Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 29, 2015 | Oct. 15, 2015 | Feb. 28, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Aug. 29, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MSC INDUSTRIAL DIRECT CO INC | ||
Entity Central Index Key | 1,003,078 | ||
Current Fiscal Year End Date | --08-29 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,471,671,271 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 48,366,309 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 13,295,747 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 38,267 | $ 47,154 |
Accounts receivable, net of allowance for doubtful accounts of $11,312 and $9,310, respectively | 403,468 | 382,784 |
Inventories | 506,631 | 449,814 |
Prepaid expenses and other current assets | 39,067 | 40,410 |
Deferred income taxes | 44,643 | 41,253 |
Total current assets | 1,032,076 | 961,415 |
Property, plant and equipment, net | 291,156 | 294,348 |
Goodwill | 623,626 | 629,335 |
Identifiable intangibles, net | 119,805 | 138,314 |
Other assets | 34,543 | 37,335 |
Total assets | 2,101,206 | 2,060,747 |
Current Liabilities: | ||
Revolving credit note | 213,000 | 95,000 |
Current maturities of long-term debt | 25,515 | 26,829 |
Accounts payable | 114,328 | 116,283 |
Accrued liabilities | 94,494 | 96,052 |
Total current liabilities | 422,337 | 309,164 |
Long-term debt, net of current maturities | 214,789 | 240,235 |
Deferred income taxes and tax uncertainties | 131,210 | 112,785 |
Total liabilities | $ 768,336 | $ 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 | $ 604,905 | $ 573,730 |
Retained earnings | 1,232,381 | 1,286,068 |
Accumulated other comprehensive loss | (17,252) | (5,054) |
Class A treasury stock, at cost, 8,037,696 and 7,657,386 shares, respectively | (487,233) | (456,250) |
Total shareholders' equity | 1,332,870 | 1,398,563 |
Total liabilities and shareholders' equity | 2,101,206 | 2,060,747 |
Revolving Credit Facility [Member] | ||
Current Liabilities: | ||
Revolving credit note | 188,000 | 70,000 |
Class A Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 56 | 56 |
Class B Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | $ 13 | $ 13 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 29, 2015 | Aug. 30, 2014 | |
Accounts receivable, allowance for doubtful accounts | $ 11,312 | $ 9,310 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 | 8,037,696 | 7,657,386 |
Class A Common Stock [Member] | ||
Common stock, voting rights | 1 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 56,400,070 | 55,980,199 |
Class B Common Stock [Member] | ||
Common stock, voting rights | 10 | |
Common stock, par value | $ 0.001 | $ 0.001 |
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 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Consolidated Statements Of Income [Abstract] | |||
Net sales | $ 2,910,379 | $ 2,787,122 | $ 2,457,649 |
Cost of goods sold | 1,593,804 | 1,500,866 | 1,339,133 |
Gross profit | 1,316,575 | 1,286,256 | 1,118,516 |
Operating expenses | 937,046 | 903,072 | 732,990 |
Income from operations | 379,529 | 383,184 | 385,526 |
Other (expense) income: | |||
Interest expense | (6,340) | (3,874) | (2,164) |
Interest income | 771 | 414 | 117 |
Other expense, net | (819) | (199) | (50) |
Total other expense | (6,388) | (3,659) | (2,097) |
Income before provision for income taxes | 373,141 | 379,525 | 383,429 |
Provision for income taxes | 141,833 | 143,458 | 145,434 |
Net income | $ 231,308 | $ 236,067 | $ 237,995 |
Net income per common share: | |||
Basic | $ 3.75 | $ 3.78 | $ 3.77 |
Diluted | $ 3.74 | $ 3.76 | $ 3.75 |
Weighted average shares used in computing net income per common share: | |||
Basic | 61,292 | 62,026 | 62,695 |
Diluted | 61,487 | 62,339 | 63,011 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income, as reported | $ 231,308 | $ 236,067 | $ 237,995 |
Foreign currency translation adjustments | (12,198) | (627) | (1,984) |
Comprehensive income | $ 219,110 | $ 235,440 | $ 236,011 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Restricted Stock [Member]Class A Common Stock [Member]Common Stock [Member] | Restricted Stock Units [Member]Class A Common Stock [Member]Common Stock [Member] | Restricted Stock Units [Member]Additional Paid-In Capital [Member] | Restricted Stock Units [Member] | Class A Common Stock [Member]Common Stock [Member] | Class A Common Stock [Member]Retained Earnings [Member] | Class A Common Stock [Member] | Class B Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member]Retained Earnings [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 |
Balance, Value at Sep. 01, 2012 | $ 53 | $ 16 | $ 483,682 | $ 970,965 | $ (2,443) | $ (265,162) | $ 1,187,111 | ||||||||
Balance, Shares at Sep. 01, 2012 | 52,582 | 15,560 | 5,342 | ||||||||||||
Exchange of Class B common stock for Class A common stock, Shares | 1,419 | (1,419) | |||||||||||||
Exchange of Class B common stock for Class A common stock, Value | $ 2 | $ (2) | |||||||||||||
Exercise of common stock options, including income tax benefits, Shares | 504 | ||||||||||||||
Exercise of common stock options, including income tax benefits, Value | 27,285 | 27,285 | |||||||||||||
Common stock issued under associate stock purchase plan, Shares | (53) | ||||||||||||||
Common stock issued under associate stock purchase plan, Value | 1,747 | $ 2,038 | 3,785 | ||||||||||||
Issuance of stock in relation to stock-based compensation plans, Value | $ 232 | $ 232 | |||||||||||||
Issuance of stock in relation to stock-based compensation plans, Shares | 129 | ||||||||||||||
Stock-based compensation | 15,824 | 15,824 | |||||||||||||
Purchase of treasury stock, Shares | 52 | ||||||||||||||
Purchase of treasury stock, Value | $ (3,773) | (3,773) | |||||||||||||
Cash dividends paid on common stock | $ (58,245) | $ (58,245) | $ (17,615) | $ (17,615) | |||||||||||
Issuance of dividend equivalent units | (232) | (232) | |||||||||||||
Foreign currency translation adjustments | (1,984) | (1,984) | |||||||||||||
Net income | 237,995 | 237,995 | |||||||||||||
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 | 845 | (845) | |||||||||||||
Exchange of Class B common stock for Class A common stock, Value | $ 1 | $ (1) | |||||||||||||
Exercise of common stock options, including income tax benefits, Shares | 402 | ||||||||||||||
Exercise of common stock options, including income tax benefits, Value | 26,020 | 26,020 | |||||||||||||
Common stock issued under associate stock purchase plan, Shares | (54) | ||||||||||||||
Common stock issued under associate stock purchase plan, Value | 1,992 | $ 2,006 | 3,998 | ||||||||||||
Issuance of stock in relation to stock-based compensation plans, Value | 260 | 260 | |||||||||||||
Issuance of stock in relation to stock-based compensation plans, Shares | 99 | ||||||||||||||
Stock-based compensation | 16,688 | 16,688 | |||||||||||||
Purchase of treasury stock, Shares | 2,370 | ||||||||||||||
Purchase of treasury stock, Value | $ (191,359) | (191,359) | |||||||||||||
Cash dividends paid on common stock | (64,393) | (64,393) | (18,214) | (18,214) | |||||||||||
Issuance of dividend equivalent units | (260) | (260) | |||||||||||||
Foreign currency translation adjustments | (627) | (627) | |||||||||||||
Net income | 236,067 | 236,067 | |||||||||||||
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 | 185 | ||||||||||||||
Exercise of common stock options, including income tax benefits, Value | 14,418 | 14,418 | |||||||||||||
Common stock issued under associate stock purchase plan, Shares | (63) | ||||||||||||||
Common stock issued under associate stock purchase plan, Value | 1,854 | $ 2,431 | 4,285 | ||||||||||||
Issuance of stock in relation to stock-based compensation plans, Value | $ 708 | $ 708 | |||||||||||||
Issuance of stock in relation to stock-based compensation plans, Shares | 97 | 138 | |||||||||||||
Stock-based compensation | 14,195 | 14,195 | |||||||||||||
Purchase of treasury stock, Shares | 444 | ||||||||||||||
Purchase of treasury stock, Value | $ (33,414) | (33,414) | |||||||||||||
Cash dividends paid on common stock | $ (223,071) | $ (223,071) | $ (61,160) | $ (61,160) | |||||||||||
Issuance of dividend equivalent units | (764) | (764) | |||||||||||||
Foreign currency translation adjustments | (12,198) | (12,198) | |||||||||||||
Net income | 231,308 | 231,308 | |||||||||||||
Balance, Value at Aug. 29, 2015 | $ 56 | $ 13 | $ 604,905 | $ 1,232,381 | $ (17,252) | $ (487,233) | $ 1,332,870 | ||||||||
Balance, Shares at Aug. 29, 2015 | 56,400 | 13,296 | 8,038 |
Consolidated Statement Of Shar7
Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Consolidated Statement Of Shareholders' Equity [Abstract] | |||
Exercise of common stock options, income tax benefits | $ 3,299 | $ 5,573 | $ 5,621 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income | $ 231,308 | $ 236,067 | $ 237,995 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 69,729 | 64,946 | 49,479 |
Stock-based compensation | 14,195 | 16,688 | 15,824 |
Loss on disposal of property, plant, and equipment | 1,453 | 2,361 | 941 |
Provision for doubtful accounts | 6,665 | 4,629 | 3,499 |
Deferred income taxes and tax uncertainties | 15,035 | 11,829 | 6,360 |
Excess tax benefits from stock-based compensation | (3,956) | (5,480) | (6,040) |
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 | (29,347) | (41,460) | (15,630) |
Inventories | (59,008) | (30,342) | 23,409 |
Prepaid expenses and other current assets | 1,268 | (6,319) | (1,619) |
Other assets | (1,354) | 1,857 | (1,784) |
Accounts payable and accrued liabilities | 3,803 | 17,630 | 12,409 |
Total adjustments | 18,483 | 36,339 | 87,442 |
Net cash provided by operating activities | 249,791 | 272,406 | 325,437 |
Cash Flows from Investing Activities: | |||
Expenditures for property, plant and equipment | (51,405) | (70,617) | (89,252) |
Investment in available for sale securities | (25,023) | ||
Cash used in business acquisitions, net of cash received | 1,434 | (548,769) | |
Net cash used in investing activities | (51,405) | (94,206) | (638,021) |
Cash Flows from Financing Activities: | |||
Purchases of treasury stock | (33,414) | (191,359) | (3,773) |
Payments of regular cash dividends | (98,828) | (82,607) | (75,860) |
Payment of special cash dividend | (185,403) | ||
Payments on capital lease and financing obligations | (2,290) | (1,851) | (1,300) |
Excess tax benefits from stock-based compensation | 3,956 | 5,480 | 6,040 |
Proceeds from sale of Class A common stock in connection with associate stock purchase plan | 4,285 | 3,998 | 3,785 |
Proceeds from exercise of Class A common stock options | 11,119 | 20,447 | 21,664 |
Borrowings under financing obligations | 530 | 1,353 | 1,417 |
Borrowings under Credit Facility | 336,000 | 135,000 | 370,000 |
Credit facility financing costs | (1,912) | ||
Payment of notes payable and revolving credit note under the Credit Facility | (243,000) | (77,500) | (120,000) |
Net cash (used in) provided by financing activities | (207,045) | (187,039) | 200,061 |
Effect of foreign exchange rate changes on cash and cash equivalents | (228) | 117 | (54) |
Net decrease in cash and cash equivalents | (8,887) | (8,722) | (112,577) |
Cash and cash equivalents—beginning of year | 47,154 | 55,876 | 168,453 |
Cash and cash equivalents—end of year | 38,267 | 47,154 | 55,876 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for income taxes | 122,988 | 128,558 | 130,342 |
Cash paid for interest | $ 5,843 | $ 3,087 | $ 1,281 |
Business
Business | 12 Months Ended |
Aug. 29, 2015 | |
Business [Abstract] | |
