Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||
Aug. 30, 2014 | Feb. 28, 2014 | Oct. 17, 2014 | Oct. 17, 2014 | |
Common Class A [Member] | Common Class B [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'UNIFIRST CORP | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Current Fiscal Year End Date | '--08-30 | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 15,193,047 | 4,860,519 |
Entity Public Float | ' | $1,622,023,215 | ' | ' |
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 | 30-Aug-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |||
Revenues | $1,394,897 | $1,355,515 | $1,256,289 | |||
Operating expenses: | ' | ' | ' | |||
Cost of revenues (1) | 858,306 | [1] | 836,174 | [1] | 797,944 | [1] |
Selling and administrative expenses (1) | 271,564 | [1] | 263,531 | [1] | 240,798 | [1] |
Depreciation and amortization | 71,752 | 69,607 | 66,439 | |||
Total operating expenses | 1,201,622 | 1,169,312 | 1,105,181 | |||
Income from operations | 193,275 | 186,203 | 151,108 | |||
Other (income) expense: | ' | ' | ' | |||
Interest expense | 772 | 1,651 | 2,132 | |||
Interest income | -3,131 | -3,201 | -2,738 | |||
Foreign exchange loss | 283 | 144 | 980 | |||
Total other (income) expense | -2,076 | -1,406 | 374 | |||
Income before income taxes | 195,351 | 187,609 | 150,734 | |||
Provision for income taxes | 75,426 | 70,924 | 55,745 | |||
Net income | 119,925 | 116,685 | 94,989 | |||
Income per share b Diluted: | ' | ' | ' | |||
Common Stock (in Dollars per share) | $5.95 | $5.81 | $4.76 | |||
Income allocated to b Basic: | ' | ' | ' | |||
Income allocated to b Basic | 119,925 | 116,685 | 94,989 | |||
Income allocated to b Diluted: | ' | ' | ' | |||
Common Stock | 118,626 | 114,927 | 93,358 | |||
Weighted average number of shares outstanding b Diluted: | ' | ' | ' | |||
Common Stock (in Shares) | 19,939 | 19,789 | 19,616 | |||
Common Class A [Member] | ' | ' | ' | |||
Income per share b Basic: | ' | ' | ' | |||
Income per share b Basic (in Dollars per share) | $6.29 | $6.14 | $5.02 | |||
Income allocated to b Basic: | ' | ' | ' | |||
Income allocated to b Basic | 94,849 | 91,916 | 74,643 | |||
Weighted average number of shares outstanding b Basic: | ' | ' | ' | |||
Weighted average number of shares outstanding b Basic (in Shares) | 15,080 | 14,975 | 14,882 | |||
Dividends per share: | ' | ' | ' | |||
Dividends per share (in Dollars per share) | $0.15 | $0.15 | $0.15 | |||
Common Class B [Member] | ' | ' | ' | |||
Income per share b Basic: | ' | ' | ' | |||
Income per share b Basic (in Dollars per share) | $5.03 | $4.91 | $4.01 | |||
Income allocated to b Basic: | ' | ' | ' | |||
Income allocated to b Basic | $23,705 | $22,913 | $18,630 | |||
Weighted average number of shares outstanding b Basic: | ' | ' | ' | |||
Weighted average number of shares outstanding b Basic (in Shares) | 4,711 | 4,666 | 4,643 | |||
Dividends per share: | ' | ' | ' | |||
Dividends per share (in Dollars per share) | $0.12 | $0.12 | $0.12 | |||
[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 (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |||
Net income | $119,925 | $116,685 | $94,989 | |||
Foreign currency translation adjustments | -2,852 | -6,081 | -2,204 | |||
Pension benefit liabilities, net of income taxes | -1,126 | [1] | 255 | [1] | -362 | [1] |
Other comprehensive (loss) income | -3,978 | -5,826 | -2,566 | |||
Comprehensive income | $115,947 | $110,859 | $92,423 | |||
[1] | These amounts are shown net of the effect of income taxes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $191,769 | $197,479 |
Receivables, less reserves of $5,114 and $4,894 respectively | 152,523 | 141,156 |
Inventories | 78,858 | 74,351 |
Rental merchandise in service | 146,449 | 132,630 |
Prepaid and deferred income taxes | 13,342 | 7,099 |
Prepaid expenses and other current assets | 6,349 | 8,679 |
Total current assets | 589,290 | 561,394 |
Land, buildings and leasehold improvements | 393,584 | 376,222 |
Machinery and equipment | 512,842 | 474,402 |
Motor vehicles | 166,573 | 153,219 |
Total property, plant and equipment | 1,072,999 | 1,003,843 |
Less b accumulated depreciation | 586,717 | 546,157 |
Total property, plant and equipment, net | 486,282 | 457,686 |
Goodwill | 303,648 | 302,363 |
Customer contracts, net | 40,210 | 47,397 |
Other intangible assets, net | 1,267 | 1,947 |
Deferred income taxes | 1,403 | 1,417 |
Other assets | 2,061 | 2,658 |
Total assets | 1,424,161 | 1,374,862 |
Loans payable and current maturities of long-term debt | 7,704 | 111,253 |
Accounts payable | 59,177 | 45,633 |
Accrued liabilities | 100,818 | 95,582 |
Accrued and deferred income taxes | 23,342 | 12,506 |
Total current liabilities | 191,041 | 264,974 |
Long-term debt, net of current maturities | 155 | 155 |
Accrued liabilities | 50,235 | 45,037 |
Accrued and deferred income taxes | 48,271 | 51,298 |
Total long-term liabilities | 98,661 | 96,490 |
Commitments and contingencies (Note 10) | ' | ' |
Shareholdersb equity: | ' | ' |
Preferred Stock, $1.00 par value; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Capital surplus | 59,415 | 51,445 |
Retained earnings | 1,075,572 | 958,508 |
Accumulated other comprehensive income | -2,533 | 1,445 |
Total shareholdersb equity | 1,134,459 | 1,013,398 |
Total liabilities and shareholdersb equity | 1,424,161 | 1,374,862 |
Common Class A [Member] | ' | ' |
Shareholdersb equity: | ' | ' |
Common stock | 1,519 | 1,513 |
Common Class B [Member] | ' | ' |
Shareholdersb equity: | ' | ' |
Common stock | $486 | $487 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables reserves (in Dollars) | $5,114 | $4,894 |
Preferred stock par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ' | ' |
Common stock par value (in Dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 15,189,947 | 15,129,524 |
Common stock, shares outstanding | 15,189,947 | 15,129,524 |
Common Class B [Member] | ' | ' |
Common stock par value (in Dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,860,519 | 4,873,277 |
Common stock, shares outstanding | 4,860,519 | 4,873,277 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |||
In Thousands | Common Stock [Member] | Common Stock [Member] | |||||||
Balance at Aug. 27, 2011 | $1,499 | $488 | $33,588 | $752,530 | $9,837 | $797,942 | |||
Balance (in Shares) at Aug. 27, 2011 | 14,987 | 4,887 | ' | ' | ' | ' | |||
Net income | ' | ' | ' | 94,989 | ' | 94,989 | |||
Pension benefit liabilities, net (1) | [1] | ' | ' | ' | ' | -362 | -362 | ||
Pension benefit liabilities, net (1) (in Shares) | [1] | ' | ' | ' | ' | ' | ' | ||
Foreign currency translation | ' | ' | ' | ' | -2,204 | -2,204 | |||
Dividends declared | ' | ' | ' | -2,843 | ' | -2,843 | |||
Shares converted (in Shares) | 3 | -3 | ' | ' | ' | ' | |||
Share-based compensation, net (2) | [2] | ' | ' | 6,578 | ' | ' | 6,578 | ||
Share-based compensation, net (2) (in Shares) | [2] | 1 | ' | ' | ' | ' | ' | ||
Share-based awards exercised, net (1)(3) | [1],[3] | 7 | ' | 2,818 | ' | ' | 2,825 | ||
Share-based awards exercised, net (1)(3) (in Shares) | [1],[3] | 73 | ' | ' | ' | ' | ' | ||
Balance at Aug. 25, 2012 | 1,506 | 488 | 42,984 | 844,676 | 7,271 | 896,925 | |||
Balance (in Shares) at Aug. 25, 2012 | 15,064 | 4,884 | ' | ' | ' | ' | |||
Net income | ' | ' | ' | 116,685 | ' | 116,685 | |||
Pension benefit liabilities, net (1) | [1] | ' | ' | ' | ' | 255 | 255 | ||
Pension benefit liabilities, net (1) (in Shares) | [1] | ' | ' | ' | ' | ' | ' | ||
Foreign currency translation | ' | ' | ' | ' | -6,081 | -6,081 | |||
Dividends declared | ' | ' | ' | -2,853 | ' | -2,853 | |||
Shares converted | 1 | -1 | ' | ' | ' | ' | |||
Shares converted (in Shares) | 12 | -12 | ' | ' | ' | ' | |||
Share-based compensation, net (2) | [2] | -3 | ' | 2,982 | ' | ' | 2,979 | ||
Share-based compensation, net (2) (in Shares) | [2] | -36 | ' | ' | ' | ' | ' | ||
Share-based awards exercised, net (1)(3) | [1],[3] | 9 | ' | 5,479 | ' | ' | 5,488 | ||
Share-based awards exercised, net (1)(3) (in Shares) | [1],[3] | 90 | ' | ' | ' | ' | ' | ||
Balance at Aug. 31, 2013 | 1,513 | 487 | 51,445 | 958,508 | 1,445 | 1,013,398 | |||
Balance (in Shares) at Aug. 31, 2013 | 15,130 | 4,872 | ' | ' | ' | ' | |||
Net income | ' | ' | ' | 119,925 | ' | 119,925 | |||
Pension benefit liabilities, net (1) | [1] | ' | ' | ' | ' | -1,126 | -1,126 | ||
Pension benefit liabilities, net (1) (in Shares) | [1] | ' | ' | ' | ' | ' | ' | ||
Foreign currency translation | ' | ' | ' | ' | -2,852 | -2,852 | |||
Dividends declared | ' | ' | ' | -2,861 | ' | -2,861 | |||
Shares converted | 1 | -1 | ' | ' | ' | ' | |||
Shares converted (in Shares) | 12 | -12 | ' | ' | ' | ' | |||
Share-based compensation, net (2) | [2] | -3 | ' | 2,079 | ' | ' | 2,076 | ||
Share-based compensation, net (2) (in Shares) | [2] | -36 | ' | ' | ' | ' | ' | ||
Share-based awards exercised, net (1)(3) | [1],[3] | 8 | ' | 5,891 | ' | ' | 5,899 | ||
Share-based awards exercised, net (1)(3) (in Shares) | 84 | [1],[3] | ' | [1],[3] | ' | ' | ' | -89,638 | |
Balance at Aug. 30, 2014 | $1,519 | $486 | $59,415 | $1,075,572 | ($2,533) | $1,134,459 | |||
Balance (in Shares) at Aug. 30, 2014 | 15,190 | 4,860 | ' | ' | ' | ' | |||
[1] | These amounts are shown net of the effect of income taxes | ||||||||
[2] | These amounts are shown net of any shares withheld by the Company to satisfy certain tax withholdings obligations in connection with the vesting of certain shares of restricted stock. | ||||||||
[3] | These amounts include excess tax benefits that the Company realized as part of the exercise of share-based awards. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Net income | $119,925 | $116,685 | $94,989 |
Depreciation | 62,791 | 59,810 | 55,877 |
Amortization of intangible assets | 8,961 | 9,797 | 10,562 |
Amortization of deferred financing costs | 209 | 238 | 238 |
Share-based compensation | 5,601 | 6,315 | 6,714 |
Accretion on environmental contingencies | 716 | 542 | 631 |
Accretion on asset retirement obligations | 941 | 676 | 632 |
Deferred income taxes | 8,439 | 20,666 | -330 |
Changes in assets and liabilities, net of acquisitions: | ' | ' | ' |
Receivables, less reserves | -11,541 | -6,907 | -7,716 |
Inventories | -4,450 | 1,146 | 590 |
Rental merchandise in service | -14,002 | 7,079 | -12,017 |
Prepaid expenses and other current assets | 2,623 | -698 | -1,642 |
Accounts payable | 13,646 | 321 | -4,176 |
Accrued liabilities | 6,890 | 11,261 | 3,705 |
Prepaid and accrued income taxes | -6,130 | -15,360 | 11,360 |
Net cash provided by operating activities | 194,619 | 211,571 | 159,417 |
Acquisition of businesses, net of cash acquired | -3,635 | -30,714 | ' |
Capital expenditures | -91,808 | -103,526 | -74,549 |
Other | 1,269 | 54 | -508 |
Net cash used in investing activities | -94,174 | -134,186 | -75,057 |
Proceeds from loans payable and long-term debt | 9,388 | 14,033 | 42,711 |
Payments on loans payable and long-term debt | -113,247 | -9,524 | -55,851 |
Proceeds from exercise of Common Stock options, including excess tax benefits | 5,899 | 5,488 | 2,410 |
Taxes withheld and paid related to net share settlement of equity awards | -3,527 | -3,332 | ' |
Payment of cash dividends | -2,860 | -2,851 | -2,840 |
Net cash (used in) provided by financing activities | -104,347 | 3,814 | -13,570 |
Effect of exchange rate changes | -1,808 | -3,843 | 521 |
Net (decrease) increase in cash and cash equivalents | -5,710 | 77,356 | 71,311 |
Cash and cash equivalents at beginning of period | 197,479 | 120,123 | 48,812 |
Cash and cash equivalents at end of period | 191,769 | 197,479 | 120,123 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Interest paid | 763 | 1,524 | 1,890 |
Income taxes paid, net of refunds received | $69,755 | $63,069 | $44,732 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||
Business Description | |||||||||||||||||||||||||||||||||||||
UniFirst Corporation (the “Company”) is one of the largest providers of workplace uniforms and protective clothing in the United States. The Company designs, manufactures, personalizes, rents, cleans, delivers, and sells a wide range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, aprons and specialized protective wear, such as flame resistant and high visibility garments. The Company also rents and sells industrial wiping products, floor mats, facility service products and other non-garment items, and provides restroom and cleaning supplies and first aid cabinet services and other safety supplies, to a variety of manufacturers, retailers and service companies. | |||||||||||||||||||||||||||||||||||||
The Company serves businesses of all sizes in numerous industry categories. Typical customers include automobile service centers and dealers, delivery services, food and general merchandise retailers, food processors and service operations, light manufacturers, maintenance facilities, restaurants, service companies, soft and durable goods wholesalers, transportation companies, and others who require employee clothing for image, identification, protection or utility purposes. The Company also provides its customers with restroom and cleaning supplies, including air fresheners, paper products and hand soaps. | |||||||||||||||||||||||||||||||||||||
At certain specialized facilities, the Company decontaminates and cleans work clothes and other items that may have been exposed to radioactive materials and services special cleanroom protective wear. Typical customers for these specialized services include government agencies, research and development laboratories, high technology companies and utility providers operating nuclear reactors. | |||||||||||||||||||||||||||||||||||||
As discussed and described in Note 14, “Segment Reporting”, to these Consolidated Financial Statements, the Company has five reporting segments: US and Canadian Rental and Cleaning, Manufacturing (“MFG”), Specialty Garments Rental and Cleaning (“Specialty Garments”), First Aid and Corporate. The operations of the US and Canadian Rental and Cleaning reporting segment are referred to by the Company as its “industrial laundry operations” and the locations related to this reporting segment are referred to as “industrial laundries”. The Company refers to its US and Canadian Rental and Cleaning, MFG, and Corporate segments combined as its “Core Laundry Operations”. | |||||||||||||||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany balances and transactions are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||||||
The Company has recorded certain immaterial classification adjustments to its August 31, 2013 balance sheet as well as its August 31, 2013 and August 25, 2012 statement of cash flows. These classification adjustments did not impact current or historical net income, shareholders' equity or net cash provided by operating activities. | |||||||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||||||
The preparation of these Consolidated Financial Statements is in conformity with accounting principles generally accepted in the United States (“US GAAP”) which requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. These estimates are based on historical information, current trends, and information available from other sources. Actual results could differ from these estimates. | |||||||||||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||||||||||
The Company’s fiscal year ends on the last Saturday in August. For financial reporting purposes, fiscal 2014 consisted of 52 weeks, fiscal 2013 consisted of 53 weeks and fiscal 2012 consisted of 52 weeks. The additional week was included in the fourth quarter of fiscal 2013. | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents include cash in banks and bank short-term investments with maturities of less than ninety days. | |||||||||||||||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||||||||||||||
The Company’s financial instruments, which may expose the Company to concentrations of credit risk, include cash and cash equivalents, receivables, accounts payable, loans payable and long-term debt. Each of these financial instruments is recorded at cost, which approximates its fair value given the short maturity of each financial instrument. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition and Allowance for Doubtful Accounts | |||||||||||||||||||||||||||||||||||||
The Company recognizes revenue from rental operations in the period in which the services are provided. Direct sales revenue is recognized in the period in which the services are performed or when the product is shipped. Management judgments and estimates are used in determining the collectability of accounts receivable and evaluating the adequacy of the allowance for doubtful accounts. The Company considers specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances as part of its evaluation. Changes in estimates are reflected in the period they become known. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Material changes in its estimates may result in significant differences in the amount and timing of bad debt expense recognition for any given period. Revenues do not include taxes we collect from our customers and remit to governmental authorities. | |||||||||||||||||||||||||||||||||||||
Inventories and Rental Merchandise in Service | |||||||||||||||||||||||||||||||||||||
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 August 30, 2014 and August 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
August 30, | August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Raw materials | $ | 19,053 | $ | 16,673 | |||||||||||||||||||||||||||||||||
Work in process | 3,759 | 2,366 | |||||||||||||||||||||||||||||||||||
Finished goods | 56,046 | 55,312 | |||||||||||||||||||||||||||||||||||
Total inventories | $ | 78,858 | $ | 74,351 | |||||||||||||||||||||||||||||||||
Rental merchandise in service is amortized, primarily on a straight-line basis, over the estimated service lives of the merchandise, which range from 6 to 36 months. In establishing estimated lives for merchandise in service, management considers historical experience and the intended use of the merchandise. Material differences may result in the amount and timing of operating profit for any period if management makes significant changes to these estimates. | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are expensed as incurred, while expenditures for renewals and betterments are capitalized. The Company provides for depreciation on the straight-line method based on the following estimated useful lives: | |||||||||||||||||||||||||||||||||||||
Buildings (in years) | 30 | - | 40 | ||||||||||||||||||||||||||||||||||
Building components (in years) | 10 | - | 20 | ||||||||||||||||||||||||||||||||||
Leasehold improvements | Shorter of useful life or term of lease | ||||||||||||||||||||||||||||||||||||
Machinery and equipment (in years) | 3 | - | 10 | ||||||||||||||||||||||||||||||||||
Motor vehicles (in years) | 3 | - | 5 | ||||||||||||||||||||||||||||||||||
Long-lived assets, including property, plant and equipment, are evaluated for impairment whenever events or circumstances indicate an asset may be impaired. There have been no material impairments of long-lived assets in fiscal 2014, 2013 or 2012. | |||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||||||||||
In accordance with US GAAP, the Company does not amortize goodwill. Instead, current accounting guidance requires that companies test goodwill for impairment on an annual basis. Management completes its annual goodwill impairment test in the fourth quarter of each fiscal year. In addition, US GAAP requires that companies test goodwill if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit to which goodwill is assigned below its carrying amount. The Company’s evaluation considers changes in the operating environment, competitive information, market trends, operating performance and cash flow modeling. | |||||||||||||||||||||||||||||||||||||
The Company cannot predict future economic conditions and their impact on the Company or the future market value of the Company’s stock. A decline in the Company’s market capitalization and/or deterioration in general economic conditions could negatively and materially impact the Company’s assumptions and assessment of the fair value of the Company’s business. If general economic conditions or the Company’s financial performance deteriorate, the Company may be required to record a goodwill impairment charge in the future which could have a material impact on the Company’s financial condition and results of operations. | |||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets are amortized over their useful lives, which are based on management’s estimates of the period that the assets will generate economic benefits. Definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable in accordance with US GAAP. There were no impairments of goodwill or indicators of impairment for definite-lived intangible assets in fiscal 2014, 2013 or 2012. | |||||||||||||||||||||||||||||||||||||
As of August 30, 2014, definite-lived intangible assets have a weighted average useful life of approximately 14.6 years. Customer contracts have a weighted average useful life of approximately 14.9 years and other intangible assets, net, which consist of primarily, restrictive covenants, deferred financing costs and trademarks, have a weighted average useful life of approximately 4.5 years. | |||||||||||||||||||||||||||||||||||||
Environmental and Other Contingencies | |||||||||||||||||||||||||||||||||||||
The Company is subject to legal proceedings and claims arising from the conduct of its business operations, including environmental matters, personal injury, customer contract matters and employment claims. Accounting principles generally accepted in the United States require that a liability for contingencies be recorded when it is probable that a liability has occurred 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. The Company records accruals for environmental and other contingencies based on enacted laws, regulatory orders or decrees, the Company’s estimates of costs, insurance proceeds, participation by other parties, the timing of payments, and the input of outside consultants and attorneys. | |||||||||||||||||||||||||||||||||||||
The estimated liability for environmental contingencies has been discounted as of August 30, 2014 using risk-free interest rates ranging from 2.4 % to 3.1% over periods ranging from ten to thirty years. The estimated current costs, net of legal settlements with insurance carriers, have been adjusted for the estimated impact of inflation at 3% per year. Changes in enacted laws, regulatory orders or decrees, management’s estimates of costs, risk-free interest rates, insurance proceeds, participation by other parties, the timing of payments, the input of the Company’s attorneys and outside consultants or other factual circumstances could have a material impact on the amounts recorded for environmental and other contingent liabilities. Refer to Note 10, “Commitments and Contingencies”, of these Consolidated Financial Statements for additional discussion and analysis. | |||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||||||||||||||||||
