Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FACTSET RESEARCH SYSTEMS INC | |
Trading Symbol | fds | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 41,415,629 | |
Amendment Flag | false | |
Entity Central Index Key | 1,013,237 | |
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 | May 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Revenues | $ 254,522 | $ 231,761 | $ 744,990 | $ 681,671 |
Operating expenses | ||||
Cost of services | 100,686 | 90,661 | 297,745 | 261,165 |
Selling, general and administrative | 68,480 | 68,063 | 200,980 | 197,673 |
Total operating expenses | 169,166 | 158,724 | 498,725 | 458,838 |
Operating income | 85,356 | 73,037 | 246,265 | 222,833 |
Other income | 482 | 334 | 1,445 | 1,018 |
Income before income taxes | 85,838 | 73,371 | 247,710 | 223,851 |
Provision for income taxes | 24,429 | 21,839 | 68,843 | 67,715 |
Net income | $ 61,409 | $ 51,532 | $ 178,867 | $ 156,136 |
Basic earnings per common share (in Dollars per share) | $ 1.48 | $ 1.22 | $ 4.29 | $ 3.66 |
Diluted earnings per common share (in Dollars per share) | $ 1.45 | $ 1.21 | $ 4.23 | $ 3.62 |
Basic weighted average common shares (in Shares) | 41,628 | 42,166 | 41,648 | 42,615 |
Diluted weighted average common shares (in Shares) | 42,297 | 42,615 | 42,317 | 43,170 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | ||
Net income | $ 61,409 | $ 51,532 | $ 178,867 | $ 156,136 | |
Other comprehensive (loss) income, net of tax | |||||
Net unrealized (loss) gain on cash flow hedges* | [1] | (1,020) | 2,341 | (289) | 5,625 |
Foreign currency translation adjustments | (4,187) | 545 | (25,753) | 12,199 | |
Other comprehensive (loss) income | (5,207) | 2,886 | (26,042) | 17,824 | |
Comprehensive income | $ 56,202 | $ 54,418 | $ 152,825 | $ 173,960 | |
[1] | For the three and nine months ended May 31, 2015, the unrealized loss on cash flow hedges were net of tax benefits of $606 and $172, respectively. The unrealizedgain on cash flow hedges disclosed above for the three and nine months ended May 31, 2014, was net of tax expense of $1,391 and $3,352, respectively. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Tax expense on the net unrealized gain on cash flow hedges | $ 606 | $ 1,391 | $ 172 | $ 3,352 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 157,895,000 | $ 116,378,000 |
Investments | 25,020,000 | 20,008,000 |
Accounts receivable, net of reserves of $1,665 at May 31, 2015 and $1,662 at August 31, 2014 | 91,860,000 | 90,354,000 |
Prepaid taxes | 12,190,000 | 6,532,000 |
Deferred taxes | 1,770,000 | 1,841,000 |
Prepaid expenses and other current assets | 15,479,000 | 14,662,000 |
Total current assets | 304,214,000 | 249,775,000 |
Property, equipment and leasehold improvements, at cost | 206,063,000 | 201,713,000 |
Less accumulated depreciation and amortization | (151,605,000) | (144,072,000) |
Property, equipment and leasehold improvements, net | 54,458,000 | 57,641,000 |
Goodwill | 307,231,000 | 285,608,000 |
Intangible assets, net | 41,561,000 | 41,855,000 |
Deferred taxes | 16,531,000 | 22,377,000 |
Other assets | 4,081,000 | 5,956,000 |
TOTAL ASSETS | 728,076,000 | 663,212,000 |
LIABILITIES | ||
Accounts payable and accrued expenses | 31,445,000 | 26,971,000 |
Accrued compensation | 36,780,000 | 42,481,000 |
Deferred fees | 44,323,000 | 36,504,000 |
Taxes payable | 2,959,000 | 5,036,000 |
Deferred taxes | 1,071,000 | 0 |
Dividends payable | 18,274,000 | 16,299,000 |
Total current liabilities | 134,852,000 | 127,291,000 |
Deferred taxes | 1,711,000 | 2,921,000 |
Taxes payable | 6,381,000 | 5,501,000 |
Long-term debt | 35,000,000 | 0 |
Deferred rent and other non-current liabilities | 17,757,000 | 16,417,000 |
TOTAL LIABILITIES | $ 195,701,000 | $ 152,130,000 |
Commitments and contingencies (See Note 17) | ||
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, 50,062,210 and 49,110,218 shares issued; 41,531,220 and 41,792,802 shares outstanding at May 31, 2015 and August 31, 2014, respectively | 501,000 | 491,000 |
Additional paid-in capital | 508,402,000 | 413,754,000 |
Treasury stock, at cost: 8,530,990 and 7,317,416 shares at May 31, 2015 and August 31, 2014, respectively | (910,210,000) | (734,746,000) |
Retained earnings | 977,645,000 | 849,504,000 |
Accumulated other comprehensive loss | (43,963,000) | (17,921,000) |
TOTAL STOCKHOLDERS’ EQUITY | 532,375,000 | 511,082,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 728,076,000 | $ 663,212,000 |
Consolidated Balance Sheets (C6
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | May. 31, 2015 | Aug. 31, 2014 |
Accounts receivable, reserves (in Dollars) | $ 1,665 | $ 1,662 |
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 | 50,062,210 | 49,110,218 |
Common stock, shares outstanding | 41,531,220 | 41,792,802 |
Treasury stock shares | 8,530,990 | 7,317,416 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 178,867 | $ 156,136 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 24,229 | 25,852 |
Stock-based compensation expense | 17,112 | 17,425 |
Deferred income taxes | 3,041 | (2,038) |
Gain on sale of assets | (17) | (62) |
Tax benefits from share-based payment arrangements | (23,926) | (6,815) |
Changes in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net of reserves | (1,159) | (9,001) |
Accounts payable and accrued expenses | 5,973 | (2,260) |
Accrued compensation | (5,496) | (7,368) |
Deferred fees | 5,951 | 4,709 |
Taxes payable, net of prepaid taxes | 16,213 | 20,777 |
Prepaid expenses and other assets | 78 | (1,931) |
Deferred rent and other non-current liabilities | 1,873 | (1,241) |
Other working capital accounts, net | 103 | (461) |
Net cash provided by operating activities | 222,842 | 193,722 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of businesses, net of cash acquired | (33,556) | (46,873) |
Purchases of investments | (12,437) | (7,818) |
Proceeds from sales of investments | 7,535 | 6,871 |
Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions | (15,391) | (11,704) |
Net cash used in investing activities | (53,849) | (59,524) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend payments | (48,404) | (44,736) |
Repurchase of common stock | (177,556) | (205,154) |
Proceeds from debt | 35,000 | 0 |
Debt issuance costs | (32) | 0 |
Proceeds from employee stock plans | 51,852 | 26,799 |
Tax benefits from share-based payment arrangements | 23,926 | 6,815 |
Net cash used in financing activities | (115,214) | (216,276) |
Effect of exchange rate changes on cash and cash equivalents | (12,262) | 4,309 |
Net increase (decrease) in cash and cash equivalents | 41,517 | (77,769) |
Cash and cash equivalents at beginning of period | 116,378 | 196,627 |
Cash and cash equivalents at end of period | $ 157,895 | $ 118,858 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
May. 31, 2015 | |
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 and industry analyses, multicompany comparisons, 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 |
May. 31, 2015 | |
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, 2015 and for the three and nine months ended May 31, 2015 and 2014 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, 2014 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, 2014. 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 Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
May. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 . RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Standards or Updates Recently Adopted As of the beginning of fiscal 2015, FactSet implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards Board (“FASB”) that were in effect. There were no new standards or updates adopted during the first nine months of fiscal 2015 that had a material impact on the 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 does not believe this new accounting standard update will have a material impact 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 2019. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Going Concern In August 2014, the FASB issued an accounting standard update that requires management to evaluate and disclose whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after financial statements are issued. The evaluation and disclosure will be required to be made for both annual and interim reporting periods, if applicable, along with an evaluation as to whether management’s plans alleviate that doubt. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Income Statement Presentation – Extraordinary and Unusual Items In January 2015, the FASB issued an accounting standard update that eliminates from GAAP the concept of extraordinary items. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The standard primarily involves presentation and disclosure and, therefore, is not expected to have a material impact on the Company’s financial condition, results of operations or its cash flows. Simplification Guidance on Debt Issuance Costs In April 2015, the FASB issued an accounting standard update which changes the presentation of debt issuance costs in the applicable financial statements. Under the accounting standard update, an entity should present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Customers’ Accounting for Cloud Computing Costs In April 2015, the FASB issued an accounting standard update to provide guidance on a customer’s accounting for cloud computing costs. Under the accounting standard update, a customer must determine whether a cloud computing arrangement contains a software license. If so, the customer would account for the fees related to the software license element in a manner consistent with how the accounting for software licenses is accounted for under previously issued guidance. If the arrangement does not contain a software license, the customer would account for the arrangement as a service contract. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. No other new accounting pronouncements issued or effective as of May 31, 2015 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 |
May. 31, 2015 | |
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 fair value hierarchy as follows: Level 1 Level 2 Level 3 (b) Asse ts 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, 2015 and August 31, 2014 (in thousands): Fair Value Measurements at Reporting Date Using May 31, 2015 Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 91,290 $ 0 $ 0 $ 91,290 Certificates of deposit (2) 0 25,020 0 25,020 Derivative instruments (3) 0 972 0 972 Total assets measured at fair value $ 91,290 $ 25,992 $ 0 $ 117,282 Liabilities Derivative instruments (3) $ 0 $ 620 $ 0 $ 620 Total liabilities measured at fair value $ 0 $ 620 $ 0 $ 620 Fair Value Measurements at Reporting Date Using August 31, 2014 Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 75,363 $ 0 $ 0 $ 75,363 Certificates of deposit (2) 0 20,008 0 20,008 Derivative instruments (3 ) 0 1,406 0 1,406 Total assets measured at fair value $ 75,363 $ 21,414 $ 0 $ 96,777 Liabilities Derivative instruments (3) $ 0 $ 591 $ 0 $ 591 Total liabilities measured at fair value $ 0 $ 591 $ 0 $ 591 (1) (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) 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. (c) Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain assets, including goodwill and intangible assets, and liabilities, including long-term debt, 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, 2015, no fair value adjustments were required for the Company’s non-financial assets or liabilities. As of May 31, 2015, the fair value of the Company’s long-term debt was $35.0 million, which approximated its carrying amount. FactSet did not have any long-term debt as of August 31, 2014. The fair value of the Company’s long-term debt was determined based on quoted market prices for debt with a similar maturity, and thus categorized as Level 2 in the fair value hierarchy. |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 9 Months Ended |
May. 31, 2015 | |
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 currency 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. 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. There was no discontinuance of cash flow hedges during the three and nine months ended May 31, 2015 and 2014, respectively, and as such, no corresponding gains or losses related to changes in the value of the Company’s contracts were reclassified into earnings prior to settlement. As of May 31, 2015, FactSet maintained the following foreign currency forward contracts to hedge its Indian Rupee, Philippine Peso, British Pound and Euro exposure: ● Indian Rupee ● Philippine Peso - ● British Pound - ● Euro - 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) May 31, 2015 Aug 31, 2014 May 31, 2015 Aug 31, 2014 Indian Rupee $ 47,860 $ 38,479 $ 453 $ 700 Philippine Peso 3,000 6,500 26 115 Euro 14,737 0 (424 ) 0 British Pound 22,618 0 297 0 Total $ 88,215 $ 44,979 $ 352 $ 815 As of May 31, 2015, the gross notional value of foreign exchange contracts to purchase Indian Rupees with U.S. dollars was Rs. 3.3 billion. The gross notional value of foreign exchange contracts to purchase Philippine Pesos with U.S. dollars was Php 135.2 million. The gross notional value of foreign exchange contracts to purchase British Pound with U.S. dollars was £15.0 million. The gross notional value of foreign exchange contracts to purchase Euros with U.S. dollars was €13.0 million. 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 May 31, 2015 Aug 31, 2014 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 972 $ 114 Other assets $ 0 $ 1,292 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ 424 $ 591 Deferred rent and other non-current liabilities $ 196 0 All derivatives were designated as hedging instruments as of May 31, 2015 and August 31, 2014, 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, 2015 and 2014 (in thousands): (Loss) Gain Recognized in AOCL on Derivatives Location of (Loss) Gain Reclassified from AOCL into Income (Loss) Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 201 5 2014 (Effective Portion) 2015 2014 Foreign currency forward contracts $ (1,903 ) $ 3,673 SG&A $ (277 ) $ (59 ) The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the nine months ended May 31, 2015 and 2014 (in thousands): (Loss) Gain Recognized in AOCL on Derivatives Location of (Loss) Gain Reclassified from AOCL into Income (Loss) Reclassified from AOCL into Income ( Effective Portion) Derivatives in Cash Flow Hedging Relationships 201 5 2014 (Effective Portion) 2015 2014 Foreign currency forward contracts $ (929 ) $ 8,661 SG&A $ (468 ) $ (316 ) 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, 2015, FactSet estimates that approximately $0.5 million of net derivative gains 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, 2015 and August 31, 2014, information related to these offsetting arrangements was as follows (in thousands): Derivatives Offset in Consolidated Balance Sheets May 31, 2015 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 1,424 $ (452 ) $ 972 Fair value of liabilities (1,072 ) 452 (620 ) Total $ 352 $ 0 $ 352 Derivatives Offset in Consolidated Balance Sheets August 31, 2014 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 1,406 $ 0 $ 1,406 Fair value of liabilities (626 ) 35 (591 ) Total $ 780 $ 35 $ 815 |