Business | 1. BUSINESS MSC Industrial Direct Co., Inc. (together with its subsidiaries, the “Company” or “MSC”) is a distributor of metalworking and maintenance, repair and operations (“MRO”) supplies with co-located headquarters in Melville, New York and Davidson, North Carolina. The Company has an additional office support center in Southfield, Michigan and serves primarily domestic markets through its distribution network of 98 branch offices and 12 customer fulfillment centers. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Aug. 29, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of MSC and its subsidiaries, all of which are wholly owned. 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. Fiscal Year The Company’s fiscal year is on a 52 or 53 week basis, ending on the Saturday closest to August 31 st of each year. The financial statements for fiscal years 2015 , 2014 and 2013 contain activity for 52 weeks. Unless the context requires otherwise, references to years contained herein pertain to the Company’s fiscal year. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used in preparing the accompanying consolidated financial statements. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. Concentrations of Credit Risk The Company’s mix of receivables is diverse, with approximately 366,000 active customer accounts (customers that have made at least one purchase in the last 12 months) at August 29, 2015 (excluding U.K. operations). The Company sells its products primarily to end-users. The Company’s customer base represents many diverse industries primarily concentrated in the United States. The Company performs periodic credit evaluations of its customers’ financial condition and collateral is generally not required. Receivables are generally due within 30 days. The Company evaluates the collectability of accounts receivable based on numerous factors, including past transaction history with customers and their credit worthiness and provides a reserve for accounts that are potentially uncollectible. The Company’s cash and cash equivalents include deposits with commercial banks and investments in money market funds. The Company maintains the majority of its cash and invests its cash equivalents with high quality financial institutions. Deposits held with banks may exceed insurance limits. While MSC monitors the creditworthiness of these commercial banks and financial institutions, a crisis in the United States financial systems could limit access to funds and/or result in a loss of principal. The terms of these deposits and investments provide that all monies are available to the Company upon demand. Allowance for Doubtful Accounts The Company establishes reserves for customer accounts that are deemed uncollectible. The method used to estimate the allowances is based on several factors, including the age of the receivables and the historical ratio of actual write-offs to the age of the receivables. These analyses also take into consideration economic conditions that may have an impact on a specific industry, group of customers or a specific customer. While the Company has a broad customer base, representing many diverse industries primarily in all regions of the United States, a general economic downturn could result in higher than expected defaults, and therefore, the need to revise estimates for bad debts. Inventory Valuation Inventories consist of merchandise held for resale and are stated at the lower of weighted average cost or market. The Company evaluates the recoverability of our slow-moving or obsolete inventories quarterly. The Company estimates the recoverable cost of such inventory by product type while considering such factors as its age, historic and current demand trends, the physical condition of the inventory, as well as assumptions regarding future demand. The Company’s ability to recover its cost for slow-moving or obsolete inventory can be affected by such factors as general market conditions, future customer demand, and relationships with suppliers. Substantially all of the Company’s inventories have demonstrated long shelf lives and are not highly susceptible to obsolescence. In addition, many of the Company’s inventories are eligible for return under various supplier rebate programs. Property, Plant and Equipment Property, plant and equipment and capitalized computer software are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred; costs of major renewals and improvements are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts and the profit or loss on such disposition is reflected in income. Depreciation and amortization of property, plant and equipment are computed for financial reporting purposes on the straight-line method based on the estimated useful lives of the assets. Leasehold improvements are amortized over either their respective lease terms or their estimated lives, whichever is shorter. Estimated useful lives range from three to forty years for leasehold improvements and buildings and three to twenty years for furniture, fixtures, and equipment. Capitalized computer software costs are amortized using the straight-line method over the estimated useful life. These costs include purchased software packages, payments to vendors and consultants for the development, implementation or modification of purchased software packages for Company use, and payroll and related costs for employees associated with internal-use software projects. Capitalized computer software costs are included within property, plant and equipment on the Company’s consolidated balance sheets. Goodwill and Other Intangible Assets The Company’s business acquisitions typically result in the recording of goodwill and other intangible assets, which affect the amount of amortization expense and possibly impairment write-downs that the Company may incur in future periods. Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired in connection with business acquisitions. Goodwill decreased $5,709 in fiscal 2015 , related to foreign currency translation adjustments. The Company annually reviews goodwill and intangible assets that have indefinite lives for impairment in its fiscal fourth quarter and when events or changes in circumstances indicate the carrying values of these assets might exceed their current fair values. Goodwill and indefinite-lived intangible assets are tested for impairment by first evaluating qualitative factors to determine whether it is more likely than not that the fair value of goodwill and indefinite-lived intangible assets are less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed quantitative impairment test. Otherwise, the quantitative impairment test is not required. Based on the qualitative assessment of goodwill performed by the Company in its fiscal fourth quarter, there was no indicator of impairment of goodwill for fiscal years 2015 , 2014 and 2013 . Based on the qualitative assessment of intangible assets that have indefinite lives performed by the Company in its fiscal fourth quarters of 2015 and 2014 and the quantitative assessment performed by the Company in its fiscal fourth quarter of 2013 , there were no indicators of impairment of intangible assets that have indefinite lives. The components of the Company’s other intangible assets for the fiscal years ended August 29, 2015 and August 30, 2014 are as follows: For the Fiscal Years Ended August 29, 2015 August 30, 2014 Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Relationships - 18 $ $ $ $ Non-Compete Agreements - 3 — — Contract Rights 10 Trademark - 5 Trademarks Indefinite — — Total $ $ $ $ For fiscal years 2015 and 2014 the Company recorded approximately $212 and $259 of intangible assets, respectively, consisting of the registration and application of new trademarks. The Company’s amortizable intangible assets are recorded on a straight-line basis, including customer relationships, as it approximates customer attrition patterns and best estimates the use pattern of the asset. Amortization expense of the Company’s intangible assets was $16,580 , $16,851 , and $13,059 during fiscal years 2015 , 2014 , and 2013 , respectively. Estimated amortization expense for each of the five succeeding fiscal years is as follows: Fiscal Year 2016 $ 14,304 2017 2018 2019 2020 Impairment of Long-Lived Assets The Company periodically evaluates the net realizable value of long-lived assets, including definite lived intangible assets and property and equipment, relying on a number of factors, including operating results, business plans, economic projections, and anticipated future cash flows. Impairment is assessed by evaluating the estimated undiscounted cash flows over the asset’s remaining life. If estimated cash flows are insufficient to recover the investment, an impairment loss is recognized. No impairment loss was required to be recorded by the Company during fiscal years 2015 , 2014 and 2013 . Deferred Catalog Costs The costs of producing and distributing the Company’s principal catalogs are deferred ( $ 4,948 and $7,237 at August 29, 2015 and August 30, 2014 , respectively) and included in other assets in the Company’s consolidated balance sheets. These costs are charged to expense over the period that the catalogs remain the most current source of sales, which is typically one year or less. The costs associated with brochures and catalog supplements are charged to expense as distributed. The total amount of advertising costs, net of co-operative advertising income from vendor sponsored programs, included in operating expenses in the consolidated statements of income, was approximately $24,101 , $20,799 and $11,505 during the fiscal years 2015 , 2014 , and 2013 , respectively. Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. In most cases, these conditions are met when the product is shipped to the customer or services have been rendered. The Company reports its sales net of the amount of actual sales returns and the amount of reserves established for anticipated sales returns based upon historical return rates. Sales tax collected from customers is excluded from net sales in the accompanying consolidated statements of income. Vendor Consideration The Company records cash consideration received for advertising costs incurred to sell the vendor’s products as a reduction of the Company’s advertising costs and is reflected in operating expenses in the consolidated statements of income. In addition, the Company receives volume rebates from certain vendors based on contractual arrangements with such vendors. Rebates received from these vendors are recognized as a reduction to the cost of goods sold in the consolidated statements of income when the inventory is sold. 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 has been minimal. Shipping and Handling Costs The Company includes shipping and handling fees billed to customers in net sales and shipping and handling costs associated with outbound freight in operating expenses in the accompanying consolidated statements of income. The shipping and handling costs in operating expenses were approximately $123,900 , $119,796 , and $105,150 during fiscal years 2015 , 2014 , and 2013 , respectively. Self-Insurance The Company has a self-insured group health plan. The Company is responsible for all covered claims to a maximum liability of $ 550 per participant, after meeting a one-time $150 aggregating specific deductible during a September 1 plan year. Benefits paid in excess of $ 550 are reimbursed to the plan under the Company’s stop loss policy. The Company estimates its reserve for all unpaid medical claims including those incurred but not reported based on historical analysis of claim trends, reporting and processing lag times and medical costs, adjusted as necessary based on management’s reasoned judgment. Group health plan expense for fiscal years 2015 , 2014 and 2013 was approximately $67,061 , $61,018 , and $48,249 , respectively. Stock-Based Compensation In accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation — Stock Compensation” (“ASC 718”), the Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of income. The Company uses the Black-Scholes option pricing model to determine the grant date fair value and recognizes compensation expense on a straight-line basis over the associate’s vesting period or to the associate’s retirement eligible date, if earlier. The stock-based compensation expense related to stock option plans and the Associate Stock Purchase Plan included in operating expenses for fiscal years 2015 , 2014 and 2013 was $4,951 , $5,623 and $5,387 , respectively. Tax benefits related to this expense for fiscal years 2015 , 2014 and 2013 were $1,753 , $2,023 and $1,951 , respectively. The Company grants Non-Qualified Stock Options, which allow the tax benefit to be recorded as options are expensed. The stock-based compensation expense related to non-vested restricted share awards included in operating expenses was $8,139 , $8,898 and $8,309 for the fiscal years 2015 , 2014 , and 2013 respectively. Tax benefits related to this expense for fiscal years 2015 , 2014 and 2013 were $3,093 , $3,381 and $3,157 , respectively. The stock-based compensation expense related to restricted stock unit awards included in operating expenses was $1,105 , $2,167 and $2,128 for the fiscal years 2015 , 2014 and 2013 , respectively. Tax benefits related to this expense for fiscal years 2015 , 2014 and 2013 were $420 , $823 and $809 , respectively. Related Party Transactions The Company is currently affiliated with one real estate entity (the “Affiliate”). The Affiliate is owned by our principal shareholders (Mitchell Jacobson, our Chairman, and his sister, Marjorie Gershwind Fiverson, and by their family related trusts) . The Company leases a customer fulfillment center located near Atlanta, Georgia from its Affiliate. Monthly rental payments range from approximately $196 to $218 over the remaining lease term. See Note 13 for a discussion of leases. Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash, receivables, accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments. 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 taxable bonds are estimated based on observable inputs in non-active markets. Under this method, the Company’s fair value of the taxable bonds was not significantly different than the carrying value at August 29, 2015 and August 30, 2014. The fair value of the Company’s long-term debt, including current maturities are 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. Under this method, the Company’s fair value of any long-term obligations was not significantly different than the carrying values at August 29, 2015 and August 30, 2014 . Foreign Currency The local currency is the functional currency for all of MSC’s operations outside the United States. Assets and liabilities of these operations are translated to U.S. dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive income within shareholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. Income Taxes The Company has established deferred income tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled pursuant to the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”), which prescribes a comprehensive model for the financial statement recognition, measurement, classification, and disclosure of uncertain tax positions. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amounts of unrecognized tax benefits, exclusive of interest and penalties that would affect the effective tax rate were $4,693 and $4,573 as of August 29, 2015 and August 30, 2014 , respectively. Comprehensive Income Comprehensive income consists of consolidated net income and foreign currency translation adjustments. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. Geographic Regions The Company’s sales and assets are predominantly generated from United States locations. Sales and assets related to the United Kingdom (the “U.K.”), Mexico and Canada branches are not significant to the Company’s total operations. For fiscal 2015 , U.K., Mexico and Canadian operations represented approximately 3% of the Company’s consolidated net sales. Segment Reporting The Company utilizes the management approach for segment disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of our reportable segments. The Company’s results of operations are reviewed by the Chief Executive Officer on a consolidated basis and the Company operates in only one segment. Substantially all of the Company’s revenues and long-lived assets are in the United States. New Accounting Pronouncements Simplifying the Measurement of Inventory In July 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-11, Simplifying the Measurement of Inventory ( Topic 330), which requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. For public entities, the updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect adoption of ASU 2015-11 to have a material impact on its financial position, results of operations or cash flows. Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ( Subtopic 835-30), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The Company does not expect adoption of ASU 2015-03 to 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 2019 first quarter. Early application is 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. Reclassifications Certain prior year amounts have been reclassified to conform to the fiscal 2015 presentation. These reclassifications did not have a material impact on the presentation of the consolidated financial statements. |
Fair Value
Fair Value | 12 Months Ended |
Aug. 29, 2015 | |
Fair Value [Abstract] | |
Fair Value | 3. 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 August 29, 2015 , the Company did no t have any cash equivalents. As of August 30, 2014 , the Company measured cash equivalents consisting of money market funds and that invest primarily in United States government and government agency securities and municipal bond securities at fair value on a recurring basis for which market prices are readily available (Level 1), which aggregated $2,263 . 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 allows for MSC to purchase taxable bonds from the Finance Authority in order to finance the structure and site improvements of the Company’s customer fulfillment center. The taxable bonds were approximately $27,023 at August 29, 2015 and August 30, 2014 . The taxable bonds are classified as available for sale securities in accordance with ASC Topic 320. The securities are recorded at their estimated fair value in the Company’s consolidated balance sheets. 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 fiscal year 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 August 29, 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 August 29, 2015 and August 30, 2014 due to the short-term maturity of these items. During the fiscal years ended August 29, 2015 and August 30, 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. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Aug. 29, 2015 | |
Net Income Per Share [Abstract] | |
Net Income Per Share | 4. 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 ASC 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. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the fiscal years ended August 29, 2015 , August 30, 2014 and August 31, 2013 , respectively : For the Fiscal Years Ended August 29, August 30, August 31, 2015 2014 2013 (52 weeks) (52 weeks) (52 weeks) Net income as reported $ $ $ Less: Distributed net income available to participating securities Less: Undistributed net income available to participating securities — Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ $ $ Add: Undistributed net income allocated to participating securities — Less: Undistributed net income reallocated to participating securities — Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ $ $ Denominator: Weighted average shares outstanding for basic net income per share Effect of dilutive securities Weighted average shares outstanding for diluted net income per share Net income per share Two-class method: Basic $ $ $ Diluted $ $ $ Antidilutive stock options of 678 were not included in the computation of diluted earnings per share for the fiscal year ended August 29, 2015. There were no antidilutive stock options included in the computation of diluted earnings per share for the fiscal years ended August 30, 2014 and August 31, 2013 . |
Business Combinations
Business Combinations | 12 Months Ended |
Aug. 29, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 5. BUSINESS COMBINATIONS On April 22, 2013, the Company acquired substantially all of the assets and assumed certain liabilities of the Class C Solutions Group from Barnes Group, pursuant to the terms of the Asset Purchase Agreement, dated February 22, 2013, between the Company and Barnes Group. In connection with the acquisition, the total cash consideration the Company paid to Barnes Group was $547,335 which is net of a post-closing working capital adjustment in the amount of $1,434 that was received by the Company in September 2013. The acquisition was funded by borrowings under the Company’s unsecured credit facility (described in Note 10 below), which was closed simultaneously with the acquisition, and the remaining portion of the purchase price was funded from available cash reserves. Class C Solutions Group is a leading distributor of fasteners and other high margin, low cost consumables with a broad distribution footprint throughout the U.S. and Canada. Class C Solutions Group has a strong presence with customers across manufacturing, government, transportation and natural resources end-markets. Class C Solutions Group specializes in lowering the total cost of its customers’ inventory management through storeroom organization and vendor managed inventory (or VMI). With this acquisition, the Company added a highly complementary provider of fasteners and other high margin consumable products and services (often referred to as “Class C” items) with an experienced field sales force and VMI solution. With the integration of the two businesses, the Company has the opportunity to bring our MRO offering to Class C Solutions Group’s customers, and Class C Solutions Group’s Class C product offering and VMI system to MSC’s customers. The acquisition of Class C Solutions Group was accounted for as a business purchase pursuant to ASC Topic 805, “Business Combinations” (“ASC 805”). The results of operations for Class C Solutions Group have been included in our consolidated financial statements since the date of acquisition. |
Restructuring And Other Charges
Restructuring And Other Charges | 12 Months Ended |
Aug. 29, 2015 | |
Restructuring And Other Charges [Abstract] | |
Restructuring And Other Charges | 6. RESTRUCTURING AND OTHER CHARGES As a result of the Class C Solutions Group acquisition, the Company had incurred restructuring charges associated with associate severance costs, stay bonuses, and the impairment of long-lived assets due to the closure of facilities. No liabilities remain in the consolidated balance sheet relating to the restructuring activities as of August 29, 2015. Activity for the fiscal year ended August 29, 2015 consists of the following: Workforce Reductions Facility Closings Total Accrued restructuring balance, August 30, 2014 $ $ $ Charged to operating expenses Cash payments Accrued restructuring balance, August 29, 2015 $ — $ — $ — |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Aug. 29, 2015 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | 7. PROPERTY, PLANT AND EQUIPMENT The following is a summary of property, plant and equipment and the estimated useful lives used in the computation of depreciation and amortization: August 29, August 30, Number of Years 2015 2014 Land — $ $ Building and improvements - 40 Leasehold improvements The lesser of lease term or 31.5 Furniture, fixtures and equipment - 20 Automobiles 5 — Computer systems, equipment and software - 5 Less: accumulated depreciation and amortization Total $ $ The amount of capitalized interest, net of accumulated amortization, included in property, plant and equipment was $847 and $889 at August 29, 2015 and August 30, 2014 , respectively. Depreciation expense was $52,799 , $47,729 and $36,169 for the fiscal years ended August 29, 2015 , August 30, 2014 , and August 31, 2013 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 29, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 8. INCOME TAXES The provision for income taxes is comprised of the following: For the Fiscal Years Ended August 29, August 30, August 31, 2015 2014 2013 Current: Federal $ $ $ State and local Deferred: Federal State and local Total $ $ $ Significant components of deferred tax assets and liabilities are as follows: August 29, August 30, 2015 2014 Deferred tax liabilities: Depreciation $ $ Deferred catalog costs Goodwill Deferred tax assets: Accounts receivable Inventory Deferred compensation Stock based compensation Intangible amortization Other Net Deferred Tax Liabilities $ $ Reconciliation of the statutory Federal income tax rate to the Company’s effective tax rate is as follows: For the Fiscal Years Ended August 29, August 30, August 31, 2015 2014 2013 U.S. Federal statutory rate % % % State income taxes, net of Federal benefit Other, net Effective income tax rate % % % The aggregate changes in the balance of gross unrecognized tax benefits during fiscal 2015 and 2014 were as follows: August 29, August 30, 2015 2014 Beginning Balance $ $ Additions for tax positions relating to current year Additions for tax positions relating to prior years — Reductions for tax positions relating to prior years — Settlements — Lapse of statute of limitations Ending Balance $ $ Included in the balance of unrecognized tax benefits at August 29, 2015 is $1,383 related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. This amount represents a decrease in unrecognized tax benefits comprised primarily of items related to expiring statutes of limitations in state jurisdictions. The Company recognizes interest expense and penalties in the provision for income taxes. The fiscal years 2015 , 2014 and 2013 provisions include interest and penalties of $19 , $0 and $92 , respectively. The Company has accrued $ 163 and $166 for interest and penalties as of August 29, 2015 and August 30, 2014 , respectively. With limited exceptions, the Company is no longer subject to Federal income tax examinations through fiscal 2013 and state income tax examinations through fiscal 2011 . |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Aug. 29, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 9. ACCRUED LIABILITIES Accrued liabilities consist of the following: August 29, August 30, 2015 2014 Accrued payroll and fringe $ $ Accrued bonus Accrued sales, property and income taxes Accrued sales rebates and returns Accrued other Total accrued liabilities $ $ |
Debt And Capital Lease Obligati
Debt And Capital Lease Obligations | 12 Months Ended |
Aug. 29, 2015 | |
Debt And Capital Lease Obligations [Abstract] | |
