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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acuity Brands Inc | NYSE:AYI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.94 | 1.57% | 254.41 | 255.24 | 251.715 | 253.04 | 203,664 | 22:30:00 |
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(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended February 28, 2017.
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to .
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Delaware
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58-2632672
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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1170 Peachtree Street, N.E., Suite 2300, Atlanta, Georgia
(Address of principal executive offices)
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30309-7676
(Zip Code)
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Large Accelerated Filer
þ
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Accelerated Filer
o
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Non-accelerated Filer
o
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Smaller Reporting Company
o
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(Do not check if a smaller reporting company)
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Page No.
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EX-31.A
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EX-31.B
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EX-32.A
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EX-32.B
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EX-101.INSTANCE DOCUMENT
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EX-101.SCHEMA DOCUMENT
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EX-101.CALCULATION LINKBASE DOCUMENT
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EX-101.LABELS LINKBASE DOCUMENT
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EX-101.PRESENTATION LINKBASE DOCUMENT
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EX-101.DEFINITION LINKBASE DOCUMENT
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Item 1.
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Financial Statements
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February 28, 2017
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August 31, 2016
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||||
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(unaudited)
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||||
ASSETS
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|
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||||
Current assets:
|
|
|
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Cash and cash equivalents
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$
|
463.2
|
|
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$
|
413.2
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Accounts receivable, less reserve for doubtful accounts of $1.6 and $1.7, respectively
|
500.9
|
|
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572.8
|
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||
Inventories
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353.7
|
|
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295.2
|
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||
Prepayments and other current assets
|
46.1
|
|
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41.7
|
|
||
Total current assets
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1,363.9
|
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1,322.9
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Property, plant, and equipment, at cost:
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|
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Land
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22.0
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23.1
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Buildings and leasehold improvements
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180.5
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174.4
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Machinery and equipment
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458.9
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448.2
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Total property, plant, and equipment
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661.4
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|
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645.7
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||
Less: accumulated depreciation and amortization
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(383.6
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)
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(377.9
|
)
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||
Property, plant, and equipment, net
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277.8
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|
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267.8
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|
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Goodwill
|
893.3
|
|
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947.8
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Intangible assets, net
|
446.4
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|
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381.4
|
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||
Deferred income taxes
|
4.7
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|
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5.1
|
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||
Other long-term assets
|
13.0
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|
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23.0
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Total assets
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$
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2,999.1
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|
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$
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2,948.0
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
Current liabilities:
|
|
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Accounts payable
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$
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365.5
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$
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401.0
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Current maturities of long-term debt
|
0.3
|
|
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0.2
|
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||
Accrued compensation
|
25.0
|
|
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95.2
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||
Other accrued liabilities
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156.0
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|
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176.1
|
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||
Total current liabilities
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546.8
|
|
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672.5
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Long-term debt
|
355.8
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355.0
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||
Accrued pension liabilities
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116.4
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|
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119.9
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||
Deferred income taxes
|
102.5
|
|
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74.6
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Self-insurance reserves
|
8.2
|
|
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7.2
|
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Other long-term liabilities
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64.6
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|
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59.0
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|
||
Total liabilities
|
1,194.3
|
|
|
1,288.2
|
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||
Commitments and contingencies (see
Commitments and Contingencies
footnote)
|
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Stockholders’ equity:
|
|
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Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued
|
—
|
|
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—
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Common stock, $0.01 par value; 500,000,000 shares authorized; 53,512,076 and 53,415,687 issued, respectively
|
0.5
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|
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0.5
|
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Paid-in capital
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868.4
|
|
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856.4
|
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||
Retained earnings
|
1,498.4
|
|
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1,360.9
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|
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Accumulated other comprehensive loss
|
(143.9
|
)
|
|
(139.4
|
)
|
||
Treasury stock, at cost — 9,679,752 and 9,679,457 shares, respectively
|
(418.6
|
)
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(418.6
|
)
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||
Total stockholders’ equity
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1,804.8
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|
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1,659.8
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Total liabilities and stockholders’ equity
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$
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2,999.1
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|
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$
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2,948.0
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|
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Three Months Ended
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Six Months Ended
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||||||||||||
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February 28, 2017
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February 29, 2016
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February 28, 2017
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February 29, 2016
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||||||||
Net sales
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$
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804.7
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$
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777.8
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$
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1,655.9
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$
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1,514.4
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Cost of products sold
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468.9
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440.9
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960.5
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858.1
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||||
Gross profit
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335.8
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336.9