Note 6 - Other Comprehensive (L
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 6. OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS The components of other comprehensive (loss) income and amounts reclassified out of accumulated other comprehensive loss into earnings during the three and nine months ended May 31, 2015 and 2014 are as follows (in thousands): Three Months Ended May 31, 2015 2014 Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (4,187 ) $ (4,187 ) $ 545 $ 545 Realized loss on cash flow hedges reclassified to earnings (1) 277 174 59 37 Unrealized (loss) gain on cash flow hedges recognized in accumulated other comprehensive loss (1,903 ) (1,194 ) 3,673 2,304 Other comprehensive (loss) income $ (5,813 ) $ (5,207 ) $ 4,277 $ 2,886 Nine Months Ended May 31, 2015 2014 Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (25,753 ) $ (25,753 ) $ 12,199 $ 12,199 Realized loss on cash flow hedges reclassified to earnings (1) 468 294 316 199 Unrealized (loss) gain on cash flow hedges recognized in accumulated other comprehensive loss (929 ) (583 ) 8,661 5,426 Other comprehensive (loss) income $ (26,214 ) $ (26,042 ) $ 21,176 $ 17,824 (1) Reclassified to Selling, General and Administrative Expenses The components of accumulated other comprehensive loss is as follows (in thousands): May 31, 2015 Aug 31, 2014 Accumulated unrealized gains on cash flow hedges, net of tax $ 221 $ 510 Accumulated foreign currency translation adjustments (44,184 ) (18,431 ) Total accumulated other comprehensive loss $ (43,963 ) $ (17,921 ) |
Note 7 - Segment Information
Note 7 - Segment Information | 9 Months Ended |
May. 31, 2015 | |
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 they 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, product development 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, Italy, Ireland, Latvia, Luxembourg, the Netherlands, Spain, South Africa, Sweden and Dubai. The Asia Pacific segment is headquartered in Tokyo, Japan with office locations in Australia, Hong Kong, Singapore 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 services. Each segment records compensation expense, 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 $307.2 million of goodwill reported by the Company at May 31, 2015, 69% was recorded in the U.S. segment, 30% 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 , 201 5 U.S. Europe Asia Pacific Total Revenues from clients $ 172,070 $ 63,156 $ 19,296 $ 254,522 Segment operating profit 43,332 31,187 10,837 85,356 Total assets 433,177 232,171 62,728 728,076 Capital expenditures 2,977 142 508 3,627 For the three months ended May 31, 2014 U.S. Europe Asia Pacific Total 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 nine months ended May 31, 2015 U.S. Europe Asia Pacific Total Revenues from clients $ 502,271 $ 186,320 $ 56,399 $ 744,990 Segment operating profit 130,271 85,675 30,319 246,265 Capital expenditures 13,808 350 1,233 15,391 For the nine months ended May 31, 2014 U.S. Europe Asia Pacific Total 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 |
Note 8 - Business Combinations
Note 8 - Business Combinations | 9 Months Ended |
May. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 8. BUSINESS COMBINATIONS Code Red , Inc. On February 6, 2015, FactSet acquired Code Red, Inc. (“Code Red”) for $34.8 million. At the time of acquisition, Code Red employed 32 individuals and had annual subscriptions of $9.3 million. Code Red provides research management technologies to the investment community, including endowments and foundations, institutional asset managers, sovereign wealth funds, pensions, and hedge funds. With the addition of Code Red to FactSet's existing Research Management Solutions (“RMS”), FactSet now offers an RMS for all its clients' workflows, which is consistent with the Company’s strategy of offering software and tools to make client workflows more efficient. This factor contributed to a purchase price in excess of fair value of Code Red’s net tangible and intangible assets, leading to the recognition of goodwill. The total preliminary purchase price of the acquisition is as follows (in thousands): Cash consideration $ 32,000 Fair value of FactSet stock issued 2,990 Adjustment for changes in working capital (240 ) Total preliminary purchase price $ 34,750 Allocation of the purchase price to the assets acquired and liabilities assumed was not yet finalized as of May 31, 2015. The preliminary purchase price was allocated to Code Red net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. The purchase price is subject to finalizing working capital adjustments. Based upon the purchase price and preliminary valuation, the allocation is as follows (in thousands): Tangible assets acquired $ 2,514 Amortizable intangible assets Software technology 4,728 Client relationships 3,089 Non-compete agreements 277 Trade name 127 Goodwill 29,627 Total assets acquired 40,362 Liabilities assumed (5,612 ) Net assets acquired $ 34,750 Intangible assets of $8.2 million have been allocated to amortizable intangible assets consisting of software technology, amortized over six years using a straight-line amortization method; client relationships, amortized over seven years using an accelerated amortization method; non-compete agreements, amortized over four years using a straight-line amortization method; and trade name, amortized over three years using a straight-line amortization method. Goodwill totaling $29.6 million represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. Goodwill generated from the Code Red acquisition is included in the U.S. segment and is not deductible for income tax purposes. The results of operations of Code Red have been included in the Company’s Consolidated Statements of Income since the completion of the acquisition on February 6, 2015 and the results did not have a material impact on the three and nine months ended May 31, 2015. Pro forma information has not been presented because the effect of this acquisition was 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 million. The acquisition of Matrix allows 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, leading to the recognition of goodwill. The results of operations of Matrix have been included in the Company’s Consolidated Statements of Income since the completion of the acquisition and did not have a material impact on the Company’s operations. Pro forma information has not been presented because the effect of this acquisition was not material on the Company’s consolidated financial results. 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. 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 the Company’s operations. 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 |
May. 31, 2015 | |
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, 2015 are as follows (in thousands): U.S. Europe Asia Pacific Total Balance at August 31, 2014 $ 179,434 $ 103,032 $ 3,142 $ 285,608 Goodwill acquired during the period 32,435 0 0 32,435 Foreign currency translations 0 (10,300 ) (512 ) (10,812 ) Balance at May 31, 2015 $ 211,869 $ 92,732 $ 2,630 $ 307,231 Goodwill is not amortized as it has an estimated indefinite life. At least annually, the Company is required to test 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 as 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 year 2014, at which time it was determined that there were no indications of impairment, with the fair value of each of the Company’s reporting units significantly exceeding carrying value. Goodwill acquired in fiscal 2015 of $32.4 million represents the excess of the purchase price over the fair value of the net tangible and intangible assets from business acquisitions completed in the first nine months of 2015. |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 9 Months Ended |
May. 31, 2015 | |
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, 2015 was 10.4 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 2015. 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, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 53,257 $ 29,458 $ 23,799 Client relationships 27,753 17,698 10,055 Software technology 26,768 20,216 6,552 Non-compete agreements 2,807 2,314 493 Trade names 1,801 1,139 662 Total $ 112,386 $ 70,825 $ 41,561 At August 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 56,974 $ 27,644 $ 29,330 Client relationships 25,821 17,443 8,378 Software technology 22,881 20,089 2,792 Non-compete agreements 2,465 1,881 584 Trade names 1,729 958 771 Total $ 109,870 $ 68,015 $ 41,855 During nine months ended May 31, 2015, $9.1 million of intangible assets were acquired with a weighted average useful life of 6.3 years. Amortization expense recorded for intangible assets was $2.3 million and $2.4 million for the three months ended May 31, 2015 and 2014, respectively. Amortization expense recorded for intangible assets was $6.4 million and $6.2 million for the nine months ended May 31, 2015 and 2014, respectively. As of May 31, 2015, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows (in thousands): Fiscal Year Estimated Amortization Expense 2015 (remaining three months) $ 1,772 2016 6,997 2017 6,915 2018 5,788 2019 4,467 Thereafter 15,622 Total $ 41,561 |
Note 11 - Common Stock and Earn
Note 11 - Common Stock and Earnings Per Share | 9 Months Ended |
May. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 11 . COMMON STOCK AND EARNINGS PER SHARE On May 12, 2015, FactSet’s Board of Directors approved a regular quarterly dividend of $0.44 per share, or $1.76 per share per annum. The cash dividend of $18.3 million was paid on June 16, 2015 to common stockholders of record at the close of business on May 29, 2015. Shares of common stock outstanding were as follows (in thousands): Nine Months Ended May 31, 2015 2014 Balance at September 1 41,793 43,324 Common stock issued for employee stock plans 951 562 Stock issued for acquisition of a business 20 0 Repurchase of common stock from employees* (23 ) (41 ) Repurchase of common stock under the share repurchase program (1,210 ) (1,829 ) Balance at May 31, 2015 and 2014, respectively 41,531 42,016 *For the nine months ended May 31, 2015 and 2014, the Company repurchased 23,192 and 41,093 shares, or $3.1 million and $4.4 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. 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): Net Income (Numerator) Weighted Average Common Share (Denominator) Per Share Amount For the three months ended May 31, 2015 Basic EPS Income available to common stockholders $ 61,409 41,628 $ 1.48 Diluted EPS Dilutive effect of stock options and restricted stock 669 Income available to common stockholders plus assumed conversions $ 61,409 42,297 $ 1.45 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 nine months ended May 31, 2015 Basic EPS Income available to common stockholders $ 178,867 41,648 $ 4.29 Diluted EPS Dilutive effect of stock options and restricted stock 669 Income available to common stockholders plus assumed conversions $ 178,867 42,317 $ 4.23 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 Dilutive potential common shares consist of stock options and unvested restricted stock awards. No stock options were excluded from the calculation of diluted EPS for the three months ended May 31, 2015, while 49,571 were excluded for the three months ended May 31, 2014, because their inclusion would have been anti-dilutive. For the three months ended May 31, 2015, the number of performance-based stock option grants excluded from the calculation of diluted earnings per share was 485,129. For the three 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. Performance-based stock options are omitted from the calculation of diluted earnings per share until the performance criteria are probable of being achieved. The criterion was not yet probable of being achieved as of May 31, 2015 and 2014 for these performance-based stock options. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 9 Months Ended |
May. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 1 2 . STOCKHOLDERS’ EQUITY Preferred Stock At May 31, 2015 and August 31, 2014, there were 10,000,000 shares of preferred stock ($.01 par value per share) authorized, of which no shares were issued and outstanding. FactSet’s Board of Directors may from time to time authorize the issuance of one or more series of preferred stock and, in connection with the creation of such series, determine the characteristics of each such series including, without limitation, the preference and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions of the series. Common Stock At May 31, 2015 and August 31, 2014, there were 150,000,000 shares of common stock ($.01 par value per share) authorized, of which 50,062,210 and 49,110,218 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, 2015 and August 31, 2014, there were 8,530,990 and 7,317,416 shares of treasury stock (at cost) outstanding, respectively. As a result, 41,531,220 and 41,792,802 shares of FactSet common stock were outstanding at May 31, 2015 and August 31, 2014, respectively. In connection with the acquisition of Code Red on February 6, 2015, FactSet issued 20,207 shares of treasury stock with a fair value of $3.0 million. Share Repurchase Program On December 15, 2014, the Company’s Board of Directors approved a $300.0 million expansion of the existing share repurchase program. During the first nine months of fiscal 2015, the Company repurchased 1,209,954 shares for $174.3 million. At May 31, 2015, $212.7 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. 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 2015, 68,178 of previously granted restricted stock awards vested and were included in common stock outstanding as of May 31, 2015 (less 23,192 shares repurchased from employees to cover their cost of taxes upon vesting of the restricted stock). During the same period in 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). Dividends The Company’s Board of Directors declared the following historical dividends: Declaration Date Dividends Per Type Record Date Total $ Amount Payment Date May 12, 2015 $ 0.44 Regular (cash) May 29, 2015 $ 18,274 June 16, 2015 February 11, 2015 $ 0.39 Regular (cash) February 27, 2015 $ 16,236 March 17, 2015 November 12, 2014 $ 0.39 Regular (cash) November 28, 2014 $ 16,216 December 16, 2014 August 14, 2014 $ 0.39 Regular (cash) August 29, 2014 $ 16,299 September 16, 2014 May 5, 2014 $ 0.39 Regular (cash) May 30, 2014 $ 16,386 June 17, 2014 February 11, 2014 $ 0.35 Regular (cash) February 28, 2014 $ 14,827 March 18, 2014 November 14, 2013 $ 0.35 Regular (cash) November 29, 2013 $ 15,046 December 17, 2013 August 15, 2013 $ 0.35 Regular (cash) August 31, 2013 $ 15,164 September 17, 2013 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 |
May. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 13. EMPLOYEE STOCK OPTION AND RETIREMENT PLANS Stock Option Awards The FactSet Research Systems Inc. 2004 Stock Option and Award Plan, as Amended and Restated (the “Option Plan”) provides for the grant of share-based awards, including stock options and restricted stock awards to employees of FactSet. The expiration date of the Option Plan is December 14, 2020. Stock options granted under the Option Plan expire either seven or ten years from the date of grant and the majority vest ratably over a period of five years. 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. Options are not transferable or assignable other than by will or the laws of descent and distribution. During the grantee’s lifetime, the options may be exercised only by the grantee. During the first nine months of fiscal 2015, FactSet granted 686,720 stock options at a weighted average exercise price of $137.52 to existing employees of the Company. As of May 31, 2015, a total of 3,253,586 stock options were outstanding at a weighted average exercise price of $96.05. Unamortized stock-based compensation of $37.5 million is expected to be recognized as stock-based compensation expense over the remaining vesting period of 3.4 years. 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, 2014 3,482 $ 79.67 Granted – non-performance based 463 131.31 Exercised (114 ) 73.53 Forfeited (33 ) 98.28 Balance at November 30, 2014 3,798 $ 85.98 Granted – non-performance-based 25 139.02 Granted – performance-based 138 148.52 Granted – non-employee Directors grant 14 138.48 Exercised (403 ) 61.63 Forfeited (32 ) 97.08 Balance at February 28, 2015 3,540 $ 91.67 Granted – non-performance-based 61 159.14 Exercised (319 ) 57.30 Forfeited (28 ) 122.02 Balance at May 31, 2015 3,254 $ 96.05 The total number of in-the-money options exercisable as of May 31, 2015 was 1.4 million with a weighted average exercise price of $77.83. As of August 31, 2014, 1.9 million in-the-money outstanding options were exercisable with a weighted average exercise price of $68.78. The aggregate intrinsic value of in-the-money stock options exercisable at May 31, 2015 and August 31, 2014 was $118.8 million and $111.3 million, respectively. Aggregate intrinsic value represents the difference between the Company’s closing stock price of $165.17 on May 29, 2015 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, 2015 and 2014 was $32.1 million and $6.9 million, respectively. The total pre-tax intrinsic value of stock options exercised during the nine months ended May 31, 2015 and 2014 was $70.9 million and $22.9 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. July 2012 P erfo rmance-based Option Grant 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. During the fourth quarter of fiscal 2013, the first growth target as outlined within the terms of the grant was achieved, thus 20% or 48,314 options vested on August 31, 2013. The second 20% tranche vested on August 31, 2014 as a result of accelerated expansion of Street Account users during fiscal 2014. As of May 31, 2015, the Company estimates that the third 20% tranche will vest by August 31, 2017, resulting in unamortized stock-based compensation expense of $0.7 million to be recognized over the remaining vesting period of 2.2 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 Percentage Cumulative Catch-up Adjustment* Remaining Expense to be Recognized Third 20% (current expectation) $ 0 $ 697 Fourth 20% $ 1,120 $ 1,177 Fifth 20% $ 2,594 $ 1,303 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2015 . February 2015 Performance-based Option Grant In connection with the acquisition of Code Red during the second quarter of fiscal 2015, FactSet granted 137,522 performance-based stock options. These performance-based options are eligible to vest four years from date of grant if certain Code Red ASV and operating margin targets are achieved over the measurement period. The option holders must also remain employed by FactSet to be eligible to vest. Of the total grant, 68,761 performance-based options are eligible for vesting based on achieving the growth targets over a four year measurement period ending February 28, 2019 and the remaining 68,761 options are eligible to cliff vest based on a two year measurement period ending February 28, 2017. As of May 31, 2015, total unamortized stock-based compensation of $2.2 million will be recognized as expense over the remaining vesting period of 3.7 years. A change, up or down, in the actual financial performance levels achieved by Code Red in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense (in thousands): Vesting Percentage Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 10% $ (150 ) $ 0 40% (current expectation) $ 0 $ 2,213 70% $ 141 $ 3,872 100% $ 281 $ 5,531 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2015 . Other Performance-based Option Grants In connection with the acquisitions of Matrix and Revere, FactSet granted 165,949 and 36,695 performance-based stock options, respectively, during fiscal 2014. 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, 2015 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 $0.4 million to be recognized over the remaining vesting period of 3.2 years. Restricted Stock and Stock Unit Awards The Company’s Option 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 2015, FactSet granted 49,158 restricted stock awards to employees of the Company at a weighted average grant date fair value of $135.96. These restricted stock awards vest over a weighted average period of 3.9 years from grant date. As of May 31, 2015, a total of 339,298 shares of restricted stock and restricted stock units were unvested and outstanding, which results in unamortized stock-based compensation of $22.7 million to be recognized as stock-based compensation expense over the remaining vesting period of 3.3 years. 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, 2014 368 $ 89.77 Granted 10 $ 127.58 Vested (53 ) $ 62.85 Canceled/forfeited (1 ) $ 93.76 Balance at November 30, 2014 324 $ 95.40 Granted 38 $ 137.83 Canceled/forfeited (5 ) $ 95.43 Balance at February 28, 2015 357 $ 99.85 Granted 1 $ 152.77 Vested (15 ) $ 85.80 Canceled/forfeited (4 ) $ 113.57 Balance at May 31, 2015 339 $ 100.43 Performance-based Restricted Stock Units Performance-based restricted stock units require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based units 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 units will vest to the grantees. However, there is no current guarantee that such restricted stock will vest in whole or in part. September 2013 Grant of Restricted Stock Units In connection with the acquisition of Revere in the first quarter of fiscal 2014, FactSet granted 7,744 performance-based restricted stock units on September 17, 2013. Of the 7,744 performance-based restricted stock units granted, 3,872 are estimated to vest based upon the Company’s belief that certain ASV and operating margin targets will be achieved during the measurement period ending August 31, 2017. As of May 31, 2015, unamortized stock-based compensation of $0.3 million will be amortized to compensation expense over the remaining vesting period of 3.2 years. The remaining 3,872 performance-based restricted stock units are expected to be forfeited. February 2015 Grant of Restricted Stock Units In connection with the acquisition of Code Red during the second quarter of fiscal 2015, FactSet granted 1,724 performance-based restricted stock units. Of the 1,724 performance-based restricted stock units granted, 690 are estimated to vest based upon the Company’s belief that certain Code Red ASV and operating margin targets will be achieved during the measurement period ending February 28, 2017. As of May 31, 2015, unamortized stock-based compensation of $0.1 million will be amortized to compensation expense over the remaining vesting period of 1.7 years. The remaining 1,034 performance-based restricted stock units are expected to be forfeited. Share-based Awards Available for Grant A summary of share-based awards available for grant is as follows (in thousands): Share-based Awards Available for Grant under the Employee Option Plan Share-based Awards Available for Grant under the Non-Employee Directors Plan Balance at August 31, 2014 3,222 102 Granted – non performance-based options (463 ) 0 Granted – performance-based options 0 0 Restricted stock awards granted* (26 ) 0 Share-based awards canceled/forfeited** 35 0 Balance at November 30, 2014 2,768 102 Granted – non performance-based options (25 ) (14 ) Granted – performance-based options (138 ) 0 Restricted stock awards granted* (95 ) 0 Share-based awards canceled/forfeited** 44 0 Balance at February 28, 2015 2,554 88 Granted – non performance-based options (61 ) 0 Restricted stock awards granted* (2 ) 0 Share-based awards canceled/forfeited** 39 0 Balance at May 31, 2015 2,530 88 * Each restricted stock award granted is equivalent to 2.5 shares granted under the Company’s option plan. ** 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 At the 2014 Annual Meeting of Stockholders of FactSet held on December 16, 2014, the stockholders of FactSet voted on and approved the Amended and Restated FactSet Research Systems Inc. 2008 Employee Stock Purchase Plan (the “Purchase Plan”), including the reservation of an additional 500,000 shares of common stock for issuance thereunder. The amendment and restatement of the Purchase Plan was approved by FactSet’s Board of Directors on October 23, 2014, subject to the approval of the Company’s stockholders, and became effective with such stockholder approval on December 16, 2014. As a result of such stockholder approval, the Purchase Plan was amended and modified to increase the maximum number of shares of common stock authorized for issuance over the term of the Purchase Plan by 500,000 shares. 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, 2015, employees purchased 13,877 shares at a weighted average price of $132.48 as compared to 18,068 shares at a weighted average price of $88.55 in the same period a year ago. During the nine months ended May 31, 2015, employees purchased 47,085 shares at a weighted average price of $118.82 as compared to 54,597 shares at a weighted average price of $88.33 in the same period a year ago. At May 31, 2015, 497,796 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 $6.3 million and $5.7 million in matching contributions to employee 401(k) accounts during the nine months ended May 31, 2015 and 2014, respectively. |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 9 Months Ended |
May. 31, 2015 | |
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 $6.1 million and $17.1 million during the three and nine months ended May 31, 2015, respectively. Similarly, 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. As of May 31, 2015, $60.3 million of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a weighted average period of 3.3 years. There was no stock-based compensation capitalized as of May 31, 2015 or August 31, 2014, respectively. 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 2015 – Q1 2015 – – Q2 2015 – – Q3 2015 – Fiscal 2014 – Q1 2014 – Q2 2014 – Q3 2014 The weighted average estimated fair value of employee stock options granted during the three and nine months ended May 31, 2015 and 2014 was determined using the binomial model with the following weighted average assumptions: Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 Term structure of risk-free interest rate 0.01% - 2.12% N/A 0.01% - 2.34% 0.01% - 2.61% Expected life (in years) 8.2 N/A 8.2 7.6 – 7.8 Term structure of volatility 21% - 31% N/A 21% - 31% 23% - 33% Dividend yield 1.16% N/A 1.33% 1.35% Weighted average estimated fair value $44.95 N/A $39.59 $29.64 Weighted average exercise price $159.14 N/A $137.52 $106.69 Fair value as a percentage of exercise price 28.2% N/A 28.8% 27.8% 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. 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. Restricted stock awards are amortized to expense over the vesting period. During the first nine months of fiscal 2015, there were 49,158 restricted stock awards granted with a weighted average grant date fair value of $135.96. 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. 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. An initial 250,000 shares of FactSet common stock were reserved for issuance under the Directors’ Plan, of which 88,590 remain available for future grant as of May 31, 2015. The expiration date of the Directors’ Plan is December 1, 2018. The Company utilizes the Black-Scholes model to estimate the fair value of 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 2015 On January 15, 2015, FactSet granted 13,842 stock options to the Company’s non-employee Directors. All of the options granted on January 15, 2015 have a weighted average estimated fair value of $28.18 per share, using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.45 % Expected life (in years) 5.4 Expected volatility 23.5 % Dividend yield 1.30 % 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 % 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. Employee Stock Purchase Plan Fair Value Determinations During the three months ended May 31, 2015, employees purchased 13,877 shares at a weighted average price of $132.48 as compared to 18,068 shares at a weighted average price of $88.55 in the same period a year ago. During the nine months ended May 31, 2015, employees purchased 47,085 shares at a weighted average price of $118.82 as compared to 54,597 shares at a weighted average price of $88.33 in the same period a year ago. Stock-based compensation expense recorded for the three months ended May 31, 2015 and 2014, relating to the employee stock purchase plan was $0.4 million and $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, 2015 and 2014 were $25.11 and $17.81 per share, respectively, with the following assumptions: Three Months Ended May 31, 2015 2014 Risk-free interest rate 0.02 % 0.04 % Expected life (in months) 3 3 Expected volatility 7.2 % 13.3 % Dividend yield 1.13 % 1.50 % The weighted average estimated fair value of employee stock purchase plan grants during the nine months ended May 31, 2015 and 2014 were $22.68 and $17.91 per share, respectively, with the following weighted average assumptions: Nine Months Ended May 31, 2015 2014 Risk-free interest rate 0.02 % 0.04 % Expected life (in months) 3 3 Expected volatility 8.0 % 10.8 % Dividend yield 1.16 % 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 |
May. 31, 2015 | |