Debt And Capital Lease Obligations | 10. DEBT AND CAPITAL LEASE OBLIGATIONS Debt at August 29, 2015 and August 30, 2014 consisted of the following: August 29, August 30, 2015 2014 Credit Facility: Revolver $ $ Term loan Capital lease and financing obligations Total debt $ $ Less: current portion of Credit Facility Less: current portion of capital lease and financing obligations Long-term debt $ $ Credit Facility In April 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 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 August 29, 2015 was 1.33% , which represented 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 fiscal 2015 , the Company borrowed $336,000 under the revolving loan facility and repaid $218,000 and $25,000 of the revolving loan facility and term loan facility, respectively. During fiscal 2014 , the Company borrowed $135,000 under the revolving loan facility and repaid $65,000 and $12,500 of the revolving loan facility and term loan facility, respectively . At August 29, 2015 and August 30, 2014 , the Company was in compliance with the operating and financial covenants of the Credit Facility. Maturities of the Credit Facility as of August 29, 2015 are as follows: Maturities of Fiscal Year Credit Facility 2016 $ 2017 2018 Total $ 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 August 29, 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 fiscal year ended August 29, 2015 , the Company entered into various financing obligations for certain information technology equipment totaling $530 . During the fiscal year ended August 30, 2014 , the Company entered into various capital leases and 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 August 29, 2015 and August 30, 2014 was approximately $32,535 and $33,505 , respectively. Related accumulated amortization totaled $4,815 and $3,339 as of August 29, 2015 and August 30, 2014 , respectively. There was no non-cash financing activity relat ed to capital leases for fiscal 2015 . The non-cash financing activity relat ed to capital leases for fiscal 2014 was $25,023 . Amortization expense of property and equipment acquired under these capital leases and financing arrangements was approximately $2,486 for the fiscal year ended 2015. At August 29, 2015 , approximate future minimum payments under capital leases and financing arrangements are as follows: Fiscal Year Payments under capital leases and financing arrangements 2016 $ 2017 2018 2019 2020 and beyond Total minimum lease payments $ Less: amount representing interest Present value of minimum lease payments $ Less: current portion Long-term capital leases and financing arrangements $ |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Aug. 29, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11. SHAREHOLDERS’ EQUITY Treasury Stock Purchases During fiscal 1999, the Board of Directors established the MSC Stock Repurchase Plan (the “Repurchase Plan”). On October 21, 2011, the Board of Directors reaffirmed and replenished the Repurchase Plan so that the total number of shares of Class A common stock authorized for future repurchase was 5,000 shares. As of August 29, 2015 , the maximum number of shares that may yet be repurchased under the Repurchase Plan was 1,743 shares. The Repurchase Plan 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 fiscal 2015 and fiscal 2014 , the Company repurchased 444 shares and 2,370 shares, respectively, of its Class A common stock for $33,414 and $191,359 , respectively. Approximately 112 and 60 of these shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based com pensation program during fiscal 2015 and fisc al 2014 , respectively. The Company accounts for treasury stock under the cost method, using the first-in, first-out flow assumption, and includes treasury stock as a component of stockholders’ equity in the accompanying consolidated financial statements. The Company reissued approximately 63 and 54 shares of treasury stock during fiscal 2015 and fiscal 2014 , respectively, to fund the Associate Stock Purchase Plan (See Note 12). Common Stock Each holder of the Company’s Class A common stock is entitled to one vote for each share held of record on the applicable record date on all matters presented to a vote of shareholders, including the election of directors. The holders of Class B common stock are entitled to ten votes per share on the applicable record date and are entitled to vote, together with the holders of the Class A common stock, on all matters which are subject to shareholder approval. Holders of Class A common stock and Class B common stock have no cumulative voting rights or preemptive rights to purchase or subscribe for any stock or other securities and there are no redemption or sinking fund provisions with respect to such stock. The holders of the Company’s Class B common stock have the right to convert their shares of Class B common stock into shares of Class A common stock at their election and on a one-to-one basis, and all shares of Class B common stock convert into shares of Class A common stock on a one to-one basis upon the sale or transfer of such shares of Class B common stock to any person who is not a member of the Jacobson or Gershwind families or any trust not established principally for members of the Jacobson or Gershwind families or to any person who is not an executor, administrator or personal representative of an estate of a member of the Jacobson or Gershwind families. Preferred Stock The Company has authorized 5,000 shares of preferred stock. The Company’s Board of Directors has the authority to issue the shares of preferred stock. Shares of preferred stock may have priority over the Company’s Class A common stock and Class B common stock with respect to dividend or liquidation rights, or both. As of August 29, 2015 , there were no shares of preferred stock issued or outstanding . Cash Dividend On July 10, 2003, the Board of Directors instituted a policy of regular quarterly cash dividends to shareholders. This policy is reviewed regularly by the Board of Directors. On October 21, 2015 , the Board of Directors declared a quarterly cash dividend of $0.43 per share, payable on November 24, 2015 to shareholders of record at the close of business on November 10 , 2015 . The dividend will result in a payout of approximately $26,515 , based on the number of shares outstanding at October 15, 2015. |
Associate Benefit Plans
Associate Benefit Plans | 12 Months Ended |
Aug. 29, 2015 | |
Associate Benefit Plans [Abstract] | |
Associate Benefit Plans | 12. ASSOCIATE BENEFIT PLANS Stock Compensation Plans 2015 Omnibus Incentive Plan At the Company’s annual meeting of shareholders held on January 15, 2015, the shareholders approved the MSC Industrial Direct Co., Inc. 2015 Omnibus Incentive Plan (“2015 Omnibus Plan”). The 2015 Omnibus Plan replaced the Company’s 2005 Omnibus Incentive Plan (the “Prior Plan”) and beginning January 15, 2015, all awards are granted under the 2015 Omnibus Plan. Awards under the 2015 Omnibus Plan may be made in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, other share-based awards, and performance cash, performance shares or performance units. All outstanding awards under the Prior Plan will continue to be governed by the terms of the Prior Plan. Upon approval of the 2015 Omnibus Plan, the maximum aggregate number of shares of common stock authorized to be issued under the 2015 Omnibus Plan was 5,217 shares. Stock Options A summary of the status of the Company’s stock options at August 29, 2015 and changes during the fiscal year then ended is presented in the table and narrative below: 2015 Shares Weighted-Average Exercise Price Outstanding - beginning of year $ Granted Exercised Canceled/Forfeited Outstanding - end of year $ Exercisable - end of year $ The total intrinsic value of options exercised during the fiscal years ended August 29, 2015 , August 30, 2014 and August 31, 2013 was $3,390 , $13,988 , and $16,402 , respectively. The unrecognized share-based compensation cost related to stock option expense at August 29, 2015 was $7,281 and will be recognized over a weighted average of 1.7 years. T he fair value of each option grant for the fiscal years ended August 29, 2015 , August 30, 2014 and August 31, 2013 is estimated on the date of grant using the Black ‑Scholes option pricing model with the following assumptions: 2015 2014 2013 Expected life (in years) Risk-free interest rate % % % Expected volatility % % % Expected dividend yield % % % Weighted-Average Grant-Date Fair Value $ $ $ The risk-free interest rate represents the United States Treasury Bond constant maturity yield approximating the expected option life of stock options granted during the period. The expected option life represents the period of time that the stock options granted during the period are expected to be outstanding, based on the mid-point between the weighted time-to-vesting and the contractual expiration date of the option. The expected volatility is based on the historical market price volatility of the Company’s common stock for the expected term of the options. The following table summarizes information about stock options outstanding and exercisable at August 29, 2015 : Range of Exercise Prices Number of Options Outstanding at August 29, 2015 Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Intrinsic Value Number of Options Exercisable at August 29, 2015 Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Intrinsic Value $38.07 – $44.17 $ $ $ $ 44.18 – 66.69 66.70 – 73.71 — — 73.72 – 83.03 — — $ $ $ $ Restricted Stock Awards A summary of the non-vested restricted share awards (“RSA”) granted under the Company’s incentive plans for the fiscal year ended August 29, 2015 is as follows: 2015 Shares Weighted-Average Grant-Date Fair Value Non-vested restricted share awards at the beginning of the year $ Granted Vested Canceled/Forfeited Non-vested restricted share awards at the end of the year $ The fair value of each RSA is the closing stock price on the New York Stock Exchange of the Company’s Class A common stock on the date of grant. Upon vesting, a portion of the RSA may be withheld to satisfy the minimum statutory withholding taxes. The remaining RSAs will be settled in shares of the Company’s Class A common stock after the vesting period. The fair value of shares vested during the fiscal years ended August 29, 2015 , August 30, 2014 and August 31, 2013 was $8,107 , $14,214 and $11,373 , respectively. The unrecognized compensation cost related to the non-vested RSAs at August 29, 2015 is $16,140 and will be recognized over a weighted-average period of 2.2 years. Restricted Stock Units A summary of the Company’s non-vested restricted stock unit (“RSU”) award activity for the fiscal year ended August 29, 2015 is as follows: 2015 Shares Weighted-Average Grant-Date Fair Value Non-vested restricted stock unit awards at the beginning of the year $ Granted Vested Canceled/Forfeited — — Non-vested restricted stock unit awards at the end of the year $ The fair value of each RSU is the closing stock price on the New York Stock Exchange of the Company’s Class A common stock on the date of grant. Upon vesting, a portion of the RSU award may be withheld to satisfy the minimum statutory withholding taxes. The remaining RSUs will be settled in shares of the Company’s Class A common stock after the vesting period. These awards accrue dividend equivalents on outstanding units (in the form of additional stock units) based on dividends declared on the Company’s Class A common stock and these additional RSUs are subject to the same vesting periods as the RSUs in the underlying award. The dividend equivalents are not included in the RSU table above. The unrecognized compensation cost related to the RSUs at August 29, 2015 was $786 and is expected to be recognized over a period of 1.5 years. Associate Stock Purchase Plan The Company has established a qualified Associate Stock Purchase Plan, the terms of which allow for eligible associates (as defined in the Associate Stock Purchase Plan) to participate in the purchase of up to a maximum of 5 shares of the Company’s Class A common stock at a price equal to 90% of the closing price at the end of each stock purchase period. On January 7, 2009, the shareholders of the Company approved an increase to the authorized but unissued shares of the Class A common stock of the Company reserved for sale under the Associate Stock Purchase Plan from 800 to 1,150 shares. On January 15, 2015, the shareholders of the Company approved an increase to the authorized but unissued shares of the Class A common stock of the Company reserved for sale under the Associate Stock Purchase Plan from 1,150 to 1,500 shares. As of August 29, 2015, approximately 303 shares remain reserved for issuance under this plan. Associates purchased approximately 63 and 54 shares of common stock during fiscal 2015 and 2014 at an average per share price of $66.96 and $75.74 , respectively. Savings Plan The Company maintains a defined contribution plan with both a profit sharing feature and a 401(k) feature which covers all associates who have completed at least one month of service with the Company. For fiscal years 2015 , 2014 , and 2013 , the Company contributed $6,665 , $6,174 and $5,243 , respectively, to the plan. The Company contributions are discretionary. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Aug. 29, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES Leases Certain of the operations of the Company are conducted on leased premises, one of which is leased from an entity affiliated with Mitchell Jacobson, the Company’s Chairman, Marjorie Gershwind Fiverson, Mr. Jacobson’s sister, and by their family related trusts. The leases (most of which require the Company to provide for the payment of real estate taxes, insurance and other operating costs) are for varying periods, the longest extending to the year 2030 . Some of the leased premises contain multiple renewal provisions, exercisable at the Company’s option, as well as escalation clauses. In addition, the Company is obligated under certain equipment and automobile operating leases, which expire on varying dates through 2019 . At August 29, 2015 , approximate minimum annual rentals on all such leases are as follows: Fiscal Year Total (Including Related Party Commitments) Related Party Commitments 2016 $ $ 2017 2018 2019 2020 Thereafter Total $ $ Total rental expense (exclusive of real estate taxes, insurance and other operating costs) for all operating leases for fiscal years 2015 , 2014 and 2013 was approximately $14,504 , $16,329 and $13,243 , respectively, including approximately $2,401 , $2,297 and $2,293 , respectively, paid to a related party. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Aug. 29, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 14. 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. |
