Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
31-May-14 | Jul. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'FACTSET RESEARCH SYSTEMS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 42,072,772 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001013237 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 31-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Revenues | $231,761 | $214,613 | $681,671 | $638,779 |
Operating expenses | ' | ' | ' | ' |
Cost of services | 90,661 | 76,721 | 261,165 | 226,148 |
Selling, general and administrative | 68,063 | 66,255 | 197,673 | 213,746 |
Total operating expenses | 158,724 | 142,976 | 458,838 | 439,894 |
Operating income | 73,037 | 71,637 | 222,833 | 198,885 |
Other income | 334 | 361 | 1,018 | 1,146 |
Income before income taxes | 73,371 | 71,998 | 223,851 | 200,031 |
Provision for income taxes | 21,839 | 18,631 | 67,715 | 52,357 |
Net income | $51,532 | $53,367 | $156,136 | $147,674 |
Basic earnings per common share (in Dollars per share) | $1.22 | $1.21 | $3.66 | $3.35 |
Diluted earnings per common share (in Dollars per share) | $1.21 | $1.20 | $3.62 | $3.30 |
Basic weighted average common shares (in Shares) | 42,166 | 43,954 | 42,615 | 44,028 |
Diluted weighted average common shares (in Shares) | 42,615 | 44,485 | 43,170 | 44,784 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Net income | $51,532 | $53,367 | $156,136 | $147,674 | ||||
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ||||
Net unrealized gain (loss) on cash flow hedges* | 2,341 | [1] | -549 | [1] | 5,625 | [1] | 822 | [1] |
Foreign currency translation adjustments | 545 | -2,478 | 12,199 | -4,135 | ||||
Other comprehensive income (loss) | 2,886 | -3,027 | 17,824 | -3,313 | ||||
Comprehensive income | $54,418 | $50,340 | $173,960 | $144,361 | ||||
[1] | For the three and nine months ended May 31, 2014, the unrealized gain on cash flow hedges was net of tax expense of $1,391 and $3,352, respectively. The unrealized (loss) gain on cash flow hedges disclosed above for the three and nine months ended May 31, 2013, was net of tax benefit of $328 and tax expense of $494, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Tax expense on the net unrealized gain (loss) on cash flow hedges | $1,391 | ($328) | $3,352 | $494 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $118,858 | $196,627 |
Investments | 15,217 | 12,725 |
Accounts receivable, net of reserves of $1,669 at May 31, 2014 and $1,644 at August 31, 2013 | 86,069 | 73,290 |
Prepaid taxes | 3,136 | 16,937 |
Deferred taxes | 1,667 | 2,803 |
Prepaid expenses and other current assets | 15,156 | 15,652 |
Total current assets | 240,103 | 318,034 |
Property, equipment and leasehold improvements, at cost | 196,522 | 192,338 |
Less accumulated depreciation and amortization | -138,477 | -126,967 |
Property, equipment and leasehold improvements, net | 58,045 | 65,371 |
Goodwill | 287,287 | 244,573 |
Intangible assets, net | 44,603 | 36,223 |
Deferred taxes | 23,587 | 22,023 |
Other assets | 6,011 | 3,973 |
TOTAL ASSETS | 659,636 | 690,197 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 27,295 | 29,864 |
Accrued compensation | 33,290 | 40,137 |
Deferred fees | 37,658 | 29,319 |
Taxes payable | 4,568 | 3,769 |
Dividends payable | 16,386 | 15,164 |
Total current liabilities | 119,197 | 118,253 |
Deferred taxes | 3,092 | 2,396 |
Taxes payable | 5,157 | 5,435 |
Deferred rent and other non-current liabilities | 16,922 | 22,334 |
TOTAL LIABILITIES | 144,368 | 148,418 |
Commitments and contingencies (See Note 16) | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $.01 par value, 150,000,000 shares authorized, 48,713,635 and 48,110,740 shares issued; 42,016,212 and 43,324,410 shares outstanding at May 31, 2014 and August 31, 2013, respectively | 487 | 481 |
Additional paid-in capital | 377,805 | 326,869 |
Treasury stock, at cost: 6,697,423 and 4,786,330 shares at May 31, 2014 and August 31, 2013, respectively | -660,071 | -454,917 |
Retained earnings | 810,396 | 700,519 |
Accumulated other comprehensive loss | -13,349 | -31,173 |
TOTAL STOCKHOLDERS’ EQUITY | 515,268 | 541,779 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $659,636 | $690,197 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, reserves (in Dollars) | $1,669 | $1,644 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 48,713,635 | 48,110,740 |
Common stock, shares outstanding | 42,016,212 | 43,324,410 |
Treasury stock shares | 6,697,423 | 4,786,330 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $156,136 | $147,674 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 25,852 | 26,941 |
Stock-based compensation expense | 17,425 | 31,813 |
Deferred income taxes | -2,038 | 2,025 |
Gain on sale of assets | -62 | -7 |
Tax benefits from share-based payment arrangements | -6,815 | -14,858 |
Changes in assets and liabilities, net of effects of acquisitions | ' | ' |
Accounts receivable, net of reserves | -9,001 | 5,006 |
Accounts payable and accrued expenses | -2,260 | 2,276 |
Accrued compensation | -7,368 | -11,514 |
Deferred fees | 4,709 | 2,882 |
Taxes payable, net of prepaid taxes | 20,777 | -368 |
Prepaid expenses and other assets | -1,931 | 1,253 |
Deferred rent and other non-current liabilities | -1,241 | -927 |
Other working capital accounts, net | -461 | 1,431 |
Net cash provided by operating activities | 193,722 | 193,627 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition of businesses, net of cash acquired | -46,873 | -705 |
Purchases of investments | -7,818 | -8,406 |
Proceeds from sales of investments | 6,871 | 7,500 |
Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions | -11,704 | -13,288 |
Net cash used in investing activities | -59,524 | -14,899 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Dividend payments | -44,736 | -40,693 |
Repurchase of common stock | -205,154 | -188,066 |
Proceeds from employee stock plans | 26,799 | 91,011 |
Tax benefits from share-based payment arrangements | 6,815 | 14,858 |
Net cash used in financing activities | -216,276 | -122,890 |
Effect of exchange rate changes on cash and cash equivalents | 4,309 | -2,043 |
Net (decrease) increase in cash and cash equivalents | -77,769 | 53,795 |
Cash and cash equivalents at beginning of period | 196,627 | 189,044 |
Cash and cash equivalents at end of period | $118,858 | $242,839 |
Note_1_Organization_and_Nature
Note 1 - Organization and Nature of Business | 9 Months Ended |
31-May-14 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. ORGANIZATION AND NATURE OF BUSINESS | |
FactSet Research Systems Inc. (the “Company” or “FactSet”) is a provider of integrated financial information and analytical applications to the global investment community. FactSet combines content regarding companies and securities from major markets all over the globe into a single online platform of information and analytics. By consolidating content from hundreds of databases with powerful analytics, FactSet supports the investment process from initial research to published results for buy and sell-side professionals. These professionals include portfolio managers, research and performance analysts, risk managers, marketing professionals, sell-side equity research professionals, investment bankers and fixed income professionals. The Company’s applications provide users access to company analysis, multicompany comparisons, industry analysis, company screening, portfolio analysis, predictive risk measurements, alphatesting, portfolio optimization and simulation, real-time news and quotes and tools to value and analyze fixed income securities and portfolios. With Microsoft Office integration, wireless access and customizable options, FactSet offers a complete financial workflow solution. The Company’s revenues are derived from subscriptions to services such as workstations, content and applications. |
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
31-May-14 | |
Disclosure Text Block [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
2. BASIS OF PRESENTATION | |
FactSet conducts business globally and is managed on a geographic basis. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany activity and balances have been eliminated from the consolidated financial statements. | |
The accompanying financial data as of May 31, 2014 and for the three and nine months ended May 31, 2014 and 2013 has been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The August 31, 2013 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The information in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2013. | |
In the opinion of management, the accompanying balance sheets and related interim statements of income, comprehensive income and cash flows include all normal adjustments in order to present fairly the results of the Company’s operations for the periods presented in conformity with accounting principles generally accepted in the United States. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
31-May-14 | |
Table Text Block [Abstract] | ' |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
Accounting Standards or Updates Recently Adopted | |
Balance Sheet Offsetting | |
In December 2011, the FASB issued an accounting standard update requiring enhanced disclosures about certain financial instruments and derivative instruments that are offset in the balance sheet or that are subject to enforceable master netting arrangements or similar agreements. In January 2013, the FASB issued a clarifying accounting standard update, which limited the scope of the previous guidance to only derivatives, repurchase type agreements and securities borrowing and lending transactions. These accounting standard updates were effective for FactSet beginning in the first quarter of fiscal 2014. Other than the additional disclosure, the adoption of this accounting standard update did not have an impact on the Company’s consolidated financial statements. | |
Indefinite-lived Intangible Assets | |
In July 2012, the FASB issued an accounting standard update intended to simplify how an entity tests indefinite-lived intangible assets other than goodwill for impairment by providing entities with an option to perform a qualitative assessment to determine whether further impairment testing is necessary. This accounting standard update became effective for FactSet beginning in the first quarter of fiscal 2014 and did not have an impact on the Company’s consolidated financial statements. | |
Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued an accounting standard update to require reclassification adjustments from other comprehensive income to be presented either in the financial statements or in the notes to the financial statements. This accounting standard update became effective for FactSet beginning in the first quarter of fiscal 2014 and the additional information has been disclosed. | |
Cumulative Translation Adjustments | |
In March 2013, the FASB issued an accounting standard update requiring an entity to release into net income the entire amount of a cumulative translation adjustment related to its investment in a foreign entity when as a parent it either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. This accounting standard update was adopted by FactSet beginning in the first quarter of fiscal 2014 and did not have an impact on the Company’s consolidated financial statements. | |
Recent Accounting Standards or Updates Not Yet Effective | |
Reporting Discontinued Operations | |
In April 2014, the FASB issued an accounting standard update that changes the criteria for reporting discontinued operations. Under the accounting standard update, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when either it qualifies as held for sale, disposed of by sale, or disposed of other than by sale. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2016. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. | |
Revenue Recognition | |
In May 2014, the FASB issued an accounting standard update which provides clarified principles for recognizing revenue arising from contracts with clients and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the revenue model to contracts within its scope, an entity will identify the contract with a client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2018. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. | |
No other new accounting pronouncements issued or effective as of May 31, 2014 have had or are expected to have an impact on the Company’s consolidated financial statements. |
Note_4_Fair_Value_Measures
Note 4 - Fair Value Measures | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||
4. FAIR VALUE MEASURES | |||||||||||||||||
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. | |||||||||||||||||
(a) Fair Value Hierarchy | |||||||||||||||||
The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. FactSet has categorized its cash equivalents, investments and derivatives within the hierarchy as follows: | |||||||||||||||||
Level 1 – applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. These Level 1 assets and liabilities include FactSet’s corporate money market funds that are classified as cash equivalents. | |||||||||||||||||
Level 2 – applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company’s certificates of deposit and derivative instruments are classified as Level 2. | |||||||||||||||||
Level 3 – applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. There were no Level 3 assets or liabilities held by FactSet as of May 31, 2014 or August 31, 2013. | |||||||||||||||||
(b) Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following tables shows by level within the fair value hierarchy the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 31, 2014 and August 31, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-May-14 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Corporate money market funds (1) | $ | 73,570 | $ | 0 | $ | 0 | $ | 73,570 | |||||||||
Certificates of deposit (2) | 0 | 15,217 | 0 | 15,217 | |||||||||||||
Derivative Instruments (3) | 1,394 | 1,394 | |||||||||||||||
Total assets measured at fair value | $ | 73,570 | $ | 16,611 | $ | 0 | $ | 90,181 | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments (3) | $ | 0 | $ | 152 | $ | 0 | $ | 152 | |||||||||
Total liabilities measured at fair value | $ | 0 | $ | 152 | $ | 0 | $ | 152 | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-Aug-13 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Corporate money market funds (1) | $ | 156,693 | $ | 0 | $ | 0 | $ | 156,693 | |||||||||
Certificates of deposit (2) | 0 | 12,725 | 0 | 12,725 | |||||||||||||
Total assets measured at fair value | $ | 156,693 | $ | 12,725 | $ | 0 | $ | 169,418 | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments (3) | $ | 0 | $ | 7,740 | $ | 0 | $ | 7,740 | |||||||||
Total liabilities measured at fair value | $ | 0 | $ | 7,740 | $ | 0 | $ | 7,740 | |||||||||
-1 | The Company’s corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company’s corporate money market funds are classified as Level 1 and included in cash and cash equivalents on the consolidated balance sheet. | ||||||||||||||||
-2 | The Company’s certificates of deposit are held to maturity are not debt securities and are classified as Level 2. These certificates of deposit have original maturities greater than three months, but less than one year and, as such, are classified as investments (short-term) on the Company’s consolidated balance sheet. | ||||||||||||||||
-3 | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. | ||||||||||||||||
The Company did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented. | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s Consolidated Balance Sheets at May 31, 2014 and August 31, 2013 as follows (in thousands): | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-May-14 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents | $ | 73,570 | $ | 0 | $ | 0 | $ | 73,570 | |||||||||
Investments | 0 | 15,217 | 0 | 15,217 | |||||||||||||
Prepaid expenses and other current assets | 0 | 114 | 0 | 114 | |||||||||||||
Other assets | 0 | 1,280 | 0 | 1,280 | |||||||||||||
Total assets measured at fair value | $ | 73,570 | $ | 16,611 | $ | 0 | $ | 90,181 | |||||||||
Accounts payable and accrued expenses | $ | 0 | $ | 152 | $ | 0 | $ | 152 | |||||||||
Total liabilities measured at fair value | $ | 0 | $ | 152 | $ | 0 | $ | 152 | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-Aug-13 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents | $ | 156,693 | $ | 0 | $ | 0 | $ | 156,693 | |||||||||
Investments | 0 | 12,725 | 0 | 12,725 | |||||||||||||
Total assets measured at fair value | $ | 156,693 | $ | 12,725 | $ | 0 | $ | 169,418 | |||||||||
Accounts payable and accrued liabilities | $ | 0 | $ | 3,085 | $ | 0 | $ | 3,085 | |||||||||
Deferred rent and other non-current liabilities | 0 | 4,655 | 0 | 4,655 | |||||||||||||
Total liabilities measured at fair value | $ | 0 | $ | 7,740 | $ | 0 | $ | 7,740 | |||||||||
(c) Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
Certain assets, including goodwill and intangible assets, and liabilities, are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances such as when they are deemed to be other-than-temporarily impaired. The fair values of these non-financial assets and liabilities are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost exceeds its fair value, based upon the results of such valuations. During the three and nine months ended May 31, 2014, no fair value adjustments or material fair value measurements were required for the Company’s non-financial assets or liabilities. |
Note_5_Derivative_Instruments
Note 5 - Derivative Instruments | 9 Months Ended | |||||||||||||||||
31-May-14 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||
5. DERIVATIVE INSTRUMENTS | ||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||
FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Japanese Yen, Indian Rupee and Philippine Peso. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. To manage the exposures related to the effects of foreign exchange rate fluctuations, the Company utilizes derivative instruments (foreign currency forward contracts). The Company’s primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign exchange forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considered several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge. The gains and losses on foreign currency forward contracts offset the variability in operating expenses associated with currency movements. There was no discontinuance of cash flow hedges during the three and nine months ended May 31, 2014 and 2013, respectively, and as such, no corresponding gains or losses were reclassified into earnings. The changes in fair value for these foreign currency forward contracts are initially reported as a component of accumulated other comprehensive loss (“AOCL”) and subsequently reclassified into operating expenses when the hedged exposure affects earnings. | ||||||||||||||||||
As of May 31, 2014 FactSet maintained foreign currency forward contracts to hedge approximately 75% of its Indian Rupee exposure through the fourth quarter of fiscal 2016 and approximately 50% of its Philippines Peso exposure through the second quarter of fiscal 2015. At May 31, 2014, the notional principal and fair value of foreign exchange contracts to purchase Indian Rupees with U.S. dollars was Rs.2.8 billion and $1.1 million, respectively. At May 31, 2014, the notional principal and fair value of foreign exchange contracts to purchase Philippine Pesos with U.S. dollars was Php 408.1 million and $0.1 million, respectively. | ||||||||||||||||||
The following is a summary of all hedging positions and corresponding fair values (in thousands): | ||||||||||||||||||
Gross Notional Value | Fair Value Asset (Liability) | |||||||||||||||||
Currency Hedged (in U.S. dollars) | 31-May-14 | 31-Aug-13 | 31-May-14 | 31-Aug-13 | ||||||||||||||
Indian Rupee | $ | 42,751 | $ | 47,388 | $ | 1,128 | $ | (7,693 | ) | |||||||||
Philippine Peso | 9,200 | 11,700 | 114 | (178 | ) | |||||||||||||
British Pound | 0 | 10,436 | 0 | 131 | ||||||||||||||
Total | $ | 51,951 | $ | 69,524 | $ | 1,242 | $ | (7,740 | ) | |||||||||
Counterparty Credit Risk | ||||||||||||||||||
