Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Nov. 30, 2013 | Jan. 06, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'JBL | ' |
Entity Registrant Name | 'JABIL CIRCUIT INC | ' |
Entity Central Index Key | '0000898293 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 206,224,627 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $769,223 | $1,011,373 |
Accounts receivable, net of allowance for doubtful accounts of $1,875 at November 30, 2013 and $2,717 at August 31, 2013 | 1,430,997 | 1,281,425 |
Inventories | 2,166,797 | 2,302,155 |
Prepaid expenses and other current assets | 1,165,090 | 1,165,984 |
Income taxes receivable | 26,280 | 13,048 |
Deferred income taxes | 50,308 | 46,260 |
Total current assets | 5,608,695 | 5,820,245 |
Property, plant and equipment, net of accumulated depreciation of $1,898,449 at November 30, 2013 and $1,810,736 at August 31, 2013 | 2,474,466 | 2,395,598 |
Goodwill | 457,972 | 436,205 |
Intangible assets, net of accumulated amortization of $165,401 at November 30, 2013 and $157,660 at August 31, 2013 | 304,694 | 304,230 |
Deferred income taxes | 87,170 | 94,069 |
Other assets | 96,405 | 103,434 |
Total assets | 9,029,402 | 9,153,781 |
Current liabilities: | ' | ' |
Current installments of notes payable, long-term debt and capital lease obligations | 117,230 | 215,536 |
Accounts payable | 3,185,090 | 3,301,235 |
Accrued expenses | 1,351,125 | 1,301,078 |
Income taxes payable | 18,129 | 40,332 |
Deferred income taxes | 7,836 | 6,253 |
Total current liabilities | 4,679,410 | 4,864,434 |
Notes payable, long-term debt and capital lease obligations, less current installments | 1,677,824 | 1,690,426 |
Other liabilities | 85,242 | 89,813 |
Income tax liabilities | 90,490 | 80,368 |
Deferred income taxes | 78,688 | 73,173 |
Total liabilities | 6,611,654 | 6,798,214 |
Commitments and contingencies | ' | ' |
Jabil Circuit, Inc. stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and outstanding | ' | ' |
Common stock, $0.001 par value, authorized 500,000,000 shares; 242,502,585 and 237,732,562 shares issued and 206,454,127 and 203,164,870 shares outstanding at November 30, 2013 and August 31, 2013, respectively | 242 | 238 |
Additional paid-in capital | 1,828,111 | 1,853,409 |
Retained earnings | 1,172,105 | 1,071,175 |
Accumulated other comprehensive income | 93,914 | 81,248 |
Treasury stock at cost, 36,048,458 and 34,567,692 shares at November 30, 2013 and August 31, 2013 | -703,500 | -670,783 |
Total Jabil Circuit, Inc. stockholders' equity | 2,390,872 | 2,335,287 |
Noncontrolling interests | 26,876 | 20,280 |
Total equity | 2,417,748 | 2,355,567 |
Total liabilities and equity | $9,029,402 | $9,153,781 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,875 | $2,717 |
Property, plant and equipment, accumulated depreciation | 1,898,449 | 1,810,736 |
Intangible assets, accumulated amortization | $165,401 | $157,660 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 242,502,585 | 237,732,562 |
Common stock, shares outstanding | 206,454,127 | 203,164,870 |
Treasury stock, shares | 36,048,458 | 34,567,692 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Income Statement [Abstract] | ' | ' |
Net revenue | $4,611,442 | $4,637,018 |
Cost of revenue | 4,242,672 | 4,286,423 |
Gross profit | 368,770 | 350,595 |
Operating expenses: | ' | ' |
Selling, general and administrative | 158,095 | 169,600 |
Research and development | 9,054 | 7,263 |
Amortization of intangibles | 7,678 | 3,451 |
Restructuring and related charges | 21,275 | ' |
Operating income | 172,668 | 170,281 |
Other expense | 1,255 | 1,569 |
Interest income | -747 | -510 |
Interest expense | 33,314 | 29,604 |
Income before income tax | 138,846 | 139,618 |
Income tax expense | 20,781 | 34,034 |
Net income | 118,065 | 105,584 |
Net income (loss) attributable to noncontrolling interests, net of income tax expense | 143 | -263 |
Net income attributable to Jabil Circuit, Inc. | $117,922 | $105,847 |
Earnings per share attributable to the stockholders of Jabil Circuit, Inc.: | ' | ' |
Basic | $0.58 | $0.52 |
Diluted | $0.57 | $0.51 |
Weighted average shares outstanding: | ' | ' |
Basic | 204,762 | 204,318 |
Diluted | 206,813 | 207,816 |
Cash dividend declared per share | $0.08 | $0.08 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $118,065 | $105,584 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | 9,184 | 4,909 |
Change in fair value of derivative instruments, net of tax | 1,422 | 2,747 |
Reclassification of net losses (gains) realized and included in net income related to derivative instruments, net of tax | 2,060 | -1,041 |
Total other comprehensive income | 12,666 | 6,615 |
Comprehensive income | 130,731 | 112,199 |
Comprehensive income (loss) attributable to noncontrolling interests | 143 | -263 |
Comprehensive income attributable to Jabil Circuit, Inc. | $130,588 | $112,462 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Noncontrolling Interests |
In Thousands, except Share data | |||||||
Beginning Balance at Aug. 31, 2013 | $2,355,567 | $238 | $1,853,409 | $1,071,175 | $81,248 | ($670,783) | $20,280 |
Beginning Balance (in shares) at Aug. 31, 2013 | 203,164,870 | 203,164,870 | ' | ' | ' | ' | ' |
Shares issued upon exercise of stock options (in shares) | ' | 1,251 | ' | ' | ' | ' | ' |
Shares issued upon exercise of stock options | 1 | 4 | -3 | ' | ' | ' | ' |
Vesting of restricted stock awards (in shares) | ' | 4,768,772 | ' | ' | ' | ' | ' |
Purchases of treasury stock under employee stock plans | -32,717 | ' | ' | ' | ' | -32,717 | ' |
Purchases of treasury stock under employee stock plans (in shares) | ' | -1,480,766 | ' | ' | ' | ' | ' |
Recognition of stock-based compensation | -25,206 | ' | -25,206 | ' | ' | ' | ' |
Excess tax benefit of stock awards | 658 | ' | 658 | ' | ' | ' | ' |
Declared dividends | -16,992 | ' | ' | -16,992 | ' | ' | ' |
Comprehensive income | 130,731 | ' | ' | 117,922 | 12,666 | ' | 143 |
Adjustment of noncontrolling interests | 7,401 | ' | ' | ' | ' | ' | 7,401 |
Purchase of noncontrolling interests | -1,720 | ' | -747 | ' | ' | ' | -973 |
Foreign Currency Adjustments Attributable to Noncontrolling Interests | 25 | ' | ' | ' | ' | ' | 25 |
Ending Balance at Nov. 30, 2013 | $2,417,748 | $242 | $1,828,111 | $1,172,105 | $93,914 | ($703,500) | $26,876 |
Ending Balance (in shares) at Nov. 30, 2013 | 206,454,127 | 206,454,127 | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $118,065 | $105,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 125,596 | 95,203 |
Recognition of stock-based compensation expense and related charges | -24,566 | 18,803 |
Deferred income taxes | -5,429 | -1,288 |
Restructuring and related charges | 782 | ' |
Excess tax benefits related to stock awards | -714 | -330 |
Other, net | 3,691 | 3,116 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -146,619 | -308,487 |
Inventories | 137,407 | -195,316 |
Prepaid expenses and other current assets | 1,323 | 10,256 |
Other assets | -6,136 | 233 |
Accounts payable and accrued expenses | -73,700 | 424,119 |
Income taxes payable | -11,994 | 21 |
Net cash provided by operating activities | 117,706 | 151,914 |
Cash flows from investing activities: | ' | ' |
Acquisition of property, plant and equipment | -202,992 | -166,485 |
Proceeds from sale of property, plant and equipment | 5,819 | 1,981 |
Net cash used in investing activities | -197,173 | -164,504 |
Cash flows from financing activities: | ' | ' |
Borrowings under debt agreements | 2,066,000 | 776,517 |
Payments toward debt agreements | -2,180,326 | -787,196 |
Dividends paid to stockholders | -19,261 | -18,551 |
Cash paid to purchase noncontrolling interest | -1,720 | ' |
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan | ' | 3,201 |
Payments to acquire treasury stock | ' | -129,262 |
Treasury stock minimum tax withholding related to vesting of restricted stock | -32,717 | -19,908 |
Capital contribution to noncontrolling interest | ' | 317 |
Excess tax benefit related to stock awards | 714 | 330 |
Bank overdraft | 3,396 | ' |
Net cash used in financing activities | -163,914 | -174,552 |
Effect of exchange rate changes on cash and cash equivalents | 1,231 | -80 |
Net decrease in cash and cash equivalents | -242,150 | -187,222 |
Cash and cash equivalents at beginning of period | 1,011,373 | 1,217,256 |
Cash and cash equivalents at end of period | $769,223 | $1,030,034 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Nov. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the information set forth therein have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Annual Report on Form 10-K of Jabil Circuit, Inc. (the “Company”) for the fiscal year ended August 31, 2013. Results for the three months ended November 30, 2013 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2014. |
Earnings_Per_Share_and_Dividen
Earnings Per Share and Dividends | 3 Months Ended | ||||||||||||||
Nov. 30, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Earnings Per Share and Dividends | ' | ||||||||||||||