Summary Of Quarterly Results
Summary Of Quarterly Results | 12 Months Ended |
Aug. 29, 2015 | |
Summary Of Quarterly Results [Abstract] | |
Summary Of Quarterly Results | 15. SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following table sets forth unaudited financial data for each of the Company’s last eight fiscal quarters. Fiscal Year Ended August 29, 2015 Fiscal Year Ended August 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (Unaudited) Consolidated Income Statement Data: Net sales $ $ $ $ $ $ $ $ Gross profit Income from operations Net income Net income per share: Basic Diluted |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Aug. 29, 2015 | |
Schedule II - Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | MSC INDUSTRIAL DIRECT CO., INC. AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions (2) Balance at End of Year Deducted from asset accounts: For the fiscal year ended August 31, 2013 Allowance for doubtful accounts (1) $ $ $ — $ $ Deducted from asset accounts: For the fiscal year ended August 30, 2014 Allowance for doubtful accounts (1) $ $ $ — $ $ Deducted from asset accounts: For the fiscal year ended August 29, 2015 Allowance for doubtful accounts (1) $ $ $ — $ $ (1) Included in accounts receivable. (2) Comprised of uncollected accounts charged against the allowance. |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Aug. 29, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of MSC and its subsidiaries, all of which are wholly owned. 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. |
Fiscal Year | Fiscal Year The Company’s fiscal year is on a 52 or 53 week basis, ending on the Saturday closest to August 31 st of each year. The financial statements for fiscal years 2015 , 2014 and 2013 contain activity for 52 weeks. Unless the context requires otherwise, references to years contained herein pertain to the Company’s fiscal year. |
Use Of Estimates | Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used in preparing the accompanying consolidated financial statements. |
Cash And Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. |
Concentrations Of Credit Risk | Concentrations of Credit Risk The Company’s mix of receivables is diverse, with approximately 366,000 active customer accounts (customers that have made at least one purchase in the last 12 months) at August 29, 2015 (excluding U.K. operations). The Company sells its products primarily to end-users. The Company’s customer base represents many diverse industries primarily concentrated in the United States. The Company performs periodic credit evaluations of its customers’ financial condition and collateral is generally not required. Receivables are generally due within 30 days. The Company evaluates the collectability of accounts receivable based on numerous factors, including past transaction history with customers and their credit worthiness and provides a reserve for accounts that are potentially uncollectible. The Company’s cash and cash equivalents include deposits with commercial banks and investments in money market funds. The Company maintains the majority of its cash and invests its cash equivalents with high quality financial institutions. Deposits held with banks may exceed insurance limits. While MSC monitors the creditworthiness of these commercial banks and financial institutions, a crisis in the United States financial systems could limit access to funds and/or result in a loss of principal. The terms of these deposits and investments provide that all monies are available to the Company upon demand. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The Company establishes reserves for customer accounts that are deemed uncollectible. The method used to estimate the allowances is based on several factors, including the age of the receivables and the historical ratio of actual write-offs to the age of the receivables. These analyses also take into consideration economic conditions that may have an impact on a specific industry, group of customers or a specific customer. While the Company has a broad customer base, representing many diverse industries primarily in all regions of the United States, a general economic downturn could result in higher than expected defaults, and therefore, the need to revise estimates for bad debts. |
Inventory Valuation | Inventory Valuation Inventories consist of merchandise held for resale and are stated at the lower of weighted average cost or market. The Company evaluates the recoverability of our slow-moving or obsolete inventories quarterly. The Company estimates the recoverable cost of such inventory by product type while considering such factors as its age, historic and current demand trends, the physical condition of the inventory, as well as assumptions regarding future demand. The Company’s ability to recover its cost for slow-moving or obsolete inventory can be affected by such factors as general market conditions, future customer demand, and relationships with suppliers. Substantially all of the Company’s inventories have demonstrated long shelf lives and are not highly susceptible to obsolescence. In addition, many of the Company’s inventories are eligible for return under various supplier rebate programs. |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment and capitalized computer software are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred; costs of major renewals and improvements are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts and the profit or loss on such disposition is reflected in income. Depreciation and amortization of property, plant and equipment are computed for financial reporting purposes on the straight-line method based on the estimated useful lives of the assets. Leasehold improvements are amortized over either their respective lease terms or their estimated lives, whichever is shorter. Estimated useful lives range from three to forty years for leasehold improvements and buildings and three to twenty years for furniture, fixtures, and equipment. Capitalized computer software costs are amortized using the straight-line method over the estimated useful life. These costs include purchased software packages, payments to vendors and consultants for the development, implementation or modification of purchased software packages for Company use, and payroll and related costs for employees associated with internal-use software projects. Capitalized computer software costs are included within property, plant and equipment on the Company’s consolidated balance sheets. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The Company’s business acquisitions typically result in the recording of goodwill and other intangible assets, which affect the amount of amortization expense and possibly impairment write-downs that the Company may incur in future periods. Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired in connection with business acquisitions. Goodwill decreased $5,709 in fiscal 2015 , related to foreign currency translation adjustments. The Company annually reviews goodwill and intangible assets that have indefinite lives for impairment in its fiscal fourth quarter and when events or changes in circumstances indicate the carrying values of these assets might exceed their current fair values. Goodwill and indefinite-lived intangible assets are tested for impairment by first evaluating qualitative factors to determine whether it is more likely than not that the fair value of goodwill and indefinite-lived intangible assets are less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed quantitative impairment test. Otherwise, the quantitative impairment test is not required. Based on the qualitative assessment of goodwill performed by the Company in its fiscal fourth quarter, there was no indicator of impairment of goodwill for fiscal years 2015 , 2014 and 2013 . Based on the qualitative assessment of intangible assets that have indefinite lives performed by the Company in its fiscal fourth quarters of 2015 and 2014 and the quantitative assessment performed by the Company in its fiscal fourth quarter of 2013 , there were no indicators of impairment of intangible assets that have indefinite lives. The components of the Company’s other intangible assets for the fiscal years ended August 29, 2015 and August 30, 2014 are as follows: For the Fiscal Years Ended August 29, 2015 August 30, 2014 Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Relationships - 18 $ $ $ $ Non-Compete Agreements - 3 — — Contract Rights 10 Trademark - 5 Trademarks Indefinite — — Total $ $ $ $ For fiscal years 2015 and 2014 the Company recorded approximately $212 and $259 of intangible assets, respectively, consisting of the registration and application of new trademarks. The Company’s amortizable intangible assets are recorded on a straight-line basis, including customer relationships, as it approximates customer attrition patterns and best estimates the use pattern of the asset. Amortization expense of the Company’s intangible assets was $16,580 , $16,851 , and $13,059 during fiscal years 2015 , 2014 , and 2013 , respectively. Estimated amortization expense for each of the five succeeding fiscal years is as follows: Fiscal Year 2016 $ 14,304 2017 2018 2019 2020 |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically evaluates the net realizable value of long-lived assets, including definite lived intangible assets and property and equipment, relying on a number of factors, including operating results, business plans, economic projections, and anticipated future cash flows. Impairment is assessed by evaluating the estimated undiscounted cash flows over the asset’s remaining life. If estimated cash flows are insufficient to recover the investment, an impairment loss is recognized. No impairment loss was required to be recorded by the Company during fiscal years 2015 , 2014 and 2013 . |
Deferred Catalog Costs | Deferred Catalog Costs The costs of producing and distributing the Company’s principal catalogs are deferred ( $ 4,948 and $7,237 at August 29, 2015 and August 30, 2014 , respectively) and included in other assets in the Company’s consolidated balance sheets. These costs are charged to expense over the period that the catalogs remain the most current source of sales, which is typically one year or less. The costs associated with brochures and catalog supplements are charged to expense as distributed. The total amount of advertising costs, net of co-operative advertising income from vendor sponsored programs, included in operating expenses in the consolidated statements of income, was approximately $24,101 , $20,799 and $11,505 during the fiscal years 2015 , 2014 , and 2013 , respectively. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. In most cases, these conditions are met when the product is shipped to the customer or services have been rendered. The Company reports its sales net of the amount of actual sales returns and the amount of reserves established for anticipated sales returns based upon historical return rates. Sales tax collected from customers is excluded from net sales in the accompanying consolidated statements of income. |
Vendor Consideration | Vendor Consideration The Company records cash consideration received for advertising costs incurred to sell the vendor’s products as a reduction of the Company’s advertising costs and is reflected in operating expenses in the consolidated statements of income. In addition, the Company receives volume rebates from certain vendors based on contractual arrangements with such vendors. Rebates received from these vendors are recognized as a reduction to the cost of goods sold in the consolidated statements of income when the inventory is sold. |
Product Warranties | 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 has been minimal. |
Shipping And Handling Costs | Shipping and Handling Costs The Company includes shipping and handling fees billed to customers in net sales and shipping and handling costs associated with outbound freight in operating expenses in the accompanying consolidated statements of income. The shipping and handling costs in operating expenses were approximately $123,900 , $119,796 , and $105,150 during fiscal years 2015 , 2014 , and 2013 , respectively. |
Self-Insurance | Self-Insurance The Company has a self-insured group health plan. The Company is responsible for all covered claims to a maximum liability of $ 550 per participant, after meeting a one-time $150 aggregating specific deductible during a September 1 plan year. Benefits paid in excess of $ 550 are reimbursed to the plan under the Company’s stop loss policy. The Company estimates its reserve for all unpaid medical claims including those incurred but not reported based on historical analysis of claim trends, reporting and processing lag times and medical costs, adjusted as necessary based on management’s reasoned judgment. Group health plan expense for fiscal years 2015 , 2014 and 2013 was approximately $67,061 , $61,018 , and $48,249 , respectively. |