As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities. FactSet calculates credit risk from observable data related to credit default swaps (“CDS”) as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not available for FactSet, the Company’s credit risk is determined based on using a simple average of CDS spreads for peer companies. To mitigate counterparty credit risk, FactSet enters into contracts with large financial institutions. The Company regularly reviews its credit exposure balances as well as the creditworthiness of the counterparties. The Company does not expect any losses as a result of default of its counterparties. | ||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||
The following tables provide a summary of the fair value amounts of derivative instruments and gains and losses on derivative instruments (in thousands): | ||||||||||||||||||
Designation of Derivatives | Balance Sheet Location | 31-May-14 | 31-Aug-13 | |||||||||||||||
Derivatives designated as hedging instruments | Assets: Foreign Currency Forward Contracts | |||||||||||||||||
Prepaid expenses and other current assets | $ | 114 | $ | 0 | ||||||||||||||
Other assets | $ | 1,280 | 0 | |||||||||||||||
Liabilities: Foreign Currency Forward Contracts | ||||||||||||||||||
Accounts payable and accrued expenses | $ | 152 | $ | 3,085 | ||||||||||||||
Deferred rent and other non-current liabilities | $ | 0 | $ | 4,655 | ||||||||||||||
All derivatives were designated as hedging instruments as of May 31, 2014 and August 31, 2013, respectively. | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended May 31, 2014 and 2013 (in thousands): | ||||||||||||||||||
Gain (Loss) Recognized | Location of Gain (Loss) Reclassified from AOCL into Income | Loss Reclassified | ||||||||||||||||
in AOCL on Derivatives | from AOCL into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||
Foreign currency forward contracts | $ | 3,673 | $ | (1,037 | ) | SG&A | $ | (59 | ) | $ | (160 | ) | ||||||
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the nine months ended May 31, 2014 and 2013 (in thousands): | ||||||||||||||||||
Gain Recognized | Location of Gain (Loss) Reclassified from AOCL into Income | Loss Reclassified | ||||||||||||||||
in AOCL on Derivatives | from AOCL into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||
Foreign currency forward contracts | $ | 8,661 | $ | 759 | SG&A | $ | (316 | ) | $ | (557 | ) | |||||||
No amount of ineffectiveness was recorded in the Consolidated Statements of Income for these designated cash flow hedges and all components of each derivative’s gain or loss was included in the assessment of hedge effectiveness. As of May 31, 2014, FactSet estimates that less than $0.1 million of net derivative losses related to its cash flow hedges included in AOCL will be reclassified into earnings within the next 12 months. | ||||||||||||||||||
Offsetting of Derivative Instruments | ||||||||||||||||||
FactSet’s master netting and other similar arrangements with its respective counterparties allow for net settlement under certain conditions. As of May 31, 2014 and August 31, 2013, information related to these offsetting arrangements was as follows (in thousands): | ||||||||||||||||||
Derivatives Offset in Consolidated Balance Sheets | ||||||||||||||||||
31-May-14 | Gross Derivative Amounts | Gross Derivative Amounts Offset in Balance Sheet | Net | |||||||||||||||
Amounts | ||||||||||||||||||
Fair value of assets | $ | 1,578 | $ | (184 | ) | $ | 1,394 | |||||||||||
Fair value of liabilities | (304 | ) | 152 | (152 | ) | |||||||||||||
Total | $ | 1,274 | $ | (32 | ) | $ | 1,242 | |||||||||||
Derivatives Offset in Consolidated Balance Sheets | ||||||||||||||||||
31-Aug-13 | Gross Derivative Amounts | Gross Derivative Amounts Offset in Balance Sheet | Net | |||||||||||||||
Amounts | ||||||||||||||||||
Fair value of assets | $ | 131 | $ | 0 | $ | 131 | ||||||||||||
Fair value of liabilities | (7,871 | ) | 0 | (7,871 | ) | |||||||||||||
Total | $ | (7,740 | ) | $ | 0 | $ | (7,740 | ) | ||||||||||
Note_6_Other_Comprehensive_Inc
Note 6 - Other Comprehensive Income and Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
6. OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||
The components of other comprehensive income (loss) and amounts reclassified out of accumulated other comprehensive loss into earnings during the three and nine months ended May 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-May-14 | 31-May-13 | ||||||||||||||||
Pre-tax | Net of tax | Pre-tax | Net of tax | ||||||||||||||
Foreign currency translation adjustments | $ | 545 | $ | 545 | $ | (2,478 | ) | $ | (2,478 | ) | |||||||
Realized loss on cash flow hedges reclassified to earnings (1) | 59 | 37 | 160 | 100 | |||||||||||||
Unrealized gain (loss) on cash flow hedges recognized in accumulated other comprehensive loss | 3,673 | 2,304 | (1,037 | ) | (649 | ) | |||||||||||
Other comprehensive income (loss) | $ | 4,277 | $ | 2,886 | $ | (3,355 | ) | $ | (3,027 | ) | |||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
31-May-14 | 31-May-13 | ||||||||||||||||
Pre-tax | Net of tax | Pre-tax | Net of tax | ||||||||||||||
Foreign currency translation adjustments | $ | 12,199 | $ | 12,199 | $ | (4,135 | ) | $ | (4,135 | ) | |||||||
Realized loss on cash flow hedges reclassified to earnings (1) | 316 | 199 | 557 | 345 | |||||||||||||
Unrealized gain on cash flow hedges recognized in accumulated other comprehensive loss | 8,661 | 5,426 | 759 | 477 | |||||||||||||
Other comprehensive income (loss) | $ | 21,176 | $ | 17,824 | $ | (2,819 | ) | $ | (3,313 | ) | |||||||
(1) Reclassified to Selling, General and Administrative Expenses | |||||||||||||||||
The components of accumulated other comprehensive loss is as follows (in thousands): | |||||||||||||||||
31-May-14 | Aug 31, 2013 | ||||||||||||||||
Accumulated unrealized gains (losses) on cash flow hedges, net of tax | $ | 778 | $ | (4,847 | ) | ||||||||||||
Accumulated foreign currency translation adjustments | (14,127 | ) | (26,326 | ) | |||||||||||||
Total accumulated other comprehensive loss | $ | (13,349 | ) | $ | (31,173 | ) | |||||||||||
Note_7_Segment_Information
Note 7 - Segment Information | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
7. SEGMENT INFORMATION | |||||||||||||||||
Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. FactSet’s CODM is its Chief Executive Officer, who is responsible for making decisions about resources allocated amongst the operating segments based on actual results. | |||||||||||||||||
FactSet’s operating segments are aligned with how the Company, including its CODM, manages the business and the demographic markets in which FactSet serves. The Company’s internal financial reporting structure is based on three segments; U.S., Europe and Asia Pacific. FactSet believes this alignment helps it better manage the business and view the markets the Company serves, which are centered on providing integrated global financial and economic information. Sales, consulting, data collection and software engineering are the primary functional groups within the U.S., Europe and Asia Pacific segments that provide global financial and economic information to investment managers, investment banks and other financial services professionals. The U.S. segment services finance professionals including financial institutions throughout the Americas, while the European and Asia Pacific segments service investment professionals located throughout Europe and Asia, respectively. | |||||||||||||||||
The European segment is headquartered in London, England and maintains office locations in France, Germany, the Netherlands, Latvia, Sweden, Dubai and Italy. The Asia Pacific segment is headquartered in Tokyo, Japan with office locations in Hong Kong, Singapore, Australia and Mumbai, India. Segment revenues reflect direct sales to clients based in their respective geographic locations. There are no intersegment or intercompany sales of the FactSet service. Each segment records compensation, including stock-based compensation, amortization of intangible assets, depreciation of furniture and fixtures, amortization of leasehold improvements, communication costs, professional fees, rent expense, travel, marketing, office and other direct expenses. Expenditures associated with the Company’s data centers, third party data costs and corporate headquarters charges are recorded by the U.S. segment and are not allocated to the other segments. The content collection centers located in India and the Philippines benefit all of the Company’s operating segments and thus the expenses incurred at these locations are allocated to each segment based on a percentage of revenues. Of the total $287.3 million of goodwill reported by the Company at May 31, 2014, 63% was recorded in the U.S. segment, 36% in the European segment and the remaining 1% in the Asia Pacific segment. | |||||||||||||||||
The following reflects the results of operations of the segments consistent with the Company’s management system. These results are used by management, both in evaluating the performance of, and in allocating resources to, each of the segments (in thousands). | |||||||||||||||||
For the three months ended May 31, 2014 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 156,241 | $ | 58,265 | $ | 17,255 | $ | 231,761 | |||||||||
Segment operating profit | 39,081 | 24,732 | 9,224 | 73,037 | |||||||||||||
Total assets | 363,959 | 237,286 | 58,391 | 659,636 | |||||||||||||
Capital expenditures | 3,099 | 188 | 385 | 3,672 | |||||||||||||
For the three months ended May 31, 2013 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 146,972 | $ | 52,358 | $ | 15,283 | $ | 214,613 | |||||||||
Segment operating profit | 38,529 | 25,333 | 7,775 | 71,637 | |||||||||||||
Total assets | 502,108 | 181,346 | 51,876 | 735,330 | |||||||||||||
Capital expenditures | 3,580 | 276 | 348 | 4,204 | |||||||||||||
For the nine months ended May 31, 2014 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 463,419 | $ | 167,993 | $ | 50,259 | $ | 681,671 | |||||||||
Segment operating profit | 121,806 | 75,155 | 25,872 | 222,833 | |||||||||||||
Capital expenditures | 10,529 | 380 | 795 | 11,704 | |||||||||||||
For the nine months ended May 31, 2013 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 436,947 | $ | 155,638 | $ | 46,194 | $ | 638,779 | |||||||||
Segment operating profit | 102,654 | 74,275 | 21,956 | 198,885 | |||||||||||||
Capital expenditures | 8,889 | 993 | 3,406 | 13,288 | |||||||||||||
Note_8_Business_Combinations
Note 8 - Business Combinations | 9 Months Ended | ||||
31-May-14 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
8. BUSINESS COMBINATIONS | |||||
Revere Data | |||||
On September 1, 2013, FactSet acquired the assets of Revere Data, LLC (“Revere”) to complement the Company's commitment to provide its clients with insightful content sets, for $15.3 million in cash. Revere classifies companies into a unique industry taxonomy and offers a database of supply chain relationships that helps investors identify companies’ interrelationships and mutual dependencies. As of the date of acquisition, Revere had annual subscriptions of $4.9 million. The opportunity for FactSet to offer this robust data to new and existing clients contributed to a purchase price in excess of fair value of the Revere net tangible and intangible assets. As a result, FactSet recorded goodwill in connection with this transaction. | |||||
Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the second quarter of fiscal 2014. The total purchase price was allocated to Revere’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. | |||||
The final Revere purchase price of $15.3 million was allocated as follows (in thousands): | |||||
Tangible assets acquired | $ | 544 | |||
Amortizable intangible assets | |||||
Data content | 2,799 | ||||
Client relationships | 827 | ||||
Non-compete agreements | 162 | ||||
Trade name | 293 | ||||
Goodwill | 11,612 | ||||
Total assets acquired | 16,237 | ||||
Liabilities assumed | (949 | ) | |||
Net assets acquired | $ | 15,288 | |||
Intangible assets of $4.1 million have been allocated to amortizable intangible assets consisting of data content, amortized over five years using a straight-line amortization method; client relationships, amortized over seven years using an accelerated amortization method; non-compete agreements, amortized over two years using a straight-line amortization method; and trade name, amortized over four years using a straight-line amortization method. | |||||
Goodwill totaling $11.6 million represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. Goodwill generated from the Revere acquisition is included in the U.S. segment and is deductible for income tax purposes. The results of the operations of Revere have been included in the Company’s Consolidated Statement of Income since the completion of the acquisition on September 1, 2013 and did not have a material impact on fiscal 2014 results. Pro forma information has not been presented because the effects of this acquisition were not material to the Company’s consolidated financial results. | |||||
Matrix Data Limited | |||||
During the second quarter of fiscal 2014, FactSet acquired Matrix Data Limited (“Matrix”) for a total purchase price of $31.8 million. Matrix’ primary line of business is a provider of intelligence to the UK financial services industry, covering market share of mutual fund distribution. Matrix has developed customer, channel and market benchmarking solutions that help clients optimize product distribution and improve marketing effectiveness to drive revenue growth. At the time of acquisition, Matrix had annual subscriptions of $7.3 million. The acquisition of Matrix will allow FactSet to expand its current U.S. advisor-sold investments and insurance products to the UK, with the potential to ultimately expand this coverage throughout continental Europe. The opportunity for FactSet to develop an international presence and complement its existing U.S. product offerings contributed to a purchase price in excess of fair value of the Matrix net tangible and intangible assets. As a result, FactSet recorded goodwill in connection with this transaction. | |||||
Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the third quarter of fiscal 2014. There were no material adjustments between the preliminary and final allocation of purchase price. The total purchase price was allocated to Matrix’ net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. | |||||
The final Matrix purchase price of $31.8 million was allocated as follows (in thousands): | |||||
Tangible assets acquired | $ | 7,459 | |||
Amortizable intangible assets | |||||
Data content | 3,408 | ||||
Client relationships | 2,816 | ||||
Software technology | 1,708 | ||||
Trade name | 670 | ||||
Non-compete agreements | 147 | ||||
Goodwill | 25,531 | ||||
Total assets acquired | 41,739 | ||||
Liabilities assumed | (9,941 | ) | |||
Net assets acquired | $ | 31,798 | |||
Intangible assets of $8.7 million have been allocated to amortizable intangible assets consisting of data content, amortized over four years using a straight-line amortization method; client relationships, amortized over eight years using an accelerated amortization method; software technology, amortized over five years using a straight-line amortization method; non-compete agreements, amortized over three years using a straight-line amortization method; and trade name, amortized over four years using a straight-line amortization method. | |||||
Goodwill totaling $25.5 million represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. Goodwill generated from the Matrix acquisition is included in the European segment and is deductible for income tax purposes. The results of the operations of Matrix have been included in the Company’s Consolidated Statement of Income since the completion of the acquisition and did not have a material impact on fiscal 2014 results. Pro forma information has not been presented because the effects of this acquisition were not material to the Company’s consolidated financial results. |
Note_9_Goodwill
Note 9 - Goodwill | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Goodwill Disclosure [Text Block] | ' | ||||||||||||||||
9. GOODWILL | |||||||||||||||||
Changes in the carrying amount of goodwill by segment for the nine months ended May 31, 2014 are as follows (in thousands): | |||||||||||||||||
U.S. | Europe | Asia | Total | ||||||||||||||
Pacific | |||||||||||||||||
Balance at August 31, 2013 | $ | 167,822 | $ | 73,424 | $ | 3,327 | $ | 244,573 | |||||||||
Goodwill acquired during the period | 11,612 | 25,531 | 0 | 37,143 | |||||||||||||
Foreign currency translations | 0 | 5,690 | (119 | ) | 5,571 | ||||||||||||
Balance at May 31, 2014 | $ | 179,434 | $ | 104,645 | $ | 3,208 | $ | 287,287 | |||||||||
Goodwill is not amortized as it has an estimated indefinite life. At least annually, the Company evaluates goodwill at the reporting unit level for potential impairment. Goodwill is tested for impairment based on the present value of discounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. The Company has three reporting units, which are consistent with the operating segments reported because there is no discrete financial information available for the subsidiaries within each operating segment. The Company’s reporting units evaluated for potential impairment were the U.S., Europe and Asia Pacific, which reflects the level of internal reporting the Company uses to manage its business and operations. The Company performed an annual goodwill impairment test during the fourth quarter of fiscal years 2013 and 2012, which determined that there were no reporting units that were deemed at risk. The fair value of each of the Company’s reporting units significantly exceeded carrying value, thus there had been no impairment. |
Note_10_Intangible_Assets
Note 10 - Intangible Assets | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
10. INTANGIBLE ASSETS | |||||||||||||
FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from acquisitions, which have been fully integrated into the Company’s operations. The weighted average useful life of FactSet’s acquired identifiable intangible assets at May 31, 2014 was 11.1 years. The Company amortizes intangible assets over their estimated useful lives, which are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. There have been no changes to the estimate of the remaining useful lives during fiscal 2014. If indicators of impairment appear to exist, amortizable intangible assets are tested for impairment based on undiscounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. No impairment of intangible assets has been identified during any of the periods presented. The intangible assets have no assigned residual values. | |||||||||||||
The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows (in thousands): | |||||||||||||
At May 31, 2014 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
Data content | $ | 57,750 | $ | 26,693 | $ | 31,057 | |||||||
Client relationships | 26,029 | 17,075 | 8,954 | ||||||||||
Software technology | 23,023 | 20,007 | 3,016 | ||||||||||
Trade names | 1,736 | 888 | 848 | ||||||||||
Non-compete agreements | 2,467 | 1,739 | 728 | ||||||||||
Total | $ | 111,005 | $ | 66,402 | $ | 44,603 | |||||||
At August 31, 2013 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
Data content | $ | 49,185 | $ | 22,419 | $ | 26,766 | |||||||
Client relationships | 22,915 | 16,185 | 6,730 | ||||||||||
Software technology | 20,914 | 19,126 | 1,788 | ||||||||||
Non-compete agreements | 2,154 | 1,293 | 861 | ||||||||||
Trade names | 758 | 680 | 78 | ||||||||||
Total | $ | 95,926 | $ | 59,703 | $ | 36,223 | |||||||
During the first quarter of fiscal 2014, $4.1 million of intangible assets were acquired with a weighted average useful life of 5.2 years due to the Revere acquisition. During the second quarter of fiscal 2014, FactSet acquired an additional $8.7 million of intangible assets in connection with the Matrix acquisition with a weighted average estimated useful life of 5.4 years. | |||||||||||||
