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Guarantor Subsidiaries | 3 Months Ended
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Nov. 30, 2012
Guarantor Subsidiaries | Note 12. Guarantor Subsidiaries As discussed in Note 6, “Debt” on April 16, 2012, Actuant Corporation (the “Parent”) issued $300 million of 5.625% Senior Notes. All of our material domestic wholly owned subsidiaries (the “Guarantors”) fully and unconditionally guarantee (except for certain customary limitations) such debt on a joint and several basis. There are no significant restrictions on the ability of the Guarantors to make distributions to the Parent. The following tables present the results of operations, financial position and cash flows of Actuant Corporation and its subsidiaries, the Guarantor and non-Guarantor entities, and the eliminations necessary to arrive at the information for the Company on a consolidated basis. Certain assets, liabilities and expenses have not been allocated to the Guarantors and non-Guarantors and therefore are included in the Parent column in the accompanying consolidating financial statements. These items are of a corporate or consolidated nature and include, but are not limited to, tax provisions and related assets and liabilities, certain employee benefit obligations, prepaid and accrued insurance and corporate indebtedness. Intercompany activity in the consolidating financial statements primarily includes loan activity, purchases and sales of goods or services and dividends. Intercompany balances also reflect certain non-cash transactions including transfers of assets and liabilities between the Parent, Guarantor and non-Guarantor, allocation of non-cash expenses from the Parent to the Guarantors and non-Guarantors, the impact of foreign currency rate changes and non-cash intercompany dividends. CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (In thousands)
|  | Three Months Ended November 30, 2012 |
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 45,838 |  |  | $ | 124,117 |  |  | $ | 207,293 |  |  | $ | — |  |  | $ | 377,248 |
Cost of products sold |  |  | 12,408 |  |  |  | 87,868 |  |  |  | 129,986 |  |  |  | — |  |  |  | 230,262 |
Gross profit |  |  | 33,430 |  |  |  | 36,249 |  |  |  | 77,307 |  |  |  | — |  |  |  | 146,986 |
Selling, administrative and engineering expenses |  |  | 17,453 |  |  |  | 25,040 |  |  |  | 45,337 |  |  |  | — |  |  |  | 87,830 |
Amortization of intangible assets |  |  | 321 |  |  |  | 3,449 |  |  |  | 4,084 |  |  |  | — |  |  |  | 7,854 |
Operating profit |  |  | 15,656 |  |  |  | 7,760 |  |  |  | 27,886 |  |  |  | — |  |  |  | 51,302 |
Financing costs, net |  |  | 6,358 |  |  |  | 5 |  |  |  | (41 | ) |  |  | — |  |  |  | 6,322 |
Intercompany expense (income), net |  |  | (7,270 | ) |  |  | 1,955 |  |  |  | 5,315 |  |  |  | — |  |  |  | — |
Other expense (income), net |  |  | (364 | ) |  |  | (316 | ) |  |  | 1,044 |  |  |  | — |  |  |  | 364 |
Earnings before income tax expense |  |  | 16,932 |  |  |  | 6,116 |  |  |  | 21,568 |  |  |  | — |  |  |  | 44,616 |
Income tax expense |  |  | 3,140 |  |  |  | 1,134 |  |  |  | 3,999 |  |  |  | — |  |  |  | 8,273 |
Net earnings before equity in earnings of subsidiaries |  |  | 13,792 |  |  |  | 4,982 |  |  |  | 17,569 |  |  |  | — |  |  |  | 36,343 |