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695.4
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656.3
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||||
Selling, distribution, and administrative expenses
|
227.8
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230.1
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|
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459.6
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436.7
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||||
Special charge
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—
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0.1
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1.2
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0.5
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||||
Operating profit
|
108.0
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106.7
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234.6
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|
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219.1
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||||
Other expense (income):
|
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||||
Interest expense, net
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8.0
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8.2
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16.2
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16.1
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||||
Miscellaneous expense (income), net
|
0.6
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(1.1
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)
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(7.3
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)
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(1.8
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)
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||||
Total other expense
|
8.6
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7.1
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8.9
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14.3
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||||
Income before provision for income taxes
|
99.4
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99.6
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|
225.7
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|
204.8
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||||
Provision for income taxes
|
32.1
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|
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34.1
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|
|
76.7
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|
|
70.9
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||||
Net income
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$
|
67.3
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$
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65.5
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$
|
149.0
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$
|
133.9
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||||
Earnings per share:
|
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||||
Basic earnings per share
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$
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1.54
|
|
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$
|
1.50
|
|
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$
|
3.40
|
|
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$
|
3.08
|
|
Basic weighted average number of shares outstanding
|
43.8
|
|
|
43.5
|
|
|
43.8
|
|
|
43.4
|
|
||||
Diluted earnings per share
|
$
|
1.53
|
|
|
$
|
1.49
|
|
|
$
|
3.39
|
|
|
$
|
3.06
|
|
Diluted weighted average number of shares outstanding
|
44.0
|
|
|
43.8
|
|
|
44.0
|
|
|
43.7
|
|
||||
Dividends declared per share
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
$
|
0.26
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
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|
||||
Net income
|
$
|
67.3
|
|
|
$
|
65.5
|
|
|
$
|
149.0
|
|
|
$
|
133.9
|
|
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments
|
3.3
|
|
|
(9.2
|
)
|
|
(8.6
|
)
|
|
(13.4
|
)
|
||||
Defined benefit pension plans, net of tax
|
2.1
|
|
|
1.3
|
|
|
4.1
|
|
|
2.7
|
|
||||
Other comprehensive income (loss), net of tax
|
5.4
|
|
|
(7.9
|
)
|
|
(4.5
|
)
|
|
(10.7
|
)
|
||||
Comprehensive income
|
$
|
72.7
|
|
|
$
|
57.6
|
|
|
$
|
144.5
|
|
|
$
|
123.2
|
|
|
Six Months Ended
|
||||||
|
February 28, 2017
|
|
February 29, 2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
149.0
|
|
|
$
|
133.9
|
|
Adjustments to reconcile net income to net cash flows from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
36.5
|
|
|
30.7
|
|
||
Share-based payment expense
|
16.0
|
|
|
13.0
|
|
||
Excess tax benefits from share-based payments
|
(6.2
|
)
|
|
(14.3
|
)
|
||
Loss (gain) on the sale or disposal of property, plant, and equipment
|
0.1
|
|
|
(1.1
|
)
|
||
Gain on sale of investment in unconsolidated affiliate
|
(7.2
|
)
|
|
—
|
|
||
Deferred income taxes
|
(2.7
|
)
|
|
(0.3
|
)
|
||
Change in assets and liabilities, net of effect of acquisitions, divestitures, and exchange rate changes:
|
|
|
|
||||
Accounts receivable
|
69.7
|
|
|
18.3
|
|
||
Inventories
|
(59.5
|
)
|
|
(3.5
|
)
|
||
Prepayments and other current assets
|
(8.9
|
)
|
|
(11.4
|
)
|
||
Accounts payable
|
(32.2
|
)
|
|
(16.2
|
)
|
||
Other current liabilities
|
(83.6
|
)
|
|
(29.2
|
)
|
||
Other
|
0.6
|
|
|
(0.4
|
)
|
||
Net cash provided by operating activities
|
71.6
|
|
|
119.5
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchases of property, plant, and equipment
|
(35.8
|
)
|
|
(43.8
|
)
|
||
Proceeds from sale of property, plant, and equipment
|
5.4
|
|
|
2.2
|
|
||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
(613.7
|
)
|
||
Proceeds from sale of investment in unconsolidated affiliate
|
13.2
|
|
|
—
|
|
||
Other investing activities
|
(0.2
|
)
|
|
—
|
|
||
Net cash used for investing activities
|
(17.4
|
)
|
|
(655.3
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Issuance of long-term debt
|
0.9
|
|
|
1.1
|
|
||
Repurchases of common stock
|
(0.4
|
)
|
|
—
|
|
||
Proceeds from stock option exercises and other
|
2.3
|
|
|
6.2
|
|
||
Excess tax benefits from share-based payments
|
6.2
|
|
|
14.3
|
|
||
Dividends paid
|
(11.5
|
)
|
|
(11.4
|
)
|
||
Net cash (used for) provided by financing activities
|
(2.5
|
)
|
|
10.2
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1.7
|
)
|
|
(6.9
|
)
|
||
Net change in cash and cash equivalents
|
50.0
|
|
|
(532.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
413.2
|
|
|
756.8
|
|
||
Cash and cash equivalents at end of period
|
$
|
463.2
|
|
|
$
|
224.3
|
|
Supplemental cash flow information:
|
|
|
|
|
|
||
Income taxes paid during the period
|
$
|
97.8
|
|
|
$
|
61.0
|
|
Interest paid during the period
|
$
|
22.8
|
|
|
$
|
22.1
|
|
1.
|
Description of Business and Basis of Presentation
|
4.
|
New Accounting Pronouncements
|
5.
|
Fair Value Measurements
|
|
February 28, 2017
|
|
August 31, 2016
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment in noncontrolling affiliate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8.0
|
|
|
$
|
14.4
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||
Senior unsecured public notes, net of unamortized discount and deferred costs
|
$
|
348.9
|
|
|
$
|
384.8
|
|
|
$
|
348.7
|
|
|
$
|
388.8
|
|
Industrial revenue bond
|
4.0
|
|
|
4.0
|
|
|
4.0
|
|
|
4.0
|
|
||||
Bank loans
|
3.2
|
|
|
3.2
|
|
|
2.5
|
|
|
2.6
|
|
6.
|
Goodwill and Intangible Assets
|
Balance at August 31, 2016
|
$
|
947.8
|
|
Adjustments to provisional amounts
|
(50.5
|
)
|
|
Foreign currency translation adjustments
|
(4.0
|
)
|
|
Balance at February 28, 2017
|
$
|
893.3
|
|
7.
|
Inventories
|
|
February 28, 2017
|
|
August 31, 2016
|
||||
Raw materials, supplies, and work in process
(1)
|
$
|
194.6
|
|
|
$
|
170.3
|
|
Finished goods
|
185.2
|
|
|
145.3
|
|
||
Inventories excluding reserves
|
379.8
|
|
|
315.6
|
|
||
Less: reserves
|
(26.1
|
)
|
|
(20.4
|
)
|
||
Total inventories
|
$
|
353.7
|
|
|
$
|
295.2
|
|
(1)
|
Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not believe the segregation of raw materials and work in process to be meaningful information.
|
8.
|
Earnings Per Share
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
Net income
|
$
|
67.3
|
|
|
$
|
65.5
|
|
|
$
|
149.0
|
|
|
$
|
133.9
|
|
Basic weighted average shares outstanding
|
43.8
|
|
|
43.5
|
|
|
43.8
|
|
|
43.4
|
|
||||
Common stock equivalents
|
0.2
|
|
|
0.3
|
|
|
0.2
|
|
|
0.3
|
|
||||
Diluted weighted average shares outstanding
|
44.0
|
|
|
43.8
|
|
|
44.0
|
|
|
43.7
|
|
||||
Basic earnings per share
|
$
|
1.54
|
|
|
$
|
1.50
|
|
|
$
|
3.40
|
|
|
$
|
3.08
|
|
Diluted earnings per share
|
$
|
1.53
|
|
|
$
|
1.49
|
|
|
$
|
3.39
|
|
|
$
|
3.06
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||
Stock options
|
128,867
|
|
|
71,115
|
|
|
105,047
|
|
|
49,624
|
|
Restricted stock awards
|
103,752
|
|
|
2,965
|
|
|
78,188
|
|
|
63,305
|
|
|
Foreign Currency Items
|
|
Defined Benefit Pension Plans
|
|
Accumulated Other Comprehensive Loss Items
|
||||||
Balance at August 31, 2016
|
$
|
(47.7
|
)
|
|
$
|
(91.7
|
)
|
|
$
|
(139.4
|
)
|
Other comprehensive loss before reclassifications
|
(8.6
|
)
|
|
—
|
|
|
(8.6
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
4.1
|
|
|
4.1
|
|
|||
Net current period other comprehensive (loss) income
|
(8.6
|
)
|
|
4.1
|
|
|
(4.5
|
)
|
|||
Balance at February 28, 2017
|
$
|
(56.3
|
)
|
|
$
|
(87.6
|
)
|
|
$
|
(143.9
|
)
|
|
Three Months Ended
|
||||||||||||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
||||||||||||||||||||
|
Before Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
|
Before Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
||||||||||||
Foreign currency translation adjustments
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
3.3
|
|
|
$
|
(9.2
|
)
|
|
$
|
—
|
|
|
$
|
(9.2
|
)
|
Defined benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of defined benefit pension items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service cost
|
0.8
|
|
(1)
|
(0.2
|
)
|
|
0.6
|
|
|
0.8
|
|
(1)
|
(0.3
|
)
|
|
0.5
|
|
||||||
Actuarial losses
|
2.2
|
|
(1)
|
(0.7
|
)
|
|
1.5
|
|
|
1.2
|
|
(1)
|
(0.4
|
)
|
|
0.8
|
|
||||||
Total defined benefit pension plans, net
|
3.0
|
|
|
(0.9
|
)
|
|
2.1
|
|
|
2.0
|
|
|
(0.7
|
)
|
|
1.3
|
|
||||||
Other comprehensive income (loss)
|
$
|
6.3
|
|
|
$
|
(0.9
|
)
|
|
$
|
5.4
|
|
|
$
|
(7.2
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(7.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended
|
||||||||||||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
||||||||||||||||||||
|
Before Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
|
Before Tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
||||||||||||
Foreign currency translation adjustments
|
$
|
(8.6
|
)
|
|
$
|
—
|
|
|
$
|
(8.6
|
)
|
|
$
|
(13.4
|
)
|
|
$
|
—
|
|
|
$
|
(13.4
|
)
|
Defined benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of defined benefit pension items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service cost
|
1.6
|
|
(1)
|
(0.5
|
)
|
|
1.1
|
|
|
1.6
|
|
(1)
|
(0.5
|
)
|
|
1.1
|
|
||||||
Actuarial losses
|
4.4
|
|
(1)
|
(1.4
|
)
|
|
3.0
|
|
|
2.5
|
|
(1)
|
(0.9
|
)
|
|
1.6
|
|
||||||
Total defined benefit pension plans, net
|
6.0
|
|
|
(1.9
|
)
|
|
4.1
|
|
|
4.1
|
|
|
(1.4
|
)
|
|
2.7
|
|
||||||
Other comprehensive loss
|
$
|
(2.6
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(4.5
|
)
|
|
$
|
(9.3
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(10.7
|
)
|
(1)
|
These accumulated other comprehensive income (loss) components are included in net periodic pension cost. See
Pension and Profit Sharing Plans
footnote
within the
Notes to Consolidated Financial Statements
for additional details.