Under US GAAP, asset retirement obligations generally apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. 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 has recognized as a liability the present value of the estimated future costs to decommission its nuclear laundry facilities. The Company depreciates, 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. | |||||||||||||||||||||||||||||||||||||
The estimated liability has been based on historical experience in decommissioning nuclear laundry facilities, estimated useful lives of the underlying assets, external vendor estimates as to the cost to decommission these assets in the future, and federal and state regulatory requirements. The estimated current costs have been adjusted for the estimated impact of inflation at 3% per year. The liability has been discounted using credit-adjusted risk-free rates that range from approximately 7.0 % to 7.5 %. Revisions to the liability could occur due to changes in the Company’s estimated useful lives of the underlying assets, estimated dates of decommissioning, changes in decommissioning costs, changes in federal or state regulatory guidance on the decommissioning of such facilities, or other changes in estimates. Changes due to revised estimates will be recognized by adjusting the carrying amount of the liability and the related long-lived asset if the assets are still in service, or charged to expense in the period if the assets are no longer in service. | |||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||
The Company is self-insured for certain obligations related to health, workers’ compensation, vehicles and general liability programs. The Company also purchases stop-loss insurance policies to protect itself from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for events that have occurred, but have not been reported. The Company’s estimates consider historical claims experience and other factors. The Company’s liabilities are based on estimates, and, while the Company believes that its accruals are adequate, the ultimate liability may be significantly different from the amounts recorded. Changes in claims experience, the Company’s ability to settle claims or other estimates and judgments used by management could have a material impact on the amount and timing of expense for any period. | |||||||||||||||||||||||||||||||||||||
Supplemental Executive Retirement Plan and other Pension Plans | |||||||||||||||||||||||||||||||||||||
Pension expense is recognized on an accrual basis over employees’ estimated service periods. Pension expense is generally independent of funding decisions or requirements. | |||||||||||||||||||||||||||||||||||||
The Company (1) recognizes in its statement of financial position the over-funded or under-funded status of its defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation, (2) recognizes as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period but are not recognized as components of net periodic benefit cost, (3) measures defined benefit plan assets and defined benefit plan obligations as of the date of its statement of financial position, and (4) discloses additional information in the notes to financial statements about certain effects on net periodic benefit cost in the upcoming fiscal year that arise from delayed recognition of the actuarial gains and losses and the prior service costs and credits. Refer to Note 6, “Employee Benefit Plans”, of these Consolidated Financial Statements for further discussion regarding the Company’s pension plans. | |||||||||||||||||||||||||||||||||||||
The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rates of return on plan assets, the assumed discount rates, assumed rate of compensation increases and life expectancy of participants. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. Pension expense increases as the expected rate of return on pension plan assets decreases. Future changes in plan asset returns, assumed discount rates and various other factors related to the participants in the Company’s pension plans will impact the Company’s future pension expense and liabilities. The Company cannot predict with certainty what these factors will be in the future. | |||||||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||||
The Company computes income tax expense by jurisdiction based on its operations in each jurisdiction. Deferred income taxes are provided for temporary differences between the amounts recognized for income tax and financial reporting purposes at currently enacted tax rates. | |||||||||||||||||||||||||||||||||||||
The Company is periodically reviewed by U.S. domestic and foreign tax authorities regarding the amount of taxes due. These reviews typically include inquiries regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. In evaluating the exposure associated with various filing positions, the Company records estimated reserves. Refer to Note 4, “Income Taxes”, of these Consolidated Financial Statements for further discussion regarding the Company’s accounting for income taxes and its uncertain tax positions for financial accounting purposes. | |||||||||||||||||||||||||||||||||||||
The Company has undistributed earnings from its foreign subsidiaries of approximately $111.8 million as of August 30, 2014. The Company considers these undistributed earnings as indefinitely reinvested and therefore has not provided for U.S. income taxes or foreign withholding taxes. If these earnings were ultimately distributed to the U.S. in the form of dividends or otherwise, or if the shares of its international subsidiaries were sold or transferred, the Company would likely be subject to additional U.S. income taxes, net of the impact of any available foreign tax credits as well as foreign withholding taxes. It is not practicable to estimate the amount of unrecognized deferred U.S. taxes on these undistributed earnings. | |||||||||||||||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||||||||||||||
Advertising costs are expensed as incurred and are classified as selling and administrative expenses. The Company incurred advertising costs of $1.5 million, $1.2 million and $1.5 million for the fiscal years ended August 30, 2014, August 31, 2013 and August 25, 2012, respectively. | |||||||||||||||||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||||||||||||||||
The Company adopted a stock incentive plan (the “1996 Plan”) in November 1996 and reserved 1,500,000 shares of Common Stock for issuance under the 1996 Plan. This plan provided for the issuance of stock options and stock appreciation rights (collectively referred to as “Share-Based Awards”). The Company ceased granting new awards under the 1996 Plan as of January 21, 2011, and the 1996 Plan expired in accordance with its terms on January 8, 2012. The Company adopted a stock incentive plan (the “2010 Plan”) in October 2010 and reserved 600,000 shares of Common Stock for issuance under the 2010 Plan. The 2010 Plan replaced the Company’s 1996 Plan. The 2010 Plan permits the award of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance shares, dividend equivalent rights and cash-based awards. No awards may be made under the 2010 Plan after January 11, 2021. On October 27, 2014, the Board of Directors, subject to the approval of the Company’s shareholders at the 2015 annual meeting, approved an amendment to the 2010 Plan to, among other matters, reserve for issuance an additional 750,000 shares and extend the term of the 2010 Plan by 10 years. Share-based compensation, which includes expense related to Share-Based Awards, unrestricted and restricted stock grants, has been recorded in the accompanying Consolidated Statements of Income in selling and administrative expenses. | |||||||||||||||||||||||||||||||||||||
All Share-Based Awards issued to management were recommended to the Board of Directors by the Compensation Committee and approved by the Board of Directors. All Share-Based Awards and shares of unrestricted stock issued to the Company’s non-employee members of the Board of Directors under the 2010 Plan were recommended to the Board of Directors by the Compensation Committee and approved by the Board of Directors. Share-Based Awards granted to non-employee directors are granted on the third business day following the annual shareholders’ meeting. | |||||||||||||||||||||||||||||||||||||
All Share-Based Awards issued to employees were granted with an exercise price equal to the fair market value of the Company’s Common Stock on the date of grant and are subject to a five-year cliff-vesting schedule under which the awards become fully vested or exercisable after five years from the date of grant and expire ten years after the grant date. Share-Based Awards and shares of unrestricted stock granted to the Company’s non-employee members of the Board of Directors (the “Directors”) are fully vested as of the date of grant. Prior to fiscal 2009, non-employee Director Share-Based Award grants expired ten years from the grant date. Beginning in fiscal 2009, non-employee director Share-Based Award grants expire eight years after the grant date. | |||||||||||||||||||||||||||||||||||||
US GAAP requires that share-based compensation cost be measured at the grant date based on the value of the award and be recognized as expense over the requisite service period, which is generally the vesting period. Determining the fair value of Share-Based Awards at the grant date requires judgment, including estimating expected dividends, share price volatility and the amount of Share-Based Awards that are expected to be forfeited. The fair value of each Share-Based Award is estimated on the date of grant using the Black-Scholes option pricing model. | |||||||||||||||||||||||||||||||||||||
Compensation expense for all Share-Based Awards is recognized ratably over the related vesting period. Certain Share-Based Awards and shares of unrestricted stock were granted during fiscal 2014, 2013 and 2012 to non-employee Directors of the Company, which were fully vested upon grant and, with respect to stock appreciation rights, expire eight years after the grant date. Accordingly, compensation expense related to these Share-Based Awards and shares of unrestricted stock in fiscal 2014, 2013 and 2012 were recognized on the date of grant. | |||||||||||||||||||||||||||||||||||||
The Company recognizes compensation expense for restricted stock grants over the related vesting period. For unrestricted stock grants, compensation expense is recognized on the date of grant. The fair value for each restricted and unrestricted stock grant is determined by using the closing price of the Company’s stock on the date of the grant. Refer to Note 11, “Share-Based Compensation”, of these Consolidated Financial Statements for further discussion regarding the Company’s share-based compensation plans. | |||||||||||||||||||||||||||||||||||||
The fair value of each Share-Based Award is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used: | |||||||||||||||||||||||||||||||||||||
Fiscal year ended August | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.24 | % | 1.54 | % | |||||||||||||||||||||||||||||||
Expected dividend yield | 0.27 | % | 0.41 | % | 0.56 | % | |||||||||||||||||||||||||||||||
Expected life in years | 7.45 | 7.42 | 7.39 | ||||||||||||||||||||||||||||||||||
Expected volatility | 32.9 | % | 33.4 | % | 33.8 | % | |||||||||||||||||||||||||||||||
The weighted average fair values of Share-Based Awards granted during fiscal years 2014, 2013 and 2012 were $39.08, $25.09 and $18.28, respectively. | |||||||||||||||||||||||||||||||||||||
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 Class B Common Stock may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class B Common Stock. Diluted earnings per share for the Company’s Common Stock assumes the conversion of all of the Company’s Class B Common Stock into Common Stock, full vesting of outstanding restricted stock, and the exercise of Share-Based Awards under the Company’s stock-based incentive plans. | |||||||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Net income available to shareholders | $ | 119,925 | $ | 116,685 | $ | 94,989 | |||||||||||||||||||||||||||||||
Allocation of net income for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | $ | 94,849 | $ | 91,916 | $ | 74,643 | |||||||||||||||||||||||||||||||
Class B Common Stock | 23,705 | 22,913 | 18,630 | ||||||||||||||||||||||||||||||||||
Unvested participating shares | 1,371 | 1,856 | 1,716 | ||||||||||||||||||||||||||||||||||
$ | 119,925 | $ | 116,685 | $ | 94,989 | ||||||||||||||||||||||||||||||||
Weighted average number of shares for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | 15,080 | 14,975 | 14,882 | ||||||||||||||||||||||||||||||||||
Class B Common Stock | 4,711 | 4,666 | 4,643 | ||||||||||||||||||||||||||||||||||
Unvested participating shares | 249 | 345 | 391 | ||||||||||||||||||||||||||||||||||
20,040 | 19,986 | 19,916 | |||||||||||||||||||||||||||||||||||
Earnings per share for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | $ | 6.29 | $ | 6.14 | $ | 5.02 | |||||||||||||||||||||||||||||||
Class B Common Stock | $ | 5.03 | $ | 4.91 | $ | 4.01 | |||||||||||||||||||||||||||||||
The Company calculates 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 years ended August 30, 2014, August 31, 2013 and August 25, 2012, 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 as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||
Year Ended August 30, 2014 | Year Ended August 31, 2013 | Year Ended August 25, 2012 | |||||||||||||||||||||||||||||||||||
Earnings | Earnings | Earnings | |||||||||||||||||||||||||||||||||||
to Common | Common | to Common | Common | to Common | Common | ||||||||||||||||||||||||||||||||
shareholders | Shares | EPS | shareholders | Shares | EPS | shareholders | Shares | EPS | |||||||||||||||||||||||||||||
As reported – Basic | $ | 94,849 | 15,080 | $ | 6.29 | $ | 91,916 | 14,975 | $ | 6.14 | $ | 74,643 | 14,882 | $ | 5.02 | ||||||||||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||||||||||||||
Share-Based Awards | — | 148 | — | 148 | — | 91 | |||||||||||||||||||||||||||||||
Class B Common Stock | 23,705 | 4,711 | 22,913 | 4,666 | 18,630 | 4,643 | |||||||||||||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 1,339 | — | 1,810 | — | 1,664 | — | |||||||||||||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (1,267 | ) | — | (1,712 | ) | — | (1,579 | ) | — | ||||||||||||||||||||||||||||
Diluted EPS – Common Stock | $ | 118,626 | 19,939 | $ | 5.95 | $ | 114,927 | 19,789 | $ | 5.81 | $ | 93,358 | 19,616 | $ | 4.76 | ||||||||||||||||||||||
Share-Based Awards that would result in the issuance of 185 shares of Common Stock were excluded from the calculation of diluted earnings per share for the year ended August 30, 2014 because they were anti-dilutive. Share-Based Awards that would result in the issuance of 152 shares of Common Stock were excluded from the calculation of diluted earnings per share for the year ended August 31, 2013 because they were anti-dilutive. There were no shares of common stock that were excluded from the calculation of diluted earnings per share for the year ended August 25, 2012. | |||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||||||||||||
The functional currency of our foreign operations is the local country’s currency. Transaction gains and losses, including gains and losses on our intercompany transactions, are included in other (income) expense in the accompanying Consolidated Statements of Income. Assets and liabilities of operations outside the United States are translated into U.S. dollars using period-end exchange rates. Revenues and expenses are translated at the average exchange rates in effect during each month of the fiscal year. The effects of foreign currency translation adjustments are included in shareholders’ equity as a component of accumulated other comprehensive income in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued updated accounting guidance on revenue recognition. This update provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2016 and allows for either full retrospective or modified retrospective application, with early adoption not permitted. Accordingly, the standard is effective for the Company on August 27, 2017. The Company is currently evaluating the adoption method it will apply and the impact that this guidance will have on its financial statements and related disclosures. | |||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued accounting guidance about an entity’s ability to continue as a going concern. This update defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. This guidance is effective for annual periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures. |
Note_2_Acquisitions
Note 2 - Acquisitions | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||
2. Acquisitions | |||||||||||||
During the fiscal year ended August 30, 2014, the Company completed seven acquisitions with an aggregate purchase price of approximately $3.6 million. The results of operations of these acquisitions have been included in the Company’s consolidated financial results since their respective acquisition dates. None of these acquisitions were significant in relation to the Company’s consolidated financial results and, therefore, pro forma financial information has not been presented. | |||||||||||||
Aggregate information relating to the acquisition of businesses which were accounted for as purchases is as follows (in thousands, except number of businesses acquired): | |||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Number of businesses acquired | 7 | 7 | — | ||||||||||
Tangible assets acquired | $ | 949 | $ | 7,494 | $ | — | |||||||
Intangible assets and goodwill acquired | 2,686 | 23,326 | — | ||||||||||
Liabilities assumed | — | (106 | ) | — | |||||||||
Acquisition of businesses | $ | 3,635 | $ | 30,714 | $ | — | |||||||
Tangible assets acquired primarily relate to accounts receivable, inventory, prepaid expenses and property, plant and equipment. Liabilities assumed primarily relate to accounts payable and accrued liabilities. | |||||||||||||
The amount assigned to intangible assets acquired was based on their respective fair values determined as of the acquisition date. The excess of the purchase price over the tangible and intangible assets was recorded as goodwill. In fiscal 2014 and 2013 all of the goodwill was allocated to the US and Canadian Rental and Cleaning segment and was deductible for tax purposes. Goodwill is not being amortized and is tested for impairment as required, at least annually. |
Note_3_Fair_Value_Measurements
Note 3 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||
3. 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. We considered non-performance risk when determining fair value of our derivative financial instruments. | |||||||||||||||||
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 August 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 47,552 | $ | — | $ | — | $ | 47,552 | |||||||||
Pension plan assets | — | 5,008 | — | 5,008 | |||||||||||||
Total | $ | 47,552 | $ | 5,008 | $ | — | $ | 52,560 | |||||||||
As of August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 33,325 | $ | — | $ | — | $ | 33,325 | |||||||||
Pension plan assets | — | 4,939 | — | 4,939 | |||||||||||||
Total | $ | 33,325 | $ | 4,939 | $ | — | $ | 38,264 | |||||||||
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. | |||||||||||||||||
The Company’s pension plan assets listed above represent guaranteed deposit accounts that are maintained and operated by Prudential Retirement Insurance and Annuity Company (“PRIAC”). All assets are merged with the general assets of PRIAC and are invested predominantly in privately placed securities and mortgages. At the beginning of each calendar year, PRIAC notifies the Company of the annual rates of interest which will be applied to the amounts held in the guaranteed deposit account during the next calendar year. In determining the interest rate to be applied, PRIAC considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the Company is guaranteed a minimum rate of return. Refer to Note 6, “Employee Benefit Plans”, of these Consolidated Financial Statements for further discussion regarding the Company’s pension plan assets listed in the above table. |
Note_4_Income_Taxes
Note 4 - Income Taxes | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
4. Income Taxes | |||||||||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 54,005 | $ | 39,455 | $ | 43,470 | |||||||
Foreign | 3,480 | 3,999 | 3,604 | ||||||||||
State | 9,216 | 6,722 | 8,066 | ||||||||||
Total current | $ | 66,701 | $ | 50,176 | $ | 55,140 | |||||||
Deferred: | |||||||||||||
Federal | $ | 6,838 | $ | 17,514 | $ | 540 | |||||||
Foreign | 59 | 151 | 90 | ||||||||||
State | 1,828 | 3,083 | (25 | ) | |||||||||
Total deferred | $ | 8,725 | $ | 20,748 | $ | 605 | |||||||
Total | $ | 75,426 | $ | 70,924 | $ | 55,745 | |||||||
The following table reconciles the provision for income taxes using the statutory federal income tax rate to the actual provision for income taxes (in thousands): | |||||||||||||
August 30, | August 31, | August 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Income taxes at the statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes | 3.8 | 3.5 | 3.5 | ||||||||||
Adjustments to tax reserves | 0.1 | -0.1 | -0.6 | ||||||||||
Foreign tax rate differential | -0.5 | -0.8 | -1 | ||||||||||
Permanent and other | 0.2 | 0.2 | 0.1 | ||||||||||
Total | 38.6 | % | 37.8 | % | 37 | % | |||||||
The tax effect of items giving rise to the Company’s deferred tax assets and liabilities is as follows (in thousands): | |||||||||||||
August 30, | August 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Payroll and benefit related | $ | 16,216 | $ | 16,524 | |||||||||
Insurance related | 13,935 | 13,073 | |||||||||||
Environmental | 7,765 | 7,133 | |||||||||||
Other | 13,682 | 11,421 | |||||||||||
Total deferred tax assets | $ | 51,598 | $ | 48,151 | |||||||||
Deferred Tax Liabilities | |||||||||||||
Tax in excess of book depreciation | $ | 37,152 | $ | 42,512 | |||||||||
Purchased intangible assets | 31,100 | 28,632 | |||||||||||
Rental merchandise in service | 52,745 | 38,722 | |||||||||||
Total deferred tax liabilities | 120,997 | 109,866 | |||||||||||
Net deferred tax liability | $ | 69,399 | $ | 61,715 | |||||||||
The Company has evaluated its deferred tax assets and believes that they will be fully recovered. As a result, the Company has not established a valuation allowance. The Company’s deferred liability related to rental merchandise in service increased from $38.7 million as of August 31, 2013 to $52.7 million as of August 30, 2014 as a result of a change in tax regulations which impacted the timing of certain allowable deductions. | |||||||||||||
As of August 30, 2014 and August 31, 2013, there was $0.8 million and $0.7 million, respectively, in total unrecognized tax benefits, which if recognized, would favorably impact the Company’s effective tax rate. 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. As of August 30, 2014, the Company had accrued a total of $0.1 million in interest and penalties, in its long-term accrued liabilities. For the year ended August 30, 2014, the Company recognized a nominal expense in its accompanying Consolidated Statement of Income related to interest and penalties. For the year ended August 31, 2013, the Company recognized a nominal benefit in its accompanying Consolidated Statement of Income related to interest and penalties. For the year ended August 25, 2012, the Company recognized a benefit in its accompanying Consolidated Statement of Income related to interest and penalties totaling $0.5 million. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
Balance at August 25, 2012 | $ | 1,051 | |||||||||||
Additions based on tax positions related to the current year | 350 | ||||||||||||
Statute expirations | (475 | ) | |||||||||||
Balance at August 31, 2013 | $ | 926 | |||||||||||
Additions based on tax positions related to the current year | 430 | ||||||||||||
Statute expirations | (186 | ) | |||||||||||
Balance at August 30, 2014 | $ | 1,170 | |||||||||||
The Company has a significant portion of its operations in the United States and Canada. It is required to file federal income tax returns as well as state income tax returns in a majority of the U.S. states and also in the Canadian provinces of Alberta, British Columbia, Ontario, Saskatchewan, Quebec and New Brunswick. At times, the Company is subject to audits in these jurisdictions, which typically are complex and can require several years to resolve. The final resolution of any such tax audits could result in either a reduction in the Company’s accruals or an increase in its income tax provision, both of which could have a material impact on the consolidated results of operations in any given period. | |||||||||||||
U.S. and Canadian federal income tax statutes have lapsed for filings up to and including fiscal years 2010 and 2006, 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 2009. 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_5_Loans_Payable_and_Longt
Note 5 - Loans Payable and Long-term Debt | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
5. Loans Payable and Long-term Debt | |||||||||
Loans payable and long-term debt outstanding on the accompanying Consolidated Balance Sheets are as follows (in thousands): | |||||||||
August 30, | August 31, | ||||||||
2014 | 2013 | ||||||||
Series D, floating rate notes due September 2013 bearing interest at LIBOR plus 50 basis points, which was 0.77% as of August 31, 2013. | $ | — | $ | 100,000 | |||||
Other | 7,859 | 11,408 | |||||||
Long-term debt | 7,859 | 111,408 | |||||||
Less – loans payable and current maturities of long-term debt | 7,704 | 111,253 | |||||||
$ | 155 | $ | 155 | ||||||
Aggregate maturities of loan payable and long-term debt for the five fiscal years subsequent to August 30, 2014 and thereafter are as follows (in thousands): | |||||||||
2015 | $ | 7,704 | |||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
2019 | — | ||||||||
Thereafter | 155 | ||||||||
Total | $ | 7,859 | |||||||
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 August 30, 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 August 30, 2014, the Company had no outstanding borrowings, outstanding letters of credit amounting to $49.6 million and $200.4 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 August 30, 2014, the Company was in compliance with all covenants under the Credit Agreement. |
Note_6_Employee_Benefit_Plans
Note 6 - Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||
6. 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 years ended August 30, 2014, August 31, 2013 and August 25, 2012 were $16.4 million, $17.0 million and $11.5 million, respectively. | |||||||||||||||||||||||||
Pension Plans and Supplemental Executive Retirement Plans | |||||||||||||||||||||||||
The Company accounts for its pension plans and Supplemental Executive Retirement Plan on an accrual basis over employees’ estimated service periods. | |||||||||||||||||||||||||
The Company (1) recognizes in its statement of financial position the over-funded or under-funded status of its defined benefit postretirement plans measured as the difference between the fair value of plan assets and the benefit obligation, (2) recognizes as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period but are not recognized as components of net periodic benefit cost, (3) measures defined benefit plan assets and defined benefit plan obligations as of the date of its statement of financial position, and (4) discloses additional information in the notes to financial statements about certain effects on net periodic benefit cost in the upcoming fiscal year that arise from delayed recognition of the actuarial gains and losses and the prior service costs and credits. | |||||||||||||||||||||||||
The Company maintains an unfunded Supplemental Executive Retirement Plan (“SERP”) for certain eligible employees of the Company. The benefits are based on the employee’s compensation upon retirement. The amount charged to expense related to this plan amounted to approximately $2.1 million, $1.9 million and $1.8 million for the fiscal years ended 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The Company maintains a non-contributory defined benefit pension plan (“UniFirst Plan”) covering union employees at one of its locations. The benefits are based on years of service. The UniFirst Plan assets are invested in a Guaranteed Deposit Account (“GDA”) that is maintained and operated by Prudential Retirement Insurance and Annuity Company (“PRIAC”). All assets are merged with the general assets of PRIAC and are invested predominantly in privately placed securities and mortgages. At the beginning of each calendar year, PRIAC notifies the Company of the annual rates of interest which will be applied to the amounts held in the Guaranteed Deposit Account during the next calendar year. In determining the interest rate to be applied, PRIAC considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the annual interest rate applied per the contract must be a minimum of 3.25%. The amount charged to expense related to this plan amounted to approximately $0.4 million, $0.4 million and $0.3 million for fiscal years ended 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
In connection with one of the Company’s acquisitions, the Company assumed liabilities related to a frozen pension plan covering many of the acquired Company’s former employees (“Textilease Plan”). The pension benefits are based on years of service and the employee’s compensation. The Textilease Plan assets are held in a separate GDA with PRIAC; however the minimum interest rate per the Textilease Plan contract is 1.5%. The amount charged to expense related to this plan amounted to approximately $0.2 million, $0.1 million and $0.1 million for fiscal years ended 2014, 2013 and 2012, respectively | |||||||||||||||||||||||||
The Company refers to its UniFirst Plan and Textilease Plan collectively as its “Pension Plans”. | |||||||||||||||||||||||||
The components of net periodic benefit cost related to the Company’s Pension Plans and SERP for the years ended August 30, 2014, August 31, 2013 and August 25, 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 172 | $ | 178 | $ | 152 | $ | 615 | $ | 547 | $ | 512 | |||||||||||||
Interest cost | 328 | 268 | 322 | 942 | 912 | 858 | |||||||||||||||||||
Expected return on assets | (183 | ) | (198 | ) | (199 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 62 | 62 | 62 | 368 | 368 | 368 | |||||||||||||||||||
Amortization of unrecognized loss | 113 | 138 | 65 | 151 | 104 | 107 | |||||||||||||||||||
Other events | 72 | 44 | 43 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 564 | $ | 492 | $ | 445 | $ | 2,076 | $ | 1,931 | $ | 1,845 | |||||||||||||
The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rates of return on plan assets, the assumed discount rate, the assumed rate of compensation increases and life expectancy of participants. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. Pension expense increases as the expected rate of return on pension plan assets decreases. Future changes in plan asset returns, assumed discount rates and various other factors related to the participants in the Company’s pension plans will impact its future pension expense and liabilities. The Company cannot predict with certainty what these factors will be in the future. | |||||||||||||||||||||||||
The Company’s obligations and funded status related to its Pension Plans and SERP as of August 30, 2014 and August 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 7,954 | $ | 8,301 | $ | 18,110 | $ | 16,399 | |||||||||||||||||
Service cost | 172 | 178 | 615 | 547 | |||||||||||||||||||||
Interest cost | 328 | 268 | 942 | 912 | |||||||||||||||||||||
Actuarial (gain) loss | 708 | (379 | ) | 2,272 | 827 | ||||||||||||||||||||
Benefits paid | (198 | ) | (259 | ) | (655 | ) | (575 | ) | |||||||||||||||||
Settlements | (209 | ) | (155 | ) | — | — | |||||||||||||||||||
Projected benefit obligation, end of year | $ | 8,755 | $ | 7,954 | $ | 21,284 | $ | 18,110 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 4,939 | $ | 5,114 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 154 | 33 | — | — | |||||||||||||||||||||
Employer contributions | 322 | 206 | — | — | |||||||||||||||||||||
Benefits paid | (198 | ) | (259 | ) | — | — | |||||||||||||||||||
Settlements | (209 | ) | (155 | ) | — | — | |||||||||||||||||||
Fair value of plan assets, end of year | $ | 5,008 | $ | 4,939 | $ | — | $ | — | |||||||||||||||||
Funded status (net amount recognized): | $ | (3,747 | ) | $ | (3,015 | ) | $ | (21,284 | ) | $ | (18,110 | ) | |||||||||||||
As of August 30, 2014 and August 31, 2013, the accumulated benefit obligations for the Company’s Pension Plans were $8.8 million and $8.0 million, respectively. As of August 30, 2014 and August 31, 2013, the accumulated benefit obligations for the Company’s SERP were $17.0 million and $14.4 million, respectively. | |||||||||||||||||||||||||
The amounts recorded on the Consolidated Balance Sheet for the Company’s Pension Plans and SERP as of August 30, 2014 and August 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Deferred tax assets | $ | 1,097 | $ | 913 | $ | 2,193 | $ | 1,665 | |||||||||||||||||
Accrued liabilities | $ | 3,747 | $ | 3,015 | $ | 21,284 | $ | 18,110 | |||||||||||||||||
Accumulated other comprehensive loss | $ | (1,753 | ) | $ | (1,458 | ) | $ | (3,503 | ) | $ | (2,660 | ) | |||||||||||||
As of August 30, 2014 and August 31, 2013, the amounts recognized in accumulated other comprehensive income for the Company’s Pension Plans and SERP (in thousands): | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss | $ | (1,534 | ) | $ | (1,201 | ) | $ | (3,016 | ) | $ | (1,947 | ) | |||||||||||||
Unrecognized prior service cost | (219 | ) | (257 | ) | (487 | ) | (713 | ) | |||||||||||||||||
$ | (1,753 | ) | $ | (1,458 | ) | $ | (3,503 | ) | $ | (2,660 | ) | ||||||||||||||
The weighted average assumptions used in calculating the Company’s projected benefit obligation as of August 30, 2014 and August 31, 2013, were as follows: | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.6 | % | 4.3 | % | 3.8 | % | 4.6 | % | |||||||||||||||||
Rate of compensation increase | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||
The weighted average assumptions used in calculating the Company’s net periodic service cost for the years ended August 30, 2014, August 31, 2013 and August 25, 2012, were as follows: | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate | 4.3 | % | 3.3 | % | 4.6 | % | 4.6 | % | 3.6 | % | 4.9 | % | |||||||||||||
Expected return on plan assets | 4 | % | 4 | % | 4 | % | N/A | N/A | N/A | ||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 5 | % | 5 | % | 5 | % | ||||||||||||||||
The following benefit payments, which reflect expected future service, that are expected to be paid for the five fiscal years subsequent to August 30, 2014 and thereafter are as follows (in thousands): | |||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2015 | $ | 510 | $ | 761 | |||||||||||||||||||||
2016 | 398 | 929 | |||||||||||||||||||||||
2017 | 383 | 936 | |||||||||||||||||||||||
2018 | 290 | 960 | |||||||||||||||||||||||
2019 | 639 | 1,015 | |||||||||||||||||||||||
Thereafter | 6,535 | 16,683 | |||||||||||||||||||||||
$ | 8,755 | $ | 21,284 | ||||||||||||||||||||||
Note_7_Goodwill_and_Other_Inta
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
7. Goodwill and Other Intangible Assets | |||||||||||||||||
As discussed in Note 2, Acquisitions, when the Company acquires a business the amount assigned to the tangible assets and liabilities and intangible assets acquired is based on their respective fair values determined as of the acquisition date. The excess of the purchase price over the tangible assets and liabilities and intangible assets is recorded as goodwill. The following details the changes in the Company’s intangible assets and goodwill related to the Company’s acquisitions as well as its asset purchases for the years ended August 30, 2014 and August 31, 2013 as well as the respective periods over which the assets will be amortized (in thousands, except weighted average life in years). These amounts include additional payments associated with prior year acquisitions as well as changes to acquisition purchase allocations that had not been finalized as of the end of the prior fiscal year: | |||||||||||||||||
Year ended | August 30, | Weighted Average | August 31, | Weighted Average | |||||||||||||
2014 | Life in Years | 2013 | Life in Years | ||||||||||||||
Goodwill | $ | 1,404 | N/A | $ | 14,448 | N/A | |||||||||||
Customer contracts | 1,141 | 12.9 | 8,146 | 15 | |||||||||||||
Other intangible assets | 179 | 6.7 | 732 | 5 | |||||||||||||
Total intangible assets and goodwill acquired | $ | 2,724 | $ | 23,326 | |||||||||||||
The Company does not amortize goodwill, but it is reviewed annually or more frequently if certain indicators arise, for impairment. There were no impairment losses related to goodwill or intangible assets during the years ended August 30, 2014, August 31, 2013 or August 25, 2012. | |||||||||||||||||
The changes in the carrying amount of goodwill are as follows (in thousands): | |||||||||||||||||
Balance as of August 25, 2012 | $ | 288,137 | |||||||||||||||
Goodwill recorded during the period | 14,448 | ||||||||||||||||
Other | (222 | ) | |||||||||||||||
Balance as of August 31, 2013 | $ | 302,363 | |||||||||||||||
Goodwill recorded during the period | 1,404 | ||||||||||||||||
Other | (119 | ) | |||||||||||||||
Balance as of August 30, 2014 | $ | 303,648 | |||||||||||||||
As of August 30, 2014, the Company has allocated $298.9 million, $4.1 million and $0.6 million of goodwill to its US and Canadian Rental and Cleaning, Specialty Garments and First Aid segments, respectively. | |||||||||||||||||
Intangible assets, net in the Company’s accompanying Consolidated Balance Sheets are as follows (in thousands): | |||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||||||
Amount | Amortization | Amount | |||||||||||||||
30-Aug-14 | |||||||||||||||||
Customer contracts | $ | 153,730 | $ | 113,520 | $ | 40,210 | |||||||||||
Other intangible assets | 28,670 | 27,403 | 1,267 | ||||||||||||||
$ | 182,400 | $ | 140,923 | $ | 41,477 | ||||||||||||
31-Aug-13 | |||||||||||||||||
Customer contracts | $ | 152,672 | $ | 105,275 | $ | 47,397 | |||||||||||
Other intangible assets | 28,517 | 26,570 | 1,947 | ||||||||||||||
$ | 181,189 | $ | 131,845 | $ | 49,344 | ||||||||||||
Estimated amortization expense for the five fiscal years subsequent to August 30, 2014 and thereafter, based on intangible assets, net as of August 30, 2014 is as follows (in thousands): | |||||||||||||||||
2015 | $ | 8,390 | |||||||||||||||
2016 | 7,469 | ||||||||||||||||
2017 | 6,793 | ||||||||||||||||
2018 | 6,272 | ||||||||||||||||
2019 | 3,559 | ||||||||||||||||
Thereafter | 8,994 | ||||||||||||||||
$ | 41,477 | ||||||||||||||||
Note_8_Accrued_Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Accrued Liabilities [Text Block] | ' | ||||||||
8. Accrued Liabilities | |||||||||
Accrued liabilities in the accompanying Consolidated Balance Sheet consists of the following (in thousands): | |||||||||
August 30, | August 31, | ||||||||
2014 | 2013 | ||||||||
Current liabilities: | |||||||||
Payroll and benefit related | $ | 48,978 | $ | 47,361 | |||||
Insurance related | 37,683 | 36,095 | |||||||
Environmental related | 5,046 | 5,158 | |||||||
Other | 9,111 | 6,968 | |||||||
$ | 100,818 | $ | 95,582 | ||||||
Long-term liabilities: | |||||||||
Benefit related | $ | 23,760 | $ | 19,719 | |||||
Environmental related | 14,800 | 14,522 | |||||||
Asset retirement obligations | 11,675 | 10,796 | |||||||
$ | 50,235 | $ | 45,037 | ||||||
Total accrued liabilities | $ | 151,053 | $ | 140,619 | |||||
Note_9_Asset_Retirement_Obliga
Note 9 - Asset Retirement Obligations | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset Retirement Obligation Disclosure [Text Block] | ' | ||||||||
9. Asset Retirement Obligations | |||||||||
Asset retirement obligations generally applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. Accordingly, 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. | |||||||||
The Company recognized as a liability the present value of the estimated future costs to decommission its nuclear laundry facilities. The estimated liability is based on historical experience in decommissioning nuclear laundry facilities, estimated useful lives of the underlying assets, external vendor estimates as to the cost to decommission these assets in the future, and federal and state regulatory requirements. The estimated current costs have been adjusted for the estimated impact of inflation at 3% per year. The liability has been discounted using credit-adjusted risk-free rates that range from approximately 7.0% to 7.5% over seven to thirty years. Revisions to the liability could occur due to changes in the Company’s estimated useful lives of the underlying assets, estimated dates of decommissioning, changes in decommissioning costs, changes in federal or state regulatory guidance on the decommissioning of such facilities, or other changes in estimates. Changes due to revised estimates will be recognized by adjusting the carrying amount of the liability and the related long-lived asset if the assets are still in service, or charged to expense in the period if the assets are no longer in service. | |||||||||
A reconciliation of the Company’s asset retirement liabilities is as follows (in thousands): | |||||||||
August 30, | August 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 10,796 | $ | 10,120 | |||||
Accretion expense | 941 | 676 | |||||||
Effect of exchange rate changes | (62 | ) | — | ||||||
Ending balance | $ | 11,675 | $ | 10,796 | |||||
Asset retirement obligations are included in long-term accrued liabilities in the accompanying Consolidated Balance Sheets. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
10. Commitments and Contingencies | |||||||||||||||||||||||||||||
Lease Commitments | |||||||||||||||||||||||||||||
The Company leases certain buildings and equipment from independent parties. Total rent expense on all leases was $9.9 million, $8.7 million and $7.7 million for the fiscal years ended 2014, 2013 and 2012, respectively. Annual minimum lease commitments for the five years subsequent to August 30, 2014 and thereafter are as follows (in thousands): | |||||||||||||||||||||||||||||
2015 | $ | 7,720 | |||||||||||||||||||||||||||
2016 | 6,151 | ||||||||||||||||||||||||||||
2017 | 4,498 | ||||||||||||||||||||||||||||
2018 | 2,897 | ||||||||||||||||||||||||||||
2019 | 1,689 | ||||||||||||||||||||||||||||
Thereafter | 1,722 | ||||||||||||||||||||||||||||
$ | 24,677 | ||||||||||||||||||||||||||||
Environmental and Legal 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, the input of the Company’s attorneys and outside consultants or other 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 a 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 is also in discussions with EPA concerning its invoices for oversight costs with respect to the Woburn site and the Central Area. 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 of the Somerville site. | |||||||||||||||||||||||||||||
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 August 30, 2014, the risk-free interest rates utilized by the Company ranged from 2.4% to 3.1%. | |||||||||||||||||||||||||||||
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 accompanying Consolidated Statements of Income. The changes to the Company’s environmental liabilities for the years ended August 30, 2014 and August 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||
Year ended | August 30, | August 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning balance | $ | 19,680 | $ | 20,020 | |||||||||||||||||||||||||
Costs incurred for which reserves have been provided | (2,913 | ) | (1,862 | ) | |||||||||||||||||||||||||
Insurance proceeds | 687 | 282 | |||||||||||||||||||||||||||
Interest accretion | 716 | 542 | |||||||||||||||||||||||||||
Changes in discount rates | 1,080 | (1,585 | ) | ||||||||||||||||||||||||||
Revisions in estimates | 596 | 2,283 | |||||||||||||||||||||||||||
Ending balance | $ | 19,846 | $ | 19,680 | |||||||||||||||||||||||||
Anticipated payments and insurance proceeds of currently identified environmental remediation liabilities as of August 30, 2014, for the next five fiscal years and thereafter, as measured in current dollars, are reflected below. | |||||||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Estimated costs – current dollars | $ | 5,219 | $ | 1,915 | $ | 1,663 | $ | 745 | $ | 863 | $ | 12,407 | $ | 22,812 | |||||||||||||||
Estimated insurance proceeds | (173 | ) | (159 | ) | (173 | ) | (159 | ) | (173 | ) | (1,430 | ) | (2,267 | ) | |||||||||||||||
Net anticipated costs | $ | 5,046 | $ | 1,756 | $ | 1,490 | $ | 586 | $ | 690 | $ | 10,977 | $ | 20,545 | |||||||||||||||
Effect of inflation | 7,075 | ||||||||||||||||||||||||||||
Effect of discounting | (7,774 | ) | |||||||||||||||||||||||||||
Balance as of August 30, 2014 | $ | 19,846 | |||||||||||||||||||||||||||
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 August 30, 2014, the balance in this escrow account, which is held in a trust and is not recorded in the Company’s accompanying Consolidated Balance Sheet, was approximately $2.9 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, the Company is a defendant in hundreds of lawsuits relating to New England Compounding Center’s (“NECC”) 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 allegedly seriously injured as a result of this outbreak. These suits against the Company relate to the limited, once-a-month cleaning services the Company provided to portions of NECC’s cleanroom facilities. | |||||||||||||||||||||||||||||
In February 2013, suits against NECC were transferred to a multi-district litigation (“MDL”) proceeding in federal court in Boston, Massachusetts. The MDL court appointed the Plaintiffs’ Steering Committee (“PSC”) for the NECC litigation. | |||||||||||||||||||||||||||||
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 October 17, 2014, the Company has either received demand letters from or been named as a defendant in suits relating to approximately 650 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. In early October 2014, the Company, together with its insurers, engaged in a mediation with the PSC in an attempt to settle these suits. The parties were unable to reach a settlement in this mediation. Although settlement discussions may resume in the future, no assurances can be given that any settlement will be reached in this matter. At the present time, the Company believes that if it is able to reach a satisfactory settlement in this matter, its insurance coverage with respect to these claims should be sufficient. However, if the Company does not reach a satisfactory settlement and is found to be liable with respect to claims brought against it relating to NECC that are not covered by the Company’s insurance or exceed such insurance coverage, the Company may incur liabilities that are material to its financial condition and operating results. 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. Given the uncertainty regarding the possibility of any settlement occurring, and the uncertainty associated with any other resolution of these suits, the Company is unable to reasonably assess an estimate or range of estimates of any potential losses. | |||||||||||||||||||||||||||||
Other Contingent Liabilities | |||||||||||||||||||||||||||||
As security for certain agreements with the NRC and various state agencies related to the nuclear operations (see above) and certain insurance programs, the Company had standby irrevocable bank commercial letters of credit of $49.6 million and $47.1 million outstanding as of August 30, 2014 and August 31, 2013, respectively. |
Note_11_Sharebased_Compensatio
Note 11 - Share-based Compensation | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
11. Share-based Compensation | |||||||||||||
In fiscal 2014, 2013 and 2012, a total of 583, 1,590 and 3,153 shares of unrestricted stock, respectively, were granted to some of the Company’s non-employee directors. Accordingly, compensation expense related to the 2014, 2013 and 2012 unrestricted stock was recognized on the date of grant. | |||||||||||||
In fiscal 2014, 2013 and 2012, the Company granted a total of 4,700, 6,570 and 8,620 stock appreciation rights, respectively, under the 2010 Plan to the Company’s non-employee directors. Such stock appreciation rights were fully vested upon grant, expire on the earlier of the eighth anniversary of the grant date or the second anniversary of the date that the director ceases to be a member of the Board of Directors and must be settled in stock at the time of exercise. Accordingly, compensation expense related to the stock appreciation rights were recognized on the date of grant. | |||||||||||||
On April 5, 2010, the Company entered into a Restricted Stock Award Agreement (the “Performance Criteria Restricted Stock Award Agreement”) with its Chief Executive Officer (“CEO”) pursuant to which the Company granted 350,000 shares (the “Performance Restricted Shares”) of restricted common stock to the CEO. The Performance Restricted Shares were earned when the Company achieved certain consolidated revenues and adjusted operating margins as set forth in the Performance Criteria Restricted Stock Award Agreement during certain performance periods in fiscal 2010, fiscal 2011 and fiscal 2012 as set forth in such agreement (collectively, the “Performance Criteria”). The Performance Restricted Shares earned upon achievement of the Performance Criteria will vest in four equal amounts on the third, fourth, fifth and sixth anniversaries of the grant date provided that the CEO continues to be employed by the Company on each such date. As the Company believed that it was probable that the Performance Criteria would be met, compensation expense began being recognized as of the grant date of these shares. As required by accounting rules, the Company is recognizing compensation expense for each vesting tranche of the Performance Restricted Shares ratably from the service inception date to the vesting date for each tranche. In the event Mr. Croatti’s employment with the Company is terminated by the Company without cause or by reason of his death or disability, the Performance Restricted Shares that have not yet vested will automatically vest in full. | |||||||||||||
Also on April 5, 2010, the Company entered into a Restricted Stock Award Agreement (the “Restricted Stock Award Agreement”) with the CEO pursuant to which the Company granted 50,000 shares (the “Restricted Shares”) of restricted common stock to the CEO. The Restricted Shares vest in equal amounts on each of the first six anniversaries of the grant date provided that the CEO continues to be employed by the Company on each such date. Compensation expense related to the Restricted Shares is being recognized ratably over the vesting period. In the event Mr. Croatti’s employment with the Company is terminated by the Company without cause or by reason of his death or disability, the Restricted Shares that have not yet vested will automatically vest in full. | |||||||||||||
For the Performance Criteria Restricted Stock Award Agreement and the Restricted Stock Award Agreement, the fair value of the restricted shares was the closing price on April 5, 2010, which was $51.39. | |||||||||||||
Compensation expense for all share-based compensation, which includes Share-Based Awards and restricted stock grants, for the five fiscal years subsequent to August 30, 2014, is expected to be as follows (in thousands): | |||||||||||||
Share-Based Awards | Restricted Stock | Total | |||||||||||
2015 | $ | 1,859 | $ | 1,697 | $ | 3,556 | |||||||
2016 | 1,513 | 680 | 2,193 | ||||||||||
2017 | 1,227 | — | 1,227 | ||||||||||
2018 | 821 | — | 821 | ||||||||||
2019 | 133 | — | 133 | ||||||||||
Total | $ | 5,553 | $ | 2,377 | $ | 7,930 | |||||||
As of August 30, 2014, the total compensation cost not yet recognized related to non-vested share-based compensation grants was approximately $7.9 million. The weighted average periods over which compensation cost for Share-Based Awards and restricted stock will be recognized are 2.3 years and 1.1 years, respectively. | |||||||||||||
The following table summarizes the Share-Based Award activity for the fiscal year ended August 30, 2014: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding, August 31, 2013 | 584,540 | $ | 48.47 | ||||||||||
Granted | 129,200 | 103.16 | |||||||||||
Exercised | (89,638 | ) | 34.26 | ||||||||||
Forfeited | (5,500 | ) | 58.53 | ||||||||||
Outstanding, August 30, 2014 | 618,602 | $ | 61.86 | ||||||||||
Exercisable, August 30, 2014 | 85,902 | $ | 47.36 | ||||||||||
Note_12_Shareholders_Equity
Note 12 - Shareholders' Equity | 12 Months Ended |
Aug. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
12. Shareholders’ Equity | |
The Company has two classes of common stock: Common Stock and Class B Common Stock. Each share of Common Stock is entitled to one vote, is freely transferable, and is entitled to a cash dividend equal to 125% of any cash dividend paid on each share of Class B Common Stock. Each share of Class B Common Stock is entitled to ten votes and can be converted to Common Stock on a share-for-share basis. However, until converted to Common Stock, shares of Class B Common Stock are not freely transferable. For the year ended August 30, 2014, a total of 12,758 shares of Class B Common Stock were converted to Common Stock. |
Note_13_Accumulated_Other_Comp
Note 13 - Accumulated Other Comprehensive (Loss) Income | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
13. Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The changes in each component of accumulated other comprehensive (loss) income, net of tax, are as follows (in thousands): | |||||||||||||
Foreign | Pension- related | Total | |||||||||||
Currency Translation | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance, August 25, 2012 | $ | 11,644 | $ | (4,373 | ) | $ | 7,271 | ||||||
Change during the year | (6,081 | ) | 255 | (5,826 | ) | ||||||||
Balance, August 31, 2013 | 5,563 | (4,118 | ) | 1,445 | |||||||||
Change during the year | (2,852 | ) | (1,126 | ) | (3,978 | ) | |||||||
Balance, August 30, 2014 | $ | 2,711 | $ | (5,244 | ) | $ | (2,533 | ) | |||||
Note_14_Segment_Reporting
Note 14 - Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
14. 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 primarily 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): | |||||||||||||||||||||||||||||||||
As of and for the year ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
30-Aug-14 | Canadian | MFG Elim | Core Laundry | Garments | |||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,244,408 | $ | 183,340 | $ | (183,340 | ) | $ | 15,077 | $ | 1,259,485 | $ | 91,484 | $ | 43,928 | $ | 1,394,897 | ||||||||||||||||
Income (loss) from operations | $ | 209,497 | $ | 63,675 | $ | (3,777 | ) | $ | (87,145 | ) | $ | 182,250 | $ | 7,178 | $ | 3,847 | $ | 193,275 | |||||||||||||||
Interest (income) expense, net | $ | (3,077 | ) | $ | — | $ | — | $ | 718 | $ | (2,359 | ) | $ | — | $ | — | $ | (2,359 | ) | ||||||||||||||
Income (loss) before taxes | $ | 212,551 | $ | 63,540 | $ | (3,777 | ) | $ | (87,897 | ) | $ | 184,417 | $ | 7,087 | $ | 3,847 | $ | 195,351 | |||||||||||||||
Depreciation and amortization | $ | 49,116 | $ | 1,306 | $ | — | $ | 15,751 | $ | 66,173 | $ | 4,646 | $ | 933 | $ | 71,752 | |||||||||||||||||
Capital expenditures | $ | 86,430 | $ | 2,264 | $ | — | $ | — | $ | 88,694 | $ | 1,847 | $ | 1,267 | $ | 91,808 | |||||||||||||||||
Total assets | $ | 1,286,984 | $ | 38,066 | $ | — | $ | — | $ | 1,325,050 | $ | 77,037 | $ | 22,074 | $ | 1,424,161 | |||||||||||||||||
As of and for the year ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
31-Aug-13 | Canadian | MFG Elim | Core Laundry | Garments | |||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,200,286 | $ | 170,867 | $ | (170,867 | ) | $ | 14,079 | $ | 1,214,365 | $ | 96,688 | $ | 44,462 | $ | 1,355,515 | ||||||||||||||||
Income (loss) from operations | $ | 200,852 | $ | 61,896 | $ | (9,729 | ) | $ | (82,357 | ) | $ | 170,662 | $ | 10,539 | $ | 5,002 | $ | 186,203 | |||||||||||||||
Interest (income) expense, net | $ | (2,944 | ) | $ | — | $ | — | $ | 1,394 | $ | (1,550 | ) | $ | — | $ | — | $ | (1,550 | ) | ||||||||||||||
Income (loss) before taxes | $ | 203,798 | $ | 61,749 | $ | (9,729 | ) | $ | (83,783 | ) | $ | 172,035 | $ | 10,572 | $ | 5,002 | $ | 187,609 | |||||||||||||||
Depreciation and amortization | $ | 46,793 | $ | 1,033 | $ | — | $ | 15,296 | $ | 63,122 | $ | 5,114 | $ | 1,371 | $ | 69,607 | |||||||||||||||||
Capital expenditures | $ | 97,519 | $ | 3,559 | $ | — | $ | — | $ | 101,078 | $ | 1,962 | $ | 486 | $ | 103,526 | |||||||||||||||||
Total assets | $ | 1,241,924 | $ | 31,781 | $ | — | $ | — | $ | 1,273,705 | $ | 79,640 | $ | 21,517 | $ | 1,374,862 | |||||||||||||||||
As of and for the year ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
25-Aug-12 | Canadian | MFG Elim | Core Laundry | Garments | |||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,099,421 | $ | 160,421 | $ | (160,421 | ) | $ | 12,902 | $ | 1,112,323 | $ | 102,758 | $ | 41,208 | $ | 1,256,289 | ||||||||||||||||
Income (loss) from operations | $ | 164,793 | $ | 50,036 | $ | (5,168 | ) | $ | (76,376 | ) | $ | 133,285 | $ | 13,460 | $ | 4,363 | $ | 151,108 | |||||||||||||||
Interest (income) expense, net | $ | (2,535 | ) | $ | — | $ | — | $ | 1,929 | $ | (606 | ) | $ | — | $ | — | $ | (606 | ) | ||||||||||||||
Income (loss) before taxes | $ | 167,284 | $ | 50,101 | $ | (5,168 | ) | $ | (78,345 | ) | $ | 133,872 | $ | 12,499 | $ | 4,363 | $ | 150,734 | |||||||||||||||
Depreciation and amortization | $ | 43,501 | $ | 1,133 | $ | — | $ | 15,599 | $ | 60,233 | $ | 4,788 | $ | 1,418 | $ | 66,439 | |||||||||||||||||
Capital expenditures | $ | 66,526 | $ | 1,306 | $ | — | $ | — | $ | 67,832 | $ | 6,044 | $ | 673 | $ | 74,549 | |||||||||||||||||
Total assets | $ | 1,108,362 | $ | 28,099 | $ | — | $ | — | $ | 1,136,461 | $ | 83,137 | $ | 20,936 | $ | 1,240,534 | |||||||||||||||||
The Company’s long-lived assets as of August 30, 2014 and August 31, 2013 and revenues and income before income taxes for the years ended August 30, 2014, August 31, 2013 and August 25, 2012 were attributed to the following countries (in thousands): | |||||||||||||||||||||||||||||||||
Long-lived assets as of: | 30-Aug-14 | 31-Aug-13 | |||||||||||||||||||||||||||||||
United States | $ | 781,478 | $ | 769,121 | |||||||||||||||||||||||||||||
Europe, Canada, Mexico and Nicaragua (1) | 53,393 | 44,347 | |||||||||||||||||||||||||||||||
Total | $ | 834,871 | $ | 813,468 | |||||||||||||||||||||||||||||
Revenues for the year ended: | 30-Aug-14 | 31-Aug-13 | 25-Aug-12 | ||||||||||||||||||||||||||||||
United States | $ | 1,258,609 | $ | 1,223,534 | $ | 1,144,753 | |||||||||||||||||||||||||||
Europe and Canada (1) | 136,288 | 131,981 | 111,536 | ||||||||||||||||||||||||||||||
Total | $ | 1,394,897 | $ | 1,355,515 | $ | 1,256,289 | |||||||||||||||||||||||||||
Income before income taxes for the year ended: | 30-Aug-14 | 31-Aug-13 | 25-Aug-12 | ||||||||||||||||||||||||||||||
United States | $ | 182,354 | $ | 171,899 | $ | 134,651 | |||||||||||||||||||||||||||
Europe, Canada, Mexico and Nicaragua (1) | 12,997 | 15,710 | 16,083 | ||||||||||||||||||||||||||||||
Total | $ | 195,351 | $ | 187,609 | $ | 150,734 | |||||||||||||||||||||||||||
-1 | No country accounts for greater than 10% of total long-lived assets, revenues or income before income taxes | ||||||||||||||||||||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is a summary of the results of operations for each of the quarters within the years ended August 30, 2014 and August 31, 2013. This quarterly financial information was prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which were, in the opinion of management, necessary for a fair statement of results in the interim periods. This summary should be read in conjunction with these Consolidated Financial Statements and notes to Consolidated Financial Statements. | |||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
For the year ended August 30, 2014 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 346,704 | $ | 343,967 | $ | 352,238 | $ | 351,988 | |||||||||
Income before income taxes | 56,356 | 41,224 | 50,114 | 47,657 | |||||||||||||
Provision for income taxes | 21,894 | 15,577 | 19,170 | 18,785 | |||||||||||||
Net income | $ | 34,462 | $ | 25,647 | $ | 30,944 | $ | 28,872 | |||||||||
Income per share – basic | |||||||||||||||||
Common Stock | $ | 1.81 | $ | 1.34 | $ | 1.62 | $ | 1.51 | |||||||||
Class B Common Stock | $ | 1.45 | $ | 1.08 | $ | 1.3 | $ | 1.21 | |||||||||
Income per share – diluted | |||||||||||||||||
Common Stock | $ | 1.71 | $ | 1.27 | $ | 1.53 | $ | 1.43 | |||||||||
Income allocated to – basic | |||||||||||||||||
Common Stock | $ | 27,208 | $ | 20,267 | $ | 24,493 | $ | 22,876 | |||||||||
Class B Common Stock | $ | 6,798 | $ | 5,041 | $ | 6,127 | $ | 5,742 | |||||||||
Income allocated to – diluted | |||||||||||||||||
Common Stock | $ | 34,031 | $ | 25,326 | $ | 30,637 | $ | 28,631 | |||||||||
Weighted average number of shares outstanding – basic | |||||||||||||||||
Common Stock | 15,029 | 15,077 | 15,102 | 15,113 | |||||||||||||
Class B Common Stock | 4,693 | 4,687 | 4,722 | 4,741 | |||||||||||||
Weighted average number of shares outstanding – diluted | |||||||||||||||||
Common Stock | 19,891 | 19,924 | 19,977 | 20,007 | |||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
For the year ended August 31, 2013 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 332,569 | $ | 334,306 | $ | 335,764 | $ | 352,876 | |||||||||
Income before income taxes | 50,426 | 43,215 | 45,831 | 48,137 | |||||||||||||
Provision for income taxes | 19,666 | 16,573 | 17,109 | 17,576 | |||||||||||||
Net income | $ | 30,760 | $ | 26,642 | $ | 28,722 | $ | 30,561 | |||||||||
Income per share – basic | |||||||||||||||||
Common Stock | $ | 1.62 | $ | 1.4 | $ | 1.51 | $ | 1.61 | |||||||||
Class B Common Stock | $ | 1.3 | $ | 1.12 | $ | 1.21 | $ | 1.29 | |||||||||
Income per share – diluted | |||||||||||||||||
Common Stock | $ | 1.54 | $ | 1.33 | $ | 1.43 | $ | 1.52 | |||||||||
Income allocated to – basic | |||||||||||||||||
Common Stock | $ | 24,191 | $ | 20,963 | $ | 22,638 | $ | 24,123 | |||||||||
Class B Common Stock | $ | 6,025 | $ | 5,209 | $ | 5,647 | $ | 6,033 | |||||||||
Income allocated to – diluted | |||||||||||||||||
Common Stock | $ | 30,244 | $ | 26,196 | $ | 28,307 | $ | 30,178 | |||||||||
Weighted average number of shares outstanding – basic | |||||||||||||||||
Common Stock | 14,925 | 14,962 | 14,993 | 15,017 | |||||||||||||
Class B Common Stock | 4,647 | 4,647 | 4,675 | 4,694 | |||||||||||||
Weighted average number of shares outstanding – diluted | |||||||||||||||||
Common Stock | 19,693 | 19,747 | 19,820 | 19,882 | |||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||
FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED | |||||||||||||||||
AUGUST 30, 2014 (IN THOUSANDS) | |||||||||||||||||
Description | Balance, | Charged to | Charges for | Balance, | |||||||||||||
Beginning of | Costs and | Which Reserves | End of | ||||||||||||||
Period | Expenses | Were Created | Period | ||||||||||||||
or Deductions | |||||||||||||||||
Reserves for Accounts Receivable | |||||||||||||||||
For the year ended August 30, 2014 | $ | 4,894 | $ | 4,378 | $ | (4,158 | ) | $ | 5,114 | ||||||||
For the year ended August 31, 2013 | $ | 5,152 | $ | 3,939 | $ | (4,197 | ) | $ | 4,894 | ||||||||
For the year ended August 25, 2012 | $ | 4,201 | $ | 6,221 | $ | (5,270 | ) | $ | 5,152 | ||||||||
Reserve for Obsolete Inventory | |||||||||||||||||
For the year ended August 30, 2014 | $ | 2,018 | $ | 535 | $ | (640 | ) | $ | 1,913 | ||||||||
For the year ended August 31, 2013 | $ | 2,322 | $ | 251 | $ | (555 | ) | $ | 2,018 | ||||||||
For the year ended August 25, 2012 | $ | 1,410 | $ | 1,465 | $ | (553 | ) | $ | 2,322 | ||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies, by Policy (Policies) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Business Description | |||||||||||||||||||||||||||||||||||||
UniFirst Corporation (the “Company”) is one of the largest providers of workplace uniforms and protective clothing in the United States. The Company designs, manufactures, personalizes, rents, cleans, delivers, and sells a wide range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, aprons and specialized protective wear, such as flame resistant and high visibility garments. The Company also rents and sells industrial wiping products, floor mats, facility service products and other non-garment items, and provides restroom and cleaning supplies and first aid cabinet services and other safety supplies, to a variety of manufacturers, retailers and service companies. | |||||||||||||||||||||||||||||||||||||
The Company serves businesses of all sizes in numerous industry categories. Typical customers include automobile service centers and dealers, delivery services, food and general merchandise retailers, food processors and service operations, light manufacturers, maintenance facilities, restaurants, service companies, soft and durable goods wholesalers, transportation companies, and others who require employee clothing for image, identification, protection or utility purposes. The Company also provides its customers with restroom and cleaning supplies, including air fresheners, paper products and hand soaps. | |||||||||||||||||||||||||||||||||||||
At certain specialized facilities, the Company decontaminates and cleans work clothes and other items that may have been exposed to radioactive materials and services special cleanroom protective wear. Typical customers for these specialized services include government agencies, research and development laboratories, high technology companies and utility providers operating nuclear reactors. | |||||||||||||||||||||||||||||||||||||
As discussed and described in Note 14, “Segment Reporting”, to these Consolidated Financial Statements, the Company has five reporting segments: US and Canadian Rental and Cleaning, Manufacturing (“MFG”), Specialty Garments Rental and Cleaning (“Specialty Garments”), First Aid and Corporate. The operations of the US and Canadian Rental and Cleaning reporting segment are referred to by the Company as its “industrial laundry operations” and the locations related to this reporting segment are referred to as “industrial laundries”. The Company refers to its US and Canadian Rental and Cleaning, MFG, and Corporate segments combined as its “Core Laundry Operations”. | |||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany balances and transactions are eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||||||
The Company has recorded certain immaterial classification adjustments to its August 31, 2013 balance sheet as well as its August 31, 2013 and August 25, 2012 statement of cash flows. These classification adjustments did not impact current or historical net income, shareholders' equity or net cash provided by operating activities. | |||||||||||||||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||||||
The preparation of these Consolidated Financial Statements is in conformity with accounting principles generally accepted in the United States (“US GAAP”) which requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. These estimates are based on historical information, current trends, and information available from other sources. Actual results could differ from these estimates. | |||||||||||||||||||||||||||||||||||||
Fiscal Period, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||||||||||
The Company’s fiscal year ends on the last Saturday in August. For financial reporting purposes, fiscal 2014 consisted of 52 weeks, fiscal 2013 consisted of 53 weeks and fiscal 2012 consisted of 52 weeks. The additional week was included in the fourth quarter of fiscal 2013. | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents include cash in banks and bank short-term investments with maturities of less than ninety days. | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||||||||||||||
The Company’s financial instruments, which may expose the Company to concentrations of credit risk, include cash and cash equivalents, receivables, accounts payable, loans payable and long-term debt. Each of these financial instruments is recorded at cost, which approximates its fair value given the short maturity of each financial instrument. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Revenue Recognition and Allowance for Doubtful Accounts | |||||||||||||||||||||||||||||||||||||
The Company recognizes revenue from rental operations in the period in which the services are provided. Direct sales revenue is recognized in the period in which the services are performed or when the product is shipped. Management judgments and estimates are used in determining the collectability of accounts receivable and evaluating the adequacy of the allowance for doubtful accounts. The Company considers specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances as part of its evaluation. Changes in estimates are reflected in the period they become known. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Material changes in its estimates may result in significant differences in the amount and timing of bad debt expense recognition for any given period. Revenues do not include taxes we collect from our customers and remit to governmental authorities. | |||||||||||||||||||||||||||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Inventories and Rental Merchandise in Service | |||||||||||||||||||||||||||||||||||||
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 August 30, 2014 and August 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
August 30, | August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Raw materials | $ | 19,053 | $ | 16,673 | |||||||||||||||||||||||||||||||||
Work in process | 3,759 | 2,366 | |||||||||||||||||||||||||||||||||||
Finished goods | 56,046 | 55,312 | |||||||||||||||||||||||||||||||||||
Total inventories | $ | 78,858 | $ | 74,351 | |||||||||||||||||||||||||||||||||
Rental merchandise in service is amortized, primarily on a straight-line basis, over the estimated service lives of the merchandise, which range from 6 to 36 months. In establishing estimated lives for merchandise in service, management considers historical experience and the intended use of the merchandise. Material differences may result in the amount and timing of operating profit for any period if management makes significant changes to these estimates. | |||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Property, plant and equipment | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are expensed as incurred, while expenditures for renewals and betterments are capitalized. The Company provides for depreciation on the straight-line method based on the following estimated useful lives: | |||||||||||||||||||||||||||||||||||||
Buildings (in years) | 30 | - | 40 | ||||||||||||||||||||||||||||||||||
Building components (in years) | 10 | - | 20 | ||||||||||||||||||||||||||||||||||
Leasehold improvements | Shorter of useful life or term of lease | ||||||||||||||||||||||||||||||||||||
Machinery and equipment (in years) | 3 | - | 10 | ||||||||||||||||||||||||||||||||||
Motor vehicles (in years) | 3 | - | 5 | ||||||||||||||||||||||||||||||||||
Long-lived assets, including property, plant and equipment, are evaluated for impairment whenever events or circumstances indicate an asset may be impaired. There have been no material impairments of long-lived assets in fiscal 2014, 2013 or 2012. | |||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||||||||||
In accordance with US GAAP, the Company does not amortize goodwill. Instead, current accounting guidance requires that companies test goodwill for impairment on an annual basis. Management completes its annual goodwill impairment test in the fourth quarter of each fiscal year. In addition, US GAAP requires that companies test goodwill if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit to which goodwill is assigned below its carrying amount. The Company’s evaluation considers changes in the operating environment, competitive information, market trends, operating performance and cash flow modeling. | |||||||||||||||||||||||||||||||||||||
The Company cannot predict future economic conditions and their impact on the Company or the future market value of the Company’s stock. A decline in the Company’s market capitalization and/or deterioration in general economic conditions could negatively and materially impact the Company’s assumptions and assessment of the fair value of the Company’s business. If general economic conditions or the Company’s financial performance deteriorate, the Company may be required to record a goodwill impairment charge in the future which could have a material impact on the Company’s financial condition and results of operations. | |||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets are amortized over their useful lives, which are based on management’s estimates of the period that the assets will generate economic benefits. Definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable in accordance with US GAAP. There were no impairments of goodwill or indicators of impairment for definite-lived intangible assets in fiscal 2014, 2013 or 2012. | |||||||||||||||||||||||||||||||||||||
As of August 30, 2014, definite-lived intangible assets have a weighted average useful life of approximately 14.6 years. Customer contracts have a weighted average useful life of approximately 14.9 years and other intangible assets, net, which consist of primarily, restrictive covenants, deferred financing costs and trademarks, have a weighted average useful life of approximately 4.5 years. | |||||||||||||||||||||||||||||||||||||
Environmental Costs, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Environmental and Other Contingencies | |||||||||||||||||||||||||||||||||||||
The Company is subject to legal proceedings and claims arising from the conduct of its business operations, including environmental matters, personal injury, customer contract matters and employment claims. Accounting principles generally accepted in the United States require that a liability for contingencies be recorded when it is probable that a liability has occurred 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. The Company records accruals for environmental and other contingencies based on enacted laws, regulatory orders or decrees, the Company’s estimates of costs, insurance proceeds, participation by other parties, the timing of payments, and the input of outside consultants and attorneys. | |||||||||||||||||||||||||||||||||||||
The estimated liability for environmental contingencies has been discounted as of August 30, 2014 using risk-free interest rates ranging from 2.4 % to 3.1% over periods ranging from ten to thirty years. The estimated current costs, net of legal settlements with insurance carriers, have been adjusted for the estimated impact of inflation at 3% per year. Changes in enacted laws, regulatory orders or decrees, management’s estimates of costs, risk-free interest rates, insurance proceeds, participation by other parties, the timing of payments, the input of the Company’s attorneys and outside consultants or other factual circumstances could have a material impact on the amounts recorded for environmental and other contingent liabilities. Refer to Note 10, “Commitments and Contingencies”, of these Consolidated Financial Statements for additional discussion and analysis. | |||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations and Environmental Cost, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||||||||||||||||||
Under US GAAP, asset retirement obligations generally apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. 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 has recognized as a liability the present value of the estimated future costs to decommission its nuclear laundry facilities. The Company depreciates, 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. | |||||||||||||||||||||||||||||||||||||
The estimated liability has been based on historical experience in decommissioning nuclear laundry facilities, estimated useful lives of the underlying assets, external vendor estimates as to the cost to decommission these assets in the future, and federal and state regulatory requirements. The estimated current costs have been adjusted for the estimated impact of inflation at 3% per year. The liability has been discounted using credit-adjusted risk-free rates that range from approximately 7.0 % to 7.5 %. Revisions to the liability could occur due to changes in the Company’s estimated useful lives of the underlying assets, estimated dates of decommissioning, changes in decommissioning costs, changes in federal or state regulatory guidance on the decommissioning of such facilities, or other changes in estimates. Changes due to revised estimates will be recognized by adjusting the carrying amount of the liability and the related long-lived asset if the assets are still in service, or charged to expense in the period if the assets are no longer in service. | |||||||||||||||||||||||||||||||||||||
Insurance [Policy Text Block] | 'InsuranceThe Company is self-insured for certain obligations related to health, workers’ compensation, vehicles and general liability programs. The Company also purchases stop-loss insurance policies to protect itself from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for events that have occurred, but have not been reported. The Company’s estimates consider historical claims experience and other factors. The Company’s liabilities are based on estimates, and, while the Company believes that its accruals are adequate, the ultimate liability may be significantly different from the amounts recorded. Changes in claims experience, the Company’s ability to settle claims or other estimates and judgments used by management could have a material impact on the amount and timing of expense for any period. | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Supplemental Executive Retirement Plan and other Pension Plans | |||||||||||||||||||||||||||||||||||||
Pension expense is recognized on an accrual basis over employees’ estimated service periods. Pension expense is generally independent of funding decisions or requirements. | |||||||||||||||||||||||||||||||||||||
The Company (1) recognizes in its statement of financial position the over-funded or under-funded status of its defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation, (2) recognizes as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period but are not recognized as components of net periodic benefit cost, (3) measures defined benefit plan assets and defined benefit plan obligations as of the date of its statement of financial position, and (4) discloses additional information in the notes to financial statements about certain effects on net periodic benefit cost in the upcoming fiscal year that arise from delayed recognition of the actuarial gains and losses and the prior service costs and credits. Refer to Note 6, “Employee Benefit Plans”, of these Consolidated Financial Statements for further discussion regarding the Company’s pension plans. | |||||||||||||||||||||||||||||||||||||
The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rates of return on plan assets, the assumed discount rates, assumed rate of compensation increases and life expectancy of participants. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. Pension expense increases as the expected rate of return on pension plan assets decreases. Future changes in plan asset returns, assumed discount rates and various other factors related to the participants in the Company’s pension plans will impact the Company’s future pension expense and liabilities. The Company cannot predict with certainty what these factors will be in the future. | |||||||||||||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||||
The Company computes income tax expense by jurisdiction based on its operations in each jurisdiction. Deferred income taxes are provided for temporary differences between the amounts recognized for income tax and financial reporting purposes at currently enacted tax rates. | |||||||||||||||||||||||||||||||||||||
The Company is periodically reviewed by U.S. domestic and foreign tax authorities regarding the amount of taxes due. These reviews typically include inquiries regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. In evaluating the exposure associated with various filing positions, the Company records estimated reserves. Refer to Note 4, “Income Taxes”, of these Consolidated Financial Statements for further discussion regarding the Company’s accounting for income taxes and its uncertain tax positions for financial accounting purposes. | |||||||||||||||||||||||||||||||||||||
The Company has undistributed earnings from its foreign subsidiaries of approximately $111.8 million as of August 30, 2014. The Company considers these undistributed earnings as indefinitely reinvested and therefore has not provided for U.S. income taxes or foreign withholding taxes. If these earnings were ultimately distributed to the U.S. in the form of dividends or otherwise, or if the shares of its international subsidiaries were sold or transferred, the Company would likely be subject to additional U.S. income taxes, net of the impact of any available foreign tax credits as well as foreign withholding taxes. It is not practicable to estimate the amount of unrecognized deferred U.S. taxes on these undistributed earnings. | |||||||||||||||||||||||||||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||||||||||||||
Advertising costs are expensed as incurred and are classified as selling and administrative expenses. The Company incurred advertising costs of $1.5 million, $1.2 million and $1.5 million for the fiscal years ended August 30, 2014, August 31, 2013 and August 25, 2012, respectively. | |||||||||||||||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||||||||||||||||
The Company adopted a stock incentive plan (the “1996 Plan”) in November 1996 and reserved 1,500,000 shares of Common Stock for issuance under the 1996 Plan. This plan provided for the issuance of stock options and stock appreciation rights (collectively referred to as “Share-Based Awards”). The Company ceased granting new awards under the 1996 Plan as of January 21, 2011, and the 1996 Plan expired in accordance with its terms on January 8, 2012. The Company adopted a stock incentive plan (the “2010 Plan”) in October 2010 and reserved 600,000 shares of Common Stock for issuance under the 2010 Plan. The 2010 Plan replaced the Company’s 1996 Plan. The 2010 Plan permits the award of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance shares, dividend equivalent rights and cash-based awards. No awards may be made under the 2010 Plan after January 11, 2021. On October 27, 2014, the Board of Directors, subject to the approval of the Company’s shareholders at the 2015 annual meeting, approved an amendment to the 2010 Plan to, among other matters, reserve for issuance an additional 750,000 shares and extend the term of the 2010 Plan by 10 years. Share-based compensation, which includes expense related to Share-Based Awards, unrestricted and restricted stock grants, has been recorded in the accompanying Consolidated Statements of Income in selling and administrative expenses. | |||||||||||||||||||||||||||||||||||||
All Share-Based Awards issued to management were recommended to the Board of Directors by the Compensation Committee and approved by the Board of Directors. All Share-Based Awards and shares of unrestricted stock issued to the Company’s non-employee members of the Board of Directors under the 2010 Plan were recommended to the Board of Directors by the Compensation Committee and approved by the Board of Directors. Share-Based Awards granted to non-employee directors are granted on the third business day following the annual shareholders’ meeting. | |||||||||||||||||||||||||||||||||||||
All Share-Based Awards issued to employees were granted with an exercise price equal to the fair market value of the Company’s Common Stock on the date of grant and are subject to a five-year cliff-vesting schedule under which the awards become fully vested or exercisable after five years from the date of grant and expire ten years after the grant date. Share-Based Awards and shares of unrestricted stock granted to the Company’s non-employee members of the Board of Directors (the “Directors”) are fully vested as of the date of grant. Prior to fiscal 2009, non-employee Director Share-Based Award grants expired ten years from the grant date. Beginning in fiscal 2009, non-employee director Share-Based Award grants expire eight years after the grant date. | |||||||||||||||||||||||||||||||||||||
US GAAP requires that share-based compensation cost be measured at the grant date based on the value of the award and be recognized as expense over the requisite service period, which is generally the vesting period. Determining the fair value of Share-Based Awards at the grant date requires judgment, including estimating expected dividends, share price volatility and the amount of Share-Based Awards that are expected to be forfeited. The fair value of each Share-Based Award is estimated on the date of grant using the Black-Scholes option pricing model. | |||||||||||||||||||||||||||||||||||||
Compensation expense for all Share-Based Awards is recognized ratably over the related vesting period. Certain Share-Based Awards and shares of unrestricted stock were granted during fiscal 2014, 2013 and 2012 to non-employee Directors of the Company, which were fully vested upon grant and, with respect to stock appreciation rights, expire eight years after the grant date. Accordingly, compensation expense related to these Share-Based Awards and shares of unrestricted stock in fiscal 2014, 2013 and 2012 were recognized on the date of grant. | |||||||||||||||||||||||||||||||||||||
The Company recognizes compensation expense for restricted stock grants over the related vesting period. For unrestricted stock grants, compensation expense is recognized on the date of grant. The fair value for each restricted and unrestricted stock grant is determined by using the closing price of the Company’s stock on the date of the grant. Refer to Note 11, “Share-Based Compensation”, of these Consolidated Financial Statements for further discussion regarding the Company’s share-based compensation plans. | |||||||||||||||||||||||||||||||||||||
The fair value of each Share-Based Award is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used: | |||||||||||||||||||||||||||||||||||||
Fiscal year ended August | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.24 | % | 1.54 | % | |||||||||||||||||||||||||||||||
Expected dividend yield | 0.27 | % | 0.41 | % | 0.56 | % | |||||||||||||||||||||||||||||||
Expected life in years | 7.45 | 7.42 | 7.39 | ||||||||||||||||||||||||||||||||||
Expected volatility | 32.9 | % | 33.4 | % | 33.8 | % | |||||||||||||||||||||||||||||||
The weighted average fair values of Share-Based Awards granted during fiscal years 2014, 2013 and 2012 were $39.08, $25.09 and $18.28, respectively. | |||||||||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||||||||||||
The functional currency of our foreign operations is the local country’s currency. Transaction gains and losses, including gains and losses on our intercompany transactions, are included in other (income) expense in the accompanying Consolidated Statements of Income. Assets and liabilities of operations outside the United States are translated into U.S. dollars using period-end exchange rates. Revenues and expenses are translated at the average exchange rates in effect during each month of the fiscal year. The effects of foreign currency translation adjustments are included in shareholders’ equity as a component of accumulated other comprehensive income in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued updated accounting guidance on revenue recognition. This update provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2016 and allows for either full retrospective or modified retrospective application, with early adoption not permitted. Accordingly, the standard is effective for the Company on August 27, 2017. The Company is currently evaluating the adoption method it will apply and the impact that this guidance will have on its financial statements and related disclosures. | |||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued accounting guidance about an entity’s ability to continue as a going concern. This update defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. This guidance is effective for annual periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures. | |||||||||||||||||||||||||||||||||||||
The 2010 Plan [Member] | ' | ||||||||||||||||||||||||||||||||||||
Accounting Policies, by Policy (Policies) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||||||||||||
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 Class B Common Stock may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class B Common Stock. Diluted earnings per share for the Company’s Common Stock assumes the conversion of all of the Company’s Class B Common Stock into Common Stock, full vesting of outstanding restricted stock, and the exercise of Share-Based Awards under the Company’s stock-based incentive plans. | |||||||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Net income available to shareholders | $ | 119,925 | $ | 116,685 | $ | 94,989 | |||||||||||||||||||||||||||||||
Allocation of net income for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | $ | 94,849 | $ | 91,916 | $ | 74,643 | |||||||||||||||||||||||||||||||
Class B Common Stock | 23,705 | 22,913 | 18,630 | ||||||||||||||||||||||||||||||||||
Unvested participating shares | 1,371 | 1,856 | 1,716 | ||||||||||||||||||||||||||||||||||
$ | 119,925 | $ | 116,685 | $ | 94,989 | ||||||||||||||||||||||||||||||||
Weighted average number of shares for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | 15,080 | 14,975 | 14,882 | ||||||||||||||||||||||||||||||||||
Class B Common Stock | 4,711 | 4,666 | 4,643 | ||||||||||||||||||||||||||||||||||
Unvested participating shares | 249 | 345 | 391 | ||||||||||||||||||||||||||||||||||
20,040 | 19,986 | 19,916 | |||||||||||||||||||||||||||||||||||
Earnings per share for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | $ | 6.29 | $ | 6.14 | $ | 5.02 | |||||||||||||||||||||||||||||||
Class B Common Stock | $ | 5.03 | $ | 4.91 | $ | 4.01 | |||||||||||||||||||||||||||||||
The Company calculates 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 years ended August 30, 2014, August 31, 2013 and August 25, 2012, 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 as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||
Year Ended August 30, 2014 | Year Ended August 31, 2013 | Year Ended August 25, 2012 | |||||||||||||||||||||||||||||||||||
Earnings | Earnings | Earnings | |||||||||||||||||||||||||||||||||||
to Common | Common | to Common | Common | to Common | Common | ||||||||||||||||||||||||||||||||
shareholders | Shares | EPS | shareholders | Shares | EPS | shareholders | Shares | EPS | |||||||||||||||||||||||||||||
As reported – Basic | $ | 94,849 | 15,080 | $ | 6.29 | $ | 91,916 | 14,975 | $ | 6.14 | $ | 74,643 | 14,882 | $ | 5.02 | ||||||||||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||||||||||||||
Share-Based Awards | — | 148 | — | 148 | — | 91 | |||||||||||||||||||||||||||||||
Class B Common Stock | 23,705 | 4,711 | 22,913 | 4,666 | 18,630 | 4,643 | |||||||||||||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 1,339 | — | 1,810 | — | 1,664 | — | |||||||||||||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (1,267 | ) | — | (1,712 | ) | — | (1,579 | ) | — | ||||||||||||||||||||||||||||
Diluted EPS – Common Stock | $ | 118,626 | 19,939 | $ | 5.95 | $ | 114,927 | 19,789 | $ | 5.81 | $ | 93,358 | 19,616 | $ | 4.76 | ||||||||||||||||||||||
Share-Based Awards that would result in the issuance of 185 shares of Common Stock were excluded from the calculation of diluted earnings per share for the year ended August 30, 2014 because they were anti-dilutive. Share-Based Awards that would result in the issuance of 152 shares of Common Stock were excluded from the calculation of diluted earnings per share for the year ended August 31, 2013 because they were anti-dilutive. There were no shares of common stock that were excluded from the calculation of diluted earnings per share for the year ended August 25, 2012. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
August 30, | August 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Raw materials | $ | 19,053 | $ | 16,673 | |||||||||||||||||||||||||||||||||
Work in process | 3,759 | 2,366 | |||||||||||||||||||||||||||||||||||
Finished goods | 56,046 | 55,312 | |||||||||||||||||||||||||||||||||||
Total inventories | $ | 78,858 | $ | 74,351 | |||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Buildings (in years) | 30 | - | 40 | ||||||||||||||||||||||||||||||||||
Building components (in years) | 10 | - | 20 | ||||||||||||||||||||||||||||||||||
Leasehold improvements | Shorter of useful life or term of lease | ||||||||||||||||||||||||||||||||||||
Machinery and equipment (in years) | 3 | - | 10 | ||||||||||||||||||||||||||||||||||
Motor vehicles (in years) | 3 | - | 5 | ||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Fiscal year ended August | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.24 | % | 1.54 | % | |||||||||||||||||||||||||||||||
Expected dividend yield | 0.27 | % | 0.41 | % | 0.56 | % | |||||||||||||||||||||||||||||||
Expected life in years | 7.45 | 7.42 | 7.39 | ||||||||||||||||||||||||||||||||||
Expected volatility | 32.9 | % | 33.4 | % | 33.8 | % | |||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Net income available to shareholders | $ | 119,925 | $ | 116,685 | $ | 94,989 | |||||||||||||||||||||||||||||||
Allocation of net income for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | $ | 94,849 | $ | 91,916 | $ | 74,643 | |||||||||||||||||||||||||||||||
Class B Common Stock | 23,705 | 22,913 | 18,630 | ||||||||||||||||||||||||||||||||||
Unvested participating shares | 1,371 | 1,856 | 1,716 | ||||||||||||||||||||||||||||||||||
$ | 119,925 | $ | 116,685 | $ | 94,989 | ||||||||||||||||||||||||||||||||
Weighted average number of shares for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | 15,080 | 14,975 | 14,882 | ||||||||||||||||||||||||||||||||||
Class B Common Stock | 4,711 | 4,666 | 4,643 | ||||||||||||||||||||||||||||||||||
Unvested participating shares | 249 | 345 | 391 | ||||||||||||||||||||||||||||||||||
20,040 | 19,986 | 19,916 | |||||||||||||||||||||||||||||||||||
Earnings per share for Basic: | |||||||||||||||||||||||||||||||||||||
Common Stock | $ | 6.29 | $ | 6.14 | $ | 5.02 | |||||||||||||||||||||||||||||||
Class B Common Stock | $ | 5.03 | $ | 4.91 | $ | 4.01 | |||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Year Ended August 30, 2014 | Year Ended August 31, 2013 | Year Ended August 25, 2012 | |||||||||||||||||||||||||||||||||||
Earnings | Earnings | Earnings | |||||||||||||||||||||||||||||||||||
to Common | Common | to Common | Common | to Common | Common | ||||||||||||||||||||||||||||||||
shareholders | Shares | EPS | shareholders | Shares | EPS | shareholders | Shares | EPS | |||||||||||||||||||||||||||||
As reported – Basic | $ | 94,849 | 15,080 | $ | 6.29 | $ | 91,916 | 14,975 | $ | 6.14 | $ | 74,643 | 14,882 | $ | 5.02 | ||||||||||||||||||||||
Add: effect of dilutive potential common shares | |||||||||||||||||||||||||||||||||||||
Share-Based Awards | — | 148 | — | 148 | — | 91 | |||||||||||||||||||||||||||||||
Class B Common Stock | 23,705 | 4,711 | 22,913 | 4,666 | 18,630 | 4,643 | |||||||||||||||||||||||||||||||
Add: Undistributed earnings allocated to unvested participating shares | 1,339 | — | 1,810 | — | 1,664 | — | |||||||||||||||||||||||||||||||
Less: Undistributed earnings reallocated to unvested participating shares | (1,267 | ) | — | (1,712 | ) | — | (1,579 | ) | — | ||||||||||||||||||||||||||||
Diluted EPS – Common Stock | $ | 118,626 | 19,939 | $ | 5.95 | $ | 114,927 | 19,789 | $ | 5.81 | $ | 93,358 | 19,616 | $ | 4.76 |
Note_2_Acquisitions_Tables
Note 2 - Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Number of businesses acquired | 7 | 7 | — | ||||||||||
Tangible assets acquired | $ | 949 | $ | 7,494 | $ | — | |||||||
Intangible assets and goodwill acquired | 2,686 | 23,326 | — | ||||||||||
Liabilities assumed | — | (106 | ) | — | |||||||||
Acquisition of businesses | $ | 3,635 | $ | 30,714 | $ | — |
Note_3_Fair_Value_Measurements1
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
As of August 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 47,552 | $ | — | $ | — | $ | 47,552 | |||||||||
Pension plan assets | — | 5,008 | — | 5,008 | |||||||||||||
Total | $ | 47,552 | $ | 5,008 | $ | — | $ | 52,560 | |||||||||
As of August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 33,325 | $ | — | $ | — | $ | 33,325 | |||||||||
Pension plan assets | — | 4,939 | — | 4,939 | |||||||||||||
Total | $ | 33,325 | $ | 4,939 | $ | — | $ | 38,264 |
Note_4_Income_Taxes_Tables
Note 4 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year ended | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 54,005 | $ | 39,455 | $ | 43,470 | |||||||
Foreign | 3,480 | 3,999 | 3,604 | ||||||||||
State | 9,216 | 6,722 | 8,066 | ||||||||||
Total current | $ | 66,701 | $ | 50,176 | $ | 55,140 | |||||||
Deferred: | |||||||||||||
Federal | $ | 6,838 | $ | 17,514 | $ | 540 | |||||||
Foreign | 59 | 151 | 90 | ||||||||||
State | 1,828 | 3,083 | (25 | ) | |||||||||
Total deferred | $ | 8,725 | $ | 20,748 | $ | 605 | |||||||
Total | $ | 75,426 | $ | 70,924 | $ | 55,745 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
August 30, | August 31, | August 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Income taxes at the statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes | 3.8 | 3.5 | 3.5 | ||||||||||
Adjustments to tax reserves | 0.1 | -0.1 | -0.6 | ||||||||||
Foreign tax rate differential | -0.5 | -0.8 | -1 | ||||||||||
Permanent and other | 0.2 | 0.2 | 0.1 | ||||||||||
Total | 38.6 | % | 37.8 | % | 37 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
August 30, | August 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Payroll and benefit related | $ | 16,216 | $ | 16,524 | |||||||||
Insurance related | 13,935 | 13,073 | |||||||||||
Environmental | 7,765 | 7,133 | |||||||||||
Other | 13,682 | 11,421 | |||||||||||
Total deferred tax assets | $ | 51,598 | $ | 48,151 | |||||||||
Deferred Tax Liabilities | |||||||||||||
Tax in excess of book depreciation | $ | 37,152 | $ | 42,512 | |||||||||
Purchased intangible assets | 31,100 | 28,632 | |||||||||||
Rental merchandise in service | 52,745 | 38,722 | |||||||||||
Total deferred tax liabilities | 120,997 | 109,866 | |||||||||||
Net deferred tax liability | $ | 69,399 | $ | 61,715 | |||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
Balance at August 25, 2012 | $ | 1,051 | |||||||||||
Additions based on tax positions related to the current year | 350 | ||||||||||||
Statute expirations | (475 | ) | |||||||||||
Balance at August 31, 2013 | $ | 926 | |||||||||||
Additions based on tax positions related to the current year | 430 | ||||||||||||
Statute expirations | (186 | ) | |||||||||||
Balance at August 30, 2014 | $ | 1,170 |
Note_5_Loans_Payable_and_Longt1
Note 5 - Loans Payable and Long-term Debt (Tables) | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
August 30, | August 31, | ||||||||
2014 | 2013 | ||||||||
Series D, floating rate notes due September 2013 bearing interest at LIBOR plus 50 basis points, which was 0.77% as of August 31, 2013. | $ | — | $ | 100,000 | |||||
Other | 7,859 | 11,408 | |||||||
Long-term debt | 7,859 | 111,408 | |||||||
Less – loans payable and current maturities of long-term debt | 7,704 | 111,253 | |||||||
$ | 155 | $ | 155 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
2015 | $ | 7,704 | |||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
2019 | — | ||||||||
Thereafter | 155 | ||||||||
Total | $ | 7,859 |
Note_6_Employee_Benefit_Plans_
Note 6 - Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 172 | $ | 178 | $ | 152 | $ | 615 | $ | 547 | $ | 512 | |||||||||||||
Interest cost | 328 | 268 | 322 | 942 | 912 | 858 | |||||||||||||||||||
Expected return on assets | (183 | ) | (198 | ) | (199 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 62 | 62 | 62 | 368 | 368 | 368 | |||||||||||||||||||
Amortization of unrecognized loss | 113 | 138 | 65 | 151 | 104 | 107 | |||||||||||||||||||
Other events | 72 | 44 | 43 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 564 | $ | 492 | $ | 445 | $ | 2,076 | $ | 1,931 | $ | 1,845 | |||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 7,954 | $ | 8,301 | $ | 18,110 | $ | 16,399 | |||||||||||||||||
Service cost | 172 | 178 | 615 | 547 | |||||||||||||||||||||
Interest cost | 328 | 268 | 942 | 912 | |||||||||||||||||||||
Actuarial (gain) loss | 708 | (379 | ) | 2,272 | 827 | ||||||||||||||||||||
Benefits paid | (198 | ) | (259 | ) | (655 | ) | (575 | ) | |||||||||||||||||
Settlements | (209 | ) | (155 | ) | — | — | |||||||||||||||||||
Projected benefit obligation, end of year | $ | 8,755 | $ | 7,954 | $ | 21,284 | $ | 18,110 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 4,939 | $ | 5,114 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 154 | 33 | — | — | |||||||||||||||||||||
Employer contributions | 322 | 206 | — | — | |||||||||||||||||||||
Benefits paid | (198 | ) | (259 | ) | — | — | |||||||||||||||||||
Settlements | (209 | ) | (155 | ) | — | — | |||||||||||||||||||
Fair value of plan assets, end of year | $ | 5,008 | $ | 4,939 | $ | — | $ | — | |||||||||||||||||
Funded status (net amount recognized): | $ | (3,747 | ) | $ | (3,015 | ) | $ | (21,284 | ) | $ | (18,110 | ) | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Deferred tax assets | $ | 1,097 | $ | 913 | $ | 2,193 | $ | 1,665 | |||||||||||||||||
Accrued liabilities | $ | 3,747 | $ | 3,015 | $ | 21,284 | $ | 18,110 | |||||||||||||||||
Accumulated other comprehensive loss | $ | (1,753 | ) | $ | (1,458 | ) | $ | (3,503 | ) | $ | (2,660 | ) | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss | $ | (1,534 | ) | $ | (1,201 | ) | $ | (3,016 | ) | $ | (1,947 | ) | |||||||||||||
Unrecognized prior service cost | (219 | ) | (257 | ) | (487 | ) | (713 | ) | |||||||||||||||||
$ | (1,753 | ) | $ | (1,458 | ) | $ | (3,503 | ) | $ | (2,660 | ) | ||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.6 | % | 4.3 | % | 3.8 | % | 4.6 | % | |||||||||||||||||
Rate of compensation increase | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||
Schedule of Assumptions Used in Calculating Net Periodic Service Cost [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate | 4.3 | % | 3.3 | % | 4.6 | % | 4.6 | % | 3.6 | % | 4.9 | % | |||||||||||||
Expected return on plan assets | 4 | % | 4 | % | 4 | % | N/A | N/A | N/A | ||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 5 | % | 5 | % | 5 | % | ||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Plans | SERP | ||||||||||||||||||||||||
2015 | $ | 510 | $ | 761 | |||||||||||||||||||||
2016 | 398 | 929 | |||||||||||||||||||||||
2017 | 383 | 936 | |||||||||||||||||||||||
2018 | 290 | 960 | |||||||||||||||||||||||
2019 | 639 | 1,015 | |||||||||||||||||||||||
Thereafter | 6,535 | 16,683 | |||||||||||||||||||||||
$ | 8,755 | $ | 21,284 |
Note_7_Goodwill_and_Other_Inta1
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||||||
Year ended | August 30, | Weighted Average | August 31, | Weighted Average | |||||||||||||
2014 | Life in Years | 2013 | Life in Years | ||||||||||||||
Goodwill | $ | 1,404 | N/A | $ | 14,448 | N/A | |||||||||||
Customer contracts | 1,141 | 12.9 | 8,146 | 15 | |||||||||||||
Other intangible assets | 179 | 6.7 | 732 | 5 | |||||||||||||
Total intangible assets and goodwill acquired | $ | 2,724 | $ | 23,326 | |||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||
Balance as of August 25, 2012 | $ | 288,137 | |||||||||||||||
Goodwill recorded during the period | 14,448 | ||||||||||||||||
Other | (222 | ) | |||||||||||||||
Balance as of August 31, 2013 | $ | 302,363 | |||||||||||||||
Goodwill recorded during the period | 1,404 | ||||||||||||||||
Other | (119 | ) | |||||||||||||||
Balance as of August 30, 2014 | $ | 303,648 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||||||
Amount | Amortization | Amount | |||||||||||||||
30-Aug-14 | |||||||||||||||||
Customer contracts | $ | 153,730 | $ | 113,520 | $ | 40,210 | |||||||||||
Other intangible assets | 28,670 | 27,403 | 1,267 | ||||||||||||||
$ | 182,400 | $ | 140,923 | $ | 41,477 | ||||||||||||
31-Aug-13 | |||||||||||||||||
Customer contracts | $ | 152,672 | $ | 105,275 | $ | 47,397 | |||||||||||
Other intangible assets | 28,517 | 26,570 | 1,947 | ||||||||||||||
$ | 181,189 | $ | 131,845 | $ | 49,344 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||
2015 | $ | 8,390 | |||||||||||||||
2016 | 7,469 | ||||||||||||||||
2017 | 6,793 | ||||||||||||||||
2018 | 6,272 | ||||||||||||||||
2019 | 3,559 | ||||||||||||||||
Thereafter | 8,994 | ||||||||||||||||
$ | 41,477 |
Note_8_Accrued_Liabilities_Tab
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
August 30, | August 31, | ||||||||
2014 | 2013 | ||||||||
Current liabilities: | |||||||||
Payroll and benefit related | $ | 48,978 | $ | 47,361 | |||||
Insurance related | 37,683 | 36,095 | |||||||
Environmental related | 5,046 | 5,158 | |||||||
Other | 9,111 | 6,968 | |||||||
$ | 100,818 | $ | 95,582 | ||||||
Long-term liabilities: | |||||||||
Benefit related | $ | 23,760 | $ | 19,719 | |||||
Environmental related | 14,800 | 14,522 | |||||||
Asset retirement obligations | 11,675 | 10,796 | |||||||
$ | 50,235 | $ | 45,037 | ||||||
Total accrued liabilities | $ | 151,053 | $ | 140,619 |
Note_9_Asset_Retirement_Obliga1
Note 9 - Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Schedule of Asset Retirement Obligations [Table Text Block] | ' | ||||||||
August 30, | August 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 10,796 | $ | 10,120 | |||||
Accretion expense | 941 | 676 | |||||||
Effect of exchange rate changes | (62 | ) | — | ||||||
Ending balance | $ | 11,675 | $ | 10,796 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||||||
2015 | $ | 7,720 | |||||||||||||||||||||||||||
2016 | 6,151 | ||||||||||||||||||||||||||||
2017 | 4,498 | ||||||||||||||||||||||||||||
2018 | 2,897 | ||||||||||||||||||||||||||||
2019 | 1,689 | ||||||||||||||||||||||||||||
Thereafter | 1,722 | ||||||||||||||||||||||||||||
$ | 24,677 | ||||||||||||||||||||||||||||
Schedule Of Environmental Liabilities [TableTextBlock] | ' | ||||||||||||||||||||||||||||
Year ended | August 30, | August 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Beginning balance | $ | 19,680 | $ | 20,020 | |||||||||||||||||||||||||
Costs incurred for which reserves have been provided | (2,913 | ) | (1,862 | ) | |||||||||||||||||||||||||
Insurance proceeds | 687 | 282 | |||||||||||||||||||||||||||
Interest accretion | 716 | 542 | |||||||||||||||||||||||||||
Changes in discount rates | 1,080 | (1,585 | ) | ||||||||||||||||||||||||||
Revisions in estimates | 596 | 2,283 | |||||||||||||||||||||||||||
Ending balance | $ | 19,846 | $ | 19,680 | |||||||||||||||||||||||||
Schedule Of Environmental Remediation Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Estimated costs – current dollars | $ | 5,219 | $ | 1,915 | $ | 1,663 | $ | 745 | $ | 863 | $ | 12,407 | $ | 22,812 | |||||||||||||||
Estimated insurance proceeds | (173 | ) | (159 | ) | (173 | ) | (159 | ) | (173 | ) | (1,430 | ) | (2,267 | ) | |||||||||||||||
Net anticipated costs | $ | 5,046 | $ | 1,756 | $ | 1,490 | $ | 586 | $ | 690 | $ | 10,977 | $ | 20,545 | |||||||||||||||
Effect of inflation | 7,075 | ||||||||||||||||||||||||||||
Effect of discounting | (7,774 | ) | |||||||||||||||||||||||||||
Balance as of August 30, 2014 | $ | 19,846 |
Note_11_Sharebased_Compensatio1
Note 11 - Share-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Compensation Expense For All Share-Based Compensation For Five Fiscal Years [Table Text Block] | ' | ||||||||||||
Share-Based Awards | Restricted Stock | Total | |||||||||||
2015 | $ | 1,859 | $ | 1,697 | $ | 3,556 | |||||||
2016 | 1,513 | 680 | 2,193 | ||||||||||
2017 | 1,227 | — | 1,227 | ||||||||||
2018 | 821 | — | 821 | ||||||||||
2019 | 133 | — | 133 | ||||||||||
Total | $ | 5,553 | $ | 2,377 | $ | 7,930 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding, August 31, 2013 | 584,540 | $ | 48.47 | ||||||||||
Granted | 129,200 | 103.16 | |||||||||||
Exercised | (89,638 | ) | 34.26 | ||||||||||
Forfeited | (5,500 | ) | 58.53 | ||||||||||
Outstanding, August 30, 2014 | 618,602 | $ | 61.86 | ||||||||||
Exercisable, August 30, 2014 | 85,902 | $ | 47.36 |
Note_13_Accumulated_Other_Comp1
Note 13 - Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign | Pension- related | Total | |||||||||||
Currency Translation | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance, August 25, 2012 | $ | 11,644 | $ | (4,373 | ) | $ | 7,271 | ||||||
Change during the year | (6,081 | ) | 255 | (5,826 | ) | ||||||||
Balance, August 31, 2013 | 5,563 | (4,118 | ) | 1,445 | |||||||||
Change during the year | (2,852 | ) | (1,126 | ) | (3,978 | ) | |||||||
Balance, August 30, 2014 | $ | 2,711 | $ | (5,244 | ) | $ | (2,533 | ) |
Note_14_Segment_Reporting_Tabl
Note 14 - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
As of and for the year ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
30-Aug-14 | Canadian | MFG Elim | Core Laundry | Garments | |||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,244,408 | $ | 183,340 | $ | (183,340 | ) | $ | 15,077 | $ | 1,259,485 | $ | 91,484 | $ | 43,928 | $ | 1,394,897 | ||||||||||||||||
Income (loss) from operations | $ | 209,497 | $ | 63,675 | $ | (3,777 | ) | $ | (87,145 | ) | $ | 182,250 | $ | 7,178 | $ | 3,847 | $ | 193,275 | |||||||||||||||
Interest (income) expense, net | $ | (3,077 | ) | $ | — | $ | — | $ | 718 | $ | (2,359 | ) | $ | — | $ | — | $ | (2,359 | ) | ||||||||||||||
Income (loss) before taxes | $ | 212,551 | $ | 63,540 | $ | (3,777 | ) | $ | (87,897 | ) | $ | 184,417 | $ | 7,087 | $ | 3,847 | $ | 195,351 | |||||||||||||||
Depreciation and amortization | $ | 49,116 | $ | 1,306 | $ | — | $ | 15,751 | $ | 66,173 | $ | 4,646 | $ | 933 | $ | 71,752 | |||||||||||||||||
Capital expenditures | $ | 86,430 | $ | 2,264 | $ | — | $ | — | $ | 88,694 | $ | 1,847 | $ | 1,267 | $ | 91,808 | |||||||||||||||||
Total assets | $ | 1,286,984 | $ | 38,066 | $ | — | $ | — | $ | 1,325,050 | $ | 77,037 | $ | 22,074 | $ | 1,424,161 | |||||||||||||||||
As of and for the year ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
31-Aug-13 | Canadian | MFG Elim | Core Laundry | Garments | |||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,200,286 | $ | 170,867 | $ | (170,867 | ) | $ | 14,079 | $ | 1,214,365 | $ | 96,688 | $ | 44,462 | $ | 1,355,515 | ||||||||||||||||
Income (loss) from operations | $ | 200,852 | $ | 61,896 | $ | (9,729 | ) | $ | (82,357 | ) | $ | 170,662 | $ | 10,539 | $ | 5,002 | $ | 186,203 | |||||||||||||||
Interest (income) expense, net | $ | (2,944 | ) | $ | — | $ | — | $ | 1,394 | $ | (1,550 | ) | $ | — | $ | — | $ | (1,550 | ) | ||||||||||||||
Income (loss) before taxes | $ | 203,798 | $ | 61,749 | $ | (9,729 | ) | $ | (83,783 | ) | $ | 172,035 | $ | 10,572 | $ | 5,002 | $ | 187,609 | |||||||||||||||
Depreciation and amortization | $ | 46,793 | $ | 1,033 | $ | — | $ | 15,296 | $ | 63,122 | $ | 5,114 | $ | 1,371 | $ | 69,607 | |||||||||||||||||
Capital expenditures | $ | 97,519 | $ | 3,559 | $ | — | $ | — | $ | 101,078 | $ | 1,962 | $ | 486 | $ | 103,526 | |||||||||||||||||
Total assets | $ | 1,241,924 | $ | 31,781 | $ | — | $ | — | $ | 1,273,705 | $ | 79,640 | $ | 21,517 | $ | 1,374,862 | |||||||||||||||||
As of and for the year ended | US and | MFG | Net Interco | Corporate | Subtotal | Specialty | First Aid | Total | |||||||||||||||||||||||||
25-Aug-12 | Canadian | MFG Elim | Core Laundry | Garments | |||||||||||||||||||||||||||||
Rental and | Operations | ||||||||||||||||||||||||||||||||
Cleaning | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,099,421 | $ | 160,421 | $ | (160,421 | ) | $ | 12,902 | $ | 1,112,323 | $ | 102,758 | $ | 41,208 | $ | 1,256,289 | ||||||||||||||||
Income (loss) from operations | $ | 164,793 | $ | 50,036 | $ | (5,168 | ) | $ | (76,376 | ) | $ | 133,285 | $ | 13,460 | $ | 4,363 | $ | 151,108 | |||||||||||||||
Interest (income) expense, net | $ | (2,535 | ) | $ | — | $ | — | $ | 1,929 | $ | (606 | ) | $ | — | $ | — | $ | (606 | ) | ||||||||||||||