2. Earnings Per Share and Dividends | |||||||||||||||
a. Earnings Per Share | |||||||||||||||
The Company calculates its basic earnings per share by dividing net income attributable to Jabil Circuit, Inc. by the weighted average number of common shares outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities. To the extent these securities are anti-dilutive, they are excluded from the calculation of diluted earnings per share. The following table sets forth the calculations of basic and diluted earnings per share attributable to the stockholders of Jabil Circuit, Inc. (in thousands, except earnings per share data): | |||||||||||||||
Three months ended | |||||||||||||||
November 30, | November 30, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Jabil Circuit, Inc. | $ | 117,922 | $ | 105,847 | |||||||||||
Denominator for basic and diluted earnings per share: | |||||||||||||||
Denominator for basic earnings per share | 204,762 | 204,318 | |||||||||||||
Dilutive common shares issuable under the employee stock purchase plan and upon exercise of stock options and stock appreciation rights | 79 | 88 | |||||||||||||
Dilutive unvested restricted stock awards | 1,972 | 3,410 | |||||||||||||
Denominator for diluted earnings per share | 206,813 | 207,816 | |||||||||||||
Earnings per share: | |||||||||||||||
Income attributable to the stockholders of Jabil Circuit, Inc.: | |||||||||||||||
Basic | $ | 0.58 | $ | 0.52 | |||||||||||
Diluted | $ | 0.57 | $ | 0.51 | |||||||||||
For the three months ended November 30, 2013 and 2012, options to purchase 2,592,657 and 3,739,187 shares of common stock and 3,145,008 and 4,612,729 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. | |||||||||||||||
b. Dividends | |||||||||||||||
The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders of the Company during the three months ended November 30, 2013 and 2012: | |||||||||||||||
Dividend | Dividend | Total Cash | Date of Record for | Dividend Cash | |||||||||||
Declaration Date | per Share | Dividends | Dividend Payment | Payment Date | |||||||||||
Declared | |||||||||||||||
(in thousands, except for per share data) | |||||||||||||||
Fiscal year 2014: | October 17, 2013 | $ | 0.08 | $ | 17,221 | November 15, 2013 | December 2, 2013 | ||||||||
Fiscal year 2013: | 16-Oct-12 | $ | 0.08 | $ | 16,962 | 15-Nov-12 | 3-Dec-12 |
Inventories
Inventories | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
3. Inventories | |||||||||
Inventories consist of the following (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Raw materials | $ | 1,345,087 | $ | 1,412,948 | |||||
Work in process | 495,501 | 548,096 | |||||||
Finished goods | 326,209 | 341,111 | |||||||
$ | 2,166,797 | $ | 2,302,155 | ||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
4. Stock-Based Compensation | |||||||||||||||||||||
The Company recognizes stock-based compensation expense, reduced for estimated forfeitures, on a straight-line basis over the requisite service period of the award, which is generally the vesting period for outstanding stock awards. The Company recorded ($24.6) million and $18.8 million of stock-based compensation expense gross of tax effects, which is included in selling, general and administrative expenses within the Condensed Consolidated Statements of Operations during the three months ended November 30, 2013 and 2012, respectively. During the three months ended November 30, 2013, the Company recorded a $39.0 million reversal to stock-based compensation expense due to decreased expectations for the vesting of certain restricted stock awards. The Company recorded tax effects related to the stock-based compensation expense of $0.0 million and $0.2 million, which is included in income tax expense within the Condensed Consolidated Statements of Operations for the three months ended November 30, 2013 and 2012, respectively. | |||||||||||||||||||||
The following table summarizes stock option and stock appreciation right activity from August 31, 2013 through November 30, 2013: | |||||||||||||||||||||
Shares | Options | Aggregate | Weighted- | Weighted- | |||||||||||||||||
Available | Outstanding | Intrinsic Value | Average | Average | |||||||||||||||||
for Grant | (in thousands) | Exercise | Remaining | ||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Life (years) | |||||||||||||||||||||
Balance at August 31, 2013 | 12,011,073 | 7,857,127 | $ | 1,927 | $ | 26.31 | 1.95 | ||||||||||||||
Options canceled | 1,533,125 | (1,533,125 | ) | $ | 26.21 | ||||||||||||||||
Restricted stock awards granted (1) | (3,966,609 | ) | |||||||||||||||||||
Options exercised | (25,952 | ) | $ | 19.38 | |||||||||||||||||
Balance at November 30, 2013 | 9,577,589 | 6,298,050 | $ | 339 | $ | 26.37 | 2.12 | ||||||||||||||
Exercisable at November 30, 2013 | 6,298,050 | $ | 339 | $ | 26.37 | 2.12 | |||||||||||||||
(1) | Represents the maximum number of shares that can be issued based on the achievement of certain performance criteria. | ||||||||||||||||||||
The following table summarizes restricted stock activity from August 31, 2013 through November 30, 2013: | |||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||
Average | |||||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested balance at August 31, 2013 | 11,335,192 | $ | 17.15 | ||||||||||||||||||
Changes during the period | |||||||||||||||||||||
Shares granted (1) | 4,042,264 | $ | 22.06 | ||||||||||||||||||
Shares vested | (4,768,772 | ) | $ | 15.11 | |||||||||||||||||
Shares forfeited | (75,655 | ) | $ | 18.88 | |||||||||||||||||
Non-vested balance at November 30, 2013 | 10,533,029 | $ | 19.94 | ||||||||||||||||||
(1) | For those shares granted that are based on the achievement of certain performance criteria, represents the maximum number of shares that can vest. | ||||||||||||||||||||
Certain key employees have been granted time-based and performance-based restricted stock awards. The time-based restricted awards granted generally vest on a graded vesting schedule over three years. The performance-based restricted awards generally vest on a cliff vesting schedule over three to five years and provide a range of vesting possibilities of up to a maximum of 100% or 150%, depending on the specified performance condition and the level of achievement obtained. During the three months ended November 30, 2013 and 2012, the Company awarded approximately 1.7 million and 1.8 million time-based restricted stock units, respectively and 1.5 million and 1.7 million performance-based restricted stock units, respectively. | |||||||||||||||||||||
At November 30, 2013, there was $83.4 million of total unrecognized stock-based compensation expense related to restricted stock awards. This expense is expected to be recognized over a weighted-average period of 1.6 years. |
Concentration_of_Risk_and_Segm
Concentration of Risk and Segment Data | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Concentration of Risk and Segment Data | ' | ||||||||
5. Concentration of Risk and Segment Data | |||||||||
a. Concentration of Risk | |||||||||
Sales of the Company’s products are concentrated among specific customers. During the three months ended November 30, 2013, the Company’s five largest customers accounted for approximately 48% of its net revenue and 69 customers accounted for approximately 90% of its net revenue. Sales to these customers were reported in the Diversified Manufacturing Services (“DMS”), Enterprise & Infrastructure (“E&I”) and High Velocity Systems (“HVS”) operating segments. | |||||||||
The Company is currently in ongoing discussions with BlackBerry Limited regarding the termination of the business relationship. No reserve has currently been established regarding the termination of the customer relationship as a loss is not considered probable. The reduction in business could include related expenses which are still being determined and could have a material adverse effect on results of operations. | |||||||||
The Company procures components from a broad group of suppliers. Almost all of the products manufactured by the Company require one or more components that are available from only a single source. | |||||||||
Production levels for a portion of the DMS and HVS segments are subject to seasonal influences. The Company may realize greater net revenue during its first fiscal quarter due to higher demand for consumer related products manufactured in the DMS and HVS segments during the holiday selling season. Therefore, quarterly results should not be relied upon as necessarily being indicative of results for the entire fiscal year. | |||||||||
b. Segment Data | |||||||||
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment. | |||||||||
The Company derives its revenue from providing comprehensive electronics design, production and product management services. The chief operating decision maker evaluates performance and allocates resources on a segment basis. The Company’s operating segments consist of three segments – DMS, E&I and HVS. | |||||||||
