Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 28, 2018 | Mar. 29, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | FACTSET RESEARCH SYSTEMS INC | |
Entity Central Index Key | 1,013,237 | |
Trading Symbol | fds | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 38,874,450 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Revenues | $ 335,231 | $ 294,354 | $ 664,372 | $ 582,417 |
Operating expenses | ||||
Cost of services | 163,232 | 131,635 | 324,756 | 258,885 |
Selling, general and administrative | 76,514 | 70,973 | 155,033 | 141,467 |
Total operating expenses | 239,746 | 202,608 | 479,789 | 400,352 |
Operating income | 95,485 | 91,746 | 184,583 | 182,065 |
Other expense | ||||
Loss on sale of business | (1,208) | (1,223) | ||
Interest expense, net of interest income | (3,272) | (1,048) | (6,191) | (1,532) |
Total other expense | (3,272) | (2,256) | (6,191) | (2,755) |
Income before income taxes | 92,213 | 89,490 | 178,392 | 179,310 |
Provision for income taxes | 39,076 | 22,780 | 54,876 | 46,017 |
Net income | $ 53,137 | $ 66,710 | $ 123,516 | $ 133,293 |
Basic earnings per common share (in dollars per share) | $ 1.36 | $ 1.69 | $ 3.16 | $ 3.36 |
Diluted earnings per common share (in dollars per share) | $ 1.33 | $ 1.68 | $ 3.11 | $ 3.34 |
Basic weighted average common shares (in shares) | 38,991 | 39,489 | 39,038 | 39,659 |
Diluted weighted average common shares (in shares) | 39,846 | 39,700 | 39,763 | 39,900 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | ||
Net income | $ 53,137 | $ 66,710 | $ 123,516 | $ 133,293 | |
Other comprehensive income (loss), net of tax | |||||
Net unrealized (loss) gain on cash flow hedges* | [1] | (1,268) | 1,401 | (1,744) | 1,848 |
Foreign currency translation adjustments | 9,400 | 861 | 17,866 | (10,636) | |
Other comprehensive income (loss) | 8,132 | 2,262 | 16,122 | (8,788) | |
Comprehensive income | $ 61,269 | $ 68,972 | $ 139,638 | $ 124,505 | |
[1] | For the three and six months ended February 28, 2018, the unrealized gain on cash flow hedges was net of tax benefit of $902 and $1,190, respectively. For the three and six months ended February 28, 2017, the unrealized gain on cash flow hedges was net of tax expense of $817 and $1,078, respectively. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Tax expense on the net unrealized gain on cash flow hedges | $ 902 | $ 817 | $ 1,190 | $ 1,078 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 233,628 | $ 194,731 |
Investments | 31,558 | 32,444 |
Accounts receivable, net of reserves of $3,335 at February 28, 2018 and $2,738 at August 31, 2017 | 165,493 | 148,331 |
Prepaid taxes | 8,110 | 7,076 |
Deferred taxes | 2,668 | |
Prepaid expenses and other current assets | 33,278 | 24,126 |
Total current assets | 472,067 | 409,376 |
Property, equipment and leasehold improvements, net | 97,470 | 100,454 |
Goodwill | 716,912 | 707,560 |
Intangible assets, net | 164,687 | 173,543 |
Deferred taxes | 5,787 | 7,412 |
Other assets | 15,569 | 14,970 |
TOTAL ASSETS | 1,472,492 | 1,413,315 |
LIABILITIES | ||
Accounts payable and accrued expenses | 59,395 | 59,214 |
Accrued compensation | 37,797 | 61,083 |
Deferred fees | 65,728 | 47,495 |
Deferred taxes | 2,382 | |
Taxes payable | 1,774 | 9,112 |
Dividends payable | 21,799 | 21,853 |
Total current liabilities | 186,493 | 201,139 |
Long-term debt | 574,702 | 575,000 |
Deferred taxes | 25,688 | 24,892 |
Deferred fees | 4,299 | 3,921 |
Taxes payable | 31,482 | 11,484 |
Deferred rent and other non-current liabilities | 37,738 | 37,188 |
TOTAL LIABILITIES | 860,402 | 853,624 |
Commitments and contingencies (See Note 17) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $.01 par value, 150,000,000 shares authorized, 39,047,153 and 51,845,132 shares issued; 38,927,153 and 39,023,032 shares outstanding at February 28, 2018 and August 31, 2017, respectively | 390 | 518 |
Additional paid-in capital | 625,394 | 741,748 |
Treasury stock, at cost: 120,000 and 12,822,100 shares at February 28, 2018 and August 31, 2017, respectively | (23,379) | (1,606,678) |
Retained earnings | 28,283 | 1,458,823 |
Accumulated other comprehensive loss | (18,598) | (34,720) |
TOTAL STOCKHOLDERS’ EQUITY | 612,090 | 559,691 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,472,492 | $ 1,413,315 |
Consolidated Balance Sheets (C6
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 |
Accounts receivable, reserves | $ 3,335 | $ 2,738 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 39,047,153 | 51,845,132 |
Common stock, shares outstanding (in shares) | 38,927,153 | 39,023,032 |
Treasury stock, shares (in shares) | 120,000 | 12,822,100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 123,516 | $ 133,293 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 28,372 | 20,649 |
Stock-based compensation expense | 15,420 | 13,611 |
Loss on sale of business | 1,223 | |
Deferred income taxes | 2,934 | 3,032 |
Loss on disposition of assets | 25 | 142 |
Tax benefits from share-based payment arrangements | (8,995) | |
Changes in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net of reserves | (16,307) | (30,998) |
Accounts payable and accrued expenses | 147 | 3,352 |
Accrued compensation | (23,595) | (17,699) |
Deferred fees | 18,098 | 1,152 |
Taxes payable, net of prepaid taxes | 17,166 | 10,561 |
Prepaid expenses and other assets | (11,915) | (3,982) |
Deferred rent and other non-current liabilities | (186) | 2,774 |
Other working capital accounts, net | 14 | (57) |
Net cash provided by operating activities | 153,689 | 128,058 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of businesses, net of cash acquired | (71,689) | |
Purchases of investments | (9,487) | (25,149) |
Proceeds from sales of investments | 9,872 | 19,501 |
Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions | (12,375) | (18,046) |
Net cash used in investing activities | (11,990) | (95,383) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend payments | (43,406) | (39,568) |
Repurchases of common stock | (113,906) | (166,427) |
Proceeds from debt | 65,000 | |
Other financing activities | 442 | (1,223) |
Proceeds from employee stock plans | 48,784 | 34,725 |
Tax benefits from share-based payment arrangements | 8,995 | |
Net cash used by financing activities | (108,086) | (98,498) |
Effect of exchange rate changes on cash and cash equivalents | 5,284 | (7,233) |
Net increase (decrease) in cash and cash equivalents | 38,897 | (73,056) |
Cash and cash equivalents at beginning of period | 194,731 | 228,407 |
Cash and cash equivalents at end of period | $ 233,628 | $ 155,351 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. ORGANIZATION AND NATURE OF BUSINESS FactSet Research Systems Inc. (the “Company” or “FactSet”) is a global provider of integrated financial information, analytical applications and industry-leading service for the global investment community. The Company delivers insight and information to investment professionals through its analytics, service, content, and technology. These professionals include portfolio managers, investment research professionals, investment bankers, risk and performance analysts, and wealth advisors. From streaming real-time data to historical information, including quotes, estimates, news and commentary, FactSet offers unique and third |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. FactSet conducts business globally and is managed on a geographic basis. The accompanying 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 unaudited condensed consolidated financial statements of FactSet and the accompanying notes included in this Quarterly Report on Form 10 10 10 August 31, 2017. The Company has evaluated subsequent events through the date that the financial statements were issued. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 . RECENT ACCOUNTING PRONOUNCEMENTS As of the first six 2018, no first six 2018 New Accounting Standards or Updates Recently Adopted Balance Sheet Classification of Deferred Taxes During the first 2018, November 2015 not Share-Based Payments During the first 2018, March 2016, $6.1 first six 2018. not not Recent Accounting Standards or Updates Not Revenue Recognition In May 2014 July 2015, first 2019, 2018 September 1, 2018, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, first 2019. Leases In February 2016, first 2020, 2019 Cash Flow Simplification In August 2016, first 2019. Income Taxes on Intra-Entity Transfer s of Asset s In October 2016, first 2019. Goodwill Impairment Test In January 2017, 2 not first 2021, January 1, 2017. Hedge Accounting Simplification In August 2017, first 2020, Share-Based Payments In May 2017, not first 2019, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, first 2019, No February 28, 2018 |
Note 4 - Fair Value Measures
Note 4 - Fair Value Measures | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 4. 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. 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 may may Level 1 1 Level 2 2. Level 3 no 3 February 28, 2018 August 31, 2017. ( a ) Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables shows by level within the fair value hierarchy the Company’s assets and liabilities that are measured at fair value on a recurring basis at February 28, 2018 August 31, 2017: Fair Value Measurements at February 28, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 35,472 $ — $ — $ 35,472 Mutual funds (2) — 20,243 — 20,243 Certificates of deposit ( 3 ) — 11,315 — 11,315 Derivative instruments (4) — 3,921 — 3,921 Total assets measured at fair value $ 35,472 $ 35,479 $ — $ 70,951 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — Fair Value Measurements at August 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 26,677 $ — $ — $ 26,677 Mutual Funds (2) — 18,364 — 18,364 Certificates of deposit (3) — 14,080 — 14,080 Derivative instruments (4) — 6,142 — 6,142 Total assets measured at fair value $ 26,677 $ 38,586 $ — $ 65,263 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — ( 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 the C onsolidated B alance Sheets . ( 2 The Company’s mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds allocated to each share of the mutual fund using a net asset value approach. The fair value of the underlying investments is based on observable inputs . As such, the Company’s mutual funds are classified as Level 2 are classified as investments (short-term) on the Consolidated Balance Sheets. ( 3 The Company’s certificates of deposit held for investment are not 2. three one nvestments (short-term) on the Consolidated Balance S heet s . ( 4 The Company utilizes the income approach to measure fair value for its derivative instruments ( foreign currency 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 1 2 ( b ) Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain assets, including goodwill and intangible assets, and liabilities, are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not may six February 28, 2018, no (c) Assets and Liabilities Measured at Fair Value for Disclosure Purposes O nly As of February 28, 2018 August 31, 2017, $575 2 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. Cash Flow Hedges FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, Japanese Yen and Philippine Peso. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not no first six 2018 2017, no As of February 28, 2018, 75% third 2019 50% fourth 2019 second 2020. The following is a summary of all hedging positions and corresponding fair values: (in thousands) Gross Notional Value Fair Value Currency Hedged (in U.S. dollars) February 28, 2018 August 31, 2017 February 28, 2018 August 31, 2017 Indian Rupee $ 58,070 $ 51,000 $ 3,921 $ 6,142 As of February 28, 2018, 4.2 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, when applicable. 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. As CDS spread information is not not Fair Value of Derivative Instruments The following table provides the fair value of derivative instruments: (in thousands) Designation of Derivatives Balance Sheet Location February 28, 2018 August 31, 2017 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 3,712 $ 3,796 Other assets $ 209 $ 2,346 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ — $ — All derivatives were designated as hedging instruments as of February 28, 2018 August 31, 2017, 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 February 28, 2018 2017: (in thousands) (Loss) Gain Recognized in AOCL on Derivatives Location of Gain (Loss) into Income Gain (Loss) Reclassified Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 Foreign currency forward contracts $ (1,346 ) $ 1,188 SG&A $ 824 $ (1,030 ) The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the six February 28, 2018 2017: (in thousands) (Loss) Gain Recognized in AOCL on Derivatives Location of Gain (Loss) Gain (Loss) Reclassified Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 Foreign currency forward contracts $ (1,345 ) $ 539 SG&A $ 1,589 $ (2,387 ) No February 28, 2018, $3.7 12 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 February 28, 2018 August 31, 2017, no |
Note 6 - Other Comprehensive In
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 6. LOSS ) AND ACCUMULATED OTHER COMPREHENSIVE LOSS The components of other comprehensive income and amounts reclassified out of AOCL into earnings during the three February 28, 2018 2017 February 28, 2018 February 28, 2017 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 9,400 $ 9,400 $ 861 $ 861 Realized (gain) loss on cash flow hedges reclassified to earnings (1) (824 ) (582 ) 1,030 651 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1,346 ) (686 ) 1,188 750 Other comprehensive income (loss) $ 7,230 $ 8,132 $ 3,079 $ 2,262 ( 1 Reclassified to Selling, General and Administrative Expenses The components of other comprehensive income and amounts reclassified out of AOCL into earnings during the six February 28, 2018 2017 February 28, 2018 February 28, 2017 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 17,866 $ 17,866 $ (10,636 ) $ (10,636 ) Realized (gain) loss on cash flow hedges reclassified to earnings (1) (1,589 ) (1,058 ) 2,387 1,508 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1,345 ) (686 ) 539 340 Other comprehensive income (loss) $ 14,932 $ 16,122 $ (7,710 ) $ (8,788 ) ( 2 Reclassified to Selling, General and Administrative Expenses The components of AOCL are as follows: (in thousands) February 28, 2018 August 31, 2017 Accumulated unrealized gains (losses) on cash flow hedges, net of tax $ 2,058 $ 3,802 Accumulated foreign currency translation adjustments (20,656 ) (38,522 ) Total accumulated other comprehensive loss $ (18,598 ) $ (34,720 ) |
Note 7 - Segment Information
Note 7 - Segment Information | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
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 FactSet’s operating segments are aligned with how the Company, including its CODMG, manages the business and the demographic markets in which FactSet serves. The Company’s internal financial reporting structure is based on three The U.S. segment services investment professionals including financial institutions throughout the Americas. The European and Asia Pacific segments service investment professionals located throughout Europe and the Asia Pacific region, respectively. Segment revenues reflect direct sales to clients based in their respective geographic locations. 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, office and other direct expenses. Expenditures associated with the Company’s data centers, data costs and corporate charges are recorded by the U.S. segment and are not $716.9 February 28, 2018, 54% 45% 1% 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 February 28, 2018 U.S. Europe Asia Pacific Total Revenues from clients $ 208,900 $ 96,206 $ 30,125 $ 335,231 Segment operating profit 38,527 36,993 19,965 95,485 Total assets 733,045 634,472 104,975 1,472,492 Capital expenditures 3,729 755 1,979 6,463 For the three months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 191,629 $ 76,273 $ 26,452 $ 294,354 Segment operating profit 36,188 39,932 15,625 91,746 Total assets 675,830 291,643 94,356 1,061,829 Capital expenditures 3,976 170 1,363 5,509 For the six months ended February 28, 2018 U.S. Europe Asia Pacific Total Revenues from clients $ 417,668 $ 187,933 $ 58,771 $ 664,372 Segment operating profit 79,298 69,963 35,322 184,583 Capital expenditures 7,274 2,279 2,822 12,375 For the six months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 382,256 $ 148,136 $ 52,025 $ 582,417 Segment operating profit 76,192 76,516 29,355 182,065 Capital expenditures 15,100 661 2,285 18,046 |
Note 8 - Business Combinations
Note 8 - Business Combinations | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 8. BISAM On March 17, 2017, $217.6 160 $3.2 2017. Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the fourth 2017. no (i n thousands ) Tangible assets acquired $ 27,583 Amortizable intangible assets Software technology 18,261 Client relationships 37,597 Trade name 741 Goodwill 173,898 Total assets acquired $ 258,080 Liabilities assumed (40,443 ) Net assets acquired $ 217,637 Intangible assets of $56.6 16 five four Goodwill totaling $173.9 not March 17, 2017. not not Vermi lion On November 8, 2016, $67.9 59 $0.7 2017. Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the third 2017. no (i n thousands ) Tangible assets acquired $ 7,916 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 51,157 Total assets acquired $ 77,320 Liabilities assumed (9,434 ) Net assets acquired $ 67,886 Intangible assets of $18.2 15 six three four Goodwill totaling $51.2 not November 8, 2016. not not |
Note 9 - Goodwill
Note 9 - Goodwill | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 9 . GOODWILL Changes in the carrying amount of goodwill by segment for the six February 28, 2018, (i n thousands ) U.S. Europe Asia Pacific Total Balance at August 31, 2017 $ 386,835 $ 317,759 $ 2,966 $ 707,560 Foreign currency translations — 11,460 93 11,553 Other adjustments (640 ) (1,561 ) — (2,201 ) Balance at February 28, 2018 $ 386,195 $ 327,658 $ 3,059 $ 716,912 Goodwill is not three no fourth 2017, no |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 1 0 . INTANGIBLE ASSETS FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The weighted average useful life of FactSet’s acquired identifiable intangible assets at February 28, 2018 11.5 no first six 2018. No no The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows: At February 28, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 35,666 $ 20,812 $ 14,854 Client relationships 101,598 26,336 75,262 Software technology 107,420 37,897 69,523 Non-compete agreements 4,891 1,978 2,913 Trade names 4,140 2,005 2,135 Total $ 253,715 $ 89,028 $ 164,687 At August 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,116 $ 18,899 $ 15,217 Client relationships 99,779 22,339 77,440 Software technology 105,963 30,889 75,074 Non-compete agreements 4,833 1,518 3,315 Trade names 4,080 1,583 2,497 Total $ 248,771 $ 75,228 $ 173,543 Amortization expense recorded for intangible assets was $6.2 $4.2 three February 28, 2018 2017, $12.4 $8.0 six February 28, 2018 2017, February 28, 2018, five Fiscal Year (in thousands) Estimated Amortization Expense 2018 (remaining six months) $ 12,492 2019 24,089 2020 23,365 2021 21,829 2022 19,459 Thereafter 63,453 Total $ 164,687 |
Note 11 - Common Stock and Earn
Note 11 - Common Stock and Earnings Per Share | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 1 . COMMON STOCK AND EARNINGS PER SHARE On February 7, 2018, $0.56 $2.24 $21.8 March 20, 2018 February 28, 2018. Shares of common stock outstanding were as follows: Six Months ended February 28, (i n thousands) 2018 2017 Balance at September 1 39,023 40,038 Common stock issued for employee stock plans 495 506 Repurchase of common stock from employees (1) (6 ) (37 ) Repurchase of common stock under the share repurchase program (585 ) (985 ) Repurchase of common stock under accelerated share repurchase agreement — (103 ) Balance at February 28, 2018 and 2017, respectively 38,927 39,419 ( 1 For the six months ended February 28 , 201 8 and 201 7 , the Company repurchased 5,563 and 37 , 042 shares, or $ 1.0 million and $5. 7 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 (“EPS”) computations is as follows: (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended February 28, 2018 Basic EPS Income available to common stockholders $ 53,137 38,991 $ 1.36 Diluted EPS Dilutive effect of stock options and restricted stock 855 Income available to common stockholders plus assumed conversions $ 53,137 39,846 $ 1.33 For the three months ended February 28, 2017 Basic EPS Income available to common stockholders $ 66,710 39,489 $ 1.69 Diluted EPS Dilutive effect of stock options and restricted stock 211 Income available to common stockholders plus assumed conversions $ 66,710 39,700 $ 1.68 For the six months ended February 28, 2018 Basic EPS Income available to common stockholders $ 123,516 39,038 $ 3.16 Diluted EPS Dilutive effect of stock options and restricted stock 725 Income available to common stockholders plus assumed conversions $ 123,516 39,763 $ 3.11 For the six months ended February 28, 2017 Basic EPS Income available to common stockholders $ 133,293 39,659 $ 3.36 Diluted EPS Dilutive effect of stock options and restricted stock 241 Income available to common stockholders plus assumed conversions $ 133,293 39,900 $ 3.34 Dilutive potential common shares consist of stock options and unvested restricted stock awards. The were no three February 28, 2018 no three February 28, 2017 487,023 For the three February 28, 2018 2017, 309,800 754,561, |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 2 . S TOCK HOLDERS’ E QUITY Preferred Stock At February 28, 2018 August 31, 2017, 10,000,000 $0.01 no may one Common Stock At February 28, 2018 August 31, 2017, 150,000,000 $0.01 39,047,153 51,845,132 Treasury Stock On January 31, 2018, 13,292,689 $1.7 January 31, 2018. $0.1 $186.7 $1.5 February 28, 2018 120,000 12,822,100 August 31, 