Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | ||
Mar. 01, 2014 | Apr. 04, 2014 | Apr. 04, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'UNIFIRST CORP | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--08-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,208,398 | 4,866,519 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000717954 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 1-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 | ||||
Revenues | $343,967 | $334,306 | $690,671 | $666,875 | ||||
Operating expenses: | ' | ' | ' | ' | ||||
Cost of revenues (1) | 215,560 | [1] | 208,421 | [1] | 423,697 | [1] | 409,972 | [1] |
Selling and administrative expenses (1) | 69,853 | [1] | 65,817 | [1] | 135,482 | [1] | 130,105 | [1] |
Depreciation and amortization | 17,830 | 17,179 | 35,128 | 33,950 | ||||
Total operating expenses | 303,243 | 291,417 | 594,307 | 574,027 | ||||
Income from operations | 40,724 | 42,889 | 96,364 | 92,848 | ||||
Other (income) expense: | ' | ' | ' | ' | ||||
Interest expense | 216 | 400 | 424 | 860 | ||||
Interest income | -877 | -924 | -1,642 | -1,691 | ||||
Exchange rate loss | 161 | 198 | 2 | 38 | ||||
Total other (income) expense | -500 | -326 | -1,216 | -793 | ||||
Income before income taxes | 41,224 | 43,215 | 97,580 | 93,641 | ||||
Provision for income taxes | 15,577 | 16,573 | 37,471 | 36,239 | ||||
Net income | 25,647 | 26,642 | 60,109 | 57,402 | ||||
Income per share b Diluted: | ' | ' | ' | ' | ||||
Common Stock (in Dollars per share) | $1.27 | $1.33 | $2.98 | $2.86 | ||||
Income allocated to b Basic: | ' | ' | ' | ' | ||||
Income per share b Diluted | 25,647 | 26,642 | 60,109 | 57,402 | ||||
Income allocated to b Diluted: | ' | ' | ' | ' | ||||
Common Stock | 25,326 | 26,196 | 59,357 | 56,440 | ||||
Weighted average number of shares outstanding b Diluted: | ' | ' | ' | ' | ||||
Common Stock (in Shares) | 19,924 | 19,747 | 19,897 | 19,714 | ||||
Common Class A [Member] | ' | ' | ' | ' | ||||
Income per share b Basic: | ' | ' | ' | ' | ||||
Income per share b Basic (in Dollars per share) | $1.34 | $1.40 | $3.15 | $3.02 | ||||
Income per share b Diluted: | ' | ' | ' | ' | ||||
Common Stock (in Dollars per share) | $1.27 | $1.33 | $2.98 | $2.86 | ||||
Income allocated to b Basic: | ' | ' | ' | ' | ||||
Income per share b Diluted | 20,267 | 20,963 | 47,479 | 45,155 | ||||
Income allocated to b Diluted: | ' | ' | ' | ' | ||||
Common Stock | 25,326 | 26,196 | 59,357 | 56,440 | ||||
Weighted average number of shares outstanding b Basic: | ' | ' | ' | ' | ||||
Income allocated to b Basic (in Shares) | 15,077 | 14,962 | 15,053 | 14,943 | ||||
Weighted average number of shares outstanding b Diluted: | ' | ' | ' | ' | ||||
Common Stock (in Shares) | 19,924 | 19,747 | 19,897 | 19,714 | ||||
Dividends per share: | ' | ' | ' | ' | ||||
Income allocated to b Diluted (in Dollars per share) | $0.04 | $0.04 | $0.08 | $0.08 | ||||
Common Class B [Member] | ' | ' | ' | ' | ||||
Income per share b Basic: | ' | ' | ' | ' | ||||
Income per share b Basic (in Dollars per share) | $1.08 | $1.12 | $2.52 | $2.42 | ||||
Income allocated to b Basic: | ' | ' | ' | ' | ||||
Income per share b Diluted | $5,041 | $5,209 | $11,836 | $11,233 | ||||
Weighted average number of shares outstanding b Basic: | ' | ' | ' | ' | ||||
Income allocated to b Basic (in Shares) | 4,687 | 4,647 | 4,690 | 4,647 | ||||
Dividends per share: | ' | ' | ' | ' | ||||
Income allocated to b Diluted (in Dollars per share) | $0.03 | $0.03 | $0.06 | $0.06 | ||||
[1] | Exclusive of depreciation on the Company's property, plant and equipment and amortization of its intangible assets. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 | ||||
Net Income | $25,647 | $26,642 | $60,109 | $57,402 | ||||
Foreign currency translation adjustments | -4,207 | -2,815 | -4,415 | -2,490 | ||||
Pension benefit liabilities, net (1) | 0 | [1] | 0 | [1] | 0 | [1] | 50 | [1] |
Other comprehensive (loss) income | -4,207 | -2,815 | -4,415 | -2,440 | ||||
Comprehensive income | $21,440 | $23,827 | $55,694 | $54,962 | ||||
[1] | Net of less than $0.1 million of tax expense for the twenty-six weeks ended February 23, 2013. |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Cash and cash equivalents | $157,242 | $197,479 | [1] |
Receivables, less reserves of $6,496 and $4,894, respectively | 151,344 | 142,217 | [1] |
Inventories | 69,385 | 74,351 | [1] |
Rental merchandise in service | 137,031 | 132,630 | [1] |
Prepaid and deferred income taxes | 0 | 7,099 | [1] |
Prepaid expenses | 9,119 | 7,618 | [1] |
Total current assets | 524,121 | 561,394 | [1] |
Land, buildings and leasehold improvements | 386,513 | 376,222 | [1] |
Machinery and equipment | 494,804 | 474,402 | [1] |
Motor vehicles | 158,030 | 153,219 | [1] |
Total property, plant and equipment | 1,039,347 | 1,003,843 | [1] |
Less -- accumulated depreciation | 568,539 | 546,157 | [1] |
Total property, plant and equipment, net | 470,808 | 457,686 | [1] |
Goodwill | 302,518 | 302,363 | [1] |
Customer contracts, net | 43,389 | 47,397 | [1] |
Other intangible assets, net | 1,519 | 1,947 | [1] |
Deferred income taxes | 1,362 | 1,417 | [1] |
Other assets | 2,270 | 2,658 | [1] |
Total assets | 1,345,987 | 1,374,862 | [1] |
Loans payable and current maturities of long-term debt | 8,913 | 111,253 | [1] |
Accounts payable | 58,406 | 54,221 | [1] |
Accrued liabilities | 91,901 | 86,994 | [1] |
Accrued and deferred income taxes | 14,207 | 12,506 | [1] |
Total current liabilities | 173,427 | 264,974 | [1] |
Long-term debt, net of current maturities | 155 | 155 | [1] |
Accrued liabilities | 46,989 | 45,037 | [1] |
Accrued and deferred income taxes | 52,361 | 51,298 | [1] |
Total long-term liabilities | 99,505 | 96,490 | [1] |
Commitments and contingencies (Note 9) | ' | ' | [1] |
Preferred stock, $1.00 par value; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | [1] |
Capital surplus | 56,831 | 51,445 | [1] |
Retained earnings | 1,017,186 | 958,508 | [1] |
Accumulated other comprehensive (loss) income | -2,970 | 1,445 | [1] |
Total shareholders' equity | 1,073,055 | 1,013,398 | [1] |
Total liabilities and shareholdersb equity | 1,345,987 | 1,374,862 | [1] |
Common Class A [Member] | ' | ' | |
Common stock | 1,521 | 1,513 | [1] |
Common Class B [Member] | ' | ' | |
Common stock | $487 | $487 | [1] |
[1] | Derived from audited financial statements |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Receivables reserves (in Dollars) | $6,496 | $4,894 | [1] |
Preferred stock par value (in Dollars per share) | $1 | $1 | [1] |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | [1] |
Preferred Stock, shares issued | 0 | 0 | [1] |
Preferred Stock, shares outstanding | 0 | 0 | [1] |
Common Class A [Member] | ' | ' | |
Common stock par value (in Dollars per share) | $0.10 | $0.10 | [1] |
Common stock, shares authorized | 30,000,000 | 30,000,000 | [1] |
Common stock, shares issued | 15,205,928 | 15,129,524 | [1] |
Common stock, shares outstanding | 15,205,928 | 15,129,524 | [1] |
Common Class B [Member] | ' | ' | |
Common stock par value (in Dollars per share) | $0.10 | $0.10 | [1] |
Common stock, shares authorized | 20,000,000 | 20,000,000 | [1] |
Common stock, shares issued | 4,866,519 | 4,873,277 | [1] |
Common stock, shares outstanding | 4,866,519 | 4,873,277 | [1] |
[1] | Derived from audited financial statements |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | |
Net income | $60,109 | $57,402 | |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | |
Depreciation | 30,465 | 29,000 | |
Amortization of intangible assets | 4,663 | 4,950 | |
Amortization of deferred financing costs | 104 | 119 | |
Share-based compensation | 3,388 | 3,697 | |
Accretion on environmental contingencies | 358 | 271 | |
Accretion on asset retirement obligations | 362 | 331 | |
Deferred income taxes | -190 | 77 | |
Changes in assets and liabilities, net of acquisitions: | ' | ' | |
Receivables | -9,545 | -11,194 | |
Inventories | 5,173 | 1,108 | |
Rental merchandise in service | -4,960 | 8,461 | |
Prepaid expenses | -1,504 | -2,402 | |
Accounts payable | 4,340 | -3,236 | |
Accrued liabilities | 6,248 | 6,414 | |
Prepaid and accrued income taxes | 10,094 | -2,480 | |
Net cash provided by operating activities | 109,105 | 92,518 | |
Cash flows from investing activities: | ' | ' | |
Acquisition of businesses, net of cash acquired | -681 | -1,550 | |
Capital expenditures | -44,087 | -50,756 | |
Other | 401 | -72 | |