Equity in earnings of subsidiaries |  |  | 22,551 |  |  |  | 17,899 |  |  |  | 1,024 |  |  |  | (41,474 | ) |  |  | — |
Net earnings |  | $ | 36,343 |  |  | $ | 22,881 |  |  | $ | 18,593 |  |  | $ | (41,474 | ) |  | $ | 36,343 |
Comprehensive income |  | $ | 48,518 |  |  | $ | 28,858 |  |  | $ | 26,019 |  |  | $ | (54,877 | ) |  | $ | 48,518 |
|  | Three Months Ended November 30, 2011 |
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net sales |  | $ | 48,520 |  |  | $ | 136,441 |  |  | $ | 207,838 |  |  | $ | — |  |  | $ | 392,799 |
Cost of products sold |  |  | 15,279 |  |  |  | 94,632 |  |  |  | 130,280 |  |  |  | — |  |  |  | 240,191 |
Gross profit |  |  | 33,241 |  |  |  | 41,809 |  |  |  | 77,558 |  |  |  | — |  |  |  | 152,608 |
Selling, administrative and engineering expenses |  |  | 20,666 |  |  |  | 26,262 |  |  |  | 41,181 |  |  |  | — |  |  |  | 88,109 |
Amortization of intangible assets |  |  | 335 |  |  |  | 3,420 |  |  |  | 3,463 |  |  |  | — |  |  |  | 7,218 |
Operating profit |  |  | 12,240 |  |  |  | 12,127 |  |  |  | 32,914 |  |  |  | — |  |  |  | 57,281 |
Financing costs, net |  |  | 8,237 |  |  |  | 3 |  |  |  | (18 | ) |  |  | — |  |  |  | 8,222 |
Intercompany expense (income), net |  |  | (7,491 | ) |  |  | 566 |  |  |  | 6,925 |  |  |  | — |  |  |  | — |
Other expense, net |  |  | 193 |  |  |  | 344 |  |  |  | 120 |  |  |  | — |  |  |  | 657 |
Earnings before income tax expense |  |  | 11,301 |  |  |  | 11,214 |  |  |  | 25,887 |  |  |  | — |  |  |  | 48,402 |
Income tax expense |  |  | 2,622 |  |  |  | 2,601 |  |  |  | 6,005 |  |  |  | — |  |  |  | 11,228 |
Net earnings before equity in earnings of subsidiaries |  |  | 8,679 |  |  |  | 8,613 |  |  |  | 19,882 |  |  |  | — |  |  |  | 37,174 |
Equity in earnings (loss) of subsidiaries |  |  | 28,495 |  |  |  | 16,794 |  |  |  | (488 | ) |  |  | (44,801 | ) |  |  | — |
Net earnings |  | $ | 37,174 |  |  | $ | 25,407 |  |  | $ | 19,394 |  |  | $ | (44,801 | ) |  | $ | 37,174 |
Comprehensive income |  | $ | 4,788 |  |  | $ | 8,339 |  |  | $ | 11,321 |  |  | $ | (19,660 | ) |  | $ | 4,788 |
CONDENSED CONSOLIDATING BALANCE SHEETS (In thousands)
|  | November 30, 2012 |
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 73,934 |  |  | $ | 152,380 |  |  | $ | 352,254 |  |  | $ | — |  |  | $ | 578,568 |
Property, plant & equipment, net |  |  | 6,890 |  |  |  | 31,077 |  |  |  | 79,792 |  |  |  | — |  |  |  | 117,759 |
Goodwill |  |  | 62,543 |  |  |  | 432,464 |  |  |  | 376,691 |  |  |  | — |  |  |  | 871,698 |
Other intangibles, net |  |  | 14,201 |  |  |  | 202,745 |  |  |  | 223,242 |  |  |  | — |  |  |  | 440,188 |
Investment in subsidiaries |  |  | 1,919,244 |  |  |  | 265,560 |  |  |  | 92,319 |  |  |  | (2,277,123 | ) |  |  | — |
Intercompany receivable |  |  | — |  |  |  | 425,309 |  |  |  | 301,844 |  |  |  | (727,153 | ) |  |  | — |
Other long-term assets |  |  | 11,835 |  |  |  | 22 |  |  |  | 5,386 |  |  |  | — |  |  |  | 17,243 |
Total assets |  | $ | 2,088,647 |  |  | $ | 1,509,557 |  |  | $ | 1,431,528 |  |  | $ | (3,004,276 | ) |  | $ | 2,025,456 |
LIABILITIES & SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 61,673 |  |  | $ | 54,539 |  |  | $ | 173,635 |  |  | $ | — |  |  | $ | 289,847 |
Long-term debt |  |  | 387,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 387,500 |
Deferred income taxes |  |  | 88,353 |  |  |  | — |  |  |  | 41,598 |  |  |  | — |  |  |  | 129,951 |