2017 January 31, 2018. Share Repurchase Program Repurchases will be made from time to time in the open market and privately negotiated transactions, subject to market conditions. During the first six 2018, 584,920 $112.9 984,822 $160.4 February 28 2018, $131.2 No no On March 26, 2018, $300.0 $431.2 Restricted Stock Vesting Restricted stock awards entitle the holder to shares of common stock as the awards vest over time. During the first six 2018, 14,839 February 28, 2018 ( 5,563 101,234 February 28, 2017 ( 37,042 Dividends The Company’s Board of Directors declared the following historical dividends: Declaration Date Dividends Per Type Record Date Total $ Amount (in thousands) Payment Date February 7, 2018 $ 0.56 Regular (cash) February 28, 2018 $ 21,799 March 20, 2018 November 8, 2017 $ 0.56 Regular (cash) November 30, 2017 $ 21,902 December 19, 2017 August 10, 2017 $ 0.56 Regular (cash) August 31, 2017 $ 21,853 September 19, 2017 May 5, 2017 $ 0.56 Regular (cash) May 31, 2017 $ 21,951 June 20, 2017 February 6, 2017 $ 0.50 Regular (cash) February 28, 2017 $ 19,709 March 21, 2017 November 10, 2016 $ 0.50 Regular (cash) November 30, 2016 $ 19,852 December 20, 2016 August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 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 | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 1 3 . EMPLOYEE STOCK OPTION AND RETIREMENT PLANS Stock Option Awards On December 19, 2017, 2004 5,750,000 December 19, 2027. not ten five not may Stock Option Activity During the first six 2018, 569,305 $190.04 February 28, 2018, 3,401,562 $151.15. $70.8 3.5 A summary of stock option activity is as follows: (in thousands, except exercise price per share) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2017 3,366 $ 139.29 Granted – non performance-based 554 $ 189.98 Exercised (226 ) $ 104.90 Forfeited (25 ) $ 133.89 Balance at November 30, 2017 3,669 $ 149.09 Granted – non performance-based 16 $ 192.11 Granted – non-employee Directors grant 19 $ 197.75 Exercised (220 ) $ 118.75 Forfeited (82 ) $ 164.59 Balance at February 28, 2018 3,402 $ 151.15 The total number of in-the-money options exercisable as of February 28, 2018 1.1 $122.44. August 31, 2017 0.9 $105.14. February 28, 2018 August 31, 2017, $89.4 $49.7 $203.18 $157.18 February 28, 2018 August 31, 2017, three February 28, 2018 2017 $17.2 $14.1 six February 28, 2018 2017 $35.2 $30.5 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 February 2015 w In connection with the acquisition of Code Red, FactSet granted 68,761 second 2015 four February 28, 2019. second 2018, 40% No 40% February 28, 2019 February 28, 2018, $0.3 0.9 January 2017 In connection with the acquisition of Vermilion, FactSet granted 61,744 January 2017. 40% second 20% November 30, 2018. February 28, 2018, not no Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 100% $ 609 $ 2,096 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2018 . June 2017 In connection with the acquisition of BISAM, FactSet granted 206,417 June 2017. 40% second 20% March 31, 2019. February 28, 2018, not no Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 80% $ 948 $ 6,160 90% $ 1,066 $ 6,930 100% $ 1,185 $ 7,700 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2018 . 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. Restricted Stock and Stock Unit Awards Activity During the first six 2018, 961 $182.17. 5.0 As of February 28, 2018 155,113 $15.1 3.1 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, 2017 182 $ 138.62 Granted 1 $ 182.17 Forfeited (10 ) $ 114.37 Vested (11 ) $ 157.37 Balance at November 30, 2017 162 $ 139.12 Granted — $ — Forfeited (3 ) $ 120.28 Vested (4 ) $ 135.97 Balance at February 28, 2018 155 $ 139.55 As of February 28, 2018 August 31, 2017, $31.5 $28.6 $203.18 $157.18 February 28, 2018 August 31, 2017, The total pre-tax fair value of restricted stock that vested during the three February 28, 2018 2017 $0.7 $1.1 six February 28, 2018 2017 $2.7 $15.6 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, 2017 897 42 Granted – nonperformance-based options (554 ) — Granted – restricted stock awards (1) (2 ) — Share-based awards canceled/forfeited (2) 51 — Balance at November 30, 2017 392 42 Increase in the number of shares available for issuance ( 3 ) (4 ) 5,750 250 Granted – non performance-based options (16 ) (19 ) Share-based awards canceled/forfeited (2) 89 — Balance at February 28, 2018 6,215 273 ( 1 Each restricted stock award granted is equivalent to 2.5 granted under the Company’s Option Plan. ( 2 Under the Company’s Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 is added back to the available share-based awards balance. ( 3 On December 19, 2017, 5,750,000 ( 4 On December 19, 2017, 2008 250,000 Employee Stock Purchase Plan On December 19, 2017, 2008 may three 85% first three may not 10% $25,000 During the three February 28, 2018 14,805 $171.23 20,744 $135.48 three February 28, 2017. six February 28, 2018, 34,394 $150.25 37,240 $135.77 six February 28, 2017. February 28, 2018, 298,778 401 The Company established its 401 1993. 401 1974 1986 may 60% 4% five $5.5 $4.6 401 six February 28, 2018 2017, |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 4 . STOCK-BASED COMPENSATION The Company recognized total stock-based compensation expense of $7.9 $15.4 three six February 28, 2018, $7.2 $13.6 three six February 28, 2017, February 28, 2018, $85.9 3.4 no February 28, 2018 August 31, 2017, 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 Q1 2018 553,942 $189.98 $48.27 Q2 2018 15,363 $192.11 $48.82 Q1 2017 671,263 22,460 $152.51 $39.60 Q2 2017 61,744 $169.16 $43.81 The weighted average estimated fair value of employee stock options granted was determined using the binomial model with the following weighted average assumptions: Three months ended February 28, 2018 2017 Term structure of risk-free interest rate 1.28% - 2.41% 0.49% - 1.89% Expected life (years) 7.4 7.4 Term structure of volatility 19% - 29% 21% - 29% Dividend yield 1.32% 1.18% Weighted average estimated fair value $48.82 $43.81 Weighted average exercise price $192.11 $169.16 Fair value as a percentage of exercise price 25.4% 25.9% Six months ended February 28, 2018 2017 Term structure of risk-free interest rate 1.28% - 2.41% 0.07% - 2.09% Expected life (years) 7.4 7.4 Term structure of volatility 19% - 29% 21% - 30% Dividend yield 1.32% 1.18% Weighted average estimated fair value $48.29 $39.95 Weighted average exercise price $190.04 $153.87 Fair value as a percentage of exercise price 25.4% 26.0% 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 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 Non-Employee Director Stock Option Fair Value Determinations On December 19, 2017, December 19, 2027 250,000. February 28, 2018, 273,222. 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 Fiscal 201 8 On January 12, 2018, 18,963 $38.76 Risk-free interest rate 2.34 % Expected life (years) 5.4 Expected volatility 19.7 % Dividend yield 1.16 % Fiscal 2017 On January 13, 2017, 23,846 one 2,104 December 20, 2016. January 13, 2017 $35.65 Risk-free interest rate 1.95 % Expected life (years) 5.4 Expected volatility 22.7 % Dividend yield 1.24 % Restricted Stock Fair Value Determinations Restricted stock granted to employees entitles the holder to shares of common stock as the award vests over time, but not first six 2018, 961 $182.17. first six 2017, 12,927 $157.50. Employee Stock Purchase Plan Fair Value Determinations During the three February 28, 2018, 14,805 $171.23 20,744 $135.48 three February 28, 2017. six February 28, 2018, 34,394 $150.25 37,240 $135.77 six February 28, 2017. three February 28, 2018 2017, $0.5 $0.6 six February 28, 2018 2017, $1.1 $1.0 The weighted average estimated fair value for the shares repurchased under the ESPP was calculated using the Black-Scholes model with the following assumptions: Three months ended February 28, 2018 2017 Risk-free interest rate 1.45 % 0.51 % Expected life (months) 3 3 Expected volatility 13.9 % 7.8 % Dividend yield 1.11 % 1.25 % Weighted average estimated fair value $ 35.02 $ 25.88 Six months ended February 28, 2018 2017 Risk-free interest rate 1.26 % 0.44 % Expected life (months) 3 3 Expected volatility 10.52 % 8.9 % Dividend yield 1.29 % 1.19 % Weighted average estimated fair value $ 29.76 $ 27.85 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 no |
Note 15 - Income Taxes
Note 15 - Income Taxes | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 5 . 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: Three months ended February 28, Six months ended February 28, (in thousands) 2018 2017 2018 2017 Income before income taxes $ 92,213 $ 89,490 $ 178,392 $ 179,310 Total provision for income taxes $ 39,076 $ 22,780 $ 54,876 $ 46,017 Effective tax rate 42.4 % 25.5 % 30.8 % 25.7 % 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 December 22, 2017, 35% 21%, January 1, 2018, one not one may may FactSet had approximately $250 December 31, 2017, one $23.2 eight may may Due to FactSet’s August 31 25.7% 2018 21% $2.2 second 2018. one 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) February 28, 2018 August 31, 2017 Deferred tax assets: Receivable reserve $ 573 $ 811 Depreciation on property, equipment and leasehold improvements 2,495 2,220 Deferred rent 7,761 11,615 Stock-based compensation 13,687 20,117 Purchased intangible assets, including acquired technology (22,359 ) (32,742 ) Other 3,630 8,059 Total deferred tax assets $ 5,787 $ 10,080 The significant components of deferred tax liabilities that are recorded in the Consolidated Balance Sheets were as follows: (in thousands) February 28, 2018 August 31, 2017 Deferred tax liabilities: Stock-based compensation $ (854 ) $ (815 ) Depreciation on property, equipment and leasehold improvements 551 168 Purchased intangible assets, including acquired technology 25,265 26,231 Other 726 1,690 Total deferred tax liabilities $ 25,688 $ 27,274 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 50% no fifty As of February 28, 2018, $11.1 $1.6 N on-current taxes payable not may 12 no not 12 The following table summarizes the changes in the balance of gross unrecognized tax benefits during the first six 2018: (in thousands) Unrecognized income tax benefits at August 31, 2017 $ 11,484 Additions based on tax positions related to the current year 1,895 Additions for tax positions of prior years 300 Reductions from settlements with taxing authorities (2,601 ) Unrecognized income tax benefits February 28, 2018 $ 11,078 In the normal course of business, the Company’s tax filings are subject to audit by federal, state and foreign tax authorities. At February 28, 2018, Major Tax Jurisdictions Open Tax Years U.S. 2014 through 2018 Federal 2014 through 2018 State (various) Europe France 2014 through 2018 United Kingdom 2016 through 2018 Germany 2017 through 2018 |
Note 16 - Long-term Debt