Income (loss) before taxes | $ | 167,284 | $ | 50,101 | $ | (5,168 | ) | $ | (78,345 | ) | $ | 133,872 | $ | 12,499 | $ | 4,363 | $ | 150,734 | |||||||||||||||
Depreciation and amortization | $ | 43,501 | $ | 1,133 | $ | — | $ | 15,599 | $ | 60,233 | $ | 4,788 | $ | 1,418 | $ | 66,439 | |||||||||||||||||
Capital expenditures | $ | 66,526 | $ | 1,306 | $ | — | $ | — | $ | 67,832 | $ | 6,044 | $ | 673 | $ | 74,549 | |||||||||||||||||
Total assets | $ | 1,108,362 | $ | 28,099 | $ | — | $ | — | $ | 1,136,461 | $ | 83,137 | $ | 20,936 | $ | 1,240,534 | |||||||||||||||||
Long-lived Assets by Geographic Areas [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Long-lived assets as of: | 30-Aug-14 | 31-Aug-13 | |||||||||||||||||||||||||||||||
United States | $ | 781,478 | $ | 769,121 | |||||||||||||||||||||||||||||
Europe, Canada, Mexico and Nicaragua (1) | 53,393 | 44,347 | |||||||||||||||||||||||||||||||
Total | $ | 834,871 | $ | 813,468 | |||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Revenues for the year ended: | 30-Aug-14 | 31-Aug-13 | 25-Aug-12 | ||||||||||||||||||||||||||||||
United States | $ | 1,258,609 | $ | 1,223,534 | $ | 1,144,753 | |||||||||||||||||||||||||||
Europe and Canada (1) | 136,288 | 131,981 | 111,536 | ||||||||||||||||||||||||||||||
Total | $ | 1,394,897 | $ | 1,355,515 | $ | 1,256,289 | |||||||||||||||||||||||||||
Income before income taxes for the year ended: | 30-Aug-14 | 31-Aug-13 | 25-Aug-12 | ||||||||||||||||||||||||||||||
United States | $ | 182,354 | $ | 171,899 | $ | 134,651 | |||||||||||||||||||||||||||
Europe, Canada, Mexico and Nicaragua (1) | 12,997 | 15,710 | 16,083 | ||||||||||||||||||||||||||||||
Total | $ | 195,351 | $ | 187,609 | $ | 150,734 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
For the year ended August 30, 2014 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 346,704 | $ | 343,967 | $ | 352,238 | $ | 351,988 | |||||||||
Income before income taxes | 56,356 | 41,224 | 50,114 | 47,657 | |||||||||||||
Provision for income taxes | 21,894 | 15,577 | 19,170 | 18,785 | |||||||||||||
Net income | $ | 34,462 | $ | 25,647 | $ | 30,944 | $ | 28,872 | |||||||||
Income per share – basic | |||||||||||||||||
Common Stock | $ | 1.81 | $ | 1.34 | $ | 1.62 | $ | 1.51 | |||||||||
Class B Common Stock | $ | 1.45 | $ | 1.08 | $ | 1.3 | $ | 1.21 | |||||||||
Income per share – diluted | |||||||||||||||||
Common Stock | $ | 1.71 | $ | 1.27 | $ | 1.53 | $ | 1.43 | |||||||||
Income allocated to – basic | |||||||||||||||||
Common Stock | $ | 27,208 | $ | 20,267 | $ | 24,493 | $ | 22,876 | |||||||||
Class B Common Stock | $ | 6,798 | $ | 5,041 | $ | 6,127 | $ | 5,742 | |||||||||
Income allocated to – diluted | |||||||||||||||||
Common Stock | $ | 34,031 | $ | 25,326 | $ | 30,637 | $ | 28,631 | |||||||||
Weighted average number of shares outstanding – basic | |||||||||||||||||
Common Stock | 15,029 | 15,077 | 15,102 | 15,113 | |||||||||||||
Class B Common Stock | 4,693 | 4,687 | 4,722 | 4,741 | |||||||||||||
Weighted average number of shares outstanding – diluted | |||||||||||||||||
Common Stock | 19,891 | 19,924 | 19,977 | 20,007 | |||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
For the year ended August 31, 2013 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 332,569 | $ | 334,306 | $ | 335,764 | $ | 352,876 | |||||||||
Income before income taxes | 50,426 | 43,215 | 45,831 | 48,137 | |||||||||||||
Provision for income taxes | 19,666 | 16,573 | 17,109 | 17,576 | |||||||||||||
Net income | $ | 30,760 | $ | 26,642 | $ | 28,722 | $ | 30,561 | |||||||||
Income per share – basic | |||||||||||||||||
Common Stock | $ | 1.62 | $ | 1.4 | $ | 1.51 | $ | 1.61 | |||||||||
Class B Common Stock | $ | 1.3 | $ | 1.12 | $ | 1.21 | $ | 1.29 | |||||||||
Income per share – diluted | |||||||||||||||||
Common Stock | $ | 1.54 | $ | 1.33 | $ | 1.43 | $ | 1.52 | |||||||||
Income allocated to – basic | |||||||||||||||||
Common Stock | $ | 24,191 | $ | 20,963 | $ | 22,638 | $ | 24,123 | |||||||||
Class B Common Stock | $ | 6,025 | $ | 5,209 | $ | 5,647 | $ | 6,033 | |||||||||
Income allocated to – diluted | |||||||||||||||||
Common Stock | $ | 30,244 | $ | 26,196 | $ | 28,307 | $ | 30,178 | |||||||||
Weighted average number of shares outstanding – basic | |||||||||||||||||
Common Stock | 14,925 | 14,962 | 14,993 | 15,017 | |||||||||||||
Class B Common Stock | 4,647 | 4,647 | 4,675 | 4,694 | |||||||||||||
Weighted average number of shares outstanding – diluted | |||||||||||||||||
Common Stock | 19,693 | 19,747 | 19,820 | 19,882 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 29, 2009 | Aug. 30, 2014 | Aug. 30, 2014 | Nov. 30, 1996 | Oct. 27, 2014 | Oct. 31, 2010 | |
Customer Contracts [Member] | Other Intangible Assets [Member] | Non-Employee Director Share-Based Award Grants Prior to Fiscal 2009 [Member] | Non-Employee Director Share-Based Award Grants Beginning Fiscal 2009 [Member] | Certain Share-Based Awards Granted During Fiscal 2014, 2013 and 2012 to Non-Employee Directors[Member] | The 1996 Plan [Member] | The 2010 Plan [Member] | The 2010 Plan [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Merchandise Useful Life, Minimum | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Merchandise Useful Life, Maximum | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss (in Dollars) | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '14 years 219 days | ' | ' | '14 years 328 days | '4 years 6 months | ' | ' | ' | ' | ' | ' |
Site Contingency Discount Rate, Lower Range | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingency Discount Rate, Upper Range | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Site Contingency Discounted Period, Lower Range | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Site Contingency Discounted Period, Upper Range | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Contingencies Inflation Rate | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Years Discount for Estimated Future Costs to Decommission Its Nuclear Laundry Facilities, Minimum Years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Years Discount for Estimated Future Costs to Decommission Its Nuclear Laundry Facilities Maximum Years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Impact Of Inflation Per Year | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Adjusted Risk Free Rates Minimum Rate | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Adjusted Risk Free Rates Maximum Rate | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed Earnings of Foreign Subsidiaries (in Dollars) | 111,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense (in Dollars) | $1,500,000 | $1,200,000 | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | 600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' | ' | ' | '10 years | '8 years | '8 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $39.08 | $25.09 | $18.28 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Conversion Basis | 'one-for-one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 185 | 152 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Components of Inventory (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventory [Abstract] | ' | ' |
Raw materials | $19,053 | $16,673 |
Work in process | 3,759 | 2,366 |
Finished goods | 56,046 | 55,312 |
Total inventories | $78,858 | $74,351 |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Property, Plant, and Equipment | 12 Months Ended |
Aug. 30, 2014 | |
Building [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '30 years |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '40 years |
Building Components [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '10 years |
Building Components [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '20 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '10 years |
Vehicles [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '3 years |
Vehicles [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '5 years |
Note_1_Summary_of_Significant_5
Note 1 - Summary of Significant Accounting Policies (Details) - Stock Options, Valuation Assumptions | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Stock Options, Valuation Assumptions [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.90% | 1.24% | 1.54% |
Expected dividend yield | 0.27% | 0.41% | 0.56% |
Expected life in years | '7 years 164 days | '7 years 153 days | '7 years 142 days |
Expected volatility | 32.90% | 33.40% | 33.80% |
Note_1_Summary_of_Significant_6
Note 1 - Summary of Significant Accounting Policies (Details) - Summary of Earnings Per Share, Basic, Two Class Method (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 25-May-13 | Feb. 23, 2013 | Nov. 24, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $119,925 | $116,685 | $94,989 |
Weighted average number of shares for Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weignted average number of shares for Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 20,040 | 19,986 | 19,916 |
Common Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to shareholders | 22,876 | 24,493 | 20,267 | 27,208 | 24,123 | 22,638 | 20,963 | 24,191 | 94,849 | 91,916 | 74,643 |
Weighted average number of shares for Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weignted average number of shares for Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,080 | 14,975 | 14,882 |
Earnings per share for Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share for Basic (in Dollars per share) | $1.51 | $1.62 | $1.34 | $1.81 | $1.61 | $1.51 | $1.40 | $1.62 | $6.29 | $6.14 | $5.02 |
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to shareholders | 5,742 | 6,127 | 5,041 | 6,798 | 6,033 | 5,647 | 5,209 | 6,025 | 23,705 | 22,913 | 18,630 |
Weighted average number of shares for Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weignted average number of shares for Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 4,711 | 4,666 | 4,643 |
Earnings per share for Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share for Basic (in Dollars per share) | $1.21 | $1.30 | $1.08 | $1.45 | $1.29 | $1.21 | $1.12 | $1.30 | $5.03 | $4.91 | $4.01 |
Unvested Participating Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $1,371 | $1,856 | $1,716 |
Weighted average number of shares for Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weignted average number of shares for Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 249 | 345 | 391 |
Note_1_Summary_of_Significant_7
Note 1 - Summary of Significant Accounting Policies (Details) - Summary of Earnings Per Share, Diluted, Two Class Method (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 25-May-13 | Feb. 23, 2013 | Nov. 24, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $119,925 | $116,685 | $94,989 |
Add: Undistributed earnings allocated to unvested participating shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,339 | 1,810 | 1,664 |
Less: Undistributed earnings reallocated to unvested participating shares | ' | ' | ' | ' | ' | ' | ' | ' | -1,267 | -1,712 | -1,579 |
Diluted EPS b Common Stock | 28,631 | 30,637 | 25,326 | 34,031 | 30,178 | 28,307 | 26,196 | 30,244 | 118,626 | 114,927 | 93,358 |
Diluted EPS b Common Stock (in Shares) | 20,007 | 19,977 | 19,924 | 19,891 | 19,882 | 19,820 | 19,747 | 19,693 | 19,939 | 19,789 | 19,616 |
Diluted EPS b Common Stock (in Dollars per share) | $1.43 | $1.53 | $1.27 | $1.71 | $1.52 | $1.43 | $1.33 | $1.54 | $5.95 | $5.81 | $4.76 |
Share-Based Awards (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 148 | 91 |
Common Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings to common shareholders | 22,876 | 24,493 | 20,267 | 27,208 | 24,123 | 22,638 | 20,963 | 24,191 | 94,849 | 91,916 | 74,643 |
Common shares (in Shares) | 15,113 | 15,102 | 15,077 | 15,029 | 15,017 | 14,993 | 14,962 | 14,925 | 15,080 | 14,975 | 14,882 |
EPS (in Dollars per share) | $1.51 | $1.62 | $1.34 | $1.81 | $1.61 | $1.51 | $1.40 | $1.62 | $6.29 | $6.14 | $5.02 |
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings to common shareholders | $5,742 | $6,127 | $5,041 | $6,798 | $6,033 | $5,647 | $5,209 | $6,025 | $23,705 | $22,913 | $18,630 |
Common shares (in Shares) | 4,741 | 4,722 | 4,687 | 4,693 | 4,694 | 4,675 | 4,647 | 4,647 | 4,711 | 4,666 | 4,643 |
EPS (in Dollars per share) | $1.21 | $1.30 | $1.08 | $1.45 | $1.29 | $1.21 | $1.12 | $1.30 | $5.03 | $4.91 | $4.01 |
Note_2_Acquisitions_Details
Note 2 - Acquisitions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Business Combinations [Abstract] | ' | ' |
Number of Businesses Acquired | 7 | 7 |
Business Combination, Consideration Transferred | $3.60 | ' |
Note_2_Acquisitions_Details_Ac
Note 2 - Acquisitions (Details) - Acquisitions (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Acquisitions [Abstract] | ' | ' |
Number of businesses acquired | 7 | 7 |
Tangible assets acquired | $949 | $7,494 |
Intangible assets and goodwill acquired | 2,686 | 23,326 |
Liabilities assumed | ' | -106 |
Acquisition of businesses | $3,635 | $30,714 |
Note_3_Fair_Value_Measurements2
Note 3 - Fair Value Measurements (Details) - Fair Value Measurments (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $47,552 | $33,325 |
Pension plan assets | 5,008 | 4,939 |
Total | 52,560 | 38,264 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 47,552 | 33,325 |
Total | 47,552 | 33,325 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Pension plan assets | 5,008 | 4,939 |
Total | $5,008 | $4,939 |
Note_4_Income_Taxes_Details
Note 4 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Aug. 25, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred Tax Liabilities, Leasing Arrangements | ' | $52,745,000 | $38,722,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | 800,000 | 700,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | 100,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $500,000 | ' | ' |
Note_4_Income_Taxes_Details_Pr
Note 4 - Income Taxes (Details) - Provision for Income Taxes (Incomplete) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 25-May-13 | Feb. 23, 2013 | Nov. 24, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Provision for Income Taxes (Incomplete) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $54,005 | $39,455 | $43,470 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 3,480 | 3,999 | 3,604 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 9,216 | 6,722 | 8,066 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 66,701 | 50,176 | 55,140 |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 6,838 | 17,514 | 540 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 151 | 90 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,828 | 3,083 | -25 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | 8,725 | 20,748 | 605 |
Total | $18,785 | $19,170 | $15,577 | $21,894 | $17,576 | $17,109 | $16,573 | $19,666 | $75,426 | $70,924 | $55,745 |
Note_4_Income_Taxes_Details_Re
Note 4 - Income Taxes (Details) - Reconciliation of Provision for Income Taxes (Incomplete) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Reconciliation of Provision for Income Taxes (Incomplete) [Abstract] | ' | ' | ' |
Income taxes at the statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes | 3.80% | 3.50% | 3.50% |
Adjustments to tax reserves | 0.10% | -0.10% | -0.60% |
Foreign tax rate differential | -0.50% | -0.80% | -1.00% |
Permanent and other | 0.20% | 0.20% | 0.10% |
Total | 38.60% | 37.80% | 37.00% |
Note_4_Income_Taxes_Details_Co
Note 4 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities (Incomplete) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities (Incomplete) [Abstract] | ' | ' |
Payroll and benefit related | $16,216 | $16,524 |
Insurance related | 13,935 | 13,073 |
Environmental | 7,765 | 7,133 |
Other | 13,682 | 11,421 |
Total deferred tax assets | 51,598 | 48,151 |
Tax in excess of book depreciation | 37,152 | 42,512 |
Purchased intangible assets | 31,100 | 28,632 |
Rental merchandise in service | 52,745 | 38,722 |
Total deferred tax liabilities | 120,997 | 109,866 |
Net deferred tax liability | $69,399 | $61,715 |
Note_4_Income_Taxes_Details_Re1
Note 4 - Income Taxes (Details) - Reconciliation Unrecognized Tax Benefits (Incomplete) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Reconciliation Unrecognized Tax Benefits (Incomplete) [Abstract] | ' | ' | ' |
Balance | $1,170 | $926 | $1,051 |
Additions based on tax positions related to the current year | 430 | 350 | ' |
Statute expirations | ($186) | ($475) | ' |
Note_5_Loans_Payable_and_Longt2
Note 5 - Loans Payable and Long-term Debt (Details) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Sep. 14, 2013 | Aug. 31, 2013 | Sep. 14, 2013 |
Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Floating Rate Note [Member] | Floating Rate Note [Member] | Floating Rate Note [Member] | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 5 - Loans Payable and Long-term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $250,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 4-May-16 | ' | ' | ' | ' | 14-Sep-13 |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 0.75% | ' | 0.50% | 0.50% | ' |
Long-term Line of Credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 49,600,000 | 47,100,000 | ' | ' | 49,600,000 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | 200,400,000 | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | $100,000,000 |
Note_5_Loans_Payable_and_Longt3
Note 5 - Loans Payable and Long-term Debt (Details) - Long-Term Debt Outstanding (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | $7,859 | $111,408 |
Less b loans payable and current maturities of long-term debt | 7,704 | 111,253 |
155 | 155 | |
Other | 7,859 | 11,408 |
Floating Rate Note [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | ' | $100,000 |
Note_5_Loans_Payable_and_Longt4
Note 5 - Loans Payable and Long-term Debt (Details) - Long-Term Debt Outstanding (Parentheticals) (Floating Rate Note [Member]) | 12 Months Ended |
Aug. 31, 2013 | |
Floating Rate Note [Member] | ' |
Debt Instrument [Line Items] | ' |
LIBOR plus basis points | 0.50% |
IntP5rP5st ratP5 | 0.77% |
Note_5_Loans_Payable_and_Longt5
Note 5 - Loans Payable and Long-term Debt (Details) - Aggregate Maturities of Long-Term Debt (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aggregate Maturities of Long-Term Debt [Abstract] | ' | ' |
2015 | $7,704 | ' |
Thereafter | 155 | ' |
Total | $7,859 | $111,408 |
Note_6_Employee_Benefit_Plans_1
Note 6 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $16,400,000 | $17,000,000 | $11,500,000 |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 2,076,000 | 1,931,000 | 1,845,000 |
Defined Benefit Plan, Accumulated Benefit Obligation | 17,000,000 | 14,400,000 | ' |
UniFirst Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Minimum Annual Interest Rate | 3.25% | ' | ' |
Pension Expense | 400,000 | 400,000 | 300,000 |
Textilease Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Minimum Annual Interest Rate | 1.50% | ' | ' |
Pension Expense | 200,000 | 100,000 | 100,000 |
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 564,000 | 492,000 | 445,000 |
Defined Benefit Plan, Accumulated Benefit Obligation | $8,800,000 | $8,000,000 | ' |
Note_6_Employee_Benefit_Plans_2
Note 6 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Service cost | $172 | $178 | $152 |
Interest cost | 328 | 268 | 322 |
Expected return on assets | -183 | -198 | -199 |
Amortization of prior service cost | 62 | 62 | 62 |
Amortization of unrecognized loss | 113 | 138 | 65 |
Other events | 72 | 44 | 43 |
Net periodic benefit cost | 564 | 492 | 445 |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Service cost | 615 | 547 | 512 |
Interest cost | 942 | 912 | 858 |
Amortization of prior service cost | 368 | 368 | 368 |
Amortization of unrecognized loss | 151 | 104 | 107 |
Net periodic benefit cost | $2,076 | $1,931 | $1,845 |
Note_6_Employee_Benefit_Plans_3
Note 6 - Employee Benefit Plans (Details) - Obligations and Funded Status Related to Its Pension Plans and SERP (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Note 6 - Employee Benefit Plans (Details) - Obligations and Funded Status Related to Its Pension Plans and SERP [Line Items] | ' | ' | ' |
Fair value of plan assets | $5,008 | $4,939 | ' |
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Obligations and Funded Status Related to Its Pension Plans and SERP [Line Items] | ' | ' | ' |
Projected benefit obligation | 7,954 | 8,301 | ' |
Fair value of plan assets | 4,939 | 5,114 | ' |
Funded status (net amount recognized): | -3,747 | -3,015 | ' |
Actual return on plan assets | 154 | 33 | ' |
Employer contributions | 322 | 206 | ' |
Service cost | 172 | 178 | 152 |
Interest cost | 328 | 268 | 322 |
Actuarial (gain) loss | 708 | -379 | ' |
Benefits paid | -198 | -259 | ' |
Settlements | -209 | -155 | ' |
Projected benefit obligation | 8,755 | 7,954 | 8,301 |
Fair value of plan assets | 5,008 | 4,939 | 5,114 |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Obligations and Funded Status Related to Its Pension Plans and SERP [Line Items] | ' | ' | ' |
Projected benefit obligation | 18,110 | 16,399 | ' |
Funded status (net amount recognized): | -21,284 | -18,110 | ' |
Service cost | 615 | 547 | 512 |
Interest cost | 942 | 912 | 858 |
Actuarial (gain) loss | 2,272 | 827 | ' |
Benefits paid | -655 | -575 | ' |
Projected benefit obligation | $21,284 | $18,110 | $16,399 |
Note_6_Employee_Benefit_Plans_4
Note 6 - Employee Benefit Plans (Details) - Amounts Recorded in Consolidated Balance Sheet (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | |||
Note 6 - Employee Benefit Plans (Details) - Amounts Recorded in Consolidated Balance Sheet [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | ($5,244) | ($4,118) | ($4,373) |
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Amounts Recorded in Consolidated Balance Sheet [Line Items] | ' | ' | ' |
Deferred tax assets | 1,097 | 913 | ' |
Accrued liabilities | 3,747 | 3,015 | ' |
Accumulated other comprehensive loss | -1,753 | -1,458 | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Amounts Recorded in Consolidated Balance Sheet [Line Items] | ' | ' | ' |
Deferred tax assets | 2,193 | 1,665 | ' |
Accrued liabilities | 21,284 | 18,110 | ' |
Accumulated other comprehensive loss | ($3,503) | ($2,660) | ' |
Note_6_Employee_Benefit_Plans_5
Note 6 - Employee Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plan [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net actuarial loss | ($1,534) | ($1,201) |
Unrecognized prior service cost | -219 | -257 |
-1,753 | -1,458 | |
Supplemental Executive Retirement Plan [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net actuarial loss | -3,016 | -1,947 |
Unrecognized prior service cost | -487 | -713 |
($3,503) | ($2,660) |
Note_6_Employee_Benefit_Plans_6