Amortization expense recorded for intangible assets was $2.4 million and $1.7 million for the three months ended May 31, 2014 and 2013, respectively. Amortization expense recorded for intangible assets was $6.2 million and $5.5 million for the nine months ended May 31, 2014 and 2013, respectively. As of May 31, 2014, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows (in thousands): | |||||||||||||
Fiscal Year | Estimated Amortization | ||||||||||||
Expense | |||||||||||||
2014 (remaining three months) | $ | 2,259 | |||||||||||
2015 | 7,724 | ||||||||||||
2016 | 5,908 | ||||||||||||
2017 | 5,827 | ||||||||||||
2018 | 4,668 | ||||||||||||
Thereafter | 18,217 | ||||||||||||
Total | $ | 44,603 | |||||||||||
Note_11_Common_Stock_and_Earni
Note 11 - Common Stock and Earnings Per Share | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
11. COMMON STOCK AND EARNINGS PER SHARE | |||||||||||||
On May 5, 2014, FactSet’s Board of Directors approved an 11% increase in the regular quarterly dividend, beginning with the Company’s dividend payment in June 2014 of $0.39 per share, or $1.56 per share per annum. The cash dividend of $16.4 million was paid on June 17, 2014, to common stockholders of record on May 30, 2014. | |||||||||||||
Shares of common stock outstanding were as follows (in thousands): | |||||||||||||
Nine Months Ended | |||||||||||||
May 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Balance at September 1 | 43,324 | 44,279 | |||||||||||
Common stock issued for employee stock plans | 562 | 1,775 | |||||||||||
Repurchase of common stock | (1,870 | ) | (2,016 | ) | |||||||||
Balance at May 31, 2014 and 2013, respectively | 42,016 | 44,038 | |||||||||||
A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share computations is as follows (in thousands, except per share data): | |||||||||||||
Weighted | |||||||||||||
Net Income | Average Common Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
For the three months ended May 31, 2014 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 51,532 | 42,166 | $ | 1.22 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 449 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 51,532 | 42,615 | $ | 1.21 | ||||||||
For the three months ended May 31, 2013 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 53,367 | 43,954 | $ | 1.21 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 531 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 53,367 | 44,485 | $ | 1.2 | ||||||||
For the nine months ended May 31, 2014 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 156,136 | 42,615 | $ | 3.66 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 555 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 156,136 | 43,170 | $ | 3.62 | ||||||||
For the nine months ended May 31, 2013 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 147,674 | 44,028 | $ | 3.35 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 756 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 147,674 | 44,784 | $ | 3.3 | ||||||||
Dilutive potential common shares consist of stock options and unvested restricted stock awards. The number of stock options excluded from the calculation of diluted earnings per share for the three months ended May 31, 2014 and 2013 was 49,571 and 464,874, respectively, because their inclusion would have been anti-dilutive. The number of stock options excluded from the calculation of diluted earnings per share for the nine months ended May 31, 2014 and 2013 was 35,147 and 457,569, respectively, because their inclusion would have been anti-dilutive. | |||||||||||||
For the three and nine months ended May 31, 2014 the number of performance-based stock option grants excluded from the calculation of diluted earnings per share was 1,389,674. Similarly, for the three and nine months ended May 31, 2013, the number of performance-based stock option grants excluded from the calculation of diluted earnings per share was 1,886,622. Performance-based stock options are omitted from the calculation of diluted earnings per share until the performance criteria have been met. The criteria had not yet been met at May 31, 2014 and 2013 for these performance-based stock options. |
Note_12_Stockholders_Equity
Note 12 - Stockholders' Equity | 9 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||
12. STOCKHOLDERS’ EQUITY | ||||||||||||
Preferred Stock | ||||||||||||
At May 31, 2014 and 2013, there were 10,000,000 shares of preferred stock ($.01 par value per share) authorized, of which no shares were issued and outstanding. FactSet’s Board of Directors may from time to time authorize the issuance of one or more series of preferred stock and, in connection with the creation of such series, determine the characteristics of each such series including, without limitation, the preference and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions of the series. | ||||||||||||
Common Stock | ||||||||||||
At May 31, 2014 and August 31, 2013, there were 150,000,000 shares of common stock ($.01 par value per share) authorized, of which 48,713,635 and 48,110,740 shares were issued, respectively. The authorized shares of common stock are issuable for any proper corporate purpose, including future stock splits, stock dividends, acquisitions, raising equity capital or to adopt additional employee benefit plans. | ||||||||||||
Treasury Stock | ||||||||||||
At May 31, 2014 and August 31, 2013, there were 6,697,423 and 4,786,330 shares of treasury stock (at cost) outstanding, respectively. As a result, 42,016,212 and 43,324,410 shares of FactSet common stock were outstanding at May 31, 2014 and August 31, 2013, respectively. | ||||||||||||
Share Repurchase Program | ||||||||||||
On December 16, 2013, FactSet’s Board of Directors approved a $300 million expansion to the existing share repurchase program. During the first nine months of fiscal 2014, the Company repurchased 1,870,000 shares for $200.7 million. At May 31, 2014, $161.7 million remains authorized for future share repurchases. Repurchases will be made from time to time in the open market and privately negotiated transactions, subject to market conditions. No minimum number of shares to be repurchased has been fixed. There is no timeframe to complete the repurchase program and it is expected that share repurchases will be paid using existing and future cash generated by operations. | ||||||||||||
In addition to the purchase of 1,870,000 shares under the existing share repurchase program, FactSet repurchased 41,093 shares for $4.4 million from employees to cover their cost of taxes upon the vesting of previously granted restricted stock during the first nine months of fiscal 2014. | ||||||||||||
Restricted Stock | ||||||||||||
Restricted stock awards entitle the holder to shares of common stock as the awards vest over time. During the first nine months of fiscal 2014, 135,205 of previously granted restricted stock awards vested and were included in common stock outstanding as of May 31, 2014 (less 41,093 shares repurchased from employees to cover their cost of taxes upon vesting of the restricted stock). During the same period in fiscal 2013, 148,969 of previously granted restricted stock awards vested and were included in common stock outstanding as of May 31, 2013 (less 50,500 shares repurchased from employees to cover their cost of taxes upon vesting of the restricted stock). | ||||||||||||
Dividends | ||||||||||||
The Company’s Board of Directors declared the following historical dividends: | ||||||||||||
Declaration Date | Dividends Per | Type | Record Date | Total $ Amount | Payment Date | |||||||
Share of | (in thousands) | |||||||||||
Common Stock | ||||||||||||
5-May-14 | $ | 0.39 | Regular (cash) | 30-May-14 | $ | 16,386 | 17-Jun-14 | |||||
11-Feb-14 | $ | 0.35 | Regular (cash) | 28-Feb-14 | $ | 14,827 | 18-Mar-14 | |||||
14-Nov-13 | $ | 0.35 | Regular (cash) | 29-Nov-13 | $ | 15,046 | 17-Dec-13 | |||||
15-Aug-13 | $ | 0.35 | Regular (cash) | 31-Aug-13 | $ | 15,164 | 17-Sep-13 | |||||
14-May-13 | $ | 0.35 | Regular (cash) | 31-May-13 | $ | 15,413 | 18-Jun-13 | |||||
21-Feb-13 | $ | 0.31 | Regular (cash) | 28-Feb-13 | $ | 13,510 | 19-Mar-13 | |||||
15-Nov-12 | $ | 0.31 | Regular (cash) | 30-Nov-12 | $ | 13,746 | 18-Dec-12 | |||||
8-Aug-12 | $ | 0.31 | Regular (cash) | 31-Aug-12 | $ | 13,727 | 18-Sep-12 | |||||
8-May-12 | $ | 0.31 | Regular (cash) | 31-May-12 | $ | 13,893 | 19-Jun-12 | |||||
All of the above cash dividends were paid from existing cash resources. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Company and is subject to final determination by the Company’s Board of Directors. |
Note_13_Employee_Stock_Option_
Note 13 - Employee Stock Option and Retirement Plans | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Employee Stock Option And Retirement Plans [Abstract] | ' | ||||||||||||
Employee Stock Option And Retirement Plans [Text Block] | ' | ||||||||||||
13. EMPLOYEE STOCK OPTION AND RETIREMENT PLANS | |||||||||||||
Stock Option Awards | |||||||||||||
Options granted without performance conditions under the Company’s stock option plans expire either seven or ten years from the date of grant and the majority vest at a rate of 20% after the first year and 1.67% per month thereafter for years two through five. Options become vested and exercisable provided the employee continues employment with the Company through the applicable vesting date and remain exercisable until expiration or cancellation. The majority of options granted with performance conditions expire ten years from the date of grant and vest at a rate of 40% after the first two years and 1.67% per month thereafter for years three through five. Options are not transferable or assignable other than by will or the laws of descent and distribution. During the grantee’s lifetime, they may be exercised only by the grantee. | |||||||||||||
During the first nine months of fiscal 2014, FactSet granted 391,478 stock options at a weighted average exercise price of $106.73 to existing employees of the Company. | |||||||||||||
A summary of stock option activity is as follows (in thousands, except per share data): | |||||||||||||
Number Outstanding | Weighted Average Exercise Price Per Share | ||||||||||||
Balance at August 31, 2013 | 4,729 | $ | 75.95 | ||||||||||
Granted – non-performance-based | 36 | 108.64 | |||||||||||
Granted – performance-based | 36 | 110.31 | |||||||||||
Exercised | (136 | ) | 59.38 | ||||||||||
Forfeited | (10 | ) | 79.22 | ||||||||||
Balance at November 30, 2013 | 4,655 | $ | 76.94 | ||||||||||
Granted – non-performance-based | 139 | 102.01 | |||||||||||
Granted – performance-based | 166 | 109.39 | |||||||||||
Granted – non-employee Directors grant | 14 | 107.65 | |||||||||||
Exercised | (136 | ) | 40.99 | ||||||||||
Forfeited | (24 | ) | 86.75 | ||||||||||
Balance at February 28, 2014 | 4,814 | $ | 79.85 | ||||||||||
Exercised | (142 | ) | 59.17 | ||||||||||
Forfeited | (16 | ) | 94.48 | ||||||||||
Balance at May 31, 2014 | 4,656 | $ | 80.42 | ||||||||||
The total number of in-the-money options exercisable as of May 31, 2014 was 2.1 million with a weighted average exercise price of $66.34. As of August 31, 2013, 1.9 million in-the-money outstanding options were exercisable with a weighted average exercise price of $59.70. The aggregate intrinsic value of in-the-money stock options exercisable at May 31, 2014 and August 31, 2013 was $86.3 million and $82.1 million, respectively. Aggregate intrinsic value represents the difference between the Company’s closing stock price of $107.14 at May 31, 2014 and the exercise price multiplied by the number of options exercisable as of that date. The total pre-tax intrinsic value of stock options exercised during the three months ended May 31, 2014 and 2013 was $6.9 million and $31.4 million, respectively. The total pre-tax intrinsic value of stock options exercised during the nine months ended May 31, 2014 and 2013 was $22.9 million and $61.5 million, respectively. | |||||||||||||
Performance-based Stock Options | |||||||||||||
Performance-based stock options require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based options that vest will be predicated on the Company achieving performance levels during the measurement period subsequent to the date of grant. Dependent on the financial performance levels attained by FactSet, a percentage of the performance-based stock options will vest to the grantees of those stock options. However, there is no current guarantee that such options will vest in whole or in part. | |||||||||||||
November 2012 Annual Employee Performance-based Option Grant Review | |||||||||||||
In November 2012, FactSet granted 1,011,510 performance-based employee stock options. The number of performance-based options that vest is based on the Company achieving performance levels for both organic annual subscription value and diluted earnings per share during the two fiscal years ended August 31, 2014. At May 31, 2014, FactSet estimated that 20% or 202,302 of the performance-based stock options would vest which results in unamortized stock-based compensation expense of $2.5 million to be recognized over the remaining vesting period of 3.4 years. However, a change in the actual financial performance levels achieved during the fourth quarter of 2014 could result in the following changes to the Company’s current estimate of the vesting percentage and related expense (in thousands): | |||||||||||||
Vesting | Total Unamortized Stock-based | Cumulative Catch-up Adjustment* | Average Remaining Quarterly Expense to be Recognized | ||||||||||
Percentage | Compensation Expense at May 31, 2014 | ||||||||||||
0% | $ | 0 | $ | (2,265 | ) | $ | 0 | ||||||
20% | $ | 2,483 | $ | 0 | $ | 182 | |||||||
60% | $ | 7,449 | $ | 4,530 | $ | 545 | |||||||
100% | $ | 12,415 | $ | 9,060 | $ | 908 | |||||||
* Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2014. | |||||||||||||
July 2012 Performance-based Option Grant Review | |||||||||||||
In July 2012, FactSet granted 241,546 performance-based employee stock options, which are eligible to vest in 20% tranches depending upon future StreetAccount user growth through August 31, 2017. As a result of the accelerated expansion of StreetAccount users during the third quarter of fiscal 2014, FactSet determined that the second 20% tranche will vest by August 31, 2014. In addition, due to the accelerated third quarter growth and forecasted future usage growth, the Company estimated that the third 20% tranche will vest by August 31, 2017. This reflected a higher performance level than previously estimated and accordingly increased the number of options that will vest to a total 60%, which required FactSet to record a pre-tax stock-based compensation charge of $1.4 million in the third quarter of fiscal 2014. The change in estimate also results in unamortized stock-based compensation expense of $1.2 million to be recognized over the remaining vesting period of 3.3 years. | |||||||||||||
A change, up or down, in the actual financial performance levels achieved by StreetAccount in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense (in thousands): | |||||||||||||
Vesting | Cumulative | Remaining Expense | |||||||||||
Percentage | Catch-up Adjustment* | to be Recognized | |||||||||||
Third 20% | $ | (594 | ) | $ | 1,006 | ||||||||
Fourth 20% | $ | 736 | $ | 2,055 | |||||||||
Fifth 20% | $ | 1,704 | $ | 2,687 | |||||||||
* Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2014. | |||||||||||||
Matrix and Revere Performance-based Option Grants | |||||||||||||
In connection with the acquisitions of Matrix and Revere during fiscal 2014, FactSet granted 165,949 and 36,695 performance-based stock options, respectively. The performance-based options granted in connection with the acquisition of Matrix will vest only if ASV and operating margin targets related to the Matrix business are met during a five year measurement period ending December 23, 2018, and the option holders remain employed by FactSet. As of May 31, 2014 FactSet does not believe these targets are probable of being achieved, and as such, no stock-based compensation expense is expected to be realized in connection with these options. Of the 36,695 performance-based stock options granted in connection with the Revere acquisition, FactSet currently estimates that 18,553 options will vest based upon the achievement of certain ASV and operating margins during the measurement period ending August 31, 2015. This results in unamortized stock-based compensation expense of $0.5 million to be recognized over the remaining vesting period of 4.2 years. | |||||||||||||
Restricted Stock and Stock Unit Awards | |||||||||||||
The Company’s stock option and award plan permits the issuance of restricted stock and restricted stock units. Restricted stock awards are subject to continued employment over a specified period. During the first nine months of fiscal 2014, FactSet granted 204,124 restricted stock awards at a weighted average grant date fair value of $101.95 to employees of the Company. | |||||||||||||
A summary of restricted stock award activity is as follows (in thousands, except per award data): | |||||||||||||
Number Outstanding | Weighted Average Grant | ||||||||||||
Date Fair Value Per Award | |||||||||||||
Balance at August 31, 2013 | 358 | $ | 80.43 | ||||||||||
Granted (restricted stock and stock units) | 162 | $ | 102.27 | ||||||||||
Vested | (63 | ) | $ | 83.49 | |||||||||
Canceled/forfeited | (2 | ) | $ | 69.27 | |||||||||
Balance at November 30, 2013 | 455 | $ | 87.69 | ||||||||||
Granted (restricted stock and stock units) | 42 | $ | 100.7 | ||||||||||
Vested | (17 | ) | $ | 60.28 | |||||||||
Canceled/forfeited | (4 | ) | $ | 97.28 | |||||||||
Balance at February 28, 2014 | 476 | $ | 89.79 | ||||||||||
Vested* | (55 | ) | $ | 93.12 | |||||||||
Canceled/forfeited | (3 | ) | $ | 89.77 | |||||||||
Balance at May 31, 2014 | 418 | $ | 89.34 | ||||||||||
* Of the total 55,431 restricted stock awards that vested during the third quarter of fiscal 2014, 29,087 related to awards granted on April 14, 2011 at the grant date price of $103.30. These restricted stock awards cliff vested 100% after three years on April 14, 2014. The awards were amortized to expense over the vesting period using the straight-line attribution method. The remaining 26,344 restricted stock awards that vested during the third quarter were granted on April 8, 2013 and cliff vest 20% annually upon each anniversary date of the grant. | |||||||||||||
November 2013 Employee Restricted Stock Award | |||||||||||||
On November 1, 2013, FactSet granted 153,972 restricted stock awards with a fair value of $102.22, which entitle the holder to shares of common stock as the awards vest over time. These restricted stock awards cliff vest 60% after three years (on November 1, 2016) and the remaining 40% after five years (on November 1, 2018). As of May 31, 2014 unamortized stock-based compensation expense of $12.0 million is to be amortized ratably to compensation expense over the remaining vesting period of 4.4 years. | |||||||||||||
Matrix and Revere Restricted Stock Units | |||||||||||||
In connection with the acquisitions of Matrix and Revere, FactSet granted 30,144 and 7,744 performance-based restricted stock units, respectively. The Matrix restricted stock units cliff vest 20% annually upon each anniversary date of the grant and as of May 31, 2014 unamortized stock-based compensation expense of $2.8 million is to be amortized ratably to compensation expense over the remaining vesting period of 4.6 years. Of the 7,744 performance-based restricted stock units granted in connection with the Revere acquisition, 3,872 are estimated to vest based upon management’s belief that certain of the ASV and operating margin targets will be achieved during the measurement period ending August 31, 2017. As of May 31, 2014 unamortized stock-based compensation of $0.3 million will be amortized to compensation expense over the remaining vesting period of 4.3 years. The remaining 3,872 performance-based restricted stock units granted in connection with the Revere acquisition are expected to be forfeited. | |||||||||||||
Other Restricted Stock Units | |||||||||||||
