Sonic (SONC) 10-Q 2 Jul 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	May. 31, 2015	Jun. 29, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	SONIC CORP.
Entity Central Index Key	868,611
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		51,919,891

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Current assets:
Cash and cash equivalents	$ 22,922	$ 35,694
Restricted cash	9,972	13,208
Accounts and notes receivable, net	33,616	32,833
Income taxes receivable	1,734	1,887
Prepaid expenses and other current assets	11,863	12,090
Total current assets	80,107	95,712
Noncurrent restricted cash	6,556	6,652
Notes receivable, net	6,770	8,155
Property, equipment and capital leases	786,796	771,019
Less accumulated depreciation and amortization	(356,488)	(329,050)
Property, equipment and capital leases, net	430,308	441,969
Goodwill	77,066	77,093
Other assets, net	22,178	21,391
Total assets	622,985	650,972
Current liabilities:
Accounts payable	17,422	17,207
Franchisee deposits	780	2,678
Accrued liabilities	46,615	43,681
Income taxes payable	3,332	2,461
Current maturities of long-term debt and capital leases	13,564	13,484
Total current liabilities	81,713	79,511
Obligations under capital leases due after one year	21,673	23,050
Long-term debt due after one year	431,182	427,527
Deferred income taxes	49,712	37,611
Other non-current liabilities	20,099	20,598
Total non-current liabilities	$ 522,666	$ 508,786
Stockholders' equity:
Preferred stock, par value $.01; 1,000 shares authorized; none outstanding
Common stock, par value $.01; 245,000 shares authorized; 118,309 shares issued (118,309 shares issued at August 31, 2014)	$ 1,183	$ 1,183
Paid-in capital	221,059	225,004
Retained earnings	830,081	801,202
Treasury stock, at cost; 66,231 shares (64,505 shares at August 31, 2014)	(1,033,717)	(964,714)
Total stockholders’ equity	18,606	62,675
Total liabilities and stockholders' equity	$ 622,985	$ 650,972

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May. 31, 2015	Aug. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	245,000,000	245,000,000
Common stock, shares issued	118,309,000	118,309,000
Treasury stock, shares	66,231,000	64,505,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Revenues:
Company Drive-In sales	$ 118,369	$ 111,014	$ 310,816	$ 286,361
Franchise Drive-Ins:
Franchise royalties and fees	43,704	38,795	114,375	96,598
Lease revenue	1,569	1,081	3,613	2,682
Other	1,106	1,297	2,019	2,939
Total revenues	164,748	152,187	430,823	388,580
Costs and expenses:
Food and packaging	32,727	32,175	87,128	81,454
Payroll and other employee benefits	40,898	37,737	110,049	101,108
Other operating expenses, exclusive of depreciation and amortization included below	22,955	21,805	65,484	62,049
Total cost of Company Drive-In sales	96,580	91,717	262,661	244,611
Selling, general and administrative	20,699	17,639	57,625	50,530
Depreciation and amortization	11,435	11,022	34,634	31,087
Other operating (income) expense, net	(336)	128	4	(37)
Total costs and expenses	128,378	120,506	354,924	326,191
Income from operations	36,370	31,681	75,899	62,389
Interest expense	6,382	6,328	18,981	19,095
Interest income	(91)	(112)	(290)	(373)
Net interest expense	6,291	6,216	18,691	18,722
Income before income taxes	30,079	25,465	57,208	43,667
Provision for income taxes	9,637	8,689	19,019	14,576
Net income	$ 20,442	$ 16,776	$ 38,189	$ 29,091
Basic income per share	$ 0.39	$ 0.31	$ 0.72	$ 0.52
Diluted income per share	$ 0.38	$ 0.30	$ 0.70	$ 0.51