Stock Based Compensation | Stock-Based Compensation In accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation — Stock Compensation” (“ASC 718”), the Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of income. The Company uses the Black-Scholes option pricing model to determine the grant date fair value and recognizes compensation expense on a straight-line basis over the associate’s vesting period or to the associate’s retirement eligible date, if earlier. The stock-based compensation expense related to stock option plans and the Associate Stock Purchase Plan included in operating expenses for fiscal years 2015 , 2014 and 2013 was $4,951 , $5,623 and $5,387 , respectively. Tax benefits related to this expense for fiscal years 2015 , 2014 and 2013 were $1,753 , $2,023 and $1,951 , respectively. The Company grants Non-Qualified Stock Options, which allow the tax benefit to be recorded as options are expensed. The stock-based compensation expense related to non-vested restricted share awards included in operating expenses was $8,139 , $8,898 and $8,309 for the fiscal years 2015 , 2014 , and 2013 respectively. Tax benefits related to this expense for fiscal years 2015 , 2014 and 2013 were $3,093 , $3,381 and $3,157 , respectively. The stock-based compensation expense related to restricted stock unit awards included in operating expenses was $1,105 , $2,167 and $2,128 for the fiscal years 2015 , 2014 and 2013 , respectively. Tax benefits related to this expense for fiscal years 2015 , 2014 and 2013 were $420 , $823 and $809 , respectively. |
Related Party Transactions | Related Party Transactions The Company is currently affiliated with one real estate entity (the “Affiliate”). The Affiliate is owned by our principal shareholders (Mitchell Jacobson, our Chairman, and his sister, Marjorie Gershwind Fiverson, and by their family related trusts) . The Company leases a customer fulfillment center located near Atlanta, Georgia from its Affiliate. Monthly rental payments range from approximately $196 to $218 over the remaining lease term. See Note 13 for a discussion of leases. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash, receivables, accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments. 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 taxable bonds are estimated based on observable inputs in non-active markets. Under this method, the Company’s fair value of the taxable bonds was not significantly different than the carrying value at August 29, 2015 and August 30, 2014. The fair value of the Company’s long-term debt, including current maturities are 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. Under this method, the Company’s fair value of any long-term obligations was not significantly different than the carrying values at August 29, 2015 and August 30, 2014 . |
Foreign Currency | Foreign Currency The local currency is the functional currency for all of MSC’s operations outside the United States. Assets and liabilities of these operations are translated to U.S. dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive income within shareholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. |
Income Taxes | Income Taxes The Company has established deferred income tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled pursuant to the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”), which prescribes a comprehensive model for the financial statement recognition, measurement, classification, and disclosure of uncertain tax positions. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amounts of unrecognized tax benefits, exclusive of interest and penalties that would affect the effective tax rate were $4,693 and $4,573 as of August 29, 2015 and August 30, 2014 , respectively. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of consolidated net income and foreign currency translation adjustments. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. |
Geographic Regions | Geographic Regions The Company’s sales and assets are predominantly generated from United States locations. Sales and assets related to the United Kingdom (the “U.K.”), Mexico and Canada branches are not significant to the Company’s total operations. For fiscal 2015 , U.K., Mexico and Canadian operations represented approximately 3% of the Company’s consolidated net sales. |
Segment Reporting | Segment Reporting The Company utilizes the management approach for segment disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of our reportable segments. The Company’s results of operations are reviewed by the Chief Executive Officer on a consolidated basis and the Company operates in only one segment. Substantially all of the Company’s revenues and long-lived assets are in the United States. |
New Accounting Pronouncements | New Accounting Pronouncements Simplifying the Measurement of Inventory In July 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-11, Simplifying the Measurement of Inventory ( Topic 330), which requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. For public entities, the updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect adoption of ASU 2015-11 to have a material impact on its financial position, results of operations or cash flows. Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ( Subtopic 835-30), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The Company does not expect adoption of ASU 2015-03 to 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 2019 first quarter. Early application is 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. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the fiscal 2015 presentation. These reclassifications did not have a material impact on the presentation of the consolidated financial statements. |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Components Of Other Intangible Assets | For the Fiscal Years Ended August 29, 2015 August 30, 2014 Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Relationships - 18 $ $ $ $ Non-Compete Agreements - 3 — — Contract Rights 10 Trademark - 5 Trademarks Indefinite — — Total $ $ $ $ |
Schedule Of Estimated Amortization Expense | Fiscal Year 2016 $ 14,304 2017 2018 2019 2020 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Net Income Per Share [Abstract] | |
Basic And Diluted Net Income Per Common Share Under The Two-Class Method | For the Fiscal Years Ended August 29, August 30, August 31, 2015 2014 2013 (52 weeks) (52 weeks) (52 weeks) Net income as reported $ $ $ Less: Distributed net income available to participating securities Less: Undistributed net income available to participating securities — Numerator for basic net income per share: Undistributed and distributed net income available to common shareholders $ $ $ Add: Undistributed net income allocated to participating securities — Less: Undistributed net income reallocated to participating securities — Numerator for diluted net income per share: Undistributed and distributed net income available to common shareholders $ $ $ Denominator: Weighted average shares outstanding for basic net income per share Effect of dilutive securities Weighted average shares outstanding for diluted net income per share Net income per share Two-class method: Basic $ $ $ Diluted $ $ $ |
Restructuring And Other Charg28
Restructuring And Other Charges (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Restructuring And Other Charges [Abstract] | |
Schedule Of Restructuring Charges | Workforce Reductions Facility Closings Total Accrued restructuring balance, August 30, 2014 $ $ $ Charged to operating expenses Cash payments Accrued restructuring balance, August 29, 2015 $ — $ — $ — |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Property, Plant And Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | August 29, August 30, Number of Years 2015 2014 Land — $ $ Building and improvements - 40 Leasehold improvements The lesser of lease term or 31.5 Furniture, fixtures and equipment - 20 Automobiles 5 — Computer systems, equipment and software - 5 Less: accumulated depreciation and amortization Total $ $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Income Taxes [Abstract] | |
Provision For Income Taxes | For the Fiscal Years Ended August 29, August 30, August 31, 2015 2014 2013 Current: Federal $ $ $ State and local Deferred: Federal State and local Total $ $ $ |
Components Of Deferred Tax Assets And Liabilities | August 29, August 30, 2015 2014 Deferred tax liabilities: Depreciation $ $ Deferred catalog costs Goodwill Deferred tax assets: Accounts receivable Inventory Deferred compensation Stock based compensation Intangible amortization Other Net Deferred Tax Liabilities $ $ |
Reconciliation Of Statutory Federal Income Tax Rate To Effective Tax Rate | For the Fiscal Years Ended August 29, August 30, August 31, 2015 2014 2013 U.S. Federal statutory rate % % % State income taxes, net of Federal benefit Other, net Effective income tax rate % % % |
Changes In Gross Unrecognized Tax Benefits | August 29, August 30, 2015 2014 Beginning Balance $ $ Additions for tax positions relating to current year Additions for tax positions relating to prior years — Reductions for tax positions relating to prior years — Settlements — Lapse of statute of limitations Ending Balance $ $ |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | August 29, August 30, 2015 2014 Accrued payroll and fringe $ $ Accrued bonus Accrued sales, property and income taxes Accrued sales rebates and returns Accrued other Total accrued liabilities $ $ |
Debt And Capital Lease Obliga32
Debt And Capital Lease Obligations (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Debt And Capital Lease Obligations [Abstract] | |
Schedule Of Debt | August 29, August 30, 2015 2014 Credit Facility: Revolver $ $ Term loan Capital lease and financing obligations Total debt $ $ Less: current portion of Credit Facility Less: current portion of capital lease and financing obligations Long-term debt $ $ |
Schedule Of Maturities Of The New Credit Facility | Maturities of Fiscal Year Credit Facility 2016 $ 2017 2018 Total $ |
Schedule Of Future Minimum Payments Under Capital Leases And Financing Arrangements | Fiscal Year Payments under capital leases and financing arrangements 2016 $ 2017 2018 2019 2020 and beyond Total minimum lease payments $ Less: amount representing interest Present value of minimum lease payments $ Less: current portion Long-term capital leases and financing arrangements $ |
Associate Benefit Plans (Tables
Associate Benefit Plans (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Options | 2015 Shares Weighted-Average Exercise Price Outstanding - beginning of year $ Granted Exercised Canceled/Forfeited Outstanding - end of year $ Exercisable - end of year $ |
Schedule Of Options Fair Value Assumptions | 2015 2014 2013 Expected life (in years) Risk-free interest rate % % % Expected volatility % % % Expected dividend yield % % % Weighted-Average Grant-Date Fair Value $ $ $ |
Summary Of Stock Options By Range Of Exercise Price | Range of Exercise Prices Number of Options Outstanding at August 29, 2015 Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Intrinsic Value Number of Options Exercisable at August 29, 2015 Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Intrinsic Value $38.07 – $44.17 $ $ $ $ 44.18 – 66.69 66.70 – 73.71 — — 73.72 – 83.03 — — $ $ $ $ |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-Vested Share Activity | 2015 Shares Weighted-Average Grant-Date Fair Value Non-vested restricted share awards at the beginning of the year $ Granted Vested Canceled/Forfeited Non-vested restricted share awards at the end of the year $ |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-Vested Unit Award Activity | 2015 Shares Weighted-Average Grant-Date Fair Value Non-vested restricted stock unit awards at the beginning of the year $ Granted Vested Canceled/Forfeited — — Non-vested restricted stock unit awards at the end of the year $ |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Commitments And Contingencies [Abstract] | |
Minimum Annual Rentals On Leases | Fiscal Year Total (Including Related Party Commitments) Related Party Commitments 2016 $ $ 2017 2018 2019 2020 Thereafter Total $ $ |
Summary Of Quarterly Results (T
Summary Of Quarterly Results (Tables) | 12 Months Ended |
Aug. 29, 2015 | |
Summary Of Quarterly Results [Abstract] | |
Summary Of Quarterly Financial Data | Fiscal Year Ended August 29, 2015 Fiscal Year Ended August 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (Unaudited) Consolidated Income Statement Data: Net sales $ $ $ $ $ $ $ $ Gross profit Income from operations Net income Net income per share: Basic Diluted |
Business (Details)
Business (Details) | 12 Months Ended |
Aug. 29, 2015storewarehouse | |
Business [Abstract] | |
Number of branch offices | store | 98 |
Number of customer fulfillment centers | 12 |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015USD ($)segmentcustomerentityitem | Aug. 30, 2014USD ($) | Aug. 31, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Active customer accounts | customer | 366,000 | ||
Active customer qualification, number of purchases within twelve months | item | 1 | ||
Decrease in goodwill | $ 5,709 | ||
Amortization expense | 16,580 | $ 16,851 | $ 13,059 |
Impairment loss | 0 | 0 | 0 |
Deferred principal catalog costs | $ 4,948 | 7,237 | |
Period deferred principal catalog costs remain the most current source of sales | 1 year | ||
Advertising costs | $ 24,101 | 20,799 | 11,505 |
Shipping and handling costs | 123,900 | 119,796 | 105,150 |
Self-insured group health plan maximum liability, per participant | 550 | ||