An additional 12,264 restricted stock awards were granted during the first nine months of fiscal 2014 to existing employees of FactSet. These restricted stock awards cliff vest 60% after three years, with the remaining 40% vesting on the fifth year anniversary date. As of May 31, 2014 unamortized stock-based compensation of $1.0 million will be amortized to compensation expense over the remaining vesting period of 4.7 years. | |||||||||||||
Share-based Awards Available for Grant | |||||||||||||
A summary of share-based awards available for grant is as follows (in thousands): | |||||||||||||
Share-based Awards | Share-based Awards | ||||||||||||
Available for Grant under | Available for Grant under | ||||||||||||
the Employee Option Plan | the Non-Employee Directors Plan | ||||||||||||
Balance at August 31, 2013 | 3,116 | 107 | |||||||||||
Granted – non performance-based options | (36 | ) | 0 | ||||||||||
Granted – performance-based options | (36 | ) | 0 | ||||||||||
Restricted stock awards granted* | (404 | ) | 0 | ||||||||||
Share-based awards canceled/forfeited* | 16 | 0 | |||||||||||
Balance at November 30, 2013 | 2,656 | 107 | |||||||||||
Granted – non performance-based options | (139 | ) | (14 | ) | |||||||||
Granted – performance-based options | (166 | ) | 0 | ||||||||||
Restricted stock awards granted* | (106 | ) | 0 | ||||||||||
Share-based awards canceled/forfeited* | 35 | 9 | |||||||||||
Balance at February 28, 2014 | 2,280 | 102 | |||||||||||
Share-based awards canceled/forfeited* | 21 | 0 | |||||||||||
Balance at May 31, 2014 | 2,301 | 102 | |||||||||||
* Under the Company’s option plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
On December 16, 2008, the Company’s stockholders ratified the adoption of the FactSet Research Systems Inc. 2008 Employee Stock Purchase Plan (the “Purchase Plan”). A total of 500,000 shares have been reserved for issuance under the Purchase Plan. There is no expiration date for the Purchase Plan. Shares of FactSet common stock may be purchased by eligible employees under the Purchase Plan in three-month intervals at a purchase price equal to at least 85% of the lesser of the fair market value of the Company’s common stock on either the first day or the last day of each three-month offering period. Employee purchases may not exceed 10% of their gross compensation during an offering period. | |||||||||||||
During the three months ended May 31, 2014, employees purchased 18,068 shares at a weighted average price of $88.55 as compared to 16,739 shares at a weighted average price of $82.67 in the same period a year ago. During the nine months ended May 31, 2014, employees purchased 54,597 shares at a weighted average price of $88.33 as compared to 56,230 shares at a weighted average price of $79.77 in the same period a year ago. At May 31, 2014, 65,173 shares were reserved for future issuance under the Purchase Plan. | |||||||||||||
401(k) Plan | |||||||||||||
The Company established a 401(k) Plan (the “401(k) Plan”) in fiscal 1993. The 401(k) Plan is a defined contribution plan covering all full-time, U.S. employees of the Company and is subject to the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. Each year, participants may contribute up to 60% of their eligible annual compensation, subject to annual limitations established by the Internal Revenue Code. The Company matches up to 4% of employees’ earnings, capped at the IRS annual maximum. Company matching contributions are subject to a five year graduated vesting schedule. All full-time, U.S. employees are eligible for the matching contribution by the Company. The Company contributed $5.7 million and $5.5 million in matching contributions to employee 401(k) accounts during the nine months ended May 31, 2014 and 2013, respectively. |
Note_14_StockBased_Compensatio
Note 14 - Stock-Based Compensation | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
14. STOCK-BASED COMPENSATION | |||||||||
The Company recognized total stock-based compensation expense of $6.8 million and $17.4 million during the three and nine months ended May 31, 2014, respectively. Similarly, the Company recognized total stock-based compensation expense of $5.4 million and $31.8 million during the three and nine months ended May 31, 2013. The fiscal 2014 totals include a pre-tax charge of $1.4 million related to vesting of performance-based options in connection with StreetAccount. The fiscal 2013 prior year totals include a pre-tax charge of $15.7 million related to performance-based options granted in connection with the acquisition of Market Metrics in June 2010. As of May 31, 2014, $54.4 million of total unrecognized compensation expense related to non-vested awards is expected to be recognized over a weighted average period of 3.5 years. There was no stock-based compensation capitalized as of May 31, 2014 or August 31, 2013. | |||||||||
Employee Stock Option Fair Value Determinations | |||||||||
The Company utilizes the lattice-binomial option-pricing model (“binomial model”) to estimate the fair value of new employee stock option grants. The Company’s determination of fair value of stock option awards on the date of grant using the binomial model is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors. | |||||||||
Fiscal 2014 | |||||||||
- | Q1 2014 – 35,508 non performance-based employee stock options and 36,695 performance-based employee stock options were granted at a weighted average exercise price of $109.49 and a weighted average estimated fair value of $31.78 per share. | ||||||||
- | Q2 2014 – 138,902 non performance-based employee stock options and 165,949 performance-based employee stock options were granted at a weighted average exercise price of $106.03 and a weighted average estimated fair value of $29.14 per share. | ||||||||
- | Q3 2014 - There were no employee stock options granted during the three months ended May 31, 2014. | ||||||||
Fiscal 2013 | |||||||||
- | Q1 2013 – 635,308 non performance-based employee stock options and 1,011,510 performance-based employee stock options were granted at a weighted average exercise price of $92.22 and a weighted average estimated fair value of $26.87 per share. | ||||||||
- | Q2 2013 – 9,367 non performance-based employee stock options were granted at a weighted average exercise price of $92.55 and a weighted average estimated fair value of $26.69 per share. | ||||||||
- | Q3 2013 - There were no employee stock options granted during the three months ended May 31, 2013. | ||||||||
The weighted average estimated fair value of employee stock options granted during fiscal 2014 and 2013 was determined using the binomial model with the following weighted average assumptions. There were no employee stock options granted during the three months ended May 31, 2014 and 2013. | |||||||||
Nine Months Ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Term structure of risk-free interest rate | 0.01% - 2.61 | % | 0.16% - 1.91 | % | |||||
Expected life (in years) | 7.6 – 7.8 | 7.6 – 7.8 | |||||||
Term structure of volatility | 23% - 33 | % | 24% - 33 | % | |||||
Dividend yield | 1.35 | % | 1.3 | % | |||||
Weighted average estimated fair value | $ | 29.64 | $ | 26.87 | |||||
Weighted average exercise price | $ | 106.69 | $ | 92.22 | |||||
Fair value as a percentage of exercise price | 27.8 | % | 29.1 | % | |||||
The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on a combination of historical volatility of the Company’s stock and implied volatilities of publicly traded options to buy FactSet common stock with contractual terms closest to the expected life of options granted to employees. The approach to utilize a mix of historical and implied volatility was based upon the availability of actively traded options on the Company’s stock and the Company’s assessment that a combination of implied volatility and historical volatility is best representative of future stock price trends. The Company uses historical data to estimate option exercises and employee termination within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding and is a derived output of the binomial model. The binomial model estimates employees exercise behavior is based on the option’s remaining vested life and the extent to which the option is in-the-money. The binomial model estimates the probability of exercise as a function of these two variables based on the entire history of exercises and cancellations of all past option grants made by the Company. | |||||||||
Non-Employee Director Stock Option Fair Value Determinations | |||||||||
The 2008 Non-Employee Directors’ Stock Option Plan (the “Directors’ Plan”) provides for the grant of share-based awards, including stock options, to non-employee directors of FactSet. A total of 250,000 shares of FactSet common stock have been reserved for issuance under the Directors’ Plan. The expiration date of the Directors’ Plan is December 1, 2018. | |||||||||
The Company utilizes the Black-Scholes model to estimate the fair value of new non-employee Director stock option grants. The Company’s determination of fair value of share-based payment awards on the date of grant is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors. | |||||||||
Fiscal 2014 | |||||||||
On January 15, 2014, FactSet granted 14,424 stock options to the Company’s non-employee Directors. All of the options granted on January 15, 2014 have a weighted average estimated fair value of $27.04 per share, using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||
Risk-free interest rate | 1.66 | % | |||||||
Expected life (in years) | 5.4 | ||||||||
Expected volatility | 28.9 | % | |||||||
Dividend yield | 1.35 | % | |||||||
Fiscal 2013 | |||||||||
On January 15, 2013, FactSet granted 18,781 stock options to the Company’s non-employee Directors at a weighted average estimated fair value of $24.23 per share, using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||
Risk-free interest rate | 0.89 | % | |||||||
Expected life (in years) | 5.4 | ||||||||
Expected volatility | 32.3 | % | |||||||
Dividend yield | 1.3 | % | |||||||
The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercises and non-employee director terminations within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. | |||||||||
Restricted Stock Fair Value Determinations | |||||||||
Restricted stock granted to employees entitle the holder to shares of common stock as the award vests over time, but not to dividends declared on the underlying shares while the restricted stock is unvested. The grant date fair value of restricted stock awards are measured by reducing the grant date price of FactSet’s common stock by the present value of the dividends expected to be paid on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. | |||||||||
Employee Stock Purchase Plan Fair Value Determinations | |||||||||
During the three months ended May 31, 2014, employees purchased 18,068 shares at a weighted average price of $88.55 as compared to 16,739 shares at a weighted average price of $82.67 in the same period a year ago. During the nine months ended May 31, 2014, employees purchased 54,597 shares at a weighted average price of $88.33 as compared to 56,230 shares at a weighted average price of $79.77 in the same period a year ago. Stock-based compensation expense recorded for the three months ended May 31, 2014 and 2013, relating to the employee stock purchase plan was $0.3 million, respectively. | |||||||||
The Company uses the Black-Scholes model to calculate the estimated fair value for the employee stock purchase plan. The estimated fair value of employee stock purchase plan grants during the three months ended May 31, 2014 and 2013 were $17.81 and $16.15 per share, respectively, with the following assumptions: | |||||||||
Three Months Ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 0.04 | % | 0.06 | % | |||||
Expected life (in months) | 3 | 3 | |||||||
Expected volatility | 13.3 | % | 10.4 | % | |||||
Dividend yield | 1.5 | % | 1.44 | % | |||||
The weighted average estimated fair value of employee stock purchase plan grants during the nine months ended May 31, 2014 and 2013 were $17.91 and $15.65 per share, respectively, with the following weighted average assumptions: | |||||||||
Nine Months Ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 0.04 | % | 0.08 | % | |||||
Expected life (in months) | 3 | 3 | |||||||
Expected volatility | 10.8 | % | 9.9 | % | |||||
Dividend yield | 1.36 | % | 1.36 | % | |||||
Accuracy of Fair Value Estimates | |||||||||
The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeiture rates and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. |
Note_15_Income_Taxes
Note 15 - Income Taxes | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||
15. INCOME TAXES | |||||||||||||||||
Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. | |||||||||||||||||
Provision for Income Taxes | |||||||||||||||||
The provision for income taxes is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. operations | $ | 58,943 | $ | 59,122 | $ | 181,631 | $ | 162,101 | |||||||||
Non-U.S. operations | 14,428 | 12,876 | 42,220 | 37,930 | |||||||||||||
Income before income taxes | $ | 73,371 | $ | 71,998 | $ | 223,851 | $ | 200,031 | |||||||||
U.S. operations | $ | 20,631 | $ | 15,787 | $ | 60,560 | $ | 44,115 | |||||||||
Non-U.S. operations | 1,208 | 2,844 | 7,155 | 8,242 | |||||||||||||
Total provision for income taxes | $ | 21,839 | $ | 18,631 | $ | 67,715 | $ | 52,357 | |||||||||
Effective tax rate | 29.8 | % | 25.9 | % | 30.3 | % | 26.2 | % | |||||||||
FactSet’s effective tax rate is based on recurring factors and nonrecurring events, including the taxation of foreign income. The Company’s effective tax rate will vary based on changes in levels of foreign income, as well as discrete and other nonrecurring events that may not be predictable. The effective tax rate was lower than the U.S. statutory rate of 35% for the three and nine months ended May 31, 2014 and 2013 due to foreign income, which is subject to lower statutory tax rates than in the U.S., benefits from foreign tax credits and the U.S. Federal R&D tax credit partially offset by additional state and local income taxes. | |||||||||||||||||
The components of the provision for income taxes consist of the following (in thousands): | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current | |||||||||||||||||
U.S. Federal | $ | 58,300 | $ | 37,498 | |||||||||||||
U.S. state and local | 2,861 | 2,440 | |||||||||||||||
Non-U.S. | 7,452 | 8,370 | |||||||||||||||
Total current taxes | $ | 68,613 | $ | 48,308 | |||||||||||||
Deferred | |||||||||||||||||
U.S. Federal | $ | (631 | ) | $ | 3,896 | ||||||||||||
U.S. state and local | 29 | 281 | |||||||||||||||
Non-U.S. | (296 | ) | (128 | ) | |||||||||||||
Total deferred taxes | $ | (898 | ) | $ | 4,049 | ||||||||||||
Total provision for income taxes | $ | 67,715 | $ | 52,357 | |||||||||||||
Deferred Tax Assets and Liabilities | |||||||||||||||||
The significant components of deferred tax assets that are recorded in the Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||||||
31-May-14 | 31-Aug-13 | ||||||||||||||||
Deferred tax assets | |||||||||||||||||
Current | |||||||||||||||||
Receivable reserve | $ | 602 | $ | 614 | |||||||||||||
Deferred rent | 1,067 | 2,191 | |||||||||||||||
Other | (2 | ) | (2 | ) | |||||||||||||
Net current deferred taxes | $ | 1,667 | $ | 2,803 | |||||||||||||
Non-current | |||||||||||||||||
Depreciation on property, equipment and leasehold improvements | $ | 9,166 | $ | 6,329 | |||||||||||||
Deferred rent | 3,816 | 2,772 | |||||||||||||||
Stock-based compensation | 18,746 | 19,828 | |||||||||||||||
Purchased intangible assets, including acquired technology | (9,644 | ) | (8,401 | ) | |||||||||||||
Other | 1,503 | 1,495 | |||||||||||||||
Net non-current deferred taxes | $ | 23,587 | $ | 22,023 | |||||||||||||
Total deferred tax assets | $ | 25,254 | $ | 24,826 | |||||||||||||
The significant components of deferred tax liabilities that are recorded in the Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||||||
31-May-14 | 31-Aug-13 | ||||||||||||||||
Deferred tax liabilities (non-current) | |||||||||||||||||
Purchased intangible assets, including acquired technology | $ | 4,309 | $ | 2,761 | |||||||||||||
Stock-based compensation | (964 | ) | (365 | ) | |||||||||||||
Depreciation on property, equipment and leasehold improvements | (716 | ) | 0 | ||||||||||||||
Other | 463 | 0 | |||||||||||||||
Total deferred tax liabilities (non-current) | $ | 3,092 | $ | 2,396 | |||||||||||||
A provision has not been made for additional U.S. Federal taxes as of May 31, 2014 as all undistributed earnings of foreign subsidiaries are considered to be invested indefinitely or will be repatriated free of additional tax. The amount of such undistributed earnings of these foreign subsidiaries included in consolidated retained earnings was immaterial at May 31, 2014 and August 31, 2013. As such, the unrecognized deferred tax liability on those undistributed earnings was immaterial. These earnings could become subject to additional tax if they are remitted as dividends, loaned to FactSet, or upon sale of the subsidiary’s stock. | |||||||||||||||||
Unrecognized Tax Positions | |||||||||||||||||
Applicable accounting guidance prescribes a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. A company can recognize the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will prevail upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit or expense can be recognized in the consolidated financial statements. The tax benefits recognized are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Additionally, companies are required to accrue interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. | |||||||||||||||||
As of May 31, 2014, the Company had gross unrecognized tax benefits totaling $5.2 million, including $1.0 million of accrued interest, recorded as non-current taxes payable in the consolidated balance sheet. Unrecognized tax benefits represent tax positions taken on tax returns but not yet recognized in the consolidated financial statements. When applicable, the Company adjusts the previously recorded tax expense to reflect examination results when the position is effectively settled. The Company regularly engages in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. It is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. However, FactSet has no reason to believe that such audits will result in the payment of additional taxes and/or penalties that would have a material adverse effect on the Company’s results of operations or financial position, beyond current estimates. Any changes in accounting estimates resulting from new developments with respect to uncertain tax positions will be recorded as appropriate. The Company does not currently anticipate that the total amounts of unrecognized tax benefits will significantly change within the next 12 months. | |||||||||||||||||
The following table summarizes the changes in the balance of gross unrecognized tax benefits during the first nine months of fiscal 2014 (in thousands): | |||||||||||||||||
Unrecognized income tax benefits at August 31, 2013 | $ | 5,435 | |||||||||||||||
Additions based on tax positions related to the current year | 691 | ||||||||||||||||
Reductions for tax positions of prior years | (203 | ) | |||||||||||||||
Reductions from settlements with taxing authorities | (766 | ) | |||||||||||||||
Unrecognized income tax benefits at May 31, 2014 | $ | 5,157 | |||||||||||||||
In the normal course of business, the Company’s tax filings are subject to audit by federal, state and foreign tax authorities. At May 31, 2014, the Company remained subject to examination in the following major tax jurisdictions for the tax years as indicated below: | |||||||||||||||||
Major Tax Jurisdictions | Open Tax Years | ||||||||||||||||
U.S. | |||||||||||||||||
Federal | 2013 | ||||||||||||||||
State (various) | 2010 through 2013 | ||||||||||||||||
Europe | |||||||||||||||||
France | 2011 through 2013 | ||||||||||||||||
United Kingdom | 2011 through 2013 | ||||||||||||||||
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 9 Months Ended | ||||
31-May-14 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
16. COMMITMENTS AND CONTINGENCIES | |||||
Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the balance sheet as liabilities. FactSet records liabilities for commitments when incurred (i.e., when the goods or services are received). | |||||