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
Cash flows from operating activities:
Net income	$ 38,189	$ 29,091
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34,634	31,087
Stock-based compensation expense	2,572	2,784
Provision for deferred income taxes	10,088	3,832
Other	(3,644)	(2,397)
(Increase) decrease in operating assets:
Restricted cash	3,312	1,979
Accounts receivable and other assets	(931)	(4,168)
Increase (decrease) in operating liabilities:
Accounts payable	2,105	(1,435)
Accrued and other liabilities	8,098	4,317
Income taxes	6,079	5,968
Total adjustments	62,313	41,967
Net cash provided by operating activities	100,502	71,058
Cash flows from investing activities:
Purchases of property and equipment	(30,867)	(54,738)
Proceeds from sale of assets	4,089	1,653
Other	4,148	(415)
Net cash used in investing activities	(22,630)	(53,500)
Cash flows from financing activities:
Payments on debt	(63,842)	(7,340)
Proceeds from borrowings	67,500
Purchases of treasury stock	(95,597)	(68,884)
Proceeds from exercise of stock options	15,763	16,700
Payment of dividends	(14,153)
Other	(315)	(1,090)
Net cash used in financing activities	(90,644)	(60,614)
Net decrease in cash and cash equivalents	(12,772)	(43,056)
Cash and cash equivalents at beginning of period	35,694	77,896
Cash and cash equivalents at end of period	22,922	34,840
Cash paid during the period for:
Income taxes (net of refunds)	2,927	4,826
Non-cash investing and financing activities:
Change in obligation to acquire treasury stock	(259)	571
Change in obligation for purchase of property and equipment	$ (2,327)	$ 3,113

Basis Of Presentation

Basis Of Presentation	9 Months Ended
	May. 31, 2015
Basis Of Presentation [Abstract]
Basis Of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements of Sonic Corp. (the “Company”). In the opinion of management, these financial statements reflect all adjustments of a normal recurring nature, including recurring accruals, necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. In certain situations, recurring accruals, including franchise royalties, are based on more limited information at interim reporting dates than at the Company’s fiscal year end due to the abbreviated reporting period. Actual results may differ from these estimates. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended August 31, 2014 , included in the Company’s Annual Report on Form 10-K. Interim results are not necessarily indicative of the results that may be expected for a full year or any other interim period. Principles of Consolidation The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and a number of Company Drive-Ins in which a subsidiary has a controlling ownership interest. All intercompany accounts and transactions have been eliminated. Reclassifications Certain amounts reported in previous years have been combined and reclassified to conform to the current-year presentation. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which requires entities to recognize revenue in the way it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most of the existing revenue recognition requirements in U.S. GAAP when it becomes effective. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the effect that this pronouncement will have on its financial statements and related disclosures. In April 2015, FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This update requires debt issuance costs to be presented in the balance sheet as a reduction of the related liability rather than an asset. This pronouncement is effective for reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is to be applied retrospectively; early adoption is permitted. The Company is currently evaluating the effect this guidance will have on its financial statements and related disclosures. In April 2015, FASB issued ASU No. 2015-05, “Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” The guidance provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015. The Company is currently evaluating the effect that this pronouncement will have on its financial statements and related disclosures.