The DMS segment is composed of dedicated resources to manage higher complexity global products in regulated and other industries and introduce materials and process technologies including design and aftermarket services to global customers. The E&I and HVS segments offer integrated global manufacturing and supply chain solutions designed to provide cost effective solutions for certain customer groups. The E&I segment is focused on customers primarily in the computing, storage, networking and telecommunication sectors. The HVS segment is focused on the particular needs of the consumer products industry, including mobility, display, set-top boxes and peripheral products such as printers and point of sale terminals. | |||||||||
Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses, and does not include stock-based compensation expense and related charges, amortization of intangibles, restructuring and related charges, other expense, interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests. Total segment assets are defined as accounts receivable, inventories, net customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate arm’s length. | |||||||||
The following table sets forth operating segment information (in thousands): | |||||||||
Three months ended | |||||||||
November 30, | November 30, | ||||||||
2013 | 2012 | ||||||||
Net revenue | |||||||||
DMS | $ | 2,281,922 | $ | 2,175,034 | |||||
E&I | 1,336,705 | 1,418,516 | |||||||
HVS | 992,815 | 1,043,468 | |||||||
$ | 4,611,442 | $ | 4,637,018 | ||||||
Three months ended | |||||||||
November 30, | November 30, | ||||||||
2013 | 2012 | ||||||||
Segment income and reconciliation of income before income tax | |||||||||
DMS | $ | 110,673 | $ | 125,092 | |||||
E&I | 40,287 | 33,758 | |||||||
HVS | 26,095 | 33,685 | |||||||
Total segment income | $ | 177,055 | $ | 192,535 | |||||
Reconciling items: | |||||||||
Stock-based compensation expense and related charges | (24,566 | ) | 18,803 | ||||||
Amortization of intangibles | 7,678 | 3,451 | |||||||
Restructuring and related charges | 21,275 | — | |||||||
Other expense | 1,255 | 1,569 | |||||||
Interest income | (747 | ) | (510 | ) | |||||
Interest expense | 33,314 | 29,604 | |||||||
Income before income tax | $ | 138,846 | $ | 139,618 | |||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Total assets | |||||||||
DMS | $ | 4,053,551 | $ | 4,131,973 | |||||
E&I | 1,147,526 | 1,110,458 | |||||||
HVS | 1,105,514 | 1,031,911 | |||||||
Other non-allocated assets | 2,722,811 | 2,879,439 | |||||||
$ | 9,029,402 | $ | 9,153,781 | ||||||
The Company operates in 31 countries worldwide. Sales to unaffiliated customers are based on the Company’s location that maintains the customer relationship and transacts the external sale. Total foreign net revenue represented 84.5% and 86.4% of net revenue during the three months ended November 30, 2013 and 2012, respectively. |
Notes_Payable_LongTerm_Debt_an
Notes Payable, Long-Term Debt and Capital Lease Obligations | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable, Long-Term Debt and Capital Lease Obligations | ' | ||||||||
6. Notes Payable, Long-Term Debt and Capital Lease Obligations | |||||||||
Notes payable, long-term debt and capital lease obligations at November 30, 2013 and August 31, 2013, are summarized below (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
7.750% Senior Notes due 2016 | $ | 307,369 | $ | 306,940 | |||||
8.250% Senior Notes due 2018 | 398,379 | 398,284 | |||||||
5.625% Senior Notes due 2020 | 400,000 | 400,000 | |||||||
4.700% Senior Notes due 2022 | 500,000 | 500,000 | |||||||
Borrowings under credit facilities | 100,000 | 200,000 | |||||||
Borrowings under loans (a) | 47,973 | 58,447 | |||||||
Capital lease obligations | 35,103 | 35,468 | |||||||
Fair value adjustment related to terminated interest rate swaps on the 7.750% Senior Notes | 6,230 | 6,823 | |||||||
Total notes payable, long-term debt and capital lease obligations | 1,795,054 | 1,905,962 | |||||||
Less current installments of notes payable, long-term debt and capital lease obligations | 117,230 | 215,536 | |||||||
Notes payable, long-term debt and capital lease obligations, less current installments | $ | 1,677,824 | $ | 1,690,426 | |||||
The $312.0 million of 7.750% senior unsecured notes, $400.0 million of 8.250% senior unsecured notes, $400.0 million of 5.625% senior unsecured notes and $500.0 million of 4.700% senior unsecured notes outstanding are carried at the principal amount of each note, less any unamortized discount. The estimated fair values of these senior notes were approximately $356.4 million, $474.5 million, $430.1 million and $497.4 million, respectively, at November 30, 2013. The fair value estimates are based upon observable market data (Level 2 criteria). | |||||||||
(a) | During the third quarter of fiscal year 2012, the Company entered into a master lease agreement with a variable interest entity (the “VIE”) whereby it sells to and subsequently leases back from the VIE up to $60.0 million in certain machinery and equipment for a period of up to five years. In connection with this transaction, the Company holds a variable interest in the VIE, which was designed to hold debt obligations payable to third-party creditors. The proceeds from such debt obligations are utilized to finance the purchase of the machinery and equipment that is then leased by the Company. The Company is the primary beneficiary of the VIE as it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Therefore, the Company consolidates the financial statements of the VIE and eliminates all intercompany transactions. At November 30, 2013, the VIE had approximately $44.4 million of total assets, of which approximately $43.3 million was comprised of a note receivable due from the Company, and approximately $43.8 million of total liabilities, of which approximately $43.7 million were debt obligations to the third-party creditors (as the VIE has utilized approximately $43.7 million of the $60.0 million debt obligation capacity). The third-party creditors have recourse to the Company’s general credit only in the event that the Company defaults on its obligations under the terms of the master lease agreement. In addition, the assets held by the VIE can be used only to settle the obligations of the VIE. |
Trade_Accounts_Receivable_Secu
Trade Accounts Receivable Securitization and Sale Programs | 3 Months Ended |
Nov. 30, 2013 | |
Transfers And Servicing [Abstract] | ' |
Trade Accounts Receivable Securitization and Sale Programs | ' |
7. Trade Accounts Receivable Securitization and Sale Programs | |
The Company regularly sells designated pools of trade accounts receivable under two asset-backed securitization programs, a factoring agreement, a committed trade accounts receivable sale program and three uncommitted trade accounts receivable sale programs (collectively referred to herein as the “programs”). The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the programs. Servicing fees related to each of the programs recognized during the three months ended November 30, 2013 and 2012, were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities. | |
Transfers of the receivables under the programs are accounted for as sales and, accordingly, net receivables sold under the programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. | |
a. Asset-Backed Securitization Programs | |
The Company continuously sells designated pools of trade accounts receivable under its North American asset-backed securitization program, currently scheduled to expire on October 21, 2014, and its foreign asset-backed securitization program, currently scheduled to expire on May 15, 2015, (collectively referred to herein as the “asset-backed securitization programs”) to special purpose entities, which in turn sell 100% of the receivables to conduits administered by unaffiliated financial institutions (for the North American asset-backed securitization program) and an unaffiliated financial institution (for the foreign asset-backed securitization program). The special purpose entity in the North American asset-backed securitization program is a wholly-owned subsidiary of the Company. The special purpose entity in the foreign asset-backed securitization program is a separate bankruptcy-remote entity whose assets would be first available to satisfy the creditor claims of the unaffiliated financial institution. The Company is deemed the primary beneficiary of this special purpose entity as the Company has both the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive the benefits that could potentially be significant to the entity from the transfer of the trade accounts receivable into the special purpose entity. Accordingly, the special purpose entities associated with these asset-backed securitization programs are included in the Company’s Condensed Consolidated Financial Statements. Any portion of the purchase price for the receivables which is not paid in cash upon the sale taking place is recorded as a deferred purchase price receivable, which is paid as payments on the receivables are collected. Net cash proceeds of up to a maximum of $200.0 million for the North American asset-backed securitization program are available at any one time. The Company decreased its facility limit from $300.0 million to $200.0 million during the first quarter of fiscal year 2014. Net cash proceeds of up to a maximum of $200.0 million for the foreign asset-backed securitization program are available at any one time. | |
In connection with the asset-backed securitization programs, the Company sold $2.2 billion and $2.1 billion of eligible trade accounts receivable during the three months ended November 30, 2013 and 2012, respectively. In exchange, the Company received cash proceeds of $1.7 billion during each of the three months ended November 30, 2013 and 2012, respectively (which represented proceeds from collections reinvested in revolving-period transfers as there were no new transfers during these periods), and a deferred purchase price receivable. At November 30, 2013 and 2012, the deferred purchase price receivables recorded in connection with the asset-backed securitization programs totaled approximately $544.1 million and $436.9 million, respectively. | |
The Company recognized pretax losses on the sales of receivables under the asset-backed securitization programs of approximately $1.1 million during each of the three months ended November 30, 2013 and 2012, respectively, which are recorded to other expense within the Condensed Consolidated Statements of Operations. | |
The deferred purchase price receivables recorded under the asset-backed securitization programs are recorded initially at fair value as prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets and are valued using unobservable inputs (Level 3 inputs), primarily discounted cash flows, and due to their credit quality and short-term maturity the fair values approximated book values. The unobservable inputs consist of estimated credit losses and estimated discount rates, which both have an immaterial impact on the fair value calculations of the deferred purchase price receivables. | |
b. Trade Accounts Receivable Factoring Agreement | |
In connection with a factoring agreement, the Company transfers ownership of eligible trade accounts receivable of a foreign subsidiary without recourse to a third party purchaser in exchange for cash. Proceeds from the transfer reflect the face value of the account less a discount. The discount is recorded as a loss to other expense within the Condensed Consolidated Statements of Operations in the period of the sale. In October 2013, the factoring agreement was extended through March 31, 2014, at which time it is expected to automatically renew for an additional six-month period. | |
The Company sold $0.5 million and $14.2 million of trade accounts receivable during the three months ended November 30, 2013 and 2012, respectively, and in exchange, received cash proceeds of $0.5 million and $14.2 million, respectively. The resulting losses on the sales of trade accounts receivables sold under this factoring agreement during the three months ended November 30, 2013 and 2012 were not material. | |
c. Trade Accounts Receivable Sale Programs | |
In connection with four separate trade accounts receivable sale agreements with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $200.0 million, $150.0 million, $100.0 million and $40.0 million, respectively, of specific trade accounts receivable at any one time. The $200.0 million trade accounts receivable sale agreement is a committed facility that was renewed during the first quarter of fiscal year 2014 and is scheduled to expire on November 28, 2014. The $150.0 million trade accounts receivable sale agreement is an uncommitted facility that was renewed during the first quarter of fiscal year 2014 and is scheduled to expire on November 28, 2014. The $100.0 million trade accounts receivable sale agreement is an uncommitted facility that was entered into during the first quarter of fiscal year 2014 and is subject to expiration on November 1, 2014, although any party may elect to terminate the agreement upon 15 days prior notice. The agreement will be automatically extended each year for additional 365 day periods until November 1, 2018, unless any party gives no less than 30 days prior notice that the agreement should not be extended. The $40.0 million trade accounts receivable sale agreement is an uncommitted facility scheduled to expire on November 26, 2014, although either party may elect to terminate the agreement at any time upon no less than 30 days prior notice. The agreement will be automatically extended until June 1, 2015, unless either party gives no less than 30 days prior notice that the agreement should not be extended. | |
During the three months ended November 30, 2013 and 2012, the Company sold $0.6 billion and $0.7 billion of trade accounts receivable under these programs, respectively, and in exchange, received cash proceeds of $0.6 billion and $0.7 billion, respectively. The resulting losses on the sales of trade accounts receivable during the three months ended November 30, 2013 and 2012 were not material. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
8. Accumulated Other Comprehensive Income | |||||||||||||||||||||
The following table sets forth the changes in accumulated other comprehensive income (“AOCI”) by component for the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
Foreign | Derivative | Actuarial loss | Prior service | Total | |||||||||||||||||
currency | instruments | cost | |||||||||||||||||||
translation | |||||||||||||||||||||
adjustment | |||||||||||||||||||||
Balance at August 31, 2013 | $ | 125,594 | $ | (5,050 | ) | $ | (40,258 | ) | $ | 962 | $ | 81,248 | |||||||||
Other comprehensive income before reclassifications | 9,184 | 1,422 | — | — | 10,606 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2,060 | — | — | 2,060 | ||||||||||||||||
Other comprehensive income | 9,184 | 3,482 | — | — | 12,666 | ||||||||||||||||
Balance at November 30, 2013 | $ | 134,778 | $ | (1,568 | ) | $ | (40,258 | ) | $ | 962 | $ | 93,914 | |||||||||
The following table sets forth the amounts reclassified out of AOCI, net of tax balances, for the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
Details about AOCI Components | Amounts | Affected Line Item in the Condensed | |||||||||||||||||||
Reclassified from | Consolidated Statement of Operations | ||||||||||||||||||||
AOCI for the | |||||||||||||||||||||
three months | |||||||||||||||||||||
ended | |||||||||||||||||||||
November 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Gains (losses) on derivative instruments: | |||||||||||||||||||||
Forward foreign exchange contracts | $ | (2,434 | ) | Net revenue | |||||||||||||||||
Forward foreign exchange contracts | 1,462 | Cost of revenue | |||||||||||||||||||
Forward foreign exchange contracts | (100 | ) | Selling, general and administrative | ||||||||||||||||||
Interest rate swap | (988 | ) | Interest expense | ||||||||||||||||||
Total reclassified | $ | (2,060 | ) | ||||||||||||||||||
Postretirement_and_Other_Emplo
Postretirement and Other Employee Benefits | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Postretirement and Other Employee Benefits | ' | ||||||||
9. Postretirement and Other Employee Benefits | |||||||||
The Company sponsors defined benefit pension plans in several countries in which it operates. The pension obligations relate primarily to the following: (a) a funded retirement plan in the United Kingdom and (b) both funded and unfunded retirement plans mainly in Austria, Canada, France, Germany, Japan, The Netherlands, Poland and Taiwan and which provide benefits based upon years of service and compensation at retirement. | |||||||||
The following table provides information about net periodic benefit cost for the pension plans during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||
Three months ended | |||||||||
November 30, | November 30, | ||||||||
2013 | 2012 | ||||||||
Service cost | $ | 353 | $ | 516 | |||||
Interest cost | 2,064 | 1,925 | |||||||
Expected long-term return on plan assets | (1,898 | ) | (1,742 | ) | |||||
Amortization of prior service cost | (61 | ) | (6 | ) | |||||
Recognized actuarial loss | 644 | 681 | |||||||
Net periodic benefit cost | $ | 1,102 | $ | 1,374 | |||||
During the three months ended November 30, 2013, the Company made contributions of approximately $1.1 million to its defined benefit pension plans. The Company expects to make total cash contributions of between $4.7 million and $5.5 million to its funded pension plans during fiscal year 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Nov. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. Commitments and Contingencies | |
The Company is party to certain lawsuits in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments and Hedging Activities | ' | ||||||||||||||||
11. Derivative Financial Instruments and Hedging Activities | |||||||||||||||||
The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, where deemed appropriate, uses derivatives as risk management tools to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency fluctuation risk and interest rate risk. | |||||||||||||||||
All derivative instruments are recorded gross on the Condensed Consolidated Balance Sheets at their respective fair values. The accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in current earnings. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is initially reported as a component of AOCI, net of tax, and is subsequently reclassified into the line item within the Condensed Consolidated Statements of Operations in which the hedged items are recorded in the same period in which the hedged item affects earnings. The ineffective portion of the gain or loss is recognized immediately in current earnings. For derivative instruments that are not designated as hedging instruments, gains and losses from changes in fair values are recognized in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the Condensed Consolidated Statements of Cash Flows. | |||||||||||||||||
For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instruments as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company formally performs an assessment, both at inception and at least quarterly thereafter, to determine whether the financial instruments used in hedging transactions are effective at offsetting changes in the cash flows on the related underlying exposures. | |||||||||||||||||
a. Foreign Currency Risk Management | |||||||||||||||||
Forward contracts are put in place to manage the foreign currency risk associated with anticipated foreign currency denominated revenues and expenses. A hedging relationship existed with an aggregate notional amount outstanding of $377.9 million and $430.3 million at November 30, 2013 and 2012, respectively. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The forward foreign exchange contract transactions will effectively lock in the value of anticipated foreign currency denominated revenues and expenses against foreign currency fluctuations. The anticipated foreign currency denominated revenues and expenses being hedged are expected to occur between December 1, 2013 and September 30, 2014. | |||||||||||||||||
In addition to derivatives that are designated and qualify for hedge accounting, the Company also enters into forward contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, fixed purchase obligations and intercompany transactions denominated in a currency other than the functional currency of the respective operating entity. The aggregate notional amount of these outstanding contracts at November 30, 2013 and 2012 was $1.3 billion and $991.7 million, respectively. | |||||||||||||||||
The following table presents the Company’s assets and liabilities related to forward foreign exchange contracts measured at fair value on a recurring basis as of November 30, 2013, aggregated by the level in the fair-value hierarchy in which those measurements are classified (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 11,502 | $ | — | $ | 11,502 | |||||||||
Liabilities: | |||||||||||||||||
Forward foreign exchange contracts | — | (6,538 | ) | — | (6,538 | ) | |||||||||||
Total | $ | — | $ | 4,964 | $ | — | $ | 4,964 | |||||||||
The Company’s forward foreign exchange contracts are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers. | |||||||||||||||||
The following tables present the fair value of the Company’s derivative instruments located on the Condensed Consolidated Balance Sheets utilized for foreign currency risk management purposes at November 30, 2013 and August 31, 2013 (in thousands): | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||
At November 30, 2013 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||
Location | Value | Location | Value | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 4,911 | Accrued | $ | 1,302 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 6,591 | Accrued | $ | 5,236 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||
At August 31, 2013 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||
Location | Value | Location | Value | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 4,357 | Accrued | $ | 4,550 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 7,147 | Accrued | $ | 4,959 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
The following tables present the impact that changes in fair value of derivatives utilized for foreign currency risk management purposes and designated as hedging instruments had on AOCI and earnings during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain | Amount of Gain | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2013 | in OCI on | AOCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | AOCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Forward foreign exchange contracts | $ | (2,034 | ) | Revenue | $ | (2,434 | ) | Revenue | $ | 38 | |||||||
Forward foreign exchange contracts | $ | 3,375 | Cost of revenue | $ | 1,462 | Cost of revenue | $ | 2,970 | |||||||||
Forward foreign exchange contracts | $ | 81 | Selling, general and administrative | $ | (100 | ) | Selling, general and administrative | $ | 49 | ||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain | Amount of Gain | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2012 | in OCI on | AOCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | AOCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Forward foreign exchange contracts | $ | (929 | ) | Revenue | $ | (1,620 | ) | Revenue | $ | 65 | |||||||
Forward foreign exchange contracts | $ | 3,489 | Cost of revenue | $ | 3,371 | Cost of revenue | $ | 1,516 | |||||||||
Forward foreign exchange contracts | $ | 187 | Selling, general and administrative | $ | 278 | Selling, general and administrative | $ | 67 | |||||||||
As of November 30, 2013, the Company estimates that it will reclassify into earnings during the next 12 months existing gains related to foreign currency risk management hedging arrangements of approximately $1.2 million from the amounts recorded in AOCI as the hedged item affects earnings. | |||||||||||||||||
The following tables present the impact that changes in fair value of derivatives utilized for foreign currency risk management purposes and not designated as hedging instruments had on earnings during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives not designated as | Location of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||
hedging instruments | Income on Derivative | Income on Derivative during the Three | |||||||||||||||
Months Ended November 30, 2013 | |||||||||||||||||
Forward foreign exchange contracts | Cost of revenue | $ | 4,996 | ||||||||||||||
Derivatives not designated as | Location of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||
hedging instruments | Income on Derivative | Income on Derivative during the Three | |||||||||||||||
Months Ended November 30, 2012 | |||||||||||||||||
Forward foreign exchange contracts | Cost of revenue | $ | 2,907 | ||||||||||||||
b. Interest Rate Risk Management | |||||||||||||||||
The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings. | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
During the second quarter of fiscal year 2011, the Company entered into a series of interest rate swaps with an aggregate notional amount of $200.0 million designated as fair value hedges of a portion of the Company’s 7.750% Senior Notes. Under these interest rate swaps, the Company received fixed rate interest payments and paid interest at a variable rate based on LIBOR plus a spread. The effect of these swaps was to convert fixed rate interest expense on a portion of the 7.750% Senior Notes to floating rate interest expense. Gains and losses related to changes in the fair value of the interest rate swaps were recorded to interest expense and offset changes in the fair value of the hedged portion of the underlying 7.750% Senior Notes. | |||||||||||||||||
During the fourth quarter of fiscal year 2011, the Company terminated the interest rate swaps entered into in connection with the 7.750% Senior Notes with a fair value of $12.2 million, including accrued interest of $0.6 million at August 31, 2011. The portion of the fair value that is not accrued interest is recorded as a hedge accounting adjustment to the carrying amount of the 7.750% Senior Notes and is being amortized as a reduction to interest expense over the remaining term of the 7.750% Senior Notes. The Company recorded $0.6 million in amortization as a reduction to interest expense during the three months ended November 30, 2013. At November 30, 2013, the unamortized hedge accounting adjustment recorded is $6.2 million in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
During the fourth quarter of fiscal year 2007, the Company entered into forward interest rate swap transactions to hedge the fixed interest rate payments for an anticipated debt issuance, which was the issuance of the 8.250% Senior Notes. The swaps were accounted for as a cash flow hedge and had a notional amount of $400.0 million. Concurrently with the pricing of the 8.250% Senior Notes, the Company settled the swaps by its payment of $43.1 million. The ineffective portion of the swaps was immediately recorded to interest expense within the Condensed Consolidated Statements of Operations. The effective portion of the swaps is recorded on the Company’s Condensed Consolidated Balance Sheets as a component of AOCI and is being amortized to interest expense within the Company’s Condensed Consolidated Statements of Operations over the life of the 8.250% Senior Notes, which is through March 15, 2018. | |||||||||||||||||
The following tables present the impact that changes in the fair value of the derivative utilized for interest rate risk management and designated as a hedging instrument had on AOCI and earnings during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain or | Amount of Gain or | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2013 | in OCI on | Accumulated OCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | Accumulated OCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Interest rate swap | $ | — | Interest expense | $ | (988 | ) | Interest expense | $ | — | ||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain or | Amount of Gain or | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2012 | in OCI on | Accumulated OCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | Accumulated OCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Interest rate swap | $ | — | Interest expense | $ | (988 | ) | Interest expense | $ | — | ||||||||
As of November 30, 2013, the Company estimates that it will reclassify into earnings during the next 12 months existing losses related to interest rate risk management hedging arrangements of approximately $4.0 million from the amounts recorded in AOCI as the hedged item affects earnings. | |||||||||||||||||
The changes related to cash flow hedges (both forward foreign exchange contracts and interest rate swaps) included in AOCI net of tax are as follows (in thousands): | |||||||||||||||||
Three months ended | |||||||||||||||||
November 30, 2013 | |||||||||||||||||
Accumulated comprehensive loss, August 31, 2013 | $ | (5,050 | ) | ||||||||||||||
Change in fair value of derivative instruments | 1,422 | ||||||||||||||||
Reclassification of net losses realized and included in net income related to derivative instruments | 2,060 | ||||||||||||||||
Accumulated comprehensive loss, November 30, 2013 | $ | (1,568 | ) | ||||||||||||||
Three months ended | |||||||||||||||||
November 30, 2012 | |||||||||||||||||
Accumulated comprehensive loss, August 31, 2012 | $ | (7,153 | ) | ||||||||||||||
Change in fair value of derivative instruments | 2,747 | ||||||||||||||||
Reclassification of net gains realized and included in net income related to derivative instruments | (1,041 | ) | |||||||||||||||
Accumulated comprehensive loss, November 30, 2012 | $ | (5,447 | ) | ||||||||||||||
Restructuring_and_Related_Char
Restructuring and Related Charges | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Charges | ' | ||||||||||||||||||||
12. Restructuring and Related Charges | |||||||||||||||||||||
a. 2014 Restructuring Plan | |||||||||||||||||||||
In conjunction with the restructuring plan that was approved by the Company’s Board of Directors during the first quarter of fiscal year 2014 (the “2014 Restructuring Plan”), the Company charged $14.6 million of restructuring and related charges to the Condensed Consolidated Statement of Operations during the three months ended November 30, 2013. The 2014 Restructuring Plan is intended to address the termination of the Company’s business relationship with BlackBerry Limited. The restructuring and related charges during the three months ended November 30, 2013 include $12.4 million related to employee severance and benefit costs, $0.5 million related to asset write off costs, $0.4 million related to lease costs and $1.3 million of other related costs. | |||||||||||||||||||||
These restructuring and related charges associated with the 2014 Restructuring Plan incurred during the three months ended November 30, 2013 of $14.6 million are primarily cash costs totaling $14.1 million. The cash costs consist of employee severance and benefit costs of $12.4 million, lease costs of $0.4 million and other related costs of $1.3 million. Non-cash costs of $0.5 million represent asset write off costs related to the Company’s restructuring activities. These restructuring and related charges associated with the 2014 Restructuring Plan were assigned fully to the HVS reportable segment. | |||||||||||||||||||||
The Company currently expects to recognize approximately $35.0 million to $85.0 million in pre-tax restructuring and other related costs over the course of the Company’s fiscal year 2014 under the 2014 Restructuring Plan. A majority of the total restructuring costs are expected to be related to employee severance and benefit costs and asset write offs. The exact amount and timing of these charges and cash outflows, as well as the estimated cost ranges by category type, have not been finalized. Much of the 2014 Restructuring Plan as discussed reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain plants are still subject to the finalization of timetables for the transition of functions and consultation with the Company’s employees and their representatives. | |||||||||||||||||||||
The table below sets forth the significant components and activity in the 2014 Restructuring Plan during the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
2014 Restructuring Plan – Three Months Ended November 30, 2013 | |||||||||||||||||||||
Liability Balance at | Restructuring | Asset | Cash | Liability Balance at | |||||||||||||||||
August 31, 2013 | Related | Write off | Payments | November 30, 2013 | |||||||||||||||||
Charges | Charge and | ||||||||||||||||||||
Other Non- | |||||||||||||||||||||
Cash | |||||||||||||||||||||
Activity | |||||||||||||||||||||
Employee severance and benefit costs | $ | — | $ | 12,379 | $ | 63 | $ | (7,669 | ) | $ | 4,773 | ||||||||||
Lease costs | — | 357 | — | (357 | ) | — | |||||||||||||||
Asset write off costs | — | 563 | (563 | ) | — | — | |||||||||||||||
Other related costs | — | 1,324 | — | — | 1,324 | ||||||||||||||||
Total | $ | — | $ | 14,623 | $ | (500 | ) | $ | (8,026 | ) | $ | 6,097 | |||||||||
b. 2013 Restructuring Plan | |||||||||||||||||||||
In conjunction with the restructuring plan that was approved by the Company’s Board of Directors in fiscal year 2013 (the “2013 Restructuring Plan”), the Company charged $6.7 million of restructuring and related charges to the Condensed Consolidated Statement of Operations during the three months ended November 30, 2013. The 2013 Restructuring Plan is intended to better align the Company’s manufacturing capacity in certain geographies and to reduce the Company’s worldwide workforce in order to reduce operating expenses. These restructuring activities are intended to address current market conditions and customer requirements. The restructuring and related charges during the three months ended November 30, 2013 include $6.3 million related to employee severance and benefit costs, $0.3 million related to asset write off costs and $0.1 million of other related costs. | |||||||||||||||||||||
These restructuring and related charges associated with the 2013 Restructuring Plan incurred during the three months ended November 30, 2013 of $6.7 million are primarily cash costs totaling $6.4 million. The cash costs consist of employee severance and benefit costs of $6.3 million and other related costs of $0.1 million. Non-cash costs of $0.3 million represent asset write off costs related to the Company’s restructuring activities. | |||||||||||||||||||||
The Company currently expects to recognize approximately $188.0 million in pre-tax restructuring and other related costs over the course of the Company’s fiscal years 2013, 2014 and 2015 under the 2013 Restructuring Plan. Since the inception of the 2013 Restructuring Plan, a total of $96.1 million of restructuring and related costs have been recognized. Of the $96.1 million recognized to date, $26.6 million was allocated to the DMS segment, $54.2 million was allocated to the E&I segment, $10.9 million was allocated to the HVS segment and $4.4 million was not allocated to a segment. A majority of the total restructuring costs are expected to be related to employee severance and benefit arrangements. The charges related to the 2013 Restructuring Plan, excluding asset write off costs, are currently expected to result in cash expenditures in a range of $140.0 million to $160.0 million that will be payable over the course of the Company’s fiscal years 2013, 2014 and 2015. The exact amount and timing of these charges and cash outflows, as well as the estimated cost ranges by category type, have not been finalized. Much of the 2013 Restructuring Plan as discussed reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain plants are still subject to the finalization of timetables for the transition of functions and consultation with the Company’s employees and their representatives. | |||||||||||||||||||||