Net cash used in investing activities | -44,367 | -52,378 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from loans payable and long-term debt | 4,927 | 7,046 | |
Payments on loans payable and long-term debt | -107,620 | -3,006 | |
Proceeds from exercise of Common Stock options | 2,005 | 2,140 | |
Payment of cash dividends | -1,428 | -1,424 | |
Net cash (used in) provided by financing activities | -102,116 | 4,756 | |
Effect of exchange rate changes | -2,859 | -1,740 | |
Net (decrease) increase in cash and cash equivalents | -40,237 | 43,156 | |
Cash and cash equivalents at beginning of period | 197,479 | [1] | 120,123 |
Cash and cash equivalents at end of period | $157,242 | $163,279 | |
[1] | Derived from audited financial statements |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 01, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Basis of Presentation | |
These Consolidated Financial Statements of UniFirst Corporation (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period. | |
It is suggested that these Consolidated Financial Statements be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2013. There have been no material changes in the accounting policies followed by the Company during the current fiscal year. Results for an interim period are not indicative of any future interim periods or for an entire fiscal year. | |
The Company has recorded certain immaterial classification adjustments to its August 31, 2013 balance sheet and February 23, 2013 statement of cash flows. These classification adjustments did not impact current or historical net income or shareholders’ equity. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Mar. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance that improves the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this updated guidance require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under US GAAP to be reclassified in its entirety to net income. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under US GAAP that provide additional detail about those amounts. This guidance was effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2012 and was to be applied prospectively, with early adoption permitted. The Company adopted this guidance on September 1, 2013 and the adoption did not have a material impact on its financial statements. | |
In July 2013, the FASB issued updated accounting guidance on the presentation of unrecognized tax benefits. This update provides that an entity’s unrecognized tax benefits, or a portion of its unrecognized tax benefits, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. That exception states that, to the extent 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, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2013 and is to be applied prospectively, with early adoption permitted. The Company does not expect this guidance to have a material impact on its financial statements. |
Note_3_Business_Acquisitions
Note 3 - Business Acquisitions | 6 Months Ended |
Mar. 01, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
3. Business Acquisitions | |
During the twenty-six weeks ended March 1, 2014, the Company completed two business acquisitions with an aggregate purchase price of approximately $0.7 million. The results of operations of these acquisitions have been included in the Company’s consolidated financial results since their respective acquisition dates. These acquisitions were not significant in relation to the Company’s consolidated financial results and, therefore, pro forma financial information has not been presented. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||
4. Fair Value Measurements | |||||||||||||||||
US GAAP establishes a framework for measuring fair value and establishes disclosure requirements about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The fair value hierarchy prescribed under US GAAP contains three levels as follows: | |||||||||||||||||
Level 1 – | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 – | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3 – | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
All financial assets or liabilities that are measured at fair value on a recurring basis (at least annually) have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The assets or liabilities measured at fair value on a recurring basis are summarized in the tables below (in thousands): | |||||||||||||||||
As of March 1, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 31,828 | $ | — | $ | — | $ | 31,828 | |||||||||
Total | $ | 31,828 | $ | — | $ | — | $ | 31,828 | |||||||||
As of August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 33,325 | $ | — | $ | — | $ | 33,325 | |||||||||
Total | $ | 33,325 | $ | — | $ | — | $ | 33,325 | |||||||||
The Company’s cash equivalents listed above represents money market securities and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company does not adjust the quoted market price for such financial instruments. |
Note_5_Employee_Benefit_Plans
Note 5 - Employee Benefit Plans | 6 Months Ended |
Mar. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
5. Employee Benefit Plans | |
Defined Contribution Retirement Savings Plan | |
The Company has a defined contribution retirement savings plan with a 401(k) feature for all eligible employees not under collective bargaining agreements. The Company matches a portion of the employee’s contribution and may make an additional contribution at its discretion. Contributions charged to expense under the plan for the thirteen weeks ended March 1, 2014 and February 23, 2013 were $4.1 million and $4.2 million, respectively. Contributions charged to expense under the plan for the twenty-six weeks ended March 1, 2014 and February 23, 2013 were $8.2 million and $8.5 million, respectively. | |
Pension Plans and Supplemental Executive Retirement Plans | |
The Company maintains an unfunded Supplemental Executive Retirement Plan for certain eligible employees of the Company, a non-contributory defined benefit pension plan covering union employees at one of its locations, and a frozen pension plan the Company assumed in connection with its acquisition of Textilease Corporation in fiscal 2004. The amount charged to expense related to these plans for the thirteen weeks ended March 1, 2014 and February 23, 2013 was $0.6 million for both periods. The amount charged to expense related to these plans for the twenty-six weeks ended March 1, 2014 and February 23, 2013 was $1.2 million for both periods. |
Note_6_Net_Income_Per_Share
Note 6 - Net Income Per Share | 6 Months Ended | ||||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||||||||||
6.Net Income Per Share | |||||||||||||||||||||||||
The Company calculates net income per share in accordance with US GAAP, which requires the Company to allocate income to its unvested participating securities as part of its earnings per share (“EPS”) calculations. The following table sets forth the computation of basic earnings per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data): | |||||||||||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||||||||||
March 1, | February 23, | March 1, | February 23, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net income | $ | 25,647 | $ | 26,642 | $ | 60,109 | $ | 57,402 | |||||||||||||||||
Allocation of net income for Basic: | |||||||||||||||||||||||||
Common Stock | $ | 20,267 | $ | 20,963 | $ | 47,479 | $ | 45,155 | |||||||||||||||||
Class B Common Stock | 5,041 | 5,209 | 11,836 | 11,233 | |||||||||||||||||||||
Unvested participating shares | 339 | 470 | 794 | 1,014 | |||||||||||||||||||||
$ | 25,647 | $ | 26,642 | $ | 60,109 | $ | 57,402 | ||||||||||||||||||
Weighted average number of shares for Basic: | |||||||||||||||||||||||||
Common Stock | 15,077 | 14,962 | 15,053 | 14,943 | |||||||||||||||||||||
Class B Common Stock | 4,687 | 4,647 | 4,690 | 4,647 | |||||||||||||||||||||
Unvested participating shares | 288 | 383 | 288 | 383 | |||||||||||||||||||||
20,052 | 19,992 | 20,031 | 19,973 | ||||||||||||||||||||||
Earnings per share for Basic: | |||||||||||||||||||||||||
Common Stock | $ | 1.34 | $ | 1.4 | $ | 3.15 | $ | 3.02 | |||||||||||||||||
Class B Common Stock | $ | 1.08 | $ | 1.12 | $ | 2.52 | $ | 2.42 | |||||||||||||||||
The Company is required to calculate diluted EPS for Common Stock using the more dilutive of the following two methods: | |||||||||||||||||||||||||
• | The treasury stock method; or | ||||||||||||||||||||||||
• | The two-class method assuming a participating security is not exercised or converted. | ||||||||||||||||||||||||
