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v3.19.2

Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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May 31, 2019
Condensed Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATING BALANCE SHEETS | 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 | 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 | 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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