Pension and post-retirement benefit liabilities |  |  | 22,253 |  |  |  | — |  |  |  | 3,980 |  |  |  | — |  |  |  | 26,233 |
Other long-term liabilities |  |  | 62,308 |  |  |  | 525 |  |  |  | 27,094 |  |  |  | — |  |  |  | 89,927 |
Intercompany payable |  |  | 364,562 |  |  |  | — |  |  |  | 362,591 |  |  |  | (727,153 | ) |  |  | — |
Shareholders’ equity |  |  | 1,101,998 |  |  |  | 1,454,493 |  |  |  | 822,630 |  |  |  | (2,277,123 | ) |  |  | 1,101,998 |
Total liabilities and shareholders’ equity |  | $ | 2,088,647 |  |  | $ | 1,509,557 |  |  | $ | 1,431,528 |  |  | $ | (3,004,276 | ) |  | $ | 2,025,456 |
|  | August 31, 2012 |
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 88,559 |  |  | $ | 151,168 |  |  | $ | 321,554 |  |  | $ | — |  |  | $ | 561,281 |
Property, plant & equipment, net |  |  | 6,944 |  |  |  | 31,818 |  |  |  | 77,122 |  |  |  | — |  |  |  | 115,884 |
Goodwill |  |  | 62,543 |  |  |  | 433,193 |  |  |  | 370,676 |  |  |  | — |  |  |  | 866,412 |
Other intangibles, net |  |  | 14,522 |  |  |  | 206,194 |  |  |  | 225,168 |  |  |  | — |  |  |  | 445,884 |
Investment in subsidiaries |  |  | 1,886,478 |  |  |  | 250,738 |  |  |  | 90,770 |  |  |  | (2,227,986 | ) |  |  | — |
Intercompany receivable |  |  | — |  |  |  | 418,253 |  |  |  | 307,282 |  |  |  | (725,535 | ) |  |  | — |
Other long-term assets |  |  | 12,297 |  |  |  | 22 |  |  |  | 5,339 |  |  |  | — |  |  |  | 17,658 |
Total assets |  | $ | 2,071,343 |  |  | $ | 1,491,386 |  |  | $ | 1,397,911 |  |  | $ | (2,953,521 | ) |  | $ | 2,007,119 |
LIABILITIES & SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 76,686 |  |  | $ | 63,105 |  |  | $ | 179,215 |  |  | $ | — |  |  | $ | 319,006 |
Long-term debt |  |  | 390,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 390,000 |
Deferred income taxes |  |  | 91,604 |  |  |  | — |  |  |  | 41,049 |  |  |  | — |  |  |  | 132,653 |
Pension and post-retirement benefit liabilities |  |  | 22,500 |  |  |  | — |  |  |  | 3,942 |  |  |  | — |  |  |  | 26,442 |
Other long-term liabilities |  |  | 59,929 |  |  |  | 620 |  |  |  | 26,633 |  |  |  | — |  |  |  | 87,182 |
Intercompany payable |  |  | 378,788 |  |  |  | — |  |  |  | 346,747 |  |  |  | (725,535 | ) |  |  | — |
Shareholders’ equity |  |  | 1,051,836 |  |  |  | 1,427,661 |  |  |  | 800,325 |  |  |  | (2,227,986 | ) |  |  | 1,051,836 |
Total liabilities and shareholders’ equity |  | $ | 2,071,343 |  |  | $ | 1,491,386 |  |  | $ | 1,397,911 |  |  | $ | (2,953,521 | ) |  | $ | 2,007,119 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In thousands)
|  | Three Months Ended November 30, 2012 |
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | (658 | ) |  | $ | 4,779 |  |  | $ | 8,154 |  |  | $ | — |  |  | $ | 12,275 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of property, plant and equipment |  |  | 571 |  |  |  | 14 |  |  |  | 392 |  |  |  | — |  |  |  | 977 |
Capital expenditures |  |  | (399 | ) |  |  | (1,291 | ) |  |  | (5,999 | ) |  |  | — |  |  |  | (7,689 | )
Business acquisitions, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | (83 | )
Cash provided by (used in) investing activities |  |  | 172 |  |  |  | (1,277 | ) |  |  | (5,690 | ) |  |  | — |  |  |  | (6,795 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal repayment of term loans |  |  | (1,250 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,250 | )
