Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

9 Months Ended

May 31, 2019

Condensed Financial Information Disclosure [Abstract]

(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 CONSOLIDATING 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 CONSOLIDATING 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