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 May 31, Nine Months Ended May 31, 2015 2014 2015 2014 U.S. operations $ 72,816 $ 58,943 $ 203,655 $ 181,631 Non-U.S. operations 13,022 14,428 44,055 42,220 Income before income taxes $ 85,838 $ 73,371 $ 247,710 $ 223,851 U.S. operations $ 22,842 $ 20,631 $ 63,659 $ 60,560 Non-U.S. operations 1,587 1,208 5,184 7,155 Total provision for income taxes $ 24,429 $ 21,839 $ 68,843 $ 67,715 Effective tax rate 28.5 %* 29.8 % 27.8 %* 30.3 % * On December 16, 2014, the U.S. Congress passed the Tax Increase Prevention Act of 2014 (the “ACT”), which President Obama signed into law on December 19, 2014. The ACT reinstated the U.S. Federal R&D tax credit, which had previously expired on December 31, 2013. The reenactment of the tax credit was retroactive to January 1, 2014 and extended through the end of the 2014 calendar year. Prior to the reenactment of the tax credit, FactSet had not been permitted to factor it into its effective tax rate because it was not enacted tax law. The reenactment resulted in a discrete income tax benefit of $5.1 million during the second quarter of fiscal 2015. 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, among other things, 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 35.0% in both periods presented above primarily due to foreign income, which is subject to lower statutory tax rates than in the U.S., income tax benefits from the reenactment of the U.S. Federal R&D tax credit, benefits from foreign tax credits and deductions due to U.S. production activities 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, 2015 2014 Current U.S. Federal $ 58,278 $ 58,300 U.S. state and local 3,060 2,861 Non-U.S. 6,864 7,452 Total current taxes $ 68,202 $ 68,613 Deferred U.S. Federal $ 2,124 $ (631 ) U.S. state and local 197 29 Non-U.S. (1,680 ) (296 ) Total deferred taxes $ 641 $ (898 ) Total provision for income taxes $ 68,843 $ 67,715 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): May 31, 2015 Aug 31, 2014 Deferred tax assets Current Receivable reserve $ 588 $ 597 Deferred rent 707 1,067 Other 475 177 Net current deferred tax assets $ 1,770 $ 1,841 Non-current Depreciation on property, equipment and leasehold improvements $ 10,382 $ 9,831 Deferred rent 4,640 3,572 Stock-based compensation 16,823 18,160 Purchased intangible assets, including acquired technology (16,928 ) (10,750 ) Other 1,614 1,564 Net non-current deferred tax assets $ 16,531 $ 22,377 Total deferred tax assets $ 18,301 $ 24,218 The significant components of deferred tax liabilities that are recorded in the Consolidated Balance Sheets were as follows (in thousands): May 31, 2015 Aug 31, 2014 Deferred tax liabilities (current) Other $ 1,071 $ 0 Net current deferred tax liabilities $ 1,071 $ 0 Deferred tax liabilities (non-current) Purchased intangible assets, including acquired technology $ 1,896 $ 3,478 Stock-based compensation 0 (860 ) Depreciation on property, equipment and leasehold improvements (182 ) 0 Other (3 ) 303 Net non-current deferred tax liabilities $ 1,711 $ 2,921 Total deferred tax liabilities $ 2,782 $ 2,921 A provision has not been made for additional U.S. Federal taxes as of May 31, 2015 on income earned by foreign subsidiaries as all undistributed earnings of such foreign subsidiaries are considered to be invested indefinitely or will be repatriated if it results in no additional U.S. tax liability. The amount of such undistributed earnings of these foreign subsidiaries included in consolidated retained earnings was immaterial at May 31, 2015 and August 31, 2014. 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 on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. As of May 31, 2015, the Company had gross unrecognized tax benefits totaling $6.4 million, including $1.1 million of accrued interest, recorded as non-current taxes payable in the consolidated balance sheet. Approximately $0.7 million of these unrecognized tax benefits would have affected the current year effective tax rate if realized as of May 31, 2015. 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 ultimately 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 2015 (in thousands): Unrecognized income tax benefits at August 31, 2014 $ 5,501 Additions based on tax positions related to the current year 721 Additions for tax positions of prior years 968 Statute of limitations lapse (809 ) Unrecognized income tax benefits at May 31, 2015 $ 6,381 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, 2015, the Company remained subject to examination in the following major tax jurisdictions: Major Tax Jurisdictions Open Fiscal Years U.S. Federal 2013 through 2015 State (various) 2011 through 2015 Europe France 2012 through 2015 United Kingdom 2013 through 2015 |
Note 16 - Long-term Debt
Note 16 - Long-term Debt | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 16. LONG-TERM DEBT On February 6, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) between FactSet, as the borrower, and Bank of America, N.A., as the lender (the “Lender”). The Credit Agreement provides for a $35.0 million revolving credit facility (the “Revolving Credit Facility”), under which the Company may request borrowings until its maturity date of February 6, 2018. The Credit Agreement allows FactSet to arrange for additional borrowings with the Lender for an aggregate amount of up to $265.0 million provided that any such request for additional borrowings must be in a minimum amount of $25.0 million. At the Company’s option, the borrowing may be in the form of a Eurodollar rate loan, a base rate loan, or a LIBOR daily rate loan. On May 29, 2015, FactSet and the Lender entered into an agreement dated as of May 27, 2015, to amend the existing Credit Agreement. The amendment revised the definition of a change in control, but all of the other respective terms, conditions and provisions of the Credit Agreement remain the same. On February 6, 2015, FactSet borrowed $35.0 million in the form of a Eurodollar rate loan (the “Loan”) under the Revolving Credit Facility. The proceeds of the Loan made under the Credit Agreement may be used for permitted acquisitions and general corporate purposes. The Loan matures on February 6, 2018. There are no prepayment penalties in the event that the Company elects to prepay the Loan prior to its scheduled maturity date. The principal balance is payable in full on the maturity date. The $35.0 million borrowed under the February 6, 2015 Loan bears interest on the outstanding principal amount at a rate equal to the Eurodollar rate plus 0.50% and is reported as long-term debt within the Consolidated Balance Sheet at May 31, 2015. The Eurodollar rate is defined in the Credit Agreement as the rate per annum equal to one-month LIBOR. Interest on the Loan is payable quarterly in arrears and on the maturity date. During the nine months ended May 31, 2015, the Company paid interest of less than $0.1 million on its outstanding Loan amount. In addition, no commitment fee was owed by FactSet since it borrowed the full amount of the Revolving Credit Facility on February 6, 2015. Other fees incurred by the Company, such as legal costs to draft and review the Credit Agreement, totaled less than $0.1 million and were capitalized as loan origination fees. These loan origination fees are being amortized into interest expense over the term of the Loan (three years) using the effective interest method and totaled less than $0.1 million for the nine months ended May 31, 2015. The Credit Agreement contains covenants restricting certain FactSet activities, which are usual and customary for this type of loan. In addition, the Credit Agreement requires that FactSet must maintain a consolidated leverage ratio, as measured by total funded debt/EBITDA below a specified level as of the end of each fiscal quarter. The Company was in compliance with all of the covenants of the Credit Agreement as of May 31, 2015. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 9 Months Ended |
May. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 17 . 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. Lease Commitments At May 31, 2015 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, Youngstown, Ohio; and Toronto, Canada. 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; 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. Rent expense (including operating costs) for all operating leases amounted to $9.6 million and $9.7 million during the three months ended May 31, 2015 and 2014, respectively. Rent expense for all operating leases for the nine months of fiscal 2015 and 2014 amounted to $28.7 million and $28.0 million, respectively. At May 31, 2015 and August 31, 2014, deferred rent reported within the consolidated balance sheet totaled $19.3 million and $18.3 million, of which $16.3 million and $14.9 million, respectively, was reported as a non-current liability within the line item Deferred Rent and Other Non-Current Liabilities At May 31, 2015, FactSet leases approximately 883,800 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. During the nine months ended May 31, 2015, FactSet entered into the following new lease agreements: ● Boston, Massachusetts : ● Hyderabad, India : - A new lease amendment was entered into during November 2014 to renew the Company’s existing office space in Hyderabad. At the time of signing, the renewal resulted in incremental future minimum rental payments of $2.2 million over the non-cancelable lease term through November 2019. - A new lease agreement was entered into during April 2015 for 44,830 square feet of new office space in Hyderabad. At the time of signing, the new lease agreement resulted in incremental future minimum rental payments of $1.8 million over the lease term through September 2020. ● Manila, Philippines : 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 as of May 31, 2015 (in thousands): Years Ended August 31, Minimum Lease Payments 2015 (remaining three months) $ 5,565 2016 21,101 2017 24,430 2018 23,277 2019 22,083 Thereafter 96,933 Total $ 193,389 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. At August 31, 2014, the Company had total purchase commitments of $53.3 million. There were no material changes in the Company’s purchase commitments during fiscal 2015. 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, 2015, 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 and 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. 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 - 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, 2015, 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, 2014. As of each of May 31, 2015 and August 31, 2014, the receivable reserve was $1.7 million . 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 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 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 18 - Subsequent Events
Note 18 - Subsequent Events | 9 Months Ended |
May. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18 . SUBSEQUENT EVENTS As previously disclosed in the Company’s Form 8-K filed with the SEC on July 2, 2015, FactSet’s Chairman and Chief Executive Officer (“CEO”), Philip Hadley, stepped down as CEO effective July 1, 2015. He will remain an employee of FactSet and continue to serve as the Company’s Chairman of the Board of Directors. The Company’s President, 19-year FactSet veteran Philip Snow, was named the Company’s new CEO, effective July 1, 2015. |
Note 4 - Fair Value Measures (T
Note 4 - Fair Value Measures (Tables) | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using May 31, 2015 Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 91,290 $ 0 $ 0 $ 91,290 Certificates of deposit (2) 0 25,020 0 25,020 Derivative instruments (3) 0 972 0 972 Total assets measured at fair value $ 91,290 $ 25,992 $ 0 $ 117,282 Liabilities Derivative instruments (3) $ 0 $ 620 $ 0 $ 620 Total liabilities measured at fair value $ 0 $ 620 $ 0 $ 620 Fair Value Measurements at Reporting Date Using August 31, 2014 Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 75,363 $ 0 $ 0 $ 75,363 Certificates of deposit (2) 0 20,008 0 20,008 Derivative instruments (3 ) 0 1,406 0 1,406 Total assets measured at fair value $ 75,363 $ 21,414 $ 0 $ 96,777 Liabilities Derivative instruments (3) $ 0 $ 591 $ 0 $ 591 Total liabilities measured at fair value $ 0 $ 591 $ 0 $ 591 |
Note 5 - Derivative Instrumen27
Note 5 - Derivative Instruments (Tables) | 9 Months Ended |
May. 31, 2015 | |
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) May 31, 2015 Aug 31, 2014 May 31, 2015 Aug 31, 2014 Indian Rupee $ 47,860 $ 38,479 $ 453 $ 700 Philippine Peso 3,000 6,500 26 115 Euro 14,737 0 (424 ) 0 British Pound 22,618 0 297 0 Total $ 88,215 $ 44,979 $ 352 $ 815 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Designation of Derivatives Balance Sheet Location May 31, 2015 Aug 31, 2014 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 972 $ 114 Other assets $ 0 $ 1,292 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ 424 $ 591 Deferred rent and other non-current liabilities $ 196 0 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Loss) Gain Recognized in AOCL on Derivatives Location of (Loss) Gain Reclassified from AOCL into Income (Loss) Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 201 5 2014 (Effective Portion) 2015 2014 Foreign currency forward contracts $ (1,903 ) $ 3,673 SG&A $ (277 ) $ (59 ) (Loss) Gain Recognized in AOCL on Derivatives Location of (Loss) Gain Reclassified from AOCL into Income (Loss) Reclassified from AOCL into Income ( Effective Portion) Derivatives in Cash Flow Hedging Relationships 201 5 2014 (Effective Portion) 2015 2014 Foreign currency forward contracts $ (929 ) $ 8,661 SG&A $ (468 ) $ (316 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives Offset in Consolidated Balance Sheets May 31, 2015 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 1,424 $ (452 ) $ 972 Fair value of liabilities (1,072 ) 452 (620 ) Total $ 352 $ 0 $ 352 Derivatives Offset in Consolidated Balance Sheets August 31, 2014 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 1,406 $ 0 $ 1,406 Fair value of liabilities (626 ) 35 (591 ) Total $ 780 $ 35 $ 815 |
Note 6 - Other Comprehensive 28
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended May 31, 2015 2014 Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (4,187 ) $ (4,187 ) $ 545 $ 545 Realized loss on cash flow hedges reclassified to earnings (1) 277 174 59 37 Unrealized (loss) gain on cash flow hedges recognized in accumulated other comprehensive loss (1,903 ) (1,194 ) 3,673 2,304 Other comprehensive (loss) income $ (5,813 ) $ (5,207 ) $ 4,277 $ 2,886 Nine Months Ended May 31, 2015 2014 Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (25,753 ) $ (25,753 ) $ 12,199 $ 12,199 Realized loss on cash flow hedges reclassified to earnings (1) 468 294 316 199 Unrealized (loss) gain on cash flow hedges recognized in accumulated other comprehensive loss (929 ) (583 ) 8,661 5,426 Other comprehensive (loss) income $ (26,214 ) $ (26,042 ) $ 21,176 $ 17,824 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | May 31, 2015 Aug 31, 2014 Accumulated unrealized gains on cash flow hedges, net of tax $ 221 $ 510 Accumulated foreign currency translation adjustments (44,184 ) (18,431 ) Total accumulated other comprehensive loss $ (43,963 ) $ (17,921 ) |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 9 Months Ended |
May. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended May 31 , 201 5 U.S. Europe Asia Pacific Total Revenues from clients $ 172,070 $ 63,156 $ 19,296 $ 254,522 Segment operating profit 43,332 31,187 10,837 85,356 Total assets 433,177 232,171 62,728 728,076 Capital expenditures 2,977 142 508 3,627 For the three months ended May 31, 2014 U.S. Europe Asia Pacific Total 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 nine months ended May 31, 2015 U.S. Europe Asia Pacific Total Revenues from clients $ 502,271 $ 186,320 $ 56,399 $ 744,990 Segment operating profit 130,271 85,675 30,319 246,265 Capital expenditures 13,808 350 1,233 15,391 For the nine months ended May 31, 2014 U.S. Europe Asia Pacific Total 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 |
Note 8 - Business Combinations
Note 8 - Business Combinations (Tables) | 9 Months Ended |
May. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration $ 32,000 Fair value of FactSet stock issued 2,990 Adjustment for changes in working capital (240 ) Total preliminary purchase price $ 34,750 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Tangible assets acquired $ 2,514 Amortizable intangible assets Software technology 4,728 Client relationships 3,089 Non-compete agreements 277 Trade name 127 Goodwill 29,627 Total assets acquired 40,362 Liabilities assumed (5,612 ) Net assets acquired $ 34,750 |
Note 9 - Goodwill (Tables)
Note 9 - Goodwill (Tables) | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Goodwill [Table Text Block] | U.S. Europe Asia Pacific Total Balance at August 31, 2014 $ 179,434 $ 103,032 $ 3,142 $ 285,608 Goodwill acquired during the period 32,435 0 0 32,435 Foreign currency translations 0 (10,300 ) (512 ) (10,812 ) Balance at May 31, 2015 $ 211,869 $ 92,732 $ 2,630 $ 307,231 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At May 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 53,257 $ 29,458 $ 23,799 Client relationships 27,753 17,698 10,055 Software technology 26,768 20,216 6,552 Non-compete agreements 2,807 2,314 493 Trade names 1,801 1,139 662 Total $ 112,386 $ 70,825 $ 41,561 At August 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 56,974 $ 27,644 $ 29,330 Client relationships 25,821 17,443 8,378 Software technology 22,881 20,089 2,792 Non-compete agreements 2,465 1,881 584 Trade names 1,729 958 771 Total $ 109,870 $ 68,015 $ 41,855 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year Estimated Amortization Expense 2015 (remaining three months) $ 1,772 2016 6,997 2017 6,915 2018 5,788 2019 4,467 Thereafter 15,622 Total $ 41,561 |
Note 11 - Common Stock and Ea33
Note 11 - Common Stock and Earnings Per Share (Tables) | 9 Months Ended |
May. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Nine Months Ended May 31, 2015 2014 Balance at September 1 41,793 43,324 Common stock issued for employee stock plans 951 562 Stock issued for acquisition of a business 20 0 Repurchase of common stock from employees* (23 ) (41 ) Repurchase of common stock under the share repurchase program (1,210 ) (1,829 ) Balance at May 31, 2015 and 2014, respectively 41,531 42,016 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Net Income (Numerator) Weighted Average Common Share (Denominator) Per Share Amount For the three months ended May 31, 2015 Basic EPS Income available to common stockholders $ 61,409 41,628 $ 1.48 Diluted EPS Dilutive effect of stock options and restricted stock 669 Income available to common stockholders plus assumed conversions $ 61,409 42,297 $ 1.45 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 nine months ended May 31, 2015 Basic EPS Income available to common stockholders $ 178,867 41,648 $ 4.29 Diluted EPS Dilutive effect of stock options and restricted stock 669 Income available to common stockholders plus assumed conversions $ 178,867 42,317 $ 4.23 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 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 9 Months Ended |
May. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared [Table Text Block] | Declaration Date Dividends Per Type Record Date Total $ Amount Payment Date May 12, 2015 $ 0.44 Regular (cash) May 29, 2015 $ 18,274 June 16, 2015 February 11, 2015 $ 0.39 Regular (cash) February 27, 2015 $ 16,236 March 17, 2015 November 12, 2014 $ 0.39 Regular (cash) November 28, 2014 $ 16,216 December 16, 2014 August 14, 2014 $ 0.39 Regular (cash) August 29, 2014 $ 16,299 September 16, 2014 May 5, 2014 $ 0.39 Regular (cash) May 30, 2014 $ 16,386 June 17, 2014 February 11, 2014 $ 0.35 Regular (cash) February 28, 2014 $ 14,827 March 18, 2014 November 14, 2013 $ 0.35 Regular (cash) November 29, 2013 $ 15,046 December 17, 2013 August 15, 2013 $ 0.35 Regular (cash) August 31, 2013 $ 15,164 September 17, 2013 |
Note 13 - Employee Stock Opti35
Note 13 - Employee Stock Option and Retirement Plans (Tables) | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
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, 2014 3,482 $ 79.67 Granted – non-performance based 463 131.31 Exercised (114 ) 73.53 Forfeited (33 ) 98.28 Balance at November 30, 2014 3,798 $ 85.98 Granted – non-performance-based 25 139.02 Granted – performance-based 138 148.52 Granted – non-employee Directors grant 14 138.48 Exercised (403 ) 61.63 Forfeited (32 ) 97.08 Balance at February 28, 2015 3,540 $ 91.67 Granted – non-performance-based 61 159.14 Exercised (319 ) 57.30 Forfeited (28 ) 122.02 Balance at May 31, 2015 3,254 $ 96.05 |
Schedule of Share-based Compensation, Vesting Percentage and Related Expenses [Table Text Block] | Vesting Percentage Cumulative Catch-up Adjustment* Remaining Expense to be Recognized Third 20% (current expectation) $ 0 $ 697 Fourth 20% $ 1,120 $ 1,177 Fifth 20% $ 2,594 $ 1,303 Vesting Percentage Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 10% $ (150 ) $ 0 40% (current expectation) $ 0 $ 2,213 70% $ 141 $ 3,872 100% $ 281 $ 5,531 |
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, 2014 368 $ 89.77 Granted 10 $ 127.58 Vested (53 ) $ 62.85 Canceled/forfeited (1 ) $ 93.76 Balance at November 30, 2014 324 $ 95.40 Granted 38 $ 137.83 Canceled/forfeited (5 ) $ 95.43 Balance at February 28, 2015 357 $ 99.85 Granted 1 $ 152.77 Vested (15 ) $ 85.80 Canceled/forfeited (4 ) $ 113.57 Balance at May 31, 2015 339 $ 100.43 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Share-based Awards Available for Grant under the Employee Option Plan Share-based Awards Available for Grant under the Non-Employee Directors Plan Balance at August 31, 2014 3,222 102 Granted – non performance-based options (463 ) 0 Granted – performance-based options 0 0 Restricted stock awards granted* (26 ) 0 Share-based awards canceled/forfeited** 35 0 Balance at November 30, 2014 2,768 102 Granted – non performance-based options (25 ) (14 ) Granted – performance-based options (138 ) 0 Restricted stock awards granted* (95 ) 0 Share-based awards canceled/forfeited** 44 0 Balance at February 28, 2015 2,554 88 Granted – non performance-based options (61 ) 0 Restricted stock awards granted* (2 ) 0 Share-based awards canceled/forfeited** 39 0 Balance at May 31, 2015 2,530 88 |
Note 14 - Stock-based Compens36
Note 14 - Stock-based Compensation (Tables) | 9 Months Ended |
May. 31, 2015 | |
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, Nine Months Ended May 31, 2015 2014 2015 2014 Term structure of risk-free interest rate 0.01% - 2.12% N/A 0.01% - 2.34% 0.01% - 2.61% Expected life (in years) 8.2 N/A 8.2 7.6 – 7.8 Term structure of volatility 21% - 31% N/A 21% - 31% 23% - 33% Dividend yield 1.16% N/A 1.33% 1.35% Weighted average estimated fair value $44.95 N/A $39.59 $29.64 Weighted average exercise price $159.14 N/A $137.52 $106.69 Fair value as a percentage of exercise price 28.2% N/A 28.8% 27.8% |
Non-Employee Directors' 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 1.45 % Expected life (in years) 5.4 Expected volatility 23.5 % Dividend yield 1.30 % Risk-free interest rate 1.66 % Expected life (in years) 5.4 Expected volatility 28.9 % Dividend yield 1.35 % |
2008 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, 2015 2014 Risk-free interest rate 0.02 % 0.04 % Expected life (in months) 3 3 Expected volatility 7.2 % 13.3 % Dividend yield 1.13 % 1.50 % Nine Months Ended May 31, 2015 2014 Risk-free interest rate 0.02 % 0.04 % Expected life (in months) 3 3 Expected volatility 8.0 % 10.8 % Dividend yield 1.16 % 1.36 % |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 9 Months Ended |
May. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Three Months Ended May 31, Nine Months Ended May 31, 2015 2014 2015 2014 U.S. operations $ 72,816 $ 58,943 $ 203,655 $ 181,631 Non-U.S. operations 13,022 14,428 44,055 42,220 Income before income taxes $ 85,838 $ 73,371 $ 247,710 $ 223,851 U.S. operations $ 22,842 $ 20,631 $ 63,659 $ 60,560 Non-U.S. operations 1,587 1,208 5,184 7,155 Total provision for income taxes $ 24,429 $ 21,839 $ 68,843 $ 67,715 Effective tax rate 28.5 %* 29.8 % 27.8 %* 30.3 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Nine Months Ended May 31, 2015 2014 Current U.S. Federal $ 58,278 $ 58,300 U.S. state and local 3,060 2,861 Non-U.S. 6,864 7,452 Total current taxes $ 68,202 $ 68,613 Deferred U.S. Federal $ 2,124 $ (631 ) U.S. state and local 197 29 Non-U.S. (1,680 ) (296 ) Total deferred taxes $ 641 $ (898 ) Total provision for income taxes $ 68,843 $ 67,715 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | May 31, 2015 Aug 31, 2014 Deferred tax assets Current Receivable reserve $ 588 $ 597 Deferred rent 707 1,067 Other 475 177 Net current deferred tax assets $ 1,770 $ 1,841 Non-current Depreciation on property, equipment and leasehold improvements $ 10,382 $ 9,831 Deferred rent 4,640 3,572 Stock-based compensation 16,823 18,160 Purchased intangible assets, including acquired technology (16,928 ) (10,750 ) Other 1,614 1,564 Net non-current deferred tax assets $ 16,531 $ 22,377 Total deferred tax assets $ 18,301 $ 24,218 May 31, 2015 Aug 31, 2014 Deferred tax liabilities (current) Other $ 1,071 $ 0 Net current deferred tax liabilities $ 1,071 $ 0 Deferred tax liabilities (non-current) Purchased intangible assets, including acquired technology $ 1,896 $ 3,478 Stock-based compensation 0 (860 ) Depreciation on property, equipment and leasehold improvements (182 ) 0 Other (3 ) 303 Net non-current deferred tax liabilities $ 1,711 $ 2,921 Total deferred tax liabilities $ 2,782 $ 2,921 |
Summary of Income Tax Contingencies [Table Text Block] | Unrecognized income tax benefits at August 31, 2014 $ 5,501 Additions based on tax positions related to the current year 721 Additions for tax positions of prior years 968 Statute of limitations lapse (809 ) Unrecognized income tax benefits at May 31, 2015 $ 6,381 |
Summary of Income Tax Examinations [Table Text Block] | Major Tax Jurisdictions Open Fiscal Years U.S. Federal 2013 through 2015 State (various) 2011 through 2015 Europe France 2012 through 2015 United Kingdom 2013 through 2015 |
Note 17 - Commitments and Con38
Note 17 - Commitments and Contingencies (Tables) | 9 Months Ended |
May. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years Ended August 31, Minimum Lease Payments 2015 (remaining three months) $ 5,565 2016 21,101 2017 24,430 2018 23,277 2019 22,083 Thereafter 96,933 Total $ 193,389 |
Note 4 - Fair Value Measures (D
Note 4 - Fair Value Measures (Details) - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Note 4 - Fair Value Measures (Details) [Line Items] | ||
Assets, Fair Value Disclosure | $ 117,282,000 | $ 96,777,000 |
Long-term Debt | 35,000,000 | 0 |
Long-term Debt, Fair Value | 35,000,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 4 - Fair Value Measures (Details) [Line Items] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 4 - Fair Value Measures 40
Note 4 - Fair Value Measures (Details) - Assets and Liabilities Measured at Fair Value - USD ($) | May. 31, 2015 | Aug. 31, 2014 | |
Assets | |||
Corporate money market funds | [1] | $ 91,290,000 | $ 75,363,000 |
Certificates of deposit | [2] | 25,020,000 | 20,008,000 |
Derivative instruments | [3] | 972,000 | 1,406,000 |
Total assets measured at fair value | 117,282,000 | 96,777,000 | |
Liabilities | |||
Derivative instruments | [3] | 620,000 | 591,000 |
Total liabilities measured at fair value | 620,000 | 591,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Corporate money market funds | [1] | 91,290,000 | 75,363,000 |
Certificates of deposit | [2] | 0 | 0 |
Derivative instruments | [3] | 0 | 0 |
Total assets measured at fair value | 91,290,000 | 75,363,000 | |
Liabilities | |||
Derivative instruments | [3] | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets | |||
Corporate money market funds | [1] | 0 | 0 |
Certificates of deposit | [2] | 25,020,000 | 20,008,000 |
Derivative instruments | [3] | 972,000 | 1,406,000 |
Total assets measured at fair value | 25,992,000 | 21,414,000 | |
Liabilities | |||
Derivative instruments | [3] | 620,000 | 591,000 |
Total liabilities measured at fair value | 620,000 | 591,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets | |||
Corporate money market funds | [1] | 0 | 0 |
Certificates of deposit | [2] | 0 | 0 |
Derivative instruments | [3] | 0 | 0 |
Total assets measured at fair value | 0 | 0 | |
Liabilities | |||
Derivative instruments | [3] | 0 | 0 |
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 5 - Derivative Instrumen41
Note 5 - Derivative Instruments (Details) € in Millions, £ in Millions, PHP in Millions, ₨ in Billions | 3 Months Ended | 9 Months Ended | |||||||
May. 31, 2015USD ($) | May. 31, 2014USD ($) | May. 31, 2015USD ($) | May. 31, 2014USD ($) | May. 31, 2015INR (₨) | May. 31, 2015PHP | May. 31, 2015GBP (£) | May. 31, 2015EUR (€) | Aug. 31, 2014USD ($) | |
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Gain (Loss) on Discontinuation of Foreign Currency Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Through the Fourth Quarter of Fiscal 2017 [Member] | India, Rupees | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Percent of Foreign Exchange Contracts Hedged | 75.00% | ||||||||
Through the Fourth Quarter of Fiscal 2015 [Member] | Philippines, Pesos | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Percent of Foreign Exchange Contracts Hedged | 50.00% | ||||||||
Through the Second Quarter of Fiscal 2016 [Member] | United Kingdom, Pounds | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Percent of Foreign Exchange Contracts Hedged | 50.00% | ||||||||
