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Supplemental Guarantor Condensed Consolidating Financial Statements | 9 Months Ended
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May 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Supplemental Guarantor Condensed Consolidating Financial Statements | Supplemental Guarantor Condensed Consolidating Financial Statements In December 2009, ABL, the 100% owned and principal operating subsidiary of Acuity Brands, refinanced the then current outstanding debt through the issuance of the Unsecured Notes. See Debt and Lines of Credit footnote for further information. In accordance with the registration rights agreement by and between ABL and the guarantors to the Unsecured Notes and the initial purchasers of the Unsecured Notes, ABL and the guarantors to the Notes filed a registration statement with the SEC for an offer to exchange the Unsecured Notes for an issue of SEC-registered notes with identical terms. Due to the filing of the registration statement and offer to exchange, we determined the need for compliance with Rule 3-10 of SEC Regulation S-X (“Rule 3-10”). In lieu of providing separate audited financial statements for ABL and ABL IP Holding, we have included the accompanying Condensed Consolidating Financial Statements in accordance with Rule 3-10(d) of SEC Regulation S-X since the Unsecured Notes are fully and unconditionally guaranteed by Acuity Brands and ABL IP Holding. The column marked “Parent” represents the financial condition, results of operations, and cash flows of Acuity Brands. The column marked “Subsidiary Issuer” represents the financial condition, results of operations, and cash flows of ABL. The column entitled “Subsidiary Guarantor” represents the financial condition, results of operations, and cash flows of ABL IP Holding. Lastly, the column listed as “Non-Guarantors” includes the financial condition, results of operations, and cash flows of the non-guarantor direct and indirect subsidiaries of Acuity Brands, which consist primarily of foreign subsidiaries. Consolidating adjustments were necessary in order to arrive at consolidated amounts. In addition, the equity method of accounting was used to calculate investments in subsidiaries. Accordingly, this basis of presentation is not intended to present the Company's financial condition, results of operations, or cash flows for any purpose other than to comply with the specific requirements for parent-subsidiary guarantor reporting. CONDENSED CONSOLIDATING BALANCE SHEETS (In millions)
| May 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 257.8 |  |  | $ | 17.2 |  |  | $ | — |  |  | $ | 58.7 |  |  | $ | — |  |  | $ | 333.7 |
Accounts receivable, net | — |  |  | 510.5 |  |  | — |  |  | 75.5 |  |  | — |  |  | 586.0 |
Inventories | — |  |  | 367.1 |  |  | — |  |  | 23.5 |  |  | — |  |  | 390.6 |
Other current assets | 20.8 |  |  | 29.7 |  |  | — |  |  | 18.5 |  |  | — |  |  | 69.0 |
Total current assets | 278.6 |  |  | 924.5 |  |  | — |  |  | 176.2 |  |  | — |  |  | 1,379.3 |
Property, plant, and equipment, net | 0.2 |  |  | 222.1 |  |  | — |  |  | 58.2 |  |  | — |  |  | 280.5 |
Goodwill | — |  |  | 745.7 |  |  | 2.7 |  |  | 215.7 |  |  | — |  |  | 964.1 |
Intangible assets, net | — |  |  | 274.9 |  |  | 104.3 |  |  | 93.9 |  |  | — |  |  | 473.1 |
Deferred income taxes | 36.0 |  |  | — |  |  | — |  |  | 6.3 |  |  | (39.5 | ) |  | 2.8 |