Lease Commitments | |||||
At May 31, 2014 the Company leases approximately 193,000 square feet of office space at its headquarters in Norwalk, Connecticut. In addition, FactSet leases office space for its U.S. reportable segment in New York, New York; Boston, Massachusetts; Chicago, Illinois; San Francisco, California; Austin, Texas; Jackson, Wyoming; Atlanta, Georgia; Tuscaloosa, Alabama; Newark, Ridgewood and Piscataway, New Jersey; Manchester, New Hampshire; Reston, Virginia, and Youngstown, Ohio. The Company’s European segment operates in leased office space in London, England; Paris and Avon, France; Amsterdam, the Netherlands; Frankfurt, Germany; Dubai, United Arab Emirates; Milan, Italy; Stockholm, Sweden; and Riga, Latvia. Office space in Tokyo, Japan; Hong Kong; Singapore; Mumbai, India; and Sydney, Australia are leased by FactSet for its Asia Pacific operating segment. The data content collection centers located in Hyderabad, India and Manila, the Philippines benefit all of the Companies operating segments. The leases expire on various dates through 2031. Total minimum rental payments associated with the leases are recorded as rent expense (a component of selling, general and administrative expenses) on a straight-line basis over the periods of the respective non-cancelable lease terms. | |||||
During the three months ended May 31, 2014 and 2013, rent expense (including operating costs) for all operating leases amounted to $9.7 million and $8.8 million, respectively. Rent expense for all operating leases for the nine months of fiscal 2014 and 2013 amounted to $28.0 million and $27.2 million, respectively. Approximately $1.8 million of standby letters of credit have been issued during the ordinary course of business in connection with the Company’s current leased office space as of May 31, 2014. These standby letters of credit contain covenants that, among other things, require the Company to maintain minimum levels of consolidated net worth and certain leverage and fixed charge ratios. As of May 31, 2014, FactSet was in compliance with all covenants contained in the standby letters of credit. | |||||
At May 31, 2014, FactSet leases approximately 836,000 square feet of office space, which the Company believes is adequate for its current needs and that additional space is available for lease to meet any future needs. | |||||
At May 31, 2014, the Company’s lease commitments for office space provide for the following future minimum rental payments under non-cancelable operating leases with remaining terms in excess of one year (in thousands): | |||||
Years Ended August 31, | Minimum Lease | ||||
Payments | |||||
2014 (remaining three months) | $ | 7,516 | |||
2015 | 26,013 | ||||
2016 | 19,827 | ||||
2017 | 23,715 | ||||
2018 | 22,523 | ||||
Thereafter | 112,511 | ||||
Total | $ | 212,105 | |||
Included in the future minimum rental payments outlined above are $93.7 million in future rent payments related to a 15-year lease agreement executed in February 2014 to support the Company’s New York operations into calendar year 2031. During the third quarter of fiscal 2014, FactSet executed two leases for new office space in Mumbai, India and Austin, Texas, which resulted in additional future minimum rental payments totaling $2.4 million into calendar year 2019. Additional lease commitments assumed in connection with the Revere and Matrix acquisitions were immaterial, but did add approximately 11,000 square feet of office space. | |||||
Purchase Commitments with Suppliers | |||||
Purchase obligations represent payments due in future periods in respect of commitments to the Company’s various data vendors as well as commitments to purchase goods and services such as telecommunication and computer maintenance services. These purchase commitments are agreements that are enforceable and legally binding on FactSet and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. As of August 31, 2013, the Company had total purchase commitments of $50.2 million. There were no material changes in FactSet’s purchase commitments during fiscal 2014. | |||||
Contingencies | |||||
Legal Matters | |||||
FactSet accrues non income-tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. The Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business, including intellectual property litigation. Based on currently available information at May 31, 2014, FactSet’s management does not believe that the ultimate outcome of these unresolved matters against the Company, individually or in the aggregate, is likely to have a material adverse effect on the Company’s consolidated financial position, its results of operations or its cash flows. | |||||
Income Taxes | |||||
Uncertain income tax positions are accounted for in accordance with applicable accounting guidance (see Note 15). FactSet is currently under audit by tax authorities. The Company has reserved for potential adjustments to its provision for income taxes that may result from examinations by, or any negotiated settlements with, these tax authorities, and the Company believes that the final outcome of these examinations or settlements will not have a material effect on its results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of tax benefits in the period FactSet determines the liabilities are no longer necessary. If the Company’s estimates of the federal, state, and foreign income tax liabilities are less than the ultimate assessment, a further charge to expense would result. | |||||
Indemnifications | |||||
As permitted or required under Delaware law and to the maximum extent allowable under that law, FactSet has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at FactSet’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments FactSet could be required to make under these indemnification obligations is unlimited; however, FactSet has a director and officer insurance policy that should mitigate FactSet's exposure and enables FactSet to recover a portion of any future amounts paid. The Company believes the estimated fair value, prior to consideration of any potential insurance recoveries, of these indemnification obligations is not material. | |||||
Concentrations of Credit Risk | |||||
Cash equivalents - Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. | |||||
Accounts Receivable - Accounts receivable are unsecured and are derived from revenues earned from clients located around the globe. FactSet performs ongoing credit evaluations of its clients and does not require collateral from its clients. The Company maintains reserves for potential write-offs and these losses have historically been within expectations. No single client represented 10% or more of FactSet’s total revenues in any period presented. At May 31, 2014, the Company’s largest individual client accounted for 2% of total annual subscriptions and subscriptions from the ten largest clients did not surpass 15% of total annual subscriptions, consistent with August 31, 2013. At May 31, 2014 and August 31, 2013, the receivable reserve was $1.7 and $1.6 million, respectively. | |||||
Derivative Instruments - As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities. FactSet calculates credit risk from observable data related to credit default swaps as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not available for FactSet, the Company’s credit risk is determined based on using a simple average of CDS spreads for peer companies as determined by FactSet. To mitigate counterparty credit risk, FactSet enters into contracts with large financial institutions and regularly reviews its credit exposure balances as well as the creditworthiness of the counterparties. |
Note_4_Fair_Value_Measures_Tab
Note 4 - Fair Value Measures (Tables) | 9 Months Ended | 21 Months Ended | ||||||||||||||||||||||||||||||||
31-May-14 | 31-May-14 | |||||||||||||||||||||||||||||||||
Note 4 - Fair Value Measures (Tables) [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||||||||||
31-May-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Corporate money market funds (1) | $ | 73,570 | $ | 0 | $ | 0 | $ | 73,570 | ||||||||||||||||||||||||||
Certificates of deposit (2) | 0 | 15,217 | 0 | 15,217 | ||||||||||||||||||||||||||||||
Derivative Instruments (3) | 1,394 | 1,394 | ||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 73,570 | $ | 16,611 | $ | 0 | $ | 90,181 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Derivative instruments (3) | $ | 0 | $ | 152 | $ | 0 | $ | 152 | ||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 0 | $ | 152 | $ | 0 | $ | 152 | ||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||||||||||
31-Aug-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Corporate money market funds (1) | $ | 156,693 | $ | 0 | $ | 0 | $ | 156,693 | ||||||||||||||||||||||||||
Certificates of deposit (2) | 0 | 12,725 | 0 | 12,725 | ||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 156,693 | $ | 12,725 | $ | 0 | $ | 169,418 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Derivative instruments (3) | $ | 0 | $ | 7,740 | $ | 0 | $ | 7,740 | ||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 0 | $ | 7,740 | $ | 0 | $ | 7,740 | ||||||||||||||||||||||||||
Reported Value Measurement [Member] | ' | ' | ||||||||||||||||||||||||||||||||
Note 4 - Fair Value Measures (Tables) [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||
31-May-14 | Level 1 | Level 2 | Level 3 | Total | 31-Aug-13 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 73,570 | $ | 0 | $ | 0 | $ | 73,570 | Cash and cash equivalents | $ | 156,693 | $ | 0 | $ | 0 | $ | 156,693 | |||||||||||||||||
Investments | 0 | 15,217 | 0 | 15,217 | Investments | 0 | 12,725 | 0 | 12,725 | |||||||||||||||||||||||||
Prepaid expenses and other current assets | 0 | 114 | 0 | 114 | Total assets measured at fair value | $ | 156,693 | $ | 12,725 | $ | 0 | $ | 169,418 | |||||||||||||||||||||
Other assets | 0 | 1,280 | 0 | 1,280 | ||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 73,570 | $ | 16,611 | $ | 0 | $ | 90,181 | Accounts payable and accrued liabilities | $ | 0 | $ | 3,085 | $ | 0 | $ | 3,085 | |||||||||||||||||
Deferred rent and other non-current liabilities | 0 | 4,655 | 0 | 4,655 | ||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 0 | $ | 152 | $ | 0 | $ | 152 | Total liabilities measured at fair value | $ | 0 | $ | 7,740 | $ | 0 | $ | 7,740 | |||||||||||||||||
Total liabilities measured at fair value | $ | 0 | $ | 152 | $ | 0 | $ | 152 |
Note_5_Derivative_Instruments_
Note 5 - Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||
31-May-14 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | ' | |||||||||||||||||
Gross Notional Value | Fair Value Asset (Liability) | |||||||||||||||||
Currency Hedged (in U.S. dollars) | 31-May-14 | 31-Aug-13 | 31-May-14 | 31-Aug-13 | ||||||||||||||
Indian Rupee | $ | 42,751 | $ | 47,388 | $ | 1,128 | $ | (7,693 | ) | |||||||||
Philippine Peso | 9,200 | 11,700 | 114 | (178 | ) | |||||||||||||
British Pound | 0 | 10,436 | 0 | 131 | ||||||||||||||
Total | $ | 51,951 | $ | 69,524 | $ | 1,242 | $ | (7,740 | ) | |||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||||
Designation of Derivatives | Balance Sheet Location | 31-May-14 | 31-Aug-13 | |||||||||||||||
Derivatives designated as hedging instruments | Assets: Foreign Currency Forward Contracts | |||||||||||||||||
Prepaid expenses and other current assets | $ | 114 | $ | 0 | ||||||||||||||
Other assets | $ | 1,280 | 0 | |||||||||||||||
Liabilities: Foreign Currency Forward Contracts | ||||||||||||||||||
Accounts payable and accrued expenses | $ | 152 | $ | 3,085 | ||||||||||||||
Deferred rent and other non-current liabilities | $ | 0 | $ | 4,655 | ||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||
Gain (Loss) Recognized | Location of Gain (Loss) Reclassified from AOCL into Income | Loss Reclassified | ||||||||||||||||
in AOCL on Derivatives | from AOCL into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||
Foreign currency forward contracts | $ | 3,673 | $ | (1,037 | ) | SG&A | $ | (59 | ) | $ | (160 | ) | ||||||
Gain Recognized | Location of Gain (Loss) Reclassified from AOCL into Income | Loss Reclassified | ||||||||||||||||
in AOCL on Derivatives | from AOCL into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | (Effective Portion) | 2014 | 2013 | |||||||||||||
Foreign currency forward contracts | $ | 8,661 | $ | 759 | SG&A | $ | (316 | ) | $ | (557 | ) | |||||||
Offsetting Assets and Liabilities [Table Text Block] | ' | |||||||||||||||||
Derivatives Offset in Consolidated Balance Sheets | ||||||||||||||||||
31-May-14 | Gross Derivative Amounts | Gross Derivative Amounts Offset in Balance Sheet | Net | |||||||||||||||
Amounts | ||||||||||||||||||
Fair value of assets | $ | 1,578 | $ | (184 | ) | $ | 1,394 | |||||||||||
Fair value of liabilities | (304 | ) | 152 | (152 | ) | |||||||||||||
Total | $ | 1,274 | $ | (32 | ) | $ | 1,242 | |||||||||||
Derivatives Offset in Consolidated Balance Sheets | ||||||||||||||||||
31-Aug-13 | Gross Derivative Amounts | Gross Derivative Amounts Offset in Balance Sheet | Net | |||||||||||||||
Amounts | ||||||||||||||||||
Fair value of assets | $ | 131 | $ | 0 | $ | 131 | ||||||||||||
Fair value of liabilities | (7,871 | ) | 0 | (7,871 | ) | |||||||||||||
Total | $ | (7,740 | ) | $ | 0 | $ | (7,740 | ) |
Note_6_Other_Comprehensive_Inc1
Note 6 - Other Comprehensive Income and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-May-14 | 31-May-13 | ||||||||||||||||
Pre-tax | Net of tax | Pre-tax | Net of tax | ||||||||||||||
Foreign currency translation adjustments | $ | 545 | $ | 545 | $ | (2,478 | ) | $ | (2,478 | ) | |||||||
Realized loss on cash flow hedges reclassified to earnings (1) | 59 | 37 | 160 | 100 | |||||||||||||
Unrealized gain (loss) on cash flow hedges recognized in accumulated other comprehensive loss | 3,673 | 2,304 | (1,037 | ) | (649 | ) | |||||||||||
Other comprehensive income (loss) | $ | 4,277 | $ | 2,886 | $ | (3,355 | ) | $ | (3,027 | ) | |||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
31-May-14 | 31-May-13 | ||||||||||||||||
Pre-tax | Net of tax | Pre-tax | Net of tax | ||||||||||||||
Foreign currency translation adjustments | $ | 12,199 | $ | 12,199 | $ | (4,135 | ) | $ | (4,135 | ) | |||||||
Realized loss on cash flow hedges reclassified to earnings (1) | 316 | 199 | 557 | 345 | |||||||||||||
Unrealized gain on cash flow hedges recognized in accumulated other comprehensive loss | 8,661 | 5,426 | 759 | 477 | |||||||||||||
Other comprehensive income (loss) | $ | 21,176 | $ | 17,824 | $ | (2,819 | ) | $ | (3,313 | ) | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
31-May-14 | Aug 31, 2013 | ||||||||||||||||
Accumulated unrealized gains (losses) on cash flow hedges, net of tax | $ | 778 | $ | (4,847 | ) | ||||||||||||
Accumulated foreign currency translation adjustments | (14,127 | ) | (26,326 | ) | |||||||||||||
Total accumulated other comprehensive loss | $ | (13,349 | ) | $ | (31,173 | ) |
Note_7_Segment_Information_Tab
Note 7 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
For the three months ended May 31, 2014 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 156,241 | $ | 58,265 | $ | 17,255 | $ | 231,761 | |||||||||
Segment operating profit | 39,081 | 24,732 | 9,224 | 73,037 | |||||||||||||
Total assets | 363,959 | 237,286 | 58,391 | 659,636 | |||||||||||||
Capital expenditures | 3,099 | 188 | 385 | 3,672 | |||||||||||||
For the three months ended May 31, 2013 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 146,972 | $ | 52,358 | $ | 15,283 | $ | 214,613 | |||||||||
Segment operating profit | 38,529 | 25,333 | 7,775 | 71,637 | |||||||||||||
Total assets | 502,108 | 181,346 | 51,876 | 735,330 | |||||||||||||
Capital expenditures | 3,580 | 276 | 348 | 4,204 | |||||||||||||
For the nine months ended May 31, 2014 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 463,419 | $ | 167,993 | $ | 50,259 | $ | 681,671 | |||||||||
Segment operating profit | 121,806 | 75,155 | 25,872 | 222,833 | |||||||||||||
Capital expenditures | 10,529 | 380 | 795 | 11,704 | |||||||||||||
For the nine months ended May 31, 2013 | U.S. | Europe | Asia | Total | |||||||||||||
Pacific | |||||||||||||||||
Revenues from clients | $ | 436,947 | $ | 155,638 | $ | 46,194 | $ | 638,779 | |||||||||
Segment operating profit | 102,654 | 74,275 | 21,956 | 198,885 | |||||||||||||
Capital expenditures | 8,889 | 993 | 3,406 | 13,288 |
Note_8_Business_Combinations_T
Note 8 - Business Combinations (Tables) | 9 Months Ended | ||||
31-May-14 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||
Tangible assets acquired | $ | 544 | |||
Amortizable intangible assets | |||||
Data content | 2,799 | ||||
Client relationships | 827 | ||||
Non-compete agreements | 162 | ||||
Trade name | 293 | ||||
Goodwill | 11,612 | ||||
Total assets acquired | 16,237 | ||||
Liabilities assumed | (949 | ) | |||
Net assets acquired | $ | 15,288 | |||
Tangible assets acquired | $ | 7,459 | |||
Amortizable intangible assets | |||||
Data content | 3,408 | ||||
Client relationships | 2,816 | ||||
Software technology | 1,708 | ||||
Trade name | 670 | ||||
Non-compete agreements | 147 | ||||
Goodwill | 25,531 | ||||
Total assets acquired | 41,739 | ||||
Liabilities assumed | (9,941 | ) | |||
Net assets acquired | $ | 31,798 |
Note_9_Goodwill_Tables
Note 9 - Goodwill (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||
U.S. | Europe | Asia | Total | ||||||||||||||
Pacific | |||||||||||||||||
Balance at August 31, 2013 | $ | 167,822 | $ | 73,424 | $ | 3,327 | $ | 244,573 | |||||||||
Goodwill acquired during the period | 11,612 | 25,531 | 0 | 37,143 | |||||||||||||
Foreign currency translations | 0 | 5,690 | (119 | ) | 5,571 | ||||||||||||
Balance at May 31, 2014 | $ | 179,434 | $ | 104,645 | $ | 3,208 | $ | 287,287 |
Note_10_Intangible_Assets_Tabl
Note 10 - Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
At May 31, 2014 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
Data content | $ | 57,750 | $ | 26,693 | $ | 31,057 | |||||||
Client relationships | 26,029 | 17,075 | 8,954 | ||||||||||
Software technology | 23,023 | 20,007 | 3,016 | ||||||||||
Trade names | 1,736 | 888 | 848 | ||||||||||
Non-compete agreements | 2,467 | 1,739 | 728 | ||||||||||
Total | $ | 111,005 | $ | 66,402 | $ | 44,603 | |||||||
At August 31, 2013 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
Data content | $ | 49,185 | $ | 22,419 | $ | 26,766 | |||||||
Client relationships | 22,915 | 16,185 | 6,730 | ||||||||||
Software technology | 20,914 | 19,126 | 1,788 | ||||||||||
Non-compete agreements | 2,154 | 1,293 | 861 | ||||||||||
Trade names | 758 | 680 | 78 | ||||||||||
Total | $ | 95,926 | $ | 59,703 | $ | 36,223 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
Fiscal Year | Estimated Amortization | ||||||||||||
Expense | |||||||||||||
2014 (remaining three months) | $ | 2,259 | |||||||||||
2015 | 7,724 | ||||||||||||
2016 | 5,908 | ||||||||||||
2017 | 5,827 | ||||||||||||
2018 | 4,668 | ||||||||||||
Thereafter | 18,217 | ||||||||||||
Total | $ | 44,603 |
Note_11_Common_Stock_and_Earni1
Note 11 - Common Stock and Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||||||
Nine Months Ended | |||||||||||||
May 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Balance at September 1 | 43,324 | 44,279 | |||||||||||
Common stock issued for employee stock plans | 562 | 1,775 | |||||||||||
Repurchase of common stock | (1,870 | ) | (2,016 | ) | |||||||||
Balance at May 31, 2014 and 2013, respectively | 42,016 | 44,038 | |||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||
Weighted | |||||||||||||
Net Income | Average Common Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
For the three months ended May 31, 2014 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 51,532 | 42,166 | $ | 1.22 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 449 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 51,532 | 42,615 | $ | 1.21 | ||||||||
For the three months ended May 31, 2013 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 53,367 | 43,954 | $ | 1.21 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 531 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 53,367 | 44,485 | $ | 1.2 | ||||||||