Note 16 - Long-term Debt | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 1 6 . LONG-TERM DEBT FactSet’s debt obligations consisted of the following: (in thousands) February 28, 2018 August 31, 2017 2017 Revolving Credit Facility $ 574,702 $ 575,000 Total Outstanding Debt $ 574,702 $ 575,000 On March 17, 2017, “2017 2017 $575.0 “2017 may 2017 March 17, 2020. 2017 $225.0 $25.0 1.00%. no In conjunction with FactSet’s entrance into the 2017 $575.0 2017 2017 All outstanding loan amounts are reported as L ong-term debt February 28, 2018. three February 28, 2018 2017, $3.6 $1.3 six February 28, 2018 2017, $7.0 $2.4 February 28, 2018, no 2017 The 2017 In addition, the 2017 2017 February 28, 2018. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 7 . COMMITMENTS AND CONTINGENCIES Commitments represent obligations, such as those for future purchases of goods or services that are not i.e. Lease Commitments At February 28, 2018, 202,000 601 7, February 14, 2018, 45 173,000 January 1, 2019, second 2020. 2018, 1,760,000 February 28, 2018, 617,000 54.0%, August 31, 2017. February 2018. 2, 10 August 31, 2017. 2035. February 28, 2018 Total minimum rental payments associated with the leases are recorded as rent expense (a component of SG&A expense) on a straight-line basis over the periods of the respective non-cancelable lease terms. Future minimum commitments for the Company’s operating leases in place as of February 28, 2018, Years ended August 31, (in thousands) Minimum Lease Payments 2018 (remaining six months) $ 22,078 2019 45,592 2020 41,122 2021 34,967 2022 32,604 Thereafter 252,878 Total $ 429,241 Rent expense (including operating costs) for all operating leases amounted to $13.5 $11.5 three February 28, 2018 2017, $26.5 $22.9 six February 28, 2018 2017, February 28, 2018, August 31, 2017, $38.4 $37.4 $34.1 $33.5 Deferred Rent and Other Non-Current Liabilities . Approximately $1.9 February 28, 2018. February 28, 2018, Purchase Commitments with Suppliers Purchase obligations represent payments due in future periods in respect of commitments to the Company’s various data vendors as well as commitments to purchase goods and services such as telecommunication and computer maintenance services. These purchase commitments are agreements that are enforceable and legally binding on FactSet and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. As of August 31, 2017, $81.0 no first six 2018. Contingencies Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance (see Note 15 may not no 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 information available at February 28, 2018, not 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 no may Concentrations of Credit Risk Cash equivalents Cash and cash equivalents are maintained primarily with five may may Accounts Receivable Accounts receivable are unsecured and derived from revenues earned from clients located around the globe. FactSet does not No 10% February 28, 2018, 2% ten not 15% August 31, 2017. February 28, 2018, $3.3 $2.7 August 31, 2017. 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, when applicable. 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Feb. 28, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards or Updates Recently Adopted Balance Sheet Classification of Deferred Taxes During the first 2018, November 2015 not Share-Based Payments During the first 2018, March 2016, $6.1 first six 2018. not not Recent Accounting Standards or Updates Not Revenue Recognition In May 2014 July 2015, first 2019, 2018 September 1, 2018, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, first 2019. Leases In February 2016, first 2020, 2019 Cash Flow Simplification In August 2016, first 2019. Income Taxes on Intra-Entity Transfer s of Asset s In October 2016, first 2019. Goodwill Impairment Test In January 2017, 2 not first 2021, January 1, 2017. Hedge Accounting Simplification In August 2017, first 2020, Share-Based Payments In May 2017, not first 2019, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, first 2019, No February 28, 2018 |
Note 4 - Fair Value Measures (T
Note 4 - Fair Value Measures (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at February 28, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 35,472 $ — $ — $ 35,472 Mutual funds (2) — 20,243 — 20,243 Certificates of deposit ( 3 ) — 11,315 — 11,315 Derivative instruments (4) — 3,921 — 3,921 Total assets measured at fair value $ 35,472 $ 35,479 $ — $ 70,951 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — Fair Value Measurements at August 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 26,677 $ — $ — $ 26,677 Mutual Funds (2) — 18,364 — 18,364 Certificates of deposit (3) — 14,080 — 14,080 Derivative instruments (4) — 6,142 — 6,142 Total assets measured at fair value $ 26,677 $ 38,586 $ — $ 65,263 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — |
Note 5 - Derivative Instrumen27
Note 5 - Derivative Instruments (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | (in thousands) Gross Notional Value Fair Value Currency Hedged (in U.S. dollars) February 28, 2018 August 31, 2017 February 28, 2018 August 31, 2017 Indian Rupee $ 58,070 $ 51,000 $ 3,921 $ 6,142 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (in thousands) Designation of Derivatives Balance Sheet Location February 28, 2018 August 31, 2017 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 3,712 $ 3,796 Other assets $ 209 $ 2,346 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ — $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) (Loss) Gain Recognized in AOCL on Derivatives Location of Gain (Loss) into Income Gain (Loss) Reclassified Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 Foreign currency forward contracts $ (1,346 ) $ 1,188 SG&A $ 824 $ (1,030 ) (in thousands) (Loss) Gain Recognized in AOCL on Derivatives Location of Gain (Loss) Gain (Loss) Reclassified Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 Foreign currency forward contracts $ (1,345 ) $ 539 SG&A $ 1,589 $ (2,387 ) |
Note 6 - Other Comprehensive 28
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | February 28, 2018 February 28, 2017 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 9,400 $ 9,400 $ 861 $ 861 Realized (gain) loss on cash flow hedges reclassified to earnings (1) (824 ) (582 ) 1,030 651 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1,346 ) (686 ) 1,188 750 Other comprehensive income (loss) $ 7,230 $ 8,132 $ 3,079 $ 2,262 February 28, 2018 February 28, 2017 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 17,866 $ 17,866 $ (10,636 ) $ (10,636 ) Realized (gain) loss on cash flow hedges reclassified to earnings (1) (1,589 ) (1,058 ) 2,387 1,508 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1,345 ) (686 ) 539 340 Other comprehensive income (loss) $ 14,932 $ 16,122 $ (7,710 ) $ (8,788 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) February 28, 2018 August 31, 2017 Accumulated unrealized gains (losses) on cash flow hedges, net of tax $ 2,058 $ 3,802 Accumulated foreign currency translation adjustments (20,656 ) (38,522 ) Total accumulated other comprehensive loss $ (18,598 ) $ (34,720 ) |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) For the three months ended February 28, 2018 U.S. Europe Asia Pacific Total Revenues from clients $ 208,900 $ 96,206 $ 30,125 $ 335,231 Segment operating profit 38,527 36,993 19,965 95,485 Total assets 733,045 634,472 104,975 1,472,492 Capital expenditures 3,729 755 1,979 6,463 For the three months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 191,629 $ 76,273 $ 26,452 $ 294,354 Segment operating profit 36,188 39,932 15,625 91,746 Total assets 675,830 291,643 94,356 1,061,829 Capital expenditures 3,976 170 1,363 5,509 For the six months ended February 28, 2018 U.S. Europe Asia Pacific Total Revenues from clients $ 417,668 $ 187,933 $ 58,771 $ 664,372 Segment operating profit 79,298 69,963 35,322 184,583 Capital expenditures 7,274 2,279 2,822 12,375 For the six months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 382,256 $ 148,136 $ 52,025 $ 582,417 Segment operating profit 76,192 76,516 29,355 182,065 Capital expenditures 15,100 661 2,285 18,046 |
Note 8 - Business Combinations
Note 8 - Business Combinations (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (i n thousands ) Tangible assets acquired $ 27,583 Amortizable intangible assets Software technology 18,261 Client relationships 37,597 Trade name 741 Goodwill 173,898 Total assets acquired $ 258,080 Liabilities assumed (40,443 ) Net assets acquired $ 217,637 (i n thousands ) Tangible assets acquired $ 7,916 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 51,157 Total assets acquired $ 77,320 Liabilities assumed (9,434 ) Net assets acquired $ 67,886 |
Note 9 - Goodwill (Tables)
Note 9 - Goodwill (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (i n thousands ) U.S. Europe Asia Pacific Total Balance at August 31, 2017 $ 386,835 $ 317,759 $ 2,966 $ 707,560 Foreign currency translations — 11,460 93 11,553 Other adjustments (640 ) (1,561 ) — (2,201 ) Balance at February 28, 2018 $ 386,195 $ 327,658 $ 3,059 $ 716,912 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At February 28, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 35,666 $ 20,812 $ 14,854 Client relationships 101,598 26,336 75,262 Software technology 107,420 37,897 69,523 Non-compete agreements 4,891 1,978 2,913 Trade names 4,140 2,005 2,135 Total $ 253,715 $ 89,028 $ 164,687 At August 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,116 $ 18,899 $ 15,217 Client relationships 99,779 22,339 77,440 Software technology 105,963 30,889 75,074 Non-compete agreements 4,833 1,518 3,315 Trade names 4,080 1,583 2,497 Total $ 248,771 $ 75,228 $ 173,543 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year (in thousands) Estimated Amortization Expense 2018 (remaining six months) $ 12,492 2019 24,089 2020 23,365 2021 21,829 2022 19,459 Thereafter 63,453 Total $ 164,687 |
Note 11 - Common Stock and Ea33
Note 11 - Common Stock and Earnings Per Share (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Six Months ended February 28, (i n thousands) 2018 2017 Balance at September 1 39,023 40,038 Common stock issued for employee stock plans 495 506 Repurchase of common stock from employees (1) (6 ) (37 ) Repurchase of common stock under the share repurchase program (585 ) (985 ) Repurchase of common stock under accelerated share repurchase agreement — (103 ) Balance at February 28, 2018 and 2017, respectively 38,927 39,419 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended February 28, 2018 Basic EPS Income available to common stockholders $ 53,137 38,991 $ 1.36 Diluted EPS Dilutive effect of stock options and restricted stock 855 Income available to common stockholders plus assumed conversions $ 53,137 39,846 $ 1.33 For the three months ended February 28, 2017 Basic EPS Income available to common stockholders $ 66,710 39,489 $ 1.69 Diluted EPS Dilutive effect of stock options and restricted stock 211 Income available to common stockholders plus assumed conversions $ 66,710 39,700 $ 1.68 For the six months ended February 28, 2018 Basic EPS Income available to common stockholders $ 123,516 39,038 $ 3.16 Diluted EPS Dilutive effect of stock options and restricted stock 725 Income available to common stockholders plus assumed conversions $ 123,516 39,763 $ 3.11 For the six months ended February 28, 2017 Basic EPS Income available to common stockholders $ 133,293 39,659 $ 3.36 Diluted EPS Dilutive effect of stock options and restricted stock 241 Income available to common stockholders plus assumed conversions $ 133,293 39,900 $ 3.34 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Dividends Per Type Record Date Total $ Amount (in thousands) Payment Date February 7, 2018 $ 0.56 Regular (cash) February 28, 2018 $ 21,799 March 20, 2018 November 8, 2017 $ 0.56 Regular (cash) November 30, 2017 $ 21,902 December 19, 2017 August 10, 2017 $ 0.56 Regular (cash) August 31, 2017 $ 21,853 September 19, 2017 May 5, 2017 $ 0.56 Regular (cash) May 31, 2017 $ 21,951 June 20, 2017 February 6, 2017 $ 0.50 Regular (cash) February 28, 2017 $ 19,709 March 21, 2017 November 10, 2016 $ 0.50 Regular (cash) November 30, 2016 $ 19,852 December 20, 2016 August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 |