Other long-term assets | 0.5 |  |  | 19.0 |  |  | — |  |  | 1.8 |  |  | — |  |  | 21.3 |
Investments in and amounts due from affiliates | 1,675.5 |  |  | 453.8 |  |  | 311.6 |  |  | — |  |  | (2,440.9 | ) |  | — |
Total assets | $ | 1,990.8 |  |  | $ | 2,640.0 |  |  | $ | 418.6 |  |  | $ | 552.1 |  |  | $ | (2,480.4 | ) |  | $ | 3,121.1 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 0.7 |  |  | $ | 357.8 |  |  | $ | — |  |  | $ | 20.3 |  |  | $ | — |  |  | $ | 378.8 |
Current maturities of long-term debt | — |  |  | 8.7 |  |  | — |  |  | 0.4 |  |  | — |  |  | 9.1 |
Other accrued liabilities | 8.4 |  |  | 188.5 |  |  | — |  |  | 46.2 |  |  | — |  |  | 243.1 |
Total current liabilities | 9.1 |  |  | 555.0 |  |  | — |  |  | 66.9 |  |  | — |  |  | 631.0 |
Long-term debt | — |  |  | 345.1 |  |  | — |  |  | 2.4 |  |  | — |  |  | 347.5 |
Deferred income taxes | — |  |  | 103.3 |  |  | — |  |  | 25.8 |  |  | (39.5 | ) |  | 89.6 |
Other long-term liabilities | 96.8 |  |  | 57.5 |  |  | — |  |  | 13.8 |  |  | — |  |  | 168.1 |
Amounts due to affiliates | — |  |  | — |  |  | — |  |  | 126.4 |  |  | (126.4 | ) |  | — |
Total stockholders’ equity | 1,884.9 |  |  | 1,579.1 |  |  | 418.6 |  |  | 316.8 |  |  | (2,314.5 | ) |  | 1,884.9 |
Total liabilities and stockholders’ equity | $ | 1,990.8 |  |  | $ | 2,640.0 |  |  | $ | 418.6 |  |  | $ | 552.1 |  |  | $ | (2,480.4 | ) |  | $ | 3,121.1 |
CONDENSED CONSOLIDATING BALANCE SHEETS (In millions)
| 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)
| Three Months Ended May 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 843.5 |  |  | $ | — |  |  | $ | 104.1 |  |  | $ | — |  |  | $ | 947.6 |
Intercompany sales | — |  |  | — |  |  | 13.9 |  |  | 48.2 |  |  | (62.1 | ) |  | — |
Total sales | — |  |  | 843.5 |  |  | 13.9 |  |  | 152.3 |  |  | (62.1 | ) |  | 947.6 |
Cost of products sold | — |  |  | 500.3 |  |  | — |  |  | 110.5 |  |  | (46.8 | ) |  | 564.0 |
Gross profit | — |  |  | 343.2 |  |  | 13.9 |  |  | 41.8 |  |  | (15.3 | ) |  | 383.6 |
Selling, distribution, and administrative expenses | 10.7 |  |  | 230.4 |  |  | 0.7 |  |  | 36.9 |  |  | (15.3 | ) |  | 263.4 |
Intercompany charges | (0.8 | ) |  | (0.1 | ) |  | — |  |  | 0.9 |  |  | — |  |  | — |
Special charge | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Operating (loss) profit | (9.9 | ) |  | 113.0 |  |  | 13.2 |  |  | 4.0 |  |  | — |  |  | 120.3 |
Interest expense, net | 2.7 |  |  | 4.3 |  |  | — |  |  | 1.3 |  |  | — |  |  | 8.3 |
Equity earnings in subsidiaries | (99.3 | ) |  | (7.9 | ) |  | — |  |  | — |  |  | 107.2 |  |  | — |
Miscellaneous expense (income), net | 1.4 |  |  | (0.7 | ) |  | — |  |  | (0.5 | ) |  | — |  |  | 0.2 |
Income before income taxes | 85.3 |  |  | 117.3 |  |  | 13.2 |  |  | 3.2 |  |  | (107.2 | ) |  | 111.8 |
Income tax (benefit) expense | (3.1 | ) |  | 22.9 |  |  | 2.8 |  |  | 0.8 |  |  | — |  |  | 23.4 |
Net income | 88.4 |  |  | 94.4 |  |  | 10.4 |  |  | 2.4 |  |  | (107.2 | ) |  | 88.4 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (8.7 | ) |  | (8.7 | ) |  | — |  |  | — |  |  | 8.7 |  |  | (8.7 | )
Defined benefit plans, net of tax | 1.3 |  |  | 1.1 |  |  | — |  |  | 0.2 |  |  | (1.3 | ) |  | 1.3 |
Other comprehensive (loss) income items, net of tax | (7.4 | ) |  | (7.6 | ) |  | — |  |  | 0.2 |  |  | 7.4 |  |  | (7.4 | )
Comprehensive income | $ | 81.0 |  |  | $ | 86.8 |  |  | $ | 10.4 |  |  | $ | 2.6 |  |  | $ | (99.8 | ) |  | $ | 81.0 |
CONDENSED CONSOL IDATING STATEMENTS OF COMPREHENSIVE INCOME (In millions)
| Three Months Ended May 31, 2018
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 843.7 |  |  | $ | — |  |  | $ | 100.3 |  |  | $ | — |  |  | $ | 944.0 |
Intercompany sales | — |  |  | — |  |  | 13.7 |  |  | 44.6 |  |  | (58.3 | ) |  | — |
Total sales | — |  |  | 843.7 |  |  | 13.7 |  |  | 144.9 |  |  | (58.3 | ) |  | 944.0 |
Cost of products sold | — |  |  | 477.0 |  |  | — |  |  | 118.6 |  |  | (40.7 | ) |  | 554.9 |
Gross profit | — |  |  | 366.7 |  |  | 13.7 |  |  | 26.3 |  |  | (17.6 | ) |  | 389.1 |
Selling, distribution, and administrative expenses | 9.7 |  |  | 240.7 |  |  | 0.8 |  |  | 38.2 |  |  | (17.6 | ) |  | 271.8 |
Intercompany charges | (0.8 | ) |  | 0.7 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |
Special charge | — |  |  | 9.9 |  |  | — |  |  | — |  |  | — |  |  | 9.9 |
Operating (loss) profit | (8.9 | ) |  | 115.4 |  |  | 12.9 |  |  | (12.0 | ) |  | — |  |  | 107.4 |
Interest expense, net | 2.9 |  |  | 4.2 |  |  | — |  |  | 1.3 |  |  | — |  |  | 8.4 |
Equity earnings in subsidiaries | (82.8 | ) |  | 4.6 |  |  | — |  |  | 0.1 |  |  | 78.1 |  |  | — |
Miscellaneous expense (income), net | 1.5 |  |  | (1.0 | ) |  | — |  |  | (0.7 | ) |  | — |  |  | (0.2 | )
Income (loss) before income taxes | 69.5 |  |  | 107.6 |  |  | 12.9 |  |  | (12.7 | ) |  | (78.1 | ) |  | 99.2 |
Income tax (benefit) expense | (3.5 | ) |  | 31.3 |  |  | 1.6 |  |  | (3.2 | ) |  | — |  |  | 26.2 |
Net income (loss) | 73.0 |  |  | 76.3 |  |  | 11.3 |  |  | (9.5 | ) |  | (78.1 | ) |  | 73.0 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (7.6 | ) |  | (7.6 | ) |  | — |  |  | — |  |  | 7.6 |  |  | (7.6 | )
Defined benefit plans, net of tax | 1.9 |  |  | 1.4 |  |  | — |  |  | 0.5 |  |  | (1.9 | ) |  | 1.9 |
Other comprehensive (loss) income items, net of tax | (5.7 | ) |  | (6.2 | ) |  | — |  |  | 0.5 |  |  | 5.7 |  |  | (5.7 | )
Comprehensive income (loss) | $ | 67.3 |  |  | $ | 70.1 |  |  | $ | 11.3 |  |  | $ | (9.0 | ) |  | $ | (72.4 | ) |  | $ | 67.3 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (In millions)
| Nine Months Ended May 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 2,429.0 |  |  | $ | — |  |  | $ | 305.6 |  |  | $ | — |  |  | $ | 2,734.6 |
Intercompany sales | — |  |  | — |  |  | 40.2 |  |  | 151.2 |  |  | (191.4 | ) |  | — |
Total sales | — |  |  | 2,429.0 |  |  | 40.2 |  |  | 456.8 |  |  | (191.4 | ) |  | 2,734.6 |
Cost of products sold | — |  |  | 1,467.4 |  |  | — |  |  | 330.1 |  |  | (147.9 | ) |  | 1,649.6 |
Gross profit | — |  |  | 961.6 |  |  | 40.2 |  |  | 126.7 |  |  | (43.5 | ) |  | 1,085.0 |
Selling, distribution, and administrative expenses | 30.4 |  |  | 650.2 |  |  | 2.1 |  |  | 111.9 |  |  | (43.5 | ) |  | 751.1 |
Intercompany charges | (3.0 | ) |  | (0.1 | ) |  | — |  |  | 3.1 |  |  | — |  |  | — |
Special charge | — |  |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Operating (loss) profit | (27.4 | ) |  | 310.2 |  |  | 38.1 |  |  | 11.7 |  |  | — |  |  | 332.6 |
Interest expense, net | 8.8 |  |  | 13.1 |  |  | — |  |  | 3.7 |  |  | — |  |  | 25.6 |
Equity earnings in subsidiaries | (265.8 | ) |  | (19.9 | ) |  | — |  |  | 0.1 |  |  | 285.6 |  |  | — |
Miscellaneous expense (income), net | 4.8 |  |  | (1.4 | ) |  | — |  |  | (0.8 | ) |  | — |  |  | 2.6 |
Income before income taxes | 224.8 |  |  | 318.4 |  |  | 38.1 |  |  | 8.7 |  |  | (285.6 | ) |  | 304.4 |