Note 6 - Employee Benefit Plans (Details) - Weighted Average Assumptions Used In Calculating the Company's Projected Benefit Obligation | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Weighted Average Assumptions Used In Calculating the Company's Projected Benefit Obligation [Line Items] | ' | ' | ' |
Discount rate | 3.60% | 4.30% | ' |
Rate of compensation increase | ' | ' | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Weighted Average Assumptions Used In Calculating the Company's Projected Benefit Obligation [Line Items] | ' | ' | ' |
Discount rate | 3.80% | 4.60% | ' |
Rate of compensation increase | 5.00% | 5.00% | 5.00% |
Note_6_Employee_Benefit_Plans_7
Note 6 - Employee Benefit Plans (Details) - Weighted Average Assumptions Used in Calculating the Company's Net Periodic Service Cost | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Weighted Average Assumptions Used in Calculating the Company's Net Periodic Service Cost [Line Items] | ' | ' | ' |
Discount rate | 4.30% | 3.30% | 4.60% |
Expected return on plan assets | 4.00% | 4.00% | 4.00% |
Rate of compensation increase | ' | ' | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Weighted Average Assumptions Used in Calculating the Company's Net Periodic Service Cost [Line Items] | ' | ' | ' |
Discount rate | 4.60% | 3.60% | 4.90% |
Expected return on plan assets | ' | ' | ' |
Rate of compensation increase | 5.00% | 5.00% | 5.00% |
Note_6_Employee_Benefit_Plans_8
Note 6 - Employee Benefit Plans (Details) - Expected Benefit Payments (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | |||
Pension Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Expected Benefit Payments [Line Items] | ' | ' | ' |
2015 | $510 | ' | ' |
2016 | 398 | ' | ' |
2017 | 383 | ' | ' |
2018 | 290 | ' | ' |
2019 | 639 | ' | ' |
Thereafter | 6,535 | ' | ' |
8,755 | 7,954 | 8,301 | |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Expected Benefit Payments [Line Items] | ' | ' | ' |
2015 | 761 | ' | ' |
2016 | 929 | ' | ' |
2017 | 936 | ' | ' |
2018 | 960 | ' | ' |
2019 | 1,015 | ' | ' |
Thereafter | 16,683 | ' | ' |
$21,284 | $18,110 | $16,399 |
Note_7_Goodwill_and_Other_Inta2
Note 7 - Goodwill and Other Intangible Assets (Details) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' | ' | ' |
Goodwill | $303,648 | $302,363 | $288,137 |
U.S. And Canadian Rental And Cleaning [Member] | ' | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' | ' | ' |
Goodwill | 298,900 | ' | ' |
Specialty Garments [Member] | ' | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' | ' | ' |
Goodwill | 4,100 | ' | ' |
First Aid [Member] | ' | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' | ' | ' |
Goodwill | $600 | ' | ' |
Note_7_Goodwill_and_Other_Inta3
Note 7 - Goodwill and Other Intangible Assets (Details) - Goodwill and Other Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Note 7 - Goodwill and Other Intangible Assets (Details) - Goodwill and Other Intangible Assets [Line Items] | ' | ' |
Goodwill | $1,404 | $14,448 |
Goodwill | ' | ' |
Total intangible assets and goodwill acquired | 2,724 | 23,326 |
Customer Contracts [Member] | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Goodwill and Other Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | 1,141 | 8,146 |
Intangible assets acquired, weighted average life in years | '12 years 328 days | '15 years |
Other Intangible Assets [Member] | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Goodwill and Other Intangible Assets [Line Items] | ' | ' |
Intangible assets acquired | $179 | $732 |
Intangible assets acquired, weighted average life in years | '6 years 255 days | '5 years |
Note_7_Goodwill_and_Other_Inta4
Note 7 - Goodwill and Other Intangible Assets (Details) - Summary of Changes in Carrying Amount of Goodwill (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Summary of Changes in Carrying Amount of Goodwill [Abstract] | ' | ' | ' |
Balance | $303,648 | $302,363 | $288,137 |
Goodwill recorded during the period | 1,404 | 14,448 | ' |
Other | ($119) | ($222) | ' |
Note_7_Goodwill_and_Other_Inta5
Note 7 - Goodwill and Other Intangible Assets (Details) - Summary of Intangible Assets (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $182,400 | $181,189 |
Accumulated Amortization | 140,923 | 131,845 |
Net Carrying Amount | 41,477 | 49,344 |
Customer Contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 153,730 | 152,672 |
Accumulated Amortization | 113,520 | 105,275 |
Net Carrying Amount | 40,210 | 47,397 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 28,670 | 28,517 |
Accumulated Amortization | 27,403 | 26,570 |
Net Carrying Amount | $1,267 | $1,947 |
Note_7_Goodwill_and_Other_Inta6
Note 7 - Goodwill and Other Intangible Assets (Details) - Estimated Amortization Expense (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Amortization Expense [Abstract] | ' | ' |
2015 | $8,390 | ' |
2016 | 7,469 | ' |
2017 | 6,793 | ' |
2018 | 6,272 | ' |
2019 | 3,559 | ' |
Thereafter | 8,994 | ' |
$41,477 | $49,344 |
Note_8_Accrued_Liabilities_Det
Note 8 - Accrued Liabilities (Details) - Summary of Current and Long-Term Accrued Liabilities (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Current and Long-Term Accrued Liabilities [Abstract] | ' | ' |
Payroll and benefit related | $48,978 | $47,361 |
Insurance related | 37,683 | 36,095 |
Environmental related | 5,046 | 5,158 |
Other | 9,111 | 6,968 |
100,818 | 95,582 | |
Benefit related | 23,760 | 19,719 |
Environmental related | 14,800 | 14,522 |
Asset retirement obligations | 11,675 | 10,796 |
50,235 | 45,037 | |
Total accrued liabilities | $151,053 | $140,619 |
Note_9_Asset_Retirement_Obliga2
Note 9 - Asset Retirement Obligations (Details) | 12 Months Ended |
Aug. 30, 2014 | |
Note 9 - Asset Retirement Obligations (Details) [Line Items] | ' |
Estimated Impact Of Inflation Per Year | 3.00% |
Credit Adjusted Risk Free Rates Minimum Rate | 7.00% |
Credit Adjusted Risk Free Rates Maximum Rate | 7.50% |
Minimum [Member] | ' |
Note 9 - Asset Retirement Obligations (Details) [Line Items] | ' |
Asset Retirement Obligation Remaining Lives | '7 years |
Maximum [Member] | ' |
Note 9 - Asset Retirement Obligations (Details) [Line Items] | ' |
Asset Retirement Obligation Remaining Lives | '30 years |
Note_9_Asset_Retirement_Obliga3
Note 9 - Asset Retirement Obligations (Details) - Asset Retirement Obligations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Asset Retirement Obligations [Abstract] | ' | ' | ' |
Balance | $10,796 | $10,120 | ' |
Accretion expense | 941 | 676 | 632 |
Effect of exchange rate changes | -62 | ' | ' |
Balance | $11,675 | $10,796 | $10,120 |
Note_10_Commitments_and_Contin2
Note 10 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $9.90 | $8.70 | $7.70 |
Number Of Sites Related To Former Operations With Environmental Issues | 3 | ' | ' |
Estimated Impact Of Inflation Per Year | 3.00% | ' | ' |
Proceeds from Legal Settlements | 0.3 | ' | ' |
Escrow Deposit | 2.9 | ' | ' |
Letters of Credit Outstanding, Amount | $49.60 | $47.10 | ' |
Minimum [Member] | ' | ' | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Risk Free Rates Of Interest Used To Discount Remediation Costs | 2.40% | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Risk Free Rates Of Interest Used To Discount Remediation Costs | 3.10% | ' | ' |
Note_10_Commitments_and_Contin3
Note 10 - Commitments and Contingencies (Details) - Annual Minimum Lease Commitments (USD $) | Aug. 30, 2014 |
In Thousands, unless otherwise specified | |
Annual Minimum Lease Commitments [Abstract] | ' |
2015 | $7,720 |
2016 | 6,151 |
2017 | 4,498 |
2018 | 2,897 |
2019 | 1,689 |
Thereafter | 1,722 |
$24,677 |
Note_10_Commitments_and_Contin4
Note 10 - Commitments and Contingencies (Details) - Changes to Environmental Liabilities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Changes to Environmental Liabilities [Abstract] | ' | ' |
Balance | $19,680 | $20,020 |
Costs incurred for which reserves have been provided | -2,913 | -1,862 |
Insurance proceeds | 687 | 282 |
Interest accretion | 716 | 542 |
Changes in discount rates | 1,080 | -1,585 |
Revisions in estimates | 596 | 2,283 |
Balance | $19,846 | $19,680 |
Note_10_Commitments_and_Contin5
Note 10 - Commitments and Contingencies (Details) - Anticipated Payments and Insurance Proceeds of Identified Environmental Remediation Liabilities (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | |||
Anticipated Payments and Insurance Proceeds of Identified Environmental Remediation Liabilities [Abstract] | ' | ' | ' |
Estimated costs b current dollars | $5,219 | ' | ' |
Estimated costs b current dollars | 1,915 | ' | ' |
Estimated costs b current dollars | 1,663 | ' | ' |
Estimated costs b current dollars | 745 | ' | ' |
Estimated costs b current dollars | 863 | ' | ' |
Estimated costs b current dollars | 12,407 | ' | ' |
Estimated costs b current dollars | 22,812 | ' | ' |
Estimated insurance proceeds | -173 | ' | ' |
Estimated insurance proceeds | -159 | ' | ' |
Estimated insurance proceeds | -173 | ' | ' |
Estimated insurance proceeds | -159 | ' | ' |
Estimated insurance proceeds | -173 | ' | ' |
Estimated insurance proceeds | -1,430 | ' | ' |
Estimated insurance proceeds | -2,267 | ' | ' |
Net anticipated costs | 5,046 | ' | ' |
Net anticipated costs | 1,756 | ' | ' |
Net anticipated costs | 1,490 | ' | ' |
Net anticipated costs | 586 | ' | ' |
Net anticipated costs | 690 | ' | ' |
Net anticipated costs | 10,977 | ' | ' |
Net anticipated costs | 20,545 | ' | ' |
Effect of inflation | 7,075 | ' | ' |
Effect of discounting | -7,774 | ' | ' |
Balance as of August 30, 2014 | $19,846 | $19,680 | $20,020 |
Note_11_Sharebased_Compensatio2
Note 11 - Share-based Compensation (Details) (USD $) | Aug. 30, 2014 | Apr. 05, 2010 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Apr. 05, 2010 | Apr. 05, 2010 | Aug. 30, 2014 | Aug. 30, 2014 |
In Millions, except Share data, unless otherwise specified | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Performance Restriced Shares [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Share Based Awards [Member] | ||
The 2010 Plan [Member] | The 2010 Plan [Member] | The 2010 Plan [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||||
Note 11 - Share-based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 583 | 1,590 | 3,153 | 4,700 | 6,570 | 8,620 | 350,000 | 50,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '6 years | ' | ' |
Share Price (in Dollars per share) | ' | $51.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $7.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 36 days | '2 years 109 days |
Note_11_Sharebased_Compensatio3
Note 11 - Share-based Compensation (Details) - Summary of Compensation Expense for All Share-Based Compensation (USD $) | Aug. 30, 2014 |
In Thousands, unless otherwise specified | |
Note 11 - Share-based Compensation (Details) - Summary of Compensation Expense for All Share-Based Compensation [Line Items] | ' |
2015 | $3,556 |
2016 | 2,193 |
2017 | 1,227 |
2018 | 821 |
2019 | 133 |
Total | 7,930 |
Share Based Awards [Member] | ' |
Note 11 - Share-based Compensation (Details) - Summary of Compensation Expense for All Share-Based Compensation [Line Items] | ' |
2015 | 1,859 |
2016 | 1,513 |
2017 | 1,227 |
2018 | 821 |
2019 | 133 |
Total | 5,553 |
Restricted Stock [Member] | ' |
Note 11 - Share-based Compensation (Details) - Summary of Compensation Expense for All Share-Based Compensation [Line Items] | ' |
2015 | 1,697 |
2016 | 680 |
Total | $2,377 |
Note_11_Sharebased_Compensatio4
Note 11 - Share-based Compensation (Details) - Summary of Share-Based Activity (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Summary of Share-Based Activity [Abstract] | ' | ' |
Outstanding | 618,602 | 584,540 |
Outstanding | $61.86 | $48.47 |
Exercisable, August 30, 2014 | 85,902 | ' |
Exercisable, August 30, 2014 | $47.36 | ' |
Granted | 129,200 | ' |
Granted | $103.16 | ' |
Exercised | -89,638 | ' |
Exercised | $34.26 | ' |
Forfeited | -5,500 | ' |
Forfeited | $58.53 | ' |
Note_12_Shareholders_Equity_De
Note 12 - Shareholders' Equity (Details) | 12 Months Ended |
Aug. 30, 2014 | |
Common Class A [Member] | ' |
Note 12 - Shareholders' Equity (Details) [Line Items] | ' |
Common Stock, Voting Rights, Number of Votes | 1 |
Common Stock, Dividend Rate, Percentage | 125.00% |
Common Class B [Member] | ' |
Note 12 - Shareholders' Equity (Details) [Line Items] | ' |
Common Stock, Voting Rights, Number of Votes | 10 |
Conversion of Stock, Shares Converted (in Shares) | 12,758 |
Note_13_Accumulated_Other_Comp2
Note 13 - Accumulated Other Comprehensive (Loss) Income (Details) - Components of Accumulated Other Comprehensive Income, Net of Tax (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |||
Components of Accumulated Other Comprehensive Income, Net of Tax [Abstract] | ' | ' | ' | |||
Foreign Currency Translation | $2,711 | $5,563 | $11,644 | |||
Pension - related | -5,244 | -4,118 | -4,373 | |||
Total Accumulated Other Comprehensive Income (Loss) | -2,533 | 1,445 | 7,271 | |||
Foreign Currency Translation | -2,852 | -6,081 | -2,204 | |||
Pension - related | -1,126 | [1] | 255 | [1] | -362 | [1] |
Total Accumulated Other Comprehensive Income (Loss) | ($3,978) | ($5,826) | ($2,566) | |||
[1] | These amounts are shown net of the effect of income taxes |
Note_14_Segment_Reporting_Deta
Note 14 - Segment Reporting (Details) | 12 Months Ended |
Aug. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 6 |
Number of Reportable Segments | 5 |
Note_14_Segment_Reporting_Deta1
Note 14 - Segment Reporting (Details) - Segment Reporting (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 25-May-13 | Feb. 23, 2013 | Nov. 24, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $351,988 | $352,238 | $343,967 | $346,704 | $352,876 | $335,764 | $334,306 | $332,569 | $1,394,897 | $1,355,515 | $1,256,289 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 193,275 | 186,203 | 151,108 |
Interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,359 | -1,550 | -606 |
Income (loss) before taxes | 47,657 | 50,114 | 41,224 | 56,356 | 48,137 | 45,831 | 43,215 | 50,426 | 195,351 | 187,609 | 150,734 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 71,752 | 69,607 | 66,439 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 91,808 | 103,526 | 74,549 |
Total assets | 1,424,161 | ' | ' | ' | 1,374,862 | ' | ' | ' | 1,424,161 | 1,374,862 | 1,240,534 |
U.S. And Canadian Rental And Cleaning [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,244,408 | 1,200,286 | 1,099,421 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 209,497 | 200,852 | 164,793 |
Interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,077 | -2,944 | -2,535 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 212,551 | 203,798 | 167,284 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 49,116 | 46,793 | 43,501 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 86,430 | 97,519 | 66,526 |
Total assets | 1,286,984 | ' | ' | ' | 1,241,924 | ' | ' | ' | 1,286,984 | 1,241,924 | 1,108,362 |
MFG [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 183,340 | 170,867 | 160,421 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 63,675 | 61,896 | 50,036 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63,540 | 61,749 | 50,101 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,306 | 1,033 | 1,133 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,264 | 3,559 | 1,306 |
Total assets | 38,066 | ' | ' | ' | 31,781 | ' | ' | ' | 38,066 | 31,781 | 28,099 |
Net Interco MFG Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -183,340 | -170,867 | -160,421 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,777 | -9,729 | -5,168 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,777 | -9,729 | -5,168 |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15,077 | 14,079 | 12,902 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -87,145 | -82,357 | -76,376 |
Interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 718 | 1,394 | 1,929 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -87,897 | -83,783 | -78,345 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 15,751 | 15,296 | 15,599 |
Subtotal Core Laundry Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,259,485 | 1,214,365 | 1,112,323 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 182,250 | 170,662 | 133,285 |
Interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,359 | -1,550 | -606 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 184,417 | 172,035 | 133,872 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 66,173 | 63,122 | 60,233 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 88,694 | 101,078 | 67,832 |
Total assets | 1,325,050 | ' | ' | ' | 1,273,705 | ' | ' | ' | 1,325,050 | 1,273,705 | 1,136,461 |
Specialty Garments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 91,484 | 96,688 | 102,758 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 7,178 | 10,539 | 13,460 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,087 | 10,572 | 12,499 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,646 | 5,114 | 4,788 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,847 | 1,962 | 6,044 |
Total assets | 77,037 | ' | ' | ' | 79,640 | ' | ' | ' | 77,037 | 79,640 | 83,137 |
First Aid [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 43,928 | 44,462 | 41,208 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,847 | 5,002 | 4,363 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,847 | 5,002 | 4,363 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 933 | 1,371 | 1,418 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,267 | 486 | 673 |
Total assets | $22,074 | ' | ' | ' | $21,517 | ' | ' | ' | $22,074 | $21,517 | $20,936 |
Note_14_Segment_Reporting_Deta2
Note 14 - Segment Reporting (Details) - Summary of Long-Lived Assets by Geographic Area (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Note 14 - Segment Reporting (Details) - Summary of Long-Lived Assets by Geographic Area [Line Items] | ' | ' | ||
Long-lived assets | $834,871 | $813,468 | ||
UNITED STATES | ' | ' | ||
Note 14 - Segment Reporting (Details) - Summary of Long-Lived Assets by Geographic Area [Line Items] | ' | ' | ||
Long-lived assets | 781,478 | 769,121 | ||
Europe, Canada, Mexico and Nicaragua [Member] | ' | ' | ||
Note 14 - Segment Reporting (Details) - Summary of Long-Lived Assets by Geographic Area [Line Items] | ' | ' | ||
Long-lived assets | $53,393 | [1] | $44,347 | [1] |
[1] | No country accounts for greater than 10% of total long-lived assets, revenues or income before income taxes |
Note_14_Segment_Reporting_Deta3
Note 14 - Segment Reporting (Details) - Summary of Revenues and Income Before Income Taxes by Geographic Area (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 25-May-13 | Feb. 23, 2013 | Nov. 24, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |||
Note 14 - Segment Reporting (Details) - Summary of Revenues and Income Before Income Taxes by Geographic Area [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $351,988 | $352,238 | $343,967 | $346,704 | $352,876 | $335,764 | $334,306 | $332,569 | $1,394,897 | $1,355,515 | $1,256,289 | |||
Income before income taxes | 47,657 | 50,114 | 41,224 | 56,356 | 48,137 | 45,831 | 43,215 | 50,426 | 195,351 | 187,609 | 150,734 | |||
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Note 14 - Segment Reporting (Details) - Summary of Revenues and Income Before Income Taxes by Geographic Area [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,258,609 | 1,223,534 | 1,144,753 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 182,354 | 171,899 | 134,651 | |||
Europe and Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Note 14 - Segment Reporting (Details) - Summary of Revenues and Income Before Income Taxes by Geographic Area [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 136,288 | [1] | 131,981 | [1] | 111,536 | [1] |
Europe, Canada, Mexico and Nicaragua [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Note 14 - Segment Reporting (Details) - Summary of Revenues and Income Before Income Taxes by Geographic Area [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $12,997 | [1] | $15,710 | [1] | $16,083 | [1] |
[1] | No country accounts for greater than 10% of total long-lived assets, revenues or income before income taxes |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 25-May-13 | Feb. 23, 2013 | Nov. 24, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $351,988 | $352,238 | $343,967 | $346,704 | $352,876 | $335,764 | $334,306 | $332,569 | $1,394,897 | $1,355,515 | $1,256,289 |
Income before income taxes | 47,657 | 50,114 | 41,224 | 56,356 | 48,137 | 45,831 | 43,215 | 50,426 | 195,351 | 187,609 | 150,734 |
Provision for income taxes | 18,785 | 19,170 | 15,577 | 21,894 | 17,576 | 17,109 | 16,573 | 19,666 | 75,426 | 70,924 | 55,745 |
Net income | 28,872 | 30,944 | 25,647 | 34,462 | 30,561 | 28,722 | 26,642 | 30,760 | 119,925 | 116,685 | 94,989 |
Common Stock (in Dollars per share) | $1.43 | $1.53 | $1.27 | $1.71 | $1.52 | $1.43 | $1.33 | $1.54 | $5.95 | $5.81 | $4.76 |
Income allocated to b Basic | ' | ' | ' | ' | ' | ' | ' | ' | 119,925 | 116,685 | 94,989 |
Common Stock | 28,631 | 30,637 | 25,326 | 34,031 | 30,178 | 28,307 | 26,196 | 30,244 | 118,626 | 114,927 | 93,358 |
Common Stock (in Shares) | 20,007 | 19,977 | 19,924 | 19,891 | 19,882 | 19,820 | 19,747 | 19,693 | 19,939 | 19,789 | 19,616 |
Common Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income per share b Basic (in Dollars per share) | $1.51 | $1.62 | $1.34 | $1.81 | $1.61 | $1.51 | $1.40 | $1.62 | $6.29 | $6.14 | $5.02 |
Income allocated to b Basic | 22,876 | 24,493 | 20,267 | 27,208 | 24,123 | 22,638 | 20,963 | 24,191 | 94,849 | 91,916 | 74,643 |
Weighted average number of shares outstanding b Basic (in Shares) | 15,113 | 15,102 | 15,077 | 15,029 | 15,017 | 14,993 | 14,962 | 14,925 | 15,080 | 14,975 | 14,882 |
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income per share b Basic (in Dollars per share) | $1.21 | $1.30 | $1.08 | $1.45 | $1.29 | $1.21 | $1.12 | $1.30 | $5.03 | $4.91 | $4.01 |
Income allocated to b Basic | $5,742 | $6,127 | $5,041 | $6,798 | $6,033 | $5,647 | $5,209 | $6,025 | $23,705 | $22,913 | $18,630 |
Weighted average number of shares outstanding b Basic (in Shares) | 4,741 | 4,722 | 4,687 | 4,693 | 4,694 | 4,675 | 4,647 | 4,647 | 4,711 | 4,666 | 4,643 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - Valuation and Qualifying Accounts and Reserves (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance | $4,894 | $5,152 | $4,201 |
Charged to Costs and Expenses | 4,378 | 3,939 | 6,221 |
Charges for Which Reserves Were Created or Deductions | -4,158 | -4,197 | -5,270 |
Balance | 5,114 | 4,894 | 5,152 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance | 2,018 | 2,322 | 1,410 |
Charged to Costs and Expenses | 535 | 251 | 1,465 |
Charges for Which Reserves Were Created or Deductions | -640 | -555 | -553 |
Balance | $1,913 | $2,018 | $2,322 |