Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-May-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'MSC INDUSTRIAL DIRECT CO INC | ' | ' |
Entity Central Index Key | '0001003078 | ' | ' |
Current Fiscal Year End Date | '--08-30 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 48,994,620 | 13,420,747 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $45,358 | $55,876 |
Accounts receivable, net of allowance for doubtful accounts of $8,996 and $7,523, respectively | 369,542 | 345,366 |
Inventories | 429,431 | 419,012 |
Prepaid expenses and other current assets | 38,976 | 35,464 |
Deferred income taxes | 37,771 | 37,771 |
Total current assets | 921,078 | 893,489 |
Property, plant and equipment, net | 291,097 | 251,536 |
Goodwill | 629,387 | 630,318 |
Identifiable intangibles, net | 142,522 | 155,324 |
Other assets | 34,343 | 12,336 |
Total assets | 2,018,427 | 1,943,003 |
Current Liabilities: | ' | ' |
Revolving credit note | 5,000 | ' |
Current maturities of long-term debt | 23,539 | 14,184 |
Accounts payable | 112,919 | 113,636 |
Accrued liabilities | 109,475 | 85,759 |
Total current liabilities | 250,933 | 213,579 |
Long-term debt, net of current maturities | 246,070 | 241,566 |
Deferred income taxes and tax uncertainties | 97,475 | 97,475 |
Total liabilities | 594,478 | 552,620 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred stock; $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | ' | ' |
Additional paid-in capital | 565,739 | 528,770 |
Retained earnings | 1,243,917 | 1,132,868 |
Accumulated other comprehensive loss | -4,746 | -4,427 |
Class A treasury stock, at cost, 6,806,933 and 5,340,587 shares, respectively | -381,030 | -266,897 |
Total shareholders' equity | 1,423,949 | 1,390,383 |
Total liabilities and shareholders' equity | 2,018,427 | 1,943,003 |
Class A Common Stock [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | 56 | 55 |
Class B Common Stock [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | $13 | $14 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | 31-May-14 | Aug. 31, 2013 |
Accounts receivable, allowance for doubtful accounts | $8,996 | $7,523 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A treasury stock, shares | 6,806,933 | 5,340,587 |
Class A Common Stock [Member] | ' | ' |
Common stock, voting rights | '1 | '1 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 55,801,922 | 54,634,259 |
Class B Common Stock [Member] | ' | ' |
Common stock, voting rights | '10 | '10 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 13,420,747 | 14,140,747 |
Common stock, shares outstanding | 13,420,747 | 14,140,747 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | 31-May-14 | Jun. 01, 2013 |
Condensed Consolidated Statements Of Income [Abstract] | ' | ' | ' | ' |
Net sales | $720,476 | $636,923 | $2,060,499 | $1,783,876 |
Cost of goods sold | 387,082 | 347,410 | 1,105,429 | 972,905 |
Gross profit | 333,394 | 289,513 | 955,070 | 810,971 |
Operating expenses | 228,508 | 189,267 | 671,712 | 517,797 |
Income from operations | 104,886 | 100,246 | 283,358 | 293,174 |
Other (expense) income: | ' | ' | ' | ' |
Interest expense | -827 | -1,141 | -2,641 | -1,266 |
Interest income | 5 | 31 | 14 | 113 |
Other (expense) income, net | 101 | -5 | -377 | 66 |
Total other expense | -721 | -1,115 | -3,004 | -1,087 |
Income before provision for income taxes | 104,165 | 99,131 | 280,354 | 292,087 |
Provision for income taxes | 39,469 | 36,777 | 107,100 | 110,467 |
Net income | $64,696 | $62,354 | $173,254 | $181,620 |
Net income per common share: | ' | ' | ' | ' |
Basic | $1.04 | $0.99 | $2.77 | $2.88 |
Diluted | $1.03 | $0.98 | $2.76 | $2.86 |
Weighted average shares used in computing net income per common share: | ' | ' | ' | ' |
Basic | 61,896 | 62,808 | 62,137 | 62,628 |
Diluted | 62,212 | 63,134 | 62,447 | 62,947 |
Cash dividend declared per common share | $0.33 | $0.30 | $0.99 | $0.90 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | 31-May-14 | Jun. 01, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income, as reported | $64,696 | $62,354 | $173,254 | $181,620 |
Foreign currency translation adjustments | 1,515 | -388 | -319 | -1,165 |
Comprehensive income | $66,211 | $61,966 | $172,935 | $180,455 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Shareholders' Equity (USD $) | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Class A Treasury Stock [Member] | Total |
In Thousands | Common Stock [Member] | Retained Earnings [Member] | Common Stock [Member] | Retained Earnings [Member] | |||||||
Balance, Value at Aug. 31, 2013 | $55 | ' | ' | $14 | ' | ' | $528,770 | $1,132,868 | ($4,427) | ($266,897) | $1,390,383 |
Balance, Shares at Aug. 31, 2013 | 54,634 | ' | ' | 14,141 | ' | ' | ' | ' | ' | 5,341 | ' |
Exchange of Class B common stock for Class A common stock, Shares | 720 | ' | ' | -720 | ' | ' | ' | ' | ' | ' | ' |
Exchange of Class B common stock for Class A common stock, Value | 1 | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' |
Exercise of common stock options, including income tax benefits of $4,740, Shares | 343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343 |
Exercise of common stock options, including income tax benefits of $4,740, Value | ' | ' | ' | ' | ' | ' | 22,305 | ' | ' | ' | 22,305 |
Common stock issued under associate stock purchase plan, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39 | ' |
Common stock issued under associate stock purchase plan, Value | ' | ' | ' | ' | ' | ' | 1,449 | ' | ' | 1,473 | 2,922 |
Issuance of restricted common stock, net of cancellations, Shares | 105 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | 13,020 | ' | ' | ' | 13,020 |
Purchase of treasury stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,505 | ' |
Purchase of treasury stock, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | -115,606 | -115,606 |
Cash dividends paid on common stock | ' | -48,225 | -48,225 | ' | -13,785 | -13,785 | ' | ' | ' | ' | ' |
Issuance of dividend equivalent units | ' | ' | ' | ' | ' | ' | 195 | -195 | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -319 | ' | -319 |
Net income | ' | ' | ' | ' | ' | ' | ' | 173,254 | ' | ' | 173,254 |