Income tax (benefit) expense | (9.5 | ) |  | 68.8 |  |  | 8.0 |  |  | 2.8 |  |  | — |  |  | 70.1 |
Net income | 234.3 |  |  | 249.6 |  |  | 30.1 |  |  | 5.9 |  |  | (285.6 | ) |  | 234.3 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (12.6 | ) |  | (12.6 | ) |  | — |  |  | — |  |  | 12.6 |  |  | (12.6 | )
Defined benefit plans, net of tax | 5.3 |  |  | 3.4 |  |  | — |  |  | 0.8 |  |  | (4.2 | ) |  | 5.3 |
Other comprehensive (loss) income items, net of tax | (7.3 | ) |  | (9.2 | ) |  | — |  |  | 0.8 |  |  | 8.4 |  |  | (7.3 | )
Comprehensive income | $ | 227.0 |  |  | $ | 240.4 |  |  | $ | 30.1 |  |  | $ | 6.7 |  |  | $ | (277.2 | ) |  | $ | 227.0 |
CONDENSED CONSOL IDATING STATEMENTS OF COMPREHENSIVE INCOME (In millions)
| Nine Months Ended May 31, 2018
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External sales | $ | — |  |  | $ | 2,328.3 |  |  | $ | — |  |  | $ | 290.6 |  |  | $ | — |  |  | $ | 2,618.9 |
Intercompany sales | — |  |  | — |  |  | 38.2 |  |  | 129.3 |  |  | (167.5 | ) |  | — |
Total sales | — |  |  | 2,328.3 |  |  | 38.2 |  |  | 419.9 |  |  | (167.5 | ) |  | 2,618.9 |
Cost of products sold | — |  |  | 1,348.1 |  |  | — |  |  | 318.8 |  |  | (121.5 | ) |  | 1,545.4 |
Gross profit | — |  |  | 980.2 |  |  | 38.2 |  |  | 101.1 |  |  | (46.0 | ) |  | 1,073.5 |
Selling, distribution, and administrative expenses | 30.4 |  |  | 647.2 |  |  | 2.4 |  |  | 111.7 |  |  | (46.0 | ) |  | 745.7 |
Intercompany charges | (2.6 | ) |  | (0.2 | ) |  | — |  |  | 2.8 |  |  | — |  |  | — |
Special charge | — |  |  | 10.7 |  |  | — |  |  | — |  |  | — |  |  | 10.7 |
Operating (loss) profit | (27.8 | ) |  | 322.5 |  |  | 35.8 |  |  | (13.4 | ) |  | — |  |  | 317.1 |
Interest expense, net | 8.2 |  |  | 12.2 |  |  | — |  |  | 4.1 |  |  | — |  |  | 24.5 |
Equity earnings in subsidiaries | (269.9 | ) |  | 2.5 |  |  | — |  |  | 0.2 |  |  | 267.2 |  |  | — |
Miscellaneous expense (income), net | 4.5 |  |  | 0.3 |  |  | — |  |  | (1.0 | ) |  | — |  |  | 3.8 |
Income (loss) before income taxes | 229.4 |  |  | 307.5 |  |  | 35.8 |  |  | (16.7 | ) |  | (267.2 | ) |  | 288.8 |
Income tax (benefit) expense | (12.0 | ) |  | 58.5 |  |  | 4.7 |  |  | (3.8 | ) |  | — |  |  | 47.4 |
Net income (loss) | 241.4 |  |  | 249.0 |  |  | 31.1 |  |  | (12.9 | ) |  | (267.2 | ) |  | 241.4 |
Other comprehensive income (loss) items: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (15.6 | ) |  | (15.6 | ) |  | — |  |  | — |  |  | 15.6 |  |  | (15.6 | )
Defined benefit plans, net of tax | 5.3 |  |  | 3.9 |  |  | — |  |  | 1.4 |  |  | (5.3 | ) |  | 5.3 |
Other comprehensive (loss) income items, net of tax | (10.3 | ) |  | (11.7 | ) |  | — |  |  | 1.4 |  |  | 10.3 |  |  | (10.3 | )
Comprehensive income (loss) | $ | 231.1 |  |  | $ | 237.3 |  |  | $ | 31.1 |  |  | $ | (11.5 | ) |  | $ | (256.9 | ) |  | $ | 231.1 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In millions)
| Nine Months Ended May 31, 2019
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 245.0 |  |  | $ | 48.4 |  |  | $ | — |  |  | $ | 18.6 |  |  | $ | — |  |  | $ | 312.0 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (33.0 | ) |  | — |  |  | (6.8 | ) |  | — |  |  | (39.8 | )
Other investing activities | 0.8 |  |  | 2.1 |  |  | — |  |  | — |  |  | — |  |  | 2.9 |
Net cash provided by (used for) investing activities | 0.8 |  |  | (30.9 | ) |  | — |  |  | (6.8 | ) |  | — |  |  | (36.9 | )