Intercompany loan activity |  |  | (4,991 | ) |  |  | (3,593 | ) |  |  | 8,584 |  |  |  | — |  |  |  | — |
Purchase of treasury shares |  |  | (7,142 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,142 | )
Stock option exercises, related tax benefits and other |  |  | 5,473 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,473 |
Cash dividend |  |  | (2,911 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,911 | )
Cash provided by (used in) financing activities |  |  | (10,821 | ) |  |  | (3,593 | ) |  |  | 8,584 |  |  |  | — |  |  |  | (5,830 | )
Effect of exchange rate changes on cash |  |  | — |  |  |  | — |  |  |  | 477 |  |  |  | — |  |  |  | 477 |
Net increase (decrease) in cash and cash equivalents |  |  | (11,307 | ) |  |  | (91 | ) |  |  | 11,525 |  |  |  | — |  |  |  | 127 |
Cash and cash equivalents—beginning of period |  |  | 12,401 |  |  |  | 91 |  |  |  | 55,692 |  |  |  | — |  |  |  | 68,184 |
Cash and cash equivalents—end of period |  | $ | 1,094 |  |  | $ | — |  |  | $ | 67,217 |  |  | $ | — |  |  | $ | 68,311 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (In thousands)
|  | Three Months Ended November 30, 2011 |
|  | Parent |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | (10,089 | ) |  | $ | 7,121 |  |  | $ | 23,443 |  |  | $ | — |  |  | $ | 20,475 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of property, plant and equipment |  |  | — |  |  |  | 68 |  |  |  | 5,850 |  |  |  | — |  |  |  | 5,918 |
Capital expenditures |  |  | (2,206 | ) |  |  | (571 | ) |  |  | (2,818 | ) |  |  | — |  |  |  | (5,595 | )
Business acquistitions, net of cash acquired |  |  | (290 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (290 | )
Cash (used in) provided by investing activities |  |  | (2,496 | ) |  |  | (503 | ) |  |  | 3,032 |  |  |  | — |  |  |  | 33 |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings on revolver and other debt |  |  | 4,700 |  |  |  | — |  |  |  | 109 |  |  |  | — |  |  |  | 4,809 |
Intercompany loan activity |  |  | 28,060 |  |  |  | (6,618 | ) |  |  | (21,442 | ) |  |  | — |  |  |  | — |
Purchase of treasury shares |  |  | (20,410 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,410 | )
Stock option exercises and related tax benefits |  |  | 2,782 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,782 |
Cash dividend |  |  | (2,748 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,748 | )
Cash (used in) provided by financing activities |  |  | 12,384 |  |  |  | (6,618 | ) |  |  | (21,333 | ) |  |  | — |  |  |  | (15,567 | )
Effect of exchange rate changes on cash |  |  | — |  |  |  | — |  |  |  | (1,043 | ) |  |  | — |  |  |  | (1,043 | )
Net (decrease) increase in cash and cash equivalents |  |  | (201 | ) |  |  | — |  |  |  | 4,099 |  |  |  | — |  |  |  | 3,898 |
Cash and cash equivalents—beginning of period |  |  | 872 |  |  |  | — |  |  |  | 43,349 |  |  |  | — |  |  |  | 44,221 |
Cash and cash equivalents—end of period |  | $ | 671 |  |  | $ | — |  |  | $ | 47,448 |  |  | $ | — |  |  | $ | 48,119 |

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- Definition Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + References No definition available. + Details
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Namespace Prefix: | atu_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration