0.3 |  |  | $ | 420.7 |  |  | $ | — |  |  | $ | 30.1 |  |  | $ | — |  |  | $ | 451.1 |
Current maturities of long-term debt | — |  |  | — |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Other accrued liabilities | 18.8 |  |  | 170.1 |  |  | — |  |  | 42.3 |  |  | — |  |  | 231.2 |
Total current liabilities | 19.1 |  |  | 590.8 |  |  | — |  |  | 72.8 |  |  | — |  |  | 682.7 |
Long-term debt | — |  |  | 353.5 |  |  | — |  |  | 2.9 |  |  | — |  |  | 356.4 |
Deferred income taxes | — |  |  | 106.5 |  |  | — |  |  | 25.7 |  |  | (39.7 | ) |  | 92.5 |
Other long-term liabilities | 91.7 |  |  | 34.0 |  |  | — |  |  | 14.7 |  |  | — |  |  | 140.4 |
Amounts due to affiliates | — |  |  | — |  |  | — |  |  | 138.8 |  |  | (138.8 | ) |  | — |
Total stockholders’ equity | 1,716.8 |  |  | 1,527.2 |  |  | 388.7 |  |  | 302.4 |  |  | (2,218.3 | ) |  | 1,716.8 |
Total liabilities and stockholders’ equity | $ | 1,827.6 |  |  | $ | 2,612.0 |  |  | $ | 388.7 |  |  | $ | 557.3 |  |  | $ | (2,396.8 | ) |  | $ | 2,988.8 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (In millions)
| Year Ended August 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 3,253.6 |  |  | $ | — |  |  | $ | 419.1 |  |  | $ | — |  |  | $ | 3,672.7 |
Intercompany sales | — |  |  | — |  |  | 52.7 |  |  | 204.7 |  |  | (257.4 | ) |  | — |
Total sales | — |  |  | 3,253.6 |  |  | 52.7 |  |  | 623.8 |  |  | (257.4 | ) |  | 3,672.7 |
Cost of products sold | — |  |  | 1,940.1 |  |  | — |  |  | 454.1 |  |  | (201.2 | ) |  | 2,193.0 |
Gross profit | — |  |  | 1,313.5 |  |  | 52.7 |  |  | 169.7 |  |  | (56.2 | ) |  | 1,479.7 |
Selling, distribution, and administrative expenses | 15.6 |  |  | 897.6 |  |  | 2.8 |  |  | 155.3 |  |  | (56.3 | ) |  | 1,015.0 |
Intercompany charges | (33.2 | ) |  | 25.6 |  |  | — |  |  | 7.6 |  |  | — |  |  | — |
Special charges | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8 |
Operating profit | 17.6 |  |  | 388.5 |  |  | 49.9 |  |  | 6.8 |  |  | 0.1 |  |  | 462.9 |
Interest expense, net | 10.9 |  |  | 17.4 |  |  | — |  |  | 5.0 |  |  | — |  |  | 33.3 |
Equity earnings in subsidiaries | (330.0 | ) |  | (23.2 | ) |  | — |  |  | 0.2 |  |  | 353.0 |  |  | — |
Miscellaneous expense (income), net | 6.7 |  |  | (2.1 | ) |  | — |  |  | 0.1 |  |  | — |  |  | 4.7 |
Income before income taxes | 330.0 |  |  | 396.4 |  |  | 49.9 |  |  | 1.5 |  |  | (352.9 | ) |  | 424.9 |
Income tax (benefit) expense | (0.4 | ) |  | 84.5 |  |  | 10.5 |  |  | (0.1 | ) |  | — |  |  | 94.5 |
Net income | 330.4 |  |  | 311.9 |  |  | 39.4 |  |  | 1.6 |  |  | (352.9 | ) |  | 330.4 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (11.5 | ) |  | (11.5 | ) |  | — |  |  | — |  |  | 11.5 |  |  | (11.5 | )
Defined benefit plans, net of tax | (25.1 | ) |  | (17.1 | ) |  | — |  |  | (0.2 | ) |  | 17.3 |  |  | (25.1 | )
Other comprehensive loss items, net of tax | (36.6 | ) |  | (28.6 | ) |  | — |  |  | (0.2 | ) |  | 28.8 |  |  | (36.6 | )
Comprehensive income | $ | 293.8 |  |  | $ | 283.3 |  |  | $ | 39.4 |  |  | $ | 1.4 |  |  | $ | (324.1 | ) |  | $ | 293.8 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (In millions)
| Year Ended August 31, 2018
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 3,275.7 |  |  | $ | — |  |  | $ | 404.4 |  |  | $ | — |  |  | $ | 3,680.1 |
Intercompany sales | — |  |  | — |  |  | 53.6 |  |  | 211.2 |  |  | (264.8 | ) |  | — |
Total sales | — |  |  | 3,275.7 |  |  | 53.6 |  |  | 615.6 |  |  | (264.8 | ) |  | 3,680.1 |
Cost of products sold | — |  |  | 1,951.2 |  |  | — |  |  | 442.1 |  |  | (198.6 | ) |  | 2,194.7 |
Gross profit | — |  |  | 1,324.5 |  |  | 53.6 |  |  | 173.5 |  |  | (66.2 | ) |  | 1,485.4 |
Selling, distribution, and administrative expenses | 41.0 |  |  | 884.6 |  |  | 3.2 |  |  | 156.3 |  |  | (66.1 | ) |  | 1,019.0 |
Intercompany charges | (59.2 | ) |  | 49.5 |  |  | — |  |  | 9.7 |  |  | — |  |  | — |
Special charges | — |  |  | 5.6 |  |  | — |  |  | — |  |  | — |  |  | 5.6 |
Operating profit | 18.2 |  |  | 384.8 |  |  | 50.4 |  |  | 7.5 |  |  | (0.1 | ) |  | 460.8 |
Interest expense, net | 11.1 |  |  | 16.9 |  |  | — |  |  | 5.5 |  |  | — |  |  | 33.5 |
Equity earnings in subsidiaries | (344.3 | ) |  | (18.5 | ) |  | — |  |  | 0.2 |  |  | 362.6 |  |  | — |
Miscellaneous expense (income), net | 6.4 |  |  | (1.8 | ) |  | — |  |  | (3.2 | ) |  | — |  |  | 1.4 |
Income before income taxes | 345.0 |  |  | 388.2 |  |  | 50.4 |  |  | 5.0 |  |  | (362.7 | ) |  | 425.9 |
Income tax (benefit) expense | (4.6 | ) |  | 72.0 |  |  | 8.5 |  |  | 0.4 |  |  | — |  |  | 76.3 |
Net income | 349.6 |  |  | 316.2 |  |  | 41.9 |  |  | 4.6 |  |  | (362.7 | ) |  | 349.6 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (25.2 | ) |  | (25.2 | ) |  | — |  |  | — |  |  | 25.2 |  |  | (25.2 | )
Defined benefit plans, net of tax | 21.2 |  |  | 16.9 |  |  | — |  |  | 4.3 |  |  | (21.2 | ) |  | 21.2 |
Other comprehensive (loss) income items, net of tax | (4.0 | ) |  | (8.3 | ) |  | — |  |  | 4.3 |  |  | 4.0 |  |  | (4.0 | )
Comprehensive income | $ | 345.6 |  |  | $ | 307.9 |  |  | $ | 41.9 |  |  | $ | 8.9 |  |  | $ | (358.7 | ) |  | $ | 345.6 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (In millions)
| Year Ended August 31, 2017
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 3,105.2 |  |  | $ | — |  |  | $ | 399.9 |  |  | $ | — |  |  | $ | 3,505.1 |
Intercompany sales | — |  |  | — |  |  | 49.4 |  |  | 179.2 |  |  | (228.6 | ) |  | — |
Total sales | — |  |  | 3,105.2 |  |  | 49.4 |  |  | 579.1 |  |  | (228.6 | ) |  | 3,505.1 |
Cost of products sold | — |  |  | 1,764.6 |  |  | — |  |  | 432.8 |  |  | (173.4 | ) |  | 2,024.0 |
Gross profit | — |  |  | 1,340.6 |  |  | 49.4 |  |  | 146.3 |  |  | (55.2 | ) |  | 1,481.1 |
Selling, distribution, and administrative expenses | 39.2 |  |  | 824.6 |  |  | 3.6 |  |  | 130.0 |  |  | (55.1 | ) |  | 942.3 |
Intercompany charges | (56.9 | ) |  | 47.7 |  |  | — |  |  | 9.2 |  |  | — |  |  | — |
Special charges | — |  |  | 11.3 |  |  | — |  |  | — |  |  | — |  |  | 11.3 |
Operating profit | 17.7 |  |  | 457.0 |  |  | 45.8 |  |  | 7.1 |  |  | (0.1 | ) |  | 527.5 |
Interest expense, net | 11.0 |  |  | 16.1 |  |  | — |  |  | 5.4 |  |  | — |  |  | 32.5 |
Equity earnings in subsidiaries | (320.9 | ) |  | (7.7 | ) |  | — |  |  | 0.2 |  |  | 328.4 |  |  | — |
Miscellaneous expense (income), net | 5.8 |  |  | (7.9 | ) |  | — |  |  | 4.5 |  |  | — |  |  | 2.4 |
Income (loss) before income taxes | 321.8 |  |  | 456.5 |  |  | 45.8 |  |  | (3.0 | ) |  | (328.5 | ) |  | 492.6 |
Income tax expense (benefit) | 0.1 |  |  | 158.0 |  |  | 15.7 |  |  | (2.9 | ) |  | — |  |  | 170.9 |
Net income (loss) | 321.7 |  |  | 298.5 |  |  | 30.1 |  |  | (0.1 | ) |  | (328.5 | ) |  | 321.7 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 19.0 |  |  | 19.0 |  |  | — |  |  | — |  |  | (19.0 | ) |  | 19.0 |
Defined benefit plans, net of tax | 20.7 |  |  | 11.8 |  |  | — |  |  | 7.5 |  |  | (19.3 | ) |  | 20.7 |
Other comprehensive income items, net of tax | 39.7 |  |  | 30.8 |  |  | — |  |  | 7.5 |  |  | (38.3 | ) |  | 39.7 |
Comprehensive income | $ | 361.4 |  |  | $ | 329.3 |  |  | $ | 30.1 |  |  | $ | 7.4 |  |  | $ | (366.8 | ) |  | $ | 361.4 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In millions)
| Year Ended August 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 391.1 |  |  | $ | 63.4 |  |  | $ | — |  |  | $ | 43.1 |  |  | $ | (2.9 | ) |  | $ | 494.7 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (44.5 | ) |  | — |  |  | (8.5 | ) |  | — |  |  | (53.0 | )
Investments in subsidiaries | (2.9 | ) |  | — |  |  | — |  |  | — |  |  | 2.9 |  |  | — |
Acquisitions of businesses and intangible assets | — |  |  | (2.9 | ) |  | — |  |  | — |  |  | — |  |  | (2.9 | )
Other investing activities | 0.8 |  |  | 2.1 |  |  | — |  |  | — |  |  | — |  |  | 2.9 |
Net cash used for investing activities | (2.1 | ) |  | (45.3 | ) |  | — |  |  | (8.5 | ) |  | 2.9 |  |  | (53.0 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on credit facility | — |  |  | 86.5 |  |  | — |  |  | — |  |  | — |  |  | 86.5 |
Repayments of borrowings on credit facility | — |  |  | (86.5 | ) |  | — |  |  | — |  |  | — |  |  | (86.5 | )
Repayments of long-term debt | — |  |  | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Proceeds from stock option exercises and other | 0.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Repurchases of common stock | (81.6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (81.6 | )
Withholding taxes on net settlement of equity awards | (6.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (6.0 | )
Dividends paid | (20.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (20.8 | )
Net cash used for financing activities | (107.8 | ) |  | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (108.2 | )
Effect of exchange rate changes on cash | 0.2 |  |  | — |  |  | — |  |  | (1.8 | ) |  | — |  |  | (1.6 | )
Net change in cash and cash equivalents | 281.4 |  |  | 18.1 |  |  | — |  |  | 32.4 |  |  | — |  |  | 331.9 |
Cash and cash equivalents at beginning of year | 80.5 |  |  | — |  |  | — |  |  | 48.6 |  |  | — |  |  | 129.1 |
Cash and cash equivalents at end of year | $ | 361.9 |  |  | $ | 18.1 |  |  | $ | — |  |  | $ | 81.0 |  |  | $ | — |  |  | $ | 461.0 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In millions)
| Year Ended August 31, 2018
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 322.1 |  |  | $ | 30.2 |  |  | $ | — |  |  | $ | 36.0 |  |  | $ | (36.8 | ) |  | $ | 351.5 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (31.4 | ) |  | — |  |  | (12.2 | ) |  | — |  |  | (43.6 | )
Investments in subsidiaries | (154.7 | ) |  | — |  |  | — |  |  | — |  |  | 154.7 |  |  | — |
Acquisitions of businesses and intangible assets | — |  |  | (136.3 | ) |  | — |  |  | (26.9 | ) |  | — |  |  | (163.2 | )
Proceeds from sale of business | — |  |  | — |  |  | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Other investing activities | 1.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.7 |
Net cash used for investing activities | (153.0 | ) |  | (167.7 | ) |  | — |  |  | (38.0 | ) |  | 154.7 |  |  | (204.0 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on credit facility | — |  |  | 395.4 |  |  | — |  |  | — |  |  | — |  |  | 395.4 |
Repayments of borrowings on credit facility | — |  |  | (395.4 | ) |  | — |  |  | — |  |  | — |  |  | (395.4 | )
Issuance of long-term debt | — |  |  | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Proceeds from stock option exercises and other | 1.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.7 |
Repurchases of common stock | (298.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (298.4 | )
Withholding taxes on net settlement of equity awards | (8.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (8.2 | )
Intercompany dividends | — |  |  | — |  |  | — |  |  | (36.8 | ) |  | 36.8 |  |  | — |
Intercompany capital | — |  |  | 136.6 |  |  | — |  |  | 18.1 |  |  | (154.7 | ) |  | — |
Dividends paid | (21.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (21.4 | )
Net cash (used for) provided by financing activities | (326.3 | ) |  | 136.6 |  |  | — |  |  | (19.1 | ) |  | (117.9 | ) |  | (326.7 | )
Effect of exchange rate changes on cash | — |  |  | 0.9 |  |  | — |  |  | (3.7 | ) |  | — |  |  | (2.8 | )
Net change in cash and cash equivalents | (157.2 | ) |  | — |  |  | — |  |  | (24.8 | ) |  | — |  |  | (182.0 | )
Cash and cash equivalents at beginning of year | 237.7 |  |  | — |  |  | — |  |  | 73.4 |  |  | — |  |  | 311.1 |
Cash and cash equivalents at end of year | $ | 80.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 48.6 |  |  | $ | — |  |  | $ | 129.1 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In millions)
| Year Ended August 31, 2017
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 262.3 |  |  | $ | 41.4 |  |  | $ | — |  |  | $ | 32.9 |  |  | $ | — |  |  | $ | 336.6 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (53.1 | ) |  | — |  |  | (14.2 | ) |  | — |  |  | (67.3 | )
Proceeds from sale of property, plant, and equipment | — |  |  | 0.2 |  |  | — |  |  | 5.3 |  |  | — |  |  | 5.5 |
Proceeds from sale of investment in unconsolidated affiliate | — |  |  | 13.2 |  |  | — |  |  | — |  |  | — |  |  | 13.2 |
Other investing activities | — |  |  | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Net cash used for investing activities | — |  |  | (39.9 | ) |  | — |  |  | (8.9 | ) |  | — |  |  | (48.8 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of long-term debt | — |  |  | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Proceeds from stock option exercises and other | 3.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.0 |
Repurchases of common stock | (357.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (357.9 | )
Withholding taxes on net settlement of equity awards | (15.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (15.2 | )
Dividends paid | (22.7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (22.7 | )
Net cash (used for) provided by financing activities | (392.8 | ) |  | — |  |  | — |  |  | 1.0 |  |  | — |  |  | (391.8 | )
Effect of exchange rate changes on cash | — |  |  | (1.5 | ) |  | — |  |  | 3.4 |  |  | — |  |  | 1.9 |
Net change in cash and cash equivalents | (130.5 | ) |  | — |  |  | — |  |  | 28.4 |  |  | — |  |  | (102.1 | )
Cash and cash equivalents at beginning of year | 368.2 |  |  | — |  |  | — |  |  | 45.0 |  |  | — |  |  | 413.2 |
Cash and cash equivalents at end of year | $ | 237.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 73.4 |  |  | $ | — |  |  | $ | 311.1 |

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