Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May 31, 2019 | Jun. 28, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | FACTSET RESEARCH SYSTEMS INC | |
Entity Central Index Key | 0001013237 | |
Trading Symbol | fds | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 38,255,947 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Shell Company | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Revenues | $ 364,533 | $ 339,911 | $ 1,071,068 | $ 1,004,283 |
Operating expenses | ||||
Cost of services | 163,832 | 165,073 | 495,716 | 489,829 |
Selling, general and administrative | 83,461 | 81,573 | 248,885 | 236,606 |
Total operating expenses | 247,293 | 246,646 | 744,601 | 726,435 |
Operating income | 117,240 | 93,265 | 326,467 | 277,848 |
Other expense | ||||
Interest expense, net of interest income | 3,856 | 3,754 | 12,791 | 9,945 |
Income before income taxes | 113,384 | 89,511 | 313,676 | 267,903 |
Provision for income taxes | 21,119 | 14,765 | 52,413 | 69,641 |
Net income | $ 92,265 | $ 74,746 | $ 261,263 | $ 198,262 |
Basic earnings per common share (in dollars per share) | $ 2.41 | $ 1.94 | $ 6.85 | $ 5.10 |
Diluted earnings per common share (in dollars per share) | $ 2.37 | $ 1.91 | $ 6.73 | $ 5.01 |
Basic weighted average common shares (in shares) | 38,223 | 38,594 | 38,128 | 38,890 |
Diluted weighted average common shares (in shares) | 38,993 | 39,104 | 38,807 | 39,543 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | ||
Net income | $ 92,265 | $ 74,746 | $ 261,263 | $ 198,262 | |
Other comprehensive (loss) income, net of tax | |||||
Net unrealized (loss) gain on cash flow hedges* | [1] | (160) | (2,361) | 1,405 | (4,105) |
Foreign currency translation adjustments | (11,326) | (20,126) | (15,804) | (2,260) | |
Other comprehensive (loss) income | (11,486) | (22,487) | (14,399) | (6,365) | |
Comprehensive income | $ 80,779 | $ 52,259 | $ 246,864 | $ 191,897 | |
[1] | For the three months ended May 31, 2019, the unrealized loss on cash flow hedges was net of a tax benefit of $65. For the nine months ended May 31, 2019, the unrealized gain on cash flow hedges was net of a tax expense of $702. For the three and nine months ended May 31, 2018, the unrealized loss on cash flow hedges was net of a tax benefit of $976 and $2,166, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Tax expense on the net unrealized gain on cash flow hedges | $ 65 | $ 976 | $ 702 | $ 2,166 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 323,960 | $ 208,623 |
Investments | 26,355 | 29,259 |
Accounts receivable, net of reserves of $5,254 at May 31, 2019 and $3,490 at August 31, 2018 | 153,461 | 156,639 |
Prepaid taxes | 10,365 | 6,274 |
Prepaid expenses and other current assets | 35,030 | 30,121 |
Total current assets | 549,171 | 430,916 |
Property, equipment and leasehold improvements, net | 105,287 | 100,545 |
Goodwill | 690,956 | 701,833 |
Intangible assets, net | 129,205 | 148,935 |
Deferred taxes | 5,997 | 9,716 |
Other assets | 31,285 | 27,502 |
TOTAL ASSETS | 1,511,901 | 1,419,447 |
LIABILITIES | ||
Accounts payable and accrued expenses | 67,174 | 72,059 |
Accrued compensation | 42,515 | 66,479 |
Deferred fees | 50,509 | 49,700 |
Taxes payable | 3,820 | 8,453 |
Dividends payable | 27,506 | 24,443 |
Total current liabilities | 191,524 | 221,134 |
Long-term debt | 574,129 | 574,775 |
Deferred taxes | 19,006 | 21,190 |
Deferred fees | 11,750 | 7,833 |
Taxes payable | 24,323 | 29,626 |
Deferred rent and other non-current liabilities | 36,760 | 38,989 |
TOTAL LIABILITIES | 857,492 | 893,547 |
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, 39,982,823 and 39,264,849 shares issued, 38,217,763 and 38,192,586 shares outstanding at May 31, 2019 and August 31, 2018, respectively | 400 | 393 |
Additional paid-in capital | 781,705 | 667,531 |
Treasury stock, at cost: 1,765,060 and 1,072,263 shares at May 31, 2019 and August 31, 2018, respectively | (371,722) | (213,428) |
Retained earnings | 309,147 | 122,843 |
Accumulated other comprehensive loss | (65,121) | (51,439) |
TOTAL STOCKHOLDERS’ EQUITY | 654,409 | 525,900 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,511,901 | $ 1,419,447 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
Accounts receivable, reserves | $ 5,254 | $ 3,490 |
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) | 39,982,823 | 39,264,849 |
Common stock, shares outstanding (in shares) | 38,217,763 | 38,192,586 |
Treasury stock, shares (in shares) | 1,765,060 | 1,072,263 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2019 | May 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 261,263 | $ 198,262 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 43,943 | 42,848 |
Stock-based compensation expense | 24,135 | 23,241 |
Deferred income taxes | 1,294 | 848 |
Loss on sale of assets | 195 | 18 |
Changes in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net of reserves | 3,112 | 3,067 |
Accounts payable and accrued expenses | (4,783) | 3,423 |
Accrued compensation | (23,672) | (20,629) |
Deferred fees | 4,826 | 13,027 |
Taxes payable, net of prepaid taxes | (2,232) | 25,928 |
Other, net | (2,757) | (10,691) |
Net cash provided by operating activities | 305,324 | 279,342 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of investments | (8,180) | (9,608) |
Proceeds from maturity or sale of investments | 11,543 | 9,872 |
Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions | (32,906) | (18,375) |
Net cash used in investing activities | (29,543) | (18,111) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend payments | (75,769) | (65,037) |
Repurchases of common stock | (158,294) | (235,869) |
Repayment of debt | (575,000) | |
Proceeds from debt | 575,000 | |
Other financing activities | (901) | 2,218 |
Proceeds from employee stock plans | 78,926 | 57,529 |
Net cash used by financing activities | (156,038) | (241,159) |
Effect of exchange rate changes on cash and cash equivalents | (4,406) | (1,742) |
Net increase in cash and cash equivalents | 115,337 | 18,330 |
Cash and cash equivalents at beginning of period | 208,623 | 194,731 |
Cash and cash equivalents at end of period | $ 323,960 | $ 213,061 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Aug. 31, 2017 | 51,845,132 | 12,822,100 | |||||
Balance at Aug. 31, 2017 | $ 518 | $ 741,748 | $ (1,606,678) | $ 1,458,823 | $ (34,720) | $ 559,691 | |
Net income | 198,262 | 198,262 | |||||
Other comprehensive (loss) income | (6,365) | (6,365) | |||||
Common stock issued for employee stock plans (in shares) | 557,075 | 106 | |||||
Common stock issued for employee stock plans | $ 6 | 64,634 | $ (19) | 64,621 | |||
Vesting of restricted stock (in shares) | 15,063 | 5,563 | |||||
Vesting of restricted stock | $ (1,014) | $ (1,014) | |||||
Repurchases of common stock (in shares) | 1,204,920 | 1,204,920 | |||||
Repurchases of common stock | $ (234,836) | $ (234,836) | |||||
Stock-based compensation expense | 23,241 | 23,241 | |||||
Dividends declared | (68,267) | (68,267) | |||||
Retirement of treasury shares (in shares) | (13,292,689) | (13,292,689) | |||||
Retirement of treasury shares | $ (133) | (186,717) | $ 1,697,205 | (1,510,355) | |||
Balance (in shares) at May. 31, 2018 | 39,124,581 | 740,000 | |||||
Balance at May. 31, 2018 | $ 391 | 642,906 | $ (145,342) | 78,463 | (41,085) | 535,333 | |
Balance (in shares) at Feb. 28, 2018 | 39,047,153 | 120,000 | |||||
Balance at Feb. 28, 2018 | $ 390 | 625,394 | $ (23,379) | 28,283 | (18,598) | 612,090 | |
Net income | 74,746 | 74,746 | |||||
Other comprehensive (loss) income | (22,487) | (22,487) | |||||
Common stock issued for employee stock plans (in shares) | 77,204 | ||||||
Common stock issued for employee stock plans | $ 1 | 9,691 | 9,692 | ||||
Vesting of restricted stock (in shares) | 224 | ||||||
Vesting of restricted stock | |||||||
Repurchases of common stock (in shares) | 620,000 | 620,000 | |||||
Repurchases of common stock | $ (121,963) | $ (121,963) | |||||
Stock-based compensation expense | 7,821 | 7,821 | |||||
Dividends declared | (24,566) | (24,566) | |||||
Retirement of treasury shares (in shares) | |||||||
Retirement of treasury shares | |||||||
Balance (in shares) at May. 31, 2018 | 39,124,581 | 740,000 | |||||
Balance at May. 31, 2018 | $ 391 | 642,906 | $ (145,342) | 78,463 | (41,085) | 535,333 | |
Balance (in shares) at Aug. 31, 2018 | 39,264,849 | 1,072,263 | |||||
Balance at Aug. 31, 2018 | $ 393 | 667,531 | $ (213,428) | 122,843 | (51,439) | 525,900 | |
Net income | 261,263 | 261,263 | |||||
Other comprehensive (loss) income | (14,399) | (14,399) | |||||
Common stock issued for employee stock plans (in shares) | 642,444 | ||||||
Common stock issued for employee stock plans | $ 7 | 90,039 | 90,046 | ||||
Vesting of restricted stock (in shares) | 75,530 | 27,852 | |||||
Vesting of restricted stock | $ (6,155) | $ (6,155) | |||||
Repurchases of common stock (in shares) | 664,945 | 664,945 | |||||
Repurchases of common stock | $ (152,139) | $ (152,139) | |||||
Stock-based compensation expense | 24,135 | 24,135 | |||||
Dividends declared | (76,263) | (76,263) | |||||
Cumulative effect of adoption of accounting standards* | [1] | 1,304 | 717 | 2,021 | |||
Balance (in shares) at May. 31, 2019 | 39,982,823 | 1,765,060 | |||||
Balance at May. 31, 2019 | $ 400 | 781,705 | $ (371,722) | 309,147 | (65,121) | 654,409 | |
Balance (in shares) at Feb. 28, 2019 | 39,690,225 | 1,590,060 | |||||
Balance at Feb. 28, 2019 | $ 397 | 732,538 | $ (324,167) | 244,388 | (53,635) | 599,521 | |
Net income | 92,265 | 92,265 | |||||
Other comprehensive (loss) income | (11,486) | (11,486) | |||||
Common stock issued for employee stock plans (in shares) | 292,598 | ||||||
Common stock issued for employee stock plans | $ 3 | 41,172 | 41,175 | ||||
Vesting of restricted stock (in shares) | |||||||
Vesting of restricted stock | |||||||
Repurchases of common stock (in shares) | 175,000 | 175,000 | |||||
Repurchases of common stock | $ (47,555) | $ (47,555) | |||||
Stock-based compensation expense | 7,995 | 7,995 | |||||
Dividends declared | (27,506) | (27,506) | |||||
Balance (in shares) at May. 31, 2019 | 39,982,823 | 1,765,060 | |||||
Balance at May. 31, 2019 | $ 400 | $ 781,705 | $ (371,722) | $ 309,147 | $ (65,121) | $ 654,409 | |
[1] | Includes the cumulative effect of adoption of accounting standards primarily due to both the adoption of the new revenue recognition standard (ASC 606) resulting in a cumulative increase to retained earnings related to certain fulfillment costs and the accounting standard update related to the U.S. Tax Cuts and Jobs Act ("TCJA") providing for the reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects. See Notes 3 and 4 for additional information. |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. 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. These clients 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 proprietary and third |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
May 31, 2019 | |
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 unaudited consolidated financial statements and notes of FactSet and its wholly-owned subsidiaries included in this Quarterly Report on Form 10 10 10 X. not In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments, transactions or events discretely impacting the interim periods considered necessary to present fairly the Company’s financial position, results of operations, equity and cash flows. The information in this Quarterly Report on Form 10 10 August 31, 2018, October 30, 2018. The Company has evaluated subsequent events through the date that the financial statements were issued. Reclassification Certain comparative figures in the Company's Consolidated Statement of Cash Flows have been reclassified to conform to the current year's presentation. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. RECENT ACCOUNTING PRONOUNCEMENTS As of May 31, 2019, no first nine 2019 New Accounting Standards or Updates Recently Adopted Revenue Recognition In May 2014 July 2015, The standard allows two first 2019. FactSet’s implementation efforts include the evaluation of contract revenue under the new guidance. Additionally, an assessment of the qualitative and quantitative impacts of pricing changes during the contractual term and fulfillment costs was made. The Company derives most of its revenues by providing client access to its hosted proprietary data and analytics platform, which can include various combinations of products and services available over the contractual term. The Company determined that the subscription-based service represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. FactSet recorded an opening cumulative increase to retained earnings of $2.5 $2.0 first 2019, not not 4 Recognition and Measurement of Financial Assets and Financial Liabilities During the first 2019, January 2016, not Cash Flow Simplification During the first 2019, August 2016, no Income Taxes on Intra-Entity Transfers of Assets During the first 2019, October 2016, no Share-Based Payments During the first 2019, May 2017, not no Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income During the first 2019, February 2018, not Implementation Costs in a Cloud Computing Arrangement During the first 2019, August 2018, first 2021, first 2019. no Recent Accounting Standards or Updates Not Leases In February 2016, first 2020, 2019 not 17 Goodwill Impairment Test In January 2017, 2 not first 2021, January 1, 2017 not Hedge Accounting Simplification In August 2017, first 2020, not No May 31, 2019 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. REVENUE RECOGNITION In May 2014 July 2015, 606 five The Company adopted the standard at the beginning of the first 2019, not August 31, 2018. no not The Company derives most of its revenues by providing client access to its hosted proprietary data and analytics platform which can include various combinations of products and services available over the contractual term. The hosted platform is a subscription-based service that consists primarily of providing access to products and services including workstations, analytics, enterprise data, research management, and trade execution. The Company determined that the subscription-based service represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. The Company determined that the nature of the promise to the client is to provide daily access to one not one In FactSet’s assessment of contracts with clients, the Company did identify a small portion of contracts with certain fulfillment costs, which include up-front costs to allow for the delivery of services and products that are expected to be recovered. In connection with the adoption of the new standard, these fulfillment costs are recognized as an asset and amortized consistent with the associated revenue for providing the services, which prior to adoption were expensed. As a result, during the first 2019, $2.5 $2.0 three nine May 31, 2019, not no one not Disaggregated Revenue The Company disaggregates revenue from contracts with clients by demographic region which include U.S., Europe and Asia Pacific. FactSet believes these geographic regions are reflective of how the Company manages the business and the demographic markets in which it serves. The geographic regions best depict the nature, amount, timing and uncertainty of revenues and cash flows related to contracts with clients. Refer to Note 8 The following table presents this disaggregation of revenue by geography: Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2019 2018 2019 2018 U.S. $ 226,961 $ 210,308 $ 672,479 $ 627,976 Europe 102,499 98,856 299,197 286,789 Asia Pacific 35,073 30,747 99,392 89,518 Total Revenue $ 364,533 $ 339,911 $ 1,071,068 $ 1,004,283 |
Note 5 - Fair Value Measures
Note 5 - Fair Value Measures | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 5. FAIR VALUE MEASURES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. 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 May 31, 2019 August 31, 2018. (a) Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables show by level within the fair value hierarchy the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 31, 2019 August 31, 2018. not 1 2 Fair Value Measurements at May 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 100,249 $ — $ — $ 100,249 Mutual funds (2) — 19,111 — 19,111 Certificates of deposit (3) — 7,244 — 7,244 Derivative instruments (4) — 294 — 294 Total assets measured at fair value $ 100,249 $ 26,649 $ — $ 126,898 Liabilities Derivative instruments (4) $ — $ 2,131 $ — $ 2,131 Total liabilities measured at fair value $ — $ 2,131 $ — $ 2,131 Fair Value Measurements at August 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 75 $ — $ — $ 75 Mutual funds (2) — 18,668 — 18,668 Certificates of deposit (3) — 10,591 — 10,591 Derivative instruments (4) — 90 — 90 Total assets measured at fair value $ 75 $ 29,349 $ — $ 29,424 Liabilities Derivative instruments (4) $ — $ 4,036 $ — $ 4,036 Total liabilities measured at fair value $ — $ 4,036 $ — $ 4,036 ( 1 The Company’s corporate money market funds are readily convertible into cash. 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 consolidated balance 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 included as Investments (short-term) on the consolidated balance sheets. ( 3 The Company’s certificates of deposit held for investment are valued at amortized cost, which approximates fair value and, therefore, are classified as Level 2. These certificates of deposit are not have original maturities greater than three one ( 4 The Company utilizes the income approach to measure fair value for its derivative instruments (foreign exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore, are classified as Level 2. (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 nine May 31, 2019, no (c) Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only As of May 31, 2019, August 31, 2018, $575.0 2 |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Cash Flow Hedges FactSet conducts business outside the U.S. in several currencies including the Euro, British Pound Sterling, Indian Rupee, 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 17, In designing a specific hedging approach, FactSet considered several factors, including offsetting exposures, the significance of exposures, the forecasting of risk and the potential effectiveness of the hedge. The gains and losses on foreign currency forward contracts offset the variability in operating expenses associated with currency movements. The changes in fair value for these foreign currency forward contracts are initially reported as a component of accumulated other comprehensive loss ("AOCL") and subsequently reclassified into operating expenses when the hedge is settled. There was no first nine 2019 2018, no As of May 31, 2019, • Philippine Peso 75% fourth 2020. • Indian Rupee 75% fourth 2019, 50% first 2020 third 2020, 25% fourth 2020. • Euro 75% first 2020, 50% second 2020, 25% third 2020. • British Pound Sterling 50% third 2020. The following is a summary of all hedging positions and corresponding fair values: Currency Hedged Gross Notional Value Fair Value Asset (Liability) (in thousands, in U.S. dollars) May 31, 2019 August 31, 2018 May 31, 2019 August 31, 2018 Philippine Peso $ 32,000 $ 52,000 $ 294 $ (1,230 ) Indian Rupee 26,830 50,780 (1,008 ) (1,490 ) Euro 44,748 26,312 (431 ) (503 ) British Pound Sterling 27,173 18,995 (692 ) (723 ) Total $ 130,751 $ 148,087 $ (1,837 ) $ (3,946 ) As of May 31, 2019, ₱1.7 ₨1.8 €39.3 £20.8 Fair Value of Derivative Instruments The following table provides a summary of the fair value amounts of derivative instruments: Designation of Derivatives (in thousands) Balance Sheet Location May 31, 2019 August 31, 2018 Derivatives designated as hedging instruments Assets Prepaid expenses and other current assets $ 278 $ 90 Other Assets $ 16 $ — Liabilities Accounts payable and accrued expenses $ 2,105 $ 1,731 Deferred rent and other non-current liabilities $ 26 $ 2,305 All derivatives were designated as hedging instruments as of May 31, 2019 August 31, 2018. 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 May 31, 2019 2018, (in thousands) (Loss) Gain Recognized in AOCL on Derivatives (Effective Portion) Location of (Loss) Gain Reclassified from AOCL (Loss) Gain Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2019 2018 into Income (Effective Portion) 2019 2018 Foreign currency forward contracts $ (822 ) $ (2,296 ) SG&A $ (597 ) $ 1,041 The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the nine May 31, 2019 2018, (in thousands) Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion) Location of (Loss) Gain Reclassified from AOCL (Loss) Gain Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2019 2018 into Income (Effective Portion) 2019 2018 Foreign currency forward contracts $ 1,442 $ (3,640 ) SG&A $ (1,381 ) $ 2,631 No May 31, 2019, $1.8 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 May 31, 2019, August 31, 2018, no |
Note 7 - Other Comprehensive Lo
Note 7 - Other Comprehensive Loss and Accumulated Other Comprehensive Loss | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7. The components of Other comprehensive loss for the three May 31, 2019 2018 May 31, 2019 May 31, 2018 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (11,326 ) $ (11,326 ) $ (20,126 ) $ (20,126 ) Net unrealized loss on cash flow hedges recognized in AOCL (225 ) (160 ) (3,337 ) (2,361 ) Other comprehensive income $ (11,551 ) $ (11,486 ) $ (23,463 ) $ (22,487 ) The components of Other comprehensive loss for the nine May 31, 2019 2018 May 31, 2019 May 31, 2018 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (15,804 ) $ (15,804 ) $ (2,260 ) $ (2,260 ) Net unrealized gain (loss) on cash flow hedges recognized in AOCL 2,107 1,405 (6,271 ) (4,105 ) Other comprehensive loss $ (13,697 ) $ (14,399 ) $ (8,531 ) $ (6,365 ) The components of AOCL are as follows: (in thousands) May 31, 2019 August 31, 2018 Accumulated unrealized losses on cash flow hedges, net of tax $ (1,365 ) $ (3,486 ) Accumulated foreign currency translation adjustments (63,756 ) (47,953 ) Total accumulated other comprehensive loss $ (65,121 ) $ (51,439 ) |
Note 8 - Segment Information
Note 8 - Segment Information | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. INFORMATION Operating segments are defined as (i) components of an enterprise that engage in business activities from which they may The Company’s operating segments are aligned with how the Company, including its CODMG, manages the business and the demographic markets in which it serves. The Company’s internal financial reporting structure is based on three The U.S. segment serves investment professionals including financial institutions throughout the Americas. The Europe and Asia Pacific segments serve investment professionals located throughout Europe and Asia Pacific, respectively. Segment revenue reflects direct sales to clients based on 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, third not The following reflects the results of operations of the segments, consistent with the Company’s management structure. These results are used, in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments. (in thousands) For the three months ended May 31, 2019 U.S. Europe Asia Pacific Total Revenue from clients $ 226,961 $ 102,499 $ 35,073 $ 364,533 Segment operating income $ 51,012 $ 44,793 $ 21,435 $ 117,240 Total assets $ 820,078 $ 569,609 $ 122,214 $ 1,511,901 Capital expenditures $ 8,664 $ 439 $ 2,321 $ 11,424 For the three months ended May 31, 2018 U.S. Europe Asia Pacific Total Revenue from clients $ 210,308 $ 98,856 $ 30,747 $ 339,911 Segment operating income $ 37,986 $ 37,381 $ 17,898 $ 93,265 Total assets $ 728,517 $ 572,867 $ 105,788 $ 1,407,172 Capital expenditures $ 2,830 $ 537 $ 2,633 $ 6,000 (in thousands) For the nine months ended May 31, 2019 U.S. Europe Asia Pacific Total Revenue from clients $ 672,479 $ 299,197 $ 99,392 $ 1,071,068 Segment operating income $ 140,549 $ 127,130 $ 58,788 $ 326,467 Capital expenditures $ 20,022 $ 2,136 $ 10,748 $ 32,906 For the nine months ended May 31, 2018 U.S. Europe Asia Pacific Total Revenue from clients $ 627,976 $ 286,789 $ 89,518 $ 1,004,283 Segment operating income $ 117,285 $ 107,344 $ 53,219 $ 277,848 Capital expenditures $ 10,104 $ 2,816 $ 5,455 $ 18,375 |