The table below sets forth the significant components and activity in the 2013 Restructuring Plan during the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
2013 Restructuring Plan – Three Months Ended November 30, 2013 | |||||||||||||||||||||
Liability Balance at | Restructuring | Asset | Cash | Liability Balance at | |||||||||||||||||
August 31, 2013 | Related | Write off | Payments | November 30, 2013 | |||||||||||||||||
Charges | Charge and | ||||||||||||||||||||
Other Non- | |||||||||||||||||||||
Cash | |||||||||||||||||||||
Activity | |||||||||||||||||||||
Employee severance and benefit costs | $ | 57,623 | $ | 6,347 | $ | 1,903 | $ | (6,687 | ) | $ | 59,186 | ||||||||||
Lease costs | 251 | — | — | (251 | ) | — | |||||||||||||||
Asset write off costs | — | 218 | (218 | ) | — | — | |||||||||||||||
Other related costs | 36 | 87 | — | (36 | ) | 87 | |||||||||||||||
Total | $ | 57,910 | $ | 6,652 | $ | 1,685 | $ | (6,974 | ) | $ | 59,273 | ||||||||||
The table below sets forth the significant components and activity in the 2013 Restructuring Plan by reportable segment during the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
2013 Restructuring Plan – Three Months Ended November 30, 2013 | |||||||||||||||||||||
Liability Balance at | Restructuring | Asset | Cash | Liability Balance at | |||||||||||||||||
August 31, 2013 | Related | Write off | Payments | November 30, 2013 | |||||||||||||||||
Charges | Charge and | ||||||||||||||||||||
Other Non- | |||||||||||||||||||||
Cash | |||||||||||||||||||||
Activity | |||||||||||||||||||||
DMS | $ | 12,289 | $ | 5,141 | $ | 381 | $ | (3,178 | ) | $ | 14,633 | ||||||||||
E&I | 40,603 | (51 | ) | 1,147 | (1,388 | ) | 40,311 | ||||||||||||||
HVS | 4,985 | 234 | 157 | (1,229 | ) | 4,147 | |||||||||||||||
Other | 33 | 1,328 | — | (1,179 | ) | 182 | |||||||||||||||
Total | $ | 57,910 | $ | 6,652 | $ | 1,685 | $ | (6,974 | ) | $ | 59,273 | ||||||||||
Business_Acquisition
Business Acquisition | 3 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Acquisition | ' | ||||||||||||
13. Business Acquisition | |||||||||||||
On July 1, 2013, the Company completed its acquisition of Nypro Inc. (“Nypro”) by acquiring 100% of the issued and outstanding common shares of Nypro for net aggregate consideration of $679.5 million, which was funded from available cash. Nypro is a provider of manufactured precision plastic products for customers in the healthcare, packaging and consumer electronics industries. Nypro has advanced capabilities in product design, tooling, injection molding, surface decoration and complete product manufacturing. | |||||||||||||
The acquisition of Nypro has been accounted for as a business combination using the acquisition method of accounting. The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. The allocation of the purchase price is considered preliminary pending final valuation by the Company for intangible assets, noncontrolling interests and tax adjustments. | |||||||||||||
As reported at | Adjustments | November 30, | |||||||||||
August 31, 2013 | 2013 | ||||||||||||
Cash | $ | 77,384 | $ | -12 | (a) | $ | 77,372 | ||||||
Other current assets | 343,446 | 76 | (a) | 343,522 | |||||||||
Property, plant and equipment | 282,599 | -4,579 | (b) | 278,020 | |||||||||
Intangible assets | 196,800 | 7,800 | (b) | 204,600 | |||||||||
Goodwill | 335,871 | 21,475 | (c) | 357,346 | |||||||||
Other assets | 28,304 | -309 | (a) | 27,995 | |||||||||
Current liabilities | -322,397 | -361 | (a) | -322,758 | |||||||||
Long-term deferred tax liability | -153,030 | -17,741 | (a) | -170,771 | |||||||||
Other liabilities | -72,906 | 1,052 | (a) | -71,854 | |||||||||
Noncontrolling interests | -36,548 | -7,401 | (b) | -43,949 | |||||||||
Net assets acquired | $ | 679,523 | $ | — | $ | 679,523 | |||||||
(a) | Adjustment related to the fair value of identifiable assets and liabilities | ||||||||||||
(b) | Adjustment based on final valuation results | ||||||||||||
(c) | Adjustment based on provisional amounts in (a) and (b) | ||||||||||||
The $204.6 million of acquired intangible assets includes $81.0 million assigned to customer relationships with an assigned useful life of up to 15 years, $51.2 million assigned to intellectual property with an assigned useful life of up to 8 years and $72.4 million assigned to an indefinite-lived trade name. | |||||||||||||
The excess of the purchase price over the fair value of the acquired assets and assumed liabilities of $357.3 million was recorded to goodwill and was assigned fully to the DMS reportable segment. The goodwill is not expected to be deductible for tax purposes. |
New_Accounting_Guidance
New Accounting Guidance | 3 Months Ended |
Nov. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Guidance | ' |
14. New Accounting Guidance | |
a. Recently Adopted Accounting Guidance | |
During the fourth quarter of fiscal year 2012, the FASB issued new accounting guidance intended to simplify how an entity tests indefinite-lived intangible assets for impairment. The guidance will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the quantitative indefinite-lived intangible asset impairment test. An entity no longer will be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. This accounting guidance became effective for the Company for the annual and interim indefinite-lived intangible asset impairment tests performed for fiscal year 2014. The adoption of this guidance did not have a significant impact on the Company’s Condensed Consolidated Financial Statements. | |
During the second quarter of fiscal year 2013, the FASB issued new accounting guidance requiring an entity to report the effect of significant reclassifications out of AOCI on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. 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 U.S. GAAP that provide additional information about those amounts. This accounting guidance became effective for the Company beginning in the first quarter of fiscal year 2014. The adoption of this guidance did not have a significant impact on the Company’s Condensed Consolidated Financial Statements. | |
b. Recently Issued Accounting Guidance | |
During the third quarter of fiscal year 2013, the FASB issued new accounting guidance intended to clarify the applicable guidance for the release of the cumulative translation adjustment when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity that is a business and when there is a loss of a controlling financial interest in a foreign entity or a step acquisition involving an equity method investment that is a foreign entity. Additionally, the new guidance emphasizes that the release of the cumulative translation adjustment into net income for sales or transfers of a controlling financial interest within a foreign entity is the same irrespective of whether the sale or transfer is of a subsidiary or a group of assets that is a business. This accounting guidance is effective for the Company beginning in the first quarter of fiscal year 2015. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements. |
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
15. Income Taxes | |
The effective tax rate differed from the U.S. federal statutory rate of 35.0% during the three months ended November 30, 2013 and 2012 primarily due to: (a) a partial valuation allowance release related to the U.S. deferred tax assets; (b) income in tax jurisdictions with lower statutory tax rates than the U.S., (c) tax incentives granted to sites in Brazil, Malaysia, Poland, Singapore and Vietnam and (d) income and losses in tax jurisdictions with existing valuation allowances. The material tax incentives expire at various dates through 2020. Such tax incentives are subject to conditions with which the Company expects to continue to comply. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Nov. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
16. Subsequent Events | |
The Company has evaluated subsequent events that occurred through the date of the filing of the Company’s first quarter of fiscal year 2014 Form 10-Q. No significant events, other than those disclosed below, occurred subsequent to the balance sheet date and prior to the filing date of this report that would have a material impact on the Condensed Consolidated Financial Statements. | |
