Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Feb. 28, 2015 | Apr. 02, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Feb-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MSC INDUSTRIAL DIRECT CO INC | |
Entity Central Index Key | 1003078 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 48,398,854 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 13,295,747 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Feb. 28, 2015 | Aug. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $27,425 | $47,154 |
Accounts receivable, net of allowance for doubtful accounts of $10,450 and $9,310, respectively | 406,557 | 382,784 |
Inventories | 506,059 | 449,814 |
Prepaid expenses and other current assets | 51,773 | 40,410 |
Deferred income taxes | 41,253 | 41,253 |
Total current assets | 1,033,067 | 961,415 |
Property, plant and equipment, net | 291,843 | 294,348 |
Goodwill | 625,140 | 629,335 |
Identifiable intangibles, net | 128,471 | 138,314 |
Other assets | 33,528 | 37,335 |
Total assets | 2,112,049 | 2,060,747 |
Current Liabilities: | ||
Revolving credit note | 313,000 | 95,000 |
Current maturities of long-term debt | 26,338 | 26,829 |
Accounts payable | 117,276 | 116,283 |
Accrued liabilities | 80,823 | 96,052 |
Total current liabilities | 512,437 | 309,164 |
Long-term debt, net of current maturities | 227,434 | 240,235 |
Deferred income taxes and tax uncertainties | 112,725 | 112,785 |
Total liabilities | 852,596 | 662,184 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock; $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 595,681 | 573,730 |
Retained earnings | 1,159,433 | 1,286,068 |
Accumulated other comprehensive loss | -14,451 | -5,054 |
Class A treasury stock, at cost, 7,966,205 and 7,657,386 shares, respectively | -481,279 | -456,250 |
Total shareholders' equity | 1,259,453 | 1,398,563 |
Total liabilities and shareholders' equity | 2,112,049 | 2,060,747 |
Revolving Credit Facility [Member] | ||
Current Liabilities: | ||
Revolving credit note | 288,000 | 70,000 |
Class A Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 56 | 56 |
Class B Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | $13 | $13 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2015 | Aug. 30, 2014 |
Accounts receivable, allowance for doubtful accounts | $10,450 | $9,310 |
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 | 7,966,205 | 7,657,386 |
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 | 56,367,701 | 55,980,199 |
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 | 13,295,747 | 13,295,747 |
Common stock, shares outstanding | 13,295,747 | 13,295,747 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | Mar. 01, 2014 |
Condensed Consolidated Statements Of Income [Abstract] | ||||
Net sales | $706,400 | $661,513 | $1,437,491 | $1,340,023 |
Cost of goods sold | 385,526 | 354,692 | 786,468 | 718,347 |
Gross profit | 320,874 | 306,821 | 651,023 | 621,676 |
Operating expenses | 235,000 | 225,099 | 471,178 | 443,204 |
Income from operations | 85,874 | 81,722 | 179,845 | 178,472 |
Other (expense) income: | ||||
Interest expense | -2,035 | -967 | -2,979 | -1,814 |
Interest income | 435 | 4 | 440 | 9 |
Other income (expense), net | -557 | -266 | -380 | -478 |
Total other expense | -2,157 | -1,229 | -2,919 | -2,283 |
Income before provision for income taxes | 83,717 | 80,493 | 176,926 | 176,189 |
Provision for income taxes | 32,190 | 30,981 | 67,982 | 67,631 |
Net income | $51,527 | $49,512 | $108,944 | $108,558 |
Net income per common share: | ||||
Basic | $0.84 | $0.80 | $1.76 | $1.73 |
Diluted | $0.83 | $0.79 | $1.75 | $1.72 |
Weighted average shares used in computing net income per common share: | ||||
Basic | 61,351 | 61,743 | 61,298 | 62,258 |
Diluted | 61,566 | 62,050 | 61,554 | 62,564 |
Cash dividend declared per common share | $0.40 | $0.33 | $3.80 | $0.66 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | Mar. 01, 2014 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income, as reported | $51,527 | $49,512 | $108,944 | $108,558 |
Foreign currency translation adjustments | -5,449 | -2,457 | -9,397 | -1,834 |
Comprehensive income | $46,078 | $47,055 | $99,547 | $106,724 |
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. 30, 2014 | $56 | $13 | $573,730 | $1,286,068 | ($5,054) | ($456,250) | $1,398,563 | ||||
Balance, Shares at Aug. 30, 2014 | 55,980 | 13,296 | 7,657 | ||||||||
Exercise of common stock options, including income tax benefits, Shares | 132 | 132 | |||||||||
Exercise of common stock options, including income tax benefits, Value | 11,984 | 11,984 | |||||||||
Common stock issued under associate stock purchase plan, Shares | -33 | ||||||||||
Common stock issued under associate stock purchase plan, Value | 1,057 | 1,269 | 2,326 | ||||||||
Issuance of restricted common stock, net of cancellations, Shares | 118 | ||||||||||