Through the Second Quarter of Fiscal 2016 [Member] | Euro Member Countries, Euro | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Percent of Foreign Exchange Contracts Hedged | 50.00% | ||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Derivative Asset, Notional Amount | 88,215,000 | $ 88,215,000 | ₨ 3.3 | PHP 135.2 | £ 15 | € 13 | $ 44,979,000 | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 500,000 | ||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | India, Rupees | Cash Flow Hedging [Member] | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Derivative Asset, Notional Amount | 47,860,000 | 47,860,000 | 38,479,000 | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Philippines, Pesos | Cash Flow Hedging [Member] | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Derivative Asset, Notional Amount | 3,000,000 | 3,000,000 | 6,500,000 | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | United Kingdom, Pounds | Cash Flow Hedging [Member] | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Derivative Asset, Notional Amount | 22,618,000 | 22,618,000 | 0 | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Euro Member Countries, Euro | Cash Flow Hedging [Member] | |||||||||
Note 5 - Derivative Instruments (Details) [Line Items] | |||||||||
Derivative Asset, Notional Amount | $ 14,737,000 | $ 14,737,000 | $ 0 |
Note 5 - Derivative Instrumen42
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values - Foreign Exchange Contract [Member] $ in Thousands, € in Millions, £ in Millions, PHP in Millions, ₨ in Billions | May. 31, 2015USD ($) | May. 31, 2015INR (₨) | May. 31, 2015PHP | May. 31, 2015GBP (£) | May. 31, 2015EUR (€) | Aug. 31, 2014USD ($) |
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ||||||
Fair Value Asset (Liability) | $ 352 | $ 815 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ||||||
Gross Notional Value | 88,215 | ₨ 3.3 | PHP 135.2 | £ 15 | € 13 | 44,979 |
Fair Value Asset (Liability) | 352 | 815 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | India, Rupees | ||||||
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ||||||
Gross Notional Value | 47,860 | 38,479 | ||||
Fair Value Asset (Liability) | 453 | 700 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Philippines, Pesos | ||||||
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ||||||
Gross Notional Value | 3,000 | 6,500 | ||||
Fair Value Asset (Liability) | 26 | 115 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Euro Member Countries, Euro | ||||||
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ||||||
Gross Notional Value | 14,737 | 0 | ||||
Fair Value Asset (Liability) | (424) | 0 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | United Kingdom, Pounds | ||||||
Note 5 - Derivative Instruments (Details) - Hedging Positions and Corresponding Fair Values [Line Items] | ||||||
Gross Notional Value | 22,618 | 0 | ||||
Fair Value Asset (Liability) | $ 297 | $ 0 |
Note 5 - Derivative Instrumen43
Note 5 - Derivative Instruments (Details) - Fair Value Amounts of Derivative Instruments and Gains - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | May. 31, 2015 | Aug. 31, 2014 |
Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts | ||
Derivatives assets designated as hedging instruments | $ 1,424 | $ 1,406 |
Liabilities: Foreign Currency Forward Contracts | ||
Derivatives liabilities designated as hedging instruments | 1,072 | 626 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts | ||
Derivatives assets designated as hedging instruments | 972 | 114 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts | ||
Derivatives assets designated as hedging instruments | 0 | 1,292 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Liabilities: Foreign Currency Forward Contracts | ||
Derivatives liabilities designated as hedging instruments | 424 | 591 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Deferred Rent and Other Non-current Liabilities [Member] | ||
Liabilities: Foreign Currency Forward Contracts | ||
Derivatives liabilities designated as hedging instruments | $ 196 | $ 0 |
Note 5 - Derivative Instrumen44
Note 5 - Derivative Instruments (Details) - Derivatives in Cash Flow Hedging Relationships - Designated as Hedging Instrument [Member] - Selling, General and Administrative Expenses [Member] - Foreign Exchange Contract [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Note 5 - Derivative Instruments (Details) - Derivatives in Cash Flow Hedging Relationships [Line Items] | ||||
Foreign currency forward contracts | $ (1,903) | $ 3,673 | $ (929) | $ 8,661 |
Foreign currency forward contracts | $ (277) | $ (59) | $ (468) | $ (316) |
Note 5 - Derivative Instrumen45
Note 5 - Derivative Instruments (Details) - Offsetting of Derivative Instruments - USD ($) $ in Thousands | May. 31, 2015 | Aug. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Net derivative asset amounts | [1] | $ 972 | $ 1,406 |
Net derivative liability amounts | [1] | (620) | (591) |
Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross derivative asset amounts | 1,424 | 1,406 | |
Gross derivative asset amounts offset in balance sheet | (452) | 0 | |
Net derivative asset amounts | 972 | 1,406 | |
Gross derivative liability amounts | (1,072) | (626) | |
Gross derivative liability amounts offset in balance sheet | 452 | 35 | |
Net derivative liability amounts | (620) | (591) | |
Gross derivative amounts | 352 | 780 | |
Gross derivative amounts offset in balance sheet | 0 | 35 | |
Net derivative amounts | $ 352 | $ 815 | |
[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 46
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss (Details) - Components of Other Comprehensive Income (Loss) and Amounts Reclassified Out of Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | ||
Components of Other Comprehensive Income (Loss) and Amounts Reclassified Out of Accumulated Other Comprehensive Loss [Abstract] | |||||
Foreign currency translation adjustments | $ (4,187) | $ 545 | $ (25,753) | $ 12,199 | |
Foreign currency translation adjustments | (4,187) | 545 | (25,753) | 12,199 | |
Realized loss on cash flow hedges reclassified to earnings (1) | [1] | 277 | 59 | 468 | 316 |
Realized loss on cash flow hedges reclassified to earnings (1) | [1] | 174 | 37 | 294 | 199 |
Unrealized (loss) gain on cash flow hedges recognized in accumulated other comprehensive loss | (1,903) | 3,673 | (929) | 8,661 | |
Unrealized (loss) gain on cash flow hedges recognized in accumulated other comprehensive loss | (1,194) | 2,304 | (583) | 5,426 | |
Other comprehensive (loss) income | (5,813) | 4,277 | (26,214) | 21,176 | |
Other comprehensive (loss) income | $ (5,207) | $ 2,886 | $ (26,042) | $ 17,824 | |
[1] | Reclassified to Selling, General and Administrative Expenses |
Note 6 - Other Comprehensive 47
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss (Details) - The Components of Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | May. 31, 2015 | Aug. 31, 2014 |
The Components of Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated unrealized gains on cash flow hedges, net of tax | $ 221 | $ 510 |
Accumulated foreign currency translation adjustments | (44,184) | (18,431) |
Total accumulated other comprehensive loss | $ (43,963) | $ (17,921) |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details) $ in Thousands | 9 Months Ended | |
May. 31, 2015USD ($) | Aug. 31, 2014USD ($) | |
Note 7 - Segment Information (Details) [Line Items] | ||
Number of Operating Segments | 3 | |
Goodwill (in Dollars) | $ 307,231 | $ 285,608 |
UNITED STATES | ||
Note 7 - Segment Information (Details) [Line Items] | ||
Goodwill (in Dollars) | $ 211,869 | 179,434 |
Goodwill Percentage Per Segment | 69.00% | |
Europe [Member] | ||
Note 7 - Segment Information (Details) [Line Items] | ||
Goodwill (in Dollars) | $ 92,732 | 103,032 |
Goodwill Percentage Per Segment | 30.00% | |
Asia Pacific [Member] | ||
Note 7 - Segment Information (Details) [Line Items] | ||
Goodwill (in Dollars) | $ 2,630 | $ 3,142 |
Goodwill Percentage Per Segment | 1.00% |
Note 7 - Segment Information 49
Note 7 - Segment Information (Details) - Results of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | Aug. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues from clients | $ 254,522 | $ 231,761 | $ 744,990 | $ 681,671 | |
Segment operating profit | 85,356 | 73,037 | 246,265 | 222,833 | |
Total assets | 728,076 | 659,636 | 728,076 | 659,636 | $ 663,212 |
Capital expenditures | 3,627 | 3,672 | 15,391 | 11,704 | |
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from clients | 172,070 | 156,241 | 502,271 | 463,419 | |
Segment operating profit | 43,332 | 39,081 | 130,271 | 121,806 | |
Total assets | 433,177 | 363,959 | 433,177 | 363,959 | |
Capital expenditures | 2,977 | 3,099 | 13,808 | 10,529 | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from clients | 63,156 | 58,265 | 186,320 | 167,993 | |
Segment operating profit | 31,187 | 24,732 | 85,675 | 75,155 | |
Total assets | 232,171 | 237,286 | 232,171 | 237,286 | |
Capital expenditures | 142 | 188 | 350 | 380 | |
Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from clients | 19,296 | 17,255 | 56,399 | 50,259 | |
Segment operating profit | 10,837 | 9,224 | 30,319 | 25,872 | |
Total assets | 62,728 | 58,391 | 62,728 | 58,391 | |
Capital expenditures | $ 508 | $ 385 | $ 1,233 | $ 795 |
Note 8 - Business Combination50
Note 8 - Business Combinations (Details) $ in Thousands | Feb. 06, 2015USD ($) | Sep. 01, 2013USD ($) | Feb. 28, 2014USD ($) | May. 31, 2015USD ($) | Aug. 31, 2014USD ($) |
Note 8 - Business Combinations (Details) [Line Items] | |||||
Goodwill | $ 307,231 | $ 285,608 | |||
Code Red, Inc. [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | $ 34,750 | ||||
Number of Employees | 32 | ||||
Subscription and Circulation Revenue | $ 9,300 | ||||
Finite-lived Intangible Assets Acquired | 8,200 | 9,100 | |||
Goodwill | $ 29,600 | $ 29,627 | |||
Matrix Data Limited [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | $ 31,800 | ||||
Subscription and Circulation Revenue | $ 7,000 | ||||
Revere Data, LLC [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | $ 15,300 | ||||
Subscription and Circulation Revenue | $ 4,900 | ||||
Computer Software, Intangible Asset [Member] | Code Red, Inc. [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||
Customer Relationships [Member] | Code Red, Inc. [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Noncompete Agreements [Member] | Code Red, Inc. [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Trade Names [Member] | Code Red, Inc. [Member] | |||||
Note 8 - Business Combinations (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Note 8 - Business Combination51
Note 8 - Business Combinations (Details) - Purchase Price of Acquisition - Code Red, Inc. [Member] $ in Thousands | Feb. 06, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash consideration | $ 32,000 |
Fair value of FactSet stock issued | 2,990 |
Adjustment for changes in working capital | (240) |
Total preliminary purchase price | $ 34,750 |
Note 8 - Business Combination52
Note 8 - Business Combinations (Details) - Assets Acquired - USD ($) $ in Thousands | May. 31, 2015 | Feb. 06, 2015 | Aug. 31, 2014 |
Note 8 - Business Combinations (Details) - Assets Acquired [Line Items] | |||
Goodwill | $ 307,231 | $ 285,608 | |
Code Red, Inc. [Member] | |||
Note 8 - Business Combinations (Details) - Assets Acquired [Line Items] | |||
Tangible assets acquired | 2,514 | ||
Goodwill | 29,627 | $ 29,600 | |
Total assets acquired | 40,362 | ||
Liabilities assumed | (5,612) | ||
Net assets acquired | 34,750 | ||
Computer Software, Intangible Asset [Member] | Code Red, Inc. [Member] | |||
Note 8 - Business Combinations (Details) - Assets Acquired [Line Items] | |||
Amortizable intangible assets | 4,728 | ||
Customer Relationships [Member] | Code Red, Inc. [Member] | |||
Note 8 - Business Combinations (Details) - Assets Acquired [Line Items] | |||
Amortizable intangible assets | 3,089 | ||
Noncompete Agreements [Member] | Code Red, Inc. [Member] | |||
Note 8 - Business Combinations (Details) - Assets Acquired [Line Items] | |||
Amortizable intangible assets | 277 | ||
Trade Names [Member] | Code Red, Inc. [Member] | |||
Note 8 - Business Combinations (Details) - Assets Acquired [Line Items] | |||
Amortizable intangible assets | $ 127 |
Note 9 - Goodwill (Details)
Note 9 - Goodwill (Details) - May. 31, 2015 $ in Thousands | USD ($) | USD ($) |
Note 9 - Goodwill (Details) [Line Items] | ||
Number of Reportable Segments | 3 | |
Code Red, Inc. [Member] | ||
Note 9 - Goodwill (Details) [Line Items] | ||
Goodwill, Acquired During Period | $ 32,400 | $ 32,435 |
Note 9 - Goodwill (Details) - C
Note 9 - Goodwill (Details) - Changes in the Carrying Amount of Goodwill by Segment - May. 31, 2015 - USD ($) $ in Thousands | Total | Total |
Goodwill [Line Items] | ||
Balance at August 31, 2014 | $ 285,608 | |
Balance at May 31, 2015 | $ 307,231 | 307,231 |
Foreign currency translations | (10,812) | |
UNITED STATES | ||
Goodwill [Line Items] | ||
Balance at August 31, 2014 | 179,434 | |
Balance at May 31, 2015 | 211,869 | 211,869 |
Foreign currency translations | 0 | |
Europe [Member] | ||
Goodwill [Line Items] | ||
Balance at August 31, 2014 | 103,032 | |
Balance at May 31, 2015 | 92,732 | 92,732 |
Foreign currency translations | (10,300) | |
Asia Pacific [Member] | ||
Goodwill [Line Items] | ||
Balance at August 31, 2014 | 3,142 | |
Balance at May 31, 2015 | 2,630 | 2,630 |
Foreign currency translations | (512) | |
Code Red, Inc. [Member] | ||
Goodwill [Line Items] | ||
Balance at May 31, 2015 | 29,627 | 29,627 |
Goodwill acquired during the period | $ 32,400 | 32,435 |
Code Red, Inc. [Member] | UNITED STATES | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 32,435 | |
Code Red, Inc. [Member] | Europe [Member] | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 0 | |
Code Red, Inc. [Member] | Asia Pacific [Member] | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | $ 0 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details) - USD ($) | Feb. 06, 2015 | May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 |
Note 10 - Intangible Assets (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 146 days | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | |||
Amortization of Intangible Assets | $ 2,300,000 | $ 2,400,000 | $ 6,400,000 | $ 6,200,000 | |
Code Red, Inc. [Member] | |||||
Note 10 - Intangible Assets (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 109 days | ||||
Finite-lived Intangible Assets Acquired | $ 8,200,000 | $ 9,100,000 |
Note 10 - Intangible Assets (56
Note 10 - Intangible Assets (Details) - Identifiable Intangible Assets - USD ($) $ in Thousands | May. 31, 2015 | Aug. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 112,386 | $ 109,870 |
Accumulated amortization | 70,825 | 68,015 |
Net carrying amount | 41,561 | 41,855 |
Data Content [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 53,257 | 56,974 |
Accumulated amortization | 29,458 | 27,644 |
Net carrying amount | 23,799 | 29,330 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 27,753 | 25,821 |
Accumulated amortization | 17,698 | 17,443 |
Net carrying amount | 10,055 | 8,378 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 26,768 | 22,881 |
Accumulated amortization | 20,216 | 20,089 |
Net carrying amount | 6,552 | 2,792 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,807 | 2,465 |
Accumulated amortization | 2,314 | 1,881 |
Net carrying amount | 493 | 584 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,801 | 1,729 |
Accumulated amortization | 1,139 | 958 |
Net carrying amount | $ 662 | $ 771 |