Self-insured group health plan, participant deductible | 150 | ||
Self-insured group health plan reimbursement by Company's stop loss policy, threshold | 550 | ||
Group health plan expense | $ 67,061 | 61,018 | 48,249 |
Number of affiliates | entity | 1 | ||
Unrecognized tax benefit that would affect effective tax rate | $ 4,693 | 4,573 | |
Number of reportable segments | segment | 1 | ||
Stock Options [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock-based compensation expense | $ 4,951 | 5,623 | 5,387 |
Stock-based compensation expense, tax benefit | 1,753 | 2,023 | 1,951 |
Restricted Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock-based compensation expense | 8,139 | 8,898 | 8,309 |
Stock-based compensation expense, tax benefit | 3,093 | 3,381 | 3,157 |
Restricted Stock Units [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock-based compensation expense | 1,105 | 2,167 | 2,128 |
Stock-based compensation expense, tax benefit | $ 420 | 823 | $ 809 |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Original manufacturers warranty period | 30 days | ||
Monthly lease payment range over the term of the lease | $ 196 | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Warranty period | 1 year | ||
Original manufacturers warranty period | 90 days | ||
Monthly lease payment range over the term of the lease | $ 218 | ||
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 3.00% | ||
Leasehold Improvements And Buildings [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment estimated useful life | 3 years | ||
Leasehold Improvements And Buildings [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment estimated useful life | 40 years | ||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment estimated useful life | 3 years | ||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment estimated useful life | 20 years | ||
Trademark [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Increase related to new trademarks | $ 212 | $ 259 |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 29, 2015 | Aug. 30, 2014 | |
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Total | $ 216,290 | $ 217,906 |
Accumulated Amortization | (96,485) | (79,592) |
Customer Relationships [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount | 175,160 | 175,160 |
Accumulated Amortization | $ (73,508) | (57,994) |
Customer Relationships [Member] | Minimum [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 18 years | |
Non-Compete Agreements [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount | 1,348 | |
Accumulated Amortization | (1,210) | |
Non-Compete Agreements [Member] | Minimum [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 2 years | |
Non-Compete Agreements [Member] | Maximum [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 3 years | |
Contract Rights [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 10 years | |
Gross Carrying Amount | $ 23,100 | 23,100 |
Accumulated Amortization | (21,368) | (19,058) |
Trademark [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount | 2,900 | 3,380 |
Accumulated Amortization | $ (1,609) | (1,330) |
Trademark [Member] | Minimum [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 1 year | |
Trademark [Member] | Maximum [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Weighted Average Useful Life (in years) | 5 years | |
Trademarks [Member] | ||
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, Indefinite | $ 15,130 | $ 14,918 |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Aug. 29, 2015USD ($) |
Summary Of Significant Accounting Policies [Abstract] | |
2,016 | $ 14,304 |
2,017 | 7,870 |
2,018 | 7,667 |
2,019 | 7,301 |
2,020 | $ 6,448 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, fair value | $ 0 | $ 2,263 |
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] | ||
Taxable bond | $ 27,023 | |
Interest rate on bonds | 2.40% |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Net Income Per Share [Abstract] | |||||||||||
Net income as reported | $ 59,022 | $ 63,342 | $ 51,527 | $ 57,417 | $ 62,813 | $ 64,696 | $ 49,512 | $ 59,046 | $ 231,308 | $ 236,067 | $ 237,995 |
Less: Distributed net income available to participating securities | (1,350) | (481) | (492) | ||||||||
Less: Undistributed net income available to participating securities | (1,146) | (1,289) | |||||||||
Undistributed and distributed net income available to common shareholders, basic | 229,958 | 234,440 | 236,214 | ||||||||
Undistributed net income allocated to participating securities | 1,146 | 1,289 | |||||||||
Less: Undistributed net income reallocated to participating securities | (1,140) | (1,283) | |||||||||
Undistributed and distributed net income available to common shareholders, diluted | $ 229,958 | $ 234,446 | $ 236,220 | ||||||||
Weighted average shares outstanding for basic net income per share | 61,292 | 62,026 | 62,695 | ||||||||
Effect of dilutive securities | 195 | 313 | 316 | ||||||||
Weighted average shares outstanding for diluted net income per share | 61,487 | 62,339 | 63,011 | ||||||||
Net income per share, Basic | $ 0.96 | $ 1.03 | $ 0.84 | $ 0.92 | $ 1.01 | $ 1.04 | $ 0.80 | $ 0.93 | $ 3.75 | $ 3.78 | $ 3.77 |
Net income per share, Diluted | $ 0.96 | $ 1.03 | $ 0.83 | $ 0.91 | $ 1.01 | $ 1.03 | $ 0.79 | $ 0.93 | $ 3.74 | $ 3.76 | $ 3.75 |
Antidilutive stock options | 678 | 0 | 0 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 22, 2013 | Aug. 29, 2015 | |
Business Combinations [Abstract] | ||
Purchase price | $ 547,335 | |
Post-closing working capital adjustment | $ 1,434 |
Restructuring And Other Charg43
Restructuring And Other Charges (Details) $ in Thousands | 12 Months Ended |
Aug. 29, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Accrued restructuring balance, August 30, 2014 | $ 1,005 |
Charged to operating expenses | 66 |
Cash payments | $ (1,071) |
Accrued restructuring balance, August 29, 2015 | |
Workforce Reductions [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrued restructuring balance, August 30, 2014 | $ 402 |
Charged to operating expenses | 376 |
Cash payments | $ (778) |
Accrued restructuring balance, August 29, 2015 | |
Facility Closing [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrued restructuring balance, August 30, 2014 | $ 603 |
Charged to operating expenses | (310) |
Cash payments | $ (293) |
Accrued restructuring balance, August 29, 2015 |
Property, Plant And Equipment44
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Property, Plant And Equipment [Abstract] | |||
Capitalized interest, net of accumulated amortization | $ 847 | $ 889 | |
Depreciation expense | $ 52,799 | $ 47,729 | $ 36,169 |
Property, Plant And Equipment45
Property, Plant And Equipment (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 29, 2015 | Aug. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 631,499 | $ 589,712 |
Less: accumulated depreciation and amortization | 340,343 | 295,364 |
Total | 291,156 | 294,348 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 20,783 | 20,851 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 150,870 | 144,955 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,384 | 4,600 |
Furniture, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 165,589 | 157,253 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 435 | |
Property, plant and equipment estimated useful life | 5 years | |
Computer Systems, Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 289,873 | $ 261,618 |
Minimum [Member] | Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Minimum [Member] | Computer Systems, Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 3 years | |
Maximum [Member] | Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 40 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 31 years 6 months | |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 20 years | |
Maximum [Member] | Computer Systems, Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment estimated useful life | 5 years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits related to tax positions | $ 1,383 | ||
Provision for income taxes, interest and penalties | 19 | $ 0 | $ 92 |
Accrued interest and penalties on income taxes | $ 163 | $ 166 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Income Taxes [Abstract] | |||
Current: Federal | $ 109,575 | $ 115,186 | $ 119,470 |
Current: State and local | 17,339 | 16,528 | 18,629 |
Current: Total | 126,914 | 131,714 | 138,099 |
Deferred: Federal | 13,987 | 10,369 | 7,403 |
Deferred: State and local | 932 | 1,375 | (68) |
Deferred: Total | 14,919 | 11,744 | 7,335 |
Total | $ 141,833 | $ 143,458 | $ 145,434 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Income Taxes [Abstract] | ||
Deferred tax liabilities: Depreciation | $ (51,204) | $ (46,722) |
Deferred tax liabilities: Deferred catalog costs | (1,155) | (1,937) |
Deferred tax liabilities: Goodwill | (73,996) | (59,387) |
Deferred tax liabilities | (126,355) | (108,046) |
Deferred tax assets: Accounts receivable | 3,807 | 2,933 |
Deferred tax assets: Inventory | 9,036 | 7,504 |
Deferred tax assets: Deferred compensation | 2,409 | 1,799 |
Deferred tax assets: Stock based compensation | 9,831 | 11,582 |
Deferred tax assets: Intangible amortization | 11,788 | 10,950 |
Deferred tax assets: Other | 7,772 | 6,485 |
Deferred tax assets | 44,643 | 41,253 |
Deferred tax liabilities | $ (81,712) | $ (66,793) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Federal Income Tax Rate To Effective Tax Rate) (Details) | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of Federal benefit | 3.10% | 3.10% | 3.00% |
Other, net | (0.10%) | (0.30%) | (0.10%) |
Effective income tax rate | 38.00% | 37.80% | 37.90% |
Income Taxes (Changes In Gross
Income Taxes (Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 29, 2015 | Aug. 30, 2014 | |
Income Taxes [Abstract] | ||
Beginning Balance | $ 9,350 | $ 8,192 |
Additions for tax positions relating to current year | 2,617 | 2,628 |
Additions for tax positions relating to prior years | 104 | |
Reductions for tax positions relating to prior years | (60) | |
Settlements | (41) | |
Lapse of statute of limitations | (1,697) | (1,410) |
Ending Balance | $ 10,333 | $ 9,350 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Accrued Liabilities [Abstract] | ||
Accrued payroll and fringe | $ 25,597 | $ 23,015 |
Accrued bonus | 12,820 | 22,823 |
Accrued sales, property and income taxes | 12,259 | 10,496 |
Accrued sales rebates and returns | 13,394 | 10,362 |
Accrued other | 30,424 | 29,356 |
Total accrued liabilities | $ 94,494 | $ 96,052 |
Debt And Capital Lease Obliga52
Debt And Capital Lease Obligations (Credit Facility) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Aug. 29, 2015USD ($) | Aug. 30, 2014USD ($) | Aug. 31, 2013USD ($) | Apr. 22, 2013USD ($) | |
Debt Instrument [Line Items] | ||||
Borrowings under Credit Facility | $ 336,000 | $ 135,000 | $ 370,000 | |
Repayments of debt | 243,000 | 77,500 | $ 120,000 | |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments under revolving loans from credit facility | 218,000 | 65,000 | ||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 25,000 | $ 12,500 | ||
New Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 650,000 | |||
Maturity date | Apr. 1, 2018 | |||
Available increase in amount borrowed | $ 200,000 | |||
Borrowing rate under Credit Facility | 1.33% | |||
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 | 0.125% | |||
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] | New Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | 1.125% | |||
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 | 1.375% | |||
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 | 1.375% | |||
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 | 0.375% |
Debt And Capital Lease Obliga53
Debt And Capital Lease Obligations (Capital Lease And Finance Obligations) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Capital Leased Assets [Line Items] | |||
Amount due under capital leases and financing agreements | $ 27,804 | $ 29,564 | |
Capital leases and financing obligations for certain information technology equipment entered into | 530 | 1,353 | $ 1,417 |
Capital leases and financing obligations for certain information technology equipment entered into | 1,353 | ||
Property and equipment acquired under capital leases and financing agreements | 32,535 | 33,505 | |
Property and equipment acquired under capital leases and financing agreements, accumulated amortization | 4,815 | 3,339 | |
Amortization of capital leases | $ 2,486 | ||
Fulfillment Center [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital lease term | 20 years | ||
Amount due under capital leases and financing agreements | $ 27,023 | 27,023 | |
Non-cash financing activity related to the capital lease | $ 0 | $ 25,023 | |
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 |
Debt and Capital Lease Obliga54
Debt and Capital Lease Obligations (Debt) (Details) - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Line of Credit Facility [Line Items] | ||
Capital lease and financing obligations | $ 27,804 | $ 29,564 |
Total Debt | 428,304 | 337,064 |
Less: current portion of Credit Facility | (213,000) | (95,000) |
Less: current portion of capital lease and financing obligations | (515) | (1,829) |
Long-term Debt | 214,789 | 240,235 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Facility | 188,000 | 70,000 |