Note 13 - Employee Stock Opti35
Note 13 - Employee Stock Option and Retirement Plans (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | (in thousands, except exercise price per share) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2017 3,366 $ 139.29 Granted – non performance-based 554 $ 189.98 Exercised (226 ) $ 104.90 Forfeited (25 ) $ 133.89 Balance at November 30, 2017 3,669 $ 149.09 Granted – non performance-based 16 $ 192.11 Granted – non-employee Directors grant 19 $ 197.75 Exercised (220 ) $ 118.75 Forfeited (82 ) $ 164.59 Balance at February 28, 2018 3,402 $ 151.15 |
Schedule of Share-based Compensation Vesting Percentage and Related Expenses [Table Text Block] | Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 100% $ 609 $ 2,096 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 80% $ 948 $ 6,160 90% $ 1,066 $ 6,930 100% $ 1,185 $ 7,700 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2017 182 $ 138.62 Granted 1 $ 182.17 Forfeited (10 ) $ 114.37 Vested (11 ) $ 157.37 Balance at November 30, 2017 162 $ 139.12 Granted — $ — Forfeited (3 ) $ 120.28 Vested (4 ) $ 135.97 Balance at February 28, 2018 155 $ 139.55 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (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, 2017 897 42 Granted – nonperformance-based options (554 ) — Granted – restricted stock awards (1) (2 ) — Share-based awards canceled/forfeited (2) 51 — Balance at November 30, 2017 392 42 Increase in the number of shares available for issuance ( 3 ) (4 ) 5,750 250 Granted – non performance-based options (16 ) (19 ) Share-based awards canceled/forfeited (2) 89 — Balance at February 28, 2018 6,215 273 |
Note 14 - Stock-based Compens36
Note 14 - Stock-based Compensation (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2018 2017 Term structure of risk-free interest rate 1.28% - 2.41% 0.49% - 1.89% Expected life (years) 7.4 7.4 Term structure of volatility 19% - 29% 21% - 29% Dividend yield 1.32% 1.18% Weighted average estimated fair value $48.82 $43.81 Weighted average exercise price $192.11 $169.16 Fair value as a percentage of exercise price 25.4% 25.9% Six months ended February 28, 2018 2017 Term structure of risk-free interest rate 1.28% - 2.41% 0.07% - 2.09% Expected life (years) 7.4 7.4 Term structure of volatility 19% - 29% 21% - 30% Dividend yield 1.32% 1.18% Weighted average estimated fair value $48.29 $39.95 Weighted average exercise price $190.04 $153.87 Fair value as a percentage of exercise price 25.4% 26.0% |
The 2008 Employee Stock Purchase Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2018 2017 Risk-free interest rate 1.45 % 0.51 % Expected life (months) 3 3 Expected volatility 13.9 % 7.8 % Dividend yield 1.11 % 1.25 % Weighted average estimated fair value $ 35.02 $ 25.88 Six months ended February 28, 2018 2017 Risk-free interest rate 1.26 % 0.44 % Expected life (months) 3 3 Expected volatility 10.52 % 8.9 % Dividend yield 1.29 % 1.19 % Weighted average estimated fair value $ 29.76 $ 27.85 |
Non Employee Directors Stock Option Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 2.34 % Expected life (years) 5.4 Expected volatility 19.7 % Dividend yield 1.16 % Risk-free interest rate 1.95 % Expected life (years) 5.4 Expected volatility 22.7 % Dividend yield 1.24 % |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Three months ended February 28, Six months ended February 28, (in thousands) 2018 2017 2018 2017 Income before income taxes $ 92,213 $ 89,490 $ 178,392 $ 179,310 Total provision for income taxes $ 39,076 $ 22,780 $ 54,876 $ 46,017 Effective tax rate 42.4 % 25.5 % 30.8 % 25.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) February 28, 2018 August 31, 2017 Deferred tax assets: Receivable reserve $ 573 $ 811 Depreciation on property, equipment and leasehold improvements 2,495 2,220 Deferred rent 7,761 11,615 Stock-based compensation 13,687 20,117 Purchased intangible assets, including acquired technology (22,359 ) (32,742 ) Other 3,630 8,059 Total deferred tax assets $ 5,787 $ 10,080 (in thousands) February 28, 2018 August 31, 2017 Deferred tax liabilities: Stock-based compensation $ (854 ) $ (815 ) Depreciation on property, equipment and leasehold improvements 551 168 Purchased intangible assets, including acquired technology 25,265 26,231 Other 726 1,690 Total deferred tax liabilities $ 25,688 $ 27,274 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Unrecognized income tax benefits at August 31, 2017 $ 11,484 Additions based on tax positions related to the current year 1,895 Additions for tax positions of prior years 300 Reductions from settlements with taxing authorities (2,601 ) Unrecognized income tax benefits February 28, 2018 $ 11,078 |
Summary of Income Tax Examinations [Table Text Block] | Major Tax Jurisdictions Open Tax Years U.S. 2014 through 2018 Federal 2014 through 2018 State (various) Europe France 2014 through 2018 United Kingdom 2016 through 2018 Germany 2017 through 2018 |
Note 16 - Long-term Debt (Table
Note 16 - Long-term Debt (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) February 28, 2018 August 31, 2017 2017 Revolving Credit Facility $ 574,702 $ 575,000 Total Outstanding Debt $ 574,702 $ 575,000 |
Note 17 - Commitments and Con39
Note 17 - Commitments and Contingencies (Tables) | 6 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ended August 31, (in thousands) Minimum Lease Payments 2018 (remaining six months) $ 22,078 2019 45,592 2020 41,122 2021 34,967 2022 32,604 Thereafter 252,878 Total $ 429,241 |
Note 4 - Fair Value Measures (D
Note 4 - Fair Value Measures (Details Textual) - USD ($) $ in Millions | Feb. 28, 2018 | Aug. 31, 2017 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Fair Value | $ 575 | $ 575 |
Note 4 - Fair Value Measures -
Note 4 - Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | |
Derivative instruments | [1] | $ 3,921 | $ 6,142 |
Total assets measured at fair value | 70,951 | 65,263 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Money Market Funds [Member] | |||
Corporate money market funds | [2] | 35,472 | 26,677 |
Mutual Funds [Member] | |||
Mutual funds | [3] | 20,243 | 18,364 |
Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | 11,315 | 14,080 |
Fair Value, Inputs, Level 1 [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | 35,472 | 26,677 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | 35,472 | 26,677 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative instruments | [1] | 3,921 | 6,142 |
Total assets measured at fair value | 35,479 | 38,586 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | 20,243 | 18,364 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | 11,315 | 14,080 |
Fair Value, Inputs, Level 3 [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | |||
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | ||
[1] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign currency 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. | ||
[2] | 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 Sheets. | ||
[3] | The Company's mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds allocated to each share of the mutual fund using a net asset value approach. The fair value of the underlying investments is based on observable inputs. As such, the Company's mutual funds are classified as Level 2 and are classified as investments (short-term) on the Consolidated Balance Sheets. | ||
[4] | The Company's certificates of deposit held for investment 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 Consolidated Balance Sheets. |
Note 5 - Derivative Instrumen42
Note 5 - Derivative Instruments (Details Textual) $ in Thousands, ₨ in Billions | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2018INR (₨) | Aug. 31, 2017USD ($) | |
Gain (Loss) on Discontinuation of Foreign Currency Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 0 | $ 0 | ||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Asset, Notional Amount | ₨ | ₨ 4.2 | |||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 3,700 | |||||
India, Rupees | ||||||
Percent of Foreign Exchange Contracts Hedged | 75.00% | |||||
India, Rupees | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Asset, Notional Amount | $ 58,070 | $ 58,070 | $ 51,000 |
Note 5 - Derivative Instrumen43
Note 5 - Derivative Instruments - Hedging Positions and Corresponding Fair Values (Details) - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] $ in Thousands, ₨ in Billions | Feb. 28, 2018USD ($) | Feb. 28, 2018INR (₨) | Aug. 31, 2017USD ($) |
Gross Notional Value | ₨ | ₨ 4.2 | ||
India, Rupees | |||
Gross Notional Value | $ 58,070 | $ 51,000 | |
Fair Value Asset (Liability) | $ 3,921 | $ 6,142 |
Note 5 - Derivative Instrumen44
Note 5 - Derivative Instruments - Fair Value Amounts of Derivative Instruments and Gains (Details) - Foreign Exchange Contract [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative assets | $ 3,712 | $ 3,796 |
Other Assets [Member] | ||
Derivative assets | 209 | 2,346 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative liabilities |
Note 5 - Derivative Instrumen45
Note 5 - Derivative Instruments - Derivatives in Cash Flow Hedging Relationships (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
(Loss) Gain Recognized in AOCL on Derivatives | $ (1,346) | $ 1,188 | $ (1,345) | $ 539 |
Gain (Loss) Reclassified from AOCL into Income (Effective Portion) | $ 824 | $ (1,030) | $ 1,589 | $ (2,387) |
Note 6 - Other Comprehensive 46
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | ||
Foreign currency translation adjustments | $ 9,400 | $ 861 | $ 17,866 | $ (10,636) | |
Foreign currency translation adjustments | 9,400 | 861 | 17,866 | (10,636) | |
Realized loss (gain) on cash flow hedges reclassified to earnings, pre-tax | [1] | (824) | 1,030 | (1,589) | 2,387 |
Realized loss (gain) on cash flow hedges reclassified to earnings | [1] | (582) | 651 | (1,058) | 1,508 |
Unrealized gain (loss) on cash flow hedges recognized in AOCL, pre-tax | (1,346) | 1,188 | (1,345) | 539 | |