|
10.
|
Debt
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
Interest expense
|
$
|
8.5
|
|
|
$
|
8.3
|
|
|
$
|
17.1
|
|
|
$
|
16.6
|
|
Interest income
|
(0.5
|
)
|
|
(0.1
|
)
|
|
(0.9
|
)
|
|
(0.5
|
)
|
||||
Interest expense, net
|
$
|
8.0
|
|
|
$
|
8.2
|
|
|
$
|
16.2
|
|
|
$
|
16.1
|
|
11.
|
Commitments and Contingencies
|
|
Six Months Ended
|
||||||
|
February 28, 2017
|
|
February 29, 2016
|
||||
Beginning balance
|
$
|
15.5
|
|
|
$
|
9.6
|
|
Warranty and recall costs
|
17.2
|
|
|
9.5
|
|
||
Payments and other deductions
|
(14.3
|
)
|
|
(8.2
|
)
|
||
Acquired warranty and recall liabilities
|
—
|
|
|
0.3
|
|
||
Ending balance
|
$
|
18.4
|
|
|
$
|
11.2
|
|
12.
|
Share-based Payments
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
Share-based payment expense
|
$
|
8.1
|
|
|
$
|
6.6
|
|
|
$
|
16.0
|
|
|
$
|
13.0
|
|
Shares issued from option exercises
|
—
|
|
|
—
|
|
|
12,030
|
|
|
117,289
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
Service cost
|
$
|
0.9
|
|
|
$
|
0.9
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
Interest cost
|
2.0
|
|
|
2.4
|
|
|
4.0
|
|
|
4.8
|
|
||||
Expected return on plan assets
|
(2.8
|
)
|
|
(2.8
|
)
|
|
(5.6
|
)
|
|
(5.6
|
)
|
||||
Amortization of prior service cost
|
0.8
|
|
|
0.8
|
|
|
1.6
|
|
|
1.6
|
|
||||
Recognized actuarial loss
|
2.2
|
|
|
1.2
|
|
|
4.4
|
|
|
2.5
|
|
||||
Net periodic pension cost
|
$
|
3.1
|
|
|
$
|
2.5
|
|
|
$
|
6.2
|
|
|
$
|
5.1
|
|
14.
|
Special Charge
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
Severance and employee-related costs
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
(0.2
|
)
|
|
$
|
0.5
|
|
Lease termination costs
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
||||
Production transfer costs
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
||||
Special charge
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
1.2
|
|
|
$
|
0.5
|
|
|
Severance and Employee-Related Costs
|
|
Lease Termination Costs
|
|
Total Restructuring Reserves
|
||||||
Balance at August 31, 2016
|
$
|
6.4
|
|
|
$
|
0.2
|
|
|
$
|
6.6
|
|
Costs incurred
|
(0.2
|
)
|
|
1.1
|
|
|
0.9
|
|
|||
Payments made during the period
|
(3.7
|
)
|
|
(0.5
|
)
|
|
(4.2
|
)
|
|||
Balance at February 28, 2017
|
$
|
2.5
|
|
|
$
|
0.8
|
|
|
$
|
3.3
|
|
15.
|
Supplemental Guarantor Condensed Consolidating Financial Statements
|
|
February 28, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
ASSETS
|
|||||||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
399.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
63.3
|
|
|
$
|
—
|
|
|
$
|
463.2
|
|
Accounts receivable, net
|
—
|
|
|
437.7
|
|
|
—
|
|
|
63.2
|
|
|
—
|
|
|
500.9
|
|
||||||
Inventories
|
—
|
|
|
328.8
|
|
|
—
|
|
|
24.9
|
|
|
—
|
|
|
353.7
|
|
||||||
Other current assets
|
13.3
|
|
|
13.8
|
|
|
—
|
|
|
19.0
|
|
|
—
|
|
|
46.1
|
|
||||||
Total current assets
|
413.2
|
|
|
780.3
|
|
|
—
|
|
|
170.4
|
|
|
—
|
|
|
1,363.9
|
|
||||||
Property, plant, and equipment, net
|
0.3
|
|
|
226.4
|
|
|
—
|
|
|
51.1
|
|
|
—
|
|
|
277.8
|
|
||||||
Goodwill
|
—
|
|
|
685.4
|
|
|
2.7
|
|
|
205.2
|
|
|
—
|
|
|
893.3
|
|
||||||
Intangible assets, net
|
—
|
|
|
241.8
|
|
|
111.6
|
|
|
93.0
|
|
|
—
|
|
|
446.4
|
|
||||||
Deferred income taxes
|
19.4
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
(21.3
|
)
|
|
4.7
|
|
||||||
Other long-term assets
|
0.1
|
|
|
11.5
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
13.0
|
|
||||||
Investments in and amounts due from affiliates
|
1,478.6
|
|
|
347.8
|
|
|
219.0
|
|
|
—
|
|
|
(2,045.4
|
)
|
|
—
|
|
||||||
Total assets
|
$
|
1,911.6
|
|
|
$
|
2,293.2
|
|
|
$
|
333.3
|
|
|
$
|
527.7
|
|
|
$
|
(2,066.7
|
)
|
|
$
|
2,999.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
0.8
|
|
|
$
|
337.6
|
|
|
$
|
—
|
|
|
$
|
27.1
|
|
|
$
|
—
|
|
|
$
|
365.5
|
|
Current maturities of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||||
Other accrued liabilities
|
7.6
|
|
|
141.4
|
|
|
—
|
|
|
32.0
|
|
|
—
|
|
|
181.0
|
|
||||||
Total current liabilities
|
8.4
|
|
|
479.0
|
|
|
—
|
|
|
59.4
|
|
|
—
|
|
|
546.8
|
|
||||||
Long-term debt
|
—
|
|
|
352.9
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
|
355.8
|
|
||||||
Deferred income taxes
|
—
|
|
|
95.8
|
|
|
—
|
|
|
28.0
|
|
|
(21.3
|
)
|
|
102.5
|
|
||||||
Other long-term liabilities
|
98.4
|
|
|
64.4
|
|
|
—
|
|
|
26.4
|
|
|
—
|
|
|
189.2
|
|
||||||
Amounts due to affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
108.9
|
|
|
(108.9
|
)
|
|
—
|
|
||||||
Total stockholders’ equity
|
1,804.8
|
|
|
1,301.1
|
|
|
333.3
|
|
|
302.1
|
|
|
(1,936.5
|
)
|
|
1,804.8
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,911.6
|
|
|
$
|
2,293.2
|
|
|
$
|
333.3
|
|
|
$
|
527.7
|
|
|
$
|
(2,066.7
|
)
|
|
$
|
2,999.1
|
|
|
August 31, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
ASSETS
|
|||||||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
368.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
45.0
|
|
|
$
|
—
|
|
|
$
|
413.2
|
|
Accounts receivable, net
|
—
|
|
|
503.0
|
|
|
—
|
|
|
69.8
|
|
|
—
|
|
|
572.8
|
|
||||||
Inventories
|
—
|
|
|
274.7
|
|
|
—
|
|
|
20.5
|
|
|
—
|
|
|
295.2
|
|
||||||
Other current assets
|
2.5
|
|
|
14.3
|
|
|
—
|
|
|
24.9
|
|
|
—
|
|
|
41.7
|
|
||||||
Total current assets
|
370.7
|
|
|
792.0
|
|
|
—
|
|
|
160.2
|
|
|
—
|
|
|
1,322.9
|
|
||||||
Property, plant, and equipment, net
|
0.3
|
|
|
217.8
|
|
|
—
|
|
|
49.7
|
|
|
—
|
|
|
267.8
|
|
||||||
Goodwill
|
—
|
|
|
735.8
|
|
|
2.7
|
|
|
209.3
|
|
|
—
|
|
|
947.8
|
|
||||||
Intangible assets, net
|
—
|
|
|
168.1
|
|
|
113.4
|
|
|
99.9
|
|
|
—
|
|
|
381.4
|
|
||||||
Deferred income taxes
|
47.5
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
|
(48.9
|
)
|
|
5.1
|
|
||||||
Other long-term assets
|
1.4
|
|
|
20.4
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
23.0
|
|
||||||
Investments in and amounts due from affiliates
|
1,347.6
|
|
|
299.6
|
|
|
200.5
|
|
|
—
|
|
|
(1,847.7
|
)
|
|
—
|
|
||||||
Total assets
|
$
|
1,767.5
|
|
|
$
|
2,233.7
|
|
|
$
|
316.6
|
|
|
$
|
526.8
|
|
|
$
|
(1,896.6
|
)
|
|
$
|
2,948.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
1.2
|
|
|
$
|
371.3
|
|
|
$
|
—
|
|
|
$
|
28.5
|
|
|
$
|
—
|
|
|
$
|
401.0
|
|
Current maturities of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
$
|
0.2
|
|
|||||
Other accrued liabilities
|
14.5
|
|
|
215.4
|
|
|
—
|
|
|
41.4
|
|
|
—
|
|
|
271.3
|
|
||||||
Total current liabilities
|
15.7
|
|
|
586.7
|
|
|
—
|
|
|
70.1
|
|
|
—
|
|
|
672.5
|
|
||||||
Long-term debt
|
—
|
|
|
352.8
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
355.0
|
|
||||||
Deferred income taxes
|
—
|
|
|
95.5
|
|
|
—
|
|
|
28.0
|
|
|
(48.9
|
)
|
|
74.6
|
|
||||||
Other long-term liabilities
|
92.0
|
|
|
64.8
|
|
|
—
|
|
|
29.3
|
|
|
—
|
|
|
186.1
|
|
||||||
Amounts due to affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
96.9
|
|
|
(96.9
|
)
|
|
—
|
|
||||||
Total stockholders’ equity
|
1,659.8
|
|
|
1,133.9
|
|
|
316.6
|
|
|
300.3
|
|
|
(1,750.8
|
)
|
|
1,659.8
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,767.5
|
|
|
$
|
2,233.7
|
|
|
$
|
316.6
|
|
|
$
|
526.8
|
|
|
$
|
(1,896.6
|
)
|
|
$
|
2,948.0
|
|
|
Three Months Ended February 28, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External sales
|
$
|
—
|
|
|
$
|
712.7
|
|
|
$
|
—
|
|
|
$
|
92.0
|
|
|
$
|
—
|
|
|
$
|
804.7
|
|
Intercompany sales
|
—
|
|
|
—
|
|
|
11.7
|
|
|
37.0
|
|
|
(48.7
|
)
|
|
—
|
|
||||||
Total sales
|
—
|
|
|
712.7
|
|
|
11.7
|
|
|
129.0
|
|
|
(48.7
|
)
|
|
804.7
|
|
||||||
Cost of products sold
|
—
|
|
|
406.8
|
|
|
—
|
|
|
97.7
|
|
|
(35.6
|
)
|
|
468.9
|
|
||||||
Gross profit
|
—
|
|
|
305.9
|
|
|
11.7
|
|
|
31.3
|
|
|
(13.1
|
)
|
|
335.8
|
|
||||||
Selling, distribution, and administrative expenses
|
12.6
|
|
|
196.3
|
|
|
0.9
|
|
|
31.0
|
|
|
(13.0
|
)
|
|
227.8
|
|
||||||
Intercompany charges
|
(0.8
|
)
|
|
0.2
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
||||||
Operating (loss) profit
|
(11.8
|
)
|
|
109.4
|
|
|
10.8
|
|
|
(0.3
|
)
|
|
(0.1
|
)
|
|
108.0
|
|
||||||
Interest expense, net
|
2.7
|
|
|
4.0
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
8.0
|
|
||||||
Equity earnings in subsidiaries
|
(76.7
|
)
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
75.5
|
|
|
—
|
|
||||||
Miscellaneous expense (income), net
|
—
|
|
|
0.8
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
0.6
|
|
||||||
Income (loss) before provision for income taxes
|
62.2
|
|
|
103.4
|
|
|
10.8
|
|
|
(1.4
|
)
|
|
(75.6
|
)
|
|
99.4
|
|
||||||
(Benefit) provision for income taxes
|
(5.1
|
)
|
|
32.4
|
|
|
3.8
|
|
|
1.0
|
|
|
—
|
|
|
32.1
|
|
||||||
Net income (loss)
|
67.3
|
|
|
71.0
|
|
|
7.0
|
|
|
(2.4
|
)
|
|
(75.6
|
)
|
|
67.3
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
3.3
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
3.3
|
|
||||||
Defined benefit pension plans, net
|
2.1
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|
(1.4
|
)
|
|
2.1
|
|
||||||
Other comprehensive income items, net of tax
|
5.4
|
|
|
4.0
|
|
|
—
|
|
|
0.7
|
|
|
(4.7
|
)
|
|
5.4
|
|
||||||
Comprehensive income (loss)
|
$
|
72.7
|
|
|
$
|
75.0
|
|
|
$
|
7.0
|
|
|
$
|
(1.7
|
)
|
|
$
|
(80.3
|
)
|
|
$
|
72.7
|
|
|
Three Months Ended February 29, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External sales
|
$
|
—
|
|
|
$
|
693.1
|
|
|
$
|
—
|
|
|
$
|
84.7
|
|
|
$
|
—
|
|
|
$
|
777.8
|
|
Intercompany sales
|
—
|
|
|
—
|
|
|
11.4
|
|
|
29.5
|
|
|
(40.9
|
)
|
|
—
|
|
||||||
Total sales
|
—
|
|
|
693.1
|
|
|
11.4
|
|
|
114.2
|
|
|
(40.9
|
)
|
|
777.8
|
|
||||||
Cost of products sold
|
—
|
|
|
380.5
|
|
|
—
|
|
|
88.8
|
|
|
(28.4
|
)
|
|
440.9
|
|
||||||
Gross profit
|
—
|
|
|
312.6
|
|
|
11.4
|
|
|
25.4
|
|
|
(12.5
|
)
|
|
336.9
|
|
||||||
Selling, distribution, and administrative expenses
|
11.1
|
|
|
202.3
|
|
|
1.0
|
|
|
28.2
|
|
|
(12.5
|
)
|
|
230.1
|
|
||||||
Intercompany charges
|
(0.8
|
)
|
|
0.3
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
||||||
Special charge
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||
Operating (loss) profit
|
(10.3
|
)
|
|
109.9
|
|
|
10.4
|
|
|
(3.3
|
)
|
|
—
|
|
|
106.7
|
|
||||||
Interest expense, net
|
2.7
|
|
|
4.1
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
8.2
|
|
||||||
Equity earnings in subsidiaries
|
(73.8
|
)
|
|
1.1
|
|
|
—
|
|
|
0.1
|
|
|
72.6
|
|
|
—
|
|
||||||
Miscellaneous income, net
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(1.1
|
)
|
||||||
Income (loss) before provision for income taxes
|
60.8
|
|
|
105.5
|
|
|
10.4
|
|
|
(4.5
|
)
|
|
(72.6
|
)
|
|
99.6
|
|
||||||
(Benefit) provision for income taxes
|
(4.7
|
)
|
|
35.9
|
|
|
4.2
|
|
|
(1.3
|
)
|
|
—
|
|
|
34.1
|
|
||||||
Net income (loss)
|
65.5
|
|
|
69.6
|
|
|
6.2
|
|
|
(3.2
|
)
|
|
(72.6
|
)
|
|
65.5
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(9.2
|
)
|
|
(9.2
|
)
|
|
—
|
|
|
—
|
|
|
9.2
|
|
|
(9.2
|
)
|
||||||
Defined benefit pension plans, net
|
1.3
|
|
|
0.4
|
|
|
—
|
|
|
0.3
|
|
|
(0.7
|
)
|
|
1.3
|
|
||||||
Other comprehensive (loss) income items, net of tax
|
(7.9
|
)
|
|
(8.8
|
)
|
|
—
|
|
|
0.3
|
|
|
8.5
|
|
|
(7.9
|
)
|
||||||
Comprehensive income (loss)
|
$
|
57.6
|
|
|
$
|
60.8
|
|
|
$
|
6.2
|
|
|
$
|
(2.9
|
)
|
|
$
|
(64.1
|
)
|
|
$
|
57.6
|
|
|
Six Months Ended February 28, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External sales
|
$
|
—
|
|
|
$
|
1,459.0
|
|
|
$
|
—
|
|
|
$
|
196.9
|
|
|
$
|
—
|
|
|
$
|
1,655.9
|
|
Intercompany sales
|
—
|
|
|
—
|
|
|
23.2
|
|
|
88.6
|
|
|
(111.8
|
)
|
|
—
|
|
||||||
Total sales
|
—
|
|
|
1,459.0
|
|
|
23.2
|
|
|
285.5
|
|
|
(111.8
|
)
|
|
1,655.9
|
|
||||||
Cost of products sold
|
—
|
|
|
833.7
|
|
|
—
|
|
|
212.6
|
|
|
(85.8
|
)
|
|
960.5
|
|
||||||
Gross profit
|
—
|
|
|
625.3
|
|
|
23.2
|
|
|
72.9
|
|
|
(26.0
|
)
|
|
695.4
|
|
||||||
Selling, distribution, and administrative expenses
|
24.4
|
|
|
396.2
|
|
|
1.8
|
|
|
63.1
|
|
|
(25.9
|
)
|
|
459.6
|
|
||||||
Intercompany charges
|
(2.0
|
)
|
|
0.4
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
||||||
Special charge
|
—
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||||
Operating (loss) profit
|
(22.4
|
)
|
|
227.5
|
|
|
21.4
|
|
|
8.2
|
|
|
(0.1
|
)
|
|
234.6
|
|
||||||
Interest expense, net
|
5.5
|
|
|
8.0
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
16.2
|
|
||||||
Equity earnings in subsidiaries
|
(167.1
|
)
|
|
(7.9
|
)
|
|
—
|
|
|
0.2
|
|
|
174.8
|
|
|
—
|
|
||||||
Miscellaneous income, net
|
—
|
|
|
(6.5
|
)
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(7.3
|
)
|
||||||
Income before provision for income taxes
|
139.2
|
|
|
233.9
|
|
|
21.4
|
|
|
6.1
|
|
|
(174.9
|
)
|
|
225.7
|
|
||||||
(Benefit) provision for income taxes
|
(9.8
|
)
|
|
80.2
|
|
|
4.7
|
|
|
1.6
|
|
|
—
|
|
|
76.7
|
|
||||||
Net income
|
149.0
|
|
|
153.7
|
|
|
16.7
|
|
|
4.5
|
|
|
(174.9
|
)
|
|
149.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(8.6
|
)
|
|
(8.6
|
)
|
|
—
|
|
|
—
|
|
|
8.6
|
|
|
(8.6
|
)
|
||||||
Defined benefit pension plans, net
|
4.1
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|
(2.8
|
)
|
|
4.1
|
|
||||||
Other comprehensive (loss) income items, net of tax
|
(4.5
|
)
|
|
(7.2
|
)
|
|
—
|
|
|
1.4
|
|
|
5.8
|
|
|
(4.5
|
)
|
||||||
Comprehensive income
|
$
|
144.5
|
|
|
$
|
146.5
|
|
|
$
|
16.7
|
|
|
$
|
5.9
|
|
|
$
|
(169.1
|
)
|
|
$
|
144.5
|
|
|
Six Months Ended February 29, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External sales
|
$
|
—
|
|
|
$
|
1,344.5
|
|
|
$
|
—
|
|
|
$
|
169.9
|
|
|
$
|
—
|
|
|
$
|
1,514.4
|
|
Intercompany sales
|
—
|
|
|
—
|
|
|
22.2
|
|
|
61.5
|
|
|
(83.7
|
)
|
|
—
|
|
||||||
Total sales
|
—
|
|
|
1,344.5
|
|
|
22.2
|
|
|
231.4
|
|
|
(83.7
|
)
|
|
1,514.4
|
|
||||||
Cost of products sold
|
—
|
|
|
746.5
|
|
|
—
|
|
|
171.0
|
|
|
(59.4
|
)
|
|
858.1
|
|
||||||
Gross profit
|
—
|
|
|
598.0
|
|
|
22.2
|
|
|
60.4
|
|
|
(24.3
|
)
|
|
656.3
|
|
||||||
Selling, distribution, and administrative expenses
|
22.1
|
|
|
382.7
|
|
|
2.0
|
|
|
54.2
|
|
|
(24.3
|
)
|
|
436.7
|
|
||||||
Intercompany charges
|
(1.6
|
)
|
|
0.6
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
||||||
Special charge
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
||||||
Operating (loss) profit
|
(20.5
|
)
|
|
214.2
|
|
|
20.2
|
|
|
5.2
|
|
|
—
|
|
|
219.1
|
|
||||||
Interest expense, net
|
5.3
|
|
|
8.1
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
16.1
|
|
||||||
Equity earnings in subsidiaries
|
(150.5
|
)
|
|
(6.0
|
)
|
|
—
|
|
|
0.2
|
|
|
156.3
|
|
|
—
|
|
||||||
Miscellaneous income, net
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
|
(1.8
|
)
|
||||||
Income before provision for income taxes
|
124.7
|
|
|
212.8
|
|
|
20.2
|
|
|
3.4
|
|
|
(156.3
|
)
|
|
204.8
|
|
||||||
(Benefit) provision for income taxes
|
(9.2
|
)
|
|
71.3
|
|
|
8.2
|
|
|
0.6
|
|
|
—
|
|
|
70.9
|
|
||||||
Net income
|
133.9
|
|
|
141.5
|
|
|
12.0
|
|
|
2.8
|
|
|
(156.3
|
)
|
|
133.9
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss) items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(13.4
|
)
|
|
(13.4
|
)
|
|
—
|
|
|
—
|
|
|
13.4
|
|
|
(13.4
|
)
|
||||||
Defined benefit pension plans, net
|
2.7
|
|
|
0.8
|
|
|
—
|
|
|
0.6
|
|
|
(1.4
|
)
|
|
2.7
|
|
||||||
Other comprehensive (loss) income items, net of tax
|
(10.7
|
)
|
|
(12.6
|
)
|
|
—
|
|
|
0.6
|
|
|
12.0
|
|
|
(10.7
|
)
|
||||||
Comprehensive income
|
$
|
123.2
|
|
|
$
|
128.9
|
|
|
$
|
12.0
|
|
|
$
|
3.4
|
|
|
$
|
(144.3
|
)
|
|
$
|
123.2
|
|
|
Six Months Ended February 28, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
Net cash provided by operating activities
|
$
|
35.1
|
|
|
$
|
15.8
|
|
|
$
|
—
|
|
|
$
|
20.7
|
|
|
$
|
—
|
|
|
$
|
71.6
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Purchases of property, plant, and equipment
|
—
|
|
|
(29.8
|
)
|
|
—
|
|
|
(6.0
|
)
|
|
—
|
|
|
(35.8
|
)
|
||||||
Proceeds from sale of property, plant, and equipment
|
—
|
|
|
—
|
|
|
—
|
|
|
5.4
|
|
|
—
|
|
|
5.4
|
|
||||||
Proceeds from the sale of investment
|
—
|
|
|
13.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.2
|
|
||||||
Other investing activities
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Net cash used for investing activities
|
—
|
|
|
(16.8
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(17.4
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Issuance of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||||
Proceeds from stock option exercises and other
|
2.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||||
Repurchases of common stock
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
||||||
Excess tax benefits from share-based payments
|
6.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.2
|
|
||||||
Dividends paid
|
(11.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.5
|
)
|
||||||
Net cash (used for) provided by financing activities
|
(3.4
|
)
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
(2.5
|
)
|
||||||
Effect of exchange rates changes on cash
|
—
|
|
|
1.0
|
|
|
—
|
|
|
(2.7
|
)
|
|
—
|
|
|
(1.7
|
)
|
||||||
Net change in cash and cash equivalents
|
31.7
|
|
|
—
|
|
|
—
|
|
|
18.3
|
|
|
—
|
|
|
50.0
|
|
||||||
Cash and cash equivalents at beginning of period
|
368.2
|
|
|
—
|
|
|
—
|
|
|
45.0
|
|
|
—
|
|
|
413.2
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
399.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
63.3
|
|
|
$
|
—
|
|
|
$
|
463.2
|
|
|
Six Months Ended February 29, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Subsidiary
Issuer
|
|
Subsidiary
Guarantor
|
|
Non-
Guarantors
|
|
Consolidating Adjustments
|
|
Consolidated
|
||||||||||||
Net cash provided by operating activities
|
$
|
77.3
|
|
|
$
|
46.0
|
|
|
$
|
—
|
|
|
$
|
(3.8
|
)
|
|
$
|
—
|
|
|
$
|
119.5
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchases of property, plant, and equipment
|
—
|
|
|
(38.3
|
)
|
|
—
|
|
|
(5.5
|
)
|
|
—
|
|
|
(43.8
|
)
|
||||||
Proceeds from sale of property, plant, and equipment
|
—
|
|
|
0.1
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.2
|
|
||||||
Investments in subsidiaries
|
(380.3
|
)
|
|
380.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Acquisitions of business, net of cash acquired
|
—
|
|
|
(384.4
|
)
|
|
—
|
|
|
(229.3
|
)
|
|
—
|
|
|
(613.7
|
)
|
||||||
Net cash used for investing activities
|
(380.3
|
)
|
|
(42.3
|
)
|
|
—
|
|
|
(232.7
|
)
|
|
—
|
|
|
(655.3
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Issuance of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
||||||
Proceeds from stock option exercises and other
|
6.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.2
|
|
||||||
Excess tax benefits from share-based payments
|
14.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.3
|
|
||||||
Dividends paid
|
(11.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.4
|
)
|
||||||
Net cash provided by financing activities
|
9.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
10.2
|
|
||||||
Effect of exchange rate changes on cash
|
—
|
|
|
(3.7
|
)
|
|
—
|
|
|
(3.2
|
)
|
|
—
|
|
|
(6.9
|
)
|
||||||
Net change in cash and cash equivalents
|
(293.9
|
)
|
|
—
|
|
|
—
|
|
|
(238.6
|
)
|
|
—
|
|
|
(532.5
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
479.9
|
|
|
—
|
|
|
—
|
|
|
276.9
|
|
|
—
|
|
|
756.8
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
186.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38.3
|
|
|
$
|
—
|
|
|
$
|
224.3
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
Increase (Decrease)
|
|
Percent Change
|
|||||||
Net sales
|
$
|
804.7
|
|
|
$
|
777.8
|
|
|
$
|
26.9
|
|
|
3.5
|
%
|
Cost of products sold
|
468.9
|
|
|
440.9
|
|
|
28.0
|
|
|
6.4
|
%
|
|||
Gross profit
|
335.8
|
|
|
336.9
|
|
|
(1.1
|
)
|
|
(0.3
|
)%
|
|||
Percent of net sales
|
41.7
|
%
|
|
43.3
|
%
|
|
(160
|
)
|
bps
|
|
|
|||
Selling, distribution, and administrative expenses
|
227.8
|
|
|
230.1
|
|
|
(2.3
|
)
|
|
(1.0
|
)%
|
|||
Special charge
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
NM
|
|
|||
Operating profit
|
108.0
|
|
|
106.7
|
|
|
1.3
|
|
|
1.2
|
%
|
|||
Percent of net sales
|
13.4
|
%
|
|
13.7
|
%
|
|
(30
|
)
|
bps
|
|
|
|||
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense, net
|
8.0
|
|
|
8.2
|
|
|
(0.2
|
)
|
|
(2.4
|
)%
|
|||
Miscellaneous expense (income), net
|
0.6
|
|
|
(1.1
|
)
|
|
1.7
|
|
|
NM
|
|
|||
Total other expense
|
8.6
|
|
|
7.1
|
|
|
1.5
|
|
|
21.1
|
%
|
|||
Income before provision for income taxes
|
99.4
|
|
|
99.6
|
|
|
(0.2
|
)
|
|
(0.2
|
)%
|
|||
Percent of net sales
|
12.4
|
%
|
|
12.8
|
%
|
|
(40
|
)
|
bps
|
|
|
|||
Provision for income taxes
|
32.1
|
|
|
34.1
|
|
|
(2.0
|
)
|
|
(5.9
|
)%
|
|||
Effective tax rate
|
32.3
|
%
|
|
34.2
|
%
|
|
|
|
|
|
|
|||
Net income
|
$
|
67.3
|
|
|
$
|
65.5
|
|
|
$
|
1.8
|
|
|
2.7
|
%
|
Diluted earnings per share
|
$
|
1.53
|
|
|
$
|
1.49
|
|
|
$
|
0.04
|
|
|
2.7
|
%
|
NM - not meaningful
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
Increase (Decrease)
|
Percent Change
|
|||||||
Gross profit
|
$
|
335.8
|
|
|
$
|
336.9
|
|
|
|
|
|||
Add-back: Acquisition-related items
(1)
|
—
|
|
|
1.4
|
|
|
|
|
|||||
Adjusted gross profit
|
$
|
335.8
|
|
|
$
|
338.3
|
|
|
$
|
(2.5
|
)
|
(0.7
|
)%
|
Percent of net sales
|
41.7
|
%
|
|
43.5
|
%
|
|
(180
|
)
|
bps
|
||||
|
|
|
|
|
|
|
|||||||
Selling, distribution, and administrative expenses
|
$
|
227.8
|
|
|
$
|
230.1
|
|
|
|
|
|||
Less: Amortization of acquired intangible assets
|
(7.8
|
)
|
|
(6.0
|
)
|
|
|
|
|||||
Less: Share-based payment expense
|
(8.1
|
)
|
|
(6.6
|
)
|
|
|
|
|||||
Less: Acquisition-related items
(1)
|
—
|
|
|
(6.6
|
)
|
|
|
|
|||||
Adjusted selling, distribution, and administrative expenses
|
$
|
211.9
|
|
|
$
|
210.9
|
|
|
$
|
1.0
|
|
0.5
|
%
|
Percent of net sales
|
26.3
|
%
|
|
27.1
|
%
|
|
(80
|
)
|
bps
|
||||
|
|
|
|
|
|
|
|||||||
Operating profit
|
$
|
108.0
|
|
|
$
|
106.7
|
|
|
|
|
|||
Add-back: Amortization of acquired intangible assets
|
7.8
|
|
|
6.0
|
|
|
|
|
|||||
Add-back: Share-based payment expense
|
8.1
|
|
|
6.6
|
|
|
|
|
|||||
Add-back: Acquisition-related items
(1)
|
—
|
|
|
8.0
|
|
|
|
|
|||||
Add-back: Special charge
|
—
|
|
|
0.1
|
|
|
|
|
|||||
Adjusted operating profit
|
$
|
123.9
|
|
|
$
|
127.4
|
|
|
$
|
(3.5
|
)
|
(2.7
|
)%
|
Percent of net sales
|
15.4
|
%
|
|
16.4
|
%
|
|
(100
|
)
|
bps
|
||||
|
|
|
|
|
|
|
|||||||
Net Income
|
$
|
67.3
|
|
|
$
|
65.5
|
|
|
|
|
|||
Add-back: Amortization of acquired intangible assets
|
7.8
|
|
|
6.0
|
|
|
|
|
|||||
Add-back: Share-based payment expense
|
8.1
|
|
|
6.6
|
|
|
|
|
|||||
Add-back: Acquisition-related items
(1)
|
—
|
|
|
8.0
|
|
|
|
|
|||||
Add-back: Special charge
|
—
|
|
|
0.1
|
|
|
|
|
|||||
Total pre-tax adjustments to net income
|
15.9
|
|
|
20.7
|
|
|
|
|
|||||
Income tax effects
|
(5.5
|
)
|
|
(7.1
|
)
|
|
|
|
|||||
Adjusted net income
|
$
|
77.7
|
|
|
$
|
79.1
|
|
|
$
|
(1.4
|
)
|
(1.8
|
)%
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share
|
$
|
1.53
|
|
|
$
|
1.49
|
|
|
|
|
|||
Adjusted diluted earnings per share
|
$
|
1.77
|
|
|
$
|
1.80
|
|
|
$
|
(0.03
|
)
|
(1.7
|
)%
|
|
Six Months Ended
|
|
|
|
|
|||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
Increase (Decrease)
|
|
Percent Change
|
|||||||
Net sales
|
$
|
1,655.9
|
|
|
$
|
1,514.4
|
|
|
$
|
141.5
|
|
|
9.3
|
%
|
Cost of products sold
|
960.5
|
|
|
858.1
|
|
|
102.4
|
|
|
11.9
|
%
|
|||
Gross profit
|
695.4
|
|
|
656.3
|
|
|
39.1
|
|
|
6.0
|
%
|
|||
Percent of net sales
|
42.0
|
%
|
|
43.3
|
%
|
|
(130
|
)
|
bps
|
|
|
|||
Selling, distribution, and administrative expenses
|
459.6
|
|
|
436.7
|
|
|
22.9
|
|
|
5.2
|
%
|
|||
Special charge
|
1.2
|
|
|
0.5
|
|
|
0.7
|
|
|
NM
|
|
|||
Operating profit
|
234.6
|
|
|
219.1
|
|
|
15.5
|
|
|
7.1
|
%
|
|||
Percent of net sales
|
14.2
|
%
|
|
14.5
|
%
|
|
(30
|
)
|
bps
|
|
|
|||
Other expense (income)
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense, net
|
16.2
|
|
|
16.1
|
|
|
0.1
|
|
|
0.6
|
%
|
|||
Miscellaneous income, net
|
(7.3
|
)
|
|
(1.8
|
)
|
|
(5.5
|
)
|
|
NM
|
|
|||
Total other expense
|
8.9
|
|
|
14.3
|
|
|
(5.4
|
)
|
|
(37.8
|
)%
|
|||
Income before provision for income taxes
|
225.7
|
|
|
204.8
|
|
|
20.9
|
|
|
10.2
|
%
|
|||
Percent of net sales
|
13.6
|
%
|
|
13.5
|
%
|
|
10
|
|
bps
|
|
|
|||
Provision for taxes
|
76.7
|
|
|
70.9
|
|
|
5.8
|
|
|
8.2
|
%
|
|||
Effective tax rate
|
34.0
|
%
|
|
34.6
|
%
|
|
|
|
|
|
|
|||
Net income
|
$
|
149.0
|
|
|
$
|
133.9
|
|
|
$
|
15.1
|
|
|
11.3
|
%
|
Diluted earnings per share
|
$
|
3.39
|
|
|
$
|
3.06
|
|
|
$
|
0.33
|
|
|
10.8
|
%
|
NM - not meaningful
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|||||||||
|
February 28, 2017
|
|
February 29, 2016
|
|
Increase (Decrease)
|
Percent Change
|
|||||||
Gross profit
|
$
|
695.4
|
|
|
$
|
656.3
|
|
|
|
|
|||
Add-back: Acquisition-related items
(1)
|
—
|
|
|
2.0
|
|
|
|
|
|||||