For the thirteen and twenty-six weeks ended March 1, 2014, the Company’s diluted EPS assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen and twenty-six weeks ended March 1, 2014 as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Thirteen weeks | Twenty-six weeks | ||||||||||||||||||||||||
ended March 1, 2014 | ended March 1, 2014 | ||||||||||||||||||||||||
Earnings | Common | EPS | Earnings | Common | EPS | ||||||||||||||||||||
to Common | Shares | to Common | Shares | ||||||||||||||||||||||
Shareholders | Shareholders | ||||||||||||||||||||||||
As reported - Basic | $ | 20,267 | 15,077 | $ | 1.34 | $ | 47,479 | 15,053 | $ | 3.15 | |||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||
Share-based awards | — | 160 | — | 154 | |||||||||||||||||||||
Class B Common Stock | 5,041 | 4,687 | 11,836 | 4,690 | |||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 329 | — | 776 | — | |||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (311 | ) | — | (734 | ) | — | |||||||||||||||||||
Diluted EPS – Common Stock | $ | 25,326 | 19,924 | $ | 1.27 | $ | 59,357 | 19,897 | $ | 2.98 | |||||||||||||||
Share-based awards that would result in the issuance of 3,836 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended March 1, 2014 because they were anti-dilutive. Share-based awards that would result in the issuance of 770 shares of Common Stock were excluded from the calculation of diluted earnings per share for the twenty-six weeks ended March 1, 2014 because they were anti-dilutive. | |||||||||||||||||||||||||
For the thirteen and twenty-six weeks ended February 23, 2013, the Company’s diluted EPS assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following table sets forth the computation of diluted earnings per share of Common Stock for the thirteen and twenty-six weeks ended February 23, 2013 as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Thirteen weeks | Twenty-six weeks | ||||||||||||||||||||||||
ended February 23, 2013 | ended February 23, 2013 | ||||||||||||||||||||||||
Earnings | Common | EPS | Earnings | Common | EPS | ||||||||||||||||||||
to Common | Shares | to Common | Shares | ||||||||||||||||||||||
Shareholders | Shareholders | ||||||||||||||||||||||||
As reported - Basic | $ | 20,963 | 14,962 | $ | 1.4 | $ | 45,155 | 14,943 | $ | 3.02 | |||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||
Share-based awards | — | 138 | — | 124 | |||||||||||||||||||||
Class B Common Stock | 5,209 | 4,647 | 11,233 | 4,647 | |||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 457 | — | 989 | — | |||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (433 | ) | — | (937 | ) | — | |||||||||||||||||||
Diluted EPS – Common Stock | $ | 26,196 | 19,747 | $ | 1.33 | $ | 56,440 | 19,714 | $ | 2.86 | |||||||||||||||
Share-based awards that would result in the issuance of 13,983 shares of Common Stock were excluded from the calculation of diluted earnings per share for the thirteen weeks ended February 23, 2013 because they were anti-dilutive. There were no share-based awards that were excluded from the calculation of diluted earnings per share for the twenty-six weeks ended February 23, 2013 because they were anti-dilutive. |
Note_7_Inventories
Note 7 - Inventories | 6 Months Ended | ||||||||
Mar. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
7. Inventories | |||||||||
Inventories are stated at the lower of cost or market value, net of any reserve for excess and obsolete inventory. Judgments and estimates are used in determining the likelihood that new goods on hand can be sold to customers or used in rental operations. Historical inventory usage and current revenue trends are considered in estimating both excess and obsolete inventories. If actual product demand and market conditions are less favorable than those projected by management, additional inventory write-downs may be required. The Company uses the first-in, first-out (“FIFO”) method to value its inventories. | |||||||||
The components of inventory as of March 1, 2014 and August 31, 2013 were as follows (in thousands): | |||||||||
March 1, | August 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 14,221 | $ | 16,673 | |||||
Work in process | 3,449 | 2,366 | |||||||
Finished goods | 51,715 | 55,312 | |||||||
Total inventories | $ | 69,385 | $ | 74,351 | |||||
Note_8_Asset_Retirement_Obliga
Note 8 - Asset Retirement Obligations | 6 Months Ended | ||||
Mar. 01, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Asset Retirement Obligation Disclosure [Text Block] | ' | ||||
8. Asset Retirement Obligations | |||||
The Company recognizes asset retirement obligations in the period in which they are incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company continues to depreciate, on a straight-line basis, the amount added to property, plant and equipment and recognizes accretion expense in connection with the discounted liability over the various remaining lives which range from approximately seven to thirty years. | |||||
A reconciliation of the Company’s asset retirement liability is as follows (in thousands): | |||||
1-Mar-13 | |||||
Beginning balance as of August 31, 2013 | $ | 10,796 | |||
Accretion expense | 362 | ||||
Ending balance as of March 1, 2014 | $ | 11,158 | |||
Asset retirement obligations are included in long-term accrued liabilities in the accompanying Consolidated Balance Sheet. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 6 Months Ended | ||||||||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
9. Commitments and Contingencies | |||||||||||||||||||||||||||||
The Company and its operations are subject to various federal, state and local laws and regulations governing, among other things, air emissions, wastewater discharges, and the generation, handling, storage, transportation, treatment and disposal of hazardous waste and other substances. In particular, industrial laundries use and must dispose of detergent waste water and other residues, and, in the past used perchloroethylene and other dry cleaning solvents. The Company is attentive to the environmental concerns surrounding the disposal of these materials and has, through the years, taken measures to avoid their improper disposal. In the past, the Company has settled, or contributed to the settlement of, actions or claims brought against the Company relating to the disposal of hazardous materials and there can be no assurance that the Company will not have to expend material amounts to remediate the consequences of any such disposal in the future. | |||||||||||||||||||||||||||||
US GAAP requires that a liability for contingencies be recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required to determine the existence of a liability, as well as the amount to be recorded. The Company regularly consults with attorneys and outside consultants in its consideration of the relevant facts and circumstances before recording a contingent liability. Changes in enacted laws, regulatory orders or decrees, management’s estimates of costs, insurance proceeds, participation by other parties, the timing of payments and the input of outside consultants and attorneys based on changing legal or factual circumstances could have a material impact on the amounts recorded for environmental and other contingent liabilities. | |||||||||||||||||||||||||||||
Under environmental laws, an owner or lessee of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances located on, or in, or emanating from, such property, as well as related costs of investigation and property damage. Such laws often impose liability without regard to whether the owner or lessee knew of, or was responsible for the presence of such hazardous or toxic substances. There can be no assurances that acquired or leased locations have been operated in compliance with environmental laws and regulations or that future uses or conditions will not result in the imposition of liability upon the Company under such laws or expose the Company to third-party actions such as tort suits. The Company continues to address environmental conditions under terms of consent orders or otherwise negotiated with the applicable environmental authorities with respect to sites located in or related to Woburn, Massachusetts, Somerville, Massachusetts, Springfield, Massachusetts, Uvalde, Texas, Stockton, California, three sites related to former operations in Williamstown, Vermont, as well as sites located in Goldsboro, North Carolina, Wilmington, North Carolina and Landover, Maryland. | |||||||||||||||||||||||||||||