Unrealized (loss) gain on cash flow hedges recognized in AOCL | (686) | 750 | (686) | 340 | |
Other comprehensive income (loss), pre-tax | 7,230 | 3,079 | 14,932 | (7,710) | |
Other comprehensive income (loss) | $ 8,132 | $ 2,262 | $ 16,122 | $ (8,788) | |
[1] | Reclassified to Selling, General and Administrative Expenses |
Note 6 - Other Comprehensive 47
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Aug. 28, 2018 | Feb. 28, 2018 | Aug. 31, 2017 |
Accumulated unrealized gains (losses) on cash flow hedges, net of tax | $ 2,058 | $ 3,802 | |
Accumulated foreign currency translation adjustments | (20,656) | (38,522) | |
Total accumulated other comprehensive loss | $ (18,598) | $ (18,598) | $ (34,720) |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) $ in Thousands | 6 Months Ended | |
Feb. 28, 2018USD ($) | Aug. 31, 2017USD ($) | |
Number of Reportable Segments | 3 | |
Goodwill | $ 716,912 | $ 707,560 |
UNITED STATES | ||
Goodwill | $ 386,195 | 386,835 |
Goodwill Percentage Per Segment | 54.00% | |
Europe [Member] | ||
Goodwill | $ 327,658 | 317,759 |
Goodwill Percentage Per Segment | 45.00% | |
Asia Pacific [Member] | ||
Goodwill | $ 3,059 | $ 2,966 |
Goodwill Percentage Per Segment | 1.00% |
Note 7 - Segment Information -
Note 7 - Segment Information - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2017 | |
Revenues from clients | $ 335,231 | $ 294,354 | $ 664,372 | $ 582,417 | |
Segment operating profit | 95,485 | 91,746 | 184,583 | 182,065 | |
Total assets | 1,472,492 | 1,061,829 | 1,472,492 | 1,061,829 | $ 1,413,315 |
Capital expenditures | 6,463 | 5,509 | 12,375 | 18,046 | |
UNITED STATES | |||||
Revenues from clients | 208,900 | 191,629 | 417,668 | 382,256 | |
Segment operating profit | 38,527 | 36,188 | 79,298 | 76,192 | |
Total assets | 733,045 | 675,830 | 733,045 | 675,830 | |
Capital expenditures | 3,729 | 3,976 | 7,274 | 15,100 | |
Europe [Member] | |||||
Revenues from clients | 96,206 | 76,273 | 187,933 | 148,136 | |
Segment operating profit | 36,993 | 39,932 | 69,963 | 76,516 | |
Total assets | 634,472 | 291,643 | 634,472 | 291,643 | |
Capital expenditures | 755 | 170 | 2,279 | 661 | |
Asia Pacific [Member] | |||||
Revenues from clients | 30,125 | 26,452 | 58,771 | 52,025 | |
Segment operating profit | 19,965 | 15,625 | 35,322 | 29,355 | |
Total assets | 104,975 | 94,356 | 104,975 | 94,356 | |
Capital expenditures | $ 1,979 | $ 1,363 | $ 2,822 | $ 2,285 |
Note 8 - Business Combination50
Note 8 - Business Combinations (Details Textual) $ in Millions | Mar. 17, 2017USD ($) | Nov. 08, 2016USD ($) | Aug. 31, 2017USD ($) |
BI-SAM Technologies [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||
BI-SAM Technologies [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
BI-SAM Technologies [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
BI-SAM Technologies [Member] | Selling, General and Administrative Expenses [Member] | |||
Business Combination, Acquisition Related Costs | $ 3.2 | ||
Vermilion Holdings Limited [Member] | |||
Business Combination, Consideration Transferred | $ 67.9 | ||
Vermilion Holdings Limited [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Vermilion Holdings Limited [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Vermilion Holdings Limited [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Vermilion Holdings Limited [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Vermilion Holdings Limited [Member] | Selling, General and Administrative Expenses [Member] | |||
Business Combination, Acquisition Related Costs | $ 0.7 | ||
BI-SAM Technologies [Member] | |||
Business Combination, Consideration Transferred | $ 217.6 | ||
Finite-lived Intangible Assets Acquired | 56.6 | ||
Goodwill, Acquired During Period | $ 173.9 | ||
BI-SAM Technologies [Member] | Minimum [Member] | |||
Entity Number of Employees | 160 | ||
Vermilion Holdings Limited [Member] | |||
Entity Number of Employees | 59 | ||
Finite-lived Intangible Assets Acquired | $ 18.2 | ||
Goodwill, Acquired During Period | $ 51.2 |
Note 8 - Business Combination51
Note 8 - Business Combinations - Business Acquired (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 | Mar. 17, 2017 | Nov. 08, 2016 |
Goodwill | $ 716,912 | $ 707,560 | ||
BI-SAM Technologies [Member] | ||||
Tangible assets acquired | $ 27,583 | |||
Goodwill | 173,898 | |||
Total assets acquired | 258,080 | |||
Liabilities assumed | (40,443) | |||
Net assets acquired | 217,637 | |||
BI-SAM Technologies [Member] | Computer Software, Intangible Asset [Member] | ||||
Amortizable intangible assets | 18,261 | |||
BI-SAM Technologies [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets | 37,597 | |||
BI-SAM Technologies [Member] | Trade Names [Member] | ||||
Amortizable intangible assets | $ 741 | |||
Vermilion Holdings Limited [Member] | ||||
Tangible assets acquired | $ 7,916 | |||
Goodwill | 51,157 | |||
Total assets acquired | 77,320 | |||
Liabilities assumed | (9,434) | |||
Net assets acquired | 67,886 | |||
Vermilion Holdings Limited [Member] | Computer Software, Intangible Asset [Member] | ||||
Amortizable intangible assets | 10,916 | |||
Vermilion Holdings Limited [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets | 5,954 | |||
Vermilion Holdings Limited [Member] | Trade Names [Member] | ||||
Amortizable intangible assets | 571 | |||
Vermilion Holdings Limited [Member] | Noncompete Agreements [Member] | ||||
Amortizable intangible assets | $ 806 |
Note 9 - Goodwill (Details Text
Note 9 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 31, 2017USD ($) | Feb. 28, 2018 | |
Number of Reporting Units | 3 | |
Goodwill, Impairment Loss | $ 0 |
Note 9 - Goodwill - Changes in
Note 9 - Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Thousands | 6 Months Ended |
Feb. 28, 2018USD ($) | |
Begining Balance | $ 707,560 |
Foreign currency translations | 11,553 |
Other adjustments | (2,201) |
Ending Balance | 716,912 |
UNITED STATES | |
Begining Balance | 386,835 |
Foreign currency translations | |
Other adjustments | (640) |
Ending Balance | 386,195 |
Europe [Member] | |
Begining Balance | 317,759 |
Foreign currency translations | 11,460 |
Other adjustments | (1,561) |
Ending Balance | 327,658 |
Asia Pacific [Member] | |
Begining Balance | 2,966 |
Foreign currency translations | 93 |
Other adjustments | |
Ending Balance | $ 3,059 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years 182 days | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 6,200 | $ 4,200 | $ 12,400 | $ 8,000 |
Note 10 - Intangible Assets - I
Note 10 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 |
Gross Carrying Amount | $ 253,715 | $ 248,771 |
Accumulated Amortization | 89,028 | 75,228 |
Net Carrying Amount | 164,687 | 173,543 |
Data Content [Member] | ||
Gross Carrying Amount | 35,666 | 34,116 |
Accumulated Amortization | 20,812 | 18,899 |
Net Carrying Amount | 14,854 | 15,217 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 101,598 | 99,779 |
Accumulated Amortization | 26,336 | 22,339 |
Net Carrying Amount | 75,262 | 77,440 |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | 107,420 | 105,963 |
Accumulated Amortization | 37,897 | 30,889 |
Net Carrying Amount | 69,523 | 75,074 |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | 4,891 | 4,833 |
Accumulated Amortization | 1,978 | 1,518 |
Net Carrying Amount | 2,913 | 3,315 |
Trade Names [Member] | ||
Gross Carrying Amount | 4,140 | 4,080 |
Accumulated Amortization | 2,005 | 1,583 |
Net Carrying Amount | $ 2,135 | $ 2,497 |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Feb. 28, 2018USD ($) |
2018 (remaining six months) | $ 12,492 |
2,019 | 24,089 |
2,020 | 23,365 |
2,021 | 21,829 |
2,022 | 19,459 |
Thereafter | 63,453 |
Total | $ 164,687 |
Note 11 - Common Stock and Ea57
Note 11 - Common Stock and Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 20, 2018 | Feb. 07, 2018 | Nov. 08, 2017 | Aug. 10, 2017 | May 05, 2017 | Feb. 06, 2017 | Nov. 10, 2016 | Aug. 05, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.56 | |||||||||||
Dividends, Cash | $ 21,799 | $ 21,902 | $ 21,853 | $ 21,951 | $ 19,709 | $ 19,852 | $ 20,019 | |||||
Shares Paid for Tax Withholding for Share Based Compensation | 5,563 | 37,042 | ||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 1,000 | $ 5,700 | ||||||||||
Employee Stock Option [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 487,023 | ||||||||||
Performance Shares [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 309,800 | 754,561 | ||||||||||
Subsequent Event [Member] | ||||||||||||
Dividends, Cash | $ 21,800 | |||||||||||
Per Annum [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 2.24 |
Note 11 - Common Stock and Ea58
Note 11 - Common Stock and Earnings Per Share - Shares of Common Stock Outstanding (Details) - shares | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | ||
Balance (in shares) | 39,023,032 | 40,038,000 | |
Common stock issued for employee stock plans (in shares) | 495,000 | 506,000 | |
Repurchase of common stock (in shares) | (584,920) | (984,822) | |
Balance (in shares) | 38,927,153 | 39,419,000 | |
Repurchase of Common Stock from Employees [Member] | |||
Repurchase of common stock (in shares) | [1] | (6,000) | (37,000) |
Share Repurchase Program [Member] | |||
Repurchase of common stock (in shares) | (585,000) | (985,000) | |
ASR Agreement [Member] | |||
Repurchase of common stock (in shares) | (103,000) | ||
[1] | For the six months ended February 28, 2018 and 2017, the Company repurchased 5,563 and 37,042 shares, or $1.0 million and $5.7 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. |
Note 11 - Common Stock and Ea59
Note 11 - Common Stock and Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Income available to common stockholders, net income (numerator) | $ 53,137 | $ 66,710 | $ 123,516 | $ 133,293 |
Basic weighted average common shares (in shares) | 38,991 | 39,489 | 39,038 | 39,659 |
Basic earnings per common share (in dollars per share) | $ 1.36 | $ 1.69 | $ 3.16 | $ 3.36 |
Dilutive effect of stock options and restricted stock, weighted average common share (denominator) (in shares) | 855 | 211 | 725 | 241 |
Income available to common stockholders plus assumed conversions, net income (numerator) | $ 53,137 | $ 66,710 | $ 123,516 | $ 133,293 |
Diluted weighted average common shares (in shares) | 39,846 | 39,700 | 39,763 | 39,900 |
Diluted earnings per common share (in dollars per share) | $ 1.33 | $ 1.68 | $ 3.11 | $ 3.34 |
Note 12 - Stockholders' Equit60
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 26, 2018 | Jan. 31, 2018 | Feb. 28, 2018 | Feb. 28, 2017 | Mar. 27, 2018 | Aug. 31, 2017 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Common Stock, Shares, Issued | 39,047,153 | 51,845,132 | ||||
Treasury Stock, Shares, Retired | 13,292,689 | |||||
Treasury Stock, Retired, Cost Method, Amount | $ 1,700 | |||||
Treasury Stock, Shares | 120,000 | 12,822,100 | ||||
Treasury Stock, Shares, Acquired | 584,920 | 984,822 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 112.9 | $ 160.4 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 131.2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 14,839 | 101,234 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 5,563 | 37,042 | ||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||
Subsequent Event [Member] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 431.2 | |||||
Stock Repurchase Program, Increase in Authorized Amount | $ 300 | |||||
Common Stock [Member] | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0.1 | |||||
Additional Paid-in Capital [Member] | ||||||
Treasury Stock, Retired, Cost Method, Amount | 186.7 | |||||
Retained Earnings [Member] | ||||||
Treasury Stock, Retired, Cost Method, Amount | $ 1,500 |
Note 12 - Stockholders' Equit61
Note 12 - Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 07, 2018 | Nov. 08, 2017 | Aug. 10, 2017 | May 05, 2017 | Feb. 06, 2017 | Nov. 10, 2016 | Aug. 05, 2016 |
Dividends Per Share of Common Stock (in dollars per share) | $ 0.56 | $ 0.56 | $ 0.56 | $ 0.56 | $ 0.50 | $ 0.50 | $ 0.50 |
Record Date | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 |
Total $ Amount | $ 21,799 | $ 21,902 | $ 21,853 | $ 21,951 | $ 19,709 | $ 19,852 | $ 20,019 |
Payment Date | Mar. 20, 2018 | Dec. 19, 2017 | Sep. 19, 2017 | Jun. 20, 2017 | Mar. 21, 2017 | Dec. 20, 2016 | Sep. 20, 2016 |
Note 13 - Employee Stock Opti62
Note 13 - Employee Stock Option and Retirement Plans (Details Textual) - USD ($) | Jan. 12, 2018 | Dec. 19, 2017 | Jan. 13, 2017 | Jun. 30, 2017 | Jan. 31, 2017 | Feb. 28, 2018 | Nov. 30, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2015 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2017 | Aug. 31, 2008 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 192.11 | $ 169.16 | $ 190.04 | $ 153.87 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,402,000 | 3,669,000 | 3,402,000 | 3,366,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 151.15 | $ 149.09 | $ 151.15 | $ 139.29 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 85,900,000 | $ 85,900,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | ||||||||||||||
Share Price | $ 203.18 | $ 203.18 | $ 157.18 | ||||||||||||
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% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Contribution Limit | $ 25,000 | ||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,805 | 20,744 | 34,394 | 37,240 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 171.23 | $ 135.48 | $ 150.25 | $ 135.77 | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 298,778 | 298,778 | |||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | ||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period | 5 years | ||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 5,500,000 | $ 4,600,000 | |||||||||||||
Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 152.51 | |||||||||||||
Performance Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,744 | 22,460 | |||||||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | |||||||||||||||
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 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | $ 300,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 328 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||||||||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,744 | ||||||||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 0.00% | |||||||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 100.00% | |||||||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 206,417 | ||||||||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 0.00% | |||||||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 80.00% | |||||||||||||
Restricted Stock [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 961 | 12,927 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 182.17 | $ 157.50 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 155,000 | 162,000 | 155,000 | 182,000 | |||||||||||
LTIP [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5,750,000 | 5,750,000 | [1],[2] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 17,200,000 | $ 14,100,000 | $ 35,200,000 | 30,500,000 | |||||||||||
LTIP [Member] | Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 569,305 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 190.04 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,401,562 | 3,401,562 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 151.15 | $ 151.15 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 70,800,000 | $ 70,800,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 182 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,100,000 | 1,100,000 | 900,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 122.44 | $ 122.44 | $ 105.14 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 89,400,000 | $ 89,400,000 | $ 49,700,000 | ||||||||||||
LTIP [Member] | Employee Stock Option [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||||
LTIP [Member] | Restricted Stock [Member] | |||||||||||||||
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 | $ 15,100,000 | $ 15,100,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days | ||||||||||||||
Share Price | $ 203.18 | $ 203.18 | $ 157.18 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 961 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 182.17 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 155,113 | 155,113 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 31,500,000 | $ 31,500,000 | $ 28,600,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Pre-Tax Intrinsic Value | $ 700,000 | $ 1,100,000 | $ 2,700,000 | $ 15,600,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share Equivalent | 2.5 | 2.5 | |||||||||||||
Director Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 250,000 | 250,000 | [1],[2] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 18,963 | 23,846 | 19,000 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 197.75 | ||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | ||||||||||||||
[1] | On December 19, 2017, the Company's stockholders approved the Director Plan. As part of the approval, an additional 250,000 shares of commons stock were added to the Director Plan share reserve. | ||||||||||||||
[2] | On December 19, 2017, the Company's stockholders approved the LTIP. As part of the approval, an additional 5,750,000 shares of common stock were added to the LTIP’s share reserve. |
Note 13 - Employee Stock Opti63
Note 13 - Employee Stock Option and Retirement Plans - Summary of Stock Option Activity (Details) - $ / shares | Jan. 12, 2018 | Jan. 13, 2017 | Feb. 28, 2018 | Nov. 30, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 |
Balance (in shares) | 3,669,000 | 3,366,000 | 3,366,000 | |||||
Balance, weighted average price per share (in dollars per share) | $ 149.09 | $ 139.29 | $ 139.29 | |||||
Granted, weighted average price per share (in dollars per share) | $ 192.11 | $ 169.16 | $ 190.04 | $ 153.87 | ||||
Exercised (in shares) | (220,000) | (226,000) | ||||||
Exercised, weighted average price per share (in dollars per share) | $ 118.75 | $ 104.90 | ||||||
Forfeited (in shares) | (82,000) | (25,000) | ||||||
Forfeited, weighted average price per share (in dollars per share) | $ 164.59 | $ 133.89 | ||||||
Balance (in shares) | 3,402,000 | 3,669,000 | 3,402,000 | |||||
Balance, weighted average price per share (in dollars per share) | $ 151.15 | $ 149.09 | $ 151.15 | |||||
Non Performance Based [Member] | ||||||||
Granted (in shares) | 15,363 | 553,942 | 671,263 | |||||
Granted, weighted average price per share (in dollars per share) | $ 192.11 | $ 189.98 | ||||||
LTIP [Member] | Non Performance Based [Member] | ||||||||
Granted (in shares) | 16,000 | 554,000 | ||||||
Granted, weighted average price per share (in dollars per share) | $ 192.11 | $ 189.98 | ||||||
Director Plan [Member] | ||||||||
Granted (in shares) | 18,963 | 23,846 | 19,000 | |||||
Granted, weighted average price per share (in dollars per share) | $ 197.75 |
Note 13 - Stock Option and Reti
Note 13 - Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) - Performance Shares [Member] $ in Thousands | 6 Months Ended | |
Feb. 28, 2018USD ($) | ||
Share-based Compensation Award, Tranche One [Member] | Vermilion Holdings Limited [Member] | ||
Cumulative Catch-up Adjustment | ||
Remaining Expense to be Recognized | ||
Share-based Compensation Award, Tranche One [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | ||
Remaining Expense to be Recognized | ||
Share-based Compensation Award, Tranche Two [Member] | Vermilion Holdings Limited [Member] | ||
Cumulative Catch-up Adjustment | 609 | [1] |
Remaining Expense to be Recognized | 2,096 | |
Share-based Compensation Award, Tranche Two [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | 948 | [1] |
Remaining Expense to be Recognized | 6,160 | |
Share-based Compensation Award, Tranche Three [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | 1,066 | [1] |
Remaining Expense to be Recognized | 6,930 | |
Share-based Compensation Award, Tranche Four [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | 1,185 | [1] |
Remaining Expense to be Recognized | $ 7,700 | |
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2018. |
Note 13 - Stock Option and Re65
Note 13 - Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) (Parentheticals) - Performance Shares [Member] | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jan. 31, 2017 | Feb. 28, 2018 | |
Share-based Compensation Award, Tranche One [Member] | Vermilion Holdings Limited [Member] | |||
Vesting percentage | 40.00% | 0.00% | |
Share-based Compensation Award, Tranche One [Member] | BI-SAM Technologies [Member] | |||
Vesting percentage | 40.00% | 0.00% | |
Share-based Compensation Award, Tranche Two [Member] | Vermilion Holdings Limited [Member] | |||
Vesting percentage | 20.00% | 100.00% | |
Share-based Compensation Award, Tranche Two [Member] | BI-SAM Technologies [Member] | |||
Vesting percentage | 20.00% | 80.00% | |
Share-based Compensation Award, Tranche Three [Member] | BI-SAM Technologies [Member] | |||
Vesting percentage | 90.00% | ||
Share-based Compensation Award, Tranche Four [Member] | BI-SAM Technologies [Member] | |||
Vesting percentage | 100.00% |
Note 13 - Employee Stock Opti66
Note 13 - Employee Stock Option and Retirement Plans - Summary of Restricted Stock Award (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | |
Restricted stock vested (in shares) | (14,839) | (101,234) | |||
Restricted Stock [Member] | |||||
Restricted stock balance (in shares) | 162,000 | 182,000 | 182,000 | ||
Restricted stock balance, weighted average grant date fair value (in dollars per share) | $ 139.12 | $ 138.62 | $ 138.62 | ||
Restricted stock granted (in shares) | 961 | 12,927 | |||
Restricted stock granted, weighted average grant date fair value (in dollars per share) | $ 182.17 | $ 157.50 | |||
Restricted stock forfeited (in shares) | (3,000) | (10,000) | |||
Restricted stock forfeited, weighted average grant date fair value (in dollars per share) | $ 120.28 | $ 114.37 | |||
Restricted stock vested (in shares) | (4,000) | (11,000) | |||
Restricted stock vested, weighted average grant date fair value (in dollars per share) | $ 135.97 | $ 157.37 | |||