For the nine months ended May 31, 2014 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 156,136 | 42,615 | $ | 3.66 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 555 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 156,136 | 43,170 | $ | 3.62 | ||||||||
For the nine months ended May 31, 2013 | |||||||||||||
Basic EPS | |||||||||||||
Income available to common stockholders | $ | 147,674 | 44,028 | $ | 3.35 | ||||||||
Diluted EPS | |||||||||||||
Dilutive effect of stock options and restricted stock | 756 | ||||||||||||
Income available to common stockholders plus assumed conversions | $ | 147,674 | 44,784 | $ | 3.3 |
Note_12_Stockholders_Equity_Ta
Note 12 - Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Dividend Declaration and Payment Details [Table Text Block] | ' | |||||||||||
Declaration Date | Dividends Per | Type | Record Date | Total $ Amount | Payment Date | |||||||
Share of | (in thousands) | |||||||||||
Common Stock | ||||||||||||
5-May-14 | $ | 0.39 | Regular (cash) | 30-May-14 | $ | 16,386 | 17-Jun-14 | |||||
11-Feb-14 | $ | 0.35 | Regular (cash) | 28-Feb-14 | $ | 14,827 | 18-Mar-14 | |||||
14-Nov-13 | $ | 0.35 | Regular (cash) | 29-Nov-13 | $ | 15,046 | 17-Dec-13 | |||||
15-Aug-13 | $ | 0.35 | Regular (cash) | 31-Aug-13 | $ | 15,164 | 17-Sep-13 | |||||
14-May-13 | $ | 0.35 | Regular (cash) | 31-May-13 | $ | 15,413 | 18-Jun-13 | |||||
21-Feb-13 | $ | 0.31 | Regular (cash) | 28-Feb-13 | $ | 13,510 | 19-Mar-13 | |||||
15-Nov-12 | $ | 0.31 | Regular (cash) | 30-Nov-12 | $ | 13,746 | 18-Dec-12 | |||||
8-Aug-12 | $ | 0.31 | Regular (cash) | 31-Aug-12 | $ | 13,727 | 18-Sep-12 | |||||
8-May-12 | $ | 0.31 | Regular (cash) | 31-May-12 | $ | 13,893 | 19-Jun-12 |
Note_13_Employee_Stock_Option_1
Note 13 - Employee Stock Option and Retirement Plans (Tables) | 9 Months Ended | ||||||||||||
31-May-14 | |||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Tables) [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||||
Number Outstanding | Weighted Average Exercise Price Per Share | ||||||||||||
Balance at August 31, 2013 | 4,729 | $ | 75.95 | ||||||||||
Granted – non-performance-based | 36 | 108.64 | |||||||||||
Granted – performance-based | 36 | 110.31 | |||||||||||
Exercised | (136 | ) | 59.38 | ||||||||||
Forfeited | (10 | ) | 79.22 | ||||||||||
Balance at November 30, 2013 | 4,655 | $ | 76.94 | ||||||||||
Granted – non-performance-based | 139 | 102.01 | |||||||||||
Granted – performance-based | 166 | 109.39 | |||||||||||
Granted – non-employee Directors grant | 14 | 107.65 | |||||||||||
Exercised | (136 | ) | 40.99 | ||||||||||
Forfeited | (24 | ) | 86.75 | ||||||||||
Balance at February 28, 2014 | 4,814 | $ | 79.85 | ||||||||||
Exercised | (142 | ) | 59.17 | ||||||||||
Forfeited | (16 | ) | 94.48 | ||||||||||
Balance at May 31, 2014 | 4,656 | $ | 80.42 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
Number Outstanding | Weighted Average Grant | ||||||||||||
Date Fair Value Per Award | |||||||||||||
Balance at August 31, 2013 | 358 | $ | 80.43 | ||||||||||
Granted (restricted stock and stock units) | 162 | $ | 102.27 | ||||||||||
Vested | (63 | ) | $ | 83.49 | |||||||||
Canceled/forfeited | (2 | ) | $ | 69.27 | |||||||||
Balance at November 30, 2013 | 455 | $ | 87.69 | ||||||||||
Granted (restricted stock and stock units) | 42 | $ | 100.7 | ||||||||||
Vested | (17 | ) | $ | 60.28 | |||||||||
Canceled/forfeited | (4 | ) | $ | 97.28 | |||||||||
Balance at February 28, 2014 | 476 | $ | 89.79 | ||||||||||
Vested* | (55 | ) | $ | 93.12 | |||||||||
Canceled/forfeited | (3 | ) | $ | 89.77 | |||||||||
Balance at May 31, 2014 | 418 | $ | 89.34 | ||||||||||
Schedule of Share Based Awards Available For Grant [Table Text Block] | ' | ||||||||||||
Share-based Awards | Share-based Awards | ||||||||||||
Available for Grant under | Available for Grant under | ||||||||||||
the Employee Option Plan | the Non-Employee Directors Plan | ||||||||||||
Balance at August 31, 2013 | 3,116 | 107 | |||||||||||
Granted – non performance-based options | (36 | ) | 0 | ||||||||||
Granted – performance-based options | (36 | ) | 0 | ||||||||||
Restricted stock awards granted* | (404 | ) | 0 | ||||||||||
Share-based awards canceled/forfeited* | 16 | 0 | |||||||||||
Balance at November 30, 2013 | 2,656 | 107 | |||||||||||
Granted – non performance-based options | (139 | ) | (14 | ) | |||||||||
Granted – performance-based options | (166 | ) | 0 | ||||||||||
Restricted stock awards granted* | (106 | ) | 0 | ||||||||||
Share-based awards canceled/forfeited* | 35 | 9 | |||||||||||
Balance at February 28, 2014 | 2,280 | 102 | |||||||||||
Share-based awards canceled/forfeited* | 21 | 0 | |||||||||||
Balance at May 31, 2014 | 2,301 | 102 | |||||||||||
Performance Shares [Member] | ' | ||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Tables) [Line Items] | ' | ||||||||||||
Schedule of Share Based Compensation Vesting Percentage and Related Expenses [Table Text Block] | ' | ||||||||||||
Vesting | Total Unamortized Stock-based | Cumulative Catch-up Adjustment* | Average Remaining Quarterly Expense to be Recognized | ||||||||||
Percentage | Compensation Expense at May 31, 2014 | ||||||||||||
0% | $ | 0 | $ | (2,265 | ) | $ | 0 | ||||||
20% | $ | 2,483 | $ | 0 | $ | 182 | |||||||
60% | $ | 7,449 | $ | 4,530 | $ | 545 | |||||||
100% | $ | 12,415 | $ | 9,060 | $ | 908 | |||||||
July 2012 Performance Based [Member] | ' | ||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Tables) [Line Items] | ' | ||||||||||||
Schedule of Share Based Compensation Vesting Percentage and Related Expenses [Table Text Block] | ' | ||||||||||||
Vesting | Cumulative | Remaining Expense | |||||||||||
Percentage | Catch-up Adjustment* | to be Recognized | |||||||||||
Third 20% | $ | (594 | ) | $ | 1,006 | ||||||||
Fourth 20% | $ | 736 | $ | 2,055 | |||||||||
Fifth 20% | $ | 1,704 | $ | 2,687 |
Note_14_StockBased_Compensatio1
Note 14 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Note 14 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
Nine Months Ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Term structure of risk-free interest rate | 0.01% - 2.61 | % | 0.16% - 1.91 | % | |||||
Expected life (in years) | 7.6 – 7.8 | 7.6 – 7.8 | |||||||
Term structure of volatility | 23% - 33 | % | 24% - 33 | % | |||||
Dividend yield | 1.35 | % | 1.3 | % | |||||
Weighted average estimated fair value | $ | 29.64 | $ | 26.87 | |||||
Weighted average exercise price | $ | 106.69 | $ | 92.22 | |||||
Fair value as a percentage of exercise price | 27.8 | % | 29.1 | % | |||||
Non-Employee Stock Option Plan [Member] | ' | ||||||||
Note 14 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
Risk-free interest rate | 1.66 | % | |||||||
Expected life (in years) | 5.4 | ||||||||
Expected volatility | 28.9 | % | |||||||
Dividend yield | 1.35 | % | |||||||
Risk-free interest rate | 0.89 | % | |||||||
Expected life (in years) | 5.4 | ||||||||
Expected volatility | 32.3 | % | |||||||
Dividend yield | 1.3 | % | |||||||
Employee Stock Purchase Plan [Member] | ' | ||||||||
Note 14 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 0.04 | % | 0.06 | % | |||||
Expected life (in months) | 3 | 3 | |||||||
Expected volatility | 13.3 | % | 10.4 | % | |||||
Dividend yield | 1.5 | % | 1.44 | % | |||||
Nine Months Ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 0.04 | % | 0.08 | % | |||||
Expected life (in months) | 3 | 3 | |||||||
Expected volatility | 10.8 | % | 9.9 | % | |||||
Dividend yield | 1.36 | % | 1.36 | % |
Note_15_Income_Taxes_Tables
Note 15 - Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. operations | $ | 58,943 | $ | 59,122 | $ | 181,631 | $ | 162,101 | |||||||||
Non-U.S. operations | 14,428 | 12,876 | 42,220 | 37,930 | |||||||||||||
Income before income taxes | $ | 73,371 | $ | 71,998 | $ | 223,851 | $ | 200,031 | |||||||||
U.S. operations | $ | 20,631 | $ | 15,787 | $ | 60,560 | $ | 44,115 | |||||||||
Non-U.S. operations | 1,208 | 2,844 | 7,155 | 8,242 | |||||||||||||
Total provision for income taxes | $ | 21,839 | $ | 18,631 | $ | 67,715 | $ | 52,357 | |||||||||
Effective tax rate | 29.8 | % | 25.9 | % | 30.3 | % | 26.2 | % | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
Nine Months Ended | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current | |||||||||||||||||
U.S. Federal | $ | 58,300 | $ | 37,498 | |||||||||||||
U.S. state and local | 2,861 | 2,440 | |||||||||||||||
Non-U.S. | 7,452 | 8,370 | |||||||||||||||
Total current taxes | $ | 68,613 | $ | 48,308 | |||||||||||||
Deferred | |||||||||||||||||
U.S. Federal | $ | (631 | ) | $ | 3,896 | ||||||||||||
U.S. state and local | 29 | 281 | |||||||||||||||
Non-U.S. | (296 | ) | (128 | ) | |||||||||||||
Total deferred taxes | $ | (898 | ) | $ | 4,049 | ||||||||||||
Total provision for income taxes | $ | 67,715 | $ | 52,357 | |||||||||||||
Schedule of Deferred Tax Assets [Table Text Block] | ' | ||||||||||||||||
31-May-14 | 31-Aug-13 | ||||||||||||||||
Deferred tax assets | |||||||||||||||||
Current | |||||||||||||||||
Receivable reserve | $ | 602 | $ | 614 | |||||||||||||
Deferred rent | 1,067 | 2,191 | |||||||||||||||
Other | (2 | ) | (2 | ) | |||||||||||||
Net current deferred taxes | $ | 1,667 | $ | 2,803 | |||||||||||||
Non-current | |||||||||||||||||
Depreciation on property, equipment and leasehold improvements | $ | 9,166 | $ | 6,329 | |||||||||||||
Deferred rent | 3,816 | 2,772 | |||||||||||||||
Stock-based compensation | 18,746 | 19,828 | |||||||||||||||
Purchased intangible assets, including acquired technology | (9,644 | ) | (8,401 | ) | |||||||||||||
Other | 1,503 | 1,495 | |||||||||||||||
Net non-current deferred taxes | $ | 23,587 | $ | 22,023 | |||||||||||||
Total deferred tax assets | $ | 25,254 | $ | 24,826 | |||||||||||||
31-May-14 | 31-Aug-13 | ||||||||||||||||
Deferred tax liabilities (non-current) | |||||||||||||||||
Purchased intangible assets, including acquired technology | $ | 4,309 | $ | 2,761 | |||||||||||||
Stock-based compensation | (964 | ) | (365 | ) | |||||||||||||
Depreciation on property, equipment and leasehold improvements | (716 | ) | 0 | ||||||||||||||
Other | 463 | 0 | |||||||||||||||
Total deferred tax liabilities (non-current) | $ | 3,092 | $ | 2,396 | |||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||||||
Unrecognized income tax benefits at August 31, 2013 | $ | 5,435 | |||||||||||||||
Additions based on tax positions related to the current year | 691 | ||||||||||||||||
Reductions for tax positions of prior years | (203 | ) | |||||||||||||||
Reductions from settlements with taxing authorities | (766 | ) | |||||||||||||||
Unrecognized income tax benefits at May 31, 2014 | $ | 5,157 | |||||||||||||||
Summary of Income Tax Examinations [Table Text Block] | ' | ||||||||||||||||
Major Tax Jurisdictions | Open Tax Years | ||||||||||||||||
U.S. | |||||||||||||||||
Federal | 2013 | ||||||||||||||||
State (various) | 2010 through 2013 | ||||||||||||||||
Europe | |||||||||||||||||
France | 2011 through 2013 | ||||||||||||||||
United Kingdom | 2011 through 2013 |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Tables) | 9 Months Ended | ||||
31-May-14 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Years Ended August 31, | Minimum Lease | ||||
Payments | |||||
2014 (remaining three months) | $ | 7,516 | |||
2015 | 26,013 | ||||
2016 | 19,827 | ||||
2017 | 23,715 | ||||
2018 | 22,523 | ||||
Thereafter | 112,511 | ||||
Total | $ | 212,105 |
Note_4_Fair_Value_Measures_Det
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value (USD $) | 31-May-14 | Aug. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Corporate money market funds | $73,570 | [1] | $156,693 | [1] |
Certificates of deposit | 15,217 | [2] | 12,725 | [2] |
Derivative Instruments (3) | 1,394 | [3] | 131 | |
Total assets measured at fair value | 90,181 | 169,418 | ||
Derivative instruments | 152 | [3] | 7,740 | [3] |
Total liabilities measured at fair value | 152 | 7,740 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Corporate money market funds | 73,570 | [1] | 156,693 | [1] |
Certificates of deposit | 0 | [2] | 0 | [2] |
Total assets measured at fair value | 73,570 | 156,693 | ||
Derivative instruments | 0 | [3] | 0 | [3] |
Total liabilities measured at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Corporate money market funds | 0 | [1] | 0 | [1] |
Certificates of deposit | 15,217 | [2] | 12,725 | [2] |
Derivative Instruments (3) | 1,394 | [3] | ' | |
Total assets measured at fair value | 16,611 | 12,725 | ||
Derivative instruments | 152 | [3] | 7,740 | [3] |
Total liabilities measured at fair value | 152 | 7,740 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Corporate money market funds | 0 | [1] | 0 | [1] |
Certificates of deposit | 0 | [2] | 0 | [2] |
Total assets measured at fair value | 0 | 0 | ||
Derivative instruments | 0 | [3] | 0 | [3] |
Total liabilities measured at fair value | $0 | $0 | ||
[1] | The Company's corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company's corporate money market funds are classified as Level 1 and included in cash and cash equivalents on the consolidated balance sheet. | |||
[2] | The Company's certificates of deposit are held to maturity are not debt securities and are classified as Level 2. These certificates of deposit have original maturities greater than three months, but less than one year and, as such, are classified as investments (short-term) on the Company's consolidated balance sheet. | |||
[3] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. |
Note_4_Fair_Value_Measures_Det1
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value (USD $) | 31-May-14 | Aug. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Cash and cash equivalents | $73,570 | $156,693 | |
Investments | 15,217 | 12,725 | |
Prepaid expense and other current assets ,other assets fair value | 1,394 | [1] | 131 |
Total assets measured at fair value | 90,181 | 169,418 | |
Accounts payable and accrued expenses | 152 | 3,085 | |
Total liabilities measured at fair value | 152 | 7,740 | |
Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 0 | ' | |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 0 | ' | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Cash and cash equivalents | 73,570 | 156,693 | |
Investments | 0 | 0 | |
Total assets measured at fair value | 73,570 | 156,693 | |
Accounts payable and accrued expenses | 0 | 0 | |
Total liabilities measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 114 | ' | |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 1,280 | ' | |
Fair Value, Inputs, Level 2 [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Cash and cash equivalents | 0 | ' | |
Investments | 15,217 | ' | |
Prepaid expense and other current assets ,other assets fair value | 1,394 | [1] | ' |
Total assets measured at fair value | 16,611 | 12,725 | |
Accounts payable and accrued expenses | 152 | ' | |
Total liabilities measured at fair value | 152 | 7,740 | |
Fair Value, Inputs, Level 3 [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 0 | ' | |
Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 0 | ' | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Cash and cash equivalents | 0 | 0 | |
Investments | 0 | 0 | |
Total assets measured at fair value | 0 | 0 | |
Accounts payable and accrued expenses | 0 | 0 | |
Total liabilities measured at fair value | 0 | 0 | |
Prepaid Expenses and Other Current Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | 114 | ' | |
Other Assets [Member] | ' | ' | |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | |
Prepaid expense and other current assets ,other assets fair value | $1,280 | ' | |
[1] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. |
Note_4_Fair_Value_Measures_Det2
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' |
Cash and cash equivalents | $73,570 | $156,693 |
Investments | 15,217 | 12,725 |
Total assets measured at fair value | 90,181 | 169,418 |
Accounts payable and accrued liabilities | 152 | 3,085 |
Deferred rent and other non-current liabilities | ' | 4,655 |
Total liabilities measured at fair value | 152 | 7,740 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' |
Cash and cash equivalents | 73,570 | 156,693 |
Investments | 0 | 0 |
Total assets measured at fair value | 73,570 | 156,693 |
Accounts payable and accrued liabilities | 0 | 0 |
Deferred rent and other non-current liabilities | ' | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' |
Cash and cash equivalents | 0 | ' |
Investments | 15,217 | ' |
Total assets measured at fair value | 16,611 | 12,725 |
Accounts payable and accrued liabilities | 152 | ' |
Total liabilities measured at fair value | 152 | 7,740 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Accounts payable and accrued liabilities | 0 | 0 |
Deferred rent and other non-current liabilities | ' | 0 |
Total liabilities measured at fair value | $0 | $0 |
Note_5_Derivative_Instruments_1
Note 5 - Derivative Instruments (Details) | 9 Months Ended | 9 Months Ended | ||||||||
31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | |
USD ($) | USD ($) | Through The End Of The Second Quarter Of Fiscal 2016 [Member] | Through The End Of Fiscal 2014 [Member] | India, Rupees | India, Rupees | India, Rupees | Philippines, Pesos | Philippines, Pesos | Philippines, Pesos | |
India, Rupees | Philippines, Pesos | USD ($) | INR | USD ($) | USD ($) | PHP | USD ($) | |||
Note 5 - Derivative Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Of Foreign Exchange Contracts Hedged | ' | ' | 75.00% | 50.00% | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | $51,951,000 | $69,524,000 | ' | ' | $42,751,000 | 2,800,000,000 | $47,388,000 | $9,200,000 | 408,100,000 | $11,700,000 |
Derivative Assets (Liabilities), at Fair Value, Net | 1,242,000 | -7,740,000 | ' | ' | 1,128,000 | ' | -7,693,000 | 114,000 | ' | -178,000 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ($100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_5_Derivative_Instruments_2
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values | 31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | India, Rupees | India, Rupees | India, Rupees | Philippines, Pesos | Philippines, Pesos | Philippines, Pesos | United Kingdom, Pounds | United Kingdom, Pounds |
USD ($) | INR | USD ($) | USD ($) | PHP | USD ($) | USD ($) | USD ($) | |||
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Notional Value | $51,951 | $69,524 | $42,751 | 2,800,000 | $47,388 | $9,200 | 408,100 | $11,700 | $0 | $10,436 |
Fair Value Asset (Liability) | $1,242 | ($7,740) | $1,128 | ' | ($7,693) | $114 | ' | ($178) | $0 | $131 |
Note_5_Derivative_Instruments_3
Note 5 - Derivative Instruments (Details) - Fair Value Amounts of Derivative Instruments and Gains (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts | ' | ' |
Derivatives Assets designated as hedging instruments | $1,578 | $131 |
Liabilities: Foreign Currency Forward Contracts | ' | ' |
Derivatives Liability designated as hedging instruments | 304 | 7,871 |
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts | ' | ' |
Derivatives Assets designated as hedging instruments | 114 | 0 |
Other Assets [Member] | ' | ' |
Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts | ' | ' |
Derivatives Assets designated as hedging instruments | 1,280 | 0 |
Accounts Payable and Accrued Liabilities [Member] | ' | ' |
Liabilities: Foreign Currency Forward Contracts | ' | ' |
Derivatives Liability designated as hedging instruments | 152 | 3,085 |
Deferred Rent and Other Non-current Liabilities [Member] | ' | ' |
Liabilities: Foreign Currency Forward Contracts | ' | ' |
Derivatives Liability designated as hedging instruments | $0 | $4,655 |
Note_5_Derivative_Instruments_4
Note 5 - Derivative Instruments (Details) - Derivatives in Cash Flow Hedging Relationships (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Derivatives in Cash Flow Hedging Relationships [Abstract] | ' | ' | ' | ' |
Foreign currency forward contracts | $3,673 | ($1,037) | $8,661 | $759 |
Foreign currency forward contracts | ($59) | ($160) | ($316) | ($557) |
Note_5_Derivative_Instruments_5
Note 5 - Derivative Instruments (Details) - Offsetting of Derivative Instruments (USD $) | 31-May-14 | Aug. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Offsetting of Derivative Instruments [Abstract] | ' | ' | ||
Fair value of assets | $1,578 | $131 | ||
Fair value of assets | -184 | 0 | ||
Fair value of assets | 1,394 | [1] | 131 | |
Fair value of liabilities | -304 | -7,871 | ||