The Company has accrued certain costs related to the sites described above as it has been determined that the costs are probable and can be reasonably estimated. The Company has potential exposure related to an additional parcel of land (the "Central Area") related to the Woburn, Massachusetts site discussed above. Currently, the consent decree for the Woburn site does not define or require any remediation work in the Central Area. The United States Environmental Protection Agency (the "EPA") has provided the Company and other signatories to the consent decree with comments on the design and implementation of groundwater and soil remedies at the Woburn site and investigation of environmental conditions in the Central Area. The Company, and other signatories, have implemented and proposed to do additional work at the Woburn site but many of the EPA’s comments remain to be resolved. The Company has accrued costs to perform certain work responsive to EPA's comments. The Company has implemented mitigation measures and continues to monitor environmental conditions at the Somerville, Massachusetts site. The Company also expects to incur monitoring and mitigation costs associated with the planned construction of a transit station in the area. In addition, the Company has received notices of violations from Region 1 of the EPA under the Clean Air Act alleging that the Company failed to obtain certain permits necessary with respect to the laundering of soiled towels at seven New England facilities. The Company has obtained, or is in the process of obtaining, the permits in question. The Company is negotiating with Region 1 of the EPA concerning potential penalties that may be imposed against the Company in connection with these seven New England facilities. In the event that the EPA expands this enforcement initiative beyond Region 1, this could materially adversely affect the Company’s results of operations and financial condition. | |||||||||||||||||||||||||||||
The Company routinely reviews and evaluates sites that may require remediation and monitoring and determines its estimated costs based on various estimates and assumptions. These estimates are developed using its internal sources or by third party environmental engineers or other service providers. Internally developed estimates are based on: | |||||||||||||||||||||||||||||
• | Management’s judgment and experience in remediating and monitoring the Company’s sites; | ||||||||||||||||||||||||||||
• | Information available from regulatory agencies as to costs of remediation and monitoring; | ||||||||||||||||||||||||||||
• | The number, financial resources and relative degree of responsibility of other potentially responsible parties (PRPs) who may be liable for remediation and monitoring of a specific site; and | ||||||||||||||||||||||||||||
• | The typical allocation of costs among PRPs. | ||||||||||||||||||||||||||||
There is usually a range of reasonable estimates of the costs associated with each site. In accordance with US GAAP, the Company’s accruals reflect the amount within the range that it believes is the best estimate or the low end of a range of estimates if no point within the range is a better estimate. Where it believes that both the amount of a particular liability and the timing of the payments are reliably determinable, the Company adjusts the cost in current dollars using a rate of 3% for inflation until the time of expected payment and discounts the cost to present value using current risk-free interest rates. As of March 1, 2014, the risk-free interest rates utilized by the Company ranged from 2.7% to 3.6%. | |||||||||||||||||||||||||||||
For environmental liabilities that have been discounted, the Company includes interest accretion, based on the effective interest method, in selling and administrative expenses on the Consolidated Statements of Income. The changes to the Company’s environmental liabilities for the twenty-six weeks ended March 1, 2014 are as follows (in thousands): | |||||||||||||||||||||||||||||
1-Mar-14 | |||||||||||||||||||||||||||||
Beginning balance as of August 31, 2013 | $ | 19,680 | |||||||||||||||||||||||||||
Payments made for which reserves had been provided | (1,109 | ) | |||||||||||||||||||||||||||
Insurance proceeds received | 535 | ||||||||||||||||||||||||||||
Interest accretion | 358 | ||||||||||||||||||||||||||||
Revision in estimates | (21 | ) | |||||||||||||||||||||||||||
Change in discount rates | 193 | ||||||||||||||||||||||||||||
Balance as of March 1, 2014 | $ | 19,636 | |||||||||||||||||||||||||||
Anticipated payments and insurance proceeds of currently identified environmental remediation liabilities as of March 1, 2014, for the next five fiscal years and thereafter, as measured in current dollars, are reflected below. | |||||||||||||||||||||||||||||
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Estimated costs – current dollars | $ | 4,563 | $ | 2,620 | $ | 1,887 | $ | 865 | $ | 797 | $ | 12,421 | $ | 23,153 | |||||||||||||||
Estimated insurance proceeds | — | (173 | ) | (159 | ) | (173 | ) | (159 | ) | (1,593 | ) | (2,257 | ) | ||||||||||||||||
Net anticipated costs | $ | 4,563 | $ | 2,447 | $ | 1,728 | $ | 692 | $ | 638 | $ | 10,828 | $ | 20,896 | |||||||||||||||
Effect of inflation | 7,413 | ||||||||||||||||||||||||||||
Effect of discounting | (8,673 | ) | |||||||||||||||||||||||||||
Balance as of March 1, 2014 | $ | 19,636 | |||||||||||||||||||||||||||
Estimated insurance proceeds are primarily received from an annuity received as part of a legal settlement with an insurance company. Annual proceeds of approximately $0.3 million are deposited into an escrow account which funds remediation and monitoring costs for three sites related to former operations in Williamstown, Vermont. Annual proceeds received but not expended in the current year accumulate in this account and may be used in future years for costs related to this site through the year 2027. As of March 1, 2014, the balance in this escrow account, which is held in a trust and is not recorded in the Company’s Consolidated Balance Sheet, was approximately $2.7 million. Also included in estimated insurance proceeds are amounts the Company is entitled to receive pursuant to legal settlements as reimbursements from three insurance companies for estimated costs at the site in Uvalde, Texas. | |||||||||||||||||||||||||||||
The Company’s nuclear garment decontamination facilities are licensed by the Nuclear Regulatory Commission (“NRC”), or, in certain cases, by the applicable state agency, and are subject to regulation by federal, state and local authorities. There can be no assurance that such regulation will not lead to material disruptions in the Company’s garment decontamination business. | |||||||||||||||||||||||||||||
From time to time, the Company is also subject to legal proceedings and claims arising from the conduct of its business operations, including litigation related to charges for certain ancillary services on invoices, personal injury claims, customer contract matters, employment claims and environmental matters as described above. | |||||||||||||||||||||||||||||
While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits and environmental contingencies, the Company believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance have been properly accrued in accordance with US GAAP. It is possible, however, that the future financial position or results of operations for any particular period could be materially affected by changes in the Company’s assumptions or strategies related to these contingencies or changes out of the Company’s control. | |||||||||||||||||||||||||||||
As previously disclosed, on December 31, 2012 the Company received an indemnity demand from counsel for New England Compounding Center (“NECC”) regarding claims made against NECC, including those related to NECC’s highly-publicized compounding and sale of tainted methylprednisolone acetate which reportedly resulted in a widespread outbreak of fungal meningitis and other infections. It has been reported that over 60 people died and another approximately 700 people were harmed as a result of this outbreak. This demand related to the limited, once-a-month cleaning services the Company provided to portions of NECC’s cleanroom facilities. Based on the Company’s preliminary review of this matter, the Company believes that NECC’s claims are without merit. | |||||||||||||||||||||||||||||
Over the summer of 2013, the Company received and responded to a subpoena from the Plaintiffs’ Steering Committee (PSC) appointed in conjunction with the NECC multi-district litigation (MDL) proceeding pending in federal court in Boston, Massachusetts. That subpoena sought information relating to the NECC matter. In September 2013, the Company entered into a tolling agreement with the PSC which, among other things, tolled defenses based on statutes of limitations with respect to certain claimants. | |||||||||||||||||||||||||||||
On November 5, 2013, a Master Complaint was filed in the NECC MDL proceeding naming the Company as one of numerous defendants in the matter. Individual plaintiffs were able to piggy-back on the Master Complaint by filing a Short Form Complaint to initiate legal actions against one or more of the defendants named in the Master Complaint. As of March 28, 2014, the Company has either received demand letters from or been named as a defendant in suits relating to approximately 300 patients who allegedly received the tainted drug from NECC. The Company has notified its insurers of these claims and they have issued reservation of rights letters with respect to coverage of these claims. The Company is in continuing discussions with its insurers concerning coverage matters. While the Company is unable to ascertain the ultimate outcome of this matter, based on the information currently available, the Company believes that a loss with respect to this matter is neither probable nor remote, and the Company is unable to reasonably assess an estimate or range of estimates of any potential losses. If the Company is found to be liable with respect to claims brought against them relating to NECC that are not covered by the Company’s insurance, the Company may incur liabilities that are material to its financial condition and operating results. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 6 Months Ended |
Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
10. Income Taxes | |
The Company’s effective income tax rate was 37.8% and 38.4% for the thirteen and twenty-six weeks ended March 1, 2014, respectively, as compared to 38.4% and 38.7% for the thirteen and twenty-six weeks ended February 23, 2013. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense which is consistent with the recognition of these items in prior reporting periods. During the twenty-six weeks ended March 1, 2014, there were no material changes in the amount of unrecognized tax benefits or the amount accrued for interest and penalties. | |
U.S. and Canadian federal income tax statutes have lapsed for filings up to and including fiscal years 2009 and 2005, respectively, and the Company recently concluded an audit of U.S. federal income taxes for 2010 and 2011. With a few exceptions, the Company is no longer subject to state and local income tax examinations for periods prior to fiscal 2008. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months. |
Note_11_Longterm_Debt
Note 11 - Long-term Debt | 6 Months Ended |
Mar. 01, 2014 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
11. Long-Term Debt | |
On May 5, 2011, the Company entered into a $250.0 million unsecured revolving credit agreement (the “Credit Agreement”) with a syndicate of banks, which matures on May 4, 2016. Under the Credit Agreement, the Company is able to borrow funds at variable interest rates based on, at the Company’s election, the Eurodollar rate or a base rate, plus in each case a spread based on the Company’s consolidated funded debt ratio. Availability of credit requires compliance with certain financial and other covenants, including a maximum consolidated funded debt ratio and minimum consolidated interest coverage ratio as defined in the Credit Agreement. The Company tests its compliance with these financial covenants on a fiscal quarterly basis. At March 1, 2014, the interest rates applicable to the Company’s borrowings under the Credit Agreement would be calculated as LIBOR plus 75 basis points at the time of the respective borrowing. As of March 1, 2014, the Company had no outstanding borrowings, outstanding letters of credit amounting to $49.7 million and $200.3 million available for borrowing under the Credit Agreement. | |
On September 14, 2006, the Company issued $100.0 million of floating rates notes (“Floating Rate Notes”) pursuant to a Note Purchase Agreement, which bore interest at LIBOR plus 50 basis points. On September 14, 2013, the Floating Rate Notes matured and were repaid in full from the Company’s cash reserves. | |
As of March 1, 2014, the Company was in compliance with all covenants under the Credit Agreement. |
Note_12_Accumulated_Other_Comp
Note 12 - Accumulated Other Comprehensive (Loss) Income | 6 Months Ended | ||||||||||||
Mar. 01, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
12. Accumulated Other Comprehensive (Loss) Income | |||||||||||||
The changes in each component of accumulated other comprehensive (loss) income, net of tax, are as follows (in thousands): | |||||||||||||
Foreign | Pension- | Total | |||||||||||
Currency | related | Accumulated Other | |||||||||||
Translation | Comprehensive | ||||||||||||
(Loss) Income | |||||||||||||
Balance as of August 31, 2013 | $ | 5,563 | $ | (4,118 | ) | $ | 1,445 | ||||||
Other comprehensive (loss) income before reclassification | (4,415 | ) | — | (4,415 | ) | ||||||||
Net current period other comprehensive (loss) income | (4,415 | ) | — | (4,415 | ) | ||||||||
Balance as of March 1, 2014 | $ | 1,148 | $ | (4,118 | ) | $ | (2,970 | ) | |||||
Note_13_Segment_Reporting
Note 13 - Segment Reporting | 6 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
13. Segment Reporting | |||||||||||||||||||||||||||||||||
Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Company’s chief executive officer. The Company has six operating segments based on the information reviewed by its chief executive officer: US Rental and Cleaning, Canadian Rental and Cleaning, Manufacturing (“MFG”), Corporate, Specialty Garments Rental and Cleaning (“Specialty Garments”) and First Aid. The US Rental and Cleaning and Canadian Rental and Cleaning operating segments have been combined to form the US and Canadian Rental and Cleaning reporting segment, and as a result, the Company has five reporting segments. | |||||||||||||||||||||||||||||||||
The US and Canadian Rental and Cleaning reporting segment purchases, rents, cleans, delivers and sells, uniforms and protective clothing and non-garment items in the United States and Canada. The laundry locations of the US and Canadian Rental and Cleaning reporting segment are referred to by the Company as “industrial laundries” or “industrial laundry locations.” | |||||||||||||||||||||||||||||||||
The MFG operating segment designs and manufactures uniforms and non-garment items solely for the purpose of providing these goods to the US and Canadian Rental and Cleaning reporting segment. MFG revenues are generated when goods are shipped from the Company’s manufacturing facilities, or its subcontract manufacturers, to other Company locations. These revenues are recorded at a transfer price which is typically in excess of the actual manufacturing cost. Manufactured products are carried in inventory until placed in service at which time they are amortized at this transfer price. On a consolidated basis, intercompany revenues and income are eliminated and the carrying value of inventories and rental merchandise in service is reduced to the manufacturing cost. Income before income taxes from MFG net of the intercompany MFG elimination offsets the merchandise amortization costs incurred by the US and Canadian Rental and Cleaning reporting segment as the merchandise costs of this reporting segment are amortized and recognized based on inventories purchased from MFG at the transfer price which is above the Company’s manufacturing cost. | |||||||||||||||||||||||||||||||||
The Corporate operating segment consists of costs associated with the Company’s distribution center, sales and marketing, information systems, engineering, materials management, manufacturing planning, finance, budgeting, human resources, other general and administrative costs and interest expense. The revenues generated from the Corporate operating segment represent certain direct sales made by the Company directly from its distribution center. The products sold by this operating segment are the same products rented and sold by the US and Canadian Rental and Cleaning reporting segment. In the table below, no assets or capital expenditures are presented for the Corporate operating segment because no assets are allocated to this operating segment in the information reviewed by the chief executive officer. However, depreciation and amortization expense related to certain assets are reflected in income from operations and income before income taxes for the Corporate operating segment. The assets that give rise to this depreciation and amortization are included in the total assets of the US and Canadian Rental and Cleaning reporting segment as this is how they are tracked and reviewed by the Company. The majority of expenses accounted for within the Corporate segment relate to costs of the US and Canadian Rental and Cleaning segment, with the remainder of the costs relating to the Specialty Garment and First Aid segments. | |||||||||||||||||||||||||||||||||
The Specialty Garments operating segment purchases, rents, cleans, delivers and sells, specialty garments and non-garment items primarily for nuclear and cleanroom applications and provides cleanroom cleaning services at limited customer locations. The First Aid operating segment sells first aid cabinet services and other safety supplies as well as maintains wholesale distribution and pill packaging operations. | |||||||||||||||||||||||||||||||||
The Company refers to the US and Canadian Rental and Cleaning, MFG, and Corporate reporting segments combined as its “Core Laundry Operations,” which is included as a subtotal in the following tables (in thousands): | |||||||||||||||||||||||||||||||||
Thirteen weeks ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
Canadian | MFG Elim | Core Laundry | Garments | ||||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
1-Mar-14 | |||||||||||||||||||||||||||||||||
Revenues | $ | 309,342 | $ | 42,101 | $ | (42,101 | ) | $ | 3,839 | $ | 313,181 | $ | 20,406 | $ | 10,380 | $ | 343,967 | ||||||||||||||||
Income (loss) from operations | $ | 46,794 | $ | 14,299 | $ | 362 | $ | (22,012 | ) | $ | 39,443 | $ | 312 | $ | 969 | $ | 40,724 | ||||||||||||||||
Interest (income) expense, net | $ | (865 | ) | $ | — | $ | — | $ | 204 | $ | (661 | ) | $ | — | $ | — | $ | (661 | ) | ||||||||||||||
Income (loss) before taxes | $ | 47,640 | $ | 14,270 | $ | 362 | $ | (22,266 | ) | $ | 40,006 | $ | 249 | $ | 969 | $ | 41,224 | ||||||||||||||||
23-Feb-13 | |||||||||||||||||||||||||||||||||
Revenues | $ | 297,800 | $ | 38,177 | $ | (38,177 | ) | $ | 3,829 | $ | 301,629 | $ | 22,593 | $ | 10,084 | $ | 334,306 | ||||||||||||||||
Income (loss) from operations | $ | 48,411 | $ | 12,783 | $ | (40 | ) | $ | (20,827 | ) | $ | 40,327 | $ | 1,275 | $ | 1,287 | $ | 42,889 | |||||||||||||||
Interest (income) expense, net | $ | (827 | ) | $ | — | $ | — | $ | 303 | $ | (524 | ) | $ | — | $ | — | $ | (524 | ) | ||||||||||||||
Income (loss) before taxes | $ | 49,241 | $ | 12,773 | $ | (40 | ) | $ | (21,139 | ) | $ | 40,835 | $ | 1,093 | $ | 1,287 | $ | 43,215 | |||||||||||||||
Twenty-six weeks ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
Canadian | MFG Elim | Core Laundry | Garments | ||||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
1-Mar-14 | |||||||||||||||||||||||||||||||||
Revenues | $ | 617,784 | $ | 86,334 | $ | (86,334 | ) | $ | 7,403 | $ | 625,187 | $ | 44,849 | $ | 20,635 | $ | 690,671 | ||||||||||||||||
Income (loss) from operations | $ | 105,153 | $ | 29,873 | $ | (902 | ) | $ | (42,309 | ) | $ | 91,815 | $ | 3,071 | $ | 1,478 | $ | 96,364 | |||||||||||||||
Interest (income) expense, net | $ | (1,595 | ) | $ | — | $ | — | $ | 377 | $ | (1,218 | ) | $ | — | $ | — | $ | (1,218 | ) | ||||||||||||||
Income (loss) before taxes | $ | 106,727 | $ | 29,763 | $ | (902 | ) | $ | (42,735 | ) | $ | 92,853 | $ | 3,249 | $ | 1,478 | $ | 97,580 | |||||||||||||||
23-Feb-13 | |||||||||||||||||||||||||||||||||
Revenues | $ | 589,083 | $ | 80,772 | $ | (80,772 | ) | $ | 7,106 | $ | 596,189 | $ | 50,477 | $ | 20,209 | $ | 666,875 | ||||||||||||||||
Income (loss) from operations | $ | 99,682 | $ | 28,105 | $ | (3,006 | ) | $ | (39,926 | ) | $ | 84,855 | $ | 5,979 | $ | 2,014 | $ | 92,848 | |||||||||||||||
Interest (income) expense, net | $ | (1,521 | ) | $ | — | $ | — | $ | 690 | $ | (831 | ) | $ | — | $ | — | $ | (831 | ) | ||||||||||||||
Income (loss) before taxes | $ | 101,206 | $ | 28,020 | $ | (3,006 | ) | $ | (40,637 | ) | $ | 85,583 | $ | 6,044 | $ | 2,014 | $ | 93,641 | |||||||||||||||
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
As of March 1, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 31,828 | $ | — | $ | — | $ | 31,828 | |||||||||
Total | $ | 31,828 | $ | — | $ | — | $ | 31,828 | |||||||||
As of August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 33,325 | $ | — | $ | — | $ | 33,325 | |||||||||
Total | $ | 33,325 | $ | — | $ | — | $ | 33,325 |
Note_6_Net_Income_Per_Share_Ta
Note 6 - Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | ' | ||||||||||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||||||||||
March 1, | February 23, | March 1, | February 23, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net income | $ | 25,647 | $ | 26,642 | $ | 60,109 | $ | 57,402 | |||||||||||||||||
Allocation of net income for Basic: | |||||||||||||||||||||||||
Common Stock | $ | 20,267 | $ | 20,963 | $ | 47,479 | $ | 45,155 | |||||||||||||||||
Class B Common Stock | 5,041 | 5,209 | 11,836 | 11,233 | |||||||||||||||||||||
Unvested participating shares | 339 | 470 | 794 | 1,014 | |||||||||||||||||||||
$ | 25,647 | $ | 26,642 | $ | 60,109 | $ | 57,402 | ||||||||||||||||||
Weighted average number of shares for Basic: | |||||||||||||||||||||||||
Common Stock | 15,077 | 14,962 | 15,053 | 14,943 | |||||||||||||||||||||
Class B Common Stock | 4,687 | 4,647 | 4,690 | 4,647 | |||||||||||||||||||||
Unvested participating shares | 288 | 383 | 288 | 383 | |||||||||||||||||||||
20,052 | 19,992 | 20,031 | 19,973 | ||||||||||||||||||||||
Earnings per share for Basic: | |||||||||||||||||||||||||
Common Stock | $ | 1.34 | $ | 1.4 | $ | 3.15 | $ | 3.02 | |||||||||||||||||
Class B Common Stock | $ | 1.08 | $ | 1.12 | $ | 2.52 | $ | 2.42 | |||||||||||||||||
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | ' | ||||||||||||||||||||||||
Thirteen weeks | Twenty-six weeks | ||||||||||||||||||||||||
ended March 1, 2014 | ended March 1, 2014 | ||||||||||||||||||||||||
Earnings | Common | EPS | Earnings | Common | EPS | ||||||||||||||||||||
to Common | Shares | to Common | Shares | ||||||||||||||||||||||
Shareholders | Shareholders | ||||||||||||||||||||||||
As reported - Basic | $ | 20,267 | 15,077 | $ | 1.34 | $ | 47,479 | 15,053 | $ | 3.15 | |||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||
Share-based awards | — | 160 | — | 154 | |||||||||||||||||||||
Class B Common Stock | 5,041 | 4,687 | 11,836 | 4,690 | |||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 329 | — | 776 | — | |||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (311 | ) | — | (734 | ) | — | |||||||||||||||||||
Diluted EPS – Common Stock | $ | 25,326 | 19,924 | $ | 1.27 | $ | 59,357 | 19,897 | $ | 2.98 | |||||||||||||||
Thirteen weeks | Twenty-six weeks | ||||||||||||||||||||||||
ended February 23, 2013 | ended February 23, 2013 | ||||||||||||||||||||||||
Earnings | Common | EPS | Earnings | Common | EPS | ||||||||||||||||||||
to Common | Shares | to Common | Shares | ||||||||||||||||||||||
Shareholders | Shareholders | ||||||||||||||||||||||||
As reported - Basic | $ | 20,963 | 14,962 | $ | 1.4 | $ | 45,155 | 14,943 | $ | 3.02 | |||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||
Share-based awards | — | 138 | — | 124 | |||||||||||||||||||||
Class B Common Stock | 5,209 | 4,647 | 11,233 | 4,647 | |||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 457 | — | 989 | — | |||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (433 | ) | — | (937 | ) | — | |||||||||||||||||||
Diluted EPS – Common Stock | $ | 26,196 | 19,747 | $ | 1.33 | $ | 56,440 | 19,714 | $ | 2.86 |
Note_7_Inventories_Tables
Note 7 - Inventories (Tables) | 6 Months Ended | ||||||||
Mar. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
March 1, | August 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 14,221 | $ | 16,673 | |||||
Work in process | 3,449 | 2,366 | |||||||
Finished goods | 51,715 | 55,312 | |||||||
Total inventories | $ | 69,385 | $ | 74,351 |
Note_8_Asset_Retirement_Obliga1
Note 8 - Asset Retirement Obligations (Tables) | 6 Months Ended | ||||
Mar. 01, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Schedule of Asset Retirement Obligations [Table Text Block] | ' | ||||
1-Mar-13 | |||||
Beginning balance as of August 31, 2013 | $ | 10,796 | |||
Accretion expense | 362 | ||||
Ending balance as of March 1, 2014 | $ | 11,158 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule Of Environmental Liabilities [TableTextBlock] | ' | ||||||||||||||||||||||||||||
1-Mar-14 | |||||||||||||||||||||||||||||
Beginning balance as of August 31, 2013 | $ | 19,680 | |||||||||||||||||||||||||||
Payments made for which reserves had been provided | (1,109 | ) | |||||||||||||||||||||||||||
Insurance proceeds received | 535 | ||||||||||||||||||||||||||||
Interest accretion | 358 | ||||||||||||||||||||||||||||
Revision in estimates | (21 | ) | |||||||||||||||||||||||||||
Change in discount rates | 193 | ||||||||||||||||||||||||||||
Balance as of March 1, 2014 | $ | 19,636 | |||||||||||||||||||||||||||
Schedule Of Environmental Remediation Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Estimated costs – current dollars | $ | 4,563 | $ | 2,620 | $ | 1,887 | $ | 865 | $ | 797 | $ | 12,421 | $ | 23,153 | |||||||||||||||
Estimated insurance proceeds | — | (173 | ) | (159 | ) | (173 | ) | (159 | ) | (1,593 | ) | (2,257 | ) | ||||||||||||||||
Net anticipated costs | $ | 4,563 | $ | 2,447 | $ | 1,728 | $ | 692 | $ | 638 | $ | 10,828 | $ | 20,896 | |||||||||||||||
Effect of inflation | 7,413 | ||||||||||||||||||||||||||||
Effect of discounting | (8,673 | ) | |||||||||||||||||||||||||||
Balance as of March 1, 2014 | $ | 19,636 |
Note_12_Accumulated_Other_Comp1
Note 12 - Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended | ||||||||||||
Mar. 01, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign | Pension- | Total | |||||||||||
Currency | related | Accumulated Other | |||||||||||
Translation | Comprehensive | ||||||||||||
(Loss) Income | |||||||||||||
Balance as of August 31, 2013 | $ | 5,563 | $ | (4,118 | ) | $ | 1,445 | ||||||
Other comprehensive (loss) income before reclassification | (4,415 | ) | — | (4,415 | ) | ||||||||
Net current period other comprehensive (loss) income | (4,415 | ) | — | (4,415 | ) | ||||||||
Balance as of March 1, 2014 | $ | 1,148 | $ | (4,118 | ) | $ | (2,970 | ) |
Note_13_Segment_Reporting_Tabl
Note 13 - Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Thirteen weeks ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
Canadian | MFG Elim | Core Laundry | Garments | ||||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
1-Mar-14 | |||||||||||||||||||||||||||||||||
Revenues | $ | 309,342 | $ | 42,101 | $ | (42,101 | ) | $ | 3,839 | $ | 313,181 | $ | 20,406 | $ | 10,380 | $ | 343,967 | ||||||||||||||||
Income (loss) from operations | $ | 46,794 | $ | 14,299 | $ | 362 | $ | (22,012 | ) | $ | 39,443 | $ | 312 | $ | 969 | $ | 40,724 | ||||||||||||||||
Interest (income) expense, net | $ | (865 | ) | $ | — | $ | — | $ | 204 | $ | (661 | ) | $ | — | $ | — | $ | (661 | ) | ||||||||||||||
Income (loss) before taxes | $ | 47,640 | $ | 14,270 | $ | 362 | $ | (22,266 | ) | $ | 40,006 | $ | 249 | $ | 969 | $ | 41,224 | ||||||||||||||||
23-Feb-13 | |||||||||||||||||||||||||||||||||
Revenues | $ | 297,800 | $ | 38,177 | $ | (38,177 | ) | $ | 3,829 | $ | 301,629 | $ | 22,593 | $ | 10,084 | $ | 334,306 | ||||||||||||||||
Income (loss) from operations | $ | 48,411 | $ | 12,783 | $ | (40 | ) | $ | (20,827 | ) | $ | 40,327 | $ | 1,275 | $ | 1,287 | $ | 42,889 | |||||||||||||||
Interest (income) expense, net | $ | (827 | ) | $ | — | $ | — | $ | 303 | $ | (524 | ) | $ | — | $ | — | $ | (524 | ) | ||||||||||||||
Income (loss) before taxes | $ | 49,241 | $ | 12,773 | $ | (40 | ) | $ | (21,139 | ) | $ | 40,835 | $ | 1,093 | $ | 1,287 | $ | 43,215 | |||||||||||||||
Twenty-six weeks ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
Canadian | MFG Elim | Core Laundry | Garments | ||||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
1-Mar-14 | |||||||||||||||||||||||||||||||||
Revenues | $ | 617,784 | $ | 86,334 | $ | (86,334 | ) | $ | 7,403 | $ | 625,187 | $ | 44,849 | $ | 20,635 | $ | 690,671 | ||||||||||||||||
Income (loss) from operations | $ | 105,153 | $ | 29,873 | $ | (902 | ) | $ | (42,309 | ) | $ | 91,815 | $ | 3,071 | $ | 1,478 | $ | 96,364 | |||||||||||||||
Interest (income) expense, net | $ | (1,595 | ) | $ | — | $ | — | $ | 377 | $ | (1,218 | ) | $ | — | $ | — | $ | (1,218 | ) | ||||||||||||||
Income (loss) before taxes | $ | 106,727 | $ | 29,763 | $ | (902 | ) | $ | (42,735 | ) | $ | 92,853 | $ | 3,249 | $ | 1,478 | $ | 97,580 | |||||||||||||||
23-Feb-13 | |||||||||||||||||||||||||||||||||
Revenues | $ | 589,083 | $ | 80,772 | $ | (80,772 | ) | $ | 7,106 | $ | 596,189 | $ | 50,477 | $ | 20,209 | $ | 666,875 | ||||||||||||||||
Income (loss) from operations | $ | 99,682 | $ | 28,105 | $ | (3,006 | ) | $ | (39,926 | ) | $ | 84,855 | $ | 5,979 | $ | 2,014 | $ | 92,848 | |||||||||||||||
Interest (income) expense, net | $ | (1,521 | ) | $ | — | $ | — | $ | 690 | $ | (831 | ) | $ | — | $ | — | $ | (831 | ) | ||||||||||||||
Income (loss) before taxes | $ | 101,206 | $ | 28,020 | $ | (3,006 | ) | $ | (40,637 | ) | $ | 85,583 | $ | 6,044 | $ | 2,014 | $ | 93,641 |
Note_3_Business_Acquisitions_D
Note 3 - Business Acquisitions (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 01, 2014 |
Business Combinations [Abstract] | ' |
Number of Businesses Acquired | 2 |
Business Combination, Consideration Transferred | $0.70 |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) - Fair Value Measurments (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Total | $31,828 | $33,325 |
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 31,828 | 33,325 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Total | 31,828 | 33,325 |
Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Total | 0 | 0 |
Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | $31,828 | $33,325 |
Note_5_Employee_Benefit_Plans_
Note 5 - Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $4.10 | $4.20 | $8.20 | $8.50 |
Pension Expense | $0.60 | $0.60 | $1.20 | $1.20 |
Note_6_Net_Income_Per_Share_De
Note 6 - Net Income Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,836 | 13,983 | 770 | 0 |
Note_6_Net_Income_Per_Share_De1
Note 6 - Net Income Per Share (Details) - Summary of Earnings Per Share Basic Two Class Method (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income | $25,647 | $26,642 | $60,109 | $57,402 |
Allocation of net income for Basic | 25,647 | 26,642 | 60,109 | 57,402 |
Weighted average number of shares for Basic (in Shares) | 20,052 | 19,992 | 20,031 | 19,973 |
Common Class A [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Allocation of net income for Basic | 20,267 | 20,963 | 47,479 | 45,155 |
Weighted average number of shares for Basic (in Shares) | 15,077 | 14,962 | 15,053 | 14,943 |
Earnings per share for Basic (in Dollars per share) | $1.34 | $1.40 | $3.15 | $3.02 |
Common Class B [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Allocation of net income for Basic | 5,041 | 5,209 | 11,836 | 11,233 |
Weighted average number of shares for Basic (in Shares) | 4,687 | 4,647 | 4,690 | 4,647 |
Earnings per share for Basic (in Dollars per share) | $1.08 | $1.12 | $2.52 | $2.42 |
Unvested Participating Shares [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Allocation of net income for Basic | $339 | $470 | $794 | $1,014 |
Weighted average number of shares for Basic (in Shares) | 288 | 383 | 288 | 383 |
Note_6_Net_Income_Per_Share_De2
Note 6 - Net Income Per Share (Details) - Summary of Earnings Per Share Diluted Two Class Method (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
As reported - Basic | $25,647 | $26,642 | $60,109 | $57,402 |
Add: Undistributed earnings allocated to unvested participating shares | 329 | 457 | 776 | 989 |
Less: Undistributed earnings reallocated to unvested participating shares | -311 | -433 | -734 | -937 |
Diluted EPS b Common Stock | 25,326 | 26,196 | 59,357 | 56,440 |
Diluted EPS b Common Stock (in Shares) | 19,924 | 19,747 | 19,897 | 19,714 |
Diluted EPS b Common Stock (in Dollars per share) | $1.27 | $1.33 | $2.98 | $2.86 |
Common Class A [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
As reported - Basic | 20,267 | 20,963 | 47,479 | 45,155 |
As reported - Basic (in Shares) | 15,077 | 14,962 | 15,053 | 14,943 |
As reported - Basic (in Dollars per share) | $1.34 | $1.40 | $3.15 | $3.02 |
Effect of dilutive potential common shares (in Shares) | 160 | 138 | 154 | 124 |
Diluted EPS b Common Stock | 25,326 | 26,196 | 59,357 | 56,440 |
