Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Aug. 31, 2019

Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]

(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

(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

(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