Add-back: Manufacturing inefficiencies
(2)
|
1.6
|
|
|
—
|
|
|
|
|
|||||
Adjusted gross profit
|
$
|
697.0
|
|
|
$
|
658.3
|
|
|
$
|
38.7
|
|
5.9
|
%
|
Percent of net sales
|
42.1
|
%
|
|
43.5
|
%
|
|
(140
|
)
|
bps
|
||||
|
|
|
|
|
|
|
|||||||
Selling, distribution, and administrative expenses
|
$
|
459.6
|
|
|
$
|
436.7
|
|
|
|
|
|||
Less: Amortization of acquired intangible assets
|
(13.7
|
)
|
|
(11.0
|
)
|
|
|
|
|||||
Less: Share-based payment expense
|
(16.0
|
)
|
|
(13.0
|
)
|
|
|
|
|||||
Less: Acquisition-related items
(1)
|
—
|
|
|
(7.7
|
)
|
|
|
|
|||||
Adjusted selling, distribution, and administrative expenses
|
$
|
429.9
|
|
|
$
|
405.0
|
|
|
$
|
24.9
|
|
6.1
|
%
|
Percent of net sales
|
26.0
|
%
|
|
26.7
|
%
|
|
(70
|
)
|
bps
|
||||
|
|
|
|
|
|
|
|||||||
Operating profit
|
$
|
234.6
|
|
|
$
|
219.1
|
|
|
|
|
|||
Add-back: Amortization of acquired intangible assets
|
13.7
|
|
|
11.0
|
|
|
|
|
|||||
Add-back: Share-based payment expense
|
16.0
|
|
|
13.0
|
|
|
|
|
|||||
Add-back: Acquisition-related items
(1)
|
—
|
|
|
9.7
|
|
|
|
|
|||||
Add-back: Manufacturing inefficiencies
(2)
|
1.6
|
|
|
—
|
|
|
|
|
|||||
Add-back: Special charge
|
1.2
|
|
|
0.5
|
|
|
|
|
|||||
Adjusted operating profit
|
$
|
267.1
|
|
|
$
|
253.3
|
|
|
$
|
13.8
|
|
5.4
|
%
|
Percent of net sales
|
16.1
|
%
|
|
16.7
|
%
|
|
(60
|
)
|
bps
|
||||
|
|
|
|
|
|
|
|||||||
Other expense (income)
|
$
|
8.9
|
|
|
$
|
14.3
|
|
|
|
|
|||
Add-back: Gain on sale of investment in unconsolidated affiliate
|
7.2
|
|
|
—
|
|
|
|
|
|||||
Adjusted other expense (income)
|
$
|
16.1
|
|
|
$
|
14.3
|
|
|
$
|
1.8
|
|
12.6
|
%
|
|
|
|
|
|
|
|
|||||||
Net income
|
$
|
149.0
|
|
|
$
|
133.9
|
|
|
|
|
|||
Add-back: Amortization of acquired intangible assets
|
13.7
|
|
|
11.0
|
|
|
|
|
|||||
Add-back: Share-based payment expense
|
16.0
|
|
|
13.0
|
|
|
|
|
|||||
Add-back: Acquisition-related items
(1)
|
—
|
|
|
9.7
|
|
|
|
|
|||||
Add-back: Manufacturing inefficiencies
(2)
|
1.6
|
|
|
—
|
|
|
|
|
|||||
Add-back: Special charge
|
1.2
|
|
|
0.5
|
|
|
|
|
|||||
Less: Gain on sale of investment in unconsolidated affiliate
|
(7.2
|
)
|
|
—
|
|
|
|
|
|||||
Total pre-tax adjustments to net income
|
25.3
|
|
|
34.2
|
|
|
|
|
|||||
Income tax effect
|
(8.8
|
)
|
|
(11.5
|
)
|
|
|
|
|||||
Adjusted net income
|
$
|
165.5
|
|
|
$
|
156.6
|
|
|
$
|
8.9
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share
|
$
|
3.39
|
|
|
$
|
3.06
|
|
|
|
|
|||
Adjusted diluted earnings per share
|
$
|
3.76
|
|
|
$
|
3.58
|
|
|
$
|
0.18
|
|
5.0
|
%
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1a.
|
Risk Factors
|
Item 6.
|
Exhibits
|
Date:
|
April 4, 2017
|
|
By:
|
/S/ VERNON J. NAGEL
|
|
|
|
|
VERNON J. NAGEL
CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
|
Date:
|
April 4, 2017
|
|
By:
|
/S/ RICHARD K. REECE
|
|
|
|
|
RICHARD K. REECE
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER (Principal Financial and
Accounting Officer)
|
EXHIBIT 3
|
(a)
|
Restated Certificate of Incorporation of Acuity Brands, Inc. (formerly Acuity Brands Holdings, Inc.), dated as of September 26, 2007.
|
|
Reference is made to Exhibit 3.1 of registrant's Form 8-K as filed with the Commission on September 26, 2007, which is incorporated herein by reference.
|
|
(b)
|
Certificate of Amendment of Acuity Brands, Inc. (formerly Acuity Brands Holdings, Inc.), dated as of September 26, 2007.
|
|
Reference is made to Exhibit 3.2 of registrant's Form 8-K as filed with the Commission on September 26, 2007, which is incorporated herein by reference.
|
|
(c)
|
Certificate of Amendment to the Restated Certificate of Incorporation of Acuity Brands, Inc., dated as of January 6, 2017.
|
|
Reference is made to Exhibit 3.C of registrant's Form 10-Q as filed with the Commission on January 9, 2017, which is incorporated herein by reference.
|
|
(d)
|
Amended and Restated Bylaws of Acuity Brands, Inc., dated as of January 6, 2017.
|
|
Reference is made to Exhibit 3.D of registrant's Form 10-Q as filed with the Commission on January 9, 2017, which is incorporated herein by reference.
|
EXHIBIT 31
|
(a)
|
Certification of the Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Filed with the Commission as part of this Form 10-Q.
|
|
(b)
|
Certification of the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Filed with the Commission as part of this Form 10-Q.
|
EXHIBIT 32
|
(a)
|
Certification of the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Filed with the Commission as part of this Form 10-Q.
|
|
(b)
|
Certification of the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Filed with the Commission as part of this Form 10-Q.
|
EXHIBIT 101
|
|
The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended February 28, 2017, filed on April 4, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to Consolidated Financial Statements.
|
|
Filed with the Commission as part of this Form 10-Q.
|
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