Less: current portion of Credit Facility | (188,000) | (70,000) |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Facility | $ 212,500 | $ 237,500 |
Debt And Capital Lease Obliga55
Debt And Capital Lease Obligations (Schedule Of Maturities Of The New Credit Facility) (Details) - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Line of Credit Facility [Line Items] | ||
Total | $ 214,789 | $ 240,235 |
New Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
2,016 | 213,000 | |
2,017 | 50,000 | |
2,018 | 137,500 | |
Total | $ 400,500 |
Debt And Capital Lease Obliga56
Debt And Capital Lease Obligations (Schedule Of Future Minimum Payments Under Capital Leases And Financing Arrangements) (Details) - USD ($) $ in Thousands | Aug. 29, 2015 | Aug. 30, 2014 |
Debt And Capital Lease Obligations [Abstract] | ||
2,016 | $ 1,165 | |
2,017 | 915 | |
2,018 | 649 | |
2,019 | 649 | |
2020 and beyond | 27,238 | |
Total minimum lease payments | 30,616 | |
Less: amount representing interest | 2,812 | |
Present value of minimum lease payments | 27,804 | |
Current maturities of capital lease and financing obligations | 515 | $ 1,829 |
Long-term Debt and Capital Lease Obligations, Total | $ 27,289 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 21, 2015 | Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 |
Components Of Shareholders Equity [Line Items] | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Payment of special cash dividend | $ 185,403 | |||
Payments of regular cash dividends | 98,828 | $ 82,607 | $ 75,860 | |
Purchase of treasury stock | $ 33,414 | $ 191,359 | $ 3,773 | |
Subsequent Event [Member] | ||||
Components Of Shareholders Equity [Line Items] | ||||
Dividend payout | $ 26,515 | |||
Special Dividend [Member] | Subsequent Event [Member] | ||||
Components Of Shareholders Equity [Line Items] | ||||
Dividend declared date | Oct. 21, 2015 | |||
Ordinary Dividend [Member] | Subsequent Event [Member] | ||||
Components Of Shareholders Equity [Line Items] | ||||
Dividend declared, per share | $ 0.43 | |||
Dividend payable date | Nov. 24, 2015 | |||
Dividend record date | Nov. 10, 2015 | |||
Class A Common Stock [Member] | ||||
Components Of Shareholders Equity [Line Items] | ||||
Common stock, voting rights | 1 | |||
Class B Common Stock [Member] | ||||
Components Of Shareholders Equity [Line Items] | ||||
Common stock, voting rights | 10 | |||
Class A Treasury Stock [Member] | ||||
Components Of Shareholders Equity [Line Items] | ||||
Number of shares authorized for repurchase | 5,000,000 | |||
Maximum number of shares that may yet be repurchased | 1,743,000 | |||
Treasury stock reissued to fund plan. shares | 63,000 | 54,000 | ||
Class A common stock shares repurchased | 444,000 | 2,370,000 | 52,000 | |
Purchase of treasury stock | $ 33,414 | $ 191,359 | $ 3,773 | |
Shares repurchased by the company for associates' tax withholding liability associated with share-based compensation | 112,000 | 60,000 |
Associate Benefit Plans (Narrat
Associate Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2015 | Jan. 06, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 14,195 | $ 16,688 | $ 15,824 | ||
Plan shares authorized | 5,217 | ||||
Associate Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Plan shares authorized | 1,500 | 1,150 | 800 | ||
Maximum number of shares available for purchase per qualified associate | 5 | ||||
Associate purchase price as percent of closing price | 90.00% | ||||
Shares reserved for issuance under plan | 303 | ||||
Shares purchased by qualified associates | 63 | 54 | |||
Average purchase price per share | $ 66.96 | $ 75.74 | |||
Savings Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Company contributions to savings plan | $ 6,665 | $ 6,174 | 5,243 | ||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation cost | $ 7,281 | ||||
Unrecognized share-based compensation weighted average period | 1 year 8 months 12 days | ||||
Total intrinsic value of options exercised | $ 3,390 | 13,988 | 16,402 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of shares vested | 8,107 | $ 14,214 | $ 11,373 | ||
Unrecognized share-based compensation cost | $ 16,140 | ||||
Unrecognized share-based compensation weighted average period | 2 years 2 months 12 days | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation cost | $ 786 | ||||
Unrecognized share-based compensation weighted average period | 1 year 6 months |
Associate Benefit Plans (Summar
Associate Benefit Plans (Summary Of Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Aug. 29, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding on May 30, 2015, Aggregate Intrinsic Value | $ | $ 3,375 |
Exercisable on May 30, 2015, Aggregate Intrinsic Value | $ | $ 3,338 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Options | 1,186 |
Granted, Options | 421 |
Exercised, Options | (185) |
Canceled/Forfeited, Options | (148) |
Outstanding at end of period, Options | 1,274 |
Exercisable at end of period, Options | 514 |
Outstanding at beginning of year, Weighted-Average Exercise Price per Share | $ / shares | $ 68.24 |
Granted, Weighted-Average Exercise Price per Share | $ / shares | 83.01 |
Exercised, Weighted-Average Exercise Price per Share | $ / shares | 60.14 |
Canceled, Weighted-Average Exercise Price per Share | $ / shares | 78.60 |
Outstanding at end of period, Weighted-Average Exercise Price per Share | $ / shares | 73.10 |
Exercisable at end of period, Weighted-Average Exercise Price per Share | $ / shares | $ 63.75 |
Associate Benefit Plans (Schedu
Associate Benefit Plans (Schedule Of Options Fair Value Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Associate Benefit Plans [Abstract] | |||
Expected life | 3 years 10 months 24 days | 3 years 10 months 24 days | 3 years 9 months 18 days |
Risk-free interest rate | 1.09% | 0.93% | 0.55% |
Expected volatility | 24.50% | 26.60% | 32.90% |
Expected dividend yield | 1.70% | 1.70% | 1.70% |
Weighted-average grant-date fair value | $ 14.06 | $ 14.98 | $ 15.33 |
Associate Benefit Plans (Summ61
Associate Benefit Plans (Summary Of Stock Options By Range Of Exercise Price) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Aug. 29, 2015USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding at August 30, 2014 | shares | 1,274 |
Weighted average remaining contractual life of options outstanding | 4 years 6 months |
Weighted average exercise price of options outstanding | $ 73.10 |
Intrinsic Value of options outstanding | $ | $ 3,375 |
Number of options exercisable at August 30, 2014 | shares | 514 |
Weighted average remaining contractual life of options exercisable | 3 years 2 months 12 days |
Weighted average exercise price of options exercisable | $ 63.75 |
Intrinsic Value of options exercisable | $ | $ 3,338 |
38.07 - 44.16 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower limit | $ 38.07 |
Range of exercise prices, upper limit | $ 44.17 |
Number of options outstanding at August 30, 2014 | shares | 64 |
Weighted average remaining contractual life of options outstanding | 1 year |
Weighted average exercise price of options outstanding | $ 43.66 |
Intrinsic Value of options outstanding | $ | $ 1,514 |
Number of options exercisable at August 30, 2014 | shares | 64 |
Weighted average remaining contractual life of options exercisable | 1 year |
Weighted average exercise price of options exercisable | $ 43.66 |
Intrinsic Value of options exercisable | $ | $ 1,514 |
44.17 - 66.68 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower limit | $ 44.18 |
Range of exercise prices, upper limit | $ 66.69 |
Number of options outstanding at August 30, 2014 | shares | 305 |
Weighted average remaining contractual life of options outstanding | 2 years 8 months 12 days |
Weighted average exercise price of options outstanding | $ 61.35 |
Intrinsic Value of options outstanding | $ | $ 1,861 |
Number of options exercisable at August 30, 2014 | shares | 257 |
Weighted average remaining contractual life of options exercisable | 2 years 7 months 6 days |
Weighted average exercise price of options exercisable | $ 60.35 |
Intrinsic Value of options exercisable | $ | $ 1,824 |
66.69 - 73.70 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower limit | $ 66.70 |
Range of exercise prices, upper limit | $ 73.71 |
Number of options outstanding at August 30, 2014 | shares | 233 |
Weighted average remaining contractual life of options outstanding | 4 years 2 months 12 days |
Weighted average exercise price of options outstanding | $ 69.56 |
Number of options exercisable at August 30, 2014 | shares | 109 |
Weighted average remaining contractual life of options exercisable | 4 years 2 months 12 days |
Weighted average exercise price of options exercisable | $ 69.56 |
73.71 - 81.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower limit | 73.72 |
Range of exercise prices, upper limit | $ 83.03 |
Number of options outstanding at August 30, 2014 | shares | 672 |
Weighted average remaining contractual life of options outstanding | 5 years 8 months 12 days |
Weighted average exercise price of options outstanding | $ 82.45 |
Number of options exercisable at August 30, 2014 | shares | 84 |
Weighted average remaining contractual life of options exercisable | 5 years 2 months 12 days |
Weighted average exercise price of options exercisable | $ 81.79 |
Associate Benefit Plans (Non-Ve
Associate Benefit Plans (Non-Vested Restricted Share Award Activity) (Details) shares in Thousands | 12 Months Ended |
Aug. 29, 2015$ / sharesshares | |
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 | shares | 428 |
Granted, Shares | shares | 133 |
Vested, Shares | shares | (134) |
Canceled/Forfeited, Shares | shares | (36) |
Non-vested restricted share awards, ending, Shares | shares | 391 |
Non-vested restricted share awards, beginning, Weighted-Average Grant-Date Fair Value | $ 68.67 |
Granted, Weighted-Average Grant-Date Fair Value | 81.69 |
Vested, Weighted-Average Grant-Date Fair Value | 60.47 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | 75.66 |
Non-vested restricted share awards, ending, Weighted-Average Grant-Date Fair Value | $ 75.39 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested restricted share awards, beginning, Shares | shares | 184 |
Granted, Shares | shares | 1 |
Vested, Shares | shares | (123) |
Canceled/Forfeited, Shares | shares | |
Non-vested restricted share awards, ending, Shares | shares | 62 |
Non-vested restricted share awards, beginning, Weighted-Average Grant-Date Fair Value | $ 54.65 |
Granted, Weighted-Average Grant-Date Fair Value | 83.03 |
Vested, Weighted-Average Grant-Date Fair Value | $ 54.60 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | |
Non-vested restricted share awards, ending, Weighted-Average Grant-Date Fair Value | $ 55.09 |
Commitments And Contingencies63
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Commitments And Contingencies [Line Items] | |||
Rental expense, operating leases | $ 14,504 | $ 16,329 | $ 13,243 |
Maximum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration date | 2,030 | ||
Related Party Commitments [Member] | |||
Commitments And Contingencies [Line Items] | |||
Rental expense, operating leases | $ 2,401 | $ 2,297 | $ 2,293 |
Equipment And Automobile [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration date | 2,019 |
Commitments And Contingencies64
Commitments And Contingencies (Minimum Annual Rentals On Leases) (Details) $ in Thousands | Aug. 29, 2015USD ($) |
Long-term Purchase Commitment [Line Items] | |
2,016 | $ 16,681 |
2,017 | 12,587 |
2,018 | 9,671 |
2,019 | 6,550 |
2,020 | 5,170 |
Thereafter | 27,206 |
Total | 77,865 |
Related Party Commitments [Member] | |
Long-term Purchase Commitment [Line Items] | |
2,016 | 2,351 |
2,017 | 2,353 |
2,018 | 2,372 |
2,019 | 2,409 |
2,020 | 2,411 |
Thereafter | 24,852 |
Total | $ 36,748 |
Summary Of Quarterly Results (D
Summary Of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | |
Summary Of Quarterly Results [Abstract] | |||||||||||
Net sales | $ 727,405 | $ 745,483 | $ 706,400 | $ 731,091 | $ 726,623 | $ 720,476 | $ 661,513 | $ 678,510 | $ 2,910,379 | $ 2,787,122 | $ 2,457,649 |
Gross profit | 327,135 | 338,417 | 320,874 | 330,149 | 331,186 | 333,394 | 306,821 | 314,855 | 1,316,575 | 1,286,256 | 1,118,516 |
Income from operations | 95,440 | 104,244 | 85,874 | 93,971 | 99,826 | 104,886 | 81,722 | 96,750 | 379,529 | 383,184 | 385,526 |
Net income | $ 59,022 | $ 63,342 | $ 51,527 | $ 57,417 | $ 62,813 | $ 64,696 | $ 49,512 | $ 59,046 | $ 231,308 | $ 236,067 | $ 237,995 |
Net income per share, Basic | $ 0.96 | $ 1.03 | $ 0.84 | $ 0.92 | $ 1.01 | $ 1.04 | $ 0.80 | $ 0.93 | $ 3.75 | $ 3.78 | $ 3.77 |
Net income per share, Diluted | $ 0.96 | $ 1.03 | $ 0.83 | $ 0.91 | $ 1.01 | $ 1.03 | $ 0.79 | $ 0.93 | $ 3.74 | $ 3.76 | $ 3.75 |
Schedule II - Valuation And Q66
Schedule II - Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 29, 2015 | Aug. 30, 2014 | Aug. 31, 2013 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | [1] | $ 9,310 | $ 7,523 | $ 6,934 |
Charged to Costs and Expenses | [1] | $ 6,665 | $ 4,629 | $ 3,499 |
Charged to Other Accounts | [1] | |||
Deductions | [1],[2] | $ 4,663 | $ 2,842 | $ 2,910 |
Balance at End of Year | [1] | $ 11,312 | $ 9,310 | $ 7,523 |
[1] | Included in accounts receivable. | |||
[2] | Comprised of uncollected accounts charged against the allowance. |