Earnings Per Share

Earnings Per Share	9 Months Ended
	May. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	2. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended Nine months ended May 31, May 31, 2015 2014 2015 2014 Numerator: Net income $ $ $ $ Denominator: Weighted average common shares outstanding– basic Effect of dilutive employee stock options and unvested restricted stock units Weighted average common shares – diluted Net income per common share – basic $ $ $ $ Net income per common share – diluted $ $ $ $ Anti-dilutive securities excluded (1) ————————— (1) Anti-dilutive securities consist of stock options and unvested restricted stock units that were not included in the computation of diluted earnings per share because either the exercise price of the options was greater than the average market price of the common stock or the total assumed proceeds under the treasury stock method resulted in negative incremental shares and thus the inclusion would have been anti-dilutive.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	May. 31, 2015
Share Repurchase Program [Abstract]
Share Repurchase Program	3. Share Repurchase Program In August 2014, the Company’s Board of Directors extended the Company’s share repurchase program, authorizing the Company to purchase up to $105 million of its outstanding shares of common stock to be repurchased through August 31, 2015. Share repurchases may be made from time to time in the open market or otherwise, including through an accelerated share repurchase program, under terms of a Rule 10b5-1 plan, in privately negotiated transactions or in round lot or block transactions. The share repurchase program may be extended, modified, suspended or discontinued at any time. In October 2014, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to purchase $ 15 million of the Company’s common stock. In exchange for a $ 15 million up-front payment, the financial institution delivered approximately 0.6 million shares. During January 2015, the ASR purchase period concluded, and the Company elected to settle the agreement in cash rather than shares. Accordingly, the Company paid $ 0.1 million, and no additional shares were delivered, resulting in an average price per share of $ 26.32 . In February 2015, the Company entered into additional ASR agreements with a financial institution to purchase $ 75 million of the Company’s common stock. These ASR transactions were funded with available cash on hand and funds from borrowing on the Company’s Series 2011-1 Senior Secured Variable Funding Notes, Class A-1 (the "2011 Variable Funding Notes"). In exchange for a $ 75 million up-front payment, the financial institution delivered approximately 2.1 million shares. Subsequent to the end of the third quarter, the ASR transactions completed with 0.3 million additional shares delivered, resulting in an average price per share of $ 31.38 . The Company reflected the ASR transactions as a repurchase of common stock for purposes of calculating earnings per share and as a forward contract indexed to its own common stock. The forward contract met all of the applicable criteria for equity classification. Including shares repurchased through the ASR transactions described above, during the first nine months of fiscal year 2015, approximately 2.9 million shares were repurchased for a total cost of $95.3 million. Including the 0.3 million shares received at completion of the ASR transactions subsequent to the end of the third quarter, approximately 3.2 million shares were repurchased for a total cost of $ 95.3 million, resulting in an average price per share of $ 29.76 . The total remaining amount authorized under the share repurchase program, as of May 31, 2015 , was $ 9.7 million.

Income Taxes

Income Taxes	9 Months Ended
	May. 31, 2015
Income Taxes [Abstract]
Income Taxes	4. Income Taxes The following table presents the Company’s provision for income taxes and effective income tax rate for the periods below: Three months ended Nine months ended May 31, May 31, 2015 2014 2015 2014 Provision for income taxes $ $ $ $ Effective income tax rate % % % % The lower effective income tax rate during the third quarter of fiscal year 2015 was primarily attributable to amending prior years’ federal tax returns in order to claim certain allowable tax deductions. The lower effective income tax rate during the first nine months of fiscal year 2015 was primarily attributable to the recognition of prior years’ federal tax deductions and legislation that was passed during the second quarter to retroactively reinstate and extend the Work Opportunity Tax Credit (“WOTC”). As of May 31, 2015, the Company had $ 3.3 million of unrecognized tax benefits, including $ 0.4 million of interest and penalties. During the first nine months of fiscal year 2015, the liability for unrecognized tax benefits increased $ 0.9 million. The increase was primarily due to new uncertain tax positions related to a federal tax deduction and an adjustment to a federal tax credit. The Company recognizes estimated interest and penalties as a component of its income tax expense, net of federal benefit. If recognized, the entire amount of unrecognized tax benefits would favorably impact the effective tax rate. The Company or one of its subsidiaries is subject to U.S. federal income tax and income tax in multiple U.S. state jurisdictions. The Company is currently undergoing examinations or appeals by various state and federal authorities. The Company anticipates that the finalization of these examinations or appeals, combined with the expiration of applicable statutes of limitations and the additional accrual of interest related to unrecognized benefits on various return positions taken in years still open for examination, could result in a change to the liability for unrecognized tax benefits during the next 12 months ranging from a decrease of $ 2.7 million to an increase of $ 0.1 million depending on the timing and terms of the examination resolutions.