Restricted stock balance (in shares) | 155,000 | 162,000 | 155,000 | ||
Restricted stock balance, weighted average grant date fair value (in dollars per share) | $ 139.55 | $ 139.12 | $ 139.55 |
Note 13 - Employee Stock Opti67
Note 13 - Employee Stock Option and Retirement Plans - Summary of Share-based Awards Available for Grant (Details) - shares | Dec. 19, 2017 | Feb. 28, 2018 | Nov. 30, 2017 | ||
LTIP [Member] | |||||
Balance (in shares) | 392,000 | 897,000 | |||
Share-based awards canceled/forfeited (in shares) | [1] | 89,000 | 51,000 | ||
Increase in the number of shares available for issuance (in shares) | 5,750,000 | 5,750,000 | [2],[3] | ||
Balance (in shares) | 6,215,000 | 392,000 | |||
LTIP [Member] | Non Performance Based [Member] | |||||
Granted (in shares) | (554,000) | ||||
LTIP [Member] | Restricted Stock [Member] | |||||
Granted (in shares) | [4] | (2,000) | |||
LTIP [Member] | Performance Shares [Member] | |||||
Granted (in shares) | (16,000) | ||||
Director Plan [Member] | |||||
Balance (in shares) | 42,000 | 42,000 | |||
Share-based awards canceled/forfeited (in shares) | [1] | ||||
Increase in the number of shares available for issuance (in shares) | 250,000 | 250,000 | [2],[3] | ||
Balance (in shares) | 273,222 | 42,000 | |||
Director Plan [Member] | Non Performance Based [Member] | |||||
Granted (in shares) | |||||
Director Plan [Member] | Restricted Stock [Member] | |||||
Granted (in shares) | [4] | ||||
Director Plan [Member] | Performance Shares [Member] | |||||
Granted (in shares) | (19,000) | ||||
[1] | Under the Company's Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. | ||||
[2] | On December 19, 2017, the Company's stockholders approved the Director Plan. As part of the approval, an additional 250,000 shares of commons stock were added to the Director Plan share reserve. | ||||
[3] | On December 19, 2017, the Company's stockholders approved the LTIP. As part of the approval, an additional 5,750,000 shares of common stock were added to the LTIP’s share reserve. | ||||
[4] | 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 Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 12, 2018 | Jan. 13, 2017 | Feb. 28, 2018 | Nov. 30, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2017 | Aug. 31, 2008 |
Allocated Share-based Compensation Expense | $ 7,900 | $ 7,200 | $ 15,400 | $ 13,600 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 85,900 | $ 85,900 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 192.11 | $ 169.16 | $ 190.04 | $ 153.87 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.82 | $ 43.81 | $ 48.29 | $ 39.95 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 298,778 | 298,778 | ||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,805 | 20,744 | 34,394 | 37,240 | ||||||
Director Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 18,963 | 23,846 | 19,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 197.75 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.76 | $ 35.65 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 273,222 | 42,000 | 273,222 | 42,000 | ||||||
Director Plan [Member] | Malcolm Frank [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,104 | |||||||||
Non Employee Directors Stock Option Plan [Member] | Sheila B. Jordan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,104 | |||||||||
The 2008 Employee Stock Purchase Plan [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 500 | $ 600 | $ 1,100 | $ 1,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 171.23 | $ 135.48 | $ 150.25 | $ 135.77 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,805 | 20,744 | 34,394 | 37,240 | ||||||
Non Performance Based [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,363 | 553,942 | 671,263 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 192.11 | $ 189.98 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.82 | $ 48.27 | ||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,744 | 22,460 | ||||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 152.51 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.81 | $ 39.60 | ||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 961 | 12,927 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 182.17 | $ 157.50 |
Note 14 - Stock-based Compens69
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days | 7 years 146 days | 7 years 146 days |
Dividend yield | 1.32% | 1.18% | 1.32% | 1.18% |
Weighted average estimated fair value (in dollars per share) | $ 48.82 | $ 43.81 | $ 48.29 | $ 39.95 |
Granted, weighted average price per share (in dollars per share) | $ 192.11 | $ 169.16 | $ 190.04 | $ 153.87 |
Fair value as a percentage of exercise price | 25.40% | 25.90% | 25.40% | 26.00% |
Minimum [Member] | ||||
Term structure of risk-free interest rate | 1.28% | 0.49% | 1.28% | 0.07% |
Term structure of volatility | 19.00% | 21.00% | 19.00% | 21.00% |
Maximum [Member] | ||||
Term structure of risk-free interest rate | 2.41% | 1.89% | 2.41% | 2.09% |
Term structure of volatility | 29.00% | 29.00% | 29.00% | 30.00% |
Note 14 - Stock-based Compens70
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Non-employee Director Stock Options (Details) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days | 7 years 146 days | 7 years 146 days |
Dividend yield | 1.32% | 1.18% | 1.32% | 1.18% |
Non Employee Directors Stock Option Plan [Member] | Employee Stock Option [Member] | ||||
Risk-free interest rate | 2.34% | 1.95% | ||
Expected life (years) (Year) | 5 years 146 days | 5 years 146 days | ||
Expected volatility | 19.70% | 22.70% | ||
Dividend yield | 1.16% | 1.24% |
Note 14 - Stock-based Compens71
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days | 7 years 146 days | 7 years 146 days |
Dividend yield | 1.32% | 1.18% | 1.32% | 1.18% |
Weighted average estimated fair value (in dollars per share) | $ 48.82 | $ 43.81 | $ 48.29 | $ 39.95 |
The 2008 Employee Stock Purchase Plan [Member] | ||||
Risk-free interest rate | 1.45% | 0.51% | 1.26% | 0.44% |
Expected life (years) (Year) | 90 days | 90 days | 90 days | 90 days |
Expected volatility | 13.90% | 7.80% | 10.52% | 8.90% |
Dividend yield | 1.11% | 1.25% | 1.29% | 1.19% |
Weighted average estimated fair value (in dollars per share) | $ 35.02 | $ 25.88 | $ 29.76 | $ 27.85 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2018 | Dec. 31, 2018 | Aug. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 250,000 | ||||
Income Tax Expense (Benefit), Continuing Operations, Transition Tax | 23,200 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 2,200 | ||||
Unrecognized Tax Benefits | 11,078 | $ 11,484 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,600 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 25.70% |
Note 15 - Income Taxes - Provis
Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Income before income taxes | $ 92,213 | $ 89,490 | $ 178,392 | $ 179,310 |
Provision for income taxes | $ 39,076 | $ 22,780 | $ 54,876 | $ 46,017 |
Effective tax rate | 42.40% | 25.50% | 30.80% | 25.70% |
Note 15 - Income Taxes - Signif
Note 15 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 |
Deferred tax assets: | ||
Receivable reserve | $ 573 | $ 811 |
Depreciation on property, equipment and leasehold improvements | 2,495 | 2,220 |
Deferred rent | 7,761 | 11,615 |
Stock-based compensation | 13,687 | 20,117 |
Purchased intangible assets, including acquired technology | (22,359) | (32,742) |
Other | 3,630 | 8,059 |
Total deferred tax assets | 5,787 | 10,080 |
Deferred tax liabilities: | ||
Stock-based compensation | (854) | (815) |
Depreciation on property, equipment and leasehold improvements | 551 | 168 |
Purchased intangible assets, including acquired technology | 25,265 | 26,231 |
Other | 726 | 1,690 |
Total deferred tax liabilities | $ 25,688 | $ 27,274 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 6 Months Ended |
Feb. 28, 2018USD ($) | |
Unrecognized income tax benefits | $ 11,484 |
Additions based on tax positions related to the current year | 1,895 |
Additions for tax positions of prior years | 300 |
Reductions from settlements with taxing authorities | (2,601) |
Unrecognized income tax benefits | $ 11,078 |
Note 15 - Income Taxes - Major
Note 15 - Income Taxes - Major Tax Jurisdictions and Tax Years Subject to Examination (Details) | 6 Months Ended |
Feb. 28, 2018 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,014 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,014 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,016 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,017 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
Note 16 - Long-term Debt (Detai
Note 16 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 17, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2017 |
Interest Paid | $ 3,600 | $ 1,300 | $ 7,000 | $ 2,400 | ||
The 2017 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575,000 | |||||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 225,000 | |||||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | $ 25,000 | |||||
Long-term Line of Credit | $ 575,000 | |||||
Line of Credit Facility, Commitment Fee Amount | $ 0 | |||||
The 2017 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 16 - Long-term Debt - Debt
Note 16 - Long-term Debt - Debt Obligations (Details) - USD ($) $ in Thousands | Feb. 28, 2018 | Aug. 31, 2017 |
Total Outstanding Debt | $ 574,702 | $ 575,000 |
The 2017 Revolving Credit Facility [Member] | ||
Total Outstanding Debt | $ 574,702 | $ 575,000 |
Note 17 - Commitments and Con79
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Feb. 28, 2018USD ($)ft²a | Feb. 28, 2017USD ($) | Feb. 28, 2018USD ($)ft²a | Feb. 28, 2017USD ($) | Feb. 14, 2018ft² | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | |
Operating Leases, Rent Expense | $ 13,500 | $ 11,500 | $ 26,500 | $ 22,900 | |||
Other Liabilities, Noncurrent | 37,738 | 37,738 | $ 37,188 | ||||
Letters of Credit Outstanding, Amount | $ 1,900 | $ 1,900 | |||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 81,000 | ||||||
Largest Individual Client Percent Of Total Subscriptions | 2.00% | 2.00% | |||||
Percentage of Subscription from Ten Largest Clients | 15.00% | 15.00% | |||||
Allowance for Doubtful Accounts Receivable | $ 3,300 | $ 3,300 | 2,700 | ||||
Deferred Rent [Member] | |||||||
Other Liabilities | 38,400 | 38,400 | 37,400 | ||||
Other Liabilities, Noncurrent | $ 34,100 | $ 34,100 | $ 33,500 | ||||
Norwalk Connecticut [Member] | |||||||
Area of Real Estate Property | ft² | 202,000 | 202,000 | 173,000 | ||||
Non-cancelable Operating Lease [Member] | |||||||
Area of Real Estate Property | a | 1,760,000 | 1,760,000 | |||||
Increase (Decrease) in Area of Real Estate Property | a | 617,000 | 617,000 | |||||
Increase (Decrease) in Area of Real Estate Property, Percent | 54.00% |
Note 17 - Commitments and Con80
Note 17 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Feb. 28, 2018USD ($) |
2018 (remaining six months) | $ 22,078 |
2,019 | 45,592 |
2,020 | 41,122 |
2,021 | 34,967 |
2,022 | 32,604 |
Thereafter | 252,878 |
Total | $ 429,241 |