Note 9 - Goodwill
Note 9 - Goodwill | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 9. Changes in the carrying amount of goodwill by segment for the nine May 31, 2019 (in thousands) U.S. Europe Asia Pacific Total Balance at August 31, 2018 $ 386,195 $ 312,694 $ 2,944 $ 701,833 Foreign currency translations — (10,940 ) 63 (10,877 ) Balance at May 31, 2019 $ 386,195 $ 301,754 $ 3,007 $ 690,956 Goodwill is not three no fourth 2018, no |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. 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 May 31, 2019 12.4 no first nine 2019. No no The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows: At May 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 32,922 $ 21,537 $ 11,385 Client relationships 96,713 34,118 62,595 Software technology 106,085 53,813 52,272 Non-compete agreements 4,815 2,977 1,838 Trade names 4,021 2,906 1,115 Total $ 244,556 $ 115,351 $ 129,205 At August 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 33,992 $ 20,990 $ 13,002 Client relationships 98,882 29,387 69,495 Software technology 106,505 44,231 62,274 Non-compete agreements 4,840 2,381 2,459 Trade names 4,070 2,365 1,705 Total $ 248,289 $ 99,354 $ 148,935 Amortization expense recorded for intangible assets was $6.0 $6.2 three May 31, 2019 2018, $17.7 $18.6 nine May 31, 2019 2018, May 31, 2019, five Fiscal Year (in thousands) Estimated Amortization Expense 2019 (remaining three months) $ 5,866 2020 22,871 2021 21,529 2022 18,759 2023 13,670 Thereafter 46,510 Total $ 129,205 |
Note 11 - Common Stock and Earn
Note 11 - Common Stock and Earnings Per Share | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. On May 17, 2019, $0.72 $27.5 June 18, 2019 May 31, 2019. Shares of common stock outstanding were as follows: Nine Months Ended May 31, (in thousands) 2019 2018 Balance, beginning of year at September 1, 2018 and 2017, respectively 38,192 39,023 Common stock issued for employee stock plans 719 572 Repurchase of common stock from employees (1) (28 ) (5 ) Repurchase of common stock under the share repurchase program (665 ) (1,205 ) Balance at May 31, 2019 and 2018, respectively 38,218 38,385 ( 1 For the nine May 31, 2019 and 2018, repurchased 27,852 and 5,563 shares, or $6.2 $1.0 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 May 31, 2019 Basic EPS Income available to common stockholders $ 92,265 38,223 $ 2.41 Diluted EPS Dilutive effect of stock options and restricted stock 770 Income available to common stockholders plus assumed conversions $ 92,265 38,993 $ 2.37 For the three months ended May 31, 2018 Basic EPS Income available to common stockholders $ 74,746 38,594 $ 1.94 Diluted EPS Dilutive effect of stock options and restricted stock 510 Income available to common stockholders plus assumed conversions $ 74,746 39,104 $ 1.91 For the nine months ended May 31, 2019 Basic EPS Income available to common stockholders $ 261,263 38,128 $ 6.85 Diluted EPS Dilutive effect of stock options and restricted stock 679 Income available to common stockholders plus assumed conversions $ 261,263 38,807 $ 6.73 For the nine months ended May 31, 2018 Basic EPS Income available to common stockholders $ 198,262 38,890 $ 5.10 Diluted EPS Dilutive effect of stock options and restricted stock 653 Income available to common stockholders plus assumed conversions $ 198,262 39,543 $ 5.01 Dilutive potential common shares consist of stock options and unvested restricted stock awards. There were 1,810 three nine May 31, 2019, no three nine May 31, 2018. Performance-based stock options are omitted from the calculation of diluted EPS until the performance criteria is probable of being achieved. For the three nine May 31, 2019, 206,417. three nine May 31, 2018, 249,443. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. STOCKHOLDERS’ EQUITY Preferred Stock At May 31, 2019 August 31, 2018, 10,000,000 $0.01 no may one Common Stock At May 31, 2019 August 31, 2018, 150,000,000 $0.01 39,982,823 39,264,849 Treasury Stock On January 31, 2018, 13,292,689 $1.7 January 31, 2018. $0.1 $186.7 $1.5 May 31, 2019, August 31, 2018, 1,765,060 1,072,263 Share Repurchase Program Repurchases will be made from time to time in the open market and privately negotiated transactions, subject to market conditions. For the three May 31, 2019 2018, 175,000 $47.6 620,000 $122.0 nine May 31, 2019 2018, 664,945 $152.1 1,204,920 $234.8 May 31, 2019, $89.6 No no On June 24, 2019, $210.0 $299.6 Restricted Stock Restricted stock awards entitle the holder to shares of common stock as the awards vest over time. During the first nine 2019, 75,530 May 31, 2019 27,852 $6.2 15,063 May 31, 2018 5,563 $1.0 Dividends The Company’s Board of Directors declared the following dividends for the first nine 2019 2018 Year Ended Dividends per Share of Common Stock Record Date Total $ Amount (in thousands) Payment Date Fiscal 2019 First Quarter $ 0.64 November 30, 2018 $ 24,372 December 18, 2018 Second Quarter $ 0.64 February 28, 2019 $ 24,385 March 19, 2019 Third Quarter $ 0.72 May 31, 2019 $ 27,506 June 18, 2019 Fiscal 2018 First Quarter $ 0.56 November 30, 2017 $ 21,902 December 19, 2017 Second Quarter $ 0.56 February 28, 2018 $ 21,799 March 20, 2018 Third Quarter $ 0.64 May 31, 2018 $ 24,566 June 19, 2018 All the above cash dividends were paid from existing cash resources. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Company and is subject to final determination by the Company’s Board of Directors. |
Note 13 - Employee Stock Option
Note 13 - Employee Stock Option and Retirement Plans | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 13. Stock Option Awards The FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated (the "Long Term Incentive Plan" or "LTIP") provides for the grant of share-based awards, including stock options and restricted stock awards to employees of FactSet. The expiration date of the Long Term Incentive Plan is December 19, 2027. not ten five not may Stock Option Activity During the first nine 2019, 463,033 $221.97 nine May 31, 2019 (in thousands, except per share data) Number of Stock Options Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2018 3,143 $ 153.05 Granted – non-performance-based employee grant 455 221.93 Exercised (117 ) 132.81 Forfeited (24 ) 169.47 Balance at November 30, 2018 3,457 $ 162.68 Granted – non-performance-based employee grant 6 207.84 Granted – non-employee Directors’ grant 21 207.88 Exercised (207 ) 136.30 Forfeited (61 ) 152.19 Balance at February 28, 2019 3,216 $ 164.42 Granted – non-performance-based employee grant 2 267.02 Exercised (279 ) 137.82 Forfeited (73 ) 168.42 Balance at May 31, 2019 2,866 $ 167.00 The total number of in-the-money options exercisable as of May 31, 2019 0.9 $138.85. May 31, 2019 August 31, 2018 $131.2 $105.3 May 31, 2019 $278.20 The total pre-tax intrinsic value of stock options exercised during the three May 31, 2019 2018 $32.1 $5.2 nine May 31, 2019 2018 $58.4 $40.3 Performance-based Equity Awards Performance-based equity awards, whether in the form of stock options or restricted stock, require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based awards 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 awards will vest to the grantees. However, there is no June 2017 In connection with the acquisition of BISAM, FactSet granted 206,417 June 2017. 40% second 20% March 31, 2019. third 2019, not March 31, 2019, no three nine May 31, 2019. Restricted Stock Awards The Company’s Option Plan permits the issuance of restricted stock awards in the form of either restricted shares or restricted stock units. Restricted stock awards are subject to continued employment over a specified period. Restricted Stock Awards Activity During the first nine 2019, 41,418 $212.94. 5.0 May 31, 2019, 104,136 $14.9 3.4 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, 2018 143 $ 139.34 Granted 41 $ 212.66 Forfeited (1 ) $ 200.18 Vested (52 ) (1) $ 113.44 Balance at November 30, 2018 131 $ 172.48 Granted — $ — Forfeited (1 ) $ 184.64 Vested (23 ) (2) $ 136.58 Balance at February 28, 2019 107 $ 187.62 Granted — $ — Forfeited (3 ) $ 177.29 Vested — $ — Balance at May 31, 2019 104 $ 180.09 ( 1 The majority of the vested restricted stock awards related to the final vesting of awards granted on November 1, 2013, which cliff vested 60% three years on November 1, 2016 40% five November 1, 2018. ( 2 The majority of the vested restricted stock awards related to the final vesting of awards granted on February 9, 2015, 100% four year anniversary date of the grant. As of May 31, 2019, August 31, 2018, $29.0 $32.8 May 31, 2019 August 31, 2018 $278.20 $229.39, No three May 31, 2019. three May 31, 2018 $0.1 nine May 31, 2019 2018 $16.7 $2.8 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 Stock Option Plan Share-based Awards Available for Grant under the Non-Employee Stock Option Plan Balance at August 31, 2018 6,298 282 Granted – non-performance-based options (455 ) — Restricted stock awards granted (1) (103 ) — Share-based awards canceled/forfeited (2) 25 — Balance at November 30, 2018 5,765 282 Granted – non-performance-based options (6 ) (21 ) Share-based awards canceled/forfeited (2) 65 3 Balance at February 28, 2019 5,824 264 Granted – non-performance-based options (2 ) — Restricted stock awards granted (1) (1 ) — Share-based awards canceled/forfeited (2) 80 — Balance at May 31, 2019 5,901 264 ( 1 Each restricted stock award granted is equivalent to 2.5 ( 2 Under the Company’s Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 Employee Stock Purchase Plan Shares of FactSet common stock may three 85% first three may not 10% $25,000 During the three May 31, 2019, 13,350 $201.54 16,312 $170.86 three May 31, 2018. nine May 31, 2019, 39,069 $199.43 50,706 $156.88 nine May 31, 2018. May 31, 2019, 229,873 Employee Benefit Plans FactSet sponsors benefit plans for the majority of its domestic and foreign employees. The Company contributed $3.0 three May 31, 2019 2018. nine May 31, 2019 2018, $8.2 $8.5 not |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. During the three May 31, 2019 2018, $8.0 $7.8 nine May 31, 2019 2018, $24.1 $23.2 May 31, 2019, $80.0 3.1 no three nine May 31, 2019 2018. 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 binomial model is affected by the Company’s stock price, as well as, assumptions regarding several variables, which include, but are not Q1 2019 454,598 $221.93 $56.77 Q2 2019 6,115 $207.84 $53.18 Q3 2019 2,320 $267.02 $68.33 Q1 2018 553,942 $189.98 $48.27 Q2 2018 15,363 $192.11 $48.82 Q3 2018 There were no three May 31, 2018. 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 May 31, 2019 2018* Term structure of risk-free interest rate 2.48% - 3.14 % — Expected life (years) 7.1 — Term structure of volatility 18% - 25 % — Dividend yield 1.15 % — Weighted average estimated fair value $ 68.33 — Weighted average exercise price $ 267.02 — Fair value as a percentage of exercise price 25.6 % — * There were no three May 31, 2018. Nine Months Ended May 31, 2019 2018 Term structure of risk-free interest rate 1.28% - 3.14 % 1.28% - 2.41 % Expected life (years) 7.1 7.4 Term structure of volatility 18% - 29 % 19% - 29 % Dividend yield 1.15 % 1.32 % Weighted average estimated fair value $ 56.78 $ 48.29 Weighted average exercise price $ 221.97 $ 190.04 Fair value as a percentage of exercise price 25.6 % 25.4 % 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 terminations 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 employee 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 The Non-Employee Directors’ Stock Option and Award Plan, as Amended and Restated (the "Director Plan"), provides for the grant of share-based awards, including stock options, to non-employee directors of FactSet. As of May 31, 2019, 263,956. December 19, 2027. The Company utilizes the Black-Scholes model to estimate the fair value of new non-employee Director stock option grants. The Black-Scholes model is affected by the Company’s stock price, as well as, assumptions regarding several variables, which include, but are not Fiscal 2019 On January 15, 2019, 20,576 $42.77 Risk-free interest rate 2.51 % Expected life (years) 5.4 Expected volatility 20.5 % Dividend yield 1.17 % Fiscal 2018 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 % 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 nine 2019, 41,418 $212.94. first nine 2018, 961 $182.17. Employee Stock Purchase Plan Fair Value Determinations During the three May 31, 2019, 13,350 $201.54 16,312 $170.86 three May 31, 2018. nine May 31, 2019, 39,069 $199.43 50,706 $156.88 nine May 31, 2018. $0.6 three May 31, 2019 2018. $1.6 nine May 31, 2019 2018. 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 May 31, 2019 2018 Risk-free interest rate 2.43 % 1.81 % Expected life (months) 3 3 Expected volatility 10.58 % 10.07 % Dividend yield 1.21 % 1.26 % Weighted average estimated fair value $ 40.11 $ 34.39 Nine Months Ended May 31, 2019 2018 Risk-free interest rate 2.38 % 1.43 % Expected life (months) 3 3 Expected volatility 10.65 % 10.38 % Dividend yield 1.13 % 1.28 % Weighted average estimated fair value $ 39.73 $ 31.25 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 several highly complex and subjective variables. These variables include, but are not no |
Note 15 - Income Taxes
Note 15 - Income Taxes | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. 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 the 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 May 31, Nine Months Ended May 31, (in thousands) 2019 2018 2019 2018 Income before income taxes $ 113,384 $ 89,511 $ 313,676 $ 267,903 Provision for income taxes $ 21,119 $ 14,765 $ 52,413 $ 69,641 Effective tax rate 18.6 % 16.5 % 16.7 % 26.0 % 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 three nine May 31, 2019 The provision for income taxes increased for the three May 31, 2019, three May 31, 2019 $4.5 The provision for income taxes decreased for the nine May 31, 2019 one $23.2 nine May 31, 2018, nine May 31, 2019. $3.4 nine May 31, 2019. 35% 21%, January 1, 2018. nine May 31, 2019, first nine 2018 $2.2 nine May 31, 2019. $4.5 nine May 31, 2019 FactSet has finalized the accounting for the tax effects of the TCJA with respect to the one second 2019. may may Deferred Tax Assets and Liabilities The significant components of Deferred tax assets recorded within the consolidated balance sheets were as follows: (in thousands) May 31, 2019 August 31, 2018 Deferred tax assets: Receivable reserve $ 757 $ 599 Depreciation on property, equipment and leasehold improvements 4,000 1,032 Deferred rent 7,576 7,711 Stock-based compensation 12,938 14,827 Purchased intangible assets, including acquired technology (26,370 ) (24,059 ) Other 7,096 9,606 Total deferred tax assets $ 5,997 $ 9,716 The significant components of Deferred tax liabilities recorded within the consolidated balance sheets were as follows: (in thousands) May 31, 2019 August 31, 2018 Deferred tax liabilities: Stock-based compensation $ (1,020 ) $ (946 ) Purchased intangible assets, including acquired technology 19,096 22,429 Other 930 (293 ) Total deferred tax liabilities $ 19,006 $ 21,190 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 May 31, 2019, $10.1 $1.0 may 12 no not 12 The following table summarizes the changes in the balance of gross unrecognized tax benefits during the first nine 2019: (in thousands) Unrecognized income tax benefits at August 31, 2018 $ 9,223 Additions based on tax positions related to the current year 490 Additions for tax positions of prior years 388 Unrecognized income tax benefits at May 31, 2019 $ 10,101 In the normal course of business, the Company’s tax filings are subject to audit by federal, state and foreign tax authorities. At May 31, 2019, Major Tax Jurisdictions Open Tax Years U.S. Federal 2016 through 2018 State (various) 2016 through 2018 Europe United Kingdom 2017 through 2018 France 2016 through 2018 Germany 2016 through 2018 |
Note 16 - Debt
Note 16 - Debt | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 16. DEBT FactSet’s debt obligations consisted of the following: (in thousands) May 31, 2019 August 31, 2018 2017 Revolving Credit Facility $ — $ 575,000 2019 Revolving Credit Facility (maturity date of March 29, 2024) $ 575,000 $ — On March 29, 2019, 2019 "2019 2019 $750.0 "2019 may 2019 March 29, 2024. 2019 $500.0 $25.0 Borrowings under the loan bear interest on the outstanding principal amount at a rate equal to the daily LIBOR rate plus a spread using a debt leverage pricing grid, currently at 0.875%. $575.0 $750.0 2019 0.10% 2019 On March 29, 2019 2019 2017 $575.0 no All outstanding loan amounts are reported as Long-term debt within the consolidated balance sheet at May 31, 2019. three May 31, 2019 2018, $5.2 $4.3 nine May 31, 2019 2018, $15.1 $11.3 three May 31, 2019, $0.9 2019 2019 The 2019 2019 2019 May 31, 2019. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 9 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments represent obligations, such as those for future purchases of goods or services that are not i.e. Lease Commitments Including new lease agreements executed during the nine May 31, 2019, 1,846,000 2035. May 31, 2019 (in thousands) Years ended August 31, Minimum Lease Payments 2019 (remaining three months) $ 10,353 2020 40,927 2021 39,286 2022 36,127 2023 34,021 Thereafter 250,102 Total $ 410,816 For the three May 31, 2019 2018, $15.5 $14.1 nine May 31, 2019 2018, $43.1 $40.6 May 31, 2019, $37.4 $39.4 August 31, 2018. $33.8 $33.6 May 31, 2019 August 31, 2018, Approximately $3.3 May 31, 2019. May 31, 2019, Purchase Commitments with Suppliers Purchase obligations represent payments due in future periods for 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 they 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, 2018, $79.0 no first nine 2019. Contingencies Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance, refer to 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 engaged in various legal proceedings, claims and litigation that have arisen in the ordinary course of business, including employment matters, commercial and intellectual property litigation. The outcome of all the matters against the Company is subject to future resolution, including the uncertainties of litigation. Based on information available at May 31, 2019, not Sales Tax Matters In the third 2018, not May 31, 2019. 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 revenue earned from clients located around the globe. The Company maintains reserves for potential write-offs and evaluates the adequacy of the reserves periodically. No 10% May 31, 2019, 3% ten not 15% August 31, 2018. May 31, 2019, $5.3 $3.5 August 31, 2018. Derivative Instruments As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. The Company has incorporated counterparty credit 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. For derivative instruments, the Company 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 the Company has executed these derivative transactions. To mitigate counterparty credit risk, the Company enters into contracts with large financial institutions and regularly reviews its credit exposure balances as well as the creditworthiness of the counterparties. For the Company’s liabilities, as CDS spread information is not not Concentrations of Other Risk Data Content Providers Certain data sets that FactSet relies on have a limited number of suppliers, although the Company makes every effort to assure that, where reasonable, alternative sources are available. FactSet is not one third No 10% nine May 31, 2019 2018, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
May 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards or Updates Recently Adopted Revenue Recognition In May 2014 July 2015, The standard allows two first 2019. FactSet’s implementation efforts include the evaluation of contract revenue under the new guidance. Additionally, an assessment of the qualitative and quantitative impacts of pricing changes during the contractual term and fulfillment costs was made. The Company derives most of its revenues by providing client access to its hosted proprietary data and analytics platform, which can include various combinations of products and services available over the contractual term. The Company determined that the subscription-based service represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. FactSet recorded an opening cumulative increase to retained earnings of $2.5 $2.0 first 2019, not not 4 Recognition and Measurement of Financial Assets and Financial Liabilities During the first 2019, January 2016, not Cash Flow Simplification During the first 2019, August 2016, no Income Taxes on Intra-Entity Transfers of Assets During the first 2019, October 2016, no Share-Based Payments During the first 2019, May 2017, not no Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income During the first 2019, February 2018, not Implementation Costs in a Cloud Computing Arrangement During the first 2019, August 2018, first 2021, first 2019. no Recent Accounting Standards or Updates Not Leases In February 2016, first 2020, 2019 not 17 Goodwill Impairment Test In January 2017, 2 not first 2021, January 1, 2017 not Hedge Accounting Simplification In August 2017, first 2020, not No May 31, 2019 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2019 2018 2019 2018 U.S. $ 226,961 $ 210,308 $ 672,479 $ 627,976 Europe 102,499 98,856 299,197 286,789 Asia Pacific 35,073 30,747 99,392 89,518 Total Revenue $ 364,533 $ 339,911 $ 1,071,068 $ 1,004,283 |
Note 5 - Fair Value Measures (T
Note 5 - Fair Value Measures (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at May 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 100,249 $ — $ — $ 100,249 Mutual funds (2) — 19,111 — 19,111 Certificates of deposit (3) — 7,244 — 7,244 Derivative instruments (4) — 294 — 294 Total assets measured at fair value $ 100,249 $ 26,649 $ — $ 126,898 Liabilities Derivative instruments (4) $ — $ 2,131 $ — $ 2,131 Total liabilities measured at fair value $ — $ 2,131 $ — $ 2,131 Fair Value Measurements at August 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 75 $ — $ — $ 75 Mutual funds (2) — 18,668 — 18,668 Certificates of deposit (3) — 10,591 — 10,591 Derivative instruments (4) — 90 — 90 Total assets measured at fair value $ 75 $ 29,349 $ — $ 29,424 Liabilities Derivative instruments (4) $ — $ 4,036 $ — $ 4,036 Total liabilities measured at fair value $ — $ 4,036 $ — $ 4,036 |
Note 6 - Derivative Instrumen_2
Note 6 - Derivative Instruments (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency Hedged Gross Notional Value Fair Value Asset (Liability) (in thousands, in U.S. dollars) May 31, 2019 August 31, 2018 May 31, 2019 August 31, 2018 Philippine Peso $ 32,000 $ 52,000 $ 294 $ (1,230 ) Indian Rupee 26,830 50,780 (1,008 ) (1,490 ) Euro 44,748 26,312 (431 ) (503 ) British Pound Sterling 27,173 18,995 (692 ) (723 ) Total $ 130,751 $ 148,087 $ (1,837 ) $ (3,946 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Designation of Derivatives (in thousands) Balance Sheet Location May 31, 2019 August 31, 2018 Derivatives designated as hedging instruments Assets Prepaid expenses and other current assets $ 278 $ 90 Other Assets $ 16 $ — Liabilities Accounts payable and accrued expenses $ 2,105 $ 1,731 Deferred rent and other non-current liabilities $ 26 $ 2,305 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) (Loss) Gain Recognized in AOCL on Derivatives (Effective Portion) Location of (Loss) Gain Reclassified from AOCL (Loss) Gain Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2019 2018 into Income (Effective Portion) 2019 2018 Foreign currency forward contracts $ (822 ) $ (2,296 ) SG&A $ (597 ) $ 1,041 (in thousands) Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion) Location of (Loss) Gain Reclassified from AOCL (Loss) Gain Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2019 2018 into Income (Effective Portion) 2019 2018 Foreign currency forward contracts $ 1,442 $ (3,640 ) SG&A $ (1,381 ) $ 2,631 |
Note 7 - Other Comprehensive _2
Note 7 - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | May 31, 2019 May 31, 2018 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (11,326 ) $ (11,326 ) $ (20,126 ) $ (20,126 ) Net unrealized loss on cash flow hedges recognized in AOCL (225 ) (160 ) (3,337 ) (2,361 ) Other comprehensive income $ (11,551 ) $ (11,486 ) $ (23,463 ) $ (22,487 ) May 31, 2019 May 31, 2018 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (15,804 ) $ (15,804 ) $ (2,260 ) $ (2,260 ) Net unrealized gain (loss) on cash flow hedges recognized in AOCL 2,107 1,405 (6,271 ) (4,105 ) Other comprehensive loss $ (13,697 ) $ (14,399 ) $ (8,531 ) $ (6,365 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) May 31, 2019 August 31, 2018 Accumulated unrealized losses on cash flow hedges, net of tax $ (1,365 ) $ (3,486 ) Accumulated foreign currency translation adjustments (63,756 ) (47,953 ) Total accumulated other comprehensive loss $ (65,121 ) $ (51,439 ) |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) For the three months ended May 31, 2019 U.S. Europe Asia Pacific Total Revenue from clients $ 226,961 $ 102,499 $ 35,073 $ 364,533 Segment operating income $ 51,012 $ 44,793 $ 21,435 $ 117,240 Total assets $ 820,078 $ 569,609 $ 122,214 $ 1,511,901 Capital expenditures $ 8,664 $ 439 $ 2,321 $ 11,424 For the three months ended May 31, 2018 U.S. Europe Asia Pacific Total Revenue from clients $ 210,308 $ 98,856 $ 30,747 $ 339,911 Segment operating income $ 37,986 $ 37,381 $ 17,898 $ 93,265 Total assets $ 728,517 $ 572,867 $ 105,788 $ 1,407,172 Capital expenditures $ 2,830 $ 537 $ 2,633 $ 6,000 (in thousands) For the nine months ended May 31, 2019 U.S. Europe Asia Pacific Total Revenue from clients $ 672,479 $ 299,197 $ 99,392 $ 1,071,068 Segment operating income $ 140,549 $ 127,130 $ 58,788 $ 326,467 Capital expenditures $ 20,022 $ 2,136 $ 10,748 $ 32,906 For the nine months ended May 31, 2018 U.S. Europe Asia Pacific Total Revenue from clients $ 627,976 $ 286,789 $ 89,518 $ 1,004,283 Segment operating income $ 117,285 $ 107,344 $ 53,219 $ 277,848 Capital expenditures $ 10,104 $ 2,816 $ 5,455 $ 18,375 |
Note 9 - Goodwill (Tables)
Note 9 - Goodwill (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) U.S. Europe Asia Pacific Total Balance at August 31, 2018 $ 386,195 $ 312,694 $ 2,944 $ 701,833 Foreign currency translations — (10,940 ) 63 (10,877 ) Balance at May 31, 2019 $ 386,195 $ 301,754 $ 3,007 $ 690,956 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At May 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 32,922 $ 21,537 $ 11,385 Client relationships 96,713 34,118 62,595 Software technology 106,085 53,813 52,272 Non-compete agreements 4,815 2,977 1,838 Trade names 4,021 2,906 1,115 Total $ 244,556 $ 115,351 $ 129,205 At August 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 33,992 $ 20,990 $ 13,002 Client relationships 98,882 29,387 69,495 Software technology 106,505 44,231 62,274 Non-compete agreements 4,840 2,381 2,459 Trade names 4,070 2,365 1,705 Total $ 248,289 $ 99,354 $ 148,935 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year (in thousands) Estimated Amortization Expense 2019 (remaining three months) $ 5,866 2020 22,871 2021 21,529 2022 18,759 2023 13,670 Thereafter 46,510 Total $ 129,205 |
Note 11 - Common Stock and Ea_2
Note 11 - Common Stock and Earnings Per Share (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Nine Months Ended May 31, (in thousands) 2019 2018 Balance, beginning of year at September 1, 2018 and 2017, respectively 38,192 39,023 Common stock issued for employee stock plans 719 572 Repurchase of common stock from employees (1) (28 ) (5 ) Repurchase of common stock under the share repurchase program (665 ) (1,205 ) Balance at May 31, 2019 and 2018, respectively 38,218 38,385 |
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 May 31, 2019 Basic EPS Income available to common stockholders $ 92,265 38,223 $ 2.41 Diluted EPS Dilutive effect of stock options and restricted stock 770 Income available to common stockholders plus assumed conversions $ 92,265 38,993 $ 2.37 For the three months ended May 31, 2018 Basic EPS Income available to common stockholders $ 74,746 38,594 $ 1.94 Diluted EPS Dilutive effect of stock options and restricted stock 510 Income available to common stockholders plus assumed conversions $ 74,746 39,104 $ 1.91 For the nine months ended May 31, 2019 Basic EPS Income available to common stockholders $ 261,263 38,128 $ 6.85 Diluted EPS Dilutive effect of stock options and restricted stock 679 Income available to common stockholders plus assumed conversions $ 261,263 38,807 $ 6.73 For the nine months ended May 31, 2018 Basic EPS Income available to common stockholders $ 198,262 38,890 $ 5.10 Diluted EPS Dilutive effect of stock options and restricted stock 653 Income available to common stockholders plus assumed conversions $ 198,262 39,543 $ 5.01 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Year Ended Dividends per Share of Common Stock Record Date Total $ Amount (in thousands) Payment Date Fiscal 2019 First Quarter $ 0.64 November 30, 2018 $ 24,372 December 18, 2018 Second Quarter $ 0.64 February 28, 2019 $ 24,385 March 19, 2019 Third Quarter $ 0.72 May 31, 2019 $ 27,506 June 18, 2019 Fiscal 2018 First Quarter $ 0.56 November 30, 2017 $ 21,902 December 19, 2017 Second Quarter $ 0.56 February 28, 2018 $ 21,799 March 20, 2018 Third Quarter $ 0.64 May 31, 2018 $ 24,566 June 19, 2018 |
Note 13 - Employee Stock Opti_2
Note 13 - Employee Stock Option and Retirement Plans (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | (in thousands, except per share data) Number of Stock Options Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2018 3,143 $ 153.05 Granted – non-performance-based employee grant 455 221.93 Exercised (117 ) 132.81 Forfeited (24 ) 169.47 Balance at November 30, 2018 3,457 $ 162.68 Granted – non-performance-based employee grant 6 207.84 Granted – non-employee Directors’ grant 21 207.88 Exercised (207 ) 136.30 Forfeited (61 ) 152.19 Balance at February 28, 2019 3,216 $ 164.42 Granted – non-performance-based employee grant 2 267.02 Exercised (279 ) 137.82 Forfeited (73 ) 168.42 Balance at May 31, 2019 2,866 $ 167.00 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2018 143 $ 139.34 Granted 41 $ 212.66 Forfeited (1 ) $ 200.18 Vested (52 ) (1) $ 113.44 Balance at November 30, 2018 131 $ 172.48 Granted — $ — Forfeited (1 ) $ 184.64 Vested (23 ) (2) $ 136.58 Balance at February 28, 2019 107 $ 187.62 Granted — $ — Forfeited (3 ) $ 177.29 Vested — $ — Balance at May 31, 2019 104 $ 180.09 |
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 Stock Option Plan Share-based Awards Available for Grant under the Non-Employee Stock Option Plan Balance at August 31, 2018 6,298 282 Granted – non-performance-based options (455 ) — Restricted stock awards granted (1) (103 ) — Share-based awards canceled/forfeited (2) 25 — Balance at November 30, 2018 5,765 282 Granted – non-performance-based options (6 ) (21 ) Share-based awards canceled/forfeited (2) 65 3 Balance at February 28, 2019 5,824 264 Granted – non-performance-based options (2 ) — Restricted stock awards granted (1) (1 ) — Share-based awards canceled/forfeited (2) 80 — Balance at May 31, 2019 5,901 264 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended May 31, 2019 2018* Term structure of risk-free interest rate 2.48% - 3.14 % — Expected life (years) 7.1 — Term structure of volatility 18% - 25 % — Dividend yield 1.15 % — Weighted average estimated fair value $ 68.33 — Weighted average exercise price $ 267.02 — Fair value as a percentage of exercise price 25.6 % — Nine Months Ended May 31, 2019 2018 Term structure of risk-free interest rate 1.28% - 3.14 % 1.28% - 2.41 % Expected life (years) 7.1 7.4 Term structure of volatility 18% - 29 % 19% - 29 % Dividend yield 1.15 % 1.32 % Weighted average estimated fair value $ 56.78 $ 48.29 Weighted average exercise price $ 221.97 $ 190.04 Fair value as a percentage of exercise price 25.6 % 25.4 % |
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 May 31, 2019 2018 Risk-free interest rate 2.43 % 1.81 % Expected life (months) 3 3 Expected volatility 10.58 % 10.07 % Dividend yield 1.21 % 1.26 % Weighted average estimated fair value $ 40.11 $ 34.39 Nine Months Ended May 31, 2019 2018 Risk-free interest rate 2.38 % 1.43 % Expected life (months) 3 3 Expected volatility 10.65 % 10.38 % Dividend yield 1.13 % 1.28 % Weighted average estimated fair value $ 39.73 $ 31.25 |
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 2.51 % Expected life (years) 5.4 Expected volatility 20.5 % Dividend yield 1.17 % Risk-free interest rate 2.34 % Expected life (years) 5.4 Expected volatility 19.7 % Dividend yield 1.16 % |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2019 2018 2019 2018 Income before income taxes $ 113,384 $ 89,511 $ 313,676 $ 267,903 Provision for income taxes $ 21,119 $ 14,765 $ 52,413 $ 69,641 Effective tax rate 18.6 % 16.5 % 16.7 % 26.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) May 31, 2019 August 31, 2018 Deferred tax assets: Receivable reserve $ 757 $ 599 Depreciation on property, equipment and leasehold improvements 4,000 1,032 Deferred rent 7,576 7,711 Stock-based compensation 12,938 14,827 Purchased intangible assets, including acquired technology (26,370 ) (24,059 ) Other 7,096 9,606 Total deferred tax assets $ 5,997 $ 9,716 (in thousands) May 31, 2019 August 31, 2018 Deferred tax liabilities: Stock-based compensation $ (1,020 ) $ (946 ) Purchased intangible assets, including acquired technology 19,096 22,429 Other 930 (293 ) Total deferred tax liabilities $ 19,006 $ 21,190 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Unrecognized income tax benefits at August 31, 2018 $ 9,223 Additions based on tax positions related to the current year 490 Additions for tax positions of prior years 388 Unrecognized income tax benefits at May 31, 2019 $ 10,101 |
Summary of Income Tax Examinations [Table Text Block] | Major Tax Jurisdictions Open Tax Years U.S. Federal 2016 through 2018 State (various) 2016 through 2018 Europe United Kingdom 2017 through 2018 France 2016 through 2018 Germany 2016 through 2018 |
Note 16 - Debt (Tables)
Note 16 - Debt (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) May 31, 2019 August 31, 2018 2017 Revolving Credit Facility $ — $ 575,000 2019 Revolving Credit Facility (maturity date of March 29, 2024) $ 575,000 $ — |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Tables) | 9 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) Years ended August 31, Minimum Lease Payments 2019 (remaining three months) $ 10,353 2020 40,927 2021 39,286 2022 36,127 2023 34,021 Thereafter 250,102 Total $ 410,816 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2014-09 [Member] $ in Millions | 3 Months Ended |
Nov. 30, 2018USD ($) | |
Cumulative Effect on Retained Earnings, before Tax | $ 2.5 |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 2 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - Accounting Standards Update 2014-09 [Member] $ in Millions | 3 Months Ended |
Nov. 30, 2018USD ($) | |
Cumulative Effect on Retained Earnings, before Tax | $ 2.5 |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 2 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Revenues | $ 364,533 | $ 339,911 | $ 1,071,068 | $ 1,004,283 |
UNITED STATES | ||||
Revenues | 226,961 | 210,308 | 672,479 | 627,976 |
Europe [Member] | ||||
Revenues | 102,499 | 98,856 | 299,197 | 286,789 |
Asia Pacific [Member] | ||||
Revenues | $ 35,073 | $ 30,747 | $ 99,392 | $ 89,518 |
Note 5 - Fair Value Measures (D
Note 5 - Fair Value Measures (Details Textual) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Financial Liabilities Fair Value Disclosure, Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term Debt, Fair Value | $ 575,000 | $ 575,000 |
Note 5 - Fair Value Measures -
Note 5 - Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 | |
Fair Value, Recurring [Member] | |||
Derivative instruments | [1] | $ 294 | $ 90 |
Total assets measured at fair value | 126,898 | 29,424 | |
Derivative instruments | [1] | 2,131 | 4,036 |
Total liabilities measured at fair value | 2,131 | 4,036 | |
Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | 100,249 | 75 |
Fair Value, Recurring [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | 19,111 | 18,668 |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | 7,244 | 10,591 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | 100,249 | 75 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | 100,249 | 75 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Derivative instruments | [1] | 294 | 90 |
Total assets measured at fair value | 26,649 | 29,349 | |
Derivative instruments | [1] | 2,131 | 4,036 |
Total liabilities measured at fair value | 2,131 | 4,036 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | 19,111 | 18,668 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | 7,244 | 10,591 |
Fair Value, Inputs, Level 3 [Member] | |||
Total assets measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [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] | Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [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 exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore, are classified as Level 2. | ||
[2] | The Company's corporate money market funds are readily convertible into cash. 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 within 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 included as Investments (short-term) on the consolidated balance sheets. | ||
[4] | The Company's certificates of deposit held for investment are valued at amortized cost, which approximates fair value and, therefore, are classified as Level 2. These certificates of deposit are not debt securities and have original maturities greater than three months, but less than one year and, as such, are classified as Investments (short-term) within the consolidated balance sheets. |
Note 6 - Derivative Instrumen_3
Note 6 - Derivative Instruments (Details Textual) $ in Thousands, € in Millions, £ in Millions, ₱ in Billions, ₨ in Billions | 3 Months Ended | 9 Months Ended | ||||||||||||
Aug. 31, 2020 | May 31, 2020 | Feb. 28, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2020 | May 31, 2019USD ($) | May 31, 2018USD ($) | May 31, 2019PHP (₱) | May 31, 2019USD ($) | May 31, 2019GBP (£) | May 31, 2019EUR (€) | May 31, 2019INR (₨) | Aug. 31, 2018USD ($) | |
Gain (Loss) on Discontinuation of Foreign Currency Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | ||||||||||||
Foreign Currency Forward Contracts, Philippine Peso [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||||||||
Derivative, Notional Amount | $ 32,000 | $ 52,000 | ||||||||||||
Foreign Currency Forward Contracts, Philippine Peso [Member] | Forecast [Member] | ||||||||||||||
Percent of Foreign Exchange Contracts Hedged | 75.00% | |||||||||||||
Foreign Currency Forward Contracts, Indian Rupee [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||||||||
Derivative, Notional Amount | 26,830 | 50,780 | ||||||||||||
Foreign Currency Forward Contracts, Indian Rupee [Member] | Forecast [Member] | ||||||||||||||
Percent of Foreign Exchange Contracts Hedged | 25.00% | 75.00% | 50.00% | |||||||||||
Foreign Currency Forward Contracts, Euro [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||||||||
Derivative, Notional Amount | 44,748 | 26,312 | ||||||||||||
Foreign Currency Forward Contracts, Euro [Member] | Forecast [Member] | ||||||||||||||
Percent of Foreign Exchange Contracts Hedged | 25.00% | 50.00% | 75.00% | |||||||||||
Foreign Currency Forward Contracts, British Pound Sterling [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||||||||
Derivative, Notional Amount | 27,173 | 18,995 | ||||||||||||
Foreign Currency Forward Contracts, British Pound Sterling [Member] | Forecast [Member] | ||||||||||||||
Percent of Foreign Exchange Contracts Hedged | 50.00% | |||||||||||||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||||||||
Derivative, Notional Amount | ₱ 1.7 | $ 130,751 | £ 20.8 | € 39.3 | ₨ 1.8 | $ 148,087 | ||||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 1,800 |
Note 6 - Derivative Instrumen_4
Note 6 - Derivative Instruments - Hedging Positions and Corresponding Fair Values (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] $ in Thousands, € in Millions, £ in Millions, ₱ in Billions, ₨ in Billions | May 31, 2019PHP (₱) | May 31, 2019USD ($) | May 31, 2019GBP (£) | May 31, 2019EUR (€) | May 31, 2019INR (₨) | Aug. 31, 2018USD ($) |
Foreign Currency Forward Contracts, Philippine Peso [Member] | ||||||
Gross Notional Value | $ 32,000 | $ 52,000 | ||||
Fair Value Asset (Liability) | 294 | (1,230) | ||||
Foreign Currency Forward Contracts, Indian Rupee [Member] | ||||||
Gross Notional Value | 26,830 | 50,780 | ||||
Fair Value Asset (Liability) | (1,008) | (1,490) | ||||
Foreign Currency Forward Contracts, Euro [Member] | ||||||
Gross Notional Value | 44,748 | 26,312 | ||||
Fair Value Asset (Liability) | (431) | (503) | ||||
Foreign Currency Forward Contracts, British Pound Sterling [Member] | ||||||
Gross Notional Value | 27,173 | 18,995 | ||||
Fair Value Asset (Liability) | (692) | (723) | ||||
Foreign Exchange Contract [Member] | ||||||
Gross Notional Value | ₱ 1.7 | 130,751 | £ 20.8 | € 39.3 | ₨ 1.8 | 148,087 |
Fair Value Asset (Liability) | $ (1,837) | $ (3,946) |
Note 6 - Derivative Instrumen_5
Note 6 - 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 | May 31, 2019 | Aug. 31, 2018 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative assets | $ 278 | $ 90 |
Other Assets [Member] | ||
Derivative assets | 16 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative liabilities | 2,105 | 1,731 |
Deferred Rent and Other Noncurrent Liabilities [Member] | ||
Derivative liabilities | $ 26 | $ 2,305 |
Note 6 - Derivative Instrumen_6
Note 6 - 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 | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Foreign currency forward contracts | $ (822) | $ (2,296) | $ 1,442 | $ (3,640) |
Foreign currency forward contracts | $ (597) | $ 1,041 | $ (1,381) | $ 2,631 |
Note 7 - Other Comprehensive _3
Note 7 - Other Comprehensive Loss and Accumulated Other Comprehensive Loss - Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Foreign currency translation adjustments, pre-tax | $ (11,326) | $ (20,126) | $ (15,804) | $ (2,260) |
Foreign currency translation adjustments, net of tax | (11,326) | (20,126) | (15,804) | (2,260) |
Net unrealized loss on cash flow hedges recognized in AOCL, pre-tax | (225) | (3,337) | 2,107 | (6,271) |
Net unrealized loss on cash flow hedges recognized in AOCL, net of tax | (160) | (2,361) | 1,405 | (4,105) |
Other comprehensive income (loss), pre-tax | (11,551) | (23,463) | (13,697) | (8,531) |
Other comprehensive income (loss), net of tax | $ (11,486) | $ (22,487) | $ (14,399) | $ (6,365) |
Note 7 - Other Comprehensive _4
Note 7 - Other Comprehensive Loss and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
Accumulated unrealized losses on cash flow hedges, net of tax | $ (1,365) | $ (3,486) |
Accumulated foreign currency translation adjustments | (63,756) | (47,953) |
Total accumulated other comprehensive loss | $ (65,121) | $ (51,439) |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details Textual) | 9 Months Ended |
May 31, 2019 | |
Number of Reportable Segments | 3 |
Note 8 - Segment Information -
Note 8 - Segment Information - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | Aug. 31, 2018 | |
Revenue from clients | $ 364,533 | $ 339,911 | $ 1,071,068 | $ 1,004,283 | |
Segment operating income | 117,240 | 93,265 | 326,467 | 277,848 | |
Total assets | 1,511,901 | 1,407,172 | 1,511,901 | 1,407,172 | $ 1,419,447 |
Capital expenditures | 11,424 | 6,000 | 32,906 | 18,375 | |
UNITED STATES | |||||
Revenue from clients | 226,961 | 210,308 | 672,479 | 627,976 | |
Segment operating income | 51,012 | 37,986 | 140,549 | 117,285 | |
Total assets | 820,078 | 728,517 | 820,078 | 728,517 | |
Capital expenditures | 8,664 | 2,830 | 20,022 | 10,104 | |
Europe [Member] | |||||
Revenue from clients | 102,499 | 98,856 | 299,197 | 286,789 | |
Segment operating income | 44,793 | 37,381 | 127,130 | 107,344 | |
Total assets | 569,609 | 572,867 | 569,609 | 572,867 | |
Capital expenditures | 439 | 537 | 2,136 | 2,816 | |
Asia Pacific [Member] | |||||
Revenue from clients | 35,073 | 30,747 | 99,392 | 89,518 | |
Segment operating income | 21,435 | 17,898 | 58,788 | 53,219 | |
Total assets | 122,214 | 105,788 | 122,214 | 105,788 | |
Capital expenditures | $ 2,321 | $ 2,633 | $ 10,748 | $ 5,455 |
Note 9 - Goodwill (Details Text
Note 9 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended |
Aug. 31, 2018USD ($) | May 31, 2019 | |
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 | 9 Months Ended |
May 31, 2019USD ($) | |
Beginning Balance | $ 701,833 |
Foreign currency translations | (10,877) |
Ending Balance | 690,956 |
UNITED STATES | |
Beginning Balance | 386,195 |
Foreign currency translations | |
Ending Balance | 386,195 |
Europe [Member] | |
Beginning Balance | 312,694 |
Foreign currency translations | (10,940) |
Ending Balance | 301,754 |
Asia Pacific [Member] | |
Beginning Balance | 2,944 |
Foreign currency translations | 63 |
Ending Balance | $ 3,007 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 146 days | |||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 | ||
Amortization of Intangible Assets, Total | $ 6,000 | $ 6,200 | $ 17,700 | $ 18,600 |
Note 10 - Intangible Assets - I
Note 10 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
Gross Carrying Amount | $ 244,556 | $ 248,289 |
Accumulated Amortization | 115,351 | 99,354 |
Net Carrying Amount | 129,205 | 148,935 |
Data Content [Member] | ||
Gross Carrying Amount | 32,922 | 33,992 |
Accumulated Amortization | 21,537 | 20,990 |
Net Carrying Amount | 11,385 | 13,002 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 96,713 | 98,882 |
Accumulated Amortization | 34,118 | 29,387 |
Net Carrying Amount | 62,595 | 69,495 |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | 106,085 | 106,505 |
Accumulated Amortization | 53,813 | 44,231 |
Net Carrying Amount | 52,272 | 62,274 |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | 4,815 | 4,840 |
Accumulated Amortization | 2,977 | 2,381 |
Net Carrying Amount | 1,838 | 2,459 |
Trade Names [Member] | ||
Gross Carrying Amount | 4,021 | 4,070 |
Accumulated Amortization | 2,906 | 2,365 |
Net Carrying Amount | $ 1,115 | $ 1,705 |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | May 31, 2019USD ($) |
2019 (remaining three months) | $ 5,866 |
2020 | 22,871 |
2021 | 21,529 |
2022 | 18,759 |
2023 | 13,670 |
Thereafter | 46,510 |
Total | $ 129,205 |
Note 11 - Common Stock and Ea_3
Note 11 - Common Stock and Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 18, 2019 | May 17, 2019 | May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.72 | |||||
Payments of Dividends, Total | $ 75,769 | $ 65,037 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 27,852 | 5,563 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 6,200 | $ 1,000 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,810 | 0 | 1,810 | 0 | ||
Restricted Stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | ||||
Performance Shares [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 206,417 | 249,443 | 206,417 | 249,443 | ||
Subsequent Event [Member] | ||||||
Payments of Dividends, Total | $ 27,500 |
Note 11 - Common Stock and Ea_4
Note 11 - Common Stock and Earnings Per Share - Shares of Common Stock Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | |||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | ||
Balance (in shares) | 38,192,586 | 39,023,000 | |||
Common stock issued for employee stock plans (in shares) | 719,000 | 572,000 | |||
Repurchase of common stock (in shares) | (175,000) | (620,000) | (664,945) | (1,204,920) | |
Balance (in shares) | 38,217,763 | 38,385,000 | 38,217,763 | 38,385,000 | |
Repurchase of Common Stock from Employees [Member] | |||||
Repurchase of common stock (in shares) | [1] | (28,000) | (5,000) | ||
Share Repurchase Program [Member] | |||||
Repurchase of common stock (in shares) | (665,000) | (1,205,000) | |||
[1] | For the nine months ended May 31, 2019 and 2018, the Company repurchased 27,852 and 5,563 shares, or $6.2 million and $1.0 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. |
Note 11 - Common Stock and Ea_5
Note 11 - Common Stock and Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Income available to common stockholders, net income (numerator) | $ 92,265 | $ 74,746 | $ 261,263 | $ 198,262 |
Basic weighted average common shares (in shares) | 38,223 | 38,594 | 38,128 | 38,890 |
Income available to common stockholders, per share amount (in dollars per share) | $ 2.41 | $ 1.94 | $ 6.85 | $ 5.10 |
Dilutive effect of stock options and restricted stock, weighted average common share (denominator) (in shares) | 770 | 510 | 679 | 653 |
Income available to common stockholders plus assumed conversions, net income (numerator) | $ 92,265 | $ 74,746 | $ 261,263 | $ 198,262 |
Diluted weighted average common shares (in shares) | 38,993 | 39,104 | 38,807 | 39,543 |
Income available to common stockholders plus assumed conversions, per share amount (in dollars per share) | $ 2.37 | $ 1.91 | $ 6.73 | $ 5.01 |
Basic earnings per common share (in dollars per share) | 2.41 | 1.94 | 6.85 | 5.10 |
Diluted earnings per common share (in dollars per share) | $ 2.37 | $ 1.91 | $ 6.73 | $ 5.01 |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 24, 2019 | Jan. 31, 2018 | May 31, 2019 | Feb. 28, 2019 | [1] | Nov. 30, 2018 | [2] | May 31, 2018 | May 31, 2019 | May 31, 2018 | Aug. 31, 2018 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 0 | ||||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common Stock, Shares, Issued, Total | 39,982,823 | 39,982,823 | 39,264,849 | ||||||||
Treasury Stock, Shares, Retired | 13,292,689 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | |||||||||||
Treasury Stock, Shares, Ending Balance | 1,765,060 | 1,765,060 | 1,072,263 | ||||||||
Treasury Stock, Shares, Acquired | 175,000 | 620,000 | 664,945 | 1,204,920 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 47,555 | $ 121,963 | $ 152,139 | $ 234,836 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 89,600 | $ 89,600 | |||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 27,852 | 5,563 | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 6,200 | $ 1,000 | |||||||||
Preferred Stock, Shares Issued, Total | 0 | 0 | 0 | ||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 23,000 | 52,000 | 75,530 | 15,063 | |||||||
Subsequent Event [Member] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 299,600 | ||||||||||
Stock Repurchase Program, Increase in Authorized Amount | $ 210,000 | ||||||||||
Treasury Stock [Member] | |||||||||||
Treasury Stock, Shares, Retired | 13,292,689 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | $ (1,700,000) | $ (1,697,205) | |||||||||
Treasury Stock, Shares, Acquired | 175,000 | 620,000 | 664,945 | 1,204,920 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 47,555 | $ 121,963 | $ 152,139 | $ 234,836 | |||||||
Common Stock [Member] | |||||||||||
Treasury Stock, Shares, Retired | 13,292,689 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | 100 | $ 133 | |||||||||
Treasury Stock, Shares, Acquired | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | |||||||||||
Additional Paid-in Capital [Member] | |||||||||||
Treasury Stock, Retired, Cost Method, Amount | 186,700 | 186,717 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | |||||||||||
Retained Earnings [Member] | |||||||||||
Treasury Stock, Retired, Cost Method, Amount | $ 1,500,000 | 1,510,355 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | |||||||||||
[1] | The majority of the vested restricted stock awards related to the final vesting of awards granted on February 9, 2015, which vested 100% on the four year anniversary date of the grant. | ||||||||||
[2] | The majority of the vested restricted stock awards related to the final vesting of awards granted on November 1, 2013, which cliff vested 60% after three years on November 1, 2016 and 40% after five years on November 1, 2018. |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | |
Dividends Per Share of Common Stock (in dollars per share) | $ 0.72 | $ 0.64 | $ 0.64 | $ 0.64 | $ 0.56 | $ 0.56 |
Record Date | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 |
Total $ Amount | $ 27,506 | $ 24,385 | $ 24,372 | $ 24,566 | $ 21,799 | $ 21,902 |
Payment Date | Jun. 18, 2019 | Mar. 19, 2019 | Dec. 18, 2018 | Jun. 19, 2018 | Mar. 20, 2018 | Dec. 19, 2017 |
Note 13 - Employee Stock Opti_3
Note 13 - Employee Stock Option and Retirement Plans (Details Textual) - USD ($) | Feb. 09, 2019 | Dec. 19, 2017 | Nov. 01, 2013 | Jun. 30, 2017 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2018 | May 31, 2019 | May 31, 2018 | Aug. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,866 | 3,216 | 3,457 | 2,866 | 3,143 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 167,000 | $ 164,420 | $ 162,680 | $ 167,000 | $ 153,050 | ||||||||
Share Price | $ 278.20 | $ 278.20 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2 | 455 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 80,000,000 | $ 80,000,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 36 days | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Contribution Limit | $ 25,000 | ||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,350 | 16,312 | 39,069 | 50,706 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 201.54 | $ 170.86 | $ 199.43 | $ 156.88 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 229,873 | 229,873 | |||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,000,000 | $ 3,000,000 | $ 8,200,000 | $ 8,500,000 | |||||||||
LTIP [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 32,100,000 | 5,200,000 | $ 58,400,000 | $ 40,300,000 | |||||||||
Share-based Payment Arrangement, Option [Member] | LTIP [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, Outstanding, Number, Ending Balance | 463,033 | 463,033 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 221.97 | $ 221.97 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 900,000 | 900,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 138.85 | $ 138.85 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 131,200,000 | $ 131,200,000 | $ 105,300,000 | ||||||||||
Share-based Payment Arrangement, Option [Member] | LTIP [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||
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 Payment Arrangement, Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||||||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 41,418 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 41,000 | 961 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 212.66 | $ 212.94 | $ 182.17 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 104,000 | 107,000 | 131,000 | 104,000 | 143,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 23,000 | [1] | 52,000 | [2] | 75,530 | 15,063 | |||||||
Restricted Stock [Member] | LTIP [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||
Share Price | $ 278.20 | $ 278.20 | $ 229.39 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 41,418 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 212.94 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 104,136 | 104,136 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 14,900,000 | $ 14,900,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 146 days | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 29,000,000 | $ 29,000,000 | $ 32,800,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Pre-Tax Intrinsic Value | $ 100,000 | $ 16,700,000 | $ 2,800,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share Equivalent | 2.5 | 2.5 | |||||||||||
Restricted Stock [Member] | LTIP [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 60.00% | ||||||||||||
Restricted Stock [Member] | LTIP [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||||||||||||
[1] | The majority of the vested restricted stock awards related to the final vesting of awards granted on February 9, 2015, which vested 100% on the four year anniversary date of the grant. | ||||||||||||
[2] | The majority of the vested restricted stock awards related to the final vesting of awards granted on November 1, 2013, which cliff vested 60% after three years on November 1, 2016 and 40% after five years on November 1, 2018. |
Note 13 - Employee Stock Opti_4
Note 13 - Employee Stock Option and Retirement Plans - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | ||||
May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2018 | [1] | |
Balance (in shares) | 3,216 | 3,457 | 3,143 | ||
Balance, weighted average price per share (in dollars per share) | $ 164,420 | $ 162,680 | $ 153,050 | ||
Granted (in shares) | 2 | 455 | |||
Granted, weighted average price per share (in dollars per share) | $ 267,020 | $ 221,930 | |||
Exercised (in shares) | (279) | (207) | (117) | ||
Exercised, weighted average price per share (in dollars per share) | $ 137,820 | $ 136,300 | $ 132,810 | ||
Forfeited (in shares) | (73) | (61) | (24) | ||
Forfeited, weighted average price per share (in dollars per share) | $ 168,420 | $ 152,190 | $ 169,470 | ||
Employee Option Plan [Member] | |||||
Granted (in shares) | 6 | ||||
Granted, weighted average price per share (in dollars per share) | $ 207,840 | ||||
Non-Employee Director Grant [Member] | |||||
Granted (in shares) | 21 | ||||
Granted, weighted average price per share (in dollars per share) | $ 207,880 | ||||
[1] | There were no employee stock options granted during the three months ended May 31, 2018. |
Note 13 - Employee Stock Opti_5
Note 13 - Employee Stock Option and Retirement Plans - Summary of Restricted Stock Award (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |||||
May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2019 | May 31, 2018 | |||
Restricted stock balance (in shares) | 107,000 | 131,000 | 143,000 | 143,000 | |||
Restricted stock balance, weighted average grant date fair value (in dollars per share) | $ 187.62 | $ 172.48 | $ 139.34 | $ 139.34 | |||
Restricted stock granted (in shares) | 41,000 | 961 | |||||
Restricted stock granted, weighted average grant date fair value (in dollars per share) | $ 212.66 | $ 212.94 | $ 182.17 | ||||
Restricted stock forfeited (in shares) | (3,000) | (1,000) | (1,000) | ||||
Restricted stock forfeited, weighted average grant date fair value (in dollars per share) | $ 177.29 | $ 184.64 | $ 200.18 | ||||
Restricted stock vested (in shares) | (23,000) | [1] | (52,000) | [2] | (75,530) | (15,063) | |
Restricted stock vested, weighted average grant date fair value (in dollars per share) | $ 136.58 | $ 113.44 | |||||
Restricted stock balance (in shares) | 104,000 | 107,000 | 131,000 | 104,000 | |||
Restricted stock balance, weighted average grant date fair value (in dollars per share) | $ 180.09 | $ 187.62 | $ 172.48 | $ 180.09 | |||
[1] | The majority of the vested restricted stock awards related to the final vesting of awards granted on February 9, 2015, which vested 100% on the four year anniversary date of the grant. | ||||||
[2] | The majority of the vested restricted stock awards related to the final vesting of awards granted on November 1, 2013, which cliff vested 60% after three years on November 1, 2016 and 40% after five years on November 1, 2018. |
Note 13 - Employee Stock Opti_6
Note 13 - Employee Stock Option and Retirement Plans - Summary of Share-based Awards Available for Grant (Details) - shares | 3 Months Ended | |||
May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | ||
LTIP [Member] | ||||
Balance (in shares) | 5,824,000 | 5,765,000 | 6,298,000 | |
Share-based awards canceled/forfeited (in shares) | [1] | 80,000 | 65,000 | 25,000 |
Balance (in shares) | 5,901,000 | 5,824,000 | 5,765,000 | |
LTIP [Member] | Non Performance Based [Member] | ||||
Granted (in shares) | (455,000) | |||
LTIP [Member] | Restricted Stock [Member] | ||||
Granted (in shares) | [2] | (1,000) | (103,000) | |
LTIP [Member] | Performance Shares [Member] | ||||
Granted (in shares) | (2,000) | (6,000) | ||
Director Plan [Member] | ||||
Balance (in shares) | 264,000 | 282,000 | 282,000 | |
Share-based awards canceled/forfeited (in shares) | [1] | 3,000 | ||
Balance (in shares) | 263,956 | 264,000 | 282,000 | |
Director Plan [Member] | Non Performance Based [Member] | ||||
Granted (in shares) | ||||
Director Plan [Member] | Restricted Stock [Member] | ||||
Granted (in shares) | [2] | |||
Director Plan [Member] | Performance Shares [Member] | ||||
Granted (in shares) | (21,000) | |||
[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] | Each restricted stock award granted is equivalent to 2.5 shares granted under the Company's Option Plan. |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2019 | Jan. 12, 2018 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | May 31, 2019 | May 31, 2018 | Aug. 31, 2018 | ||
Share-based Payment Arrangement, Expense | $ 8,000 | $ 7,800 | $ 24,100 | $ 23,200 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 80,000 | $ 80,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 36 days | ||||||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2 | 455 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 267,020 | $ 221,930 | [1] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | ||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,350 | 16,312 | 39,069 | 50,706 | |||||||||
Director Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,576 | 18,963 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.77 | $ 38.76 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 263,956 | 264,000 | 282,000 | 263,956 | 282,000 | ||||||||
The 2008 Employee Stock Purchase Plan [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 600 | $ 600 | $ 1,600 | $ 1,600 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 201.54 | $ 170.86 | $ 199.43 | $ 156.88 | |||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,350 | 16,312 | 39,069 | 50,706 | |||||||||
Non Performance Based [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,320 | 6,115 | 454,598 | 0 | 15,363 | 553,942 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 267.02 | $ 207.84 | $ 221.93 | $ 192.11 | $ 189.98 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 68.33 | 53.18 | 56.77 | $ 48.82 | $ 48.27 | ||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 41,418 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 212.66 | $ 212.94 | $ 182.17 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 41,000 | 961 | |||||||||||
[1] | There were no employee stock options granted during the three months ended May 31, 2018. |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
May 31, 2019 | Nov. 30, 2018 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |||
Term structure of risk-free interest rate | [1] | ||||||
Term structure of volatility | [1] | ||||||
Weighted average estimated fair value (in dollars per share) | [1] | ||||||
Granted, weighted average price per share (in dollars per share) | $ 267,020 | $ 221,930 | [1] | ||||
Minimum [Member] | |||||||
Term structure of risk-free interest rate | 2.48% | 1.28% | 1.28% | ||||
Term structure of volatility | 18.00% | 18.00% | 19.00% | ||||
Maximum [Member] | |||||||
Term structure of risk-free interest rate | 3.14% | 3.14% | 2.41% | ||||
Expected life (years) (Year) | 7 years 36 days | 7 years 36 days | 7 years 146 days | ||||
Term structure of volatility | 25.00% | 29.00% | 29.00% | ||||
Dividend yield | 1.15% | 1.15% | 1.32% | ||||
Weighted average estimated fair value (in dollars per share) | $ 68.33 | $ 56.78 | $ 48.29 | ||||
Granted, weighted average price per share (in dollars per share) | $ 267.02 | $ 221.97 | $ 190.04 | ||||
Fair value as a percentage of exercise price | 25.60% | 25.60% | 25.40% | ||||
[1] | There were no employee stock options granted during the three months ended May 31, 2018. |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Non-employee Director Stock Options (Details) | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2019 | May 31, 2018 | ||
Risk-free interest rate | [1] | |||
Expected volatility | [1] | |||
Non Employee Directors Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Risk-free interest rate | 2.51% | 2.34% | ||
Expected life (Year) | 5 years 146 days | 5 years 146 days | ||
Expected volatility | 20.50% | 19.70% | ||
Dividend yield | 1.17% | 1.16% | ||
[1] | There were no employee stock options granted during the three months ended May 31, 2018. |
Note 14 - Stock-based Compens_6
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | ||
Risk-free interest rate | [1] | ||||
Expected volatility | [1] | ||||
Weighted average estimated fair value (in dollars per share) | [1] | ||||
The 2008 Employee Stock Purchase Plan [Member] | |||||
Risk-free interest rate | 2.43% | 1.81% | 2.38% | 1.43% | |
Expected life (Year) | 90 days | 90 days | 90 days | 90 days | |
Expected volatility | 10.58% | 10.07% | 10.65% | 10.38% | |
Dividend yield | 1.21% | 1.26% | 1.13% | 1.28% | |
Weighted average estimated fair value (in dollars per share) | $ 40.11 | $ 34.39 | $ 39.73 | $ 31.25 | |
[1] | There were no employee stock options granted during the three months ended May 31, 2018. |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2019 | May 31, 2019 | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2018 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 4,500 | $ 4,500 | ||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | 3,400 | $ 23,200 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,200 | |||||
Unrecognized Tax Benefits, Ending Balance | 10,101 | 10,101 | $ 9,223 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,000 | $ 1,000 |
Note 15 - Income Taxes - Provis
Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Income before income taxes | $ 113,384 | $ 89,511 | $ 313,676 | $ 267,903 |
Provision for income taxes | $ 21,119 | $ 14,765 | $ 52,413 | $ 69,641 |
Effective tax rate | 18.60% | 16.50% | 16.70% | 26.00% |
Note 15 - Income Taxes - Signif
Note 15 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
Deferred tax assets: | ||
Receivable reserve | $ 757 | $ 599 |
Depreciation on property, equipment and leasehold improvements | 4,000 | 1,032 |
Deferred rent | 7,576 | 7,711 |
Stock-based compensation | 12,938 | 14,827 |
Purchased intangible assets, including acquired technology | (26,370) | (24,059) |
Other | 7,096 | 9,606 |
Total deferred tax assets | 5,997 | 9,716 |
Deferred tax liabilities: | ||
Stock-based compensation | (1,020) | (946) |
Purchased intangible assets, including acquired technology | 19,096 | 22,429 |
Other | 930 | (293) |
Total deferred tax liabilities | $ 19,006 | $ 21,190 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 9 Months Ended |
May 31, 2019USD ($) | |
Unrecognized income tax benefits | $ 9,223 |
Additions based on tax positions related to the current year | 490 |
Additions for tax positions of prior years | 388 |
Unrecognized income tax benefits | $ 10,101 |
Note 15 - Income Taxes - Major
Note 15 - Income Taxes - Major Tax Jurisdictions in Which the Company and Affiliates Operate and the Earliest Tax Year Subject to Examination (Details) | 9 Months Ended |
May 31, 2019 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax years | 2016 2017 2018 |
State and Local Jurisdiction [Member] | |
Open tax years | 2016 2017 2018 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax years | 2017 2018 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax years | 2016 2017 2018 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |
Open tax years | 2016 2017 2018 |
Note 16 - Debt (Details Textual
Note 16 - Debt (Details Textual) - USD ($) $ in Millions | Mar. 29, 2019 | May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | Mar. 31, 2019 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 5.2 | $ 4.3 | $ 15.1 | $ 11.3 | ||
The 2019 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | |||||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 500 | |||||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | 25 | |||||
Long-term Line of Credit, Total | $ 575 | $ 575 | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |||||
Debt Issuance Costs, Net, Total | $ 0.9 | |||||
The 2019 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||||
The 2017 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | ||||||
Repayments of Long-term Lines of Credit | $ 575 |
Note 16 - Debt - Debt Obligatio
Note 16 - Debt - Debt Obligations (Details) - USD ($) $ in Thousands | May 31, 2019 | Aug. 31, 2018 |
Total Outstanding Debt | $ 574,129 | $ 574,775 |
The 2017 Revolving Credit Facility [Member] | ||
Total Outstanding Debt | 575,000 | |
The 2019 Revolving Credit Facility [Member] | ||
Total Outstanding Debt | $ 575,000 |
Note 17 - Commitments and Con_3
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2019USD ($)ft² | May 31, 2018USD ($) | May 31, 2019USD ($)ft² | May 31, 2018USD ($) | Aug. 31, 2018USD ($) | |
Area of Real Estate Property | ft² | 1,846,000 | 1,846,000 | |||
Operating Leases, Rent Expense, Total | $ 15,500 | $ 14,100 | $ 43,100 | $ 40,600 | |
Other Liabilities, Noncurrent, Total | 36,760 | 36,760 | $ 38,989 | ||
Letters of Credit Outstanding, Amount | $ 3,300 | $ 3,300 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 79,000 | ||||
Largest Individual Client Percent Of Total Subscriptions | 3.00% | 3.00% | |||
Percentage of Subscription from Ten Largest Clients | 15.00% | 15.00% | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 5,300 | $ 5,300 | 3,500 | ||
Deferred Rent [Member] | |||||
Other Liabilities, Total | 37,400 | 37,400 | 39,400 | ||
Other Liabilities, Noncurrent, Total | $ 33,800 | $ 33,800 | $ 33,600 |
Note 17 - Commitments and Con_4
Note 17 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | May 31, 2019USD ($) |
2019 (remaining three months) | $ 10,353 |
2020 | 40,927 |
2021 | 39,286 |
2022 | 36,127 |
2023 | 34,021 |
Thereafter | 250,102 |
Total | $ 410,816 |