Contingencies

Contingencies	9 Months Ended
	May. 31, 2015
Contingencies [Abstract]
Contingencies	5. Contingencies The Company is involved in various legal proceedings and has certain unresolved claims pending. Based on the information currently available, management believes that all claims currently pending are either covered by insurance or would not have a material adverse effect on the Company’s business, operating results or financial condition. On December 20, 2013, the Company extended a note purchase agreement to a bank that serves to guarantee the repayment of a franchisee loan, with a term through 2018 . In the event of default by the franchisee, the Company would purchase the franchisee loan from the bank, thereby becoming the note holder and providing an avenue of recourse with the franchisee. The Company recorded a liability for this guarantee which was based on the Company’s estimate of fair value. As of May 31, 2015 , the balance of the franchisee’s loan was $ 6.0 million. The Company has obligations under various operating lease agreements with third-party lessors related to the real estate for certain Company Drive-In operations that were sold to franchisees. Under these agreements, which expire through 2029 , the Company remains secondarily liable for the lease payments for which it was responsible as the original lessee. As of May 31, 2015 , the amount remaining under these guaranteed lease obligations totaled $ 8.1 million. At this time, the Company does not anticipate any material defaults under the foregoing leases; therefore, no liability has been provided.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	May. 31, 2015
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	6. Fair Value of Financial Instruments The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. The Company has no financial liabilities that are required to be measured at fair value on a recurring basis. The Company categorizes its assets and liabilities recorded at fair value based upon the following fair value hierarchy established by the Financial Accounting Standards Board: • Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 valuations use inputs other than actively quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The Company’s cash equivalents are carried at cost which approximates fair value and totaled $ 33.7 million at May 31, 2015 and $34.4 million at August 31, 2014 . This fair value is estimated using Level 1 inputs. At May 31, 2015 , the fair value of the Company’s Series 2011-1 Senior Secured Fixed Rate Notes, Class A-2 (the “2011 Fixed Rate Notes”) and Series 2013-1 Senior Secured Fixed Rate Notes, Class A-2 (the “2013 Fixed Rate Notes”) approximated the carrying value of $ 430.5 million, including accrued interest. At August 31, 2014 , the fair value of the 2011 Fixed Rate Notes and 2013 Fixed Rate Notes approximated the carrying value of $ 437.8 million, including accrued interest. The fair value of the Company’s 2011 Variable Funding Notes at May 31, 2015 approximated the carrying value of $ 11.0 million, including accrued interest. At August 31, 2014 , the 2011 Variable Funding Notes had no balance. The fair value of the 2011 Fixed Rate Notes, 2013 Fixed Rate Notes and 2011 Variable Funding Notes is estimated using Level 2 inputs from market information available for public debt transactions for companies with ratings that are similar to the Company’s ratings and from information gathered from brokers who trade in the Company’s notes.

Basis Of Presentation (Policy)

Basis Of Presentation (Policy)	9 Months Ended
	May. 31, 2015
Basis Of Presentation [Abstract]
Principles Of Consolidation	Principles of Consolidation The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and a number of Company Drive-Ins in which a subsidiary has a controlling ownership interest. All intercompany accounts and transactions have been eliminated.
Reclassifications	Reclassifications Certain amounts reported in previous years have been combined and reclassified to conform to the current-year presentation.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which requires entities to recognize revenue in the way it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most of the existing revenue recognition requirements in U.S. GAAP when it becomes effective. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the effect that this pronouncement will have on its financial statements and related disclosures. In April 2015, FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This update requires debt issuance costs to be presented in the balance sheet as a reduction of the related liability rather than an asset. This pronouncement is effective for reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is to be applied retrospectively; early adoption is permitted. The Company is currently evaluating the effect this guidance will have on its financial statements and related disclosures. In April 2015, FASB issued ASU No. 2015-05, “Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” The guidance provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015. The Company is currently evaluating the effect that this pronouncement will have on its financial statements and related disclosures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	May. 31, 2015
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	Three months ended Nine months ended May 31, May 31, 2015 2014 2015 2014 Numerator: Net income $ $ $ $ Denominator: Weighted average common shares outstanding– basic Effect of dilutive employee stock options and unvested restricted stock units Weighted average common shares – diluted Net income per common share – basic $ $ $ $ Net income per common share – diluted $ $ $ $ Anti-dilutive securities excluded (1) ————————— (1) Anti-dilutive securities consist of stock options and unvested restricted stock units that were not included in the computation of diluted earnings per share because either the exercise price of the options was greater than the average market price of the common stock or the total assumed proceeds under the treasury stock method resulted in negative incremental shares and thus the inclusion would have been anti-dilutive.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	May. 31, 2015
Income Taxes [Abstract]
Schedule Of Provision (Benefit) For Income Taxes And Effective Income Tax Rate	Three months ended Nine months ended May 31, May 31, 2015 2014 2015 2014 Provision for income taxes $ $ $ $ Effective income tax rate % % % %

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Earnings Per Share [Abstract]
Net income		$ 20,442	$ 16,776	$ 38,189	$ 29,091
Weighted average common shares outstanding – basic		52,022	54,382	52,851	55,544
Effect of dilutive employee stock options and unvested restricted stock units		1,369	1,371	1,442	1,476
Weighted average common shares - diluted		53,391	55,753	54,293	57,020
Net income per common share - basic		$ 0.39	$ 0.31	$ 0.72	$ 0.52
Net income per common share - diluted		$ 0.38	$ 0.30	$ 0.70	$ 0.51
Anti-dilutive securities excluded	[1]	379	1,025	335	1,036
[1]	Anti-dilutive securities consist of stock options and unvested restricted stock units that were not included in the computation of diluted earnings per share because either the exercise price of the options was greater than the average market price of the common stock or the total assumed proceeds under the treasury stock method resulted in negative incremental shares and thus the inclusion would have been anti-dilutive.

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 26, 2015	Feb. 28, 2015	Jan. 31, 2015	Oct. 31, 2014	May. 31, 2015	Jun. 30, 2015	Aug. 31, 2014
Share Repurchase Program [Line Items]
Shares repurchase authorized amount							$ 105
Shares acquired through stock repurchase program					2.9
Purchase of treasury stock					$ 95.3
Remaining amount authorized for repurchase through share repurchase program					$ 9.7
October 2014 Accelerated Share Repurchase Program [Member]
Share Repurchase Program [Line Items]
Shares repurchase authorized amount				$ 15
Shares acquired through stock repurchase program			0	0.6
Purchase of treasury stock				$ 15
Cash payment at completion of accelerated share repurchase program			$ 0.1
Final price paid per share			$ 26.32
February 2015 Accelerated Share Repurchase Program [Member]
Share Repurchase Program [Line Items]
Shares repurchase authorized amount		$ 75
Shares acquired through stock repurchase program		2.1
Purchase of treasury stock		$ 75
Subsequent Event [Member]
Share Repurchase Program [Line Items]
Shares acquired through stock repurchase program						3.2
Weighted-average price per share						$ 29.76
Subsequent Event [Member] | February 2015 Accelerated Share Repurchase Program [Member]
Share Repurchase Program [Line Items]
Shares acquired through stock repurchase program	0.3
Final price paid per share	$ 31.38

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - May. 31, 2015 - USD ($) $ in Millions	Total
Income Taxes [Abstract]
Unrecognized tax benefits	$ 3.3
Unrecognized tax benefits in interest and penalties	0.4
Increase in unrecognized tax benefits	0.9
Possible change in unrecognized tax benefits, lower bound	0.1
Possible change in unrecognized tax benefits, upper bound	$ (2.7)

Income Taxes (Schedule Of Provi

Income Taxes (Schedule Of Provision (Benefit) For Income Taxes And Effective Income Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Income Taxes [Abstract]
Provision for income taxes	$ 9,637	$ 8,689	$ 19,019	$ 14,576
Effective income tax rate	32.00%	34.10%	33.20%	33.40%

Contingencies (Details)

Contingencies (Details) - May. 31, 2015 - USD ($) $ in Millions	Total
Note Repurchase Agreement [Member]
Loss Contingencies [Line Items]
Guaranteed obligations	$ 6
Guarantor Obligations, Term	2,018
Guarantee Operating Lease Obligations [Member]
Loss Contingencies [Line Items]
Guaranteed obligations	$ 8.1
Guaranteed liability, carrying value	$ 0
Guarantor Obligations, Term	2,029

Fair Value Of Financial Instr20

Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	May. 31, 2015	Aug. 31, 2014
Fair Value Disclosure [Line Items]
Cash equivalents carried at cost	$ 33.7	$ 34.4
2013 and 2011 Fixed Rate Notes [Member]
Fair Value Disclosure [Line Items]
Long-term Debt, Fair Value	430.5	437.8
Fixed rate notes, carrying value, including accrued interest	430.5	437.8
2011 Variable Rate Notes [Member]
Fair Value Disclosure [Line Items]
Long-term Debt, Fair Value	11	0
Fixed rate notes, carrying value, including accrued interest	$ 11	$ 0