Note 10 - Intangible Assets (57
Note 10 - Intangible Assets (Details) - Estimated Amortization Expense $ in Thousands | May. 31, 2015USD ($) |
Estimated Amortization Expense [Abstract] | |
2015 (remaining three months) | $ 1,772 |
2,016 | 6,997 |
2,017 | 6,915 |
2,018 | 5,788 |
2,019 | 4,467 |
Thereafter | 15,622 |
Total | $ 41,561 |
Note 11 - Common Stock and Ea58
Note 11 - Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 16, 2015 | May. 12, 2015 | Mar. 17, 2015 | Dec. 16, 2014 | Sep. 16, 2014 | Jun. 17, 2014 | Mar. 18, 2014 | Dec. 17, 2013 | Sep. 17, 2013 | May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 |
Note 11 - Common Stock and Earnings Per Share (Details) [Line Items] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 0.44 | ||||||||||||
Dividends, Cash (in Dollars) | $ 16,236 | $ 16,216 | $ 16,299 | $ 16,386 | $ 14,827 | $ 15,046 | $ 15,164 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 23,192 | 41,093 | |||||||||||
Payments Related to Tax Withholding for Share-based Compensation (in Dollars) | $ 3,100 | $ 4,400 | |||||||||||
Employee Stock Option [Member] | |||||||||||||
Note 11 - Common Stock and Earnings Per Share (Details) [Line Items] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 49,571 | |||||||||||
Performance Shares [Member] | |||||||||||||
Note 11 - Common Stock and Earnings Per Share (Details) [Line Items] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 485,129 | 1,389,674 | |||||||||||
Per Annum [Member] | |||||||||||||
Note 11 - Common Stock and Earnings Per Share (Details) [Line Items] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 1.76 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Note 11 - Common Stock and Earnings Per Share (Details) [Line Items] | |||||||||||||
Dividends, Cash (in Dollars) | $ 18,274 |
Note 11 - Common Stock and Ea59
Note 11 - Common Stock and Earnings Per Share (Details) - Shares of Common Stock Outstanding - shares | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | ||
Class of Stock [Line Items] | |||
Balance at September 1 | 41,792,802 | 43,324,000 | |
Common stock issued for employee stock plans | 951,000 | 562,000 | |
Stock issued for acquisition of a business | 20,000 | 0 | |
Repurchase of common stock | (1,209,954) | ||
Balance at May 31, 2015 and 2014, respectively | 41,531,220 | 42,016,000 | |
Repurchase of Common Stock from Employees [Member] | |||
Class of Stock [Line Items] | |||
Repurchase of common stock | [1] | (23,000) | (41,000) |
Share Repurchase Program [Member] | |||
Class of Stock [Line Items] | |||
Repurchase of common stock | (1,210,000) | (1,829,000) | |
[1] | For the nine months ended May 31, 2015 and 2014, the Company repurchased 23,192 and 41,093 shares, or $3.1 million and $4.4 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. |
Note 11 - Common Stock and Ea60
Note 11 - Common Stock and Earnings Per Share (Details) - Weighted Average Shares Outstanding - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Basic EPS | ||||
Income available to common stockholders (in Dollars) | $ 61,409 | $ 51,532 | $ 178,867 | $ 156,136 |
Income available to common stockholders | 41,628 | 42,166 | 41,648 | 42,615 |
Income available to common stockholders (in Dollars per share) | $ 1.48 | $ 1.22 | $ 4.29 | $ 3.66 |
Diluted EPS | ||||
Dilutive effect of stock options and restricted stock | 669 | 449 | 669 | 555 |
Income available to common stockholders plus assumed conversions (in Dollars) | $ 61,409 | $ 51,532 | $ 178,867 | $ 156,136 |
Income available to common stockholders plus assumed conversions | 42,297 | 42,615 | 42,317 | 43,170 |
Income available to common stockholders plus assumed conversions (in Dollars per share) | $ 1.45 | $ 1.21 | $ 4.23 | $ 3.62 |
Note 12 - Stockholders' Equit61
Note 12 - Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 06, 2015 | Dec. 15, 2014 | May. 31, 2015 | Nov. 30, 2014 | May. 31, 2015 | May. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 |
Note 12 - Stockholders' Equity (Details) [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 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 | |||||
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 | 50,062,210 | 50,062,210 | 49,110,218 | |||||
Treasury Stock, Shares | 8,530,990 | 8,530,990 | 7,317,416 | |||||
Common Stock, Shares, Outstanding | 41,531,220 | 41,531,220 | 42,016,000 | 41,792,802 | 43,324,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 20,000 | 0 | ||||||
Stock Repurchase Program, Additional Amount Authorized (in Dollars) | $ 300 | |||||||
Treasury Stock, Shares, Acquired | 1,209,954 | |||||||
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $ 174.3 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $ 212.7 | $ 212.7 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 23,192 | 41,093 | ||||||
Restricted Stock [Member] | ||||||||
Note 12 - Stockholders' Equity (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 15,000 | 53,000 | 68,178 | 135,205 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 23,192 | 41,093 | ||||||
Code Red, Inc. [Member] | ||||||||
Note 12 - Stockholders' Equity (Details) [Line Items] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 20,207 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned (in Dollars) | $ 3 |
Note 12 - Stockholders' Equit62
Note 12 - Stockholders' Equity (Details) - Dividends Declared - USD ($) $ / shares in Units, $ in Thousands | Jun. 16, 2015 | Mar. 17, 2015 | Dec. 16, 2014 | Sep. 16, 2014 | Jun. 17, 2014 | Mar. 18, 2014 | Dec. 17, 2013 | Sep. 17, 2013 |
Note 12 - Stockholders' Equity (Details) - Dividends Declared [Line Items] | ||||||||
Dividends Per Share of Common Stock | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.35 | $ 0.35 | $ 0.35 | |
Record Date | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May 30, 2014 | Feb. 28, 2014 | Nov. 29, 2013 | Aug. 31, 2013 | |
Total $ Amount | $ 16,236 | $ 16,216 | $ 16,299 | $ 16,386 | $ 14,827 | $ 15,046 | $ 15,164 | |
Payment Date | Mar. 17, 2015 | Dec. 16, 2014 | Sep. 16, 2014 | Jun. 17, 2014 | Mar. 18, 2014 | Dec. 17, 2013 | Sep. 17, 2013 | |
Subsequent Event [Member] | ||||||||
Note 12 - Stockholders' Equity (Details) - Dividends Declared [Line Items] | ||||||||
Dividends Per Share of Common Stock | $ 0.44 | |||||||
Record Date | May 29, 2015 | |||||||
Total $ Amount | $ 18,274 | |||||||
Payment Date | Jun. 16, 2015 |
Note 13 - Employee Stock Opti63
Note 13 - Employee Stock Option and Retirement Plans (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 23, 2014 | Aug. 31, 2014 | Sep. 17, 2013 | Jul. 31, 2012 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Feb. 28, 2015 | May. 31, 2015 | May. 31, 2014 | Aug. 31, 2014 | May. 29, 2015 | Dec. 16, 2014 | |||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,000 | 463,000 | 0 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 159.14 | $ 131.31 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,482,000 | 3,254,000 | 3,540,000 | 3,798,000 | 3,540,000 | 3,254,000 | 3,482,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 79.67 | $ 96.05 | $ 91.67 | $ 85.98 | $ 91.67 | $ 96.05 | $ 79.67 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 60.3 | $ 60.3 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||||||||||||||||||
Share Price (in Dollars per share) | $ 165.17 | |||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 500,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | ||||||||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | |||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period | 5 years | |||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $ 6.3 | $ 5.7 | ||||||||||||||||||
2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 686,720 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 137.52 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,253,586 | 3,253,586 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 96.05 | $ 96.05 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | $ 32.1 | $ 6.9 | $ 70.9 | $ 22.9 | ||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 159.14 | $ 137.52 | $ 106.69 | |||||||||||||||||
Employee Stock Option [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 37.5 | $ 37.5 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,900,000 | 1,400,000 | 1,400,000 | 1,900,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $ 68.78 | $ 77.83 | $ 77.83 | $ 68.78 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) | $ 111.3 | $ 118.8 | $ 118.8 | $ 111.3 | ||||||||||||||||
Performance Shares [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 241,546 | 137,522 | 165,949 | 36,695 | ||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 148.52 | |||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 0.7 | $ 0.7 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 48,314 | |||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 137,522 | |||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 2.2 | $ 2.2 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 255 days | |||||||||||||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | |||||||||||||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | |||||||||||||||||||
Performance Shares [Member] | Matrix Data Limited [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 165,949 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options Measurement Period | 5 years | |||||||||||||||||||
Performance Shares [Member] | Revere Data, LLC [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 36,695 | |||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 0.4 | $ 0.4 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 18,553 | 18,553 | ||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 38,000 | 1,000 | 10,000 | 49,158 | 204,124 | |||||||||||||||
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) | $ 135.96 | $ 101.95 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 368,000 | 339,000 | 357,000 | 324,000 | 357,000 | 339,000 | 368,000 | |||||||||||||
Restricted Stock [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years 328 days | |||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 22.7 | $ 22.7 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,000 | [1] | 95,000 | [1] | 26,000 | [1] | 49,158 | |||||||||||||
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) | $ 135.96 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 339,298 | 339,298 | ||||||||||||||||||
Restricted Stock [Member] | Code Red, Inc. [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 0.1 | $ 0.1 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 690 | 690 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,724 | |||||||||||||||||||
Performance Based Stock Options Outstanding Expected to be Forfeited | 1,034 | 1,034 | ||||||||||||||||||
Restricted Stock [Member] | Revere Data, LLC [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 0.3 | $ 0.3 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 3,872 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,744 | |||||||||||||||||||
Performance Based Stock Options Outstanding Expected to be Forfeited | 3,872 | 3,872 | ||||||||||||||||||
2008 Employee Stock Purchase Plan [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 132.48 | $ 88.55 | $ 118.82 | $ 88.33 | ||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 497,796 | 497,796 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,877 | 18,068 | 47,085 | 54,597 | ||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $ 132.48 | $ 88.55 | $ 118.82 | $ 88.33 | ||||||||||||||||
Minimum [Member] | Employee Stock Option [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||||||||||
Maximum [Member] | Employee Stock Option [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||
[1] | Each restricted stock award granted is equivalent to 2.5 shares granted under the Company's option plan. |
Note 13 - Employee Stock Opti64
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2012 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | May. 31, 2015 | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | |||||||
Number outstanding | 3,540,000 | 3,798,000 | 3,482,000 | 3,482,000 | |||
Weighted average exercise price per share | $ 91.67 | $ 85.98 | $ 79.67 | $ 79.67 | |||
Granted, number outstanding | 61,000 | 463,000 | 0 | ||||
Granted, weighted average exercise price per share | $ 159.14 | $ 131.31 | |||||
Exercised, number outstanding | (319,000) | (403,000) | (114,000) | ||||
Exercised, weighted average exercise price per share | $ 57.30 | $ 61.63 | $ 73.53 | ||||
Forfeited, number outstanding | (28,000) | (32,000) | (33,000) | ||||
Forfeited, weighted average exercise price per share | $ 122.02 | $ 97.08 | $ 98.28 | ||||
Number outstanding | 3,254,000 | 3,540,000 | 3,798,000 | 3,254,000 | |||
Weighted average exercise price per share | $ 96.05 | $ 91.67 | $ 85.98 | $ 96.05 | |||
Non-performance Based [Member] | |||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | |||||||
Granted, number outstanding | 61,210 | 25,075 | 462,913 | 138,902 | 35,508 | ||
Granted, weighted average exercise price per share | $ 159.14 | $ 139.02 | $ 131.31 | ||||
Performance Shares [Member] | |||||||
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Stock Option Activity [Line Items] | |||||||
Granted, number outstanding | 241,546 | 137,522 | 165,949 | 36,695 | |||
Granted, weighted average exercise price per share | $ 148.52 | ||||||
Non-employee Stock Option [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 | $ 138.48 |
Note 13 - Employee Stock Opti65
Note 13 - Employee Stock Option and Retirement Plans (Details) - Changes to the Current Estimate of the Vesting Percentage and Related Expense - Performance Shares [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | May. 31, 2015 | |||
Share-based Compensation Award, Tranche One [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] | $ 0 | ||
Remaining Expense to be Recognized | 697,000 | |||
Share-based Compensation Award, Tranche Two [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] | 1,120,000 | ||
Remaining Expense to be Recognized | 1,177,000 | |||
Share-based Compensation Award, Tranche 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 | [1] | 2,594,000 | ||
Remaining Expense to be Recognized | 1,303,000 | |||
Code Red, Inc. [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 | 281,000 | [1] | |
Remaining Expense to be Recognized | 5,531,000 | |||
Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [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 | 0.10 | (150,000) | [1] | |
Remaining Expense to be Recognized | 0 | |||
Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [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] | 0 | ||
Remaining Expense to be Recognized | 2,213,000 | |||
Code Red, Inc. [Member] | Share-based Compensation Award, Tranche 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 | $ 0.70 | 141,000 | [1] | |
Remaining Expense to be Recognized | $ 3,872,000 | |||
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of May 31, 2015. |
Note 13 - Employee Stock Opti66