Balance, Value at May. 31, 2014 | $56 | ' | ' | $13 | ' | ' | $565,739 | $1,243,917 | ($4,746) | ($381,030) | $1,423,949 |
Balance, Shares at May. 31, 2014 | 55,802 | ' | ' | 13,421 | ' | ' | ' | ' | ' | 6,807 | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Condensed Consolidated Statement Of Shareholders' Equity [Abstract] | ' |
Exercise of common stock options, income tax benefits | $4,740 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | Jun. 01, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $173,254 | $181,620 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 48,354 | 33,994 |
Stock-based compensation | 13,020 | 11,989 |
Loss on disposal of property, plant, and equipment | 1,250 | 791 |
Provision for doubtful accounts | 3,163 | 2,111 |
Excess tax benefits from stock-based compensation | -4,741 | -5,563 |
Write-off of deferred financing costs on previous credit facility | ' | 594 |
Changes in operating assets and liabilities, net of amounts associated with business acquired: | ' | ' |
Accounts receivable | -26,628 | -6,791 |
Inventories | -9,826 | 28,084 |
Prepaid expenses and other current assets | -4,878 | -11,136 |
Other assets | 1,884 | 2,162 |
Accounts payable and accrued liabilities | 31,776 | 7,574 |
Total adjustments | 53,374 | 63,809 |
Net cash provided by operating activities | 226,628 | 245,429 |
Cash Flows from Investing Activities: | ' | ' |
Expenditures for property, plant and equipment | -55,882 | -62,305 |
Investment in available for sale securities | -25,011 | ' |
Cash used in business acquisition, net of cash received | 1,434 | -548,769 |
Net cash used in investing activities | -79,459 | -611,074 |
Cash Flows from Financing Activities: | ' | ' |
Purchases of treasury stock | -115,606 | -3,656 |
Payments of cash dividends | -62,010 | -56,843 |
Payments on capital lease and financing obligations | -1,545 | -981 |
Excess tax benefits from stock-based compensation | 4,741 | 5,563 |
Proceeds from sale of Class A common stock in connection with associate stock purchase plan | 2,922 | 2,891 |
Proceeds from exercise of Class A common stock options | 17,565 | 19,986 |
Borrowings under financing obligations | 480 | 257 |
Borrowings under Credit Facility | 50,000 | 370,000 |
Credit facility financing costs | ' | -1,904 |
Payment of notes payable and under the Credit Facility | -54,375 | -80,000 |
Net cash (used in) provided by financing activities | -157,828 | 255,313 |
Effect of foreign exchange rate changes on cash and cash equivalents | 141 | -104 |
Net decrease in cash and cash equivalents | -10,518 | -110,436 |
Cash and cash equivalents-beginning of period | 55,876 | 168,453 |
Cash and cash equivalents-end of period | 45,358 | 58,017 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash paid for income taxes | 91,446 | 102,107 |
Cash paid for interest | $2,369 | $367 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
31-May-14 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
Note 1. Basis of Presentation | |
The accompanying condensed consolidated financial statements include MSC Industrial Direct Co., Inc. (“MSC”) and all of its subsidiaries (hereinafter referred to collectively as the “Company”). All intercompany balances and transactions have been eliminated in consolidation. | |
The Company acquired substantially all of the assets and assumed certain liabilities of the North American distribution business (the “Class C Solutions Group” or “CCSG”) of Barnes Group Inc. (“Barnes Group”) on April 22, 2013. The results of the Class C Solutions Group are included since the date of acquisition. | |
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. Operating results for the thirteen week and thirty-nine week periods ended May 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending August 30, 2014. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2013. | |
The Company’s fiscal year ends on the Saturday closest to August 31 of each year. Unless the context requires otherwise, references to years contained herein pertain to the Company’s fiscal year. The Company’s 2014 fiscal year will be a 52-week accounting period that will end on August 30, 2014 and its 2013 fiscal year was a 52-week accounting period that ended on August 31, 2013. | |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Net Income Per Share [Abstract] | ' | ||||||||||||
Net Income Per Share | ' | ||||||||||||
Note 2. Net Income per Share | |||||||||||||
The following table sets forth the computation of basic and diluted net income per common share under the two-class method in accordance with Accounting Standards Codification™ ("ASC") Topic 260, “Earnings Per Share”: | |||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||
May 31, | June 1, | May 31, | June 1, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income as reported | $ | 64,696 | $ | 62,354 | $ | 173,254 | $ | 181,620 | |||||
Less: Distributed net income available to participating securities | -120 | -125 | -368 | -365 | |||||||||
Less: Undistributed net income available to participating securities | -327 | -347 | -841 | -991 | |||||||||
Numerator for basic net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 64,249 | $ | 61,882 | $ | 172,045 | $ | 180,264 | |||||
Add: Undistributed net income allocated to participating securities | 327 | 347 | 841 | 991 | |||||||||
Less: Undistributed net income reallocated to participating securities | -325 | -345 | -837 | -986 | |||||||||
Numerator for diluted net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 64,251 | $ | 61,884 | $ | 172,049 | $ | 180,269 | |||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic net income per share | 61,896 | 62,808 | 62,137 | 62,628 | |||||||||
Effect of dilutive securities | 316 | 326 | 310 | 319 | |||||||||
Weighted average shares outstanding for diluted net income per share | 62,212 | 63,134 | 62,447 | 62,947 | |||||||||
Net income per share Two-class method: | |||||||||||||
Basic | $ | 1.04 | $ | 0.99 | $ | 2.77 | $ | 2.88 | |||||
Diluted | $ | 1.03 | $ | 0.98 | $ | 2.76 | $ | 2.86 | |||||
There were no antidilutive stock options included in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended May 31, 2014. There were no antidilutive stock options included in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended June 1, 2013. | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||
31-May-14 | ||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||
Stock-Based Compensation | ' | |||||||||
Note 3. Stock-Based Compensation | ||||||||||
The Company accounts for all share-based payments in accordance with ASC Topic 718, "Compensation—Stock Compensation" ("ASC 718"). The stock‑based compensation expense related to the stock option plans and the Associate Stock Purchase Plan included in operating expenses was $1,230 and $1,329 for the thirteen week periods ended May 31, 2014 and June 1, 2013, respectively, and $4,426 and $4,097 for the thirty-nine week periods ended May 31, 2014 and June 1, 2013, respectively. Tax benefits related to these expenses for the thirteen week periods ended May 31, 2014 and June 1, 2013 were $440 and $483, respectively, and for the thirty-nine week periods ended May 31, 2014 and June 1, 2013 were $1,603 and $1,487, respectively. | ||||||||||
The fair value of each option grant is estimated on the date of grant using the Black‑Scholes option pricing model with the following assumptions: | ||||||||||
Thirty-Nine Weeks Ended | ||||||||||
May 31, | June 1, | |||||||||
2014 | 2013 | |||||||||
Expected life (in years) | 3.9 | 3.8 | ||||||||
Risk-free interest rate | 0.93 | % | 0.55 | % | ||||||
Expected volatility | 26.59 | % | 32.86 | % | ||||||
Expected dividend yield | 1.70 | % | 1.70 | % | ||||||
A summary of the Company’s stock option activity for the thirty-nine weeks ended May 31, 2014 is as follows: | ||||||||||
Options | Weighted-Average Exercise Price per Share | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||
Outstanding on August 31, 2013 | 1,224 | $ | 58.30 | |||||||
Granted | 399 | 81.76 | ||||||||
Exercised | -343 | 51.25 | ||||||||
Canceled | -23 | 73.13 | ||||||||
Outstanding on May 31, 2014 | 1,257 | $ | 67.40 | 4.83 | $ | 30,894 | ||||
Exercisable on May 31, 2014 | 436 | $ | 56.18 | 3.53 | $ | 15,620 | ||||
The weighted‑average grant-date fair values of the stock options granted for the thirty-nine week periods ended May 31, 2014 and June 1, 2013 were $14.98 and $15.33, respectively. The unrecognized share‑based compensation cost related to stock option expense at May 31, 2014 was $9,347 and will be recognized over a weighted average period of 1.7 years. The total intrinsic value of options exercised, which represents the difference between the exercise price and market value of common stock measured at each individual exercise date, during the thirty-nine week periods ended May 31, 2014 and June 1, 2013 were $11,623 and $15,140, respectively. | ||||||||||
A summary of the non‑vested restricted share award activity under the Company’s 2005 Omnibus Incentive Plan (the “Plan”) for the thirty-nine weeks ended May 31, 2014 is as follows: | ||||||||||
Shares | Weighted-Average Grant-Date Fair Value | |||||||||
Non-vested restricted share awards at August 31, 2013 | 505 | $ | 59.47 | |||||||
Granted | 121 | 82.20 | ||||||||
Vested | -152 | 50.22 | ||||||||
Canceled/Forfeited | -16 | 68.84 | ||||||||
Non-vested restricted share awards at May 31, 2014 | 458 | $ | 68.27 | |||||||
Stock‑based compensation expense recognized for the restricted share awards was $1,979 and $2,024 for the thirteen week periods ended May 31, 2014 and June 1, 2013, respectively, and $6,969 and $6,301 for the thirty-nine week periods ended May 31, 2014 and June 1, 2013, respectively. The unrecognized compensation cost related to restricted share awards granted under the Plan at May 31, 2014 was $17,943 and will be recognized over a weighted average period of 2.2 years. | ||||||||||
A summary of the Company’s non-vested restricted stock unit award activity including dividend equivalent units for the thirty-nine weeks ended May 31, 2014 is as follows: | ||||||||||
Shares | Weighted- Average Grant- Date Fair Value | |||||||||
Non-vested restricted stock unit awards at August 31, 2013 | 196 | $ | 55.32 | |||||||
Granted | 3 | 83.03 | ||||||||
Vested | -1 | 88.12 | ||||||||
Canceled/Forfeited | — | — | ||||||||
Non-vested restricted stock unit awards at May 31, 2014 | 198 | $ | 55.68 | |||||||
Stock‑based compensation expense recognized for the restricted stock units was $544 and $532 for the thirteen week periods ended May 31, 2014 and June 1, 2013, respectively, and $1,625 and $1,591 for the thirty-nine week periods ended May 31, 2014 and June 1, 2013, respectively. The unrecognized compensation cost related to the restricted stock units at May 31, 2014 was $2,376 and is expected to be recognized over a period of 1.8 years. | ||||||||||
Fair_Value
Fair Value | 9 Months Ended |
31-May-14 | |
Fair Value [Abstract] | ' |
Fair Value | ' |
Note 4. Fair Value | |
Fair value accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value into three levels, with Level 1 being of the highest priority. The three levels of inputs used to measure fair value are as follows: | |
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2—Include other inputs that are directly or indirectly observable in the marketplace. | |
Level 3—Unobservable inputs which are supported by little or no market activity. | |
As of May 31, 2014 and August 31, 2013, the Company measured cash equivalents consisting of money market funds at fair value on a recurring basis for which market prices are readily available (Level 1) and that invest primarily in United States government and government agency securities and municipal bond securities, which aggregated $6,438 and $2,529, respectively. | |
In connection with the construction of the Company’s new customer fulfillment center in Columbus, Ohio, the Company entered into an arrangement with the Columbus-Franklin County Finance Authority (“Finance Authority”) which provides savings on state and local sales taxes imposed on construction materials to entities that finance the transactions through them. This arrangement consists of the Finance Authority issuing taxable bonds to finance the structure and site improvements of the Company’s customer fulfillment center. The taxable bonds were approximately $27,011 and $2,000 at May 31, 2014 and August 31, 2013, respectively. The taxable bonds are classified as available for sale securities in accordance with ASC Topic 320. The securities are recorded at fair value in the Consolidated Balance Sheet. The fair values of these securities are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. The Company did not record any significant gains or losses on these securities during the thirty-nine week period ended May 31, 2014. The outstanding principal amount of each bond bears interest at the rate of 2.4% per year. Interest is payable on a semiannual basis in arrears on each interest payment date. | |
In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying values of the Company’s capital lease obligations also approximate fair value. The fair value of the Company’s long-term debt, including current maturities, is estimated based on quoted market prices for the same or similar issues or on current rates offered to the Company for debt of the same remaining maturities. The carrying amount of the Company’s debt at May 31, 2014, approximates its fair value. | |
The Company’s financial instruments, other than those presented in the disclosure above, include cash, receivables, accounts payable, and accrued liabilities. Management believes the carrying amount of the aforementioned financial instruments is a reasonable estimate of fair value as of May 31, 2014 and August 31, 2013 due to the short-term maturity of these items. | |
During the thirty-nine weeks ended May 31, 2014 and June 1, 2013, the Company had no measurements of non-financial assets or liabilities at fair value on a non-recurring basis subsequent to their initial recognition. | |
Restructuring_And_Other_Charge
Restructuring And Other Charges | 9 Months Ended | |||||||||
31-May-14 | ||||||||||
Restructuring And Other Charges [Abstract] | ' | |||||||||
Restructuring And Other Charges | ' | |||||||||
Note 5. Restructuring and Other Charges | ||||||||||
As a result of the Class C Solutions Group acquisition, the Company has and will incur restructuring charges associated with associate severance costs, stay bonuses, and the impairment of long-lived assets due to the closure of facilities. The aggregate liabilities included in “Accrued liabilities” in the consolidated balance sheet relating to the restructuring activities as of May 31, 2014 and activity for the thirty-nine week period ended May 31, 2014 consists of the following: | ||||||||||
Workforce Reductions | Facility Closings | Total | ||||||||
Accrued restructuring balance, August 31, 2013 | $ | 2,460 | $ | — | $ | 2,460 | ||||
Charged to operating expenses | 4,216 | 2,030 | 6,246 | |||||||
Cash payments | -4,662 | -1,341 | -6,003 | |||||||
Accrued restructuring balance, May 31, 2014 | $ | 2,014 | $ | 689 | $ | 2,703 | ||||
In addition to the amounts to be charged against the previously established reserves, non-recurring integration costs and restructuring charges associated with the Class C Solutions Group acquisition are estimated to be between approximately $2,000 and $3,000 throughout the remainder of fiscal year 2014. In addition, the Company expects to incur non-recurring integration costs and restructuring charges associated with the acquisition through fiscal 2015. | ||||||||||
Debt_And_Capital_Lease_Obligat
Debt And Capital Lease Obligations | 9 Months Ended |
31-May-14 | |
Debt And Capital Lease Obligations [Abstract] | ' |
Debt And Capital Lease Obligations | ' |
Note 6. Debt and Capital Lease Obligations | |
Credit Facility | |
On April 22, 2013, in connection with the acquisition of the Class C Solutions Group, the Company entered into a new $650,000 credit facility (the “Credit Facility”). The Credit Facility, which matures on April 22, 2018, provides for a five-year unsecured revolving loan facility in the aggregate amount of $400,000 and a five-year unsecured term loan facility in the aggregate amount of $250,000. The Credit Facility replaced the Company’s previous $200,000 Credit Agreement, dated June 8, 2011. | |
The Credit Facility also permits the Company, at its request, and upon the satisfaction of certain conditions, to add one or more incremental term loan facilities and/or increase the revolving loan commitments in an aggregate amount not to exceed $200,000. Subject to certain limitations, each such incremental term loan facility or revolving commitment increase will be on terms as agreed to by the Company, the Administrative Agent and the lenders providing such financing. | |
Borrowings under the Credit Facility bear interest, at the Company’s option, either at (i) the LIBOR (London Interbank Offered Rate) rate plus the applicable margin for LIBOR loans ranging from 1.00% to 1.375%, based on the Company’s consolidated leverage ratio; or (ii) the greatest of (a) the Administrative Agent’s prime rate in effect on such day, (b) the federal funds effective rate in effect on such day, plus 0.50% and (c) the LIBOR rate that would be calculated as of such day in respect of a proposed LIBOR loan with a one-month interest period, plus 1.00%, plus, in the case of each of clauses (a) through (c), an applicable margin ranging from 0.00% to 0.375%, based on the Company’s consolidated leverage ratio. The Company is required to pay a quarterly undrawn fee ranging from 0.10% to 0.20% per annum on the unutilized portion of the Credit Facility based on the Company’s consolidated leverage ratio. The Company is also required to pay quarterly letter of credit usage fees ranging between 1.00% to 1.375% (based on the Company’s consolidated leverage ratio) on the amount of the daily average outstanding letters of credit, and a quarterly fronting fee of 0.125% per annum on the undrawn and unexpired amount of each letter of credit. The applicable borrowing rate for the Company for any borrowings outstanding under the Credit Facility at May 31, 2014 was 1.15%, which represents LIBOR plus 1.0%. Based on the interest period the Company selects, interest may be payable every one, two, three or six months. Interest is reset at the end of each interest period. The Company currently elects to have loans under the Credit Facility bear interest based on LIBOR with one-month interest periods. | |
The Credit Facility contains several restrictive covenants including the requirement that the Company maintain a maximum consolidated leverage ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization) of no more than 3.00 to 1.00, and a minimum consolidated interest coverage ratio of EBITDA to total interest expense of at least 3.00 to 1.00, during the term of the Credit Facility. Borrowings under the Credit Facility are guaranteed by certain of the Company’s subsidiaries. | |
The Company financed $370,000 of the Class C Solutions Group purchase price with the proceeds of the unsecured term loan facility and a portion of the unsecured revolving loan facility. The Company repaid $120,000 of the revolving loan facility during fiscal 2013. During the thirty-nine week period ended May 31, 2014, the Company borrowed $50,000 under the revolving loan facility and repaid $45,000 of the revolving loan facility. | |
As of May 31, 2014, there were $240,625 and $5,000 of borrowings outstanding under the term loan facility and the revolving credit facility, respectively, of the Credit Facility, of which $26,875 represents current maturities. As of August 31, 2013, there were $250,000 of borrowings outstanding under the term loan facility of the Credit Facility, of which $12,500 represents current maturities, and no borrowings outstanding under the revolving credit facility. At May 31, 2014 and August 31, 2013, the Company was in compliance with the operating and financial covenants of the Credit Facility. | |
Capital Lease and Financing Obligations | |
In connection with the construction of the Company’s new customer fulfillment center in Columbus, Ohio, the Company entered into an arrangement with the Finance Authority which provides savings on state and local sales taxes imposed on construction materials to entities that finance the transactions through them. This arrangement consists of the Finance Authority issuing taxable bonds to finance the structure and site improvements of the Company’s customer fulfillment center. The Finance Authority holds the title to the building and entered into a long-term lease with the Company. The lease has a 20-year term with a prepayment option without penalty between 7 and 20 years. At the end of the lease term, the building’s title is transferred to the Company for a nominal amount when the principal of and interest on the bonds have been fully paid. The lease has been classified as a capital lease in accordance with ASC Topic 840. At May 31, 2014 and August 31, 2013, the capital lease obligation was approximately $27,011 and $2,000, respectively. | |
From time to time, the Company enters into capital leases and financing arrangements to purchase certain equipment. The equipment acquired from these vendors is paid over a specified period of time based on the terms agreed upon. During the thirty-nine week period ended May 31, 2014, the Company entered into a financing obligation for certain information technology equipment totaling $480. During the fiscal year ended August 31, 2013, the Company entered into various capital leases and financing obligations for certain information technology equipment totaling $1,854. | |
The amount due under all capital leases and financing arrangements at May 31, 2014 was approximately $28,984, of which $1,664 represents current maturities and at August 31, 2013 was approximately $5,750, of which $1,684 represents current maturities. The net book value of the property and equipment acquired under these capital leases and financing agreements at May 31, 2014 and August 31, 2013 was approximately $29,790 and $6,734, respectively. The non-cash financing activity related to capital leases for the thirty-nine week period ended May 31, 2014 was $25,011. The non-cash financing activity related to capital leases for fiscal 2013 was $2,437. | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
31-May-14 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
Note 7. Shareholders’ Equity | |
The Company paid cash dividends of $62,010 for the thirty-nine weeks ended May 31, 2014. For the thirty-nine weeks ended June 1, 2013, the Company paid cash dividends of $56,843. On June 19, 2014, the Board of Directors declared a quarterly cash dividend of $0.33 per share payable on July 22, 2014 to shareholders of record at the close of business on July 8, 2014. The dividend will result in a payout of approximately $20,597, based on the number of shares outstanding at June 30, 2014. | |
The Board of Directors established the MSC Stock Repurchase Plan (the “Repurchase Plan”) which allows the Company to repurchase shares at any time and in any increments it deems appropriate in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the thirty-nine week period ended May 31, 2014, the Company repurchased 1,505 shares of its Class A common stock for $115,606, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. Approximately 52 of these shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based compensation program. As of May 31, 2014, the maximum number of shares that may yet be repurchased under the Repurchase Plan was 2,931 shares. | |
Product_Warranties
Product Warranties | 9 Months Ended |
31-May-14 | |
Product Warranties [Abstract] | ' |
Product Warranties | ' |
Note 8. Product Warranties | |
The Company generally offers a maximum one-year warranty, including parts and labor, for some of its machinery products. The specific terms and conditions of those warranties vary depending upon the product sold. The Company may be able to recoup some of these costs through product warranties it holds with its original equipment manufacturers, which typically range from thirty to ninety days. In general, many of the Company’s general merchandise products are covered by third party original equipment manufacturers’ warranties. The Company’s warranty expense for the thirty-nine week periods ended May 31, 2014 and June 1, 2013 was minimal. | |
Income_Taxes
Income Taxes | 9 Months Ended |
31-May-14 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 9. Income Taxes | |
During the thirteen and thirty-nine week periods ended May 31, 2014, there were no material changes in unrecognized tax benefits. | |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
31-May-14 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
Note 10. Legal Proceedings | |
There are various claims, lawsuits, and pending actions against the Company incidental to the operation of its business. Although the outcome of these matters is currently not determinable, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. | |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
31-May-14 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Note 11. Recently Issued Accounting Standards | |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. The guidance is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company will evaluate the effects, if any, adoption of this guidance will have on the Company’s consolidated financial statements. | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted. The Company will evaluate the effects, if any, adoption of this guidance will have on the Company’s consolidated financial statements. | |
Recognizing Assets and Liabilities Arising from Lease Contracts on the Balance Sheet | |
In May 2013, the FASB reissued an exposure draft on lease accounting that would require entities to recognize assets and liabilities arising from lease contracts on the balance sheet. The proposed exposure draft states that lessees and lessors should apply a “right-of-use model” in accounting for all leases. Under the proposed model, lessees would recognize an asset for the right to use the leased asset, and a liability for the obligation to make rental payments over the lease term. When measuring the asset and liability, variable lease payments are excluded whereas renewal options that provide a significant economic incentive upon renewal would be included. The lease expense from real estate based leases would continue to be recorded under a straight line approach, but other leases not related to real estate would be expensed using an effective interest method that would accelerate lease expense. Comments were due by September 13, 2013. A final standard is currently expected to be issued in 2014 and would be effective no earlier than annual reporting periods beginning on January 1, 2017 (fiscal year 2018 for the Company). The Company is currently assessing the impact that the adoption of the guidance will have on its consolidated financial statements. As of May 31, 2014, the Company leases all of its branch offices and certain of its customer fulfillment centers and office space. | |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Net Income Per Share [Abstract] | ' | ||||||||||||
Basic And Diluted Net Income Per Common Share Under The Two-Class Method | ' | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||
May 31, | June 1, | May 31, | June 1, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income as reported | $ | 64,696 | $ | 62,354 | $ | 173,254 | $ | 181,620 | |||||
Less: Distributed net income available to participating securities | -120 | -125 | -368 | -365 | |||||||||
Less: Undistributed net income available to participating securities | -327 | -347 | -841 | -991 | |||||||||
Numerator for basic net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 64,249 | $ | 61,882 | $ | 172,045 | $ | 180,264 | |||||
Add: Undistributed net income allocated to participating securities | 327 | 347 | 841 | 991 | |||||||||
Less: Undistributed net income reallocated to participating securities | -325 | -345 | -837 | -986 | |||||||||
Numerator for diluted net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 64,251 | $ | 61,884 | $ | 172,049 | $ | 180,269 | |||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic net income per share | 61,896 | 62,808 | 62,137 | 62,628 | |||||||||
Effect of dilutive securities | 316 | 326 | 310 | 319 | |||||||||
Weighted average shares outstanding for diluted net income per share | 62,212 | 63,134 | 62,447 | 62,947 | |||||||||
Net income per share Two-class method: | |||||||||||||
Basic | $ | 1.04 | $ | 0.99 | $ | 2.77 | $ | 2.88 | |||||
Diluted | $ | 1.03 | $ | 0.98 | $ | 2.76 | $ | 2.86 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||
31-May-14 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||
Fair Value Of Options Granted Estimated Using Black-Scholes Option Pricing Model Assumptions | ' | |||||||||
Thirty-Nine Weeks Ended | ||||||||||
May 31, | June 1, | |||||||||
2014 | 2013 | |||||||||
Expected life (in years) | 3.9 | 3.8 | ||||||||
Risk-free interest rate | 0.93 | % | 0.55 | % | ||||||
Expected volatility | 26.59 | % | 32.86 | % | ||||||
Expected dividend yield | 1.70 | % | 1.70 | % | ||||||
Summary Of Stock Options | ' | |||||||||
Options | Weighted-Average Exercise Price per Share | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||
Outstanding on August 31, 2013 | 1,224 | $ | 58.30 | |||||||
Granted | 399 | 81.76 | ||||||||
Exercised | -343 | 51.25 | ||||||||
Canceled | -23 | 73.13 | ||||||||
Outstanding on May 31, 2014 | 1,257 | $ | 67.40 | 4.83 | $ | 30,894 | ||||
Exercisable on May 31, 2014 | 436 | $ | 56.18 | 3.53 | $ | 15,620 | ||||
Restricted Stock [Member] | ' | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||
Non-Vested Share Activity | ' | |||||||||
Shares | Weighted-Average Grant-Date Fair Value | |||||||||
Non-vested restricted share awards at August 31, 2013 | 505 | $ | 59.47 | |||||||
Granted | 121 | 82.20 | ||||||||
Vested | -152 | 50.22 | ||||||||
Canceled/Forfeited | -16 | 68.84 | ||||||||
Non-vested restricted share awards at May 31, 2014 | 458 | $ | 68.27 | |||||||
Restricted Stock Unit Agreement [Member] | ' | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||
Non-Vested Unit Award Activity | ' | |||||||||
Shares | Weighted- Average Grant- Date Fair Value | |||||||||
Non-vested restricted stock unit awards at August 31, 2013 | 196 | $ | 55.32 | |||||||
Granted | 3 | 83.03 | ||||||||
Vested | -1 | 88.12 | ||||||||
Canceled/Forfeited | — | — | ||||||||
Non-vested restricted stock unit awards at May 31, 2014 | 198 | $ | 55.68 | |||||||
Restructuring_And_Other_Charge1
Restructuring And Other Charges (Tables) | 9 Months Ended | |||||||||
31-May-14 | ||||||||||
Restructuring And Other Charges [Abstract] | ' | |||||||||
Schedule Of Restructuring Charges | ' | |||||||||
Workforce Reductions | Facility Closings | Total | ||||||||
Accrued restructuring balance, August 31, 2013 | $ | 2,460 | $ | — | $ | 2,460 | ||||
Charged to operating expenses | 4,216 | 2,030 | 6,246 | |||||||
Cash payments | -4,662 | -1,341 | -6,003 | |||||||
Accrued restructuring balance, May 31, 2014 | $ | 2,014 | $ | 689 | $ | 2,703 | ||||
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | 31-May-14 | Jun. 01, 2013 |
Net Income Per Share [Abstract] | ' | ' | ' | ' |
Net income as reported | $64,696 | $62,354 | $173,254 | $181,620 |
Less: Distributed net income available to participating securities | -120 | -125 | -368 | -365 |
Less: Undistributed net income available to participating securities | -327 | -347 | -841 | -991 |
Undistributed and distributed net income available to common shareholders, basic | 64,249 | 61,882 | 172,045 | 180,264 |
Add: Undistributed net income allocated to participating securities | 327 | 347 | 841 | 991 |
Less: Undistributed net income reallocated to participating securities | -325 | -345 | -837 | -986 |
Undistributed and distributed net income available to common shareholders, diluted | $64,251 | $61,884 | $172,049 | $180,269 |
Weighted average shares outstanding for basic net income per share | 61,896 | 62,808 | 62,137 | 62,628 |
Effect of dilutive securities | 316 | 326 | 310 | 319 |
Weighted average shares outstanding for diluted net income per share | 62,212 | 63,134 | 62,447 | 62,947 |
Net income per share, Basic | $1.04 | $0.99 | $2.77 | $2.88 |
Net income per share, Diluted | $1.03 | $0.98 | $2.76 | $2.86 |
Antidilutive stock options | 0 | 0 | 0 | 0 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | 31-May-14 | Jun. 01, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | $13,020 | $11,989 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,230 | 1,329 | 4,426 | 4,097 |
Stock-based compensation expense, tax benefit | 440 | 483 | 1,603 | 1,487 |
Weighted-average grant-date fair values of the stock options granted | ' | ' | $14.98 | $15.33 |
Unrecognized share-based compensation cost | 9,347 | ' | 9,347 | ' |
Unrecognized share-based compensation weighted average period | ' | ' | '1 year 8 months 12 days | ' |
Total intrinsic value of options exercised | ' | ' | 11,623 | 15,140 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,979 | 2,024 | 6,969 | 6,301 |
Unrecognized share-based compensation cost | 17,943 | ' | 17,943 | ' |
Unrecognized share-based compensation weighted average period | ' | ' | '2 years 2 months 12 days | ' |
Restricted Stock Unit Agreement [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 544 | 532 | 1,625 | 1,591 |
Unrecognized share-based compensation cost | $2,376 | ' | $2,376 | ' |
Unrecognized share-based compensation weighted average period | ' | ' | '1 year 9 months 18 days | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Of Options Granted Estimated Using Black-Scholes Option Pricing Model Assumptions) (Details) | 9 Months Ended | |
31-May-14 | Jun. 01, 2013 | |
Stock-Based Compensation [Abstract] | ' | ' |
Expected life | '3 years 10 months 24 days | '3 years 9 months 18 days |
Risk-free interest rate | 0.93% | 0.55% |
Expected volatility | 26.59% | 32.86% |
Expected dividend yield | 1.70% | 1.70% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 |
Stock-Based Compensation [Abstract] | ' |
Outstanding on August 31, 2013, Options | 1,224 |
Granted, Options | 399 |
Exercised, Options | -343 |
Canceled, Options | -23 |
Outstanding on May 31, 2014, Options | 1,257 |
Exercisable on May 31, 2014, Options | 436 |
Outstanding on August 31, 2013, Weighted-Average Exercise Price per Share | $58.30 |
Granted, Weighted-Average Exercise Price per Share | $81.76 |
Exercised, Weighted-Average Exercise Price per Share | $51.25 |
Canceled, Weighted-Average Exercise Price per Share | $73.13 |
Outstanding on May 31, 2014, Weighted-Average Exercise Price per Share | $67.40 |
Exercisable on May 31, 2014, Weighted-Average Exercise Price per Share | $56.18 |
Outstanding on May 31, 2014, Weighted-Average Remaining Contractual Term | '4 years 9 months 29 days |
Exercisable on May 31, 2014, Weighted-Average Remaining Contractual Term | '3 years 6 months 11 days |
Outstanding on May 31, 2014, Aggregate Intrinsic Value | $30,894 |
Exercisable on May 31, 2014, Aggregate Intrinsic Value | $15,620 |
StockBased_Compensation_NonVes
Stock-Based Compensation (Non-Vested Restricted Share Award Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 |
Restricted Stock [Member] | 2005 Omnibus Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested restricted share awards at August 31, 2013, Shares | 505 |
Granted, Shares | 121 |
Vested, Shares | -152 |
Canceled/Forfeited, Shares | -16 |
Non-vested restricted share awards at May 31, 2014, Shares | 458 |
Non-vested restricted share awards at August 31, 2013, Weighted-Average Grant-Date Fair Value | $59.47 |
Granted, Weighted-Average Grant-Date Fair Value | $82.20 |
Vested, Weighted-Average Grant-Date Fair Value | $50.22 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | $68.84 |
Non-vested restricted share awards at May 31, 2014, Weighted-Average Grant-Date Fair Value | $68.27 |
Restricted Stock Unit Agreement [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested restricted share awards at August 31, 2013, Shares | 196 |
Granted, Shares | 3 |
Vested, Shares | -1 |
Canceled/Forfeited, Shares | ' |
Non-vested restricted share awards at May 31, 2014, Shares | 198 |
Non-vested restricted share awards at August 31, 2013, Weighted-Average Grant-Date Fair Value | $55.32 |
Granted, Weighted-Average Grant-Date Fair Value | $83.03 |
Vested, Weighted-Average Grant-Date Fair Value | $88.12 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | ' |
Non-vested restricted share awards at May 31, 2014, Weighted-Average Grant-Date Fair Value | $55.68 |
Fair_Value_Details
Fair Value (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | Aug. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash equivalents, fair value | $6,438 | $2,529 |
Corporate Bond Securities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Taxable bond | 27,011 | 2,000 |
Gains and losses on securities | $0 | ' |
Interest rate on bonds | 2.40% | ' |
Restructuring_And_Other_Charge2
Restructuring And Other Charges (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued restructuring balance, August 31, 2013 | $2,460 |
Charged to operating expenses | 6,246 |
Cash payments | -6,003 |
Accrued restructuring balance, May 31, 2014 | 2,703 |
Workforce Reductions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued restructuring balance, August 31, 2013 | 2,460 |
Charged to operating expenses | 4,216 |
Cash payments | -4,662 |
Accrued restructuring balance, May 31, 2014 | 2,014 |
Facility Closing [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Charged to operating expenses | 2,030 |
Cash payments | -1,341 |
Accrued restructuring balance, May 31, 2014 | 689 |
Minimum [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Non-recurring transaction, integration costs and restructuring charges associated with the acquisition in 2014 | 2,000 |
Maximum [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Non-recurring transaction, integration costs and restructuring charges associated with the acquisition in 2014 | $3,000 |
Debt_And_Capital_Lease_Obligat1
Debt And Capital Lease Obligations (Credit Facility) (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | Apr. 22, 2013 | 31-May-14 | Apr. 22, 2013 | 31-May-14 | Apr. 22, 2013 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | Former Credit Facility [Member] | LIBOR [Member] | Federal Funds Effective Rate [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Letter of Credit [Member] | One-Month Interest Period [Member] | New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | LIBOR [Member] | Leverage Ratio Margin [Member] | New Credit Facility [Member] | New Credit Facility [Member] | LIBOR [Member] | Leverage Ratio Margin [Member] | |||||||||||
Letter of Credit [Member] | New Credit Facility [Member] | Letter of Credit [Member] | New Credit Facility [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $650,000 | ' | $400,000 | ' | $250,000 | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 22-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, expiration term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available increase in amount borrowed | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | ' | ' | 1.00% | 0.00% | ' | ' | 1.38% | 0.38% |
Usage fee, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | 1.38% | ' | ' |
Quarterly undrawn fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | 0.10% | ' | ' | ' | 0.20% | ' | ' | ' |
Borrowing rate under Credit Facility | ' | ' | ' | ' | ' | ' | ' | 1.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consolidated leverage ratio of total indebtedness to EBITDA | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consolidated interest coverage ratio of EBITDA to total interest expense | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments under revolving loans from credit facility | 45,000 | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under Credit Facility | 50,000 | 370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed during the period | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities | ' | ' | 12,500 | ' | ' | ' | ' | 26,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance | ' | ' | ' | ' | $5,000 | $240,625 | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_And_Capital_Lease_Obligat2
Debt And Capital Lease Obligations (Capital Lease And Finance Obligations) (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | Aug. 31, 2013 |
Capital Leased Assets [Line Items] | ' | ' | ' |
Amount due under capital leases and financing agreements | $28,984 | ' | $5,750 |
Capital leases and financing obligations for certain information technology equipment entered into | 480 | 257 | 1,854 |
Current maturities of capital lease and financing obligations | 1,664 | ' | 1,684 |
Property and equipment acquired under capital leases and financing agreements | 29,790 | ' | 6,734 |
Fulfillment Center [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Capital lease term | '20 years | ' | ' |
Amount due under capital leases and financing agreements | 27,011 | ' | 2,000 |
Non-cash financing activity related to the capital lease | $25,011 | ' | $2,437 |
Minimum [Member] | Fulfillment Center [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Capital lease, prepayment term with no penalty | '7 years | ' | ' |
Maximum [Member] | Fulfillment Center [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Capital lease, prepayment term with no penalty | '20 years | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Jun. 01, 2013 | Jun. 19, 2014 | 31-May-14 | 31-May-14 |
Subsequent Event [Member] | Subsequent Event [Member] | Class A Treasury Stock [Member] | |||
Components Of Shareholders Equity [Line Items] | ' | ' | ' | ' | ' |
Dividend payout | $62,010 | $56,843 | $20,597 | ' | ' |
Dividend declared date | ' | ' | ' | 19-Jun-14 | ' |
Dividend declared, per share | ' | ' | $0.33 | ' | ' |
Dividend payable date | ' | ' | ' | 22-Jul-14 | ' |
Dividend record date | ' | ' | ' | 8-Jul-14 | ' |
Class A common stock shares repurchased | ' | ' | ' | ' | 1,505 |
Class A common stock shares repurchase amount | $115,606 | ' | ' | ' | $115,606 |
Shares repurchased by the company for associates' tax withholding liability associated with share-based compensation | ' | ' | ' | ' | 52 |
Maximum number of shares that may yet be repurchased | ' | ' | ' | ' | 2,931 |
Product_Warranties_Details
Product Warranties (Details) | 9 Months Ended |
31-May-14 | |
Minimum [Member] | ' |
Product warranties with original equipment manufacturers | '30 days |
Maximum [Member] | ' |
Warranty period | '1 year |
Product warranties with original equipment manufacturers | '90 days |