Cash flows 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 | — |  |  | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Proceeds from stock option exercises and other | 0.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Repurchases of common stock | (48.7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (48.7 | )
Withholding taxes on net settlement of equity awards | (4.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.9 | )
Dividends paid | (15.6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (15.6 | )
Net cash used for financing activities | (68.7 | ) |  | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (69.0 | )
Effect of exchange rates changes on cash | 0.2 |  |  | (0.3 | ) |  | — |  |  | (1.4 | ) |  | — |  |  | (1.5 | )
Net change in cash and cash equivalents | 177.3 |  |  | 17.2 |  |  | — |  |  | 10.1 |  |  | — |  |  | 204.6 |
Cash and cash equivalents at beginning of period | 80.5 |  |  | — |  |  | — |  |  | 48.6 |  |  | — |  |  | 129.1 |
Cash and cash equivalents at end of period | $ | 257.8 |  |  | $ | 17.2 |  |  | $ | — |  |  | $ | 58.7 |  |  | $ | — |  |  | $ | 333.7 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In millions)
| Nine Months Ended May 31, 2018
| Parent |  | Subsidiary Issuer |  | Subsidiary Guarantor |  | Non- Guarantors |  | Consolidating Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 252.6 |  |  | $ | 19.1 |  |  | $ | — |  |  | $ | 28.0 |  |  | $ | — |  |  | $ | 299.7 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (21.9 | ) |  | — |  |  | (10.3 | ) |  | — |  |  | (32.2 | )
Investments in subsidiaries | (163.5 | ) |  | — |  |  | — |  |  | — |  |  | 163.5 |  |  | — |
Acquisitions of business, net of cash acquired | — |  |  | (136.6 | ) |  | — |  |  | (26.9 | ) |  | — |  |  | (163.5 | )
Other investing activities | 1.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.0 |
Net cash used for investing activities | (162.5 | ) |  | (158.5 | ) |  | — |  |  | (37.2 | ) |  | 163.5 |  |  | (194.7 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on credit facility | — |  |  | 237.3 |  |  | — |  |  | — |  |  | — |  |  | 237.3 |
Repayments of borrowings on credit facility | — |  |  | (236.1 | ) |  | — |  |  | — |  |  | — |  |  | (236.1 | )
Repayments of long-term debt | — |  |  | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Proceeds from stock option exercises and other | 1.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Repurchases of common stock | (298.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (298.4 | )
Withholding taxes on net settlement of equity awards | (7.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (7.2 | )
Intercompany capital | — |  |  | 136.6 |  |  | — |  |  | 26.9 |  |  | (163.5 | ) |  | — |
Dividends paid | (16.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (16.2 | )
Net cash (used for) provided by financing activities | (320.2 | ) |  | 137.8 |  |  | — |  |  | 26.6 |  |  | (163.5 | ) |  | (319.3 | )
Effect of exchange rate changes on cash | — |  |  | 1.6 |  |  | — |  |  | (4.1 | ) |  | — |  |  | (2.5 | )
Net change in cash and cash equivalents | (230.1 | ) |  | — |  |  | — |  |  | 13.3 |  |  | — |  |  | (216.8 | )
Cash and cash equivalents at beginning of period | 237.7 |  |  | — |  |  | — |  |  | 73.4 |  |  | — |  |  | 311.1 |
Cash and cash equivalents at end of period | $ | 7.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 86.7 |  |  | $ | — |  |  | $ | 94.3 |

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