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Restricted Stock Award - Restricted Stock [Member] - shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2015 | May. 31, 2015 | May. 31, 2014 | |
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Restricted Stock Award [Line Items] | ||||||
Balance | 357,000 | 324,000 | 368,000 | 368,000 | 368,000 | |
Granted (restricted stock and stock units) | 38,000 | 1,000 | 10,000 | 49,158 | 204,124 | |
Vested | (15,000) | (53,000) | (68,178) | (135,205) | ||
Canceled/forfeited | (4,000) | (5,000) | (1,000) | |||
Balance | 339,000 | 357,000 | 324,000 | 357,000 | 339,000 |
Note 13 - Employee Stock Opti67
Note 13 - Employee Stock Option and Retirement Plans (Details) - Summary of Share-Based Awards Available For Grant - shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2015 | May. 31, 2015 | May. 31, 2014 | |||||
2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Balance | 2,554,000 | 2,768,000 | 3,222,000 | 3,222,000 | 3,222,000 | |||||
Share-based awards canceled/forfeited | [1] | 39,000 | 44,000 | 35,000 | ||||||
Balance | 2,530,000 | 2,554,000 | 2,768,000 | 2,554,000 | 2,530,000 | |||||
Non-Employee Directors' Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Balance | 88,000 | 102,000 | 102,000 | 102,000 | 102,000 | |||||
Share-based awards canceled/forfeited | [1] | 0 | 0 | 0 | ||||||
Balance | 88,000 | 88,000 | 102,000 | 88,000 | 88,000 | |||||
Non-performance Based [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted – options | (61,000) | (25,000) | (463,000) | |||||||
Non-performance Based [Member] | Non-Employee Directors' Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted – options | 0 | (14,000) | 0 | |||||||
Performance Shares [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted – options | (138,000) | 0 | ||||||||
Performance Shares [Member] | Non-Employee Directors' Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted – options | 0 | 0 | ||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock awards granted | (38,000) | (1,000) | (10,000) | (49,158) | (204,124) | |||||
Restricted Stock [Member] | 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock awards granted | (2,000) | [2] | (95,000) | [2] | (26,000) | [2] | (49,158) | |||
Restricted Stock [Member] | Non-Employee Directors' Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock awards granted | [2] | 0 | 0 | 0 | ||||||
[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 awardsbalance. | |||||||||
[2] | Each restricted stock award granted is equivalent to 2.5 shares granted under the Company's option plan. |
Note 14 - Stock-based Compens68
Note 14 - Stock-based Compensation (Details) - USD ($) | Jan. 15, 2015 | Jan. 15, 2014 | Jul. 31, 2012 | May. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | May. 31, 2015 | May. 31, 2014 | Aug. 31, 2014 | Dec. 16, 2014 |
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $ 6,100,000 | $ 6,800,000 | $ 17,100,000 | $ 17,400,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 60,300,000 | $ 60,300,000 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | ||||||||||||
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) | 61,000 | 463,000 | 0 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 159.14 | $ 131.31 | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 500,000 | ||||||||||||
Non-performance Based [Member] | |||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 61,210 | 25,075 | 462,913 | 138,902 | 35,508 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 159.14 | $ 139.02 | $ 131.31 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.95 | $ 37.67 | |||||||||||
Performance Shares [Member] | |||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 700,000 | $ 700,000 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 241,546 | 137,522 | 165,949 | 36,695 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 148.52 | ||||||||||||
Performance and Non-performance [Member] | |||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 147.05 | $ 106.03 | $ 109.49 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.05 | $ 29.14 | $ 31.78 | ||||||||||
Restricted Stock [Member] | |||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 38,000 | 1,000 | 10,000 | 49,158 | 204,124 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 135.96 | $ 101.95 | |||||||||||
Non-Employee Directors' Stock Option Plan [Member] | |||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 13,842 | 14,424 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 28.18 | $ 27.04 | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 250,000 | 250,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 88,590 | 88,590 | |||||||||||
2008 Employee Stock Purchase Plan [Member] | |||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | |||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $ 400,000 | $ 300,000 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 132.48 | $ 88.55 | $ 118.82 | 88.33 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.11 | $ 17.81 | $ 22.68 | $ 17.91 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 497,796 | 497,796 | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 13,877 | 18,068 | 47,085 | 54,597 |
Note 14 - Stock-based Compens69
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options - $ / shares | 3 Months Ended | 9 Months Ended | |||
May. 31, 2015 | Nov. 30, 2014 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options [Line Items] | |||||
Weighted average exercise price (in Dollars per share) | $ 159.14 | $ 131.31 | |||
Employee Stock Option [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 | |||||
Expected life (in years) | 8 years 73 days | 8 years 73 days | |||
Term structure of volatility | |||||
Dividend yield | 1.16% | 1.33% | 1.35% | ||
Weighted average estimated fair value (in Dollars per share) | $ 44.95 | $ 39.59 | $ 29.64 | ||
Weighted average exercise price (in Dollars per share) | $ 159.14 | $ 137.52 | $ 106.69 | ||
Fair value as a percentage of exercise price | 28.20% | 28.80% | 27.80% | ||
Minimum [Member] | Employee Stock Option [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% | 0.01% | 0.01% | ||
Expected life (in years) | 7 years 219 days | ||||
Term structure of volatility | 21.00% | 21.00% | 23.00% | ||
Maximum [Member] | Employee Stock Option [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 | 2.12% | 2.34% | 2.61% | ||
Expected life (in years) | 7 years 292 days | ||||
Term structure of volatility | 31.00% | 31.00% | 33.00% |
Note 14 - Stock-based Compens70
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options - Non-Employee Directors' Stock Option Plan [Member] | Jan. 15, 2015 | Jan. 15, 2014 |
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options [Line Items] | ||
Risk-free interest rate | 1.45% | 1.66% |
Expected life (in years) | 5 years 146 days | 5 years 146 days |
Expected volatility | 23.50% | 28.90% |
Dividend yield | 1.30% | 1.35% |
Note 14 - Stock-based Compens71
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan - 2008 Employee Stock Purchase Plan [Member] | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan [Line Items] | ||||
Risk-free interest rate | 0.02% | 0.04% | 0.02% | 0.04% |
Expected life (in months) | 3 years | 3 years | 3 years | 3 years |
Expected volatility | 7.20% | 13.30% | 8.00% | 10.80% |
Dividend yield | 1.13% | 1.50% | 1.16% | 1.36% |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2015 | May. 31, 2015 | Aug. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ (5,100) | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Unrecognized Tax Benefits | $ 6,381 | $ 5,501 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,100 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 700 |
Note 15 - Income Taxes (Detai73
Note 15 - Income Taxes (Details) - Provision for Income Taxes by Geographic Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Provision for Income Taxes by Geographic Operations [Abstract] | ||||
U.S. operations | $ 72,816 | $ 58,943 | $ 203,655 | $ 181,631 |
Non-U.S. operations | 13,022 | 14,428 | 44,055 | 42,220 |
Income before income taxes | 85,838 | 73,371 | 247,710 | 223,851 |
U.S. operations | 22,842 | 20,631 | 63,659 | 60,560 |
Non-U.S. operations | 1,587 | 1,208 | 5,184 | 7,155 |
Total provision for income taxes | $ 24,429 | $ 21,839 | $ 68,843 | $ 67,715 |
Effective tax rate | 28.50% | 29.80% | 27.80% | 30.30% |
Note 15 - Income Taxes (Detai74
Note 15 - Income Taxes (Details) - Components of the Provision for Income Taxes - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Current | ||||
U.S. Federal | $ 58,278 | $ 58,300 | ||
U.S. state and local | 3,060 | 2,861 | ||
Non-U.S. | 6,864 | 7,452 | ||
Total current taxes | 68,202 | 68,613 | ||
Deferred | ||||
U.S. Federal | 2,124 | (631) | ||
U.S. state and local | 197 | 29 | ||
Non-U.S. | (1,680) | (296) | ||
Total deferred taxes | 641 | (898) | ||
Total provision for income taxes | $ 24,429 | $ 21,839 | $ 68,843 | $ 67,715 |
Note 15 - Income Taxes (Detai75
Note 15 - Income Taxes (Details) - Significant Components of Deferred Tax Assets - USD ($) $ in Thousands | May. 31, 2015 | Aug. 31, 2014 |
Current | ||
Receivable reserve | $ 588 | $ 597 |
Deferred rent | 707 | 1,067 |
Other | 475 | 177 |
Net current deferred tax assets | 1,770 | 1,841 |
Non-current | ||
Depreciation on property, equipment and leasehold improvements | 10,382 | 9,831 |
Deferred rent | 4,640 | 3,572 |
Stock-based compensation | 16,823 | 18,160 |
Purchased intangible assets, including acquired technology | (16,928) | (10,750) |
Other | 1,614 | 1,564 |
Net non-current deferred tax assets | 16,531 | 22,377 |
Total deferred tax assets | 18,301 | 24,218 |
Deferred tax liabilities (current) | ||
Other | 1,071 | 0 |
Net current deferred tax liabilities | 1,071 | 0 |
Deferred tax liabilities (non-current) | ||
Purchased intangible assets, including acquired technology | 1,896 | 3,478 |
Stock-based compensation | 0 | (860) |
Depreciation on property, equipment and leasehold improvements | (182) | 0 |
Other | (3) | 303 |
Net non-current deferred tax liabilities | 1,711 | 2,921 |
Total deferred tax liabilities | $ 2,782 | $ 2,921 |
Note 15 - Income Taxes (Detai76
Note 15 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits $ in Thousands | 9 Months Ended |
May. 31, 2015USD ($) | |
Reconciliation of Unrecognized Tax Benefits [Abstract] | |
Unrecognized income tax benefits | $ 5,501 |
Additions based on tax positions related to the current year | 721 |
Additions for tax positions of prior years | 968 |
Statute of limitations lapse | (809) |
Unrecognized income tax benefits | $ 6,381 |
Note 15 - Income Taxes (Detai77
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 |
May. 31, 2015 | |
Minimum [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
U.S. | |
Open Tax Years | 2,013 |
Minimum [Member] | State and Local Jurisdiction [Member] | State (Various) [Member] | |
U.S. | |
Open Tax Years | 2,011 |
Minimum [Member] | Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
U.S. | |
Open Tax Years | 2,012 |
Minimum [Member] | Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
U.S. | |
Open Tax Years | 2,013 |
Maximum [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
U.S. | |
Open Tax Years | 2,015 |
Maximum [Member] | State and Local Jurisdiction [Member] | State (Various) [Member] | |
U.S. | |
Open Tax Years | 2,015 |
Maximum [Member] | Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
U.S. | |
Open Tax Years | 2,015 |
Maximum [Member] | Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
U.S. | |
Open Tax Years | 2,015 |
Note 16 - Long-term Debt (Detai
Note 16 - Long-term Debt (Details) - USD ($) | Feb. 06, 2015 | May. 31, 2015 | Aug. 31, 2014 |
Note 16 - Long-term Debt (Details) [Line Items] | |||
Long-term Debt | $ 35,000,000 | $ 0 | |
Revolving Credit Facility [Member] | |||
Note 16 - Long-term Debt (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||
Line of Credit Facility, Maximum Amount of Additional Borrowings | 265,000,000 | ||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | 25,000,000 | ||
The Loan [Member] | Revolving Credit Facility [Member] | |||
Note 16 - Long-term Debt (Details) [Line Items] | |||
Long-term Line of Credit | $ 35,000,000 | ||
Long-term Debt | 35,000,000 | ||
Line of Credit Facility, Commitment Fee Amount | 0 | ||
Debt Instrument, Term | 3 years | ||
The Loan [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | |||
Note 16 - Long-term Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Maximum [Member] | The Loan [Member] | Revolving Credit Facility [Member] | |||
Note 16 - Long-term Debt (Details) [Line Items] | |||
Interest Paid | 100,000 | ||
Debt Issuance Cost | $ 100,000 | ||
Amortization of Financing Costs | $ 100,000 |
Note 17 - Commitments and Con79
Note 17 - Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
May. 31, 2015USD ($)ft²m² | May. 31, 2014USD ($) | May. 31, 2015USD ($)ft²m² | May. 31, 2014USD ($) | Aug. 31, 2014USD ($) | |
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Operating Leases, Rent Expense | $ 9,600 | $ 9,700 | $ 28,700 | $ 28,000 | |
Other Liabilities, Noncurrent | 17,757 | 17,757 | $ 16,417 | ||
Operating Leases, Future Minimum Payments Due | $ 193,389 | $ 193,389 | |||
Long-term Purchase Commitment, Amount | 53,300 | ||||
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 | $ 1,700 | 1,700 | ||
Boston, Massachusetts [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Area of Real Estate Property | ft² | 4,809 | 4,809 | |||
Operating Leases, Future Minimum Payments Due | $ 6,600 | $ 6,600 | |||
Office Space [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Area of Real Estate Property | ft² | 883,800 | 883,800 | |||
Existing Office [Member] | Hyderabad, India [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Operating Leases, Future Minimum Payments Due | $ 2,200 | $ 2,200 | |||
New Office [Member] | Hyderabad, India [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Area of Real Estate Property | m² | 44,830 | 44,830 | |||
Operating Leases, Future Minimum Payments Due | $ 1,800 | $ 1,800 | |||
New Office [Member] | Manila, Philippines [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Area of Real Estate Property | m² | 13,043 | 13,043 | |||
Operating Leases, Future Minimum Payments Due | $ 1,500 | $ 1,500 | |||
Deferred Rent [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Other Liabilities | 19,300 | 19,300 | 18,300 | ||
Other Liabilities, Noncurrent | 16,300 | 16,300 | $ 14,900 | ||
Standby Letters of Credit [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Long-term Line of Credit | $ 1,400 | $ 1,400 | |||
Norwalk, Connecticut [Member] | |||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||
Area of Real Estate Property | ft² | 193,000 | 193,000 |
Note 17 - Commitments and Con80
Note 17 - Commitments and Contingencies (Details) - Future Minimum Lease Commitments $ in Thousands | May. 31, 2015USD ($) |
Future Minimum Lease Commitments [Abstract] | |
2015 (remaining three months) | $ 5,565 |
2,016 | 21,101 |
2,017 | 24,430 |
2,018 | 23,277 |
2,019 | 22,083 |
Thereafter | 96,933 |
Total | $ 193,389 |