Shares issued from restricted stock units, Shares | 138 | ||||||||||
Stock-based compensation | 8,202 | 8,202 | |||||||||
Purchase of treasury stock, Shares | 342 | 342 | |||||||||
Purchase of treasury stock, Value | -26,298 | -26,298 | |||||||||
Cash dividends paid on common stock | -184,347 | -184,347 | -50,524 | -50,524 | |||||||
Issuance of dividend equivalent units | 708 | -708 | |||||||||
Foreign currency translation adjustments | -9,397 | -9,397 | |||||||||
Net income | 108,944 | 108,944 | |||||||||
Balance, Value at Feb. 28, 2015 | $56 | $13 | $595,681 | $1,159,433 | ($14,451) | ($481,279) | $1,259,453 | ||||
Balance, Shares at Feb. 28, 2015 | 56,368 | 13,296 | 7,966 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Shareholders' Equity (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
Condensed Consolidated Statement Of Shareholders' Equity [Abstract] | |
Exercise of common stock options, income tax benefits | $3,544 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $108,944 | $108,558 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 34,445 | 32,059 |
Stock-based compensation | 8,202 | 9,267 |
Loss on disposal of property, plant, and equipment | 371 | 1,087 |
Provision for doubtful accounts | 2,719 | 2,538 |
Deferred income taxes and tax uncertainties | -60 | |
Excess tax benefits from stock-based compensation | -3,686 | -4,143 |
Changes in operating assets and liabilities | ||
Accounts receivable | -28,222 | -21,669 |
Inventories | -58,055 | 25,875 |
Prepaid expenses and other current assets | -11,424 | -4,414 |
Other assets | 2,140 | 865 |
Accounts payable and accrued liabilities | -7,767 | 1,460 |
Total adjustments | -61,337 | 42,925 |
Net cash provided by operating activities | 47,607 | 151,483 |
Cash Flows from Investing Activities: | ||
Expenditures for property, plant and equipment | -25,145 | -33,925 |
Investment in available for sale securities | -24,024 | |
Cash used in business acquisition, net of cash received | 1,434 | |
Net cash used in investing activities | -25,145 | -56,515 |
Cash Flows from Financing Activities: | ||
Purchases of treasury stock | -26,298 | -115,435 |
Payments of regular cash dividends | -49,468 | -41,430 |
Payment of special cash dividend | -185,403 | |
Payments on capital lease and financing obligations | -1,322 | -1,077 |
Excess tax benefits from stock-based compensation | 3,686 | 4,143 |
Proceeds from sale of Class A common stock in connection with associate stock purchase plan | 2,326 | 1,989 |
Proceeds from exercise of Class A common stock options | 8,440 | 12,184 |
Borrowings under financing obligations | 530 | 254 |
Borrowings under Credit Facility | 298,000 | 50,000 |
Payment of notes payable and revolving credit note under the Credit Facility | -92,500 | -16,250 |
Net cash used in financing activities | -42,009 | -105,622 |
Effect of foreign exchange rate changes on cash and cash equivalents | -182 | 101 |
Net decrease in cash and cash equivalents | -19,729 | -10,553 |
Cash and cash equivalentsbbeginning of period | 47,154 | 55,876 |
Cash and cash equivalentsbend of period | 27,425 | 45,323 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for income taxes | 68,036 | 67,062 |
Cash paid for interest | $2,336 | $1,613 |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended |
Feb. 28, 2015 | |
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 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 and twenty-six week periods ended February 28, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending August 29, 2015. 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 30, 2014. | |
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 2015 fiscal year will be a 52-week accounting period that will end on August 29, 2015 and its 2014 fiscal year was a 52-week accounting period that ended on August 30, 2014. | |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Net Income Per Share [Abstract] | |||||||||||||
Net Income Per Share | Note 2. Net Income per Share | ||||||||||||
The Company’s non-vested restricted stock awards contain non-forfeitable rights to dividends and meet the criteria of a participating security as defined by Accounting Standards Codification™ ("ASC") Topic 260, “Earnings Per Share”. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. | |||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
February 28, | March 1, | February 28, | March 1, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Net income as reported | $ | 51,527 | $ | 49,512 | $ | 108,944 | $ | 108,558 | |||||
Less: Distributed net income available to participating securities | -115 | -116 | -1,348 | -248 | |||||||||
Less: Undistributed net income available to participating securities | -182 | -221 | — | -514 | |||||||||
Numerator for basic net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 51,230 | $ | 49,175 | $ | 107,596 | $ | 107,796 | |||||
Add: Undistributed net income allocated to participating securities | 182 | 221 | — | 514 | |||||||||
Less: Undistributed net income reallocated to participating securities | -182 | -220 | — | -512 | |||||||||
Numerator for diluted net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 51,230 | $ | 49,176 | $ | 107,596 | $ | 107,798 | |||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic net income per share | 61,351 | 61,743 | 61,298 | 62,258 | |||||||||
Effect of dilutive securities | 215 | 307 | 256 | 306 | |||||||||
Weighted average shares outstanding for diluted net income per share | 61,566 | 62,050 | 61,554 | 62,564 | |||||||||
Net income per share Two-class method: | |||||||||||||
Basic | $ | 0.84 | $ | 0.80 | $ | 1.76 | $ | 1.73 | |||||
Diluted | $ | 0.83 | $ | 0.79 | $ | 1.75 | $ | 1.72 | |||||
Antidilutive stock options of 748 were not included in the computation of diluted earnings per share for the thirteen and twenty-six week period ended February 28, 2015. There were no antidilutive stock options included in the computation of diluted earnings per share for the thirteen week period ended March 1, 2014. Antidilutive stock options of 392 were not included in the computation of diluted earnings per share for the twenty-six week period ended March 1, 2014. | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |||||||||
Feb. 28, 2015 | ||||||||||
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 $1,116 and $1,741 for the thirteen week periods ended February 28, 2015 and March 1, 2014, respectively, and $2,848 and $3,196, respectively, for the twenty-six week periods ended February 28, 2015 and March 1, 2014. Tax benefits related to these expenses for the thirteen week periods ended February 28, 2015 and March 1, 2014 were $388 and $637, respectively, and for the twenty-six week periods ended February 28, 2015 and March 1, 2014 were $1,015 and $1,163, 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: | ||||||||||
Twenty-Six Weeks Ended | ||||||||||
February 28, | March 1, | |||||||||
2015 | 2014 | |||||||||
Expected life (in years) | 3.9 | 3.9 | ||||||||
Risk-free interest rate | 1.09 | % | 0.93 | % | ||||||
Expected volatility | 24.49 | % | 26.59 | % | ||||||
Expected dividend yield | 1.70 | % | 1.70 | % | ||||||
Weighted-average grant-date fair value | $ | 14.06 | $ | 14.98 | ||||||
A summary of the Company’s stock option activity for the twenty-six week period ended February 28, 2015 is as follows: | ||||||||||
Options | Weighted-Average Exercise Price per Share | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||
Outstanding on August 30, 2014 | 1,186 | $ | 68.24 | |||||||
Granted | 421 | 83.02 | ||||||||
Exercised | -132 | 63.81 | ||||||||
Canceled/Forfeited | -42 | 78.97 | ||||||||
Outstanding on February 28, 2015 | 1,433 | $ | 72.68 | 4.92 | $ | 7,519 | ||||
Exercisable on February 28, 2015 | 574 | $ | 62.70 | 3.56 | $ | 6,672 | ||||
The unrecognized share‑based compensation cost related to stock option expense at February 28, 2015 was $9,778 and will be recognized over a weighted average period of 1.9 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 twenty-six week periods ended February 28, 2015 and March 1, 2014 was $2,330 and $9,113, respectively. | ||||||||||
A summary of the non‑vested restricted share award activity under the Company’s 2005 Omnibus Incentive Plan and 2015 Omnibus Incentive Plan for the twenty-six weeks ended February 28, 2015 is as follows: | ||||||||||
Shares | Weighted-Average Grant-Date Fair Value | |||||||||
Non-vested restricted share awards at August 30, 2014 | 428 | $ | 68.67 | |||||||
Granted | 126 | 82.35 | ||||||||
Vested | -130 | 60.18 | ||||||||
Canceled/Forfeited | -8 | 75.49 | ||||||||
Non-vested restricted share awards at February 28, 2015 | 416 | $ | 75.44 | |||||||
Stock‑based compensation expense recognized for the restricted share awards was $1,762 and $2,753 for the thirteen week periods ended February 28, 2015 and March 1, 2014, respectively, and $4,529 and $4,990 for the twenty-six week periods ended February 28, 2015 and March 1, 2014, respectively. The unrecognized compensation cost related to restricted share awards at February 28, 2015 was $19,857 and will be recognized over a weighted average period of 2.4 years. | ||||||||||
A summary of the Company’s non-vested restricted stock unit award activity, including dividend equivalent units, for the twenty-six weeks ended February 28, 2015 is as follows: | ||||||||||
Shares | Weighted- Average Grant- Date Fair Value | |||||||||
Non-vested restricted stock unit awards at August 30, 2014 | 199 | $ | 55.80 | |||||||
Granted | 10 | 78.58 | ||||||||
Vested | -138 | 51.68 | ||||||||
Canceled/Forfeited | — | — | ||||||||
Non-vested restricted stock unit awards at February 28, 2015 | 71 | $ | 57.33 | |||||||
Stock‑based compensation expense recognized for the restricted stock units was $285 and $542 for the thirteen week periods ended February 28, 2015 and March 1, 2014, respectively, and $825 and $1,081 for the twenty-six week periods ended February 28, 2015 and March 1, 2014, respectively. The unrecognized compensation cost related to the restricted stock units at February 28, 2015 was $1,062 and is expected to be recognized over a period of 1.9 years. | ||||||||||
Fair_Value
Fair Value | 6 Months Ended |
Feb. 28, 2015 | |
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. | |
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. Under this arrangement, the Finance Authority has issued taxable bonds to finance the structure and site improvements of the Company’s customer fulfillment center. The taxable bonds were approximately $27,023 at February 28, 2015 and August 30, 2014, 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 Other Assets 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 twenty-six week period ended February 28, 2015. 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 February 28, 2015, 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 February 28, 2015 and August 30, 2014 due to the short-term maturity of these items. | |
During the twenty-six weeks ended February 28, 2015 and March 1, 2014, the Company had no measurements of non-financial assets or liabilities at fair value on a non-recurring basis subsequent to their initial recognition. | |
Debt_And_Capital_Lease_Obligat
Debt And Capital Lease Obligations | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Debt And Capital Lease Obligations [Abstract] | |||||||
Debt And Capital Lease Obligations | Note 5. Debt and Capital Lease Obligations | ||||||
Debt at February 28, 2015 and August 30, 2014 consisted of the following: | |||||||
February 28, | August 30, | ||||||
2015 | 2014 | ||||||
(Dollars in thousands) | |||||||
Credit Facility: | |||||||
Revolver | $ | 288,000 | $ | 70,000 | |||
Term loan | 225,000 | 237,500 | |||||
Capital lease and financing obligations | 28,772 | 29,564 | |||||
Total debt | $ | 541,772 | $ | 337,064 | |||
Less: current portion of Credit Facility | -313,000 | -95,000 | |||||
Less: current portion of capital lease and financing obligations | -1,338 | -1,829 | |||||
Long-term debt | $ | 227,434 | $ | 240,235 | |||
Credit Facility | |||||||
In April 2013, in connection with the acquisition of the Class C Solutions Group (“CCSG”), the Company entered into a $650,000 credit facility (the “Credit Facility”). The Credit Facility, which matures in April 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 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 February 28, 2015 was 1.31% which represents LIBOR plus 1.125%. 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, amortization and stock based compensation) 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. | |||||||
During the twenty-six week period ended February 28, 2015, the Company borrowed $298,000 under the revolving loan facility and repaid $80,000 and $12,500 of the revolving loan facility and the term loan facility, respectively. At February 28, 2015 and August 30, 2014, 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 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 February 28, 2015 and August 30, 2014, the capital lease obligation was approximately $27,023. | |||||||
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 twenty-six week period ended February 28, 2015, the Company entered into a financing obligation for certain information technology equipment totaling $530. During the fiscal year ended August 30, 2014, the Company entered into various financing obligations for certain information technology equipment totaling $1,353. The gross amount of property and equipment acquired under these capital leases and financing agreements at February 28, 2015 and August 30, 2014 was approximately $33,853 and $33,505 respectively. Related accumulated amortization totaled $4,246 and $3,339 as of February 28, 2015 and August 30, 2014, respectively. | |||||||
Shareholders_Equity
Shareholders' Equity | 6 Months Ended |
Feb. 28, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 6. Shareholders’ Equity |
The Company paid cash dividends of $234,871 for the twenty-six weeks ended February 28, 2015 which consisted of a special and regular cash dividend of approximately $185,403 and $49,468, respectively. For the twenty-six weeks ended March 1, 2014, the Company paid cash dividends of $41,430. On April 2, 2015, the Board of Directors declared a quarterly cash dividend of $0.40 per share payable on April 28, 2015 to shareholders of record at the close of business on April 14, 2015. The dividend will result in a payout of approximately $24,678, based on the number of shares outstanding at April 2, 2015. | |
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 twenty-six week period ended February 28, 2015, the Company repurchased 342 shares of its Class A common stock for $26,298, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. Approximately 110 shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based compensation program. As of February 28, 2015, the maximum number of shares that can be repurchased under the Repurchase Plan was 1,843 shares. | |
Product_Warranties
Product Warranties | 6 Months Ended |
Feb. 28, 2015 | |
Product Warranties [Abstract] | |
Product Warranties | Note 7. 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 twenty-six week periods ended February 28, 2015 and March 1, 2014 was minimal. | |
Income_Taxes
Income Taxes | 6 Months Ended |
Feb. 28, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8. Income Taxes |
During the twenty-six week period ended February 28, 2015, there were no material changes in unrecognized tax benefits. | |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Feb. 28, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note 9. 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 | 6 Months Ended |
Feb. 28, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 10. Recently Issued Accounting Standards |
Recognizing Assets and Liabilities Arising from Lease Contracts on the Balance Sheet | |
In May 2013, the Financial Accounting Standards Board ("FASB") issued a proposed Accounting Standards Update (“ASU”), Leases (Topic 842) that would require entities to recognize assets and liabilities arising from lease contracts on the balance sheet. The Company has not yet determined the impact the adoption of this proposed standard, as currently drafted, will have on its consolidated financial statements. As of February 28, 2015, the Company leases all of its branch offices and certain of its customer fulfillment centers and office space. | |
Presentation of Financial Statements and Property, Plant, and Equipment | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). This update changes the criteria for reporting discontinued operations for all public and nonpublic entities as well as requiring new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. Under the standard, public business entities should apply the amendments in this update prospectively to all disposals of components of an entity and all business or nonprofit activities that, on acquisition, are classified as held-for-sale that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. The Company does not anticipate that the adoption of the guidance will have a material impact on its financial position, results of operations or cash flows. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company for its fiscal 2018 first quarter. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its condensed consolidated financial statements and related disclosures. The Company has neither selected a transition method, nor determined the impact that the adoption of the pronouncement may have on its financial position, results of operations or cash flows. | |
Uncertainties about an Entity’s Ability to Continue as a Going Concern | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This guidance is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU No. 2014-15 provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in footnote disclosures. This guidance is effective for annual periods ending after December 15, 2016, and for interim and annual periods thereafter, with early application permitted. The Company does not anticipate that the adoption of the guidance will have a material impact on its financial position, results of operations or cash flows. | |
Consolidation | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), which amends certain requirements for determining whether a variable interest entity must be consolidated. The amendments are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company does not anticipate that the adoption of the guidance will have a material impact on its financial position, results of operations or cash flows. | |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Net Income Per Share [Abstract] | |||||||||||||
Basic And Diluted Net Income Per Common Share Under The Two-Class Method | |||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
February 28, | March 1, | February 28, | March 1, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Net income as reported | $ | 51,527 | $ | 49,512 | $ | 108,944 | $ | 108,558 | |||||
Less: Distributed net income available to participating securities | -115 | -116 | -1,348 | -248 | |||||||||
Less: Undistributed net income available to participating securities | -182 | -221 | — | -514 | |||||||||
Numerator for basic net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 51,230 | $ | 49,175 | $ | 107,596 | $ | 107,796 | |||||
Add: Undistributed net income allocated to participating securities | 182 | 221 | — | 514 | |||||||||
Less: Undistributed net income reallocated to participating securities | -182 | -220 | — | -512 | |||||||||
Numerator for diluted net income per share: | |||||||||||||
Undistributed and distributed net income available to common shareholders | $ | 51,230 | $ | 49,176 | $ | 107,596 | $ | 107,798 | |||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic net income per share | 61,351 | 61,743 | 61,298 | 62,258 | |||||||||
Effect of dilutive securities | 215 | 307 | 256 | 306 | |||||||||
Weighted average shares outstanding for diluted net income per share | 61,566 | 62,050 | 61,554 | 62,564 | |||||||||
Net income per share Two-class method: | |||||||||||||
Basic | $ | 0.84 | $ | 0.80 | $ | 1.76 | $ | 1.73 | |||||
Diluted | $ | 0.83 | $ | 0.79 | $ | 1.75 | $ | 1.72 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | |||||||||
Feb. 28, 2015 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Schedule Of Options Fair Value Assumptions | ||||||||||
Twenty-Six Weeks Ended | ||||||||||
February 28, | March 1, | |||||||||
2015 | 2014 | |||||||||
Expected life (in years) | 3.9 | 3.9 | ||||||||
Risk-free interest rate | 1.09 | % | 0.93 | % | ||||||
Expected volatility | 24.49 | % | 26.59 | % | ||||||
Expected dividend yield | 1.70 | % | 1.70 | % | ||||||
Weighted-average grant-date fair value | $ | 14.06 | $ | 14.98 | ||||||
Summary Of Stock Options | ||||||||||
Options | Weighted-Average Exercise Price per Share | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||
Outstanding on August 30, 2014 | 1,186 | $ | 68.24 | |||||||
Granted | 421 | 83.02 | ||||||||
Exercised | -132 | 63.81 | ||||||||
Canceled/Forfeited | -42 | 78.97 | ||||||||
Outstanding on February 28, 2015 | 1,433 | $ | 72.68 | 4.92 | $ | 7,519 | ||||
Exercisable on February 28, 2015 | 574 | $ | 62.70 | 3.56 | $ | 6,672 | ||||
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 30, 2014 | 428 | $ | 68.67 | |||||||
Granted | 126 | 82.35 | ||||||||
Vested | -130 | 60.18 | ||||||||
Canceled/Forfeited | -8 | 75.49 | ||||||||
Non-vested restricted share awards at February 28, 2015 | 416 | $ | 75.44 | |||||||
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 30, 2014 | 199 | $ | 55.80 | |||||||
Granted | 10 | 78.58 | ||||||||
Vested | -138 | 51.68 | ||||||||
Canceled/Forfeited | — | — | ||||||||
Non-vested restricted stock unit awards at February 28, 2015 | 71 | $ | 57.33 | |||||||
Debt_And_Capital_Lease_Obligat1
Debt And Capital Lease Obligations (Tables) | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Debt And Capital Lease Obligations [Abstract] | |||||||
Schedule Of Debt | |||||||
February 28, | August 30, | ||||||
2015 | 2014 | ||||||
(Dollars in thousands) | |||||||
Credit Facility: | |||||||
Revolver | $ | 288,000 | $ | 70,000 | |||
Term loan | 225,000 | 237,500 | |||||
Capital lease and financing obligations | 28,772 | 29,564 | |||||
Total debt | $ | 541,772 | $ | 337,064 | |||
Less: current portion of Credit Facility | -313,000 | -95,000 | |||||
Less: current portion of capital lease and financing obligations | -1,338 | -1,829 | |||||
Long-term debt | $ | 227,434 | $ | 240,235 | |||
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | Mar. 01, 2014 |
Net Income Per Share [Abstract] | ||||
Net income as reported | $51,527 | $49,512 | $108,944 | $108,558 |
Less: Distributed net income available to participating securities | -115 | -116 | -1,348 | -248 |
Less: Undistributed net income available to participating securities | -182 | -221 | -514 | |
Undistributed and distributed net income available to common shareholders, basic | 51,230 | 49,175 | 107,596 | 107,796 |
Add: Undistributed net income allocated to participating securities | 182 | 221 | 514 | |
Less: Undistributed net income reallocated to participating securities | -182 | -220 | -512 | |
Undistributed and distributed net income available to common shareholders, diluted | $51,230 | $49,176 | $107,596 | $107,798 |
Weighted average shares outstanding for basic net income per share | 61,351 | 61,743 | 61,298 | 62,258 |
Effect of dilutive securities | 215 | 307 | 256 | 306 |
Weighted average shares outstanding for diluted net income per share | 61,566 | 62,050 | 61,554 | 62,564 |
Net income per share, Basic | $0.84 | $0.80 | $1.76 | $1.73 |
Net income per share, Diluted | $0.83 | $0.79 | $1.75 | $1.72 |
Antidilutive stock options | 748 | 0 | 748 | 392 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | Mar. 01, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $8,202 | $9,267 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,116 | 1,741 | 2,848 | 3,196 |
Stock-based compensation expense, tax benefit | 388 | 637 | 1,015 | 1,163 |
Unrecognized share-based compensation cost | 9,778 | 9,778 | ||
Unrecognized share-based compensation weighted average period | 1 year 10 months 24 days | |||
Total intrinsic value of options exercised | 2,330 | 9,113 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,762 | 2,753 | 4,529 | 4,990 |
Unrecognized share-based compensation cost | 19,857 | 19,857 | ||
Unrecognized share-based compensation weighted average period | 2 years 4 months 24 days | |||
Restricted Stock Unit Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 285 | 542 | 825 | 1,081 |
Unrecognized share-based compensation cost | $1,062 | $1,062 | ||
Unrecognized share-based compensation weighted average period | 1 year 10 months 24 days |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Options Fair Value Assumptions) (Details) (USD $) | 6 Months Ended | |
Feb. 28, 2015 | Mar. 01, 2014 | |
Stock-Based Compensation [Abstract] | ||
Expected life | 3 years 10 months 24 days | 3 years 10 months 24 days |
Risk-free interest rate | 1.09% | 0.93% |
Expected volatility | 24.49% | 26.59% |
Expected dividend yield | 1.70% | 1.70% |
Weighted-average grant-date fair value | $14.06 | $14.98 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options) (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 |
Stock-Based Compensation [Abstract] | |
Outstanding at beginning of year, Options | 1,186 |
Granted, Options | 421 |
Exercised, Options | -132 |
Canceled, Options | -42 |
Outstanding at end of period, Options | 1,433 |
Exercisable at end of period, Options | 574 |
Outstanding at beginning of year, Weighted-Average Exercise Price per Share | $68.24 |
Granted, Weighted-Average Exercise Price per Share | $83.02 |
Exercised, Weighted-Average Exercise Price per Share | $63.81 |
Canceled, Weighted-Average Exercise Price per Share | $78.97 |
Outstanding at end of period, Weighted-Average Exercise Price per Share | $72.68 |
Exercisable at end of period, Weighted-Average Exercise Price per Share | $62.70 |
Outstanding on February 28, 2015, Weighted-Average Remaining Contractual Term | 4 years 11 months 1 day |
Exercisable on February 28, 2015, Weighted-Average Remaining Contractual Term | 3 years 6 months 22 days |
Outstanding on February 28, 2015, Aggregate Intrinsic Value | $7,519 |
Exercisable on February 28, 2015, Aggregate Intrinsic Value | $6,672 |
StockBased_Compensation_NonVes
Stock-Based Compensation (Non-Vested Restricted Share Award Activity) (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 |
Restricted Stock [Member] | 2005 Omnibus Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested restricted share awards, beginning, Shares | 428 |
Granted, Shares | 126 |
Vested, Shares | -130 |
Canceled/Forfeited, Shares | -8 |
Non-vested restricted share awards, ending, Shares | 416 |
Non-vested restricted share awards, beginning, Weighted-Average Grant-Date Fair Value | $68.67 |
Granted, Weighted-Average Grant-Date Fair Value | $82.35 |
Vested, Weighted-Average Grant-Date Fair Value | $60.18 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | $75.49 |
Non-vested restricted share awards, ending, Weighted-Average Grant-Date Fair Value | $75.44 |
Restricted Stock Unit Agreement [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested restricted share awards, beginning, Shares | 199 |
Granted, Shares | 10 |
Vested, Shares | -138 |
Canceled/Forfeited, Shares | |
Non-vested restricted share awards, ending, Shares | 71 |
Non-vested restricted share awards, beginning, Weighted-Average Grant-Date Fair Value | $55.80 |
Granted, Weighted-Average Grant-Date Fair Value | $78.58 |
Vested, Weighted-Average Grant-Date Fair Value | $51.68 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | |
Non-vested restricted share awards, ending, Weighted-Average Grant-Date Fair Value | $57.33 |
Fair_Value_Details
Fair Value (Details) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Taxable bond | $27,023 | |
Fair Value on non-financial assets or liabilities on non-recurring basis | $0 | $0 |
Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate on bonds | 2.40% |
Debt_And_Capital_Lease_Obligat2
Debt And Capital Lease Obligations (Credit Facility) (Narrative) (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Apr. 22, 2013 |
Debt Instrument [Line Items] | |||
Borrowings under Credit Facility | $298,000 | $50,000 | |
Repayments of debt | 92,500 | 16,250 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing rate under Credit Facility | 1.31% | ||
Repayments of debt | 80,000 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of debt | 12,500 | ||
New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 650,000 | ||
Maturity date | 1-Apr-18 | ||
Available increase in amount borrowed | 200,000 | ||
Maximum consolidated leverage ratio of total indebtedness to EBITDA | 3 | ||
Minimum consolidated interest coverage ratio of EBITDA to total interest expense | 3 | ||
New Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 400,000 | ||
Credit facility, expiration term | 5 years | ||
New Credit Facility [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $250,000 | ||
Credit facility, expiration term | 5 years | ||
New Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Quarterly undrawn fee | 0.13% | ||
LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 1.00% | ||
LIBOR [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 1.13% | ||
Federal Funds Effective Rate [Member] | New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 0.50% | ||
Minimum [Member] | New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Quarterly undrawn fee | 0.10% | ||
Minimum [Member] | New Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Usage fee, percent | 1.00% | ||
Minimum [Member] | LIBOR [Member] | New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 1.00% | ||
Minimum [Member] | Leverage Ratio Margin [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 0.00% | ||
Maximum [Member] | New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Quarterly undrawn fee | 0.20% | ||
Maximum [Member] | New Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Usage fee, percent | 1.38% | ||
Maximum [Member] | LIBOR [Member] | New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 1.38% | ||
Maximum [Member] | Leverage Ratio Margin [Member] | |||
Debt Instrument [Line Items] | |||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 0.38% |
Debt_And_Capital_Lease_Obligat3
Debt And Capital Lease Obligations (Capital Lease And Finance Obligations) (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Aug. 30, 2014 |
Capital Leased Assets [Line Items] | |||
Amount due under capital leases and financing agreements | $28,772 | $29,564 | |
Capital leases and financing obligations for certain information technology equipment entered into | 530 | 254 | 1,353 |
Property and equipment acquired under capital leases and financing agreements | 33,853 | 33,505 | |
Property and equipment acquired under capital leases and financing agreements, accumulated amortization | 4,246 | 3,339 | |
Fulfillment Center [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital lease term | 20 years | ||
Amount due under capital leases and financing agreements | $27,023 | ||
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 |
Recovered_Sheet1
Debt and Capital Lease Obligations (Debt) (Details) (USD $) | Feb. 28, 2015 | Aug. 30, 2014 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Capital Lease Obligations | $28,772 | $29,564 |
Total Debt | 541,772 | 337,064 |
Less: current portion of Credit Facility | -313,000 | -95,000 |
Less: current portion of capital lease and financing obligations | -1,338 | -1,829 |
Long-term Debt | 227,434 | 240,235 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Facility | 288,000 | 70,000 |
Less: current portion of Credit Facility | -288,000 | -70,000 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Facility | $225,000 | $237,500 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Feb. 28, 2015 | Feb. 28, 2015 | Mar. 01, 2014 | Apr. 02, 2015 |
Components Of Shareholders Equity [Line Items] | |||||
Dividend payout | $234,871 | ||||
Payment of special cash dividend | 185,403 | ||||
Payments of regular cash dividends | 41,430 | 49,468 | 41,430 | ||
Purchase of treasury stock | 26,298 | ||||
Shares repurchased by the company for associates' tax withholding liability associated with share-based compensation | 110 | ||||
Subsequent Event [Member] | |||||
Components Of Shareholders Equity [Line Items] | |||||
Dividend declared, per share | $0.40 | ||||
Dividend payable date | 28-Apr-15 | ||||
Dividend record date | 14-Apr-15 | ||||
Dividend payout | 24,678 | ||||
Class A Common Stock [Member] | |||||
Components Of Shareholders Equity [Line Items] | |||||
Class A common stock shares repurchased | 342 | ||||
Class A Treasury Stock [Member] | |||||
Components Of Shareholders Equity [Line Items] | |||||
Maximum number of shares that may yet be repurchased | 1,843 | 1,843 | |||
Class A common stock shares repurchased | 342 | ||||
Purchase of treasury stock | $26,298 |
Product_Warranties_Details
Product Warranties (Details) | 6 Months Ended |
Feb. 28, 2015 | |
Minimum [Member] | |
Product warranties with original equipment manufacturers | 30 days |
Maximum [Member] | |
Warranty period | 1 year |
Product warranties with original equipment manufacturers | 90 days |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
Income Taxes [Abstract] | |
Change in unrecognized tax benefit | $0 |