Fair value of liabilities | 152 | 0 | ||
Fair value of liabilities | -152 | [1] | -7,740 | [1] |
Total | 1,274 | -7,740 | ||
Total | -32 | 0 | ||
Total | $1,242 | ($7,740) | ||
[1] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. |
Note_6_Other_Comprehensive_Inc2
Note 6 - Other Comprehensive Income and Accumulated Other Comprehensive Loss (Details) - Components of Other Comprehensive Income and Amounts Reclassified out of Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Components of Other Comprehensive Income and Amounts Reclassified out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | $545 | ($2,478) | $12,199 | ($4,135) | ||||
Foreign currency translation adjustments | 545 | -2,478 | 12,199 | -4,135 | ||||
Realized loss on cash flow hedges reclassified to earnings (1) | 59 | [1] | 160 | [1] | 316 | [1] | 557 | [1] |
Realized loss on cash flow hedges reclassified to earnings (1) | 37 | [1] | 100 | [1] | 199 | [1] | 345 | [1] |
Unrealized gain (loss) on cash flow hedges recognized in accumulated other comprehensive loss | 3,673 | -1,037 | 8,661 | 759 | ||||
Unrealized gain (loss) on cash flow hedges recognized in accumulated other comprehensive loss | 2,304 | -649 | 5,426 | 477 | ||||
Other comprehensive income (loss) | 4,277 | -3,355 | 21,176 | -2,819 | ||||
Other comprehensive income (loss) | $2,886 | ($3,027) | $17,824 | ($3,313) | ||||
[1] | Reclassified to Selling, General and Administrative Expenses |
Note_6_Other_Comprehensive_Inc3
Note 6 - Other Comprehensive Income and Accumulated Other Comprehensive Loss (Details) - The Components of Accumulated Other Comprehensive Loss (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
The Components of Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Accumulated unrealized gains (losses) on cash flow hedges, net of tax | $778 | ($4,847) |
Accumulated foreign currency translation adjustments | -14,127 | -26,326 |
Total accumulated other comprehensive loss | ($13,349) | ($31,173) |
Note_7_Segment_Information_Det
Note 7 - Segment Information (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Segment Information (Details) [Line Items] | ' | ' |
Goodwill (in Dollars) | $287,287 | $244,573 |
United States [Member] | ' | ' |
Note 7 - Segment Information (Details) [Line Items] | ' | ' |
Goodwill (in Dollars) | 179,434 | 167,822 |
Goodwill Percentage Per Segment | 63.00% | ' |
European Union [Member] | ' | ' |
Note 7 - Segment Information (Details) [Line Items] | ' | ' |
Goodwill Percentage Per Segment | 36.00% | ' |
Asia Pacific [Member] | ' | ' |
Note 7 - Segment Information (Details) [Line Items] | ' | ' |
Goodwill (in Dollars) | $3,208 | $3,327 |
Goodwill Percentage Per Segment | 1.00% | ' |
Note_7_Segment_Information_Det1
Note 7 - Segment Information (Details) - Results of Operations (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from clients | $231,761 | $214,613 | $681,671 | $638,779 | ' |
Segment operating profit | 73,037 | 71,637 | 222,833 | 198,885 | ' |
Total assets | 659,636 | 735,330 | 659,636 | 735,330 | 690,197 |
Capital expenditures | 3,672 | 4,204 | 11,704 | 13,288 | ' |
UNITED STATES | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from clients | 156,241 | 146,972 | 463,419 | 436,947 | ' |
Segment operating profit | 39,081 | 38,529 | 121,806 | 102,654 | ' |
Total assets | 363,959 | 502,108 | 363,959 | 502,108 | ' |
Capital expenditures | 3,099 | 3,580 | 10,529 | 8,889 | ' |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from clients | 58,265 | 52,358 | 167,993 | 155,638 | ' |
Segment operating profit | 24,732 | 25,333 | 75,155 | 74,275 | ' |
Total assets | 237,286 | 181,346 | 237,286 | 181,346 | ' |
Capital expenditures | 188 | 276 | 380 | 993 | ' |
Asia Pacific [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from clients | 17,255 | 15,283 | 50,259 | 46,194 | ' |
Segment operating profit | 9,224 | 7,775 | 25,872 | 21,956 | ' |
Total assets | 58,391 | 51,876 | 58,391 | 51,876 | ' |
Capital expenditures | $385 | $348 | $795 | $3,406 | ' |
Note_8_Business_Combinations_D
Note 8 - Business Combinations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 02, 2013 | 31-May-14 | Sep. 02, 2013 | 31-May-14 | Sep. 02, 2013 | 31-May-14 | Sep. 02, 2013 | 31-May-14 | 31-May-14 | Sep. 02, 2013 | Nov. 30, 2013 | 31-May-14 | Feb. 28, 2014 |
Data Content [Member] | Data Content [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Trade Names [Member] | Trade Names [Member] | Software Technology [Member] | Revere Data, LLC [Member] | Revere Data, LLC [Member] | Matrix Data Limited [Member] | Matrix Data Limited [Member] | |
Revere Data, LLC [Member] | Matrix Data Limited [Member] | Revere Data, LLC [Member] | Matrix Data Limited [Member] | Revere Data, LLC [Member] | Matrix Data Limited [Member] | Revere Data, LLC [Member] | Matrix Data Limited [Member] | Matrix Data Limited [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.30 | ' | $31.80 | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' |
Finite-lived Intangible Assets Acquired (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | 4.1 | 8.7 | 8.7 |
Finite-Lived Intangible Asset, Useful Life | '5 years | '4 years | '7 years | '8 years | '2 years | '3 years | '4 years | '4 years | '5 years | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.6 | ' | 25.5 | ' |
Subscription and Circulation Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.30 | ' |
Note_8_Business_Combinations_D1
Note 8 - Business Combinations (Details) - Purchase Price Allocation (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Goodwill | $287,287 | $244,573 |
Data Content [Member] | Revere Data, LLC [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 2,799 | ' |
Data Content [Member] | Matrix Data Limited [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 3,408 | ' |
Client Relationships [Member] | Revere Data, LLC [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 827 | ' |
Client Relationships [Member] | Matrix Data Limited [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 2,816 | ' |
Non-Compete Agreements [Member] | Revere Data, LLC [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 162 | ' |
Non-Compete Agreements [Member] | Matrix Data Limited [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 147 | ' |
Trade Names [Member] | Revere Data, LLC [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 293 | ' |
Trade Names [Member] | Matrix Data Limited [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 670 | ' |
Software Technology [Member] | Matrix Data Limited [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Amortizable Intangible Assets | 1,708 | ' |
Revere Data, LLC [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Tangible assets acquired | 544 | ' |
Goodwill | 11,612 | ' |
Total assets acquired | 16,237 | ' |
Liabilities assumed | -949 | ' |
Net assets acquired | 15,288 | ' |
Matrix Data Limited [Member] | ' | ' |
Note 8 - Business Combinations (Details) - Purchase Price Allocation [Line Items] | ' | ' |
Tangible assets acquired | 7,459 | ' |
Goodwill | 25,531 | ' |
Total assets acquired | 41,739 | ' |
Liabilities assumed | -9,941 | ' |
Net assets acquired | $31,798 | ' |
Note_9_Goodwill_Details
Note 9 - Goodwill (Details) | 9 Months Ended |
31-May-14 | |
Disclosure Text Block Supplement [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_9_Goodwill_Details_Change
Note 9 - Goodwill (Details) - Changes in the Carrying Amount of Goodwill by Segment (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Goodwill [Line Items] | ' |
Balance | $244,573 |
Goodwill acquired during the period | 37,143 |
Foreign currency translations | 5,571 |
Balance | 287,287 |
United States [Member] | ' |
Goodwill [Line Items] | ' |
Balance | 167,822 |
Goodwill acquired during the period | 11,612 |
Foreign currency translations | 0 |
Balance | 179,434 |
Europe [Member] | ' |
Goodwill [Line Items] | ' |
Balance | 73,424 |
Goodwill acquired during the period | 25,531 |
Foreign currency translations | 5,690 |
Balance | 104,645 |
Asia Pacific [Member] | ' |
Goodwill [Line Items] | ' |
Balance | 3,327 |
Goodwill acquired during the period | 0 |
Foreign currency translations | -119 |
Balance | $3,208 |
Note_10_Intangible_Assets_Deta
Note 10 - Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Sep. 02, 2013 | Nov. 30, 2013 | 31-May-14 | Feb. 28, 2014 |
Revere Data, LLC [Member] | Revere Data, LLC [Member] | Matrix Data Limited [Member] | Matrix Data Limited [Member] | |||||
Note 10 - Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | '11 years 36 days | ' | ' | '5 years 73 days | ' | '5 years 146 days |
Finite-lived Intangible Assets Acquired | ' | ' | ' | ' | $4.10 | $4.10 | $8.70 | $8.70 |
Amortization of Intangible Assets | $2.40 | $1.70 | $6.20 | $5.50 | ' | ' | ' | ' |
Note_10_Intangible_Assets_Deta1
Note 10 - Intangible Assets (Details) - Identifiable Intangible Assets (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $111,005 | $95,926 |
Accumulated Amortization | 66,402 | 59,703 |
Net Carrying Amount | 44,603 | 36,223 |
Data Content [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 57,750 | 49,185 |
Accumulated Amortization | 26,693 | 22,419 |
Net Carrying Amount | 31,057 | 26,766 |
Client Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 26,029 | 22,915 |
Accumulated Amortization | 17,075 | 16,185 |
Net Carrying Amount | 8,954 | 6,730 |
Software Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 23,023 | 20,914 |
Accumulated Amortization | 20,007 | 19,126 |
Net Carrying Amount | 3,016 | 1,788 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,736 | 758 |
Accumulated Amortization | 888 | 680 |
Net Carrying Amount | 848 | 78 |
Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 2,467 | 2,154 |
Accumulated Amortization | 1,739 | 1,293 |
Net Carrying Amount | $728 | $861 |
Note_10_Intangible_Assets_Deta2
Note 10 - Intangible Assets (Details) - Estimated Amortization Expense (USD $) | 31-May-14 |
In Thousands, unless otherwise specified | |
Estimated Amortization Expense [Abstract] | ' |
2014 (remaining three months) | $2,259 |
2015 | 7,724 |
2016 | 5,908 |
2017 | 5,827 |
2018 | 4,668 |
Thereafter | 18,217 |
Total | $44,603 |
Note_11_Common_Stock_and_Earni2
Note 11 - Common Stock and Earnings Per Share (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | 5-May-14 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Jun. 17, 2014 | 31-May-14 |
Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Performance-Based Stock Options [Member] | Performance-Based Stock Options [Member] | Performance-Based Stock Options [Member] | Performance-Based Stock Options [Member] | Subsequent Event [Member] | Per Annum [Member] | ||
Note 11 - Common Stock and Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Dividend Rate | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.56 |
Dividends, Cash (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,400 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 49,571 | 464,874 | 35,147 | 457,569 | 1,389,674 | 1,886,622 | 1,389,674 | 1,886,622 | ' | ' |
Note_11_Common_Stock_and_Earni3
Note 11 - Common Stock and Earnings Per Share (Details) - Shares of Common Stock Outstanding | 9 Months Ended | |
31-May-14 | 31-May-13 | |
Shares of Common Stock Outstanding [Abstract] | ' | ' |
Balance at September 1 | 43,324,410 | 44,279,000 |
Common stock issued for employee stock plans | 562,000 | 1,775,000 |
Repurchase of common stock | -1,870,000 | -2,016,000 |
Balance at May 31, 2014 and 2013, respectively | 42,016,212 | 44,038,000 |
Note_11_Common_Stock_and_Earni4
Note 11 - Common Stock and Earnings Per Share (Details) - Weighted Average Shares Outstanding (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Basic EPS | ' | ' | ' | ' |
Net Income (Numerator) (in Dollars) | $51,532 | $53,367 | $156,136 | $147,674 |
Weighted Average Common Shares (Denominator) | 42,166 | 43,954 | 42,615 | 44,028 |
Per Share Amount (in Dollars per share) | $1.22 | $1.21 | $3.66 | $3.35 |
Diluted EPS | ' | ' | ' | ' |
Weighted Average Common Shares (Denominator) | 449 | 531 | 555 | 756 |
Net Income (Numerator) (in Dollars) | $51,532 | $53,367 | $156,136 | $147,674 |
Weighted Average Common Shares (Denominator) | 42,615 | 44,485 | 43,170 | 44,784 |
Per Share Amount (in Dollars per share) | $1.21 | $1.20 | $3.62 | $3.30 |
Note_12_Stockholders_Equity_De
Note 12 - Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | 31-May-14 | 31-May-13 | Dec. 16, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | |
Note 12 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred Stock, Shares Authorized | 10,000,000 | ' | ' | 10,000,000 | 10,000,000 | ' | 10,000,000 | ' | |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | |
Preferred Stock, Shares Issued | 0 | ' | ' | 0 | 0 | ' | 0 | ' | |
Preferred Stock, Shares Outstanding | 0 | ' | ' | 0 | 0 | ' | ' | ' | |
Common Stock, Shares Authorized | 150,000,000 | ' | ' | 150,000,000 | ' | ' | 150,000,000 | ' | |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | ' | ' | $0.01 | ' | ' | $0.01 | ' | |
Common Stock, Shares, Issued | 48,713,635 | ' | ' | 48,713,635 | ' | ' | 48,110,740 | ' | |
Treasury Stock, Shares | 6,697,423 | ' | ' | 6,697,423 | ' | ' | 4,786,330 | ' | |
Common Stock, Shares, Outstanding | 42,016,212 | ' | ' | 42,016,212 | 44,038,000 | ' | 43,324,410 | 44,279,000 | |
Stock Repurchase Program, Authorized Amount (in Dollars) | ' | ' | ' | ' | ' | $300 | ' | ' | |
Stock Repurchased During Period, Shares | ' | ' | ' | 1,870,000 | 2,016,000 | ' | ' | ' | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | 161.7 | ' | ' | 161.7 | ' | ' | ' | ' | |
Shares Paid for Tax Withholding for Share Based Compensation | ' | ' | ' | 41,093 | ' | ' | ' | ' | |
Payments Related to Tax Withholding for Share-based Compensation (in Dollars) | ' | ' | ' | 4.4 | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 55,000 | [1] | 17,000 | 63,000 | ' | ' | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Note 12 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares Paid for Tax Withholding for Share Based Compensation | ' | ' | ' | 41,093 | 50,500 | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 55,431 | ' | ' | 204,124 | 148,969 | ' | ' | ' | |
Share Repurchase Program [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Note 12 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Repurchased During Period, Shares | ' | ' | ' | 1,870,000 | ' | ' | ' | ' | |
Stock Repurchased During Period, Value (in Dollars) | ' | ' | ' | $200.70 | ' | ' | ' | ' | |
[1] | Of the total 55,431 restricted stock awards that vested during the third quarter of fiscal 2014, 29,087 related to awards granted on April 14, 2011 at the grant date price of $103.30. These restricted stock awards cliff vested 100% after three years on April 14, 2014. The awards were amortized to expense over the vesting period using the straight-line attribution method. The remaining 26,344 restricted stock awards that vested during the third quarter were granted on April 8, 2013 and cliff vest 20% annually upon each anniversary date of the grant. |
Note_12_Stockholders_Equity_De1
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 |
May 5, 2014 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.39 |
Record Date | 30-May-14 |
Total $ Amount | $16,386 |
Payment Date | 17-Jun-14 |
February 11, 2014 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.35 |
Record Date | 28-Feb-14 |
Total $ Amount | 14,827 |
Payment Date | 18-Mar-14 |
November 14, 2013 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.35 |
Record Date | 29-Nov-13 |
Total $ Amount | 15,046 |
Payment Date | 17-Dec-13 |
August 15, 2013 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.35 |
Record Date | 31-Aug-13 |
Total $ Amount | 15,164 |
Payment Date | 17-Sep-13 |
May 14, 2013 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.35 |
Record Date | 31-May-13 |
Total $ Amount | 15,413 |
Payment Date | 18-Jun-13 |
February 21, 2013 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.31 |
Record Date | 28-Feb-13 |
Total $ Amount | 13,510 |
Payment Date | 19-Mar-13 |
November 15, 2012 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.31 |
Record Date | 30-Nov-12 |
Total $ Amount | 13,746 |
Payment Date | 18-Dec-12 |
August 8, 2012 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.31 |
Record Date | 31-Aug-12 |
Total $ Amount | 13,727 |
Payment Date | 18-Sep-12 |
May 8, 2012 Declaration Date [Member] | ' |
Note 12 - Stockholders' Equity (Details) - Dividends Declared During the Period [Line Items] | ' |
Dividends Per Share of Common Stock | $0.31 |
Record Date | 31-May-12 |
Total $ Amount | $13,893 |
Payment Date | 19-Jun-12 |
Note_13_Employee_Stock_Option_2
Note 13 - Employee Stock Option and Retirement Plans (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||
Jan. 15, 2014 | Jan. 15, 2013 | Jul. 31, 2012 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | 31-May-13 | 31-May-14 | 31-May-13 | Dec. 16, 2008 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Nov. 02, 2013 | Apr. 08, 2013 | Apr. 14, 2011 | 31-May-14 | 31-May-14 | 31-May-13 | Apr. 14, 2014 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Nov. 30, 2012 | 31-May-14 | 31-May-14 | ||
In-The-Money Stock Options [Member] | In-The-Money Stock Options [Member] | July 2012 Performance Based Option Grant Review [Member] | Other Performace-Based Options [Member] | Other Performace-Based Options [Member] | Other Performace-Based Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Other Restricted Stock Awards [Member] | Other Restricted Stock Awards [Member] | Other Restricted Stock Awards [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Granted Without Performance Conditions [Member] | Granted Without Performance Conditions [Member] | Majority of Options Granted with Performance Conditions [Member] | Employee Stock Option [Member] | Matrix and Revere [Member] | November 2012 Annual Employee Performance-based Option Grant Review [Member] | November 2012 Annual Employee Performance-based Option Grant Review [Member] | Employee Stock Purchase Plan [Member] | ||||||||||||
Matrix Data Limited [Member] | Revere Data, LLC [Member] | After Three Years [Member] | After Five Years [Member] | Matrix Data Limited [Member] | Revere Data, LLC [Member] | After Three Years [Member] | After Five Years [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Option Expiration Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '10 years | '10 years | ' | ' | ' | ' | ' | |
