Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Oct. 27, 2014 | Feb. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ACUITY BRANDS INC | ' | ' |
Entity Central Index Key | '0001144215 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Aug-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--08-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 43,253,118 | ' |
Entity Public Float | ' | ' | $6,041,028,757 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $552.50 | $359.10 |
Accounts receivable, less reserve for doubtful accounts of $1.9 and $1.5 as of August 31, 2014 and August 31, 2013, respectively | 373.4 | 318.3 |
Inventories | 212 | 203 |
Deferred income taxes | 21.5 | 13.6 |
Prepayments and other current assets | 27.3 | 19.5 |
Total Current Assets | 1,186.70 | 913.5 |
Property, Plant, and Equipment, at cost: | ' | ' |
Land | 7.8 | 7.2 |
Buildings and leasehold improvements | 116 | 109.6 |
Machinery and equipment | 375.8 | 354.5 |
Total Property, Plant, and Equipment | 499.6 | 471.3 |
Less — Accumulated depreciation and amortization | 347.1 | 323.4 |
Property, Plant, and Equipment, net | 152.5 | 147.9 |
Other Assets: | ' | ' |
Goodwill | 569.4 | 568.2 |
Intangible assets | 231.6 | 245.1 |
Deferred income taxes | 3 | 1.7 |
Other long-term assets | 24.9 | 27.4 |
Total Other Assets | 828.9 | 842.4 |
Total Assets | 2,168.10 | 1,903.80 |
Current Liabilities: | ' | ' |
Accounts payable | 287.4 | 249.5 |
Accrued compensation | 54.8 | 28 |
Accrued pension liabilities, current | 1.2 | 1.2 |
Other accrued liabilities | 127.1 | 107.5 |
Total Current Liabilities | 470.5 | 386.2 |
Long-Term Debt | 353.6 | 353.6 |
Accrued Pension Liabilities, less current portion | 65.1 | 54.7 |
Deferred Income Taxes | 58.4 | 53.9 |
Self-Insurance Reserves, less current portion | 6.8 | 7 |
Other Long-Term Liabilities | 50.2 | 54.9 |
Commitments and Contingencies (see Commitments and Contingencies footnote) | ' | ' |
Stockholders’ Equity: | ' | ' |
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized; 52,581,917 issued and 42,862,662 outstanding at August 31, 2014; 52,205,933 issued and 42,486,678 outstanding at August 31, 2013 | 0.5 | 0.5 |
Paid-in capital | 761.5 | 735.5 |
Retained earnings | 893.6 | 740.3 |
Accumulated other comprehensive loss items | -71.9 | -62.6 |
Treasury stock, at cost, 9,719,255 shares at August 31, 2014 and 2013 | -420.2 | -420.2 |
Total Stockholders’ Equity | 1,163.50 | 993.5 |
Total Liabilities and Stockholders’ Equity | $2,168.10 | $1,903.80 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Allowance for doubtful accounts | $1.90 | $1.50 |
Stockholders’ Equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 52,581,917 | 52,205,933 |
Common stock, outstanding (in shares) | 42,862,662 | 42,486,678 |
Treasury stock (in shares) | 9,719,255 | 9,719,255 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Net Sales | $2,393.50 | [1] | $2,089.10 | [1] | $1,933.70 | [1] |
Cost of Products Sold | 1,414.30 | 1,251.50 | 1,145.70 | |||
Gross Profit | 979.2 | 837.6 | 788 | |||
Selling, Distribution, and Administrative Expenses | 680.3 | 607.6 | 566.7 | |||
Special Charge | -0.2 | 8.5 | 13.3 | |||
Operating Profit | 299.1 | 221.5 | 208 | |||
Other Expense (Income): | ' | ' | ' | |||
Interest expense, net | 32.1 | 31.2 | 30.7 | |||
Miscellaneous expense (income), net | 1.3 | -2.8 | -1.7 | |||
Total Other Expense | 33.4 | 28.4 | 29 | |||
Income before Provision for Income Taxes | 265.7 | 193.1 | 179 | |||
Provision for Income Taxes | 89.9 | 65.7 | 62.7 | |||
Net Income | 175.8 | 127.4 | 116.3 | |||
Earnings Per Share: | ' | ' | ' | |||
Basic Earnings per Share (in dollars per share) | $4.07 | $2.97 | $2.75 | |||
Basic Weighted Average Number of Shares Outstanding | 42.8 | 42.2 | 41.4 | |||
Diluted Earnings per Share (in dollars per share) | $4.05 | $2.95 | $2.72 | |||
Diluted Weighted Average Number of Shares Outstanding | 43 | 42.5 | 41.9 | |||
Dividends Declared per Share (in dollars per share) | $0.52 | $0.52 | $0.52 | |||
Other Comprehensive Income/(Expense) Items: | ' | ' | ' | |||
Foreign currency translation adjustments | 0.7 | -1.9 | -8.2 | |||
Defined benefit plans, net | -10 | 24 | -22.7 | |||
Other Comprehensive (Expense)/Income Items, net of tax | -9.3 | 22.1 | -30.9 | |||
Comprehensive Income | $166.50 | $149.50 | $85.40 | |||
[1] | Net sales are attributed to each country based on the selling location. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Cash Provided by (Used for) Operating Activities: | ' | ' | ' |
Net income | $175.80 | $127.40 | $116.30 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' | ' |
Depreciation and amortization | 43.4 | 40.8 | 39.8 |
Share-based compensation expense | 17.7 | 16.5 | 15.9 |
Excess tax benefits from share-based payments | -10.4 | -8.6 | -4.9 |
Loss (gain) on the sale or disposal of property, plant, and equipment | 0.3 | -2.5 | 0.5 |
Asset impairments | 0.1 | 0.3 | 0.3 |
Deferred income taxes | -0.2 | 6.5 | 6.2 |
Other non-cash items | 0 | 0 | 0.1 |
Change in assets and liabilities, net of effect of acquisitions, divestitures and effect of exchange rate changes: | ' | ' | ' |
Accounts receivable | -55.4 | -54.8 | -2.3 |
Inventories | -9 | -6.5 | -28.6 |
Prepayments and other current assets | -6.6 | 1.9 | -2.2 |
Accounts payable | 37.6 | 15.2 | 29.6 |
Other current liabilities | 59.8 | 7.7 | 9.7 |
Other | -20 | -11.6 | -8.2 |
Net Cash Provided by Operating Activities | 233.1 | 132.3 | 172.2 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | -35.3 | -40.6 | -31.4 |
Proceeds from sale of property, plant, and equipment | 1 | 7.6 | 0.1 |
Acquisitions of businesses and intangible assets, net of cash acquired | 0 | -25.5 | -3.8 |
Net Cash Used for Investing Activities | -34.3 | -58.5 | -35.1 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Repurchases of common stock | 0 | 0 | -9.2 |
Proceeds from stock option exercises and other | 8.4 | 14.9 | 7.6 |
Excess tax benefits from share-based payments | 10.4 | 8.6 | 4.9 |
Dividends paid | -22.5 | -22.4 | -22 |
Other financing activities | -2.6 | 0 | 0 |
Net Cash (Used for) Provided by Financing Activities | -6.3 | 1.1 | -18.7 |
Effect of Exchange Rate Changes on Cash | 0.9 | -0.3 | -4.1 |
Net Change in Cash and Cash Equivalents | 193.4 | 74.6 | 114.3 |
Cash and Cash Equivalents at Beginning of Year | 359.1 | 284.5 | 170.2 |
Cash and Cash Equivalents at End of Year | 552.5 | 359.1 | 284.5 |
Supplemental Cash Flow Information: | ' | ' | ' |
Income taxes paid during the period | 77.4 | 46.8 | 50.7 |
Interest paid during the period | $32.50 | $31.30 | $31.60 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Millions, unless otherwise specified | ||||||
Balance, Beginning of Period at Aug. 31, 2011 | $757 | $0.50 | $680.30 | $541 | ($53.80) | ($411) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 116.3 | ' | ' | 116.3 | ' | ' |
Other comprehensive loss | -30.9 | ' | ' | ' | -30.9 | ' |
Amortization, issuance, and forfeitures of restricted stock grants | 10.3 | ' | 10.3 | ' | ' | ' |
Employee Stock Purchase Plan issuances | 0.3 | ' | 0.3 | ' | ' | ' |
Cash dividends of $0.52 per share paid on common stock | -22 | ' | ' | -22 | ' | ' |
Stock options exercised | 7.3 | ' | 7.3 | ' | ' | ' |
Repurchases of common stock | -9.2 | ' | ' | ' | ' | -9.2 |
Tax effect on stock options and restricted stock | 4.9 | ' | 4.9 | ' | ' | ' |
Balance, End of Period at Aug. 31, 2012 | 834 | 0.5 | 703.1 | 635.3 | -84.7 | -420.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 127.4 | ' | ' | 127.4 | ' | ' |
Other comprehensive loss | 22.1 | ' | ' | ' | 22.1 | ' |
Amortization, issuance, and forfeitures of restricted stock grants | 8.9 | ' | 8.9 | ' | ' | ' |
Employee Stock Purchase Plan issuances | 0.4 | ' | 0.4 | ' | ' | ' |
Cash dividends of $0.52 per share paid on common stock | -22.4 | ' | ' | -22.4 | ' | ' |
Stock options exercised | 14.5 | ' | 14.5 | ' | ' | ' |
Tax effect on stock options and restricted stock | 8.6 | ' | 8.6 | ' | ' | ' |
Balance, End of Period at Aug. 31, 2013 | 993.5 | 0.5 | 735.5 | 740.3 | -62.6 | -420.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 175.8 | ' | ' | 175.8 | ' | ' |
Other comprehensive loss | -9.3 | ' | ' | ' | -9.3 | ' |
Amortization, issuance, and forfeitures of restricted stock grants | 7.2 | ' | 7.2 | ' | ' | ' |
Employee Stock Purchase Plan issuances | 0.4 | ' | 0.4 | ' | ' | ' |
Cash dividends of $0.52 per share paid on common stock | -22.5 | ' | ' | -22.5 | ' | ' |
Stock options exercised | 8 | ' | 8 | ' | ' | ' |
Tax effect on stock options and restricted stock | 10.4 | ' | 10.4 | ' | ' | ' |
Balance, End of Period at Aug. 31, 2014 | $1,163.50 | $0.50 | $761.50 | $893.60 | ($71.90) | ($420.20) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends per share paid | $0.52 | $0.52 | $0.52 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 12 Months Ended |
Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | |
Acuity Brands, Inc. (“Acuity Brands”) is the parent company of Acuity Brands Lighting, Inc. (“ABL”) and other subsidiaries (Acuity Brands, ABL, and such other subsidiaries are collectively referred to herein as the "Company”). The Company designs, produces, and distributes a broad array of lighting solutions and services for commercial, institutional, industrial, infrastructure, and residential applications for various markets throughout North America and select international markets. The Company's lighting solutions include devices such as luminaires, lighting controls, power supplies, prismatic skylights, light-emitting diode (“LED”) lamps, and integrated lighting systems for indoor and outdoor applications utilizing a combination of light sources, including daylight, and other devices controlled by software that monitors and manages light levels while optimizing energy consumption (collectively referred to herein as “lighting solutions”). The Company has one operating segment serving the North American lighting market and select international markets. | |
The Company has made several acquisitions over the last five years to expand and enhance its portfolio of lighting solutions, including the following recent acquisitions: | |
On March 13, 2013, the Company acquired for cash , including potential additional cash payments that may be paid in future periods under earn-out provisions, all of the ownership interests in eldoLAB Holding B.V. (“eldoLED”), a leading provider of high-performance drivers for LED lighting systems based in Eindhoven, The Netherlands. The operating results of eldoLED have been included in the Company's consolidated financial statements since the date of acquisition. | |
On December 20, 2012, the Company acquired for cash all of the ownership interests in Adura Technologies ("Adura"), a leading developer of radio frequency (RF) mesh networking technology that allows individual light fixtures to communicate in a wireless mesh network with switches, sensors and system management software. The operating results of Adura have been included in the Company’s consolidated financial statements since the date of acquisition. | |
The Consolidated Financial Statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and present the financial position, results of operations, and cash flows of Acuity Brands and its wholly-owned subsidiaries. References made to years are for fiscal year periods, unless noted otherwise. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Significant Accounting Policies | ' | |||||||||||||||||||||||||||||||||||
Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||||||||||||||
The Consolidated Financial Statements include the accounts of Acuity Brands and its wholly-owned subsidiaries after elimination of significant intercompany transactions and accounts. | ||||||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||||||
The Company records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the Company’s price to the customer is fixed and determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer assumes the risks and rewards of ownership. Customers take delivery at the time of shipment for terms designated free on board shipping point. For sales designated free on board destination, customers take delivery when the product is delivered to the customer’s delivery site. Provisions for certain rebates, sales incentives, product returns, and discounts to customers are recorded in the same period the related revenue is recorded. The Company also maintains one-time or on-going marketing and trade-promotion programs with certain customers that require the Company to estimate and accrue the expected costs of such programs. These arrangements include cooperative marketing programs, merchandising of the Company’s products, introductory marketing funds for new products, and other trade-promotion activities conducted by the customer. Costs associated with these programs are reflected within the Company’s Consolidated Statements of Comprehensive Income in accordance with the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”), which in most instances requires such costs be recorded as a reduction of revenue. | ||||||||||||||||||||||||||||||||||||
The Company's standard terms and conditions of sale allow returns of certain products within four months of the date of shipment. The Company also provides for limited product return rights to certain distributors and other customers, primarily for slow moving or damaged items subject to certain defined criteria. The limited product return rights generally allow customers to return resalable products purchased within a specified time period and subject to certain limitations, including, at times, when accompanied by a replacement order of equal or greater value. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns primarily based on historical experience, specific notification of pending returns, or based on contractual terms with the respective customers. Although historical product returns generally have been within expectations, there can be no assurance that future product returns will not exceed historical amounts. A significant increase in product returns could have a material adverse impact on the Company's operating results in future periods. | ||||||||||||||||||||||||||||||||||||
Revenue is earned on services and the sale of products. Revenue is recognized for the sale of products when the above criteria are met and for services rendered in the period of performance. | ||||||||||||||||||||||||||||||||||||
Revenue Recognition for Arrangements with Multiple Deliverables | ||||||||||||||||||||||||||||||||||||
A small portion of the Company's revenues are derived from the combination of any or all of: (i) the sale and license of its products, (ii) fees associated with training, installation, and technical support services, and (iii) monitoring and lighting control services. Certain agreements, particularly related to lighting controls systems, represent multiple-element arrangements that include tangible products that contain software that is essential to the functionality of the systems and undelivered elements that primarily relate to installation, monitoring, and lighting control services. The undelivered elements associated with installation, monitoring, and lighting control services are reviewed and analyzed to determine separability in relation to the delivered elements and appropriate pricing treatment based on (a) vendor-specific objective evidence, (b) third-party evidence, or (c) management estimates. If deemed separate units of accounting, the revenue and associated cost of sales related to the delivered elements are recognized at the time of delivery, while those related to the undelivered elements are recognized appropriately based on the period of performance. If the separation criterion for the undelivered elements is not met because the undelivered elements are essential to the functionality of the lighting controls systems, all revenue and cost of sales attributable to the contract are deferred at the time of sale and are both generally recognized on a straight-line basis over the respective contract periods. | ||||||||||||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||||||||||||
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||
Cash in excess of daily requirements is invested in time deposits and marketable securities and is included in the accompanying balance sheets at fair value. Acuity Brands considers time deposits and marketable securities with an original maturity of three months or less when purchased to be cash equivalents. | ||||||||||||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||||||||||||
The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts to reflect losses anticipated on accounts receivable balances. The allowance is based on historical write-offs, an analysis of past due accounts based on the contractual terms of the receivables, and economic status of customers, if known. Management believes that the allowance is sufficient to cover uncollectible amounts; however, there can be no assurance that unanticipated future business conditions of customers will not have a negative impact on the Company’s results of operations. | ||||||||||||||||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||||||||||||||
Concentrations of credit risk with respect to receivables, which are typically unsecured, are generally limited due to the wide variety of customers and markets using the Company’s lighting solutions as well as their dispersion across many different geographic areas. Receivables from The Home Depot were approximately $53.3 and $53.7 at August 31, 2014 and 2013, respectively. No other single customer accounted for more than 10% of consolidated receivables at August 31, 2014 or 2013. Additionally, net sales to The Home Depot accounted for approximately 12% of net sales of the Company in fiscal 2014, 13% in fiscal 2013, and 10% in fiscal 2012. | ||||||||||||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||||||||||||
Certain prior-period amounts have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||||||||||||||
The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the consolidated financial statements as of August 31, 2014. | ||||||||||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||||||
Inventories include materials, direct labor, in-bound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) or market, and consist of the following: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Raw materials, supplies, and work in process(1) | $ | 125.7 | $ | 122.6 | ||||||||||||||||||||||||||||||||
Finished goods | 97.6 | 90.9 | ||||||||||||||||||||||||||||||||||
223.3 | 213.5 | |||||||||||||||||||||||||||||||||||
Less: Reserves | (11.3 | ) | (10.5 | ) | ||||||||||||||||||||||||||||||||
Total Inventory | $ | 212 | $ | 203 | ||||||||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not believe the segregation of raw materials and work in process to be meaningful information. | |||||||||||||||||||||||||||||||||||
Management reviews inventory quantities on hand and records a provision for excess or obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand or market conditions could render certain inventory obsolete and thus could have a material adverse impact on the Company’s operating results in the period the change occurs. | ||||||||||||||||||||||||||||||||||||
Assets Held for Sale | ||||||||||||||||||||||||||||||||||||
The Company classifies assets as held for sale upon the development of a plan for disposal and in accordance with applicable U.S. GAAP and ceases the depreciation and amortization of the assets at that date. The Company is actively marketing the properties classified as held for sale. As of August 31, 2014, the carrying value of the properties held for sale was $3.7, which is included in Prepayments and other current assets on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | ||||||||||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill during the year are summarized as follows: | ||||||||||||||||||||||||||||||||||||
Goodwill: | ||||||||||||||||||||||||||||||||||||
Balance as of August 31, 2013 | $ | 568.2 | ||||||||||||||||||||||||||||||||||
Adjustments for acquired businesses | 1.4 | |||||||||||||||||||||||||||||||||||
Currency translation adjustments | (0.2 | ) | ||||||||||||||||||||||||||||||||||
Balance as of August 31, 2014 | $ | 569.4 | ||||||||||||||||||||||||||||||||||
The current year increase in the gross carrying amount for goodwill was due primarily to the finalization of the acquisition accounting adjustments for Adura and eldoLED partially offset by the impact of foreign currency changes during the period. | ||||||||||||||||||||||||||||||||||||
Summarized information for the Company’s acquired intangible assets is as follows: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||
Patents and patented technology | $ | 69.2 | $ | (26.4 | ) | $ | 71.3 | $ | (22.2 | ) | ||||||||||||||||||||||||||
Trademarks and trade names | 25.4 | (8.6 | ) | 25.4 | (6.9 | ) | ||||||||||||||||||||||||||||||
Distribution network | 61.8 | (29.7 | ) | 61.8 | (27.4 | ) | ||||||||||||||||||||||||||||||
Customer relationships | 55.2 | (16.3 | ) | 55.2 | (13.9 | ) | ||||||||||||||||||||||||||||||
Other | 5.3 | (4.3 | ) | 5.5 | (3.7 | ) | ||||||||||||||||||||||||||||||
Total | $ | 216.9 | $ | (85.3 | ) | $ | 219.2 | $ | (74.1 | ) | ||||||||||||||||||||||||||
Indefinite-lived trade names | $ | 100 | $ | 100 | ||||||||||||||||||||||||||||||||
Through multiple acquisitions, the Company acquired intangible assets consisting primarily of trademarks and trade names associated with specific products with finite lives, definite-lived distribution networks, patented technology, non-compete agreements, and customer relationships, which are amortized over their estimated useful lives. Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely. Significant estimates and assumptions were used to determine the intial fair value of these acquired intangible assets, including estimated future net sales, customer attrition rates, royalty rates, and discount rates. The current year decreases in the gross carrying amounts for the acquired intangible assets were due primarily to recording the final values of intangible assets associated with the acquisition of Adura (refer to the Acquisitions footnote). | ||||||||||||||||||||||||||||||||||||
The Company recorded amortization expense of $11.2, $10.9, and $11.2 related to intangible assets with finite lives during fiscal 2014, 2013, and 2012, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $11.1 in fiscal 2015, $10.5 in fiscal 2016, $10.2 in fiscal 2017, $10.2 in fiscal 2018, and $10.2 in fiscal 2019. | ||||||||||||||||||||||||||||||||||||
The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis or more frequently as facts and circumstances change, as required by ASC Topic 350, Intangibles — Goodwill and Other (“ASC 350”). The goodwill impairment test has three steps: a qualitative review and a two-step quantitative method. The preliminary step (“Step 0”) allows for a qualitative analysis to determine the likelihood of impairment. If the qualitative review results in a more likely than not probability of impairment, the first quantitative step is required. The first step identifies potential impairments by comparing the fair value of a reporting unit with its carrying value, including goodwill. The fair values can be determined based on a combination of valuation techniques including the expected present value of future cash flows, a market multiple approach, and a comparable transaction approach. If the fair value of a reporting unit exceeds the carrying value, goodwill is not considered impaired and the second step is not necessary. If the carrying value of a reporting unit exceeds the fair value, the second step calculates the possible impairment loss by comparing the implied fair value of goodwill with the carrying value. If the implied fair value of the goodwill is less than the carrying value, an impairment charge is recorded. In fiscal 2014, a quantitative fair value analysis, based on discounted future cash flows, was used to determine the likelihood of goodwill impairment for the Company’s one reporting unit. The analysis for goodwill did not result in an impairment charge during fiscal 2014, 2013, or 2012. | ||||||||||||||||||||||||||||||||||||
The impairment test for indefinite-lived trade names consists of comparing the fair value of the asset with its carrying value. The Company estimates the fair value of indefinite-lived trade names using a fair value model based on discounted future cash flows. If the carrying amount exceeds the estimated fair value, an impairment loss would be recorded in the amount of the excess. Significant assumptions, including estimated future net sales, royalty rates, and discount rates, are used in the determination of estimated fair value for indefinite-lived trade names. None of the analyses for the indefinite-lived trade names resulted in an impairment charge during fiscal 2014, 2013, or 2012. | ||||||||||||||||||||||||||||||||||||
Other Long-Term Assets | ||||||||||||||||||||||||||||||||||||
Other long-term assets consist of the following: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Deferred contract costs | $ | 15 | $ | 13.5 | ||||||||||||||||||||||||||||||||
Capitalized software costs (1) | 2.3 | 2.7 | ||||||||||||||||||||||||||||||||||
Other(2) | 7.6 | 11.2 | ||||||||||||||||||||||||||||||||||
Total | $ | 24.9 | $ | 27.4 | ||||||||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | The Company recorded amortization expense related to capitalized software costs of $0.4, $0.9, and $1.1 in fiscal 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||
(2) | Other - Amount primarily includes deferred debt issuance costs and company-owned life insurance investments. The Company maintains life insurance policies on 78 current and former employees primarily to satisfy obligations under certain deferred compensation plans. These company-owned life insurance policies are presented net of loans that are secured by these policies. This program is frozen and no new policies were issued in the three-year period ended August 31, 2014. | |||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | ||||||||||||||||||||||||||||||||||||
Other long-term liabilities consist of the following: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Deferred compensation and postretirement benefits other than pensions(1) | $ | 32.6 | $ | 31.9 | ||||||||||||||||||||||||||||||||
Acquisition-related liabilities(2) | 5.3 | 9 | ||||||||||||||||||||||||||||||||||
Uncertain tax position liabilities, including interest(3) | 3.5 | 5.7 | ||||||||||||||||||||||||||||||||||
Other(4) | 8.8 | 8.3 | ||||||||||||||||||||||||||||||||||
Total | $ | 50.2 | $ | 54.9 | ||||||||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Deferred compensation and postretirement benefits other than pensions — The Company maintains several non-qualified retirement plans for the benefit of eligible employees, primarily deferred compensation plans. The deferred compensation plans provide for elective deferrals of an eligible employee’s compensation and, in some cases, matching contributions by the Company. In addition, one plan provides for an automatic contribution by the Company of 3% of an eligible employee’s compensation. The Company maintains certain long-term investments that offset a portion of the deferred compensation liability. The Company maintains life insurance policies on certain current and former officers and other key employees as a means of satisfying a portion of these obligations. | |||||||||||||||||||||||||||||||||||
(2) | Acquisition-related liabilities - Amounts represent contingent payments and other obligations, including holdback liabilities, related to recent acquisitions. | |||||||||||||||||||||||||||||||||||
(3) | See the Income Taxes footnote for more information. | |||||||||||||||||||||||||||||||||||
(4) | Other - Amount primarily includes deferred revenue and deferred rent. | |||||||||||||||||||||||||||||||||||
Shipping and Handling Fees and Costs | ||||||||||||||||||||||||||||||||||||
The Company includes shipping and handling fees billed to customers in Net Sales. Shipping and handling costs associated with inbound freight and freight between manufacturing facilities and distribution centers are generally recorded in Cost of Products Sold. Other shipping and handling costs are included in Selling, Distribution, and Administrative Expenses and totaled $100.9, $86.4, and $81.5 in fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||||||||||||||||
The Company recognizes compensation cost relating to share-based payment transactions in the financial statements based on the estimated fair value of the equity or liability instrument issued. The Company accounts for stock options, restricted shares, and share units representing certain deferrals into the Director Deferred Compensation Plan or the Supplemental Deferred Savings Plan (both of which are discussed further in the Share-Based Payments footnote) based on the grant-date fair value estimated under the current provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). | ||||||||||||||||||||||||||||||||||||
Share-based expense includes expense related to restricted stock and options issued, as well as share units deferred into either the Director Deferred Compensation Plan. The Company recorded $17.7, $16.5, and $15.9 of share-based expense for the years ending August 31, 2014, 2013, and 2012, respectively. The total income tax benefit recognized for share-based compensation arrangements was $6.0, $5.6, and $5.6 for the years ended August 31, 2014, 2013, and 2012, respectively. The Company accounts for any awards with graded vesting on a straight-line basis. Additionally, forfeitures of share-based awards are estimated based on historical experience at the time of grant and are revised in subsequent periods if actual forfeitures differ from initial estimates. The Company did not capitalize any expense related to share-based payments and has recorded share-based expense, net of estimated forfeitures, in Selling, Distribution, and Administrative Expenses. | ||||||||||||||||||||||||||||||||||||
Benefits of tax deductions in excess of recognized share-based compensation cost are reported as a financing cash | ||||||||||||||||||||||||||||||||||||
flow, rather than as an operating cash flow, in the Company’s Statements of Cash Flows and amounted to $10.4, $8.6, and $4.9 for fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
See the Share-Based Payments footnote for more information. | ||||||||||||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||||||||||
For financial reporting purposes, depreciation is determined principally on a straight-line basis using estimated useful lives of plant and equipment (10 to 40 years for buildings and related improvements and 3 to 15 years for machinery and equipment), while accelerated depreciation methods are used for income tax purposes. Leasehold improvements are amortized over the shorter of the life of the lease or the estimated useful life of the improvement. Depreciation expense amounted to $31.8, $29.0, and $27.5 during fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Research and Development | ||||||||||||||||||||||||||||||||||||
Research and development (“R&D”) expense, which is expensed as incurred, consists of compensation, payroll taxes, employee benefits, materials, supplies, and other administrative costs, but does not include all new product development costs, and is included in Selling, Distribution, and Administrative Expenses in the Company’s Consolidated Statements of Comprehensive Income. R&D expense amounted to $35.3, $32.7, and $34.7 during fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||
Advertising costs are expensed as incurred and are included within Selling, Distribution, and Administrative Expenses in the Company’s Consolidated Statements of Comprehensive Income. These costs totaled $13.3, $12.1, and $12.6 during fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Service Arrangements with Customers | ||||||||||||||||||||||||||||||||||||
The Company maintains a service program with one of its retail customers that affords the Company certain in-store benefits, including lighting display maintenance. Costs associated with this program totaled $6.1, $5.7, and $5.7 in fiscal 2014, 2013, and 2012, respectively. These costs have been included within Selling, Distribution, and Administrative Expenses in the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||||||||||||||
Interest Expense, Net | ||||||||||||||||||||||||||||||||||||
Interest expense, net, is comprised primarily of interest expense on long-term debt, revolving credit facility borrowings, and loans collateralized by assets related to a company-owned life insurance program, partially offset by interest income on cash and cash equivalents. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the components of interest expense, net: | ||||||||||||||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Interest expense | $ | 32.6 | $ | 31.9 | $ | 31.3 | ||||||||||||||||||||||||||||||
Interest income | (0.5 | ) | (0.7 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||
Interest expense, net | $ | 32.1 | $ | 31.2 | $ | 30.7 | ||||||||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||||||||||
The functional currency for the foreign operations of the Company is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using a weighted average exchange rate each month during the year. The gains or losses resulting from the balance sheet translation are included in Foreign currency translation adjustments in the Consolidated Statements of Comprehensive Income and are excluded from net income. | ||||||||||||||||||||||||||||||||||||
Miscellaneous Expense (Income), Net | ||||||||||||||||||||||||||||||||||||
Miscellaneous expense (income), net, is composed primarily of gains or losses on foreign currency items and other non-operating items. Gains or losses relating to foreign currency items consisted of expense of $1.5 in fiscal 2014, expense of $0.2 in fiscal 2013, and income of $1.2 in fiscal 2012. | ||||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||||
The Company is taxed at regular corporate rates after adjusting income reported for financial statement purposes for certain items that are treated differently for income tax purposes. Deferred income tax expenses or benefits result from changes during the year in cumulative temporary differences between the tax basis and book basis of assets and liabilities. | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||||||
Comprehensive income represents a measure of all changes in equity that result from recognized transactions and other economic events other than transactions with owners in their capacity as owners. Other comprehensive income for the Company includes foreign currency translation and pension adjustments. | ||||||||||||||||||||||||||||||||||||
The following table presents the changes in each component of Accumulated Other Comprehensive Income/Loss Items, net of tax. | ||||||||||||||||||||||||||||||||||||
Foreign Currency Items | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss Items | ||||||||||||||||||||||||||||||||||
Balance at August 31, 2013 | $ | (18.8 | ) | $ | (43.8 | ) | $ | (62.6 | ) | |||||||||||||||||||||||||||
Other Comprehensive Income/(Expense) before reclassifications | 0.7 | (12.6 | ) | (11.9 | ) | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2.6 | 2.6 | |||||||||||||||||||||||||||||||||
Net current-period Other Comprehensive Income/(Expense) | 0.7 | (10.0 | ) | (9.3 | ) | |||||||||||||||||||||||||||||||
Balance at August 31, 2014 | $ | (18.1 | ) | $ | (53.8 | ) | $ | (71.9 | ) | |||||||||||||||||||||||||||
The following table presents the tax (expense)/benefit allocated to each component of Other Comprehensive Income (Expense). | ||||||||||||||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | ||||||||||||||||||||||||||||
Foreign Currency Translation Adjustments | $ | 0.7 | $ | — | $ | 0.7 | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | $ | (8.2 | ) | $ | — | $ | (8.2 | ) | ||||||||||||||
Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||||||||
Prior service cost from plan amendment during period | — | — | — | (5.5 | ) | 2.2 | (3.3 | ) | — | — | — | |||||||||||||||||||||||||
Actuarial gains (losses) | (18.2 | ) | 5.6 | (12.6 | ) | 34.5 | (11.7 | ) | 22.8 | (38.3 | ) | 12.9 | (25.4 | ) | ||||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||||||||||||||||||
Prior service cost (1) | 0.8 | (0.3 | ) | 0.5 | 0.7 | (0.3 | ) | 0.4 | 0.1 | — | 0.1 | |||||||||||||||||||||||||
Actuarial losses (1) | 3.1 | (1.0 | ) | 2.1 | 6.2 | (2.1 | ) | 4.1 | 4.1 | (1.5 | ) | 2.6 | ||||||||||||||||||||||||
Total Defined Benefit Plans, net | (14.3 | ) | 4.3 | (10.0 | ) | 35.9 | (11.9 | ) | 24 | (34.1 | ) | 11.4 | (22.7 | ) | ||||||||||||||||||||||
Other Comprehensive Income/(Expense) | $ | (13.6 | ) | $ | 4.3 | $ | (9.3 | ) | $ | 34 | $ | (11.9 | ) | $ | 22.1 | $ | (42.3 | ) | $ | 11.4 | $ | (30.9 | ) | |||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | The before tax amount of these accumulated other comprehensive income components is included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Aug. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
Accounting Standards Adopted in Fiscal 2014 | |
In July 2012, the Financial Accounting Standard s Board ("FASB") issued Accounting Standards Update ("ASU") No. 2012-02, Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which allows companies to assess qualitative factors to determine if indefinite-lived intangible assets other than goodwill have been impaired. If the qualitative factors reviewed do not indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset does not exceed the carrying value, ASU 2012-02 deems any further impairment testing to be unnecessary. In the event that the qualitative review indicates otherwise, a company is required to perform further quantitative impairment testing as prescribed by Topic 350. ASU 2012-02 is effective for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company adopted ASU 2012-02 in the first quarter of fiscal 2014. The provisions of ASU 2012-02 did not have a material effect on the Company’s results of operations, financial condition, and cash flows. | |
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”), which amended ASC Subtopic 210-20, Balance Sheet - Offsetting. ASU 2013-01 clarified the scope of ASU 2011-11, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity's financial statements to understand the effect of those arrangements on its financial position. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of the Accounting Standards Codification or subject to an enforceable master netting arrangement or similar arrangement. The provisions of ASU 2011-11 and ASU 2013-01 are effective retrospectively to all comparative periods for public entities during annual reporting periods beginning after January 1, 2013 (effective date) and interim reporting periods therein. The Company adopted ASU 2011-11 and ASU 2013-01 in the first quarter of fiscal 2014. The provisions of ASU 2011-11 and ASU 2013-01 did not have a material effect on the Company’s results of operations, financial condition, and cash flows. | |
Accounting Standards Yet to Be Adopted | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-05”), which applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company is currently reviewing the provisions of ASU 2013-05 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”), which applies to the presentation of unrecognized tax benefits as a liability on the balance sheet when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. ASU 2013-11 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company is currently reviewing the provisions of ASU 2013-11 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of ASU 2014-09. |
Acquisitions
Acquisitions | 12 Months Ended |
Aug. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
The Company has actively pursued opportunities for investment and growth through acquisitions. In recent years, the Company has acquired a number of businesses that participate in the North American lighting market, including the businesses discussed below. The companies were purchased to further expand and complement the Company’s lighting solutions portfolio and were fully incorporated into the Company’s operations. None of the business combinations-individually or in the aggregate-represented a material transaction. | |
eldoLED Acquisition | |
On March 13, 2013, the Company acquired for cash, including potential additional cash payments that may be paid in future periods under earn-out provisions, all of the ownership interests in eldoLED, a leading provider of high-performance drivers for LED lighting systems based in Eindhoven, The Netherlands. Potential cash payments related to the earn-out provisions are payable beginning in fiscal 2014 and ending in fiscal 2017 subject to achievement of those provisions. The operating results of eldoLED have been included in the Company's consolidated financial statements since the date of acquisition and are not material to the Company's financial condition, results of operations, or cash flows. Management finalized the acquisition accounting for eldoLED during the second quarter of fiscal 2014 and the amounts are reflected in the Consolidated Balance Sheets. | |
Adura Technologies Acquisition | |
On December 20, 2012, the Company acquired for cash all of the ownership interests in Adura, a leading developer of radio frequency (RF) mesh networking technology that allows individual light fixtures to communicate in a wireless mesh network with switches, sensors and system management software. The operating results of Adura have been included in the Company's consolidated financial statements since the date of acquisition and are not material to the Company's financial condition, results of operations, or cash flows. Management finalized the acquisition accounting for Adura during the first quarter of fiscal 2014 and the amounts are reflected in the Consolidated Balance Sheets. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
The Company determines a fair value measurement based on the assumptions a market participant would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), establishes a three level hierarchy making a distinction between market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3). | ||||||||||||||||||||||||||||||||
The following table presents information about assets and liabilities required to be carried at fair value and measured on a recurring basis as of August 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of: | ||||||||||||||||||||||||||||||||
August 31, 2014 | August 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 552.5 | $ | — | $ | — | $ | 552.5 | $ | 359.1 | $ | — | $ | — | $ | 359.1 | ||||||||||||||||
Other | 0.6 | — | — | 0.6 | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Other | $ | 0.6 | $ | — | $ | 11.6 | $ | 12.2 | $ | 0.7 | $ | — | $ | 12.1 | $ | 12.8 | ||||||||||||||||
The Company utilizes valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of “exit price” and the fair value hierarchy as prescribed in ASC 820. All valuation methods and assumptions are validated at least quarterly to ensure the accuracy and relevance of the fair values. There were no material changes to the valuation methods or assumptions used to determine fair values during the current period. | ||||||||||||||||||||||||||||||||
The Company used the following valuation methods and assumptions in estimating the fair value of the following assets and liabilities: | ||||||||||||||||||||||||||||||||
The fair value of Level 1 assets and liabilities is determined based on quoted market prices. | ||||||||||||||||||||||||||||||||
The fair value of Level 3 liabilities is estimated using a discounted cash flow technique with significant inputs that are not observable in the market, appropriately discounted considering the uncertainties associated with the obligation. Changes in these inputs, including probability assessments or the discount rate, could result in a higher or lower fair value measurement. Any reasonably likely change in the assumptions used in the analysis would not result in a material change to the fair value of these liabilities. | ||||||||||||||||||||||||||||||||
No transfers between the levels of the fair value hierarchy occurred during the current fiscal period. In the event of a transfer in or out of a level within the fair value hierarchy, the transfers would be recognized on the date of occurrence. | ||||||||||||||||||||||||||||||||
The Company's Level 3 liabilities consist of certain acquisition-related liabilities. The change in these liabilities during fiscal 2014 was due to a $2.2 increase in the estimated fair value, a $2.6 decrease due to payments, and a $0.1 decrease due to currency rate fluctuations in the period. The expense associated with the change in the estimated fair value was included in Selling, Distribution, and Administrative Expenses within the Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||||||||||
Disclosures of fair value information about financial instruments (whether or not recognized in the balance sheet), for which it is practicable to estimate that value, are required each reporting period in addition to any financial instruments carried at fair value on a recurring basis as prescribed by ASC Topic 825, Financial Instruments (“ASC 825”). In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. | ||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of certain of the Company’s financial instruments were as follows at August 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
August 31, 2014 | August 31, 2013 | |||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Senior unsecured public notes, net of unamortized discount | $ | 349.6 | $ | 391.2 | $ | 349.6 | $ | 381.5 | ||||||||||||||||||||||||
Industrial revenue bond | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||||||
The senior unsecured public notes are carried at the outstanding balance, including bond discounts, as of the end of the reporting period. Fair value is estimated based on discounted future cash flows using rates currently available for debt of similar terms and maturity (Level 2). | ||||||||||||||||||||||||||||||||
The industrial revenue bond is carried at the outstanding balance as of the end of the reporting period. The industrial revenue bond is a tax-exempt, variable-rate instrument that resets on a weekly basis; therefore, the Company estimates that the face amount of the bond approximates fair value as of August 31, 2014 based on bonds of similar terms and maturity (Level 2). | ||||||||||||||||||||||||||||||||
ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value to the Company. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating the Company’s management of liquidity and other risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above. |
Pension_and_Defined_Contributi
Pension and Defined Contribution Plans | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Defined Contribution Plans | ' | |||||||||||||||||||||||
Pension and Defined Contribution Plans | ||||||||||||||||||||||||
Company-sponsored Pension Plans | ||||||||||||||||||||||||
The Company has several pension plans, both qualified and non-qualified, covering certain hourly and salaried employees. Benefits paid under these plans are based generally on employees’ years of service and/or compensation during the final years of employment. The Company makes annual contributions to the plans to the extent indicated by actuarial valuations and statutory requirements. Plan assets are invested primarily in equity and fixed income securities. | ||||||||||||||||||||||||
The following tables reflect the status of the Company’s domestic (U.S.-based) and international pension plans at August 31, 2014 and 2013: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
August 31, | August 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 151.5 | $ | 168.1 | $ | 40.2 | $ | 46.9 | ||||||||||||||||
Service cost | 2.4 | 3.4 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 7 | 6.3 | 1.9 | 1.7 | ||||||||||||||||||||
Amendments | — | 5.5 | — | — | ||||||||||||||||||||
Actuarial (gain) loss | 17.6 | (24.9 | ) | 8.6 | (6.5 | ) | ||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | — | |||||||||||||||||||
Benefits paid | (7.0 | ) | (6.9 | ) | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Other | — | — | 2.8 | (1.0 | ) | |||||||||||||||||||
Benefit obligation at end of year | 171.5 | 151.5 | 52.5 | 40.2 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 105.7 | $ | 95.6 | $ | 30.1 | $ | 28.1 | ||||||||||||||||
Actual return on plan assets | 15.1 | 9.3 | 2.9 | 2.5 | ||||||||||||||||||||
Employer contributions | 8.7 | 7.7 | 1.1 | 1.1 | ||||||||||||||||||||
Benefits paid | (7.0 | ) | (6.9 | ) | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Other | — | — | 2.1 | (0.6 | ) | |||||||||||||||||||
Fair value of plan assets at end of year | 122.5 | 105.7 | 35.2 | 30.1 | ||||||||||||||||||||
Funded status at end of year: | ||||||||||||||||||||||||
Funded status | $ | (49.0 | ) | $ | (45.8 | ) | $ | (17.3 | ) | $ | (10.1 | ) | ||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (49.0 | ) | $ | (45.8 | ) | $ | (17.3 | ) | $ | (10.1 | ) | ||||||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||||||||||||||
Current liabilities | $ | (1.2 | ) | $ | (1.2 | ) | $ | — | $ | — | ||||||||||||||
Non-current liabilities | (47.8 | ) | (44.6 | ) | (17.3 | ) | (10.1 | ) | ||||||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (49.0 | ) | $ | (45.8 | ) | $ | (17.3 | ) | $ | (10.1 | ) | ||||||||||||
Accumulated Benefit Obligation | $ | 170.7 | $ | 151.5 | $ | 52.3 | $ | 40.2 | ||||||||||||||||
Pre-tax amounts in accumulated other comprehensive income: | ||||||||||||||||||||||||
Prior service cost | $ | (4.5 | ) | $ | (5.3 | ) | $ | — | $ | — | ||||||||||||||
Net actuarial loss | (57.5 | ) | (48.9 | ) | (20.5 | ) | (13.0 | ) | ||||||||||||||||
Amounts in accumulated other comprehensive income | $ | (62.0 | ) | $ | (54.2 | ) | $ | (20.5 | ) | $ | (13.0 | ) | ||||||||||||
Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year: | ||||||||||||||||||||||||
Prior service cost | $ | 0.8 | $ | 0.8 | $ | — | $ | — | ||||||||||||||||
Net actuarial loss | 2.4 | 2 | 1.9 | 1 | ||||||||||||||||||||
Components of net periodic pension cost for the fiscal years ended August 31, 2014, 2013, and 2012 included the following: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 2.4 | $ | 3.4 | $ | 2.7 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 7 | 6.3 | 6.6 | 1.9 | 1.7 | 1.9 | ||||||||||||||||||
Expected return on plan assets | (8.0 | ) | (7.1 | ) | (6.5 | ) | (2.0 | ) | (1.5 | ) | (1.7 | ) | ||||||||||||
Amortization of prior service cost | 0.8 | 0.7 | 0.1 | — | — | — | ||||||||||||||||||
Curtailment | — | — | 0.1 | — | — | — | ||||||||||||||||||
Settlement | — | — | — | (0.1 | ) | — | — | |||||||||||||||||
Recognized actuarial loss | 2 | 4.4 | 3.2 | 1.1 | 1.8 | 0.9 | ||||||||||||||||||
Net periodic pension cost | $ | 4.2 | $ | 7.7 | $ | 6.2 | $ | 1 | $ | 2.1 | $ | 1.2 | ||||||||||||
Weighted average assumptions used in computing the benefit obligation are as follows: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4 | % | 4.8 | % | 3.6 | % | 4.5 | % | ||||||||||||||||
Rate of compensation increase | 5.5 | % | 5.5 | % | 3.1 | % | 3.3 | % | ||||||||||||||||
Weighted average assumptions used in computing net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4.8 | % | 3.8 | % | 5 | % | 4.5 | % | 3.7 | % | 5.6 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | 6.2 | % | 5.5 | % | 6.6 | % | ||||||||||||
Rate of compensation increase | 5.5 | % | 5.5 | % | 5.5 | % | 3.3 | % | 2.5 | % | 3.4 | % | ||||||||||||
It is the Company’s policy to adjust, on an annual basis, the discount rate used to determine the projected benefit obligation to approximate rates on high-quality, long-term obligations based on the Company’s estimated benefit payments available as of the measurement date. The Company uses a publicly published yield curve to assist in the development of its discount rates. The Company estimates that each 100 basis point increase in the discount rate would result in reduced net periodic pension cost of approximately $0.6 and $1.0 for domestic plans and international plans, respectively. The expected return on plan assets is derived from a periodic study of long-term historical rates of return on the various asset classes included in the Company’s targeted pension plan asset allocation. The Company estimates that each 100 basis point reduction in the expected return on plan assets would result in additional net periodic pension cost of $1.2 and $0.4 for domestic plans and international plans, respectively. The rate of compensation increase is also evaluated and is adjusted by the Company, if necessary, annually. | ||||||||||||||||||||||||
The Company’s investment objective for domestic plan assets is to earn a rate of return sufficient to match or exceed the long-term growth of the plans’ liabilities without subjecting plan assets to undue risk. The plan assets are invested primarily in high quality equity and debt securities. The Company conducts a periodic strategic asset allocation study to form a basis for the allocation of pension assets between various asset categories. Specific allocation percentages are assigned to each asset category with minimum and maximum ranges established for each. The assets are then managed within these ranges. During fiscal 2014, the U.S. targeted asset allocation was 55% equity securities, 40% fixed income securities, and 5% real estate securities. The Company’s investment objective for the international plan assets is also to add value by matching or exceeding the long-term growth of the plans’ liabilities. During fiscal 2014, the international asset target allocation approximated 60% equity securities, 25% fixed income securities, 10% multi-strategy funds, and 5% real estate securities. | ||||||||||||||||||||||||
The Company’s pension plan asset allocation at August 31, 2014 and 2013 by asset category is as follows: | ||||||||||||||||||||||||
% of Plan Assets | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Equity securities | 59.2 | % | 58.8 | % | 64 | % | 63.4 | % | ||||||||||||||||
Fixed income securities | 36.2 | % | 36.4 | % | 21.9 | % | 22.5 | % | ||||||||||||||||
Multi-strategy investments | — | % | — | % | 9.4 | % | 9.6 | % | ||||||||||||||||
Real estate | 4.6 | % | 4.8 | % | 4.7 | % | 4.5 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
The Company’s pension plan assets are stated at fair value from quoted market prices in an active market, quoted redemption values, or estimates based on reasonable assumptions as of the most recent measurement period. See the Fair Value Measurements footnote for a description of the fair value guidance. | ||||||||||||||||||||||||
No transfers between the levels of the fair value hierarchy occurred during the current fiscal period. In the event of a transfer in or out of a level within the fair value hierarchy, the transfers would be recognized on the date of occurrence. | ||||||||||||||||||||||||
The following tables present the fair value of the domestic pension plan assets by major category as of August 31, 2014 and 2013: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||
Domestic large cap equity fund | $ | 46.7 | $ | 46.7 | $ | — | $ | — | ||||||||||||||||
Foreign equity fund | 12.4 | 12.4 | — | — | ||||||||||||||||||||
Real Estate Fund | 5.6 | — | — | 5.6 | ||||||||||||||||||||
Short-Term Investments | 6 | 6 | — | — | ||||||||||||||||||||
Fixed-Income Investments | 38.3 | — | 38.3 | — | ||||||||||||||||||||
Collective Trust: Domestic small cap equities | 13.5 | — | 13.5 | — | ||||||||||||||||||||
$ | 122.5 | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||
Domestic large cap equity fund | $ | 39.1 | $ | 39.1 | $ | — | $ | — | ||||||||||||||||
Foreign equity fund | 10.6 | 10.6 | — | — | ||||||||||||||||||||
Domestic small cap equity fund | 12.4 | 12.4 | — | — | ||||||||||||||||||||
Real Estate Fund | 5.1 | — | — | 5.1 | ||||||||||||||||||||
Short-Term Investments | 5.1 | 5.1 | — | — | ||||||||||||||||||||
Fixed-Income Investments | 33.4 | — | 33.4 | — | ||||||||||||||||||||
$ | 105.7 | |||||||||||||||||||||||
The following tables present the fair value of the international pension plan assets by major category as of August 31, 2014 and 2013: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Equity Securities | $ | 22.5 | $ | — | $ | 22.5 | $ | — | ||||||||||||||||
Real Estate Fund | 1.7 | — | — | 1.7 | ||||||||||||||||||||
Multi-Strategy Investments | 3.3 | — | 3.3 | — | ||||||||||||||||||||
Fixed-Income Investments | 7.7 | — | 7.7 | — | ||||||||||||||||||||
$ | 35.2 | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Equity Securities | $ | 19 | $ | — | $ | 19 | $ | — | ||||||||||||||||
Real Estate Fund | 1.4 | — | — | 1.4 | ||||||||||||||||||||
Multi-Strategy Investments | 3 | — | 3 | — | ||||||||||||||||||||
Fixed-Income Investments | 6.7 | — | 6.7 | — | ||||||||||||||||||||
$ | 30.1 | |||||||||||||||||||||||
Publicly-traded securities are valued at the last reported sales price on the last business day of the period. Investments traded in the over-the-counter market and listed securities for which no sale was reported on the last day of the period are valued at the last reported bid price. | ||||||||||||||||||||||||
Investments in real estate are stated at estimated fair values based on the fund management’s valuations and upon appraisal reports prepared periodically by independent real estate appraisers. These investments are classified as Level 3 assets within the fair value hierarchy. The purpose of the appraisal is to estimate the fair value of the real estate as of a specific date based on the most probable price for which the appraised real estate will sell in a competitive market under all conditions requisite to a fair sale. Estimated fair value is based on (i) discounted cash flows using certain market assumptions, including holding period, discount rates, capitalization rates, rent and expense growth rates, future capital expenditures and the ultimate sale of the property at the end of the holding period; (ii) direct capitalization method; or (iii) comparable sales method. | ||||||||||||||||||||||||
The tables below present a rollforward of the domestic and international pension plans’ Level 3 assets for the years ended August 31, 2014 and 2013: | ||||||||||||||||||||||||
Domestic Real Estate Fund | ||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of year | $ | 5.1 | $ | 4.7 | ||||||||||||||||||||
Net unrealized gain relating to instruments still held at the reporting date | 0.3 | 0.3 | ||||||||||||||||||||||
Shares purchased, including from dividend reinvestment | 0.2 | 0.1 | ||||||||||||||||||||||
Balance, end of year | $ | 5.6 | $ | 5.1 | ||||||||||||||||||||
International Real Estate Fund | ||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of year | $ | 1.4 | $ | 1.4 | ||||||||||||||||||||
Shares purchased, including from dividend reinvestment(1) | 0.3 | — | ||||||||||||||||||||||
Balance, end of year | $ | 1.7 | $ | 1.4 | ||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||
(1) | Activity in 2013 was less than $0.1. | |||||||||||||||||||||||
The Company expects to contribute approximately $8.1 and $1.2 during fiscal 2015 to its domestic and international defined benefit plans, respectively. These amounts are based on the total contributions required during fiscal 2015 to satisfy current legal minimum funding requirements for qualified plans and estimated benefit payments for non-qualified plans. | ||||||||||||||||||||||||
Benefit payments are made primarily from funded benefit plan trusts. Benefit payments are expected to be paid as follows for the years ending August 31: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2015 | $ | 7.2 | $ | 1.1 | ||||||||||||||||||||
2016 | 7.6 | 1.1 | ||||||||||||||||||||||
2017 | 7.8 | 1.1 | ||||||||||||||||||||||
2018 | 8.4 | 1.1 | ||||||||||||||||||||||
2019 | 8.9 | 1.2 | ||||||||||||||||||||||
2020 - 2024 | 49.2 | 6.3 | ||||||||||||||||||||||
Multi-employer Pension Plans | ||||||||||||||||||||||||
The Company contributes to three multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||||||||
• | Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||||
• | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers. | |||||||||||||||||||||||
• | If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||
The Company’s contributions to these plans were $0.4, $0.3, and $0.2 for the years ended August 31, 2014, 2013, and 2012, respectively. The most recent Pension Protection Act zone status for one of the plans is red, generally defined as less than 65% funded. This plan currently has a rehabilitation plan in place and the Company's contributions include a surcharge. | ||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||
The Company also has defined contribution plans to which both employees and the Company make contributions. The cost to the Company for these plans was $5.3, $4.7, and $4.1 for the years ended August 31, 2014, 2013, and 2012, respectively. Employer matching amounts are allocated in accordance with the participants’ investment elections for elective deferrals. At August 31, 2014, assets of the domestic defined contribution plans included shares of the Company’s common stock with a market value of approximately $12.0, which represented approximately 4.4% of the total fair market value of the assets in the Company’s domestic defined contribution plans. |
Debt_and_Lines_of_Credit
Debt and Lines of Credit | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Lines of Credit | ' | |||||||
Debt and Lines of Credit | ||||||||
Debt | ||||||||
The Company’s debt at August 31, 2014 and 2013 consisted of the following: | ||||||||
August 31, | ||||||||
2014 | 2013 | |||||||
Senior unsecured public notes due December 2019, principal | $ | 350 | $ | 350 | ||||
Senior unsecured public notes due December 2019, unamortized discount | (0.4 | ) | (0.4 | ) | ||||
Industrial revenue bond due 2021 | 4 | 4 | ||||||
Total debt outstanding | $ | 353.6 | $ | 353.6 | ||||
All future annual principal payments of long-term debt in the amount of $354.0 will become due after fiscal 2019. | ||||||||
On December 1, 2009, the Company announced a private offering by ABL, Acuity Brands’ wholly-owned principal operating subsidiary, of $350.0 aggregate principal amount of senior unsecured notes due in fiscal 2020 (the “Notes”). The Notes are fully and unconditionally guaranteed on a senior unsecured basis by Acuity Brands and ABL IP Holding LLC (“ABL IP Holding”, and, together with Acuity Brands, the “Guarantors”), a wholly-owned subsidiary of Acuity Brands. The Notes are senior unsecured obligations of ABL and rank equally in right of payment with all of ABL’s existing and future senior unsecured indebtedness. The guarantees of Acuity Brands and ABL IP Holding are senior unsecured obligations of Acuity Brands and ABL IP Holding and rank equally in right of payment with their other senior unsecured indebtedness. The Notes bear interest at a rate of 6% per annum and were issued at a price equal to 99.797% of their face value and for a term of 10 years. Interest on the Notes is payable semi-annually on June 15 and December 15. Additionally, the Company capitalized $3.1 of deferred issuance costs related to the Notes that are being amortized over the 10-year term of the Notes. | ||||||||
In accordance with the registration rights agreement by and between ABL and the Guarantors and the initial purchasers of the Notes, ABL and the Guarantors filed a registration statement with the SEC for an offer to exchange the Notes for SEC-registered notes with substantially identical terms. The registration became effective on August 17, 2010, and all of the Notes were exchanged. | ||||||||
The $4.0 industrial revenue bond matures in 2021. The interest rate on the $4.0 bond was approximately 0.2% at August 31, 2014 and 2013. | ||||||||
Lines of Credit | ||||||||
On August 27, 2014, the Company executed a new $250.0 revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility replaced the Company’s prior $250.0 revolving credit facility (the “prior facility”), which was scheduled to mature on January 31, 2017. The Revolving Credit Facility will mature and all amounts outstanding will be due and payable on August 27, 2019. | ||||||||
The Revolving Credit Facility contains financial covenants, including a minimum interest coverage ratio (“Minimum Interest Coverage Ratio”) and a leverage ratio (“Maximum Leverage Ratio”) of total indebtedness to EBITDA (earnings before interest, taxes, depreciation and amortization expense), as such terms are defined in the Revolving Credit Facility agreement. These ratios are computed at the end of each fiscal quarter for the most recent 12-month period. The Revolving Credit Facility allows for a Maximum Leverage Ratio of 3.50 and a Minimum Interest Coverage Ratio of 2.50, subject to certain conditions defined in the financing agreement. Generally, amounts outstanding under the Revolving Credit Facility bear interest at a “Eurocurrency Rate”. Eurocurrency rate advances can be denominated in a variety of currencies, including U.S. dollars, and amounts outstanding bear interest at a periodic fixed rate equal to the London Inter Bank Offered Rate (“LIBOR”) for the applicable currency plus a margin as determined by Acuity Brands' leverage ratio (“Applicable Margin”). The Applicable Margin is based on the Company’s leverage ratio, as defined in the Revolving Credit Facility, with such margin ranging from 1.000% to 1.575%. Additionally, the Company is required to pay certain fees in connection with the Revolving Credit Facility, including administrative service fees and an annual facility fee. The annual facility fee is payable quarterly in arrears and is determined by the Company’s leverage ratio as defined in the Revolving Credit Facility. This facility fee ranges from 0.125% to 0.300% of the aggregate $250.0 commitment of the lenders under the Revolving Credit Facility. | ||||||||
The Company was compliant with all financial covenants under the Revolving Credit Facility as of August 31, 2014. As of August 31, 2014, the Company had outstanding letters of credit totaling $10.4, primarily for securing collateral requirements under the casualty insurance programs for Acuity Brands and providing credit support for the Company’s industrial revenue bond (not an outstanding amount under the Revolving Credit Facility). At August 31, 2014, the Company had additional borrowing capacity under the Revolving Credit Facility of $243.8 under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less outstanding letters of credit of $6.2 issued under the Revolving Credit Facility. | ||||||||
None of the Company’s existing debt instruments include provisions that would require an acceleration of repayments based solely on changes in the Company’s credit ratings. |
Common_Stock_and_Related_Matte
Common Stock and Related Matters | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Common Stock and Related Matters [Abstract] | ' | |||||||||||
Common Stock and Related Matters | ' | |||||||||||
Common Stock and Related Matters | ||||||||||||
(share data presented in whole units except where otherwise indicated) | ||||||||||||
Common Stock | ||||||||||||
Changes in common stock for the years ended August 31, 2014, 2013, and 2012 were as follows: | ||||||||||||
Common Stock | ||||||||||||
Shares | Amount | |||||||||||
(Amounts and shares in millions) | (At par) | |||||||||||
Balance at August 31, 2011 | 51 | $ | 0.5 | |||||||||
Issuance of restricted stock grants, net of forfeitures | 0.2 | — | ||||||||||
Stock options exercised | 0.3 | — | ||||||||||
Balance at August 31, 2012 | 51.5 | $ | 0.5 | |||||||||
Issuance of restricted stock grants, net of forfeitures | 0.2 | — | ||||||||||
Stock options exercised | 0.5 | — | ||||||||||
Balance at August 31, 2013 | 52.2 | $ | 0.5 | |||||||||
Issuance of restricted stock grants, net of forfeitures | 0.2 | — | ||||||||||
Stock options exercised | 0.2 | — | ||||||||||
Balance at August 31, 2014 | 52.6 | $ | 0.5 | |||||||||
During fiscal 2012, the Company reacquired 252,000 shares of the Company’s outstanding common stock at a total cost of $9.2, which completed the plan to repurchase two million shares previously authorized by the Board of Directors in July 2010. As of August 31, 2014 and 2013, the Company had 9.7 million repurchased shares recorded as treasury stock at an original repurchase cost of $420.2. | ||||||||||||
In September 2011, the Company's Board of Directors authorized the repurchase of an additional two million shares of the Company's outstanding common stock. No shares have been repurchased under the repurchase plan approved in September 2011. | ||||||||||||
Preferred Stock | ||||||||||||
The Company has 50 million shares of preferred stock authorized. No shares of preferred stock were issued in fiscal 2014 or 2013 and no shares of preferred stock are outstanding. | ||||||||||||
Earnings per Share | ||||||||||||
Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding, which has been modified to include the effects of all participating securities (unvested share-based payment awards with a right to receive nonforfeitable dividends) as prescribed by the two-class method under ASC Topic 260, Earnings Per Share (“ASC 260”), during the period. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised and restricted stock awards were vested. Stock options of approximately 41,000 and 62,000 were excluded from the diluted earnings per share calculation for the years ended August 31, 2014 and 2013, respectively, as the effect of inclusion would have been antidilutive. Approximately 9,000 shares of restricted stock were excluded from the diluted earnings per share calculation for the year ended August 31, 2014. There were no shares of restricted stock excluded from the diluted earnings per share calculation for the year ended August 31, 2013. | ||||||||||||
The following table calculates basic earnings per common share and diluted earnings per common share for the years ended August 31, 2014, 2013, and 2012: | ||||||||||||
Years Ended August 31, | ||||||||||||
(Amounts and shares in millions, except earnings per share) | 2014 | 2013 | 2012 | |||||||||
Basic Earnings per Share: | ||||||||||||
Net income | $ | 175.8 | $ | 127.4 | $ | 116.3 | ||||||
Less: Income attributable to participating securities | (1.6 | ) | (2.0 | ) | (2.2 | ) | ||||||
Net income available to common shareholders | $ | 174.2 | $ | 125.4 | $ | 114.1 | ||||||
Basic weighted average shares outstanding | 42.8 | 42.2 | 41.4 | |||||||||
Basic earnings per share | $ | 4.07 | $ | 2.97 | $ | 2.75 | ||||||
Diluted Earnings per Share: | ||||||||||||
Net income | $ | 175.8 | $ | 127.4 | $ | 116.3 | ||||||
Less: Income attributable to participating securities | (1.6 | ) | (2.0 | ) | (2.2 | ) | ||||||
Net income available to common shareholders | $ | 174.2 | $ | 125.4 | $ | 114.1 | ||||||
Basic weighted average shares outstanding | 42.8 | 42.2 | 41.4 | |||||||||
Common stock equivalents | 0.2 | 0.3 | 0.5 | |||||||||
Diluted weighted average shares outstanding | 43 | 42.5 | 41.9 | |||||||||
Diluted earnings per share | $ | 4.05 | $ | 2.95 | $ | 2.72 | ||||||
ShareBased_Payments
Share-Based Payments | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Share-Based Payments | ' | |||||||
Share-Based Payments | ||||||||
(share data presented in whole units except where otherwise indicated) | ||||||||
Omnibus Stock Compensation Incentive and Directors’ Equity Plans | ||||||||
In January 2013, the Company’s stockholders approved the Acuity Brands, Inc. 2012 Omnibus Stock Compensation Incentive Plan (“2012 Plan”) to replace the Amended and Restated 2007 Acuity Brands, Inc. Long Term Incentive Plan (“2007 Plan”). An aggregate of 2.3 million shares are available for issuance under the new plan including 1.9 million previously issuable shares under the 2007 Plan and 400,000 newly authorized shares. In addition, 1.7 million shares that were previously approved by the Company’s stockholders and that are subject to outstanding awards granted under the 2007 plan are issuable under the 2012 Plan. | ||||||||
In November 2001, the Company adopted the Acuity Brands, Inc., 2001 Nonemployee Directors’ Stock Option Plan (the “Directors’ Plan”), under which 300,000 shares were authorized for issuance. In January 2007, the Directors’ Plan was amended to provide that no further annual grants of stock options would be made to nonemployee directors. The Directors’ Plan expired on November 1, 2011. Approximately 5,000 options, which were previously approved by the Company’s stockholders and are subject to awards granted prior to expiration, remain issuable under the Directors’ Plan. | ||||||||
Shares available for grant under all plans were approximately 2.1 million, 2.3 million, and 2.3 million at August 31, 2014, 2013, and 2012, respectively. Forfeited shares are returned to the pool of shares available for grant. | ||||||||
Restricted Stock Awards | ||||||||
As of August 31, 2014, the Company had approximately 530,000 shares outstanding of restricted stock to officers, directors, and other key employees under the 2012 Plan, including restricted stock units granted to foreign employees. The shares vest primarily over a four-year period and are valued at the closing stock price on the date of the grant. Compensation expense recognized related to the awards under the equity incentive plans was $14.2, $13.2, and $13.1 in fiscal 2014, 2013, and 2012, respectively. | ||||||||
Activity related to restricted stock awards during the fiscal year ended August 31, 2014 was as follows: | ||||||||
Number of | Weighted Average | |||||||
Shares | Grant Date | |||||||
(in millions) | Fair Value Per | |||||||
Share | ||||||||
Outstanding at August 31, 2013 | 0.7 | $ | 52.9 | |||||
Granted | 0.1 | $ | 107.92 | |||||
Vested | -0.2 | $ | 49.32 | |||||
Forfeited | -0.1 | $ | 61.9 | |||||
Outstanding at August 31, 2014 | 0.5 | $ | 70.73 | |||||
As of August 31, 2014, there was $24.9 of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 1.7 years. The total fair value of shares vested during the years ended August 31, 2014, 2013, and 2012, was approximately $13.0, $13.4, and $12.6, respectively. | ||||||||
Stock Options | ||||||||
As of August 31, 2014, the Company had approximately 658,000 options outstanding to officers and other key employees under the 2012 Plan. Options issued under the 2012 Plan are generally granted with an exercise price equal to the fair market value of the Company’s stock on the date of grant (but never less than the fair market value on the grant date) and expire 10 years from the date of grant. These options generally vest and become exercisable over a three-year period. The stock options granted under the Directors’ Plan vested and became exercisable one year from the date of grant. Options under the Directors' Plan have an exercise price equal to the fair market value of the Company’s stock on the date of the grant and expire 10 years from that date. As of August 31, 2014, approximately 5,000 options remain outstanding under the Director’s Plan and are included in the table below. Compensation expense recognized related to the awards under the current and prior equity incentive plans was $2.4, $2.5, and $2.3 in fiscal 2014, 2013, and 2012, respectively. There was no expense related to the director plan in fiscal 2014, 2013, and 2012. | ||||||||
The fair value of each option was estimated on the date of grant using the Black-Scholes model. The dividend yield was calculated based on annual dividends paid and the trailing 12-month average closing stock price at the time of grant. Expected volatility was based on historical volatility of the Company’s stock, calculated using the most recent time period equal to the expected life of the options. The risk-free interest rate was based on the U.S. Treasury yield for a term equal to the expected life of the options at the time of grant. The Company used historical exercise behavior data of similar employee groups to determine the expected life of options. All inputs into the Black-Scholes model are estimates made at the time of grant. Actual realized value of each option grant could materially differ from these estimates, without impact to future reported net income. | ||||||||
The following weighted average assumptions were used to estimate the fair value of stock options granted in the fiscal years ended August 31: | ||||||||
2014 | 2013 | 2012 | ||||||
Dividend yield | 0.70% | 0.90% | 1.00% | |||||
Expected volatility | 38.40% | 43.80% | 43.20% | |||||
Risk-free interest rate | 1.30% | 0.80% | 1.10% | |||||
Expected life of options | 5 years | 5 years | 5 years | |||||
Weighted-average fair value of options | $34.37 | $22.32 | $16.43 | |||||
Stock option activity during the years ended August 31, 2014, 2013, and 2012 was as follows: | ||||||||
Outstanding | Exercisable | |||||||
Number of | Weighted Average | Number of | Weighted Average | |||||
Shares | Exercise Price | Shares | Exercise Price | |||||
(in millions) | (in millions) | |||||||
Outstanding at August 31, 2011 | 1.3 | $31.67 | 1 | $28.81 | ||||
Granted | 0.1 | $46.29 | ||||||
Exercised | -0.3 | $22.02 | ||||||
Cancelled | — | * | $35.64 | |||||
Outstanding at August 31, 2012 | 1.1 | $36.25 | 1 | $33.06 | ||||
Granted | 0.1 | $62.54 | ||||||
Exercised | -0.4 | $30.72 | ||||||
Outstanding at August 31, 2013 | 0.8 | $43.16 | 0.5 | $38.00 | ||||
Granted | 0.1 | $103.74 | ||||||
Exercised | -0.2 | $40.31 | ||||||
Outstanding at August 31, 2014 | 0.7 | $50.58 | 0.5 | $41.05 | ||||
Range of option exercise prices: | ||||||||
$20.01 - $40.00 (average life - 4.6 years) | 0.2 | $32.71 | 0.2 | $32.71 | ||||
$40.01 - $60.00 (average life - 5.5 years) | 0.3 | $45.47 | 0.3 | $45.31 | ||||
$60.01 - $80.00 (average life - 8.1 years) | 0.1 | $62.54 | — | * | $62.54 | |||
$80.01 - $110.00 (average life - 9.1 years) | 0.1 | $103.74 | — | $— | ||||
_______________________________________ | ||||||||
* | Represents shares of less than 0.1. | |||||||
The total intrinsic value of options exercised during the years ended August 31, 2014, 2013, and 2012 was $16.3, $19.2, and $11.7, respectively. As of August 31, 2014, the total intrinsic value of options outstanding was $48.6, the total intrinsic value of options expected to vest was $48.5, and the total intrinsic value of options exercisable was $38.9. As of August 31, 2014, there was $2.8 of total unrecognized compensation cost related to unvested options. That cost is expected to be recognized over a weighted-average period of approximately 1.3 years. | ||||||||
Employee Deferred Share Units | ||||||||
The Company previously allowed employees to defer a portion of restricted stock awards granted in fiscal 2003 and fiscal 2004 into the Supplemental Deferred Savings Plan (“SDSP”) as share units. The share units are payable in shares of stock at the time of distribution from the SDSP. As of August 31, 2014, approximately 14,000 fully vested share units remain deferred, but undistributed, under the 2012 Plan. There was no compensation expense related to these share units during fiscal years 2014, 2013, and 2012. | ||||||||
Director Deferred Share Units | ||||||||
The Company previously required its Directors to defer at least 50% of their annual retainer into the 2006 Nonemployee Director Deferred Compensation Plan ("2006 Plan"). Shares deferred under the 2006 Plan are to be paid in shares at retirement from the Board. In January 2012, the Company's stockholders approved the 2011 Nonemployee Director Deferred Compensation Plan ("2011 Plan"), following the expiration of the 2006 Plan on November 30, 2011. Pursuant to the 2011 Plan, fees deferred by nonemployee directors can be invested in deferred stock units to be paid in shares or credited to an interest-bearing account to be paid in cash at retirement from the Board. 300,000 shares of common stock were reserved for issuance under the 2011 Plan, which incorporated approximately 86,000 shares previously available for grant under the 2006 Plan. Beginning in fiscal year 2013, the deferral requirement was adjusted to 55% of the annual director fees. On September 28, 2012, the 2011 Plan was amended to allow for stock grants in lieu of mandatory deferrals for the non-cash component of a nonemployee director's annual fee if a director exceeds the stock ownership requirement of five-times the annual cash retainer fee. Shares available for issuance under both plans were approximately 400,000 at August 31, 2014, 2013, and 2012. As of August 31, 2014, approximately 134,000 share units were deferred, but undistributed, under the 2006 Plan and the 2011 Plan. | ||||||||
Compensation expense recognized related to the share units under these plans was $0.8 million, $0.8 million, and $0.5 million in fiscal 2014, 2013, and 2012, respectively. | ||||||||
Employee Stock Purchase Plan | ||||||||
Employees are able to purchase, through payroll deduction, common stock at a 5% discount on a monthly basis. There were 1.5 million shares of the Company’s common stock reserved for purchase under the plan, of which approximately 1.0 million shares remain available as of August 31, 2014. Employees may participate at their discretion. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
Self-Insurance | ||||||||||||
It is the policy of the Company to self-insure — up to certain limits — traditional risks, including workers’ compensation, comprehensive general liability, and auto liability. The Company’s self-insured retention for each claim involving workers’ compensation, comprehensive general liability (including product liability claims), and auto liability is limited per occurrence of such claims. A provision for claims under this self-insured program, based on the Company’s estimate of the aggregate liability for claims incurred, is revised and recorded annually. The estimate is derived from both internal and external sources including, but not limited to, the Company’s independent actuary. The Company is also self-insured up to certain limits for certain other insurable risks, primarily physical loss to property and business interruptions resulting from such loss lasting two days or more in duration. Insurance coverage is maintained for catastrophic property and casualty exposures, as well as those risks required to be insured by law or contract. The Company is fully self-insured for certain other types of liabilities, including environmental, product recall, warranty, and patent infringement. The actuarial estimates are subject to uncertainty from various sources including, among others, changes in claim reporting patterns, claim settlement patterns, judicial decisions, legislation, and economic conditions. Although the Company believes that the actuarial estimates are reasonable, significant differences related to the items noted above could materially affect the Company’s self-insurance obligations, future expense, and cash flow. The Company is also self-insured for the majority of its medical benefit plans. The Company estimates its aggregate liability for claims incurred by applying a lag factor to the Company’s historical claims and administrative cost experience. The appropriateness of the Company’s lag factor is evaluated and revised annually, as necessary. | ||||||||||||
Leases | ||||||||||||
The Company leases certain of its buildings and equipment under noncancelable lease agreements. Future minimum annual lease payments under noncancelable leases are $14.2, $13.5, $12.3, $9.3, $5.8, and $9.3 for fiscal 2015, 2016, 2017, 2018, 2019, and after 2019, respectively. | ||||||||||||
Total rent expense was $16.5, $16.2, and $15.7 in fiscal 2014, 2013, and 2012, respectively. | ||||||||||||
Purchase Obligations | ||||||||||||
The Company has incurred purchase obligations in the ordinary course of business that are enforceable and legally binding. Obligations for years subsequent to August 31, 2014 include $115.8 and $1.5 in fiscal 2015 and 2016, respectively. As of August 31, 2014, the Company had no purchase obligations extending beyond August 31, 2016. | ||||||||||||
Collective Bargaining Agreements | ||||||||||||
Approximately 65% of the Company’s total work force is covered by collective bargaining agreements. Collective bargaining agreements representing approximately 47% of the Company’s work force will expire within one year. | ||||||||||||
Litigation | ||||||||||||
The Company is subject to various legal claims arising in the normal course of business, including patent infringement and product recall claims. Based on information currently available, it is the opinion of management that the ultimate resolution of pending and threatened legal proceedings will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. However, in the event of unexpected future developments, it is possible that the ultimate resolution of any such matters, if unfavorable, could have a material adverse effect on the financial condition, results of operations, or cash flows of the Company in future periods. The Company establishes reserves for legal claims when associated costs become probable and can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher than the amounts reserved for such claims. However, the Company cannot make a meaningful estimate of actual costs to be incurred that could possibly be higher or lower than the amounts reserved. | ||||||||||||
As reported in prior periods, on March 25, 2013, a freight payment and audit service provider, Trendset, Inc. (“Trendset”), provided notice to its customers that all freight payment services would immediately cease as a result of fraud at Trendset. Management believes that the Company incurred a loss primarily related to funds disbursed by the Company to Trendset that were not subsequently remitted to freight carriers that provided services on behalf of the Company and additional costs related to recovery efforts. Based on then available information, management estimated that the Company's loss was approximately $8.1 which was previously included in Selling, Distribution, and Administrative Expenses in the Consolidated Statements of Comprehensive Income during fiscal 2013. During fiscal 2014, the Company received $5.8 in recovery payments related to this loss, consisting primarily of payments under an insurance policy maintained by the Company. These recoveries are included as an offset to expense in Selling, Distribution and Administrative Expenses in the Consolidated Statements of Comprehensive Income and cover a portion of, but not the entirety of, the Company’s loss related to this matter. | ||||||||||||
Environmental Matters | ||||||||||||
The operations of the Company are subject to numerous comprehensive laws and regulations relating to the generation, storage, handling, transportation, and disposal of hazardous substances, as well as solid and hazardous wastes, and to the remediation of contaminated sites. In addition, permits and environmental controls are required for certain of the Company’s operations to limit air and water pollution, and these permits are subject to modification, renewal, and revocation by issuing authorities. On an ongoing basis, the Company invests capital and incurs operating costs relating to environmental compliance. Environmental laws and regulations have generally become stricter in recent years. The Company is not aware of any pending legislation or proposed regulation related to environmental issues that would have a material adverse effect on the Company. The cost of responding to future changes may be substantial. The Company establishes reserves for known environmental claims when the associated costs become probable and can be reasonably estimated. The actual cost of environmental issues may be substantially higher than that reserved due to difficulty in estimating such costs. | ||||||||||||
Guarantees and Indemnities | ||||||||||||
The Company is a party to contracts entered into in the normal course of business in which it is common for the Company to agree to indemnify third parties for certain liabilities that may arise out of or relate to the subject matter of the contract. In most cases, the Company cannot estimate the potential amount of future payments under these indemnities until events arise that would result in a liability under the indemnities. | ||||||||||||
Acuity Brands completed the spin-off of its specialty products business (the “Spin-off”), Zep Inc. (“Zep”) on October 31, 2007, by distributing all of the shares of Zep common stock, par value $0.01 per share, to the Company's stockholders of record as of October 17, 2007. In conjunction with the separation of their businesses (the “Distribution”), Acuity Brands and Zep entered into various agreements that addressed the allocation of assets and liabilities and defined the Company’s relationship with Zep after the Distribution, including a tax disaffiliation agreement. The tax disaffiliation agreement provides that Acuity Brands will indemnify Zep for certain taxes and liabilities that may arise related to the Distribution and generally for deficiencies, if any, with respect to federal, state, local, or foreign taxes of Zep for periods before the Distribution. Liabilities determined under the tax disaffiliation agreement terminate upon the expiration of the applicable statutes of limitation for such liabilities. There is no stated maximum potential liability included in the tax disaffiliation agreement. The Company does not believe that any amounts it is likely to be required to pay under these indemnities will be material to the Company’s financial position, results of operations, or cash flow. The Company cannot estimate the potential amount of future payments under these indemnities because claims that would result in a liability under the indemnities are not fully known. | ||||||||||||
Acquisition-Related Liabilities | ||||||||||||
During the negotiations related to business combinations, the previous owners of the acquired entity (“acquiree”) typically indemnify the Company for specific unrecognized liabilities of the acquiree in existence as of the date of acquisition. For some acquisitions of businesses, the Company acts in the place of escrow agents in the holding of funds, including accrued interest (collectively, the “holdback funds”), used to fulfill pre-acquisition obligations agreed to be paid by the acquiree. These funds represent consideration given to the previous owners of the businesses acquired and are payable to them, net of any pre-acquisition obligations satisfied within a stated amount of time, at a future date. Any potential pre-acquisition obligations for which the Company may be reimbursed through the holdback funds are usually uncertain as of the date of the change of control. In certain circumstances, the Company is capable of the identification and quantification of particular liabilities including, but not limited to, uncertain tax positions, legal issues, and other outstanding obligations not recognized in the financial statements of the acquired entity. Under ASC Topic 805, Business Combinations, these unrecognized liabilities are recorded as obligations of the Company with a corresponding receivable due from the previous owners as of the date of acquisition and are included as part of the acquisition accounting. The actual costs of resolving pre-acquisition obligations may be substantially higher than the holdback funds or amounts reserved. The Company does not believe that any amounts it is likely to be required to pay under these acquisition-related liabilities, including net holdback funds, will be material to the Company’s financial position, results of operations, or cash flow. | ||||||||||||
Product Warranty and Recall Costs | ||||||||||||
Acuity Brands records an allowance for the estimated amount of future warranty costs when the related revenue is recognized. Estimated costs related to product recalls based on a formal campaign soliciting repair or return of that product are accrued when they are deemed to be probable and can be reasonably estimated. Estimated future warranty and recall costs are primarily based on historical experience of identified warranty and recall claims. However, there can be no assurance that future warranty or recall costs will not exceed historical amounts or new technology products, which may include extended warranties, may not generate unexpected costs. If actual future warranty or recall costs exceed historical amounts, additional allowances may be required, which could have a material adverse impact on the Company’s results of operations and cash flow. | ||||||||||||
The changes in product warranty and recall reserves (included in Other accrued liabilities on the Consolidated Balance Sheets) during the fiscal years ended August 31, 2014, 2013, and 2012 are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at September 1 | $ | 5.9 | $ | 4 | $ | 4.2 | ||||||
Warranty and recall costs | 19.5 | 14.3 | 8 | |||||||||
Payments and other deductions | (16.9 | ) | (12.4 | ) | (8.2 | ) | ||||||
Balance at August 31 | $ | 8.5 | $ | 5.9 | $ | 4 | ||||||
Amounts included in the table above for fiscal 2013 and 2012 were adjusted to include certain warranty and recall costs and payments and other deductions primarily for products or components shipped to customers at no charge and labor costs to satisfy the product warranty and recall obligations of the Company. |
Special_Charge
Special Charge | 12 Months Ended |
Aug. 31, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Special Charge | ' |
Special Charge | |
Fiscal 2012 Actions | |
During fiscal 2012, the Company continued efforts to streamline the organization through the planned closure of its Cochran, Georgia production facility (“Cochran facility”) and reductions in workforce resulting from the downsizing of the Company’s operations in Spain as well as the realignment of responsibilities primarily within various Selling, Distribution, and Administrative (“SD&A”) departments. The Company expects that these actions to streamline its business activities, in addition to those taken in previous fiscal years, will allow it to reduce costs and enhance customer service capabilities, while permitting for the continued investment in future growth initiatives, such as new products, expanded market presence, and technology and innovation. | |
The Company recorded a $2.7 pre-tax special charge in the first quarter of fiscal 2012 related to the realignment of responsibilities primarily within various SD&A departments. The Company recorded a pre-tax special charge of approximately $1.2 during the second quarter of fiscal 2012 associated with a reduction in workforce, primarily at its operations in Spain. The reduction in workforce was due to the decline in market conditions in Spain, which were not expected to rebound materially in the near future. The pre-tax charge consisted primarily of severance and other employee related costs. | |
During the second quarter of fiscal 2012, the Company decided to close its Cochran facility. The closure was principally completed by the end of the second quarter of fiscal 2013. The Company transitioned production from the Cochran facility, which produced less than 10% of the Company’s total sales, to various existing facilities in North America. | |
During fiscal 2012, approximately $9.4 of pre-tax special charges related to the Cochran facility closure consisting primarily of severance and employee-related costs of $7.6, production transfer expenses of $1.4, and non-cash impairments and other miscellaneous costs of $0.4 were recognized and were included in Special Charge in the Consolidated Statements of Comprehensive Income. In addition, related pre-tax expenses of $4.4 were recognized in fiscal 2012 and were included in Cost of Products Sold in the Company’s Consolidated Statements of Comprehensive Income. These related expenses consisted of manufacturing inefficiencies of $3.2 and non-cash asset impairments of $1.2 related to the abandonment of certain otherwise usable inventory at the Cochran facility. | |
During fiscal 2013, approximately $0.8 of net pre-tax special charges related to fiscal 2012 actions, consisting primarily of production transfer expenses, were recognized and were included in Special Charge in the Consolidated Statements of Comprehensive Income. In addition, related pre-tax expenses of $8.4 directly attributable to temporary manufacturing inefficiencies were recorded in the first nine months of fiscal 2013 and were included in Cost of Products Sold in the Consolidated Statements of Comprehensive Income. No further costs related to this streamlining effort were incurred after fiscal 2013. | |
Fiscal 2013 Actions | |
During fiscal 2013, the Company continued efforts to streamline the organization through the planned closure of certain production facilities as well as the realignment of responsibilities primarily within various SD&A departments. The Company expects that these actions to streamline its business activities, in addition to those taken in previous fiscal years, will allow it to reduce costs and enhance customer service capabilities, while permitting continued investment in future growth initiatives, such as new products, expanded market presence, and technology and innovation. | |
During fiscal 2013, the Company recorded a pre-tax special charge of $7.8 consisting of severance and employee-related costs of $7.6 and lease termination costs of $0.2, which are included in Special Charge in the Consolidated Statements of Comprehensive Income. | |
The remaining severance reserve related to these programs is included in Accrued Compensation on the Consolidated Balance Sheets. The remaining balance in the reserve as of August 31, 2014 and 2013 was $0.8 and $5.1, respectively. The change in the reserve during the year ended August 31, 2014 was due primarily to $3.7 in payments. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The Company accounts for income taxes using the asset and liability approach as prescribed by ASC Topic 740, Income Taxes (“ASC 740”). This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Using the enacted tax rates in effect for the year in which the differences are expected to reverse, deferred tax liabilities and assets are determined based on the differences between the financial reporting and the tax basis of an asset or liability. | ||||||||||||
The provision for income taxes consists of the following components: | ||||||||||||
Years Ended August 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Provision for current federal taxes | $ | 77.1 | $ | 48.4 | $ | 47.9 | ||||||
Provision for current state taxes | 9 | 6.9 | 5.4 | |||||||||
Provision for current foreign taxes | 4.3 | 4.2 | 3.7 | |||||||||
Provision for deferred taxes | (0.5 | ) | 6.2 | 5.7 | ||||||||
Total provision for income taxes | $ | 89.9 | $ | 65.7 | $ | 62.7 | ||||||
A reconciliation of the federal statutory rate to the total provision for income taxes is as follows: | ||||||||||||
Years Ended August 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax computed at statutory rate | $ | 93 | $ | 67.6 | $ | 62.6 | ||||||
State income tax, net of federal income tax benefit | 6.7 | 4.8 | 4.5 | |||||||||
Foreign permanent differences and rate differential | (1.0 | ) | (1.1 | ) | (1.2 | ) | ||||||
Other, net | (8.8 | ) | (5.6 | ) | (3.2 | ) | ||||||
Total provision for income taxes | $ | 89.9 | $ | 65.7 | $ | 62.7 | ||||||
Components of the net deferred income taxes at August 31, 2014 and 2013 include: | ||||||||||||
August 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Income Tax Liabilities: | ||||||||||||
Depreciation | $ | (6.1 | ) | $ | (8.1 | ) | ||||||
Goodwill and intangibles | (101.8 | ) | (98.6 | ) | ||||||||
Other liabilities | (5.3 | ) | (5.8 | ) | ||||||||
Total deferred income tax liabilities | (113.2 | ) | (112.5 | ) | ||||||||
Deferred Income Tax Assets: | ||||||||||||
Self-insurance | 3.8 | 3.6 | ||||||||||
Pension | 21.1 | 17.6 | ||||||||||
Deferred compensation | 27 | 26 | ||||||||||
Bonuses | 1.3 | 0.7 | ||||||||||
Net operating losses | 18.1 | 17.6 | ||||||||||
Other accruals not yet deductible | 15.9 | 14.4 | ||||||||||
Other assets | 5.7 | 6.4 | ||||||||||
Total deferred income tax assets | 92.9 | 86.3 | ||||||||||
Valuation Allowance | (13.6 | ) | (12.4 | ) | ||||||||
Net deferred income tax liabilities | $ | (33.9 | ) | $ | (38.6 | ) | ||||||
The Company currently intends to indefinitely reinvest all undistributed earnings of and original investments in foreign subsidiaries, which amounted to approximately $62.7 at August 31, 2014; however, this amount could fluctuate due to changes in business, economic, or other conditions. If these earnings were distributed to the U.S. in the form of dividends or otherwise or if the shares of the relevant foreign subsidiaries were sold or otherwise transferred, the Company would be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. Determination of the amount of unrecognized deferred income tax liability related to these earnings or investments is not practicable. | ||||||||||||
At August 31, 2014, the Company had state tax credit carryforwards of approximately $1.7, which will expire between 2018 and 2023. At August 31, 2014, the Company had federal net operating loss carryforwards of $28.6 that expire beginning in 2027, state net operating loss carryforwards of $14.2 that begin expiring in 2028, and foreign net operating loss carryforwards of $27.5 that begin expiring in 2015. | ||||||||||||
The gross amount of unrecognized tax benefits as of August 31, 2014 totaled $3.0, which includes $2.2 of net unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense; such accrued interest and penalties are not material. With few exceptions, the Company is no longer subject to United States federal, state, and local income tax examinations for years ended before 2010 or for foreign income tax examinations before 2008. The Company does not anticipate unrecognized tax benefits will significantly increase or decrease within the next twelve months. | ||||||||||||
A reconciliation of the change in the unrecognized income tax benefit (reported in Other long-term liabilities on the Consolidated Balance Sheets) for the years ended August 31, 2014 and 2013 is as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits balance at September 1 | $ | 5 | $ | 7 | ||||||||
Additions based on tax positions related to the current year | 0.4 | 0.3 | ||||||||||
Additions for tax positions of prior years | — | 0.6 | ||||||||||
Reductions for tax positions of prior years | (0.6 | ) | — | |||||||||
Reductions due to settlements | — | (0.3 | ) | |||||||||
Reductions due to lapse of statute of limitations | (1.8 | ) | (2.6 | ) | ||||||||
Unrecognized tax benefits balance at August 31 | $ | 3 | $ | 5 | ||||||||
During fiscal 2014, the Company did not increase its interest accrual associated with uncertain tax positions. Total accrued interest was $0.5 and $0.6 as of August 31, 2014 and 2013, respectively. There were no accruals related to income tax penalties during fiscal 2014. Interest, net of tax benefits, and penalties are included in income tax expense. The classification of interest and penalties did not change during the current fiscal year. |
Supplemental_Disaggregated_Inf
Supplemental Disaggregated Information | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Supplemental Disaggregated Information | ' | |||||||||||
Supplemental Disaggregated Information | ||||||||||||
The Company has one operating segment. Sales of lighting solutions, excluding services, accounted for approximately 99% of total consolidated net sales for Acuity Brands in fiscal 2014, 2013, and 2012. The geographic distribution of the Company’s net sales, operating profit, income before provision for income taxes, and long-lived assets is summarized in the following table for the years ended August 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales(1) | ||||||||||||
Domestic(2) | $ | 2,155.00 | $ | 1,854.90 | $ | 1,728.10 | ||||||
International | 238.5 | 234.2 | 205.6 | |||||||||
Total | $ | 2,393.50 | $ | 2,089.10 | $ | 1,933.70 | ||||||
Operating profit | ||||||||||||
Domestic(2) | $ | 287.8 | $ | 207.2 | $ | 197.7 | ||||||
International | 11.3 | 14.3 | 10.3 | |||||||||
Total | $ | 299.1 | $ | 221.5 | $ | 208 | ||||||
Income before Provision for Income Taxes | ||||||||||||
Domestic(2) | $ | 257.1 | $ | 181.2 | $ | 171.6 | ||||||
International | 8.6 | 11.9 | 7.4 | |||||||||
Total | $ | 265.7 | $ | 193.1 | $ | 179 | ||||||
Long-lived assets(3) | ||||||||||||
Domestic(2) | $ | 149.2 | $ | 146.1 | $ | 141.9 | ||||||
International | 31.2 | 30.9 | 30.3 | |||||||||
Total | $ | 180.4 | $ | 177 | $ | 172.2 | ||||||
_______________________________________ | ||||||||||||
(1) | Net sales are attributed to each country based on the selling location. | |||||||||||
(2) | Domestic amounts include net sales (including export sales), operating profit, income before provision for income taxes, and long-lived assets for U.S. based operations. | |||||||||||
(3) | Long-lived assets include net property, plant, and equipment, long-term deferred income tax assets, and other long-term assets. |
Supplemental_Guarantor_Condens
Supplemental Guarantor Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements | ||||||||||||||||||||||||
In December 2009, ABL, the wholly-owned and principal operating subsidiary of the Company, refinanced the then current outstanding debt through the issuance of the Notes. See Debt and Lines of Credit footnote for further information. | ||||||||||||||||||||||||
In accordance with the registration rights agreement by and between ABL and the guarantors to the Notes and the initial purchasers of the Notes, ABL and the guarantors to the Notes filed a registration statement with the SEC for an offer to exchange the Notes for an issue of SEC-registered notes with identical terms. Due to the filing of the registration statement and offer to exchange, the Company determined the need for compliance with Rule 3-10 of SEC Regulation S-X (“Rule 3-10”). In lieu of providing separate audited financial statements for ABL and ABL IP Holding, the Company has included the accompanying Condensed Consolidating Financial Statements in accordance with Rule 3-10(d) of SEC Regulation S-X since the Notes are fully and unconditionally guaranteed by Acuity Brands and ABL IP Holding. The column marked “Parent” represents the financial condition, results of operations, and cash flows of Acuity Brands. The column marked “Subsidiary Issuer” represents the financial condition, results of operations, and cash flows of ABL. The column entitled “Subsidiary Guarantor” represents the financial condition, results of operations, and cash flows of ABL IP Holding. Lastly, the column listed as “Non-Guarantors” includes the financial condition, results of operations, and cash flows of the non-guarantor direct and indirect subsidiaries of Acuity Brands, which consist primarily of foreign subsidiaries. Eliminations were necessary in order to arrive at consolidated amounts. In addition, the equity method of accounting was used to calculate investments in subsidiaries. Accordingly, this basis of presentation is not intended to present our financial condition, results of operations, or cash flows for any purpose other than to comply with the specific requirements for parent-subsidiary guarantor reporting. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
At August 31, 2014 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 516 | $ | 3.1 | $ | — | $ | 33.4 | $ | — | $ | 552.5 | ||||||||||||
Accounts receivable, net | — | 331 | — | 42.4 | — | 373.4 | ||||||||||||||||||
Inventories | — | 196.8 | — | 15.2 | — | 212 | ||||||||||||||||||
Other current assets | 9.4 | 31.6 | — | 7.8 | — | 48.8 | ||||||||||||||||||
Total Current Assets | 525.4 | 562.5 | — | 98.8 | — | 1,186.70 | ||||||||||||||||||
Property, Plant, and Equipment, net | 0.4 | 121.4 | — | 30.7 | — | 152.5 | ||||||||||||||||||
Goodwill | — | 524.2 | 2.7 | 42.5 | — | 569.4 | ||||||||||||||||||
Intangible assets | — | 86.6 | 121.5 | 23.5 | — | 231.6 | ||||||||||||||||||
Deferred income taxes | 33.4 | — | — | 0.1 | (30.5 | ) | 3 | |||||||||||||||||
Other long-term assets | 1.2 | 18 | — | 5.7 | — | 24.9 | ||||||||||||||||||
Investments in and amounts due from affiliates | 692.6 | 130.2 | 142.3 | — | (965.1 | ) | — | |||||||||||||||||
Total Assets | $ | 1,253.00 | $ | 1,442.90 | $ | 266.5 | $ | 201.3 | $ | (995.6 | ) | $ | 2,168.10 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 1.1 | $ | 268.2 | $ | — | $ | 18.1 | $ | — | $ | 287.4 | ||||||||||||
Accrued liabilities | 25 | 129.5 | — | 28.6 | — | 183.1 | ||||||||||||||||||
Total Current Liabilities | 26.1 | 397.7 | — | 46.7 | — | 470.5 | ||||||||||||||||||
Long-Term Debt | — | 353.6 | — | — | — | 353.6 | ||||||||||||||||||
Deferred Income Taxes | — | 88.9 | — | — | (30.5 | ) | 58.4 | |||||||||||||||||
Long-Term Liabilities | 63.4 | 34.4 | — | 24.3 | — | 122.1 | ||||||||||||||||||
Amounts due to affiliates | — | — | — | 52.3 | (52.3 | ) | — | |||||||||||||||||
Total Stockholders’ Equity | 1,163.50 | 568.3 | 266.5 | 78 | (912.8 | ) | 1,163.50 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,253.00 | $ | 1,442.90 | $ | 266.5 | $ | 201.3 | $ | (995.6 | ) | $ | 2,168.10 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
At August 31, 2013 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 331 | $ | 0.8 | $ | — | $ | 27.3 | $ | — | $ | 359.1 | ||||||||||||
Accounts receivable, net | — | 270.8 | — | 47.5 | — | 318.3 | ||||||||||||||||||
Inventories | — | 191.2 | — | 11.8 | — | 203 | ||||||||||||||||||
Other current assets | 4.4 | 23 | — | 5.7 | — | 33.1 | ||||||||||||||||||
Total Current Assets | 335.4 | 485.8 | — | 92.3 | — | 913.5 | ||||||||||||||||||
Property, Plant, and Equipment, net | 0.4 | 118.1 | — | 29.4 | — | 147.9 | ||||||||||||||||||
Goodwill | — | 517 | 2.7 | 48.5 | — | 568.2 | ||||||||||||||||||
Intangible assets | — | 99.9 | 119.2 | 26 | — | 245.1 | ||||||||||||||||||
Deferred income taxes | 34.2 | — | — | — | (32.5 | ) | 1.7 | |||||||||||||||||
Other long-term assets | 2.1 | 19.4 | — | 5.9 | — | 27.4 | ||||||||||||||||||
Investments in and amounts due from subsidiaries | 701.5 | 170.7 | 118.2 | — | (990.4 | ) | — | |||||||||||||||||
Total Assets | $ | 1,073.60 | $ | 1,410.90 | $ | 240.1 | $ | 202.1 | $ | (1,022.9 | ) | $ | 1,903.80 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 1.6 | $ | 233.2 | $ | — | $ | 14.7 | $ | — | $ | 249.5 | ||||||||||||
Other accrued liabilities | 17 | 95 | — | 24.7 | — | 136.7 | ||||||||||||||||||
Total Current Liabilities | 18.6 | 328.2 | — | 39.4 | — | 386.2 | ||||||||||||||||||
Long-Term Debt | — | 353.6 | — | — | — | 353.6 | ||||||||||||||||||
Deferred Income Taxes | — | 85.8 | — | 0.6 | (32.5 | ) | 53.9 | |||||||||||||||||
Other Long-Term Liabilities | 61.5 | 33.6 | — | 21.5 | — | 116.6 | ||||||||||||||||||
Amounts due to affiliates | — | — | — | 61.5 | (61.5 | ) | — | |||||||||||||||||
Total Stockholders’ Equity | 993.5 | 609.7 | 240.1 | 79.1 | (928.9 | ) | 993.5 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,073.60 | $ | 1,410.90 | $ | 240.1 | $ | 202.1 | $ | (1,022.9 | ) | $ | 1,903.80 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Year Ended August 31, 2014 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||
External sales | $ | — | $ | 2,150.60 | $ | — | $ | 242.9 | $ | — | $ | 2,393.50 | ||||||||||||
Intercompany sales | — | — | 37.2 | 94.8 | (132.0 | ) | — | |||||||||||||||||
Total Sales | — | 2,150.60 | 37.2 | 337.7 | (132.0 | ) | 2,393.50 | |||||||||||||||||
Cost of Products Sold | — | 1,255.50 | — | 250.5 | (91.7 | ) | 1,414.30 | |||||||||||||||||
Gross Profit | — | 895.1 | 37.2 | 87.2 | (40.3 | ) | 979.2 | |||||||||||||||||
Selling, Distribution, and Administrative Expenses | 27.8 | 612.5 | 4.1 | 76.2 | (40.3 | ) | 680.3 | |||||||||||||||||
Intercompany charges | (39.6 | ) | 34.7 | — | 4.9 | — | — | |||||||||||||||||
Special Charge | — | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||||||
Operating Profit | 11.8 | 248.1 | 33.1 | 6.1 | — | 299.1 | ||||||||||||||||||
Interest expense (income), net | 10 | 22.2 | — | (0.1 | ) | — | 32.1 | |||||||||||||||||
Equity earnings in subsidiaries | (174.2 | ) | (4.0 | ) | — | — | 178.2 | — | ||||||||||||||||
Miscellaneous (income) expense, net | — | (1.6 | ) | — | 1.8 | 1.1 | 1.3 | |||||||||||||||||
Income (Loss) before Provision for Income Taxes | 176 | 231.5 | 33.1 | 4.4 | (179.3 | ) | 265.7 | |||||||||||||||||
Provision for Income Taxes | 0.2 | 75.5 | 13.1 | 1.1 | — | 89.9 | ||||||||||||||||||
Net Income (Loss) | 175.8 | 156 | 20 | 3.3 | (179.3 | ) | 175.8 | |||||||||||||||||
Other Comprehensive Income/(Expense) Items: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | 0.7 | 0.7 | — | — | (0.7 | ) | 0.7 | |||||||||||||||||
Defined Benefit Pension Plans, net | (10.0 | ) | (3.7 | ) | — | (5.2 | ) | 8.9 | (10.0 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | (9.3 | ) | (3.0 | ) | — | (5.2 | ) | 8.2 | (9.3 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) | $ | 166.5 | $ | 153 | $ | 20 | $ | (1.9 | ) | $ | (171.1 | ) | $ | 166.5 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Year Ended August 31, 2013 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||
External sales | $ | — | $ | 1,851.40 | $ | — | $ | 237.7 | $ | — | $ | 2,089.10 | ||||||||||||
Intercompany sales | — | — | 31.8 | 85 | (116.8 | ) | — | |||||||||||||||||
Total Sales | — | 1,851.40 | 31.8 | 322.7 | (116.8 | ) | 2,089.10 | |||||||||||||||||
Cost of Products Sold | — | 1,088.60 | — | 247.9 | (85.0 | ) | 1,251.50 | |||||||||||||||||
Gross Profit | — | 762.8 | 31.8 | 74.8 | (31.8 | ) | 837.6 | |||||||||||||||||
Selling, Distribution, and Administrative Expenses | 28 | 542.6 | 2.9 | 65.9 | (31.8 | ) | 607.6 | |||||||||||||||||
Intercompany charges | (37.5 | ) | 32.8 | — | 4.7 | — | — | |||||||||||||||||
Special Charges | — | 6.5 | — | 2 | — | 8.5 | ||||||||||||||||||
Operating Profit | 9.5 | 180.9 | 28.9 | 2.2 | — | 221.5 | ||||||||||||||||||
Interest expense (income), net | 9.4 | 22.1 | — | (0.3 | ) | — | 31.2 | |||||||||||||||||
Equity earnings in subsidiaries | (127.4 | ) | (2.1 | ) | — | — | 129.5 | — | ||||||||||||||||
Miscellaneous (income) expense, net | — | (1.0 | ) | — | (1.8 | ) | — | (2.8 | ) | |||||||||||||||
Income (Loss) before Provision for Income Taxes | 127.5 | 161.9 | 28.9 | 4.3 | (129.5 | ) | 193.1 | |||||||||||||||||
Provision for Income Taxes | 0.1 | 51.5 | 11.6 | 2.5 | — | 65.7 | ||||||||||||||||||
Net Income (Loss) | 127.4 | 110.4 | 17.3 | 1.8 | (129.5 | ) | 127.4 | |||||||||||||||||
Other Comprehensive Income/(Expense) Items: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | (1.9 | ) | (1.9 | ) | — | — | 1.9 | (1.9 | ) | |||||||||||||||
Defined Benefit Pension Plans, net | 24 | 17.3 | — | 7.2 | (24.5 | ) | 24 | |||||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | 22.1 | 15.4 | — | 7.2 | (22.6 | ) | 22.1 | |||||||||||||||||
Other Comprehensive Income/(Expense) | $ | 149.5 | $ | 125.8 | $ | 17.3 | $ | 9 | $ | (152.1 | ) | $ | 149.5 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Year Ended August 31, 2012 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||
External sales | $ | — | $ | 1,726.40 | $ | — | $ | 207.3 | $ | — | $ | 1,933.70 | ||||||||||||
Intercompany sales | — | — | 30.2 | 67.5 | (97.7 | ) | — | |||||||||||||||||
Total Sales | — | 1,726.40 | 30.2 | 274.8 | (97.7 | ) | 1,933.70 | |||||||||||||||||
Cost of Products Sold | — | 1,002.90 | — | 210.3 | (67.5 | ) | 1,145.70 | |||||||||||||||||
Gross Profit | — | 723.5 | 30.2 | 64.5 | (30.2 | ) | 788 | |||||||||||||||||
Selling, Distribution, and Administrative Expenses | 25.4 | 508.4 | 3.5 | 59.6 | (30.2 | ) | 566.7 | |||||||||||||||||
Intercompany charges | (35.4 | ) | 30.7 | — | 4.7 | — | — | |||||||||||||||||
Special Charge | — | 12.4 | — | 0.9 | — | 13.3 | ||||||||||||||||||
Operating Profit (Loss) | 10 | 172 | 26.7 | (0.7 | ) | — | 208 | |||||||||||||||||
Interest expense (income), net | 8.9 | 22.2 | — | (0.4 | ) | — | 30.7 | |||||||||||||||||
Equity earnings in subsidiaries | (115.4 | ) | 1.3 | — | 0.1 | 114 | — | |||||||||||||||||
Miscellaneous (income) expense, net | (0.3 | ) | (2.1 | ) | — | 0.7 | — | (1.7 | ) | |||||||||||||||
Income (Loss) before Provision for Income Taxes | 116.8 | 150.6 | 26.7 | (1.1 | ) | (114.0 | ) | 179 | ||||||||||||||||
Provision for Income Taxes | 0.5 | 49.2 | 10.8 | 2.2 | — | 62.7 | ||||||||||||||||||
Net Income (Loss) | 116.3 | 101.4 | 15.9 | (3.3 | ) | (114.0 | ) | 116.3 | ||||||||||||||||
Other Comprehensive Income/(Expense) Items: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | (8.2 | ) | (8.2 | ) | — | — | 8.2 | (8.2 | ) | |||||||||||||||
Defined Benefit Pension Plans, net | (22.7 | ) | (13.9 | ) | — | (7.4 | ) | 21.3 | (22.7 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | (30.9 | ) | (22.1 | ) | — | (7.4 | ) | 29.5 | (30.9 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) | $ | 85.4 | $ | 79.3 | $ | 15.9 | $ | (10.7 | ) | $ | (84.5 | ) | $ | 85.4 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
Year Ended August 31, 2014 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 188.7 | $ | 35.1 | $ | — | $ | 9.3 | $ | — | $ | 233.1 | ||||||||||||
Cash Provided by (Used for) Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant, and equipment | — | (29.2 | ) | — | (6.1 | ) | — | (35.3 | ) | |||||||||||||||
Proceeds from sale of property, plant, and equipment | — | 1 | — | — | — | 1 | ||||||||||||||||||
Investments in subsidiaries | — | (4.5 | ) | — | 4.5 | — | — | |||||||||||||||||
Net Cash Used for Investing Activities | — | (32.7 | ) | — | (1.6 | ) | — | (34.3 | ) | |||||||||||||||
Cash Provided by (Used for) Financing Activities: | ||||||||||||||||||||||||
Proceeds from stock option exercises and other | 8.4 | — | — | — | — | 8.4 | ||||||||||||||||||
Excess tax benefits from share-based payments | 10.4 | — | — | — | — | 10.4 | ||||||||||||||||||
Dividends paid | (22.5 | ) | — | — | — | — | (22.5 | ) | ||||||||||||||||
Other financing activities | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Net Cash Used for Financing Activities | (3.7 | ) | — | — | (2.6 | ) | — | (6.3 | ) | |||||||||||||||
Effect of Exchange Rate Changes on Cash | — | (0.1 | ) | — | 1 | — | 0.9 | |||||||||||||||||
Net Change in Cash and Cash Equivalents | 185 | 2.3 | — | 6.1 | — | 193.4 | ||||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 331 | 0.8 | — | 27.3 | — | 359.1 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 516 | $ | 3.1 | $ | — | $ | 33.4 | $ | — | $ | 552.5 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
Year Ended August 31, 2013 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 83.7 | $ | 46.4 | $ | — | $ | 14.3 | $ | (12.1 | ) | $ | 132.3 | |||||||||||
Cash Provided by (Used for) Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant, and equipment | (0.4 | ) | (36.9 | ) | — | (3.3 | ) | — | (40.6 | ) | ||||||||||||||
Proceeds from sale of property, plant, and equipment | — | 7.6 | — | — | — | 7.6 | ||||||||||||||||||
Investments in subsidiaries | — | (13.1 | ) | — | — | 13.1 | — | |||||||||||||||||
Acquisitions of businesses | — | (3.7 | ) | — | (21.8 | ) | — | (25.5 | ) | |||||||||||||||
Net Cash (Used for) Provided by Investing Activities | (0.4 | ) | (46.1 | ) | — | (25.1 | ) | 13.1 | (58.5 | ) | ||||||||||||||
Cash Provided by (Used for) Financing Activities: | ||||||||||||||||||||||||
Proceeds from stock option exercises and other | 14.9 | — | — | — | — | 14.9 | ||||||||||||||||||
Excess tax benefits from share-based payments | 8.6 | — | — | — | — | 8.6 | ||||||||||||||||||
Intercompany dividends | — | — | — | (12.1 | ) | 12.1 | — | |||||||||||||||||
Intercompany capital | — | — | — | 13.1 | (13.1 | ) | — | |||||||||||||||||
Dividends paid | (22.4 | ) | — | — | — | — | (22.4 | ) | ||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 1.1 | — | — | 1 | (1.0 | ) | 1.1 | |||||||||||||||||
Effect of Exchange Rate Changes on Cash | — | 0.5 | — | (0.8 | ) | — | (0.3 | ) | ||||||||||||||||
Net Change in Cash and Cash Equivalents | 84.4 | 0.8 | — | (10.6 | ) | — | 74.6 | |||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 246.6 | — | — | 37.9 | — | 284.5 | ||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 331 | $ | 0.8 | $ | — | $ | 27.3 | $ | — | $ | 359.1 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
Year Ended August 31, 2012 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 141.9 | $ | 29.8 | $ | — | $ | 2.5 | $ | (2.0 | ) | $ | 172.2 | |||||||||||
Cash Provided by (Used for) Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant, and equipment | — | (27.7 | ) | — | (3.7 | ) | — | (31.4 | ) | |||||||||||||||
Proceeds from sale of property, plant, and equipment | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Investments in subsidiaries | (3.8 | ) | — | — | — | 3.8 | — | |||||||||||||||||
Acquisitions of business and intangible assets | — | (3.8 | ) | — | — | — | (3.8 | ) | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | (3.8 | ) | (31.4 | ) | — | (3.7 | ) | 3.8 | (35.1 | ) | ||||||||||||||
Cash Provided by (Used for) Financing Activities: | ||||||||||||||||||||||||
Proceeds from stock option exercises and other | 7.6 | — | — | — | — | 7.6 | ||||||||||||||||||
Repurchases of common stock | (9.2 | ) | — | — | — | — | (9.2 | ) | ||||||||||||||||
Excess tax benefits from share-based payments | 4.9 | — | — | — | — | 4.9 | ||||||||||||||||||
Intercompany dividends | — | — | — | (2.0 | ) | 2 | — | |||||||||||||||||
Intercompany capital | — | 3.8 | — | — | (3.8 | ) | — | |||||||||||||||||
Dividends paid | (22.0 | ) | — | — | — | — | (22.0 | ) | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | (18.7 | ) | 3.8 | — | (2.0 | ) | (1.8 | ) | (18.7 | ) | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | (2.3 | ) | — | (1.8 | ) | — | (4.1 | ) | |||||||||||||||
Net Change in Cash and Cash Equivalents | 119.4 | (0.1 | ) | — | (5.0 | ) | — | 114.3 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 127.2 | 0.1 | — | 42.9 | — | 170.2 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 246.6 | $ | — | $ | — | $ | 37.9 | $ | — | $ | 284.5 | ||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
Fiscal Year 2014 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net Sales | $ | 574.7 | $ | 546.2 | $ | 603.9 | $ | 668.7 | ||||||||
Gross Profit | $ | 237.1 | $ | 215.2 | $ | 243.4 | $ | 283.5 | ||||||||
Net Income | $ | 44.5 | $ | 32.7 | $ | 43.8 | $ | 54.8 | ||||||||
Basic Earnings per Share | $ | 1.03 | $ | 0.76 | $ | 1.01 | $ | 1.27 | ||||||||
Diluted Earnings per Share | $ | 1.03 | $ | 0.75 | $ | 1.01 | $ | 1.26 | ||||||||
Fiscal Year 2013 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net Sales | $ | 481.1 | $ | 486.7 | $ | 541.5 | $ | 579.8 | ||||||||
Gross Profit | $ | 189.5 | $ | 189.7 | $ | 221.1 | $ | 237.3 | ||||||||
Net Income | $ | 26.1 | $ | 24.7 | $ | 31.7 | $ | 44.9 | ||||||||
Basic Earnings per Share | $ | 0.61 | $ | 0.58 | $ | 0.74 | $ | 1.04 | ||||||||
Diluted Earnings per Share | $ | 0.61 | $ | 0.57 | $ | 0.73 | $ | 1.03 | ||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
Schedule II | |||||||||||||||||
Acuity Brands, Inc. | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
For the Years Ended August 31, 2014, 2013, and 2012 | |||||||||||||||||
(In millions) | |||||||||||||||||
Balance at | Additions and Reductions Charged to | ||||||||||||||||
Beginning of | Costs and | Other | Deductions | Balance at | |||||||||||||
Year | Expenses | Accounts | End of Year | ||||||||||||||
Year Ended August 31, 2014 | |||||||||||||||||
Reserve for doubtful accounts | $ | 1.5 | 0.8 | — | 0.4 | $ | 1.9 | ||||||||||
Reserve for estimated product returns, net | $ | 1.5 | 35.9 | — | 33.1 | $ | 4.3 | ||||||||||
Reserve for estimated cash discounts | $ | 2.2 | 19.5 | — | 19 | $ | 2.7 | ||||||||||
Reserve for estimated other deductions | $ | 1 | 7.4 | — | 7.1 | $ | 1.3 | ||||||||||
Deferred tax asset valuation allowance | $ | 12.4 | 0.4 | 0.8 | — | $ | 13.6 | ||||||||||
Year Ended August 31, 2013 | |||||||||||||||||
Reserve for doubtful accounts | $ | 1.4 | 0.2 | — | 0.1 | $ | 1.5 | ||||||||||
Reserve for estimated product returns, net(1) | $ | 1.3 | 24.1 | — | 23.9 | $ | 1.5 | ||||||||||
Reserve for estimated cash discounts(1) | $ | 1.8 | 17.4 | — | 17 | $ | 2.2 | ||||||||||
Reserve for estimated other deductions(1) | $ | 0.8 | 7.4 | — | 7.2 | $ | 1 | ||||||||||
Deferred tax asset valuation allowance | $ | 10.2 | 1.1 | 1.1 | — | $ | 12.4 | ||||||||||
Year Ended August 31, 2012 | |||||||||||||||||
Reserve for doubtful accounts | $ | 1.8 | 0.4 | — | 0.8 | $ | 1.4 | ||||||||||
Reserve for estimated product returns, net(1) | $ | 1.4 | 18.5 | — | 18.6 | $ | 1.3 | ||||||||||
Reserve for estimated cash discounts(1) | $ | 1.8 | 15.4 | — | 15.4 | $ | 1.8 | ||||||||||
Reserve for estimated other deductions(1) | $ | 1.7 | 5.7 | — | 6.6 | $ | 0.8 | ||||||||||
Deferred tax asset valuation allowance | $ | 7.7 | 1.7 | 0.8 | — | $ | 10.2 | ||||||||||
_______________________________________ | |||||||||||||||||
(1) | Previously these items were combined and reported as "Reserve for estimated returns and allowances." |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
The Consolidated Financial Statements include the accounts of Acuity Brands and its wholly-owned subsidiaries after elimination of significant intercompany transactions and accounts. | |
Revenue Recognition | ' |
The Company records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the Company’s price to the customer is fixed and determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer assumes the risks and rewards of ownership. Customers take delivery at the time of shipment for terms designated free on board shipping point. For sales designated free on board destination, customers take delivery when the product is delivered to the customer’s delivery site. Provisions for certain rebates, sales incentives, product returns, and discounts to customers are recorded in the same period the related revenue is recorded. The Company also maintains one-time or on-going marketing and trade-promotion programs with certain customers that require the Company to estimate and accrue the expected costs of such programs. These arrangements include cooperative marketing programs, merchandising of the Company’s products, introductory marketing funds for new products, and other trade-promotion activities conducted by the customer. Costs associated with these programs are reflected within the Company’s Consolidated Statements of Comprehensive Income in accordance with the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”), which in most instances requires such costs be recorded as a reduction of revenue. | |
The Company's standard terms and conditions of sale allow returns of certain products within four months of the date of shipment. The Company also provides for limited product return rights to certain distributors and other customers, primarily for slow moving or damaged items subject to certain defined criteria. The limited product return rights generally allow customers to return resalable products purchased within a specified time period and subject to certain limitations, including, at times, when accompanied by a replacement order of equal or greater value. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns primarily based on historical experience, specific notification of pending returns, or based on contractual terms with the respective customers. Although historical product returns generally have been within expectations, there can be no assurance that future product returns will not exceed historical amounts. A significant increase in product returns could have a material adverse impact on the Company's operating results in future periods. | |
Revenue is earned on services and the sale of products. Revenue is recognized for the sale of products when the above criteria are met and for services rendered in the period of performance. | |
Revenue Recognition for Arrangements with Multiple Deliverables | ' |
A small portion of the Company's revenues are derived from the combination of any or all of: (i) the sale and license of its products, (ii) fees associated with training, installation, and technical support services, and (iii) monitoring and lighting control services. Certain agreements, particularly related to lighting controls systems, represent multiple-element arrangements that include tangible products that contain software that is essential to the functionality of the systems and undelivered elements that primarily relate to installation, monitoring, and lighting control services. The undelivered elements associated with installation, monitoring, and lighting control services are reviewed and analyzed to determine separability in relation to the delivered elements and appropriate pricing treatment based on (a) vendor-specific objective evidence, (b) third-party evidence, or (c) management estimates. If deemed separate units of accounting, the revenue and associated cost of sales related to the delivered elements are recognized at the time of delivery, while those related to the undelivered elements are recognized appropriately based on the period of performance. If the separation criterion for the undelivered elements is not met because the undelivered elements are essential to the functionality of the lighting controls systems, all revenue and cost of sales attributable to the contract are deferred at the time of sale and are both generally recognized on a straight-line basis over the respective contract periods. | |
Use of Estimates | ' |
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash in excess of daily requirements is invested in time deposits and marketable securities and is included in the accompanying balance sheets at fair value. Acuity Brands considers time deposits and marketable securities with an original maturity of three months or less when purchased to be cash equivalents. | |
Accounts Receivable | ' |
The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts to reflect losses anticipated on accounts receivable balances. The allowance is based on historical write-offs, an analysis of past due accounts based on the contractual terms of the receivables, and economic status of customers, if known. Management believes that the allowance is sufficient to cover uncollectible amounts; however, there can be no assurance that unanticipated future business conditions of customers will not have a negative impact on the Company’s results of operations. | |
Reclassifications | ' |
Certain prior-period amounts have been reclassified to conform to the current year presentation. | |
Subsequent Events | ' |
The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the consolidated financial statements as of August 31, 2014. | |
Inventories | ' |
Inventories include materials, direct labor, in-bound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) or market | |
Management reviews inventory quantities on hand and records a provision for excess or obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand or market conditions could render certain inventory obsolete and thus could have a material adverse impact on the Company’s operating results in the period the change occurs. | |
Assets Held for Sale | ' |
The Company classifies assets as held for sale upon the development of a plan for disposal and in accordance with applicable U.S. GAAP and ceases the depreciation and amortization of the assets at that date. The Company is actively marketing the properties classified as held for sale. | |
Goodwill and Other Intangibles | ' |
The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis or more frequently as facts and circumstances change, as required by ASC Topic 350, Intangibles — Goodwill and Other (“ASC 350”). The goodwill impairment test has three steps: a qualitative review and a two-step quantitative method. The preliminary step (“Step 0”) allows for a qualitative analysis to determine the likelihood of impairment. If the qualitative review results in a more likely than not probability of impairment, the first quantitative step is required. The first step identifies potential impairments by comparing the fair value of a reporting unit with its carrying value, including goodwill. The fair values can be determined based on a combination of valuation techniques including the expected present value of future cash flows, a market multiple approach, and a comparable transaction approach. If the fair value of a reporting unit exceeds the carrying value, goodwill is not considered impaired and the second step is not necessary. If the carrying value of a reporting unit exceeds the fair value, the second step calculates the possible impairment loss by comparing the implied fair value of goodwill with the carrying value. If the implied fair value of the goodwill is less than the carrying value, an impairment charge is recorded. In fiscal 2014, a quantitative fair value analysis, based on discounted future cash flows, was used to determine the likelihood of goodwill impairment for the Company’s one reporting unit. The analysis for goodwill did not result in an impairment charge during fiscal 2014, 2013, or 2012. | |
The impairment test for indefinite-lived trade names consists of comparing the fair value of the asset with its carrying value. The Company estimates the fair value of indefinite-lived trade names using a fair value model based on discounted future cash flows. If the carrying amount exceeds the estimated fair value, an impairment loss would be recorded in the amount of the excess. Significant assumptions, including estimated future net sales, royalty rates, and discount rates, are used in the determination of estimated fair value for indefinite-lived trade names. | |
Shipping and Handling Fees and Costs | ' |
The Company includes shipping and handling fees billed to customers in Net Sales. Shipping and handling costs associated with inbound freight and freight between manufacturing facilities and distribution centers are generally recorded in Cost of Products Sold. Other shipping and handling costs are included in Selling, Distribution, and Administrative Expenses | |
Share-Based Compensation | ' |
The Company recognizes compensation cost relating to share-based payment transactions in the financial statements based on the estimated fair value of the equity or liability instrument issued. The Company accounts for stock options, restricted shares, and share units representing certain deferrals into the Director Deferred Compensation Plan or the Supplemental Deferred Savings Plan (both of which are discussed further in the Share-Based Payments footnote) based on the grant-date fair value estimated under the current provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). | |
Depreciation | ' |
For financial reporting purposes, depreciation is determined principally on a straight-line basis using estimated useful lives of plant and equipment (10 to 40 years for buildings and related improvements and 3 to 15 years for machinery and equipment), while accelerated depreciation methods are used for income tax purposes. Leasehold improvements are amortized over the shorter of the life of the lease or the estimated useful life of the improvement. | |
Research and Development | ' |
Research and development (“R&D”) expense, which is expensed as incurred, consists of compensation, payroll taxes, employee benefits, materials, supplies, and other administrative costs, but does not include all new product development costs, and is included in Selling, Distribution, and Administrative Expenses in the Company’s Consolidated Statements of Comprehensive Income. | |
Advertising | ' |
Advertising costs are expensed as incurred and are included within Selling, Distribution, and Administrative Expenses in the Company’s Consolidated Statements of Comprehensive Income. | |
Service Arrangements with Customers | ' |
The Company maintains a service program with one of its retail customers that affords the Company certain in-store benefits, including lighting display maintenance. | |
Interest Expense, Net | ' |
Interest expense, net, is comprised primarily of interest expense on long-term debt, revolving credit facility borrowings, and loans collateralized by assets related to a company-owned life insurance program, partially offset by interest income on cash and cash equivalents. | |
Foreign Currency Transaction | ' |
The functional currency for the foreign operations of the Company is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using a weighted average exchange rate each month during the year. The gains or losses resulting from the balance sheet translation are included in Foreign currency translation adjustments in the Consolidated Statements of Comprehensive Income and are excluded from net income. | |
Miscellaneous Expense (Income), Net | ' |
Miscellaneous expense (income), net, is composed primarily of gains or losses on foreign currency items and other non-operating items. | |
Income Taxes | ' |
The Company is taxed at regular corporate rates after adjusting income reported for financial statement purposes for certain items that are treated differently for income tax purposes. Deferred income tax expenses or benefits result from changes during the year in cumulative temporary differences between the tax basis and book basis of assets and liabilities. | |
Comprehensive Income | ' |
Comprehensive income represents a measure of all changes in equity that result from recognized transactions and other economic events other than transactions with owners in their capacity as owners. Other comprehensive income for the Company includes foreign currency translation and pension adjustments. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Inventory | ' | |||||||||||||||||||||||||||||||||||
Inventories include materials, direct labor, in-bound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) or market, and consist of the following: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Raw materials, supplies, and work in process(1) | $ | 125.7 | $ | 122.6 | ||||||||||||||||||||||||||||||||
Finished goods | 97.6 | 90.9 | ||||||||||||||||||||||||||||||||||
223.3 | 213.5 | |||||||||||||||||||||||||||||||||||
Less: Reserves | (11.3 | ) | (10.5 | ) | ||||||||||||||||||||||||||||||||
Total Inventory | $ | 212 | $ | 203 | ||||||||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not believe the segregation of raw materials and work in process to be meaningful information. | |||||||||||||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill during the year are summarized as follows: | ||||||||||||||||||||||||||||||||||||
Goodwill: | ||||||||||||||||||||||||||||||||||||
Balance as of August 31, 2013 | $ | 568.2 | ||||||||||||||||||||||||||||||||||
Adjustments for acquired businesses | 1.4 | |||||||||||||||||||||||||||||||||||
Currency translation adjustments | (0.2 | ) | ||||||||||||||||||||||||||||||||||
Balance as of August 31, 2014 | $ | 569.4 | ||||||||||||||||||||||||||||||||||
Schedule of Acquired Intangible Assets | ' | |||||||||||||||||||||||||||||||||||
Summarized information for the Company’s acquired intangible assets is as follows: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||
Patents and patented technology | $ | 69.2 | $ | (26.4 | ) | $ | 71.3 | $ | (22.2 | ) | ||||||||||||||||||||||||||
Trademarks and trade names | 25.4 | (8.6 | ) | 25.4 | (6.9 | ) | ||||||||||||||||||||||||||||||
Distribution network | 61.8 | (29.7 | ) | 61.8 | (27.4 | ) | ||||||||||||||||||||||||||||||
Customer relationships | 55.2 | (16.3 | ) | 55.2 | (13.9 | ) | ||||||||||||||||||||||||||||||
Other | 5.3 | (4.3 | ) | 5.5 | (3.7 | ) | ||||||||||||||||||||||||||||||
Total | $ | 216.9 | $ | (85.3 | ) | $ | 219.2 | $ | (74.1 | ) | ||||||||||||||||||||||||||
Indefinite-lived trade names | $ | 100 | $ | 100 | ||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Assets | ' | |||||||||||||||||||||||||||||||||||
Other long-term assets consist of the following: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Deferred contract costs | $ | 15 | $ | 13.5 | ||||||||||||||||||||||||||||||||
Capitalized software costs (1) | 2.3 | 2.7 | ||||||||||||||||||||||||||||||||||
Other(2) | 7.6 | 11.2 | ||||||||||||||||||||||||||||||||||
Total | $ | 24.9 | $ | 27.4 | ||||||||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | The Company recorded amortization expense related to capitalized software costs of $0.4, $0.9, and $1.1 in fiscal 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||
(2) | Other - Amount primarily includes deferred debt issuance costs and company-owned life insurance investments. The Company maintains life insurance policies on 78 current and former employees primarily to satisfy obligations under certain deferred compensation plans. These company-owned life insurance policies are presented net of loans that are secured by these policies. This program is frozen and no new policies were issued in the three-year period ended August 31, 2014. | |||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Liabilities | ' | |||||||||||||||||||||||||||||||||||
Other long-term liabilities consist of the following: | ||||||||||||||||||||||||||||||||||||
August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Deferred compensation and postretirement benefits other than pensions(1) | $ | 32.6 | $ | 31.9 | ||||||||||||||||||||||||||||||||
Acquisition-related liabilities(2) | 5.3 | 9 | ||||||||||||||||||||||||||||||||||
Uncertain tax position liabilities, including interest(3) | 3.5 | 5.7 | ||||||||||||||||||||||||||||||||||
Other(4) | 8.8 | 8.3 | ||||||||||||||||||||||||||||||||||
Total | $ | 50.2 | $ | 54.9 | ||||||||||||||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Deferred compensation and postretirement benefits other than pensions — The Company maintains several non-qualified retirement plans for the benefit of eligible employees, primarily deferred compensation plans. The deferred compensation plans provide for elective deferrals of an eligible employee’s compensation and, in some cases, matching contributions by the Company. In addition, one plan provides for an automatic contribution by the Company of 3% of an eligible employee’s compensation. The Company maintains certain long-term investments that offset a portion of the deferred compensation liability. The Company maintains life insurance policies on certain current and former officers and other key employees as a means of satisfying a portion of these obligations. | |||||||||||||||||||||||||||||||||||
(2) | Acquisition-related liabilities - Amounts represent contingent payments and other obligations, including holdback liabilities, related to recent acquisitions. | |||||||||||||||||||||||||||||||||||
(3) | See the Income Taxes footnote for more information. | |||||||||||||||||||||||||||||||||||
(4) | Other - Amount primarily includes deferred revenue and deferred rent. | |||||||||||||||||||||||||||||||||||
Schedule of Interest Expense, Net | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the components of interest expense, net: | ||||||||||||||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Interest expense | $ | 32.6 | $ | 31.9 | $ | 31.3 | ||||||||||||||||||||||||||||||
Interest income | (0.5 | ) | (0.7 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||
Interest expense, net | $ | 32.1 | $ | 31.2 | $ | 30.7 | ||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||
The following table presents the changes in each component of Accumulated Other Comprehensive Income/Loss Items, net of tax. | ||||||||||||||||||||||||||||||||||||
Foreign Currency Items | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss Items | ||||||||||||||||||||||||||||||||||
Balance at August 31, 2013 | $ | (18.8 | ) | $ | (43.8 | ) | $ | (62.6 | ) | |||||||||||||||||||||||||||
Other Comprehensive Income/(Expense) before reclassifications | 0.7 | (12.6 | ) | (11.9 | ) | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2.6 | 2.6 | |||||||||||||||||||||||||||||||||
Net current-period Other Comprehensive Income/(Expense) | 0.7 | (10.0 | ) | (9.3 | ) | |||||||||||||||||||||||||||||||
Balance at August 31, 2014 | $ | (18.1 | ) | $ | (53.8 | ) | $ | (71.9 | ) | |||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||
The following table presents the tax (expense)/benefit allocated to each component of Other Comprehensive Income (Expense). | ||||||||||||||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | Before Tax Amount | Tax (Expense) or Benefit | Net of Tax Amount | ||||||||||||||||||||||||||||
Foreign Currency Translation Adjustments | $ | 0.7 | $ | — | $ | 0.7 | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | $ | (8.2 | ) | $ | — | $ | (8.2 | ) | ||||||||||||||
Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||||||||
Prior service cost from plan amendment during period | — | — | — | (5.5 | ) | 2.2 | (3.3 | ) | — | — | — | |||||||||||||||||||||||||
Actuarial gains (losses) | (18.2 | ) | 5.6 | (12.6 | ) | 34.5 | (11.7 | ) | 22.8 | (38.3 | ) | 12.9 | (25.4 | ) | ||||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||||||||||||||||||
Prior service cost (1) | 0.8 | (0.3 | ) | 0.5 | 0.7 | (0.3 | ) | 0.4 | 0.1 | — | 0.1 | |||||||||||||||||||||||||
Actuarial losses (1) | 3.1 | (1.0 | ) | 2.1 | 6.2 | (2.1 | ) | 4.1 | 4.1 | (1.5 | ) | 2.6 | ||||||||||||||||||||||||
Total Defined Benefit Plans, net | (14.3 | ) | 4.3 | (10.0 | ) | 35.9 | (11.9 | ) | 24 | (34.1 | ) | 11.4 | (22.7 | ) | ||||||||||||||||||||||
Other Comprehensive Income/(Expense) | $ | (13.6 | ) | $ | 4.3 | $ | (9.3 | ) | $ | 34 | $ | (11.9 | ) | $ | 22.1 | $ | (42.3 | ) | $ | 11.4 | $ | (30.9 | ) | |||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||
(1) | The before tax amount of these accumulated other comprehensive income components is included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following table presents information about assets and liabilities required to be carried at fair value and measured on a recurring basis as of August 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of: | ||||||||||||||||||||||||||||||||
August 31, 2014 | August 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 552.5 | $ | — | $ | — | $ | 552.5 | $ | 359.1 | $ | — | $ | — | $ | 359.1 | ||||||||||||||||
Other | 0.6 | — | — | 0.6 | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Other | $ | 0.6 | $ | — | $ | 11.6 | $ | 12.2 | $ | 0.7 | $ | — | $ | 12.1 | $ | 12.8 | ||||||||||||||||
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
The carrying values and estimated fair values of certain of the Company’s financial instruments were as follows at August 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
August 31, 2014 | August 31, 2013 | |||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Senior unsecured public notes, net of unamortized discount | $ | 349.6 | $ | 391.2 | $ | 349.6 | $ | 381.5 | ||||||||||||||||||||||||
Industrial revenue bond | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||||||
Pension_and_Defined_Contributi1
Pension and Defined Contribution Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Domestic and International Pension Plans | ' | |||||||||||||||||||||||
The following tables reflect the status of the Company’s domestic (U.S.-based) and international pension plans at August 31, 2014 and 2013: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
August 31, | August 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 151.5 | $ | 168.1 | $ | 40.2 | $ | 46.9 | ||||||||||||||||
Service cost | 2.4 | 3.4 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 7 | 6.3 | 1.9 | 1.7 | ||||||||||||||||||||
Amendments | — | 5.5 | — | — | ||||||||||||||||||||
Actuarial (gain) loss | 17.6 | (24.9 | ) | 8.6 | (6.5 | ) | ||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | — | |||||||||||||||||||
Benefits paid | (7.0 | ) | (6.9 | ) | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Other | — | — | 2.8 | (1.0 | ) | |||||||||||||||||||
Benefit obligation at end of year | 171.5 | 151.5 | 52.5 | 40.2 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 105.7 | $ | 95.6 | $ | 30.1 | $ | 28.1 | ||||||||||||||||
Actual return on plan assets | 15.1 | 9.3 | 2.9 | 2.5 | ||||||||||||||||||||
Employer contributions | 8.7 | 7.7 | 1.1 | 1.1 | ||||||||||||||||||||
Benefits paid | (7.0 | ) | (6.9 | ) | (1.0 | ) | (1.0 | ) | ||||||||||||||||
Other | — | — | 2.1 | (0.6 | ) | |||||||||||||||||||
Fair value of plan assets at end of year | 122.5 | 105.7 | 35.2 | 30.1 | ||||||||||||||||||||
Funded status at end of year: | ||||||||||||||||||||||||
Funded status | $ | (49.0 | ) | $ | (45.8 | ) | $ | (17.3 | ) | $ | (10.1 | ) | ||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (49.0 | ) | $ | (45.8 | ) | $ | (17.3 | ) | $ | (10.1 | ) | ||||||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||||||||||||||
Current liabilities | $ | (1.2 | ) | $ | (1.2 | ) | $ | — | $ | — | ||||||||||||||
Non-current liabilities | (47.8 | ) | (44.6 | ) | (17.3 | ) | (10.1 | ) | ||||||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (49.0 | ) | $ | (45.8 | ) | $ | (17.3 | ) | $ | (10.1 | ) | ||||||||||||
Accumulated Benefit Obligation | $ | 170.7 | $ | 151.5 | $ | 52.3 | $ | 40.2 | ||||||||||||||||
Pre-tax amounts in accumulated other comprehensive income: | ||||||||||||||||||||||||
Prior service cost | $ | (4.5 | ) | $ | (5.3 | ) | $ | — | $ | — | ||||||||||||||
Net actuarial loss | (57.5 | ) | (48.9 | ) | (20.5 | ) | (13.0 | ) | ||||||||||||||||
Amounts in accumulated other comprehensive income | $ | (62.0 | ) | $ | (54.2 | ) | $ | (20.5 | ) | $ | (13.0 | ) | ||||||||||||
Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year: | ||||||||||||||||||||||||
Prior service cost | $ | 0.8 | $ | 0.8 | $ | — | $ | — | ||||||||||||||||
Net actuarial loss | 2.4 | 2 | 1.9 | 1 | ||||||||||||||||||||
Schedule of Net Periodic Pension Cost | ' | |||||||||||||||||||||||
Components of net periodic pension cost for the fiscal years ended August 31, 2014, 2013, and 2012 included the following: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 2.4 | $ | 3.4 | $ | 2.7 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 7 | 6.3 | 6.6 | 1.9 | 1.7 | 1.9 | ||||||||||||||||||
Expected return on plan assets | (8.0 | ) | (7.1 | ) | (6.5 | ) | (2.0 | ) | (1.5 | ) | (1.7 | ) | ||||||||||||
Amortization of prior service cost | 0.8 | 0.7 | 0.1 | — | — | — | ||||||||||||||||||
Curtailment | — | — | 0.1 | — | — | — | ||||||||||||||||||
Settlement | — | — | — | (0.1 | ) | — | — | |||||||||||||||||
Recognized actuarial loss | 2 | 4.4 | 3.2 | 1.1 | 1.8 | 0.9 | ||||||||||||||||||
Net periodic pension cost | $ | 4.2 | $ | 7.7 | $ | 6.2 | $ | 1 | $ | 2.1 | $ | 1.2 | ||||||||||||
Schedule of Weighted Average Assumptions Used | ' | |||||||||||||||||||||||
Weighted average assumptions used in computing the benefit obligation are as follows: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4 | % | 4.8 | % | 3.6 | % | 4.5 | % | ||||||||||||||||
Rate of compensation increase | 5.5 | % | 5.5 | % | 3.1 | % | 3.3 | % | ||||||||||||||||
Weighted average assumptions used in computing net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4.8 | % | 3.8 | % | 5 | % | 4.5 | % | 3.7 | % | 5.6 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | 6.2 | % | 5.5 | % | 6.6 | % | ||||||||||||
Rate of compensation increase | 5.5 | % | 5.5 | % | 5.5 | % | 3.3 | % | 2.5 | % | 3.4 | % | ||||||||||||
Schedule of Pension Plan Asset Allocation | ' | |||||||||||||||||||||||
The following tables present the fair value of the domestic pension plan assets by major category as of August 31, 2014 and 2013: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||
Domestic large cap equity fund | $ | 46.7 | $ | 46.7 | $ | — | $ | — | ||||||||||||||||
Foreign equity fund | 12.4 | 12.4 | — | — | ||||||||||||||||||||
Real Estate Fund | 5.6 | — | — | 5.6 | ||||||||||||||||||||
Short-Term Investments | 6 | 6 | — | — | ||||||||||||||||||||
Fixed-Income Investments | 38.3 | — | 38.3 | — | ||||||||||||||||||||
Collective Trust: Domestic small cap equities | 13.5 | — | 13.5 | — | ||||||||||||||||||||
$ | 122.5 | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||
Domestic large cap equity fund | $ | 39.1 | $ | 39.1 | $ | — | $ | — | ||||||||||||||||
Foreign equity fund | 10.6 | 10.6 | — | — | ||||||||||||||||||||
Domestic small cap equity fund | 12.4 | 12.4 | — | — | ||||||||||||||||||||
Real Estate Fund | 5.1 | — | — | 5.1 | ||||||||||||||||||||
Short-Term Investments | 5.1 | 5.1 | — | — | ||||||||||||||||||||
Fixed-Income Investments | 33.4 | — | 33.4 | — | ||||||||||||||||||||
$ | 105.7 | |||||||||||||||||||||||
The following tables present the fair value of the international pension plan assets by major category as of August 31, 2014 and 2013: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Equity Securities | $ | 22.5 | $ | — | $ | 22.5 | $ | — | ||||||||||||||||
Real Estate Fund | 1.7 | — | — | 1.7 | ||||||||||||||||||||
Multi-Strategy Investments | 3.3 | — | 3.3 | — | ||||||||||||||||||||
Fixed-Income Investments | 7.7 | — | 7.7 | — | ||||||||||||||||||||
$ | 35.2 | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Fair Value | Quoted Market | Significant | Significant | |||||||||||||||||||||
as of | Prices in Active | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | |||||||||||||||||||||||
Assets | August 31, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Equity Securities | $ | 19 | $ | — | $ | 19 | $ | — | ||||||||||||||||
Real Estate Fund | 1.4 | — | — | 1.4 | ||||||||||||||||||||
Multi-Strategy Investments | 3 | — | 3 | — | ||||||||||||||||||||
Fixed-Income Investments | 6.7 | — | 6.7 | — | ||||||||||||||||||||
$ | 30.1 | |||||||||||||||||||||||
The Company’s pension plan asset allocation at August 31, 2014 and 2013 by asset category is as follows: | ||||||||||||||||||||||||
% of Plan Assets | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Equity securities | 59.2 | % | 58.8 | % | 64 | % | 63.4 | % | ||||||||||||||||
Fixed income securities | 36.2 | % | 36.4 | % | 21.9 | % | 22.5 | % | ||||||||||||||||
Multi-strategy investments | — | % | — | % | 9.4 | % | 9.6 | % | ||||||||||||||||
Real estate | 4.6 | % | 4.8 | % | 4.7 | % | 4.5 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
Schedule of Domestic Pension Plans' Level 3 Assets | ' | |||||||||||||||||||||||
The tables below present a rollforward of the domestic and international pension plans’ Level 3 assets for the years ended August 31, 2014 and 2013: | ||||||||||||||||||||||||
Domestic Real Estate Fund | ||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of year | $ | 5.1 | $ | 4.7 | ||||||||||||||||||||
Net unrealized gain relating to instruments still held at the reporting date | 0.3 | 0.3 | ||||||||||||||||||||||
Shares purchased, including from dividend reinvestment | 0.2 | 0.1 | ||||||||||||||||||||||
Balance, end of year | $ | 5.6 | $ | 5.1 | ||||||||||||||||||||
International Real Estate Fund | ||||||||||||||||||||||||
Years Ended August 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of year | $ | 1.4 | $ | 1.4 | ||||||||||||||||||||
Shares purchased, including from dividend reinvestment(1) | 0.3 | — | ||||||||||||||||||||||
Balance, end of year | $ | 1.7 | $ | 1.4 | ||||||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||
(1) | Activity in 2013 was less than $0.1. | |||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||
Benefit payments are expected to be paid as follows for the years ending August 31: | ||||||||||||||||||||||||
Domestic Plans | International Plans | |||||||||||||||||||||||
2015 | $ | 7.2 | $ | 1.1 | ||||||||||||||||||||
2016 | 7.6 | 1.1 | ||||||||||||||||||||||
2017 | 7.8 | 1.1 | ||||||||||||||||||||||
2018 | 8.4 | 1.1 | ||||||||||||||||||||||
2019 | 8.9 | 1.2 | ||||||||||||||||||||||
2020 - 2024 | 49.2 | 6.3 | ||||||||||||||||||||||
Debt_and_Lines_of_Credit_Table
Debt and Lines of Credit (Tables) | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
The Company’s debt at August 31, 2014 and 2013 consisted of the following: | ||||||||
August 31, | ||||||||
2014 | 2013 | |||||||
Senior unsecured public notes due December 2019, principal | $ | 350 | $ | 350 | ||||
Senior unsecured public notes due December 2019, unamortized discount | (0.4 | ) | (0.4 | ) | ||||
Industrial revenue bond due 2021 | 4 | 4 | ||||||
Total debt outstanding | $ | 353.6 | $ | 353.6 | ||||
Common_Stock_and_Related_Matte1
Common Stock and Related Matters (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Common Stock and Related Matters [Abstract] | ' | |||||||||||
Schedule of Changes in Common Stock | ' | |||||||||||
Changes in common stock for the years ended August 31, 2014, 2013, and 2012 were as follows: | ||||||||||||
Common Stock | ||||||||||||
Shares | Amount | |||||||||||
(Amounts and shares in millions) | (At par) | |||||||||||
Balance at August 31, 2011 | 51 | $ | 0.5 | |||||||||
Issuance of restricted stock grants, net of forfeitures | 0.2 | — | ||||||||||
Stock options exercised | 0.3 | — | ||||||||||
Balance at August 31, 2012 | 51.5 | $ | 0.5 | |||||||||
Issuance of restricted stock grants, net of forfeitures | 0.2 | — | ||||||||||
Stock options exercised | 0.5 | — | ||||||||||
Balance at August 31, 2013 | 52.2 | $ | 0.5 | |||||||||
Issuance of restricted stock grants, net of forfeitures | 0.2 | — | ||||||||||
Stock options exercised | 0.2 | — | ||||||||||
Balance at August 31, 2014 | 52.6 | $ | 0.5 | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following table calculates basic earnings per common share and diluted earnings per common share for the years ended August 31, 2014, 2013, and 2012: | ||||||||||||
Years Ended August 31, | ||||||||||||
(Amounts and shares in millions, except earnings per share) | 2014 | 2013 | 2012 | |||||||||
Basic Earnings per Share: | ||||||||||||
Net income | $ | 175.8 | $ | 127.4 | $ | 116.3 | ||||||
Less: Income attributable to participating securities | (1.6 | ) | (2.0 | ) | (2.2 | ) | ||||||
Net income available to common shareholders | $ | 174.2 | $ | 125.4 | $ | 114.1 | ||||||
Basic weighted average shares outstanding | 42.8 | 42.2 | 41.4 | |||||||||
Basic earnings per share | $ | 4.07 | $ | 2.97 | $ | 2.75 | ||||||
Diluted Earnings per Share: | ||||||||||||
Net income | $ | 175.8 | $ | 127.4 | $ | 116.3 | ||||||
Less: Income attributable to participating securities | (1.6 | ) | (2.0 | ) | (2.2 | ) | ||||||
Net income available to common shareholders | $ | 174.2 | $ | 125.4 | $ | 114.1 | ||||||
Basic weighted average shares outstanding | 42.8 | 42.2 | 41.4 | |||||||||
Common stock equivalents | 0.2 | 0.3 | 0.5 | |||||||||
Diluted weighted average shares outstanding | 43 | 42.5 | 41.9 | |||||||||
Diluted earnings per share | $ | 4.05 | $ | 2.95 | $ | 2.72 | ||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Schedule of Restricted Stock Award Activity | ' | |||||||
Activity related to restricted stock awards during the fiscal year ended August 31, 2014 was as follows: | ||||||||
Number of | Weighted Average | |||||||
Shares | Grant Date | |||||||
(in millions) | Fair Value Per | |||||||
Share | ||||||||
Outstanding at August 31, 2013 | 0.7 | $ | 52.9 | |||||
Granted | 0.1 | $ | 107.92 | |||||
Vested | -0.2 | $ | 49.32 | |||||
Forfeited | -0.1 | $ | 61.9 | |||||
Outstanding at August 31, 2014 | 0.5 | $ | 70.73 | |||||
Schedule of Stock Options, Weighted Average Assumptions | ' | |||||||
The following weighted average assumptions were used to estimate the fair value of stock options granted in the fiscal years ended August 31: | ||||||||
2014 | 2013 | 2012 | ||||||
Dividend yield | 0.70% | 0.90% | 1.00% | |||||
Expected volatility | 38.40% | 43.80% | 43.20% | |||||
Risk-free interest rate | 1.30% | 0.80% | 1.10% | |||||
Expected life of options | 5 years | 5 years | 5 years | |||||
Weighted-average fair value of options | $34.37 | $22.32 | $16.43 | |||||
Schedule of Stock Option Transactions | ' | |||||||
Stock option activity during the years ended August 31, 2014, 2013, and 2012 was as follows: | ||||||||
Outstanding | Exercisable | |||||||
Number of | Weighted Average | Number of | Weighted Average | |||||
Shares | Exercise Price | Shares | Exercise Price | |||||
(in millions) | (in millions) | |||||||
Outstanding at August 31, 2011 | 1.3 | $31.67 | 1 | $28.81 | ||||
Granted | 0.1 | $46.29 | ||||||
Exercised | -0.3 | $22.02 | ||||||
Cancelled | — | * | $35.64 | |||||
Outstanding at August 31, 2012 | 1.1 | $36.25 | 1 | $33.06 | ||||
Granted | 0.1 | $62.54 | ||||||
Exercised | -0.4 | $30.72 | ||||||
Outstanding at August 31, 2013 | 0.8 | $43.16 | 0.5 | $38.00 | ||||
Granted | 0.1 | $103.74 | ||||||
Exercised | -0.2 | $40.31 | ||||||
Outstanding at August 31, 2014 | 0.7 | $50.58 | 0.5 | $41.05 | ||||
Range of option exercise prices: | ||||||||
$20.01 - $40.00 (average life - 4.6 years) | 0.2 | $32.71 | 0.2 | $32.71 | ||||
$40.01 - $60.00 (average life - 5.5 years) | 0.3 | $45.47 | 0.3 | $45.31 | ||||
$60.01 - $80.00 (average life - 8.1 years) | 0.1 | $62.54 | — | * | $62.54 | |||
$80.01 - $110.00 (average life - 9.1 years) | 0.1 | $103.74 | — | $— | ||||
_______________________________________ | ||||||||
* | Represents shares of less than 0.1. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Changes in Product Warranty and Recall Reserves | ' | |||||||||||
The changes in product warranty and recall reserves (included in Other accrued liabilities on the Consolidated Balance Sheets) during the fiscal years ended August 31, 2014, 2013, and 2012 are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at September 1 | $ | 5.9 | $ | 4 | $ | 4.2 | ||||||
Warranty and recall costs | 19.5 | 14.3 | 8 | |||||||||
Payments and other deductions | (16.9 | ) | (12.4 | ) | (8.2 | ) | ||||||
Balance at August 31 | $ | 8.5 | $ | 5.9 | $ | 4 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Provision for Income Taxes | ' | |||||||||||
The provision for income taxes consists of the following components: | ||||||||||||
Years Ended August 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Provision for current federal taxes | $ | 77.1 | $ | 48.4 | $ | 47.9 | ||||||
Provision for current state taxes | 9 | 6.9 | 5.4 | |||||||||
Provision for current foreign taxes | 4.3 | 4.2 | 3.7 | |||||||||
Provision for deferred taxes | (0.5 | ) | 6.2 | 5.7 | ||||||||
Total provision for income taxes | $ | 89.9 | $ | 65.7 | $ | 62.7 | ||||||
Schedule of Reconciliation of Federal Statutory Rate to Total Provision for Income Taxes | ' | |||||||||||
A reconciliation of the federal statutory rate to the total provision for income taxes is as follows: | ||||||||||||
Years Ended August 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax computed at statutory rate | $ | 93 | $ | 67.6 | $ | 62.6 | ||||||
State income tax, net of federal income tax benefit | 6.7 | 4.8 | 4.5 | |||||||||
Foreign permanent differences and rate differential | (1.0 | ) | (1.1 | ) | (1.2 | ) | ||||||
Other, net | (8.8 | ) | (5.6 | ) | (3.2 | ) | ||||||
Total provision for income taxes | $ | 89.9 | $ | 65.7 | $ | 62.7 | ||||||
Schedule of Components of Net Deferred Income Taxes | ' | |||||||||||
Components of the net deferred income taxes at August 31, 2014 and 2013 include: | ||||||||||||
August 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Income Tax Liabilities: | ||||||||||||
Depreciation | $ | (6.1 | ) | $ | (8.1 | ) | ||||||
Goodwill and intangibles | (101.8 | ) | (98.6 | ) | ||||||||
Other liabilities | (5.3 | ) | (5.8 | ) | ||||||||
Total deferred income tax liabilities | (113.2 | ) | (112.5 | ) | ||||||||
Deferred Income Tax Assets: | ||||||||||||
Self-insurance | 3.8 | 3.6 | ||||||||||
Pension | 21.1 | 17.6 | ||||||||||
Deferred compensation | 27 | 26 | ||||||||||
Bonuses | 1.3 | 0.7 | ||||||||||
Net operating losses | 18.1 | 17.6 | ||||||||||
Other accruals not yet deductible | 15.9 | 14.4 | ||||||||||
Other assets | 5.7 | 6.4 | ||||||||||
Total deferred income tax assets | 92.9 | 86.3 | ||||||||||
Valuation Allowance | (13.6 | ) | (12.4 | ) | ||||||||
Net deferred income tax liabilities | $ | (33.9 | ) | $ | (38.6 | ) | ||||||
Schedule of Change in Unrecognized Income Tax Benefit | ' | |||||||||||
A reconciliation of the change in the unrecognized income tax benefit (reported in Other long-term liabilities on the Consolidated Balance Sheets) for the years ended August 31, 2014 and 2013 is as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits balance at September 1 | $ | 5 | $ | 7 | ||||||||
Additions based on tax positions related to the current year | 0.4 | 0.3 | ||||||||||
Additions for tax positions of prior years | — | 0.6 | ||||||||||
Reductions for tax positions of prior years | (0.6 | ) | — | |||||||||
Reductions due to settlements | — | (0.3 | ) | |||||||||
Reductions due to lapse of statute of limitations | (1.8 | ) | (2.6 | ) | ||||||||
Unrecognized tax benefits balance at August 31 | $ | 3 | $ | 5 | ||||||||
Supplemental_Disaggregated_Inf1
Supplemental Disaggregated Information (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||
The geographic distribution of the Company’s net sales, operating profit, income before provision for income taxes, and long-lived assets is summarized in the following table for the years ended August 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales(1) | ||||||||||||
Domestic(2) | $ | 2,155.00 | $ | 1,854.90 | $ | 1,728.10 | ||||||
International | 238.5 | 234.2 | 205.6 | |||||||||
Total | $ | 2,393.50 | $ | 2,089.10 | $ | 1,933.70 | ||||||
Operating profit | ||||||||||||
Domestic(2) | $ | 287.8 | $ | 207.2 | $ | 197.7 | ||||||
International | 11.3 | 14.3 | 10.3 | |||||||||
Total | $ | 299.1 | $ | 221.5 | $ | 208 | ||||||
Income before Provision for Income Taxes | ||||||||||||
Domestic(2) | $ | 257.1 | $ | 181.2 | $ | 171.6 | ||||||
International | 8.6 | 11.9 | 7.4 | |||||||||
Total | $ | 265.7 | $ | 193.1 | $ | 179 | ||||||
Long-lived assets(3) | ||||||||||||
Domestic(2) | $ | 149.2 | $ | 146.1 | $ | 141.9 | ||||||
International | 31.2 | 30.9 | 30.3 | |||||||||
Total | $ | 180.4 | $ | 177 | $ | 172.2 | ||||||
_______________________________________ | ||||||||||||
(1) | Net sales are attributed to each country based on the selling location. | |||||||||||
(2) | Domestic amounts include net sales (including export sales), operating profit, income before provision for income taxes, and long-lived assets for U.S. based operations. | |||||||||||
(3) | Long-lived assets include net property, plant, and equipment, long-term deferred income tax assets, and other long-term assets. |
Supplemental_Guarantor_Condens1
Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
At August 31, 2014 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 516 | $ | 3.1 | $ | — | $ | 33.4 | $ | — | $ | 552.5 | ||||||||||||
Accounts receivable, net | — | 331 | — | 42.4 | — | 373.4 | ||||||||||||||||||
Inventories | — | 196.8 | — | 15.2 | — | 212 | ||||||||||||||||||
Other current assets | 9.4 | 31.6 | — | 7.8 | — | 48.8 | ||||||||||||||||||
Total Current Assets | 525.4 | 562.5 | — | 98.8 | — | 1,186.70 | ||||||||||||||||||
Property, Plant, and Equipment, net | 0.4 | 121.4 | — | 30.7 | — | 152.5 | ||||||||||||||||||
Goodwill | — | 524.2 | 2.7 | 42.5 | — | 569.4 | ||||||||||||||||||
Intangible assets | — | 86.6 | 121.5 | 23.5 | — | 231.6 | ||||||||||||||||||
Deferred income taxes | 33.4 | — | — | 0.1 | (30.5 | ) | 3 | |||||||||||||||||
Other long-term assets | 1.2 | 18 | — | 5.7 | — | 24.9 | ||||||||||||||||||
Investments in and amounts due from affiliates | 692.6 | 130.2 | 142.3 | — | (965.1 | ) | — | |||||||||||||||||
Total Assets | $ | 1,253.00 | $ | 1,442.90 | $ | 266.5 | $ | 201.3 | $ | (995.6 | ) | $ | 2,168.10 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 1.1 | $ | 268.2 | $ | — | $ | 18.1 | $ | — | $ | 287.4 | ||||||||||||
Accrued liabilities | 25 | 129.5 | — | 28.6 | — | 183.1 | ||||||||||||||||||
Total Current Liabilities | 26.1 | 397.7 | — | 46.7 | — | 470.5 | ||||||||||||||||||
Long-Term Debt | — | 353.6 | — | — | — | 353.6 | ||||||||||||||||||
Deferred Income Taxes | — | 88.9 | — | — | (30.5 | ) | 58.4 | |||||||||||||||||
Long-Term Liabilities | 63.4 | 34.4 | — | 24.3 | — | 122.1 | ||||||||||||||||||
Amounts due to affiliates | — | — | — | 52.3 | (52.3 | ) | — | |||||||||||||||||
Total Stockholders’ Equity | 1,163.50 | 568.3 | 266.5 | 78 | (912.8 | ) | 1,163.50 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,253.00 | $ | 1,442.90 | $ | 266.5 | $ | 201.3 | $ | (995.6 | ) | $ | 2,168.10 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
At August 31, 2013 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 331 | $ | 0.8 | $ | — | $ | 27.3 | $ | — | $ | 359.1 | ||||||||||||
Accounts receivable, net | — | 270.8 | — | 47.5 | — | 318.3 | ||||||||||||||||||
Inventories | — | 191.2 | — | 11.8 | — | 203 | ||||||||||||||||||
Other current assets | 4.4 | 23 | — | 5.7 | — | 33.1 | ||||||||||||||||||
Total Current Assets | 335.4 | 485.8 | — | 92.3 | — | 913.5 | ||||||||||||||||||
Property, Plant, and Equipment, net | 0.4 | 118.1 | — | 29.4 | — | 147.9 | ||||||||||||||||||
Goodwill | — | 517 | 2.7 | 48.5 | — | 568.2 | ||||||||||||||||||
Intangible assets | — | 99.9 | 119.2 | 26 | — | 245.1 | ||||||||||||||||||
Deferred income taxes | 34.2 | — | — | — | (32.5 | ) | 1.7 | |||||||||||||||||
Other long-term assets | 2.1 | 19.4 | — | 5.9 | — | 27.4 | ||||||||||||||||||
Investments in and amounts due from subsidiaries | 701.5 | 170.7 | 118.2 | — | (990.4 | ) | — | |||||||||||||||||
Total Assets | $ | 1,073.60 | $ | 1,410.90 | $ | 240.1 | $ | 202.1 | $ | (1,022.9 | ) | $ | 1,903.80 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 1.6 | $ | 233.2 | $ | — | $ | 14.7 | $ | — | $ | 249.5 | ||||||||||||
Other accrued liabilities | 17 | 95 | — | 24.7 | — | 136.7 | ||||||||||||||||||
Total Current Liabilities | 18.6 | 328.2 | — | 39.4 | — | 386.2 | ||||||||||||||||||
Long-Term Debt | — | 353.6 | — | — | — | 353.6 | ||||||||||||||||||
Deferred Income Taxes | — | 85.8 | — | 0.6 | (32.5 | ) | 53.9 | |||||||||||||||||
Other Long-Term Liabilities | 61.5 | 33.6 | — | 21.5 | — | 116.6 | ||||||||||||||||||
Amounts due to affiliates | — | — | — | 61.5 | (61.5 | ) | — | |||||||||||||||||
Total Stockholders’ Equity | 993.5 | 609.7 | 240.1 | 79.1 | (928.9 | ) | 993.5 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,073.60 | $ | 1,410.90 | $ | 240.1 | $ | 202.1 | $ | (1,022.9 | ) | $ | 1,903.80 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Year Ended August 31, 2014 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||
External sales | $ | — | $ | 2,150.60 | $ | — | $ | 242.9 | $ | — | $ | 2,393.50 | ||||||||||||
Intercompany sales | — | — | 37.2 | 94.8 | (132.0 | ) | — | |||||||||||||||||
Total Sales | — | 2,150.60 | 37.2 | 337.7 | (132.0 | ) | 2,393.50 | |||||||||||||||||
Cost of Products Sold | — | 1,255.50 | — | 250.5 | (91.7 | ) | 1,414.30 | |||||||||||||||||
Gross Profit | — | 895.1 | 37.2 | 87.2 | (40.3 | ) | 979.2 | |||||||||||||||||
Selling, Distribution, and Administrative Expenses | 27.8 | 612.5 | 4.1 | 76.2 | (40.3 | ) | 680.3 | |||||||||||||||||
Intercompany charges | (39.6 | ) | 34.7 | — | 4.9 | — | — | |||||||||||||||||
Special Charge | — | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||||||
Operating Profit | 11.8 | 248.1 | 33.1 | 6.1 | — | 299.1 | ||||||||||||||||||
Interest expense (income), net | 10 | 22.2 | — | (0.1 | ) | — | 32.1 | |||||||||||||||||
Equity earnings in subsidiaries | (174.2 | ) | (4.0 | ) | — | — | 178.2 | — | ||||||||||||||||
Miscellaneous (income) expense, net | — | (1.6 | ) | — | 1.8 | 1.1 | 1.3 | |||||||||||||||||
Income (Loss) before Provision for Income Taxes | 176 | 231.5 | 33.1 | 4.4 | (179.3 | ) | 265.7 | |||||||||||||||||
Provision for Income Taxes | 0.2 | 75.5 | 13.1 | 1.1 | — | 89.9 | ||||||||||||||||||
Net Income (Loss) | 175.8 | 156 | 20 | 3.3 | (179.3 | ) | 175.8 | |||||||||||||||||
Other Comprehensive Income/(Expense) Items: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | 0.7 | 0.7 | — | — | (0.7 | ) | 0.7 | |||||||||||||||||
Defined Benefit Pension Plans, net | (10.0 | ) | (3.7 | ) | — | (5.2 | ) | 8.9 | (10.0 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | (9.3 | ) | (3.0 | ) | — | (5.2 | ) | 8.2 | (9.3 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) | $ | 166.5 | $ | 153 | $ | 20 | $ | (1.9 | ) | $ | (171.1 | ) | $ | 166.5 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Year Ended August 31, 2013 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||
External sales | $ | — | $ | 1,851.40 | $ | — | $ | 237.7 | $ | — | $ | 2,089.10 | ||||||||||||
Intercompany sales | — | — | 31.8 | 85 | (116.8 | ) | — | |||||||||||||||||
Total Sales | — | 1,851.40 | 31.8 | 322.7 | (116.8 | ) | 2,089.10 | |||||||||||||||||
Cost of Products Sold | — | 1,088.60 | — | 247.9 | (85.0 | ) | 1,251.50 | |||||||||||||||||
Gross Profit | — | 762.8 | 31.8 | 74.8 | (31.8 | ) | 837.6 | |||||||||||||||||
Selling, Distribution, and Administrative Expenses | 28 | 542.6 | 2.9 | 65.9 | (31.8 | ) | 607.6 | |||||||||||||||||
Intercompany charges | (37.5 | ) | 32.8 | — | 4.7 | — | — | |||||||||||||||||
Special Charges | — | 6.5 | — | 2 | — | 8.5 | ||||||||||||||||||
Operating Profit | 9.5 | 180.9 | 28.9 | 2.2 | — | 221.5 | ||||||||||||||||||
Interest expense (income), net | 9.4 | 22.1 | — | (0.3 | ) | — | 31.2 | |||||||||||||||||
Equity earnings in subsidiaries | (127.4 | ) | (2.1 | ) | — | — | 129.5 | — | ||||||||||||||||
Miscellaneous (income) expense, net | — | (1.0 | ) | — | (1.8 | ) | — | (2.8 | ) | |||||||||||||||
Income (Loss) before Provision for Income Taxes | 127.5 | 161.9 | 28.9 | 4.3 | (129.5 | ) | 193.1 | |||||||||||||||||
Provision for Income Taxes | 0.1 | 51.5 | 11.6 | 2.5 | — | 65.7 | ||||||||||||||||||
Net Income (Loss) | 127.4 | 110.4 | 17.3 | 1.8 | (129.5 | ) | 127.4 | |||||||||||||||||
Other Comprehensive Income/(Expense) Items: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | (1.9 | ) | (1.9 | ) | — | — | 1.9 | (1.9 | ) | |||||||||||||||
Defined Benefit Pension Plans, net | 24 | 17.3 | — | 7.2 | (24.5 | ) | 24 | |||||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | 22.1 | 15.4 | — | 7.2 | (22.6 | ) | 22.1 | |||||||||||||||||
Other Comprehensive Income/(Expense) | $ | 149.5 | $ | 125.8 | $ | 17.3 | $ | 9 | $ | (152.1 | ) | $ | 149.5 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Year Ended August 31, 2012 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||
External sales | $ | — | $ | 1,726.40 | $ | — | $ | 207.3 | $ | — | $ | 1,933.70 | ||||||||||||
Intercompany sales | — | — | 30.2 | 67.5 | (97.7 | ) | — | |||||||||||||||||
Total Sales | — | 1,726.40 | 30.2 | 274.8 | (97.7 | ) | 1,933.70 | |||||||||||||||||
Cost of Products Sold | — | 1,002.90 | — | 210.3 | (67.5 | ) | 1,145.70 | |||||||||||||||||
Gross Profit | — | 723.5 | 30.2 | 64.5 | (30.2 | ) | 788 | |||||||||||||||||
Selling, Distribution, and Administrative Expenses | 25.4 | 508.4 | 3.5 | 59.6 | (30.2 | ) | 566.7 | |||||||||||||||||
Intercompany charges | (35.4 | ) | 30.7 | — | 4.7 | — | — | |||||||||||||||||
Special Charge | — | 12.4 | — | 0.9 | — | 13.3 | ||||||||||||||||||
Operating Profit (Loss) | 10 | 172 | 26.7 | (0.7 | ) | — | 208 | |||||||||||||||||
Interest expense (income), net | 8.9 | 22.2 | — | (0.4 | ) | — | 30.7 | |||||||||||||||||
Equity earnings in subsidiaries | (115.4 | ) | 1.3 | — | 0.1 | 114 | — | |||||||||||||||||
Miscellaneous (income) expense, net | (0.3 | ) | (2.1 | ) | — | 0.7 | — | (1.7 | ) | |||||||||||||||
Income (Loss) before Provision for Income Taxes | 116.8 | 150.6 | 26.7 | (1.1 | ) | (114.0 | ) | 179 | ||||||||||||||||
Provision for Income Taxes | 0.5 | 49.2 | 10.8 | 2.2 | — | 62.7 | ||||||||||||||||||
Net Income (Loss) | 116.3 | 101.4 | 15.9 | (3.3 | ) | (114.0 | ) | 116.3 | ||||||||||||||||
Other Comprehensive Income/(Expense) Items: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | (8.2 | ) | (8.2 | ) | — | — | 8.2 | (8.2 | ) | |||||||||||||||
Defined Benefit Pension Plans, net | (22.7 | ) | (13.9 | ) | — | (7.4 | ) | 21.3 | (22.7 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) Items after Provision for Income Taxes | (30.9 | ) | (22.1 | ) | — | (7.4 | ) | 29.5 | (30.9 | ) | ||||||||||||||
Other Comprehensive Income/(Expense) | $ | 85.4 | $ | 79.3 | $ | 15.9 | $ | (10.7 | ) | $ | (84.5 | ) | $ | 85.4 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
Year Ended August 31, 2014 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 188.7 | $ | 35.1 | $ | — | $ | 9.3 | $ | — | $ | 233.1 | ||||||||||||
Cash Provided by (Used for) Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant, and equipment | — | (29.2 | ) | — | (6.1 | ) | — | (35.3 | ) | |||||||||||||||
Proceeds from sale of property, plant, and equipment | — | 1 | — | — | — | 1 | ||||||||||||||||||
Investments in subsidiaries | — | (4.5 | ) | — | 4.5 | — | — | |||||||||||||||||
Net Cash Used for Investing Activities | — | (32.7 | ) | — | (1.6 | ) | — | (34.3 | ) | |||||||||||||||
Cash Provided by (Used for) Financing Activities: | ||||||||||||||||||||||||
Proceeds from stock option exercises and other | 8.4 | — | — | — | — | 8.4 | ||||||||||||||||||
Excess tax benefits from share-based payments | 10.4 | — | — | — | — | 10.4 | ||||||||||||||||||
Dividends paid | (22.5 | ) | — | — | — | — | (22.5 | ) | ||||||||||||||||
Other financing activities | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Net Cash Used for Financing Activities | (3.7 | ) | — | — | (2.6 | ) | — | (6.3 | ) | |||||||||||||||
Effect of Exchange Rate Changes on Cash | — | (0.1 | ) | — | 1 | — | 0.9 | |||||||||||||||||
Net Change in Cash and Cash Equivalents | 185 | 2.3 | — | 6.1 | — | 193.4 | ||||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 331 | 0.8 | — | 27.3 | — | 359.1 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 516 | $ | 3.1 | $ | — | $ | 33.4 | $ | — | $ | 552.5 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
Year Ended August 31, 2013 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 83.7 | $ | 46.4 | $ | — | $ | 14.3 | $ | (12.1 | ) | $ | 132.3 | |||||||||||
Cash Provided by (Used for) Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant, and equipment | (0.4 | ) | (36.9 | ) | — | (3.3 | ) | — | (40.6 | ) | ||||||||||||||
Proceeds from sale of property, plant, and equipment | — | 7.6 | — | — | — | 7.6 | ||||||||||||||||||
Investments in subsidiaries | — | (13.1 | ) | — | — | 13.1 | — | |||||||||||||||||
Acquisitions of businesses | — | (3.7 | ) | — | (21.8 | ) | — | (25.5 | ) | |||||||||||||||
Net Cash (Used for) Provided by Investing Activities | (0.4 | ) | (46.1 | ) | — | (25.1 | ) | 13.1 | (58.5 | ) | ||||||||||||||
Cash Provided by (Used for) Financing Activities: | ||||||||||||||||||||||||
Proceeds from stock option exercises and other | 14.9 | — | — | — | — | 14.9 | ||||||||||||||||||
Excess tax benefits from share-based payments | 8.6 | — | — | — | — | 8.6 | ||||||||||||||||||
Intercompany dividends | — | — | — | (12.1 | ) | 12.1 | — | |||||||||||||||||
Intercompany capital | — | — | — | 13.1 | (13.1 | ) | — | |||||||||||||||||
Dividends paid | (22.4 | ) | — | — | — | — | (22.4 | ) | ||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 1.1 | — | — | 1 | (1.0 | ) | 1.1 | |||||||||||||||||
Effect of Exchange Rate Changes on Cash | — | 0.5 | — | (0.8 | ) | — | (0.3 | ) | ||||||||||||||||
Net Change in Cash and Cash Equivalents | 84.4 | 0.8 | — | (10.6 | ) | — | 74.6 | |||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 246.6 | — | — | 37.9 | — | 284.5 | ||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 331 | $ | 0.8 | $ | — | $ | 27.3 | $ | — | $ | 359.1 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
Year Ended August 31, 2012 | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuer | Guarantor | Guarantors | ||||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 141.9 | $ | 29.8 | $ | — | $ | 2.5 | $ | (2.0 | ) | $ | 172.2 | |||||||||||
Cash Provided by (Used for) Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant, and equipment | — | (27.7 | ) | — | (3.7 | ) | — | (31.4 | ) | |||||||||||||||
Proceeds from sale of property, plant, and equipment | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Investments in subsidiaries | (3.8 | ) | — | — | — | 3.8 | — | |||||||||||||||||
Acquisitions of business and intangible assets | — | (3.8 | ) | — | — | — | (3.8 | ) | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | (3.8 | ) | (31.4 | ) | — | (3.7 | ) | 3.8 | (35.1 | ) | ||||||||||||||
Cash Provided by (Used for) Financing Activities: | ||||||||||||||||||||||||
Proceeds from stock option exercises and other | 7.6 | — | — | — | — | 7.6 | ||||||||||||||||||
Repurchases of common stock | (9.2 | ) | — | — | — | — | (9.2 | ) | ||||||||||||||||
Excess tax benefits from share-based payments | 4.9 | — | — | — | — | 4.9 | ||||||||||||||||||
Intercompany dividends | — | — | — | (2.0 | ) | 2 | — | |||||||||||||||||
Intercompany capital | — | 3.8 | — | — | (3.8 | ) | — | |||||||||||||||||
Dividends paid | (22.0 | ) | — | — | — | — | (22.0 | ) | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | (18.7 | ) | 3.8 | — | (2.0 | ) | (1.8 | ) | (18.7 | ) | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | (2.3 | ) | — | (1.8 | ) | — | (4.1 | ) | |||||||||||||||
Net Change in Cash and Cash Equivalents | 119.4 | (0.1 | ) | — | (5.0 | ) | — | 114.3 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 127.2 | 0.1 | — | 42.9 | — | 170.2 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 246.6 | $ | — | $ | — | $ | 37.9 | $ | — | $ | 284.5 | ||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Fiscal Year 2014 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net Sales | $ | 574.7 | $ | 546.2 | $ | 603.9 | $ | 668.7 | ||||||||
Gross Profit | $ | 237.1 | $ | 215.2 | $ | 243.4 | $ | 283.5 | ||||||||
Net Income | $ | 44.5 | $ | 32.7 | $ | 43.8 | $ | 54.8 | ||||||||
Basic Earnings per Share | $ | 1.03 | $ | 0.76 | $ | 1.01 | $ | 1.27 | ||||||||
Diluted Earnings per Share | $ | 1.03 | $ | 0.75 | $ | 1.01 | $ | 1.26 | ||||||||
Fiscal Year 2013 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net Sales | $ | 481.1 | $ | 486.7 | $ | 541.5 | $ | 579.8 | ||||||||
Gross Profit | $ | 189.5 | $ | 189.7 | $ | 221.1 | $ | 237.3 | ||||||||
Net Income | $ | 26.1 | $ | 24.7 | $ | 31.7 | $ | 44.9 | ||||||||
Basic Earnings per Share | $ | 0.61 | $ | 0.58 | $ | 0.74 | $ | 1.04 | ||||||||
Diluted Earnings per Share | $ | 0.61 | $ | 0.57 | $ | 0.73 | $ | 1.03 | ||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details) | 12 Months Ended |
Aug. 31, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of operating segments | 1 |
Significant_Accounting_Policie3
Significant Accounting Policies - Concentrations of Credit Risk (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Concentration Risk [Line Items] | ' | ' | ' |
Period for return after shipment | '4 months | ' | ' |
Receivables from The Home Depot | 373.4 | 318.3 | ' |
Receivables | Home Depot | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Receivables from The Home Depot | 53.3 | 53.7 | ' |
Net sales | Home Depot | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Sales as percentage of total sales | 12.00% | 13.00% | 10.00% |
Significant_Accounting_Policie4
Significant Accounting Policies - Inventories (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Inventory, Net [Abstract] | ' | ' | ||
Raw materials, supplies, and work in process | $125.70 | [1] | $122.60 | [1] |
Finished goods | 97.6 | 90.9 | ||
Inventory Gross | 223.3 | 213.5 | ||
Less: Reserves | -11.3 | -10.5 | ||
Total Inventory | $212 | $203 | ||
[1] | Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not believe the segregation of raw materials and work in process to be meaningful information. |
Significant_Accounting_Policie5
Significant Accounting Policies - Goodwill and Other Intangibles (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Segment | |||
Goodwill [Roll Forward] | ' | ' | ' |
Balance as of August 31, 2013 | $568.20 | ' | ' |
Adjustments for acquired businesses | 1.4 | ' | ' |
Currency translation adjustments | -0.2 | ' | ' |
Balance as of August 31, 2014 | 569.4 | 568.2 | ' |
Amortized intangible assets, Gross Carrying Amount | 216.9 | 219.2 | ' |
Accumulated Amortization | -85.3 | -74.1 | ' |
Amortization expense of finite-lived intangible assets | 11.2 | 10.9 | 11.2 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Amortization expense in fiscal 2015 | 11.1 | ' | ' |
Amortization expense in fiscal 2016 | 10.5 | ' | ' |
Amortization expense in fiscal 2017 | 10.2 | ' | ' |
Amortization expense in fiscal 2018 | 10.2 | ' | ' |
Amortization expense in fiscal 2019 | 10.2 | ' | ' |
Number of operating segments | 1 | ' | ' |
Unamortized trade names | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Unamortized trade names, Gross Carrying Amount | 100 | 100 | ' |
Patents and patented technology | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Amortized intangible assets, Gross Carrying Amount | 69.2 | 71.3 | ' |
Accumulated Amortization | -26.4 | -22.2 | ' |
Trademarks and trade names | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Amortized intangible assets, Gross Carrying Amount | 25.4 | 25.4 | ' |
Accumulated Amortization | -8.6 | -6.9 | ' |
Distribution network | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Amortized intangible assets, Gross Carrying Amount | 61.8 | 61.8 | ' |
Accumulated Amortization | -29.7 | -27.4 | ' |
Customer relationships | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Amortized intangible assets, Gross Carrying Amount | 55.2 | 55.2 | ' |
Accumulated Amortization | -16.3 | -13.9 | ' |
Other | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Amortized intangible assets, Gross Carrying Amount | 5.3 | 5.5 | ' |
Accumulated Amortization | ($4.30) | ($3.70) | ' |
Significant_Accounting_Policie6
Significant Accounting Policies - Other Long-Term Assets and Liabilities (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | ||
Employee | |||||
Other Long-Term Assets [Abstract] | ' | ' | ' | ||
Assets held for sale, total | $3.70 | ' | ' | ||
Deferred contract costs | 15 | 13.5 | ' | ||
Capitalized software costs | 2.3 | [1] | 2.7 | [1] | ' |
Miscellaneous | 7.6 | [2] | 11.2 | [2] | ' |
Total | 24.9 | 27.4 | ' | ||
Amortization expense of capitalized software costs | 0.4 | 0.9 | 1.1 | ||
Number of current and former employees covered under life insurance | 78 | ' | ' | ||
Other Long-Term Liabilities [Abstract] | ' | ' | ' | ||
Deferred compensation and postretirement benefits other than pensions | 32.6 | [3] | 31.9 | [3] | ' |
Acquisition-related liabilities | 5.3 | [4] | 9 | [4] | ' |
Uncertain tax positions liability, including interest | 3.5 | [5] | 5.7 | [5] | ' |
Other | 8.8 | [6] | 8.3 | [6] | ' |
Total | $50.20 | $54.90 | ' | ||
Percentage contribution rate of eligible employee's compensation | 3.00% | ' | ' | ||
[1] | The Company recorded amortization expense related to capitalized software costs of $0.4, $0.9, and $1.1 in fiscal 2014, 2013, and 2012, respectively. | ||||
[2] | Other - Amount primarily includes deferred debt issuance costs and company-owned life insurance investments. The Company maintains life insurance policies on 78 current and former employees primarily to satisfy obligations under certain deferred compensation plans. These company-owned life insurance policies are presented net of loans that are secured by these policies. This program is frozen and no new policies were issued in the three-year period ended August 31, 2014. | ||||
[3] | Deferred compensation and postretirement benefits other than pensions — The Company maintains several non-qualified retirement plans for the benefit of eligible employees, primarily deferred compensation plans. The deferred compensation plans provide for elective deferrals of an eligible employee’s compensation and, in some cases, matching contributions by the Company. In addition, one plan provides for an automatic contribution by the Company of 3% of an eligible employee’s compensation. The Company maintains certain long-term investments that offset a portion of the deferred compensation liability. The Company maintains life insurance policies on certain current and former officers and other key employees as a means of satisfying a portion of these obligations. | ||||
[4] | Acquisition-related liabilities - Amounts represent contingent payments and other obligations, including holdback liabilities, related to recent acquisitions. | ||||
[5] | See the Income Taxes footnote for more information. | ||||
[6] | Other - Amount primarily includes deferred revenue and deferred rent. |
Significant_Accounting_Policie7
Significant Accounting Policies - Selling, Distribution and Administrative Expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Share-based Compensation [Abstract] | ' | ' | ' |
Share-based expense | $17.70 | $16.50 | $15.90 |
Income tax benefit for share-based compensation | 6 | 5.6 | 5.6 |
Excess tax benefits from share-based payments | 10.4 | 8.6 | 4.9 |
Financing activities | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' |
Excess tax benefits from share-based payments | 10.4 | 8.6 | 4.9 |
Selling, Distribution, and Administrative Expenses | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Other shipping and handling costs | 100.9 | 86.4 | 81.5 |
Share-based Compensation [Abstract] | ' | ' | ' |
Research and development expense | 35.3 | 32.7 | 34.7 |
Advertising costs | 13.3 | 12.1 | 12.6 |
Service arrangements with customers | $6.10 | $5.70 | $5.70 |
Significant_Accounting_Policie8
Significant Accounting Policies - Depreciation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $31.80 | $29 | $27.50 |
Minimum | Building and related improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of plant and equipment, minimum | '10 years | ' | ' |
Minimum | Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of plant and equipment, minimum | '3 years | ' | ' |
Maximum | Building and related improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of plant and equipment, minimum | '40 years | ' | ' |
Maximum | Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of plant and equipment, minimum | '15 years | ' | ' |
Significant_Accounting_Policie9
Significant Accounting Policies - Interest Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Interest Revenue (Expense), Net [Abstract] | ' | ' | ' |
Interest expense | $32.60 | $31.90 | $31.30 |
Interest income | -0.5 | -0.7 | -0.6 |
Interest expense, net | $32.10 | $31.20 | $30.70 |
Recovered_Sheet1
Significant Accounting Policies - Foreign Currency Translation (Details) (Miscellaneous expense (income), net, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Miscellaneous expense (income), net | ' | ' | ' |
Foreign Currency Translation [Line Items] | ' | ' | ' |
Gains (or losses) relating to foreign currency items | $1.50 | $0.20 | ($1.20) |
Recovered_Sheet2
Significant Accounting Policies - Changes of Accumulated Other Comprehensive Income Loss Items, net of tax (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at August 31, 2013 | ($71.90) | ($62.60) |
Other Comprehensive Income/(Expense) before reclassifications | -11.9 | ' |
Amounts reclassified from accumulated other comprehensive income | 2.6 | ' |
Net current-period Other Comprehensive Income/(Expense) | -9.3 | ' |
Other Comprehensive Income/(Expense) before reclassifications | -71.9 | -62.6 |
Foreign Currency Items | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at August 31, 2013 | -18.1 | -18.8 |
Other Comprehensive Income/(Expense) before reclassifications | 0.7 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Net current-period Other Comprehensive Income/(Expense) | 0.7 | ' |
Other Comprehensive Income/(Expense) before reclassifications | -18.1 | -18.8 |
Defined Benefit Pension Plans | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at August 31, 2013 | -53.8 | -43.8 |
Other Comprehensive Income/(Expense) before reclassifications | -12.6 | ' |
Amounts reclassified from accumulated other comprehensive income | 2.6 | ' |
Net current-period Other Comprehensive Income/(Expense) | -10 | ' |
Other Comprehensive Income/(Expense) before reclassifications | ($53.80) | ($43.80) |
Recovered_Sheet3
Significant Accounting Policies - Components of Other Comprehensive Income Loss (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |||
Accounting Policies [Abstract] | ' | ' | ' | |||
Foreign Currency Translation Adjustments, Before Tax Amount | $0.70 | ($1.90) | ($8.20) | |||
Foreign Currency Translation Adjustments, Tax (Expense) or Benefit | 0 | 0 | 0 | |||
Foreign Currency Translation Adjustments, Net of Tax Amount | 0.7 | -1.9 | -8.2 | |||
Prior service cost from plan amendment during period, Before Tax Amount | 0 | -5.5 | 0 | |||
Prior service cost from plan amendment during period, Tax (Expense) or Benefit | 0 | 2.2 | 0 | |||
Prior service cost from plan amendment during period, Net of Tax Amount | 0 | -3.3 | 0 | |||
Actuarial gains (losses), Before Tax Amount | -18.2 | 34.5 | -38.3 | |||
Actuarial gains (losses), Tax (Expense) or Benefit | 5.6 | -11.7 | 12.9 | |||
Actuarial gains (losses), Net of Tax Amount | -12.6 | 22.8 | -25.4 | |||
Prior service cost, Before Tax Amount | 0.8 | [1] | 0.7 | [1] | 0.1 | [1] |
Prior Service Cost, Tax (Expense) Benefit | -0.3 | [1] | -0.3 | [1] | 0 | [1] |
Prior Service Cost, Net of Tax Amount | 0.5 | [1] | 0.4 | [1] | 0.1 | [1] |
Actuarial losses, Before Tax Amount | 3.1 | [1] | 6.2 | [1] | 4.1 | [1] |
Actuarial losses, Tax (Expense) or Benefit | -1 | [1] | -2.1 | [1] | -1.5 | [1] |
Actuarial losses, Net of Tax Amount | 2.1 | [1] | 4.1 | [1] | 2.6 | [1] |
Total Defined Benefit Plan, net | -14.3 | 35.9 | -34.1 | |||
Total Defined Benefit Plans, net, Tax (Expense) or Benefit | 4.3 | -11.9 | 11.4 | |||
Total Defined Benefit Plans, net, Net of Tax Amount | -10 | 24 | -22.7 | |||
Other Comprehensive Income/ (Expense), Before Tax Amount | -13.6 | 34 | -42.3 | |||
Other Comprehensive Income/ (Expense), Tax (Expense) or Benefit | 4.3 | -11.9 | 11.4 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ($9.30) | $22.10 | ($30.90) | |||
[1] | The before tax amount of these accumulated other comprehensive income components is included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2014 |
Senior unsecured public notes, net of unamortized discount | Carrying Value | ' | ' |
Liabilities: | ' | ' |
Carrying and estimated fair value of financial instruments | $349.60 | $349.60 |
Senior unsecured public notes, net of unamortized discount | Fair Value | ' | ' |
Liabilities: | ' | ' |
Carrying and estimated fair value of financial instruments | 381.5 | 391.2 |
Industrial revenue bond | Carrying Value | ' | ' |
Liabilities: | ' | ' |
Carrying and estimated fair value of financial instruments | 4 | 4 |
Industrial revenue bond | Fair Value | ' | ' |
Liabilities: | ' | ' |
Carrying and estimated fair value of financial instruments | 4 | 4 |
Fair value measured on recurring basis | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 359.1 | 552.5 |
Other | 0.7 | 0.6 |
Liabilities: | ' | ' |
Other | 12.8 | 12.2 |
Fair value measured on recurring basis | Level 1 | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 359.1 | 552.5 |
Other | 0.7 | 0.6 |
Liabilities: | ' | ' |
Other | 0.7 | 0.6 |
Fair value measured on recurring basis | Level 2 | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Other | ' | ' |
Liabilities: | ' | ' |
Other | ' | ' |
Fair value measured on recurring basis | Level 3 | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Other | ' | ' |
Liabilities: | ' | ' |
Other | 12.1 | 11.6 |
Decrease due to payments | -2.6 | ' |
Decrease due to currency rate fluctuations | -0.1 | ' |
Fair value measured on recurring basis | Level 3 | Selling, Distribution, and Administrative Expenses | ' | ' |
Liabilities: | ' | ' |
Increase in estimated fair value | $2.20 | ' |
Pension_and_Defined_Contributi2
Pension and Defined Contribution Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ' | ' | ' |
Current liabilities | ($1.20) | ($1.20) | ' |
Non-current liabilities | -65.1 | -54.7 | ' |
Domestic Plans | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 151.5 | 168.1 | ' |
Service cost | 2.4 | 3.4 | 2.7 |
Interest cost | 7 | 6.3 | 6.6 |
Amendments | 0 | 5.5 | ' |
Actuarial (gain) loss | 17.6 | -24.9 | ' |
Plan settlements | 0 | 0 | ' |
Benefits paid | -7 | -6.9 | ' |
Other | 0 | 0 | ' |
Benefit obligation at end of year | 171.5 | 151.5 | 168.1 |
Change in Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 105.7 | 95.6 | ' |
Actual return on plan assets | 15.1 | 9.3 | ' |
Employer contributions | 8.7 | 7.7 | ' |
Benefits paid | -7 | -6.9 | ' |
Other | 0 | 0 | ' |
Fair value of plan assets at end of year | 122.5 | 105.7 | 95.6 |
Funded status at end of year: | ' | ' | ' |
Funded status | -49 | -45.8 | ' |
Net amount recognized in Consolidated Balance Sheets | -49 | -45.8 | ' |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ' | ' | ' |
Current liabilities | -1.2 | -1.2 | ' |
Non-current liabilities | -47.8 | -44.6 | ' |
Net amount recognized in Consolidated Balance Sheets | -49 | -45.8 | ' |
Accumulated Benefit Obligation | 170.7 | 151.5 | ' |
Pre-tax amounts in accumulated other comprehensive income: | ' | ' | ' |
Prior service cost | -4.5 | -5.3 | ' |
Net actuarial loss | -57.5 | -48.9 | ' |
Amounts in accumulated other comprehensive income | -62 | -54.2 | ' |
Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year: | ' | ' | ' |
Prior service cost | 0.8 | 0.8 | ' |
Net actuarial loss | 2.4 | 2 | ' |
International Plans | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 40.2 | 46.9 | ' |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 1.9 | 1.7 | 1.9 |
Amendments | 0 | 0 | ' |
Actuarial (gain) loss | 8.6 | -6.5 | ' |
Plan settlements | -0.1 | 0 | ' |
Benefits paid | -1 | -1 | ' |
Other | 2.8 | -1 | ' |
Benefit obligation at end of year | 52.5 | 40.2 | 46.9 |
Change in Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 30.1 | 28.1 | ' |
Actual return on plan assets | 2.9 | 2.5 | ' |
Employer contributions | 1.1 | 1.1 | ' |
Benefits paid | -1 | -1 | ' |
Other | 2.1 | -0.6 | ' |
Fair value of plan assets at end of year | 35.2 | 30.1 | 28.1 |
Funded status at end of year: | ' | ' | ' |
Funded status | -17.3 | -10.1 | ' |
Net amount recognized in Consolidated Balance Sheets | -17.3 | -10.1 | ' |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ' | ' | ' |
Current liabilities | 0 | 0 | ' |
Non-current liabilities | -17.3 | -10.1 | ' |
Net amount recognized in Consolidated Balance Sheets | -17.3 | -10.1 | ' |
Accumulated Benefit Obligation | 52.3 | 40.2 | ' |
Pre-tax amounts in accumulated other comprehensive income: | ' | ' | ' |
Prior service cost | 0 | 0 | ' |
Net actuarial loss | -20.5 | -13 | ' |
Amounts in accumulated other comprehensive income | -20.5 | -13 | ' |
Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year: | ' | ' | ' |
Prior service cost | 0 | 0 | ' |
Net actuarial loss | $1.90 | $1 | ' |
Pension_and_Defined_Contributi3
Pension and Defined Contribution Plans - Net Periodic Pension Cost and Pension Plan Asset Allocation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Domestic Plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $2.40 | $3.40 | $2.70 |
Interest cost | 7 | 6.3 | 6.6 |
Expected return on plan assets | -8 | -7.1 | -6.5 |
Amortization of prior service cost | 0.8 | 0.7 | 0.1 |
Curtailment | 0 | 0 | 0.1 |
Settlement | 0 | 0 | 0 |
Recognized actuarial loss | 2 | 4.4 | 3.2 |
Net periodic pension cost | 4.2 | 7.7 | 6.2 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 4.00% | 4.80% | ' |
Rate of compensation increase | 5.50% | 5.50% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.80% | 3.80% | 5.00% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | 5.50% | 5.50% | 5.50% |
Reduction in net periodic pension cost per 100 basis point increase in benefit obligation discount rate | 0.6 | ' | ' |
Additional net periodic pension cost per 100 basis point decrease in expected return on plan assets rate | 1.2 | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Pension plan asset allocation, percentage | 100.00% | 100.00% | ' |
Domestic Plans | Equity securities | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 55.00% | ' | ' |
Pension plan asset allocation, percentage | 59.20% | 58.80% | ' |
Domestic Plans | Fixed income securities | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 40.00% | ' | ' |
Pension plan asset allocation, percentage | 36.20% | 36.40% | ' |
Domestic Plans | Multi-strategy investments | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Pension plan asset allocation, percentage | 0.00% | 0.00% | ' |
Domestic Plans | Real estate | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 5.00% | ' | ' |
Pension plan asset allocation, percentage | 4.60% | 4.80% | ' |
International Plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 1.9 | 1.7 | 1.9 |
Expected return on plan assets | -2 | -1.5 | -1.7 |
Amortization of prior service cost | 0 | 0 | 0 |
Curtailment | 0 | 0 | 0 |
Settlement | -0.1 | 0 | 0 |
Recognized actuarial loss | 1.1 | 1.8 | 0.9 |
Net periodic pension cost | 1 | 2.1 | 1.2 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 3.60% | 4.50% | ' |
Rate of compensation increase | 3.10% | 3.30% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.50% | 3.70% | 5.60% |
Expected return on plan assets | 6.20% | 5.50% | 6.60% |
Rate of compensation increase | 3.30% | 2.50% | 3.40% |
Reduction in net periodic pension cost per 100 basis point increase in benefit obligation discount rate | 1 | ' | ' |
Additional net periodic pension cost per 100 basis point decrease in expected return on plan assets rate | $0.40 | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Pension plan asset allocation, percentage | 100.00% | 100.00% | ' |
International Plans | Equity securities | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 60.00% | ' | ' |
Pension plan asset allocation, percentage | 64.00% | 63.40% | ' |
International Plans | Fixed income securities | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 25.00% | ' | ' |
Pension plan asset allocation, percentage | 21.90% | 22.50% | ' |
International Plans | Multi-strategy investments | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 10.00% | ' | ' |
Pension plan asset allocation, percentage | 9.40% | 9.60% | ' |
International Plans | Real estate | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Targeted asset allocation, percentage | 5.00% | ' | ' |
Pension plan asset allocation, percentage | 4.70% | 4.50% | ' |
Pension_and_Defined_Contributi4
Pension and Defined Contribution Plans - Fair Value Measurements and Benefit Payments (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | ||
Plan | |||||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ||
Number of multi-employer defined benefit pension plans under terms of collective bargaining agreements | 3 | ' | ' | ||
Contributions to Multi-employer Pension Plans | $0.40 | $0.30 | $0.20 | ||
Percentage Funded (less than 65%) | 65.00% | ' | ' | ||
Defined Contribution Pension | ' | ' | ' | ||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | ||
Defined contribution plan, cost recognized | 5.3 | 4.7 | 4.1 | ||
Common stock included in defined contribution plan, market value | 12 | ' | ' | ||
Common stock included in defined contribution plan as percentage of total fair value of assets in plan | 4.40% | ' | ' | ||
Domestic Plans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 122.5 | ' | 95.6 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 105.7 | ' | ' | ||
Fair value of plan assets at end of year | 122.5 | ' | 95.6 | ||
Employer expected contribution to defined benefit plans in next fiscal year | 8.1 | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ||
2015 | 7.2 | ' | ' | ||
2016 | 7.6 | ' | ' | ||
2017 | 7.8 | ' | ' | ||
2018 | 8.4 | ' | ' | ||
2019 | 8.9 | ' | ' | ||
2020-2024 | 49.2 | ' | ' | ||
Domestic Plans | Mutual Funds: Large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 46.7 | 39.1 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 46.7 | 39.1 | ' | ||
Domestic Plans | Mutual Funds: Foreign large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 12.4 | 10.6 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 12.4 | 10.6 | ' | ||
Domestic Plans | Mutual Funds: Small Blend Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | ' | 12.4 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | ' | 12.4 | ' | ||
Domestic Plans | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 5.6 | 5.1 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 5.6 | 5.1 | ' | ||
Domestic Plans | Short-Term Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 6 | 5.1 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 6 | 5.1 | ' | ||
Domestic Plans | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 38.3 | 33.4 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 38.3 | 33.4 | ' | ||
Domestic Plans | Collective Trust: Domestic small cap equities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 13.5 | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 13.5 | ' | ' | ||
Domestic Plans | Level 1 | Mutual Funds: Large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 46.7 | 39.1 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 46.7 | 39.1 | ' | ||
Domestic Plans | Level 1 | Mutual Funds: Foreign large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 12.4 | 10.6 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 12.4 | 10.6 | ' | ||
Domestic Plans | Level 1 | Mutual Funds: Small Blend Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | ' | 12.4 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | ' | 12.4 | ' | ||
Domestic Plans | Level 1 | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 1 | Short-Term Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 6 | 5.1 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 6 | 5.1 | ' | ||
Domestic Plans | Level 1 | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 1 | Collective Trust: Domestic small cap equities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | ' | ' | ||
Domestic Plans | Level 2 | Mutual Funds: Large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 2 | Mutual Funds: Foreign large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 2 | Mutual Funds: Small Blend Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | ' | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | ' | 0 | ' | ||
Domestic Plans | Level 2 | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 2 | Short-Term Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 2 | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 38.3 | 33.4 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 38.3 | 33.4 | ' | ||
Domestic Plans | Level 2 | Collective Trust: Domestic small cap equities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 13.5 | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 13.5 | ' | ' | ||
Domestic Plans | Level 3 | Mutual Funds: Large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 3 | Mutual Funds: Foreign large blend fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 3 | Mutual Funds: Small Blend Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | ' | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | ' | 0 | ' | ||
Domestic Plans | Level 3 | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 5.6 | 5.1 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 5.1 | 4.7 | ' | ||
Net unrealized gain relating to instruments still held at the reporting date | 0.3 | 0.3 | ' | ||
Shares purchased, including from dividend reinvestment | 0.2 | 0.1 | ' | ||
Fair value of plan assets at end of year | 5.6 | 5.1 | ' | ||
Domestic Plans | Level 3 | Short-Term Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 3 | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Domestic Plans | Level 3 | Collective Trust: Domestic small cap equities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | ' | ' | ||
International Plans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 35.2 | ' | 28.1 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 30.1 | ' | ' | ||
Fair value of plan assets at end of year | 35.2 | ' | 28.1 | ||
Employer expected contribution to defined benefit plans in next fiscal year | 1.2 | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | ||
2015 | 1.1 | ' | ' | ||
2016 | 1.1 | ' | ' | ||
2017 | 1.1 | ' | ' | ||
2018 | 1.1 | ' | ' | ||
2019 | 1.2 | ' | ' | ||
2020-2024 | 6.3 | ' | ' | ||
International Plans | Equity securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 22.5 | 19 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 22.5 | 19 | ' | ||
International Plans | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 1.7 | 1.4 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 1.7 | 1.4 | ' | ||
International Plans | Multi-strategy investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 3.3 | 3 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 3.3 | 3 | ' | ||
International Plans | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 7.7 | 6.7 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 7.7 | 6.7 | ' | ||
International Plans | Level 1 | Equity securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 1 | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 1 | Multi-strategy investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 1 | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 2 | Equity securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 22.5 | 19 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 22.5 | 19 | ' | ||
International Plans | Level 2 | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 2 | Multi-strategy investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 3.3 | 3 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 3.3 | 3 | ' | ||
International Plans | Level 2 | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 7.7 | 6.7 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 7.7 | 6.7 | ' | ||
International Plans | Level 3 | Equity securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 3 | Real Estate Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 1.7 | 1.4 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 1.4 | 1.4 | ' | ||
Shares purchased, including from dividend reinvestment | 0.3 | [1] | 0 | [1] | ' |
Fair value of plan assets at end of year | 1.7 | 1.4 | ' | ||
International Plans | Level 3 | Multi-strategy investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
International Plans | Level 3 | Fixed-Income Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by major category | 0 | 0 | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at end of year | $0 | $0 | ' | ||
[1] | Activity in 2013 was less than $0.1. |
Debt_and_Lines_of_Credit_Debt_
Debt and Lines of Credit - Debt (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Dec. 01, 2009 | Dec. 01, 2009 | Dec. 01, 2009 |
Senior Unsecured Notes | Senior Unsecured Notes | Industrial Revenue Bond | Industrial Revenue Bond | Subsidiary Issuer | Subsidiary Issuer | Subsidiary Issuer | ABL | ABL | |||
Notes | Notes | Senior Unsecured Notes | Senior Unsecured Notes | ||||||||
Notes | Notes | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt outstanding | $353,600,000 | $353,600,000 | $350,000,000 | $350,000,000 | $4,000,000 | $4,000,000 | $353,600,000 | $353,600,000 | ' | ' | ' |
Senior unsecured public notes due December 2019, unamortized discount | ' | ' | -400,000 | -400,000 | ' | ' | ' | ' | ' | ' | ' |
All future annual principal payments of long-term debt | 354,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' |
Long-term debt, interest rate | ' | ' | ' | ' | 0.20% | 0.20% | ' | ' | ' | ' | 6.00% |
Senior unsecured notes, discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.80% | ' |
Senior unsecured notes, maturity terms (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Capitalized deferred issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000 |
Term of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Debt_and_Lines_of_Credit_Lines
Debt and Lines of Credit - Lines of Credit (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 27, 2014 | Jan. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 |
Revolving Credit Facility | Lines of Credit | Lines of Credit | Lines of Credit | Lines of Credit | Minimum | Maximum | |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Lines of Credit | Lines of Credit | |||
Revolving Credit Facility | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Executed revolving credit facility | ' | ' | ' | $250,000,000 | $250,000,000 | ' | ' |
Maximum Leverage Ratio | ' | ' | 3.5 | ' | ' | ' | ' |
Minimum Interest Coverage Ratio | ' | ' | 2.5 | ' | ' | ' | ' |
Applicable margins as determined by leverage ratio | ' | ' | ' | ' | ' | 1.00% | 1.58% |
Commitment fees rate | ' | ' | ' | ' | ' | 0.13% | 0.30% |
Outstanding letters of credit | 6,200,000 | 10,400,000 | 250,000,000 | ' | ' | ' | ' |
Additional borrowing capacity under revolving credit facility | ' | ' | $243,800,000 | ' | ' | ' | ' |
Common_Stock_and_Related_Matte2
Common Stock and Related Matters (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2014 | Sep. 30, 2011 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
July 2010 Plan | October 2011 Plan | October 2011 Plan | Common Stock | Common Stock | Common Stock | ||||
Common Stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Balance beginning of period | 52,205,933 | ' | ' | ' | ' | ' | 52,200,000 | 51,500,000 | 51,000,000 |
Issuance of restricted stock grants, net of forfeitures, Shares | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | 200,000 |
Stock options exercised, Shares | ' | ' | ' | ' | ' | ' | 200,000 | 500,000 | 300,000 |
Common Stock, Shares, Balance end of period | 52,581,917 | 52,205,933 | ' | ' | ' | ' | 52,600,000 | 52,200,000 | 51,500,000 |
Common Stock, Amount (at par), Balance beginning of period | $0.50 | ' | ' | ' | ' | ' | $0.50 | $0.50 | $0.50 |
Issuance of restricted stock grants, net of forfeitures, Amount | 7.2 | 8.9 | 10.3 | ' | ' | ' | 0 | 0 | 0 |
Stock options exercised, Amount | 8 | 14.5 | 7.3 | ' | ' | ' | 0 | 0 | 0 |
Common Stock, Amount (at par), Balance end of period | 0.5 | 0.5 | ' | ' | ' | ' | 0.5 | 0.5 | 0.5 |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reacquired shares of outstanding common stock | ' | ' | ' | 252,000 | 0 | ' | ' | ' | ' |
Repurchases of common stock | 0 | 0 | 9.2 | 9.2 | ' | ' | ' | ' | ' |
Number of repurchase shares, authorized | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' |
Remaining repurchased shares recorded as treasury stock | 9,719,255 | 9,719,255 | ' | ' | ' | ' | ' | ' | ' |
Treasury stock at original repurchase cost | $420.20 | $420.20 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock authorized (in shares) | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, issued (in shares) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, outstanding (in shares) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_and_Related_Matte3
Common Stock and Related Matters - Earnings per Share (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Basic Earnings per Share: | ' | ' | ' |
Net income | $175.80 | $127.40 | $116.30 |
Less: Income attributable to participating securities | -1.6 | -2 | -2.2 |
Net income available to common shareholders | 174.2 | 125.4 | 114.1 |
Basic weighted average shares outstanding | 42,800,000 | 42,200,000 | 41,400,000 |
Basic earnings per share | $4.07 | $2.97 | $2.75 |
Diluted Earnings per Share: | ' | ' | ' |
Net income | 175.8 | 127.4 | 116.3 |
Less: Income attributable to participating securities | -1.6 | -2 | -2.2 |
Net income available to common shareholders | $174.20 | $125.40 | $114.10 |
Basic weighted average shares outstanding | 42,800,000 | 42,200,000 | 41,400,000 |
Common stock equivalents | 200,000 | 300,000 | 500,000 |
Diluted weighted average shares outstanding | 43,000,000 | 42,500,000 | 41,900,000 |
Diluted earnings per share | $4.05 | $2.95 | $2.72 |
Stock Options | ' | ' | ' |
Earnings per Share, Basic and Diluted [Line Items] | ' | ' | ' |
Stock options excluded from diluted earnings per share (in shares) | 41,000 | 62,000 | ' |
Restricted Stock | ' | ' | ' |
Earnings per Share, Basic and Diluted [Line Items] | ' | ' | ' |
Stock options excluded from diluted earnings per share (in shares) | 9,000 | 0 | ' |
ShareBased_Payments_Details
Share-Based Payments (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Oct. 31, 2007 | Aug. 31, 2014 | Nov. 30, 2001 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Jan. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 | |
$20.01 - $40.00 (average life - 4.6 years) | $40.01 - $60.00 (average life - 5.5 years) | $60.01 - $80.00 (average life - 8.1 years) | $80.01 - $110.00 (average life - 9.1 years) | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Amended and Restated Long Term Incentive Plan | Amended and Restated Long Term Incentive Plan | Long-Term Incentive Plan | Directors' Plan | Directors' Plan | Amended Plan | Amended Plan | Amended Plan | Amended Plan | Amended Plan | Amended Plan | Directors' Deferred Compensation Plan | Directors' Deferred Compensation Plan | Directors' Deferred Compensation Plan | Directors' Deferred Compensation Plan | Directors' Deferred Compensation Plan | Directors' Deferred Compensation Plan | Directors' Deferred Compensation Plan | Supplemental Deferred Savings Plan | Employee Stock Purchase Plan | |||||
$20.01 - $40.00 (average life - 4.6 years) | $40.01 - $60.00 (average life - 5.5 years) | $60.01 - $80.00 (average life - 8.1 years) | $80.01 - $110.00 (average life - 9.1 years) | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | ||||||||||||||||||||||||
Minimum | Minimum | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | 1,900,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | |
Number of newly authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares available for grant with shareholders approval | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000 | ' | ' | ' | ' | |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 2,300,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | 400,000 | 300,000 | ' | ' | ' | 1,000,000 | |
Share-based Compensation Arrangement, Restricted Stock Awards [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation vesting period (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '4 years | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based expense | $17.70 | $16.50 | $15.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.80 | $0.80 | $0.50 | ' | ' | ' | ' | ' | $2.40 | $2.50 | $2.30 | $14.20 | $13.20 | $13.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning of period, Outstanding, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vested, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Forfeited, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
End of period, Outstanding, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning of period, Outstanding, Weighted Average Grant date Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted, Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $107.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vested, Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Forfeited, Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
End of period, Outstanding, Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70.73 | $52.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | 2.8 | ' | ' | ' | ' | ' | ' | ' | 24.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrecognized compensation cost period of recognition (years) | ' | ' | ' | ' | ' | ' | ' | '1 year 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 13.4 | 12.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement, Stock Options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation, expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares (whole units) granted under Director's Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividend yield | ' | ' | ' | ' | ' | ' | ' | 0.70% | 0.90% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | 38.40% | 43.80% | 43.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | 1.30% | 0.80% | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected life of options | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted-average fair value of options | ' | ' | ' | ' | ' | ' | ' | $34.37 | $22.32 | $16.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning of period, Outstanding, Number of Shares | ' | ' | ' | ' | ' | ' | ' | 800,000 | 1,100,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted, Number of Shares | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercised, Number of Shares | ' | ' | ' | ' | ' | ' | ' | -200,000 | -400,000 | -300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cancelled, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
End of period, Outstanding, Number of Shares | ' | ' | ' | ' | ' | ' | ' | 700,000 | 800,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning of period, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $43.16 | $36.25 | $31.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $103.74 | $62.54 | $46.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercised, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $40.31 | $30.72 | $22.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cancelled, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
End of period, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $50.58 | $43.16 | $36.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercisable, Number of Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercisable, Weighted Average Exercise Price, Outstanding | ' | ' | ' | ' | ' | ' | ' | $41.05 | $38 | $33.06 | $28.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of option exercise prices: lower range limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.01 | $40.01 | $60.01 | $80.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of option exercise prices: upper range limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40 | $60 | $80 | $110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of option exercise prices: average life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 7 months 6 days | '5 years 6 months | '8 years 1 month 6 days | '9 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of option exercise prices: Number of Shares, Outstanding | ' | ' | ' | 200,000 | 300,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of option exercise prices: Weighted Average Exercise Price, Outstanding | ' | ' | ' | $32.71 | $45.47 | $62.54 | $103.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of option exercise prices: Number of Shares, Exercisable | ' | ' | ' | 200,000 | 300,000 | 0 | [1] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of option exercise prices: Weighted Average Exercise Price, Exercisable | ' | ' | ' | $32.71 | $45.31 | $62.54 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intrinsic value of stock options expected to vest | ' | ' | ' | ' | ' | ' | ' | 16.3 | 19.2 | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intrinsic value of stock options exercised | ' | ' | ' | ' | ' | ' | ' | 48.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intrinsic value of stock options outstanding | ' | ' | ' | ' | ' | ' | ' | 48.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intrinsic value of stock options exercisable | ' | ' | ' | ' | ' | ' | ' | $38.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred compensation, number of share units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,000 | ' | ' | ' | ' | ' | 14,000 | ' | |
Deferred compensation, deferral percentage of annual retainer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | 50.00% | ' | ' | |
Employee discount on purchases of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | |
[1] | Represents shares of less than 0.1. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Oct. 17, 2007 | Aug. 31, 2014 | Aug. 31, 2014 | |
Selling, Distribution, and Administrative Expenses | Zep Inc. | Total work force covered by collective bargaining agreements | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payments under noncancelable lease for fiscal 2015 | $14,200,000 | ' | ' | ' | ' | ' | ' |
Minimum lease payments under noncancelable lease for fiscal 2016 | 13,500,000 | ' | ' | ' | ' | ' | ' |
Minimum lease payments under noncancelable lease for fiscal 2017 | 12,300,000 | ' | ' | ' | ' | ' | ' |
Minimum lease payments under noncancelable lease for fiscal 2018 | 9,300,000 | ' | ' | ' | ' | ' | ' |
Minimum lease payments under noncancelable lease for fiscal 2019 | 5,800,000 | ' | ' | ' | ' | ' | ' |
Minimum lease payments under noncancelable lease for fiscal year after 2019 | 9,300,000 | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Total rent expense | 16,500,000 | 16,200,000 | 15,700,000 | ' | ' | ' | ' |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Purchase obligations in fiscal 2015 | 115,800,000 | ' | ' | ' | ' | ' | ' |
Purchase obligation in fiscal 2016 | 1,500,000 | ' | ' | ' | ' | ' | ' |
Purchase obligation beyond fiscal 2016 | 0 | ' | ' | ' | ' | ' | ' |
Collective bargaining agreements, percentage of work force | ' | ' | ' | ' | ' | 65.00% | 47.00% |
Estimated loss from fraud at Trendset | ' | ' | ' | 8,100,000 | ' | ' | ' |
Payments received related to loss under insurance policy | ' | ' | ' | 5,800,000 | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at September 1 | 5,900,000 | 4,000,000 | 4,200,000 | ' | ' | ' | ' |
Warranty and recall costs | 19,500,000 | 14,300,000 | 8,000,000 | ' | ' | ' | ' |
Payments and other deductions | -16,900,000 | -12,400,000 | -8,200,000 | ' | ' | ' | ' |
Balance at August 31 | $8,500,000 | $5,900,000 | $4,000,000 | ' | ' | ' | ' |
Special_Charge_Details
Special Charge (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2011 | Aug. 31, 2012 | Feb. 29, 2012 | Feb. 29, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | 31-May-13 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 |
Accrued Compensation | Accrued Compensation | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2012 Actions | Fiscal 2013 Actions | Fiscal 2013 Actions | Fiscal 2013 Actions | ||||
Cost of Products Sold | Product Concentration Risk | Reduction in Workforce | Facility closing | Employee severance and benefits | Production transfer | Production transfer | Other miscellaneous costs | Manufacturing inefficiencies | Manufacturing inefficiencies | Non-cash asset impairments | Special Charges | Employee severance and benefits | Lease Termination Costs | |||||||
Net sales | Special Charges | Special Charges | Special Charges | Special Charges | Special Charges | Cost of Products Sold | Cost of Products Sold | Cost of Products Sold | Special Charges | Special Charges | ||||||||||
Maximum | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax expenses related to restructuring | ' | ' | ' | ' | ' | $2.70 | $4.40 | ' | $1.20 | ' | ' | ' | ' | ' | $8.40 | $3.20 | $1.20 | ' | ' | ' |
Net sales as percentage of total net sales | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Charge | -0.2 | 8.5 | 13.3 | ' | ' | ' | ' | ' | ' | 9.4 | 7.6 | 0.8 | 1.4 | 0.4 | ' | ' | ' | 7.8 | 7.6 | 0.2 |
Remaining balance of severance reserve | ' | ' | ' | 0.8 | 5.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments made during the period | ($3.70) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Provision for current federal taxes | $77.10 | $48.40 | $47.90 |
Provision for current state taxes | 9 | 6.9 | 5.4 |
Provision for current foreign taxes | 4.3 | 4.2 | 3.7 |
Provision for deferred taxes | -0.5 | 6.2 | 5.7 |
Total provision for income taxes | $89.90 | $65.70 | $62.70 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Federal income tax computed at statutory rate | $93,000,000 | $67,600,000 | $62,600,000 |
State income tax, net of federal income tax benefit | 6,700,000 | 4,800,000 | 4,500,000 |
Foreign permanent differences and rate differential | -1,000,000 | -1,100,000 | -1,200,000 |
Other, net | -8,800,000 | -5,600,000 | -3,200,000 |
Total provision for income taxes | 89,900,000 | 65,700,000 | 62,700,000 |
Deferred Income Tax Liabilities: | ' | ' | ' |
Depreciation | -6,100,000 | -8,100,000 | ' |
Goodwill and intangibles | -101,800,000 | -98,600,000 | ' |
Other liabilities | -5,300,000 | -5,800,000 | ' |
Total deferred income tax liabilities | -113,200,000 | -112,500,000 | ' |
Deferred Income Tax Assets: | ' | ' | ' |
Self-insurance | 3,800,000 | 3,600,000 | ' |
Pension | 21,100,000 | 17,600,000 | ' |
Deferred compensation | 27,000,000 | 26,000,000 | ' |
Bonuses | 1,300,000 | 700,000 | ' |
Net operating losses | 18,100,000 | 17,600,000 | ' |
Other accruals not yet deductible | 15,900,000 | 14,400,000 | ' |
Other assets | 5,700,000 | 6,400,000 | ' |
Total deferred income tax assets | 92,900,000 | 86,300,000 | ' |
Valuation Allowance | -13,600,000 | -12,400,000 | ' |
Net deferred income tax liabilities | -33,900,000 | -38,600,000 | ' |
Undistributed earnings and original investments in foreign subsidiaries | 62,700,000 | ' | ' |
State tax credit carryforwards | 1,700,000 | ' | ' |
Unrecognized tax benefits that if recognized would affect annual effective tax rate | 2,200,000 | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits balance at September 1 | 5,000,000 | 7,000,000 | ' |
Additions based on tax positions related to the current year | 400,000 | 300,000 | ' |
Additions for tax positions of prior years | 0 | 600,000 | ' |
Reductions for tax positions of prior years | -600,000 | 0 | ' |
Reductions due to settlements | 0 | -300,000 | ' |
Reductions due to lapse of statute of limitations | -1,800,000 | -2,600,000 | ' |
Unrecognized tax benefits balance at August 31 | 3,000,000 | 5,000,000 | 7,000,000 |
Total accrued interest | 500,000 | 600,000 | ' |
Accruals related to income tax penalties | 0 | ' | ' |
Internal Revenue Service (IRS) | ' | ' | ' |
Deferred Income Tax Assets: | ' | ' | ' |
Operating loss carryforwards | 28,600,000 | ' | ' |
State and Local Jurisdiction | ' | ' | ' |
Deferred Income Tax Assets: | ' | ' | ' |
Operating loss carryforwards | 14,200,000 | ' | ' |
Foreign Tax Authority | ' | ' | ' |
Deferred Income Tax Assets: | ' | ' | ' |
Operating loss carryforwards | $27,500,000 | ' | ' |
Supplemental_Disaggregated_Inf2
Supplemental Disaggregated Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |||||
Segment | ||||||||||||||||
Geographic Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | |||||
Net sales | $668.70 | $603.90 | $546.20 | $574.70 | $579.80 | $541.50 | $486.70 | $481.10 | $2,393.50 | [1] | $2,089.10 | [1] | $1,933.70 | [1] | ||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 299.1 | 221.5 | 208 | |||||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 265.7 | 193.1 | 179 | |||||
Long-lived assets | 180.4 | [2] | ' | ' | ' | 177 | [2] | ' | ' | ' | 180.4 | [2] | 177 | [2] | 172.2 | [2] |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Geographic Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,155 | [1],[3] | 1,854.90 | [1],[3] | 1,728.10 | [1],[3] | ||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 287.8 | [3] | 207.2 | [3] | 197.7 | [3] | ||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 257.1 | [3] | 181.2 | [3] | 171.6 | [3] | ||
Long-lived assets | 149.2 | [2],[3] | ' | ' | ' | 146.1 | [2],[3] | ' | ' | ' | 149.2 | [2],[3] | 146.1 | [2],[3] | 141.9 | [2],[3] |
International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Geographic Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 238.5 | [1] | 234.2 | [1] | 205.6 | [1] | ||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 11.3 | 14.3 | 10.3 | |||||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | 11.9 | 7.4 | |||||
Long-lived assets | $31.20 | [2] | ' | ' | ' | $30.90 | [2] | ' | ' | ' | $31.20 | [2] | $30.90 | [2] | $30.30 | [2] |
Sales of lighting solutions, excluding services | Product Concentration Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Geographic Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales as percentage of total sales | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | 99.00% | 99.00% | |||||
[1] | Net sales are attributed to each country based on the selling location. | |||||||||||||||
[2] | Long-lived assets include net property, plant, and equipment, long-term deferred income tax assets, and other long-term assets. | |||||||||||||||
[3] | Domestic amounts include net sales (including export sales), operating profit, income before provision for income taxes, and long-lived assets for U.S. based operations. |
Supplemental_Guarantor_Condens2
Supplemental Guarantor Condensed Consolidating Financial Statements - Balance Sheets (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $552.50 | $359.10 | $284.50 | $170.20 |
Accounts receivable, net | 373.4 | 318.3 | ' | ' |
Inventories | 212 | 203 | ' | ' |
Other current assets | 48.8 | 33.1 | ' | ' |
Total Current Assets | 1,186.70 | 913.5 | ' | ' |
Property, Plant, and Equipment, net | 152.5 | 147.9 | ' | ' |
Goodwill | 569.4 | 568.2 | ' | ' |
Intangible assets | 231.6 | 245.1 | ' | ' |
Deferred income taxes | 3 | 1.7 | ' | ' |
Other long-term assets | 24.9 | 27.4 | ' | ' |
Investments in and amounts due from affiliates | 0 | 0 | ' | ' |
Total Assets | 2,168.10 | 1,903.80 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 287.4 | 249.5 | ' | ' |
Accrued liabilities | 183.1 | 136.7 | ' | ' |
Total Current Liabilities | 470.5 | 386.2 | ' | ' |
Long-Term Debt | 353.6 | 353.6 | ' | ' |
Deferred Income Taxes | 58.4 | 53.9 | ' | ' |
Long-Term Liabilities | 122.1 | 116.6 | ' | ' |
Amounts due to affiliates | 0 | 0 | ' | ' |
Total Stockholders’ Equity | 1,163.50 | 993.5 | 834 | 757 |
Total Liabilities and Stockholders’ Equity | 2,168.10 | 1,903.80 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 516 | 331 | 246.6 | 127.2 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 9.4 | 4.4 | ' | ' |
Total Current Assets | 525.4 | 335.4 | ' | ' |
Property, Plant, and Equipment, net | 0.4 | 0.4 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Deferred income taxes | 33.4 | 34.2 | ' | ' |
Other long-term assets | 1.2 | 2.1 | ' | ' |
Investments in and amounts due from affiliates | 692.6 | 701.5 | ' | ' |
Total Assets | 1,253 | 1,073.60 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 1.1 | 1.6 | ' | ' |
Accrued liabilities | 25 | 17 | ' | ' |
Total Current Liabilities | 26.1 | 18.6 | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' |
Deferred Income Taxes | 0 | 0 | ' | ' |
Long-Term Liabilities | 63.4 | 61.5 | ' | ' |
Amounts due to affiliates | 0 | 0 | ' | ' |
Total Stockholders’ Equity | 1,163.50 | 993.5 | ' | ' |
Total Liabilities and Stockholders’ Equity | 1,253 | 1,073.60 | ' | ' |
Subsidiary Issuer | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3.1 | 0.8 | 0 | 0.1 |
Accounts receivable, net | 331 | 270.8 | ' | ' |
Inventories | 196.8 | 191.2 | ' | ' |
Other current assets | 31.6 | 23 | ' | ' |
Total Current Assets | 562.5 | 485.8 | ' | ' |
Property, Plant, and Equipment, net | 121.4 | 118.1 | ' | ' |
Goodwill | 524.2 | 517 | ' | ' |
Intangible assets | 86.6 | 99.9 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 18 | 19.4 | ' | ' |
Investments in and amounts due from affiliates | 130.2 | 170.7 | ' | ' |
Total Assets | 1,442.90 | 1,410.90 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 268.2 | 233.2 | ' | ' |
Accrued liabilities | 129.5 | 95 | ' | ' |
Total Current Liabilities | 397.7 | 328.2 | ' | ' |
Long-Term Debt | 353.6 | 353.6 | ' | ' |
Deferred Income Taxes | 88.9 | 85.8 | ' | ' |
Long-Term Liabilities | 34.4 | 33.6 | ' | ' |
Amounts due to affiliates | 0 | 0 | ' | ' |
Total Stockholders’ Equity | 568.3 | 609.7 | ' | ' |
Total Liabilities and Stockholders’ Equity | 1,442.90 | 1,410.90 | ' | ' |
Subsidiary Guarantor | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total Current Assets | 0 | 0 | ' | ' |
Property, Plant, and Equipment, net | 0 | 0 | ' | ' |
Goodwill | 2.7 | 2.7 | ' | ' |
Intangible assets | 121.5 | 119.2 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Investments in and amounts due from affiliates | 142.3 | 118.2 | ' | ' |
Total Assets | 266.5 | 240.1 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Total Current Liabilities | 0 | 0 | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' |
Deferred Income Taxes | 0 | 0 | ' | ' |
Long-Term Liabilities | 0 | 0 | ' | ' |
Amounts due to affiliates | 0 | 0 | ' | ' |
Total Stockholders’ Equity | 266.5 | 240.1 | ' | ' |
Total Liabilities and Stockholders’ Equity | 266.5 | 240.1 | ' | ' |
Non- Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 33.4 | 27.3 | 37.9 | 42.9 |
Accounts receivable, net | 42.4 | 47.5 | ' | ' |
Inventories | 15.2 | 11.8 | ' | ' |
Other current assets | 7.8 | 5.7 | ' | ' |
Total Current Assets | 98.8 | 92.3 | ' | ' |
Property, Plant, and Equipment, net | 30.7 | 29.4 | ' | ' |
Goodwill | 42.5 | 48.5 | ' | ' |
Intangible assets | 23.5 | 26 | ' | ' |
Deferred income taxes | 0.1 | 0 | ' | ' |
Other long-term assets | 5.7 | 5.9 | ' | ' |
Investments in and amounts due from affiliates | 0 | 0 | ' | ' |
Total Assets | 201.3 | 202.1 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 18.1 | 14.7 | ' | ' |
Accrued liabilities | 28.6 | 24.7 | ' | ' |
Total Current Liabilities | 46.7 | 39.4 | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' |
Deferred Income Taxes | 0 | 0.6 | ' | ' |
Long-Term Liabilities | 24.3 | 21.5 | ' | ' |
Amounts due to affiliates | 52.3 | 61.5 | ' | ' |
Total Stockholders’ Equity | 78 | 79.1 | ' | ' |
Total Liabilities and Stockholders’ Equity | 201.3 | 202.1 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total Current Assets | 0 | 0 | ' | ' |
Property, Plant, and Equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Deferred income taxes | -30.5 | -32.5 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Investments in and amounts due from affiliates | -965.1 | -990.4 | ' | ' |
Total Assets | -995.6 | -1,022.90 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Total Current Liabilities | 0 | 0 | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' |
Deferred Income Taxes | -30.5 | -32.5 | ' | ' |
Long-Term Liabilities | 0 | 0 | ' | ' |
Amounts due to affiliates | -52.3 | -61.5 | ' | ' |
Total Stockholders’ Equity | -912.8 | -928.9 | ' | ' |
Total Liabilities and Stockholders’ Equity | ($995.60) | ($1,022.90) | ' | ' |
Supplemental_Guarantor_Condens3
Supplemental Guarantor Condensed Consolidating Financial Statements - Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |||
Net Sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External sales | ' | ' | ' | ' | ' | ' | ' | ' | $2,393.50 | $2,089.10 | $1,933.70 | |||
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Sales | 668.7 | 603.9 | 546.2 | 574.7 | 579.8 | 541.5 | 486.7 | 481.1 | 2,393.50 | [1] | 2,089.10 | [1] | 1,933.70 | [1] |
Cost of Products Sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,414.30 | 1,251.50 | 1,145.70 | |||
Gross Profit | 283.5 | 243.4 | 215.2 | 237.1 | 237.3 | 221.1 | 189.7 | 189.5 | 979.2 | 837.6 | 788 | |||
Selling, Distribution, and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 680.3 | 607.6 | 566.7 | |||
Intercompany charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Special Charge | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 8.5 | 13.3 | |||
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 299.1 | 221.5 | 208 | |||
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 32.1 | 31.2 | 30.7 | |||
Equity earnings in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Miscellaneous expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | -2.8 | -1.7 | |||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 265.7 | 193.1 | 179 | |||
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 89.9 | 65.7 | 62.7 | |||
Net Income | 54.8 | 43.8 | 32.7 | 44.5 | 44.9 | 31.7 | 24.7 | 26.1 | 175.8 | 127.4 | 116.3 | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | -1.9 | -8.2 | |||
Defined benefit plans, net | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 24 | -22.7 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -9.3 | 22.1 | -30.9 | |||
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 166.5 | 149.5 | 85.4 | |||
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Cost of Products Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, Distribution, and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 27.8 | 28 | 25.4 | |||
Intercompany charges | ' | ' | ' | ' | ' | ' | ' | ' | -39.6 | -37.5 | -35.4 | |||
Special Charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 11.8 | 9.5 | 10 | |||
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 9.4 | 8.9 | |||
Equity earnings in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -174.2 | -127.4 | -115.4 | |||
Miscellaneous expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -0.3 | |||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 176 | 127.5 | 116.8 | |||
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.1 | 0.5 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 175.8 | 127.4 | 116.3 | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | -1.9 | -8.2 | |||
Defined benefit plans, net | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 24 | -22.7 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -9.3 | 22.1 | -30.9 | |||
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 166.5 | 149.5 | 85.4 | |||
Subsidiary Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,150.60 | 1,851.40 | 1,726.40 | |||
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,150.60 | 1,851.40 | 1,726.40 | |||
Cost of Products Sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,255.50 | 1,088.60 | 1,002.90 | |||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 895.1 | 762.8 | 723.5 | |||
Selling, Distribution, and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 612.5 | 542.6 | 508.4 | |||
Intercompany charges | ' | ' | ' | ' | ' | ' | ' | ' | 34.7 | 32.8 | 30.7 | |||
Special Charge | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 6.5 | 12.4 | |||
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 248.1 | 180.9 | 172 | |||
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 22.2 | 22.1 | 22.2 | |||
Equity earnings in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -2.1 | 1.3 | |||
Miscellaneous expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -1.6 | -1 | -2.1 | |||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 231.5 | 161.9 | 150.6 | |||
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 75.5 | 51.5 | 49.2 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 156 | 110.4 | 101.4 | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | -1.9 | -8.2 | |||
Defined benefit plans, net | ' | ' | ' | ' | ' | ' | ' | ' | -3.7 | 17.3 | -13.9 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 15.4 | -22.1 | |||
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 153 | 125.8 | 79.3 | |||
Subsidiary Guarantor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 | 31.8 | 30.2 | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 | 31.8 | 30.2 | |||
Cost of Products Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 | 31.8 | 30.2 | |||
Selling, Distribution, and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | 2.9 | 3.5 | |||
Intercompany charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Special Charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 33.1 | 28.9 | 26.7 | |||
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity earnings in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Miscellaneous expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 33.1 | 28.9 | 26.7 | |||
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 13.1 | 11.6 | 10.8 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 17.3 | 15.9 | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Defined benefit plans, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 17.3 | 15.9 | |||
Non- Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External sales | ' | ' | ' | ' | ' | ' | ' | ' | 242.9 | 237.7 | 207.3 | |||
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 94.8 | 85 | 67.5 | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 337.7 | 322.7 | 274.8 | |||
Cost of Products Sold | ' | ' | ' | ' | ' | ' | ' | ' | 250.5 | 247.9 | 210.3 | |||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 87.2 | 74.8 | 64.5 | |||
Selling, Distribution, and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 76.2 | 65.9 | 59.6 | |||
Intercompany charges | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | 4.7 | 4.7 | |||
Special Charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 0.9 | |||
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | 2.2 | -0.7 | |||
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.3 | -0.4 | |||
Equity earnings in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.1 | |||
Miscellaneous expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | -1.8 | 0.7 | |||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | 4.3 | -1.1 | |||
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 2.5 | 2.2 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 1.8 | -3.3 | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Defined benefit plans, net | ' | ' | ' | ' | ' | ' | ' | ' | -5.2 | 7.2 | -7.4 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -5.2 | 7.2 | -7.4 | |||
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | 9 | -10.7 | |||
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | -132 | -116.8 | -97.7 | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | -132 | -116.8 | -97.7 | |||
Cost of Products Sold | ' | ' | ' | ' | ' | ' | ' | ' | -91.7 | -85 | -67.5 | |||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | -40.3 | -31.8 | -30.2 | |||
Selling, Distribution, and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -40.3 | -31.8 | -30.2 | |||
Intercompany charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Special Charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity earnings in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 178.2 | 129.5 | 114 | |||
Miscellaneous expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 0 | 0 | |||
Income before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -179.3 | -129.5 | -114 | |||
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -179.3 | -129.5 | -114 | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -0.7 | 1.9 | 8.2 | |||
Defined benefit plans, net | ' | ' | ' | ' | ' | ' | ' | ' | 8.9 | -24.5 | 21.3 | |||
Other Comprehensive (Expense)/Income Items, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 8.2 | -22.6 | 29.5 | |||
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ($171.10) | ($152.10) | ($84.50) | |||
[1] | Net sales are attributed to each country based on the selling location. |
Supplemental_Guarantor_Condens4
Supplemental Guarantor Condensed Consolidating Financial Statements - Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Condensed Financial Statements of Cash Flows | ' | ' | ' |
Net Cash Provided by Operating Activities | $233.10 | $132.30 | $172.20 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | -35.3 | -40.6 | -31.4 |
Proceeds from sale of property, plant, and equipment | 1 | 7.6 | 0.1 |
Investments in subsidiaries | 0 | 0 | 0 |
Acquisitions of business and intangible assets | 0 | -25.5 | -3.8 |
Net Cash Used for Investing Activities | -34.3 | -58.5 | -35.1 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Proceeds from stock option exercises and other | 8.4 | 14.9 | 7.6 |
Repurchases of common stock | 0 | 0 | -9.2 |
Excess tax benefits from share-based payments | 10.4 | 8.6 | 4.9 |
Intercompany dividends | ' | 0 | 0 |
Intercompany capital | ' | 0 | 0 |
Dividends paid | -22.5 | -22.4 | -22 |
Other financing activities | -2.6 | 0 | 0 |
Net Cash (Used for) Provided by Financing Activities | -6.3 | 1.1 | -18.7 |
Effect of Exchange Rate Changes on Cash | 0.9 | -0.3 | -4.1 |
Net Change in Cash and Cash Equivalents | 193.4 | 74.6 | 114.3 |
Cash and Cash Equivalents at Beginning of Year | 359.1 | 284.5 | 170.2 |
Cash and Cash Equivalents at End of Year | 552.5 | 359.1 | 284.5 |
Parent | ' | ' | ' |
Condensed Financial Statements of Cash Flows | ' | ' | ' |
Net Cash Provided by Operating Activities | 188.7 | 83.7 | 141.9 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | 0 | -0.4 | 0 |
Proceeds from sale of property, plant, and equipment | 0 | 0 | 0 |
Investments in subsidiaries | 0 | 0 | -3.8 |
Acquisitions of business and intangible assets | ' | 0 | 0 |
Net Cash Used for Investing Activities | 0 | -0.4 | -3.8 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Proceeds from stock option exercises and other | 8.4 | 14.9 | 7.6 |
Repurchases of common stock | ' | ' | -9.2 |
Excess tax benefits from share-based payments | 10.4 | 8.6 | 4.9 |
Intercompany dividends | ' | 0 | 0 |
Intercompany capital | ' | 0 | 0 |
Dividends paid | -22.5 | -22.4 | -22 |
Other financing activities | 0 | ' | ' |
Net Cash (Used for) Provided by Financing Activities | -3.7 | 1.1 | -18.7 |
Effect of Exchange Rate Changes on Cash | 0 | 0 | 0 |
Net Change in Cash and Cash Equivalents | 185 | 84.4 | 119.4 |
Cash and Cash Equivalents at Beginning of Year | 331 | 246.6 | 127.2 |
Cash and Cash Equivalents at End of Year | 516 | 331 | 246.6 |
Subsidiary Issuer | ' | ' | ' |
Condensed Financial Statements of Cash Flows | ' | ' | ' |
Net Cash Provided by Operating Activities | 35.1 | 46.4 | 29.8 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | -29.2 | -36.9 | -27.7 |
Proceeds from sale of property, plant, and equipment | 1 | 7.6 | 0.1 |
Investments in subsidiaries | -4.5 | -13.1 | 0 |
Acquisitions of business and intangible assets | ' | -3.7 | -3.8 |
Net Cash Used for Investing Activities | -32.7 | -46.1 | -31.4 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Proceeds from stock option exercises and other | 0 | 0 | 0 |
Repurchases of common stock | ' | ' | 0 |
Excess tax benefits from share-based payments | 0 | 0 | 0 |
Intercompany dividends | ' | 0 | 0 |
Intercompany capital | ' | 0 | 3.8 |
Dividends paid | 0 | 0 | 0 |
Other financing activities | 0 | ' | ' |
Net Cash (Used for) Provided by Financing Activities | 0 | 0 | 3.8 |
Effect of Exchange Rate Changes on Cash | -0.1 | 0.5 | -2.3 |
Net Change in Cash and Cash Equivalents | 2.3 | 0.8 | -0.1 |
Cash and Cash Equivalents at Beginning of Year | 0.8 | 0 | 0.1 |
Cash and Cash Equivalents at End of Year | 3.1 | 0.8 | 0 |
Subsidiary Guarantor | ' | ' | ' |
Condensed Financial Statements of Cash Flows | ' | ' | ' |
Net Cash Provided by Operating Activities | 0 | 0 | 0 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant, and equipment | 0 | 0 | 0 |
Investments in subsidiaries | 0 | 0 | 0 |
Acquisitions of business and intangible assets | ' | 0 | 0 |
Net Cash Used for Investing Activities | 0 | 0 | 0 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Proceeds from stock option exercises and other | 0 | 0 | 0 |
Repurchases of common stock | ' | ' | 0 |
Excess tax benefits from share-based payments | 0 | 0 | 0 |
Intercompany dividends | ' | 0 | 0 |
Intercompany capital | ' | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Other financing activities | 0 | ' | ' |
Net Cash (Used for) Provided by Financing Activities | 0 | 0 | 0 |
Effect of Exchange Rate Changes on Cash | 0 | 0 | 0 |
Net Change in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
Non- Guarantors | ' | ' | ' |
Condensed Financial Statements of Cash Flows | ' | ' | ' |
Net Cash Provided by Operating Activities | 9.3 | 14.3 | 2.5 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | -6.1 | -3.3 | -3.7 |
Proceeds from sale of property, plant, and equipment | 0 | 0 | 0 |
Investments in subsidiaries | 4.5 | 0 | 0 |
Acquisitions of business and intangible assets | ' | -21.8 | 0 |
Net Cash Used for Investing Activities | -1.6 | -25.1 | -3.7 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Proceeds from stock option exercises and other | 0 | 0 | 0 |
Repurchases of common stock | ' | ' | 0 |
Excess tax benefits from share-based payments | 0 | 0 | 0 |
Intercompany dividends | ' | -12.1 | -2 |
Intercompany capital | ' | 13.1 | 0 |
Dividends paid | 0 | 0 | 0 |
Other financing activities | -2.6 | ' | ' |
Net Cash (Used for) Provided by Financing Activities | -2.6 | 1 | -2 |
Effect of Exchange Rate Changes on Cash | 1 | -0.8 | -1.8 |
Net Change in Cash and Cash Equivalents | 6.1 | -10.6 | -5 |
Cash and Cash Equivalents at Beginning of Year | 27.3 | 37.9 | 42.9 |
Cash and Cash Equivalents at End of Year | 33.4 | 27.3 | 37.9 |
Consolidating Adjustments | ' | ' | ' |
Condensed Financial Statements of Cash Flows | ' | ' | ' |
Net Cash Provided by Operating Activities | 0 | -12.1 | -2 |
Cash Provided by (Used for) Investing Activities: | ' | ' | ' |
Purchases of property, plant, and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant, and equipment | 0 | 0 | 0 |
Investments in subsidiaries | 0 | 13.1 | 3.8 |
Acquisitions of business and intangible assets | ' | 0 | 0 |
Net Cash Used for Investing Activities | 0 | 13.1 | 3.8 |
Cash Provided by (Used for) Financing Activities: | ' | ' | ' |
Proceeds from stock option exercises and other | 0 | 0 | 0 |
Repurchases of common stock | ' | ' | 0 |
Excess tax benefits from share-based payments | 0 | 0 | 0 |
Intercompany dividends | ' | 12.1 | 2 |
Intercompany capital | ' | -13.1 | -3.8 |
Dividends paid | 0 | 0 | 0 |
Other financing activities | 0 | ' | ' |
Net Cash (Used for) Provided by Financing Activities | 0 | -1 | -1.8 |
Effect of Exchange Rate Changes on Cash | 0 | 0 | 0 |
Net Change in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | $0 | $0 | $0 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | $668.70 | $603.90 | $546.20 | $574.70 | $579.80 | $541.50 | $486.70 | $481.10 | $2,393.50 | [1] | $2,089.10 | [1] | $1,933.70 | [1] |
Gross Profit | 283.5 | 243.4 | 215.2 | 237.1 | 237.3 | 221.1 | 189.7 | 189.5 | 979.2 | 837.6 | 788 | |||
Net Income | $54.80 | $43.80 | $32.70 | $44.50 | $44.90 | $31.70 | $24.70 | $26.10 | $175.80 | $127.40 | $116.30 | |||
Basic Earnings per Share (in dollars per share) | $1.27 | $1.01 | $0.76 | $1.03 | $1.04 | $0.74 | $0.58 | $0.61 | $4.07 | $2.97 | $2.75 | |||
Diluted Earnings per Share (in dollars per share) | $1.26 | $1.01 | $0.75 | $1.03 | $1.03 | $0.73 | $0.57 | $0.61 | $4.05 | $2.95 | $2.72 | |||
[1] | Net sales are attributed to each country based on the selling location. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Reserve for doubtful accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Year | $1.50 | $1.40 | $1.80 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0.8 | 0.2 | 0.4 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 0.4 | 0.1 | 0.8 |
Valuation Allowances and Reserves, Balance at End of Year | 1.9 | 1.5 | 1.4 |
Reserve for estimated product returns, net | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Year | 1.5 | 1.3 | 1.4 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 35.9 | 24.1 | 18.5 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 33.1 | 23.9 | 18.6 |
Valuation Allowances and Reserves, Balance at End of Year | 4.3 | 1.5 | 1.3 |
Reserve for estimated cash discounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Year | 2.2 | 1.8 | 1.8 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 19.5 | 17.4 | 15.4 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 19 | 17 | 15.4 |
Valuation Allowances and Reserves, Balance at End of Year | 2.7 | 2.2 | 1.8 |
Reserve for estimated other deductions | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Year | 1 | 0.8 | 1.7 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 7.4 | 7.4 | 5.7 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 7.1 | 7.2 | 6.6 |
Valuation Allowances and Reserves, Balance at End of Year | 1.3 | 1 | 0.8 |
Deferred tax asset valuation allowance | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Year | 12.4 | 10.2 | 7.7 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0.4 | 1.1 | 1.7 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0.8 | 1.1 | 0.8 |
Valuation Allowances and Reserves, Deductions | 0 | 0 | 0 |
Valuation Allowances and Reserves, Balance at End of Year | $13.60 | $12.40 | $10.20 |