Diluted EPS b Common Stock (in Shares) | 19,924 | 19,747 | 19,897 | 19,714 |
Diluted EPS b Common Stock (in Dollars per share) | $1.27 | $1.33 | $2.98 | $2.86 |
Common Class B [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
As reported - Basic | 5,041 | 5,209 | 11,836 | 11,233 |
As reported - Basic (in Shares) | 4,687 | 4,647 | 4,690 | 4,647 |
As reported - Basic (in Dollars per share) | $1.08 | $1.12 | $2.52 | $2.42 |
Effect of dilutive potential common shares | $5,041 | $5,209 | $11,836 | $11,233 |
Effect of dilutive potential common shares (in Shares) | 4,687 | 4,647 | 4,690 | 4,647 |
Note_7_Inventories_Details_Com
Note 7 - Inventories (Details) - Components of Inventory (USD $) | Mar. 01, 2014 | Aug. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Components of Inventory [Abstract] | ' | ' | |
Raw materials | $14,221 | $16,673 | |
Work in process | 3,449 | 2,366 | |
Finished goods | 51,715 | 55,312 | |
Total inventories | $69,385 | $74,351 | [1] |
[1] | Derived from audited financial statements |
Note_8_Asset_Retirement_Obliga2
Note 8 - Asset Retirement Obligations (Details) | 6 Months Ended |
Mar. 01, 2014 | |
Minimum [Member] | ' |
Note 8 - Asset Retirement Obligations (Details) [Line Items] | ' |
Asset Retirement Obligation Remaining Lives | '7 years |
Maximum [Member] | ' |
Note 8 - Asset Retirement Obligations (Details) [Line Items] | ' |
Asset Retirement Obligation Remaining Lives | '30 years |
Note_8_Asset_Retirement_Obliga3
Note 8 - Asset Retirement Obligations (Details) - Asset Retirement Obligations (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 |
Asset Retirement Obligations [Abstract] | ' | ' |
Balance | $10,796 | ' |
Accretion expense | 362 | 331 |
Balance | $11,158 | ' |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 01, 2014 |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' |
Number Of Sites Related To Former Operations With Environmental Issues | 3 |
Estimated Impact Of Inflation Per Year | 3.00% |
Proceeds from Legal Settlements (in Dollars) | $0.30 |
Escrow Deposit (in Dollars) | $2.70 |
Loss Contingency, Number of Defendants | 1 |
Minimum [Member] | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' |
Risk Free Rates Of Interest Used To Discount Remediation Costs | 2.70% |
Maximum [Member] | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' |
Risk Free Rates Of Interest Used To Discount Remediation Costs | 3.60% |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Changes to Environmental Liabilities (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 01, 2014 |
Changes to Environmental Liabilities [Abstract] | ' |
Balance | $19,680 |
Payments made for which reserves had been provided | -1,109 |
Insurance proceeds received | 535 |
Interest accretion | 358 |
Revision in estimates | -21 |
Change in discount rates | 193 |
Balance | $19,636 |
Note_9_Commitments_and_Conting4
Note 9 - Commitments and Contingencies (Details) - Anticipated Payments and Insurance Proceeds of Identified Environmental Remediation Liabilities (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Anticipated Payments and Insurance Proceeds of Identified Environmental Remediation Liabilities [Abstract] | ' | ' |
Estimated costs b current dollars | $4,563 | ' |
Estimated costs b current dollars | 2,620 | ' |
Estimated costs b current dollars | 1,887 | ' |
Estimated costs b current dollars | 865 | ' |
Estimated costs b current dollars | 797 | ' |
Estimated costs b current dollars | 12,421 | ' |
Estimated costs b current dollars | 23,153 | ' |
Estimated insurance proceeds | 0 | ' |
Estimated insurance proceeds | -173 | ' |
Estimated insurance proceeds | -159 | ' |
Estimated insurance proceeds | -173 | ' |
Estimated insurance proceeds | -159 | ' |
Estimated insurance proceeds | -1,593 | ' |
Estimated insurance proceeds | -2,257 | ' |
Net anticipated costs | 4,563 | ' |
Net anticipated costs | 2,447 | ' |
Net anticipated costs | 1,728 | ' |
Net anticipated costs | 692 | ' |
Net anticipated costs | 638 | ' |
Net anticipated costs | 10,828 | ' |
Net anticipated costs | 20,896 | ' |
Effect of inflation | 7,413 | ' |
Effect of discounting | -8,673 | ' |
Balance as of March 1, 2014 | $19,636 | $19,680 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 37.80% | 38.40% | 38.40% | 38.70% |
Note_11_Longterm_Debt_Details
Note 11 - Long-term Debt (Details) (USD $) | Mar. 01, 2014 | Sep. 14, 2013 | Sep. 14, 2013 | Mar. 01, 2014 | Mar. 01, 2014 |
In Millions, unless otherwise specified | Floating Rate Note [Member] | Floating Rate Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |
London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 11 - Long-term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $250 |
Debt Instrument, Maturity Date | ' | ' | 14-Sep-13 | ' | 4-May-16 |
Debt Instrument, Basis Spread on Variable Rate | ' | 0.50% | ' | 0.75% | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | ' | ' | 49.7 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | 200.3 |
Proceeds from Issuance of Debt | ' | ' | $100 | ' | ' |
Note_12_Accumulated_Other_Comp2
Note 12 - Accumulated Other Comprehensive (Loss) Income (Details) - Components of Accumulated Other Comprehensive Income, Net of Tax (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 | Aug. 31, 2013 | |
Components of Accumulated Other Comprehensive Income, Net of Tax [Abstract] | ' | ' | ' | ' | ' | |
Foreign Currency Translation | $1,148 | ' | $1,148 | ' | $5,563 | |
Pension - related | -4,118 | ' | -4,118 | ' | -4,118 | |
Total Accumulated Other Comprehensive Income (Loss) | -2,970 | ' | -2,970 | ' | 1,445 | [1] |
Other comprehensive (loss) income before reclassification | ' | ' | -4,415 | ' | ' | |
Other comprehensive (loss) income before reclassification | ' | ' | -4,415 | ' | ' | |
Net current period other comprehensive (loss) income | -4,207 | -2,815 | -4,415 | -2,490 | ' | |
Net current period other comprehensive (loss) income | ($4,207) | ($2,815) | ($4,415) | ($2,440) | ' | |
[1] | Derived from audited financial statements |
Note_13_Segment_Reporting_Deta
Note 13 - Segment Reporting (Details) | 6 Months Ended |
Mar. 01, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 6 |
Number of Reportable Segments | 5 |
Note_13_Segment_Reporting_Deta1
Note 13 - Segment Reporting (Details) - Segment Reporting (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Feb. 23, 2013 | Mar. 01, 2014 | Feb. 23, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $343,967 | $334,306 | $690,671 | $666,875 |
Income (loss) from operations | 40,724 | 42,889 | 96,364 | 92,848 |
Interest (income) expense, net | -661 | -524 | -1,218 | -831 |
Income (loss) before taxes | 41,224 | 43,215 | 97,580 | 93,641 |
U.S. And Canadian Rental And Cleaning [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 309,342 | 297,800 | 617,784 | 589,083 |
Income (loss) from operations | 46,794 | 48,411 | 105,153 | 99,682 |
Interest (income) expense, net | -865 | -827 | -1,595 | -1,521 |
Income (loss) before taxes | 47,640 | 49,241 | 106,727 | 101,206 |
MFG [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 42,101 | 38,177 | 86,334 | 80,772 |
Income (loss) from operations | 14,299 | 12,783 | 29,873 | 28,105 |
Income (loss) before taxes | 14,270 | 12,773 | 29,763 | 28,020 |
Net Interco MFG Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | -42,101 | -38,177 | -86,334 | -80,772 |
Income (loss) from operations | 362 | -40 | -902 | -3,006 |
Income (loss) before taxes | 362 | -40 | -902 | -3,006 |
Corporate Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 3,839 | 3,829 | 7,403 | 7,106 |
Income (loss) from operations | -22,012 | -20,827 | -42,309 | -39,926 |
Interest (income) expense, net | 204 | 303 | 377 | 690 |
Income (loss) before taxes | -22,266 | -21,139 | -42,735 | -40,637 |
Subtotal Core Laundry Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 313,181 | 301,629 | 625,187 | 596,189 |
Income (loss) from operations | 39,443 | 40,327 | 91,815 | 84,855 |
Interest (income) expense, net | -661 | -524 | -1,218 | -831 |
Income (loss) before taxes | 40,006 | 40,835 | 92,853 | 85,583 |
Specialty Garments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 20,406 | 22,593 | 44,849 | 50,477 |
Income (loss) from operations | 312 | 1,275 | 3,071 | 5,979 |
Income (loss) before taxes | 249 | 1,093 | 3,249 | 6,044 |
First Aid [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 10,380 | 10,084 | 20,635 | 20,209 |
Income (loss) from operations | 969 | 1,287 | 1,478 | 2,014 |
Income (loss) before taxes | $969 | $1,287 | $1,478 | $2,014 |