Stock Option Vesting Rate After First Year of Grant Date | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Option Vesting Rate Per Month from Two Years through Five Years of Grant Date | ' | ' | ' | ' | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Option Vesting Rate for First Two Years for Grant Date | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Option Vesting Rate Per Month from Three Years through Five Years | ' | ' | ' | ' | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 14,424 | 18,781 | 241,546 | ' | ' | ' | ' | 391,478 | ' | ' | ' | ' | ' | 165,949 | 36,695 | ' | ' | ' | ' | ' | ' | 26,344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,011,510 | ' | ' | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $106.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $88.55 | $82.67 | $88.33 | $79.77 | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66.34 | $59.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $86,300,000 | $82,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-Based Compensation Arrangement by Share-Based Payment Award Options Closing Share Price (in Dollars per share) | ' | ' | ' | $107.14 | ' | ' | ' | $107.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | ' | ' | ' | 6,900,000 | ' | ' | 31,400,000 | 22,900,000 | 61,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percent of Performance-Based Stock Options Expected to Vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,553 | ' | ' | ' | ' | 3,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,302 | ' | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | 2,800,000 | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | 1,200,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 12,000,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 2,500,000 | ' | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '4 years 109 days | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 109 days | ' | ' | '4 years 73 days | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 146 days | ' | ' | ' | ' | '4 years 255 days | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 219 days | ' | '3 years 146 days | ' | |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | 55,000 | [1] | 17,000 | 63,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,431 | 204,124 | 148,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | $100.70 | $102.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $102.22 | ' | ' | ' | $101.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | 42,000 | 162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,144 | 7,744 | 153,972 | ' | 29,087 | ' | 12,264 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | $93.12 | [1] | $60.28 | $83.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $103.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 60.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,173 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | ' | ' | ' | ' | ' | ' | 562,000 | 1,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,068 | 16,739 | 54,597 | 56,230 | ' | ' | ' | ' | ' | ' | ' | 54,597 | |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $88.55 | $82.67 | ' | $79.77 | ' | ' | ' | ' | ' | ' | ' | $88.33 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $5,700,000 | $5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Of the total 55,431 restricted stock awards that vested during the third quarter of fiscal 2014, 29,087 related to awards granted on April 14, 2011 at the grant date price of $103.30. These restricted stock awards cliff vested 100% after three years on April 14, 2014. The awards were amortized to expense over the vesting period using the straight-line attribution method. The remaining 26,344 restricted stock awards that vested during the third quarter were granted on April 8, 2013 and cliff vest 20% annually upon each anniversary date of the grant. |
Note_13_Employee_Stock_Option_3
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 15, 2014 | Jan. 15, 2013 | Jul. 31, 2012 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | 31-May-14 | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number outstanding | ' | ' | ' | 4,814,000 | 4,655,000 | 4,729,000 | 4,729,000 |
Weighted average exercise price per share | ' | ' | ' | $79.85 | $76.94 | $75.95 | $75.95 |
Granted, Number outstanding | 14,424 | 18,781 | 241,546 | ' | ' | ' | 391,478 |
Granted, Weighted average exercise price per share | ' | ' | ' | ' | ' | ' | $106.73 |
Exercised, Number outstanding | ' | ' | ' | -142,000 | -136,000 | -136,000 | ' |
Exercised, Weighted average exercise price per share | ' | ' | ' | $59.17 | $40.99 | $59.38 | ' |
Forfeited, Number outstanding | ' | ' | ' | -16,000 | -24,000 | -10,000 | ' |
Forfeited, Weighted average exercise price per share | ' | ' | ' | $94.48 | $86.75 | $79.22 | ' |
Number outstanding | ' | ' | ' | 4,656,000 | 4,814,000 | 4,655,000 | 4,656,000 |
Weighted average exercise price per share | ' | ' | ' | $80.42 | $79.85 | $76.94 | $80.42 |
Non-Performance Based [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Granted, Number outstanding | ' | ' | ' | ' | 139,000 | 36,000 | ' |
Granted, Weighted average exercise price per share | ' | ' | ' | ' | $102.01 | $108.64 | ' |
Performance Based [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Granted, Number outstanding | ' | ' | ' | ' | 166,000 | 36,000 | ' |
Granted, Weighted average exercise price per share | ' | ' | ' | ' | $109.39 | $110.31 | ' |
Non-Employee Director Grant [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Granted, Number outstanding | ' | ' | ' | ' | 14,000 | ' | ' |
Granted, Weighted average exercise price per share | ' | ' | ' | ' | $107.65 | ' | ' |
Note_13_Employee_Stock_Option_4
Note 13 - Employee Stock Option and Retirement Plans (Details) - Change in the Actual Financial Performance Level (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Change in the Actual Financial Performance Level [Line Items] | ' | |
Total unamortized stock-based compensation expense | $2,800 | |
Financial Performance Level One [Member] | November 2012 Annual Employee Performance-Based Option Grant Review [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Change in the Actual Financial Performance Level [Line Items] | ' | |
Vesting percentage | 0.00% | |
Total unamortized stock-based compensation expense | 0 | |
One-time adjustment | -2,265 | [1] |
Average remaining quarterly expense to be recognized | 0 | |
Financial Performance Level Two [Member] | November 2012 Annual Employee Performance-Based Option Grant Review [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Change in the Actual Financial Performance Level [Line Items] | ' | |
Vesting percentage | 20.00% | |
Total unamortized stock-based compensation expense | 2,483 | |
One-time adjustment | 0 | [1] |
Average remaining quarterly expense to be recognized | 182 | |
Financial Performance Level Three [Member] | November 2012 Annual Employee Performance-Based Option Grant Review [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Change in the Actual Financial Performance Level [Line Items] | ' | |
Vesting percentage | 60.00% | |
Total unamortized stock-based compensation expense | 7,449 | |
One-time adjustment | 4,530 | [1] |
Average remaining quarterly expense to be recognized | 545 | |
Financial Performance Level Four [Member] | November 2012 Annual Employee Performance-Based Option Grant Review [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Change in the Actual Financial Performance Level [Line Items] | ' | |
Vesting percentage | 100.00% | |
Total unamortized stock-based compensation expense | 12,415 | |
One-time adjustment | 9,060 | [1] |
Average remaining quarterly expense to be recognized | $908 | |
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2014. |
Note_13_Employee_Stock_Option_5
Note 13 - Employee Stock Option and Retirement Plans (Details) - Changes to the Current Estimate of the Vesting Percentage and Related Expense (July 2012 Performance Based [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | |
Financial Performance Level Three [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Changes to the Current Estimate of the Vesting Percentage and Related Expense [Line Items] | ' | |
Cumulative Catch-up Adjustment | ($594) | [1] |
Remaining Expense to be Recognized | 1,006 | |
Financial Performance Level Four [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Changes to the Current Estimate of the Vesting Percentage and Related Expense [Line Items] | ' | |
Cumulative Catch-up Adjustment | 736 | [1] |
Remaining Expense to be Recognized | 2,055 | |
Financial Performance Level Five [Member] | ' | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Changes to the Current Estimate of the Vesting Percentage and Related Expense [Line Items] | ' | |
Cumulative Catch-up Adjustment | 1,704 | [1] |
Remaining Expense to be Recognized | $2,687 | |
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2014. |
Note_13_Employee_Stock_Option_6
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Restricted Stock Award (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | |
Summary of Restricted Stock Award [Abstract] | ' | ' | ' | |
Balance | 476 | 455 | 358 | |
Balance | $89.79 | $87.69 | $80.43 | |
Granted (restricted stock and stock units) | ' | 42 | 162 | |
Granted (restricted stock and stock units) | ' | $100.70 | $102.27 | |
Vested | -55 | [1] | -17 | -63 |
Vested | $93.12 | [1] | $60.28 | $83.49 |
Canceled/forfeited | -3 | -4 | -2 | |
Canceled/forfeited | $89.77 | $97.28 | $69.27 | |
Balance | 418 | 476 | 455 | |
Balance | $89.34 | $89.79 | $87.69 | |
[1] | Of the total 55,431 restricted stock awards that vested during the third quarter of fiscal 2014, 29,087 related to awards granted on April 14, 2011 at the grant date price of $103.30. These restricted stock awards cliff vested 100% after three years on April 14, 2014. The awards were amortized to expense over the vesting period using the straight-line attribution method. The remaining 26,344 restricted stock awards that vested during the third quarter were granted on April 8, 2013 and cliff vest 20% annually upon each anniversary date of the grant. |
Note_13_Employee_Stock_Option_7
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Share-Based Awards Available For Grant | 3 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Nov. 02, 2013 | Apr. 14, 2011 | 31-May-14 | |||||||||
Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Employee Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Non-Employee Stock Option Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Non-Employee Director Grant [Member] | Performance Based [Member] | Performance Based [Member] | Non-Performance Based [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non-Employee Director Grant [Member] | Performance Based [Member] | Performance Based [Member] | Non-Performance Based [Member] | |||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Share-Based Awards Available For Grant [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,280,000 | 2,656,000 | 3,116,000 | ' | ' | ' | ' | ' | ' | 102,000 | 107,000 | 107,000 | ' | ' | ' | ||||||||
Granted | ' | ' | ' | ' | ' | -36,000 | -166,000 | -36,000 | -139,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | -14,000 | ' | ' | ' | ' | ' | ' | ||||||||
Granted | ' | -42,000 | -162,000 | -106,000 | [1] | -404,000 | [1] | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | -153,972 | -29,087 | -12,264 | ||||
Share-based awards canceled/forfeited | 16,000 | 24,000 | 10,000 | ' | ' | ' | ' | ' | ' | 21,000 | 35,000 | [1] | 16,000 | [1] | ' | ' | ' | ' | ' | ' | 0 | 9,000 | [1] | 0 | [1] | ' | ' | ' | ||||
Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,301,000 | 2,280,000 | 2,656,000 | ' | ' | ' | ' | ' | ' | 102,000 | 102,000 | 107,000 | ' | ' | ' | ||||||||
[1] | Under the Company's option plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. |
Note_14_StockBased_Compensatio2
Note 14 - Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||
Jan. 15, 2014 | Jan. 15, 2013 | Jul. 31, 2012 | 31-May-14 | 31-May-14 | 31-May-13 | Dec. 16, 2008 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | 31-May-13 | Nov. 30, 2012 | 31-May-13 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | 31-May-13 | Nov. 30, 2012 | 31-May-14 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-14 | |
Performance Based [Member] | Performance Based [Member] | Performance Based [Member] | Performance Based [Member] | Performance Based [Member] | Performance Based [Member] | Performance Based [Member] | Performance Based [Member] | Non-Performance Based [Member] | Non-Performance Based [Member] | Non-Performance Based [Member] | Non-Performance Based [Member] | Performance and Non-Performance [Member] | Performance and Non-Performance [Member] | Performance and Non-Performance [Member] | Performance and Non-Performance [Member] | Performance and Non-Performance [Member] | Non-Employee Directors' Stock Option Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | ||||||||
StreetAccount [Member] | Market Metrics [Member] | Market Metrics [Member] | |||||||||||||||||||||||||||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $1,400,000 | ' | $15,700,000 | ' | ' | $5,400,000 | ' | $31,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $300,000 | ' | ' | $6,800,000 | $17,400,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | 2,800,000 | 2,800,000 | ' | ' | ' | 54,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '4 years 109 days | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount (in Dollars) | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 14,424 | 18,781 | 241,546 | ' | 391,478 | ' | ' | ' | ' | ' | 165,949 | 36,695 | ' | 1,011,510 | ' | 138,902 | 35,508 | 9,367 | 635,308 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | ' | ' | $106.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $92.55 | ' | ' | $106.03 | $109.49 | ' | $92.22 | ' | $88.55 | $82.67 | $88.33 | $79.77 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $27.04 | $24.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.69 | ' | ' | $29.14 | $31.78 | ' | $26.87 | ' | $17.81 | $16.15 | $17.91 | $15.65 | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | ' | ' | ' | ' | 562,000 | 1,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,068 | 16,739 | 54,597 | 56,230 | ' | ' |
Note_14_StockBased_Compensatio3
Note 14 - Stock-Based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions Of Employee Stock Options (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
Jan. 15, 2014 | Jan. 15, 2013 | 31-May-14 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||
Note 14 - Stock-Based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions Of Employee Stock Options [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term structure of risk-free interest rate | ' | ' | ' | ' | ' | 0.01% | 0.16% | 2.61% | 1.91% |
Expected life (in years) | ' | ' | ' | ' | ' | '7 years 219 days | '7 years 219 days | '7 years 292 days | '7 years 292 days |
Term structure of volatility | ' | ' | ' | ' | ' | 23.00% | 24.00% | 33.00% | 33.00% |
Dividend yield | ' | ' | ' | 1.35% | 1.30% | ' | ' | ' | ' |
Weighted average estimated fair value (in Dollars per share) | $27.04 | $24.23 | ' | $29.64 | $26.87 | ' | ' | ' | ' |
Weighted average exercise price (in Dollars per share) | ' | ' | $106.73 | $106.69 | $92.22 | ' | ' | ' | ' |
Fair value as a percentage of exercise price | ' | ' | ' | 27.80% | 29.10% | ' | ' | ' | ' |
Note_14_StockBased_Compensatio4
Note 14 - Stock-Based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions (Non-Employee Directors' Stock Option Plan [Member]) | 0 Months Ended | |
Jan. 15, 2014 | Jan. 15, 2013 | |
Non-Employee Directors' Stock Option Plan [Member] | ' | ' |
Note 14 - Stock-Based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions [Line Items] | ' | ' |
Risk-free interest rate | 1.66% | 0.89% |
Expected life (in years) | '5 years 146 days | '5 years 146 days |
Expected volatility | 28.90% | 32.30% |
Dividend yield | 1.35% | 1.30% |
Note_14_StockBased_Compensatio5
Note 14 - Stock-Based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions, Employee (Employee Stock Purchase Plan [Member]) | 3 Months Ended | 9 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Note 14 - Stock-Based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions, Employee [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | 0.04% | 0.06% | 0.04% | 0.08% |
Expected life (in months) | '3 years | '3 years | '3 years | '3 years |
Expected volatility | 13.30% | 10.40% | 10.80% | 9.90% |
Dividend yield | 1.50% | 1.44% | 1.36% | 1.36% |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% | ' |
Unrecognized Tax Benefits (in Dollars) | $5,157,000 | ' | $5,157,000 | ' | $5,435,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued (in Dollars) | $1,000,000 | ' | $1,000,000 | ' | ' |
Note_15_Income_Taxes_Details_P
Note 15 - Income Taxes (Details) - Provision for Income Taxes by Geographic Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Provision for Income Taxes by Geographic Operations [Abstract] | ' | ' | ' | ' |
U.S. operations | $58,943 | $59,122 | $181,631 | $162,101 |
Non-U.S. operations | 14,428 | 12,876 | 42,220 | 37,930 |
Income before income taxes | 73,371 | 71,998 | 223,851 | 200,031 |
U.S. operations | 20,631 | 15,787 | 60,560 | 44,115 |
Non-U.S. operations | 1,208 | 2,844 | 7,155 | 8,242 |
Total provision for income taxes | $21,839 | $18,631 | $67,715 | $52,357 |
Effective tax rate | 29.80% | 25.90% | 30.30% | 26.20% |
Note_15_Income_Taxes_Details_C
Note 15 - Income Taxes (Details) - Components of the Provision for Income Taxes (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Current | ' | ' | ' | ' |
U.S. Federal | ' | ' | $58,300 | $37,498 |
U.S. state and local | ' | ' | 2,861 | 2,440 |
Non-U.S. | ' | ' | 7,452 | 8,370 |
Total current taxes | ' | ' | 68,613 | 48,308 |
Deferred | ' | ' | ' | ' |
U.S. Federal | ' | ' | -631 | 3,896 |
U.S. state and local | ' | ' | 29 | 281 |
Non-U.S. | ' | ' | -296 | -128 |
Total deferred taxes | ' | ' | -898 | 4,049 |
Total provision for income taxes | $21,839 | $18,631 | $67,715 | $52,357 |
Note_15_Income_Taxes_Details_S
Note 15 - Income Taxes (Details) - Significant Components of Deferred Tax Assets (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Receivable reserve | $602 | $614 |
Deferred rent | 1,067 | 2,191 |
Other | -2 | -2 |
Net current deferred taxes | 1,667 | 2,803 |
Non-current | ' | ' |
Depreciation on property, equipment and leasehold improvements | 9,166 | 6,329 |
Deferred rent | 3,816 | 2,772 |
Stock-based compensation | 18,746 | 19,828 |
Purchased intangible assets, including acquired technology | -9,644 | -8,401 |
Other | 1,503 | 1,495 |
Net non-current deferred taxes | 23,587 | 22,023 |
Total deferred tax assets | 25,254 | 24,826 |
Deferred tax liabilities (non-current) | ' | ' |
Purchased intangible assets, including acquired technology | 4,309 | 2,761 |
Stock-based compensation | -964 | -365 |
Depreciation on property, equipment and leasehold improvements | -716 | 0 |
Other | 463 | 0 |
Total deferred tax liabilities (non-current) | $3,092 | $2,396 |
Note_15_Income_Taxes_Details_R
Note 15 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Reconciliation of Unrecognized Tax Benefits [Abstract] | ' |
Unrecognized income tax benefits | $5,435 |
Additions based on tax positions related to the current year | 691 |
Reductions for tax positions of prior years | -203 |
Reductions from settlements with taxing authorities | -766 |
Unrecognized income tax benefits | $5,157 |
Note_15_Income_Taxes_Details_M
Note 15 - Income Taxes (Details) - Major Tax Jurisdictions In Which The Company And Affiliates Operate And The Earliest Tax Year Subject to Examination | 9 Months Ended |
31-May-14 | |
Federal [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open Tax Years | '2013 |
State (Various) [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open Tax Years | '2010 through 2013 |
France [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open Tax Years | '2011 through 2013 |
United Kingdom [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open Tax Years | '2011 through 2013 |
Note_16_Commitments_and_Contin2
Note 16 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 | |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $9,700,000 | $8,800,000 | $28,000,000 | $27,200,000 | ' |
Operating Leases, Future Minimum Payments Due | 212,105,000 | ' | 212,105,000 | ' | ' |
Long-term Purchase Commitment, Amount | ' | ' | ' | ' | 50,200,000 |
Largest Individual Client Percent Of Total Subscriptions | 2.00% | ' | 2.00% | ' | ' |
Percentage Of Subscription From Ten Largest Clients | 15.00% | ' | 15.00% | ' | ' |
Allowance for Doubtful Accounts Receivable | 1,700,000 | ' | 1,700,000 | ' | 1,600,000 |
Standby Letters of Credit [Member] | ' | ' | ' | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Long-term Line of Credit | 1,800,000 | ' | 1,800,000 | ' | ' |
Norwalk, Connecticut [Member] | ' | ' | ' | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | 193,000 | ' | 193,000 | ' | ' |
Office Space [Member] | ' | ' | ' | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | 836,000 | ' | 836,000 | ' | ' |
Lease Agreement, February 2014 [Member] | ' | ' | ' | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | 93,700,000 | ' | 93,700,000 | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '15 years | ' | ' |
Mumbai, India and Austin, Texas [Member] | ' | ' | ' | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | $2,400,000 | ' | $2,400,000 | ' | ' |
Additional Lease Commitments Assumed with Revere and Matrix Acqusitions [Member] | ' | ' | ' | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | 11,000 | ' | 11,000 | ' | ' |
Note_16_Commitments_and_Contin3
Note 16 - Commitments and Contingencies (Details) - Future Minimum Lease Commitments (USD $) | 31-May-14 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Commitments [Abstract] | ' |
2014 (remaining three months) | $7,516 |
2015 | 26,013 |
2016 | 19,827 |
2017 | 23,715 |
2018 | 22,523 |
Thereafter | 112,511 |
Total | $212,105 |