On December 17, 2013, the Company announced that it entered into a stock purchase agreement with iQor Holdings, Inc. (“iQor”) for the sale of Jabil’s Aftermarket Services (“AMS”) business for consideration of $725.0 million, which consists of $675.0 million in cash and $50.0 million in Senior Non-Convertible Cumulative Preferred Stock of iQor that accretes dividends at an annual rate of 8 percent and is redeemable in nine years or upon a change in control. The final purchase price is subject to adjustment based on the amounts, as of the closing date, for cash, indebtedness, taxes, interest and certain working capital accounts of the Company’s AMS business. The transaction is subject to certain closing conditions, including regulatory approvals and receipt of third party consents, and is anticipated to close in the Company’s third quarter of fiscal year 2014. Also, as part of this transaction, the Company is subject to a limited covenant not to compete. |
Earnings_Per_Share_and_Dividen1
Earnings Per Share and Dividends (Tables) | 3 Months Ended | ||||||||||||||
Nov. 30, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Calculations of Basic and Diluted Earnings Per Share | ' | ||||||||||||||
The following table sets forth the calculations of basic and diluted earnings per share attributable to the stockholders of Jabil Circuit, Inc. (in thousands, except earnings per share data): | |||||||||||||||
Three months ended | |||||||||||||||
November 30, | November 30, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Jabil Circuit, Inc. | $ | 117,922 | $ | 105,847 | |||||||||||
Denominator for basic and diluted earnings per share: | |||||||||||||||
Denominator for basic earnings per share | 204,762 | 204,318 | |||||||||||||
Dilutive common shares issuable under the employee stock purchase plan and upon exercise of stock options and stock appreciation rights | 79 | 88 | |||||||||||||
Dilutive unvested restricted stock awards | 1,972 | 3,410 | |||||||||||||
Denominator for diluted earnings per share | 206,813 | 207,816 | |||||||||||||
Earnings per share: | |||||||||||||||
Income attributable to the stockholders of Jabil Circuit, Inc.: | |||||||||||||||
Basic | $ | 0.58 | $ | 0.52 | |||||||||||
Diluted | $ | 0.57 | $ | 0.51 | |||||||||||
Cash Dividends Declared to Common Stockholders | ' | ||||||||||||||
The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders of the Company during the three months ended November 30, 2013 and 2012: | |||||||||||||||
Dividend | Dividend | Total Cash | Date of Record for | Dividend Cash | |||||||||||
Declaration Date | per Share | Dividends | Dividend Payment | Payment Date | |||||||||||
Declared | |||||||||||||||
(in thousands, except for per share data) | |||||||||||||||
Fiscal year 2014: | October 17, 2013 | $ | 0.08 | $ | 17,221 | November 15, 2013 | December 2, 2013 | ||||||||
Fiscal year 2013: | 16-Oct-12 | $ | 0.08 | $ | 16,962 | 15-Nov-12 | 3-Dec-12 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consist of the following (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Raw materials | $ | 1,345,087 | $ | 1,412,948 | |||||
Work in process | 495,501 | 548,096 | |||||||
Finished goods | 326,209 | 341,111 | |||||||
$ | 2,166,797 | $ | 2,302,155 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Stock Option and Stock Appreciation Right Activity | ' | ||||||||||||||||||||
The following table summarizes stock option and stock appreciation right activity from August 31, 2013 through November 30, 2013: | |||||||||||||||||||||
Shares | Options | Aggregate | Weighted- | Weighted- | |||||||||||||||||
Available | Outstanding | Intrinsic Value | Average | Average | |||||||||||||||||
for Grant | (in thousands) | Exercise | Remaining | ||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Life (years) | |||||||||||||||||||||
Balance at August 31, 2013 | 12,011,073 | 7,857,127 | $ | 1,927 | $ | 26.31 | 1.95 | ||||||||||||||
Options canceled | 1,533,125 | (1,533,125 | ) | $ | 26.21 | ||||||||||||||||
Restricted stock awards granted (1) | (3,966,609 | ) | |||||||||||||||||||
Options exercised | (25,952 | ) | $ | 19.38 | |||||||||||||||||
Balance at November 30, 2013 | 9,577,589 | 6,298,050 | $ | 339 | $ | 26.37 | 2.12 | ||||||||||||||
Exercisable at November 30, 2013 | 6,298,050 | $ | 339 | $ | 26.37 | 2.12 | |||||||||||||||
(1) | Represents the maximum number of shares that can be issued based on the achievement of certain performance criteria. | ||||||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||||||
The following table summarizes restricted stock activity from August 31, 2013 through November 30, 2013: | |||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||
Average | |||||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested balance at August 31, 2013 | 11,335,192 | $ | 17.15 | ||||||||||||||||||
Changes during the period | |||||||||||||||||||||
Shares granted (1) | 4,042,264 | $ | 22.06 | ||||||||||||||||||
Shares vested | (4,768,772 | ) | $ | 15.11 | |||||||||||||||||
Shares forfeited | (75,655 | ) | $ | 18.88 | |||||||||||||||||
Non-vested balance at November 30, 2013 | 10,533,029 | $ | 19.94 | ||||||||||||||||||
(1) | For those shares granted that are based on the achievement of certain performance criteria, represents the maximum number of shares that can vest. |
Concentration_of_Risk_and_Segm1
Concentration of Risk and Segment Data (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Operating Segment Information | ' | ||||||||
The following table sets forth operating segment information (in thousands): | |||||||||
Three months ended | |||||||||
November 30, | November 30, | ||||||||
2013 | 2012 | ||||||||
Net revenue | |||||||||
DMS | $ | 2,281,922 | $ | 2,175,034 | |||||
E&I | 1,336,705 | 1,418,516 | |||||||
HVS | 992,815 | 1,043,468 | |||||||
$ | 4,611,442 | $ | 4,637,018 | ||||||
Three months ended | |||||||||
November 30, | November 30, | ||||||||
2013 | 2012 | ||||||||
Segment income and reconciliation of income before income tax | |||||||||
DMS | $ | 110,673 | $ | 125,092 | |||||
E&I | 40,287 | 33,758 | |||||||
HVS | 26,095 | 33,685 | |||||||
Total segment income | $ | 177,055 | $ | 192,535 | |||||
Reconciling items: | |||||||||
Stock-based compensation expense and related charges | (24,566 | ) | 18,803 | ||||||
Amortization of intangibles | 7,678 | 3,451 | |||||||
Restructuring and related charges | 21,275 | — | |||||||
Other expense | 1,255 | 1,569 | |||||||
Interest income | (747 | ) | (510 | ) | |||||
Interest expense | 33,314 | 29,604 | |||||||
Income before income tax | $ | 138,846 | $ | 139,618 | |||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Total assets | |||||||||
DMS | $ | 4,053,551 | $ | 4,131,973 | |||||
E&I | 1,147,526 | 1,110,458 | |||||||
HVS | 1,105,514 | 1,031,911 | |||||||
Other non-allocated assets | 2,722,811 | 2,879,439 | |||||||
$ | 9,029,402 | $ | 9,153,781 | ||||||
Notes_Payable_LongTerm_Debt_an1
Notes Payable, Long-Term Debt and Capital Lease Obligations (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable, Long-Term Debt and Capital Lease Obligations | ' | ||||||||
Notes payable, long-term debt and capital lease obligations at November 30, 2013 and August 31, 2013, are summarized below (in thousands): | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
7.750% Senior Notes due 2016 | $ | 307,369 | $ | 306,940 | |||||
8.250% Senior Notes due 2018 | 398,379 | 398,284 | |||||||
5.625% Senior Notes due 2020 | 400,000 | 400,000 | |||||||
4.700% Senior Notes due 2022 | 500,000 | 500,000 | |||||||
Borrowings under credit facilities | 100,000 | 200,000 | |||||||
Borrowings under loans (a) | 47,973 | 58,447 | |||||||
Capital lease obligations | 35,103 | 35,468 | |||||||
Fair value adjustment related to terminated interest rate swaps on the 7.750% Senior Notes | 6,230 | 6,823 | |||||||
Total notes payable, long-term debt and capital lease obligations | 1,795,054 | 1,905,962 | |||||||
Less current installments of notes payable, long-term debt and capital lease obligations | 117,230 | 215,536 | |||||||
Notes payable, long-term debt and capital lease obligations, less current installments | $ | 1,677,824 | $ | 1,690,426 | |||||
(a) | During the third quarter of fiscal year 2012, the Company entered into a master lease agreement with a variable interest entity (the “VIE”) whereby it sells to and subsequently leases back from the VIE up to $60.0 million in certain machinery and equipment for a period of up to five years. In connection with this transaction, the Company holds a variable interest in the VIE, which was designed to hold debt obligations payable to third-party creditors. The proceeds from such debt obligations are utilized to finance the purchase of the machinery and equipment that is then leased by the Company. The Company is the primary beneficiary of the VIE as it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Therefore, the Company consolidates the financial statements of the VIE and eliminates all intercompany transactions. At November 30, 2013, the VIE had approximately $44.4 million of total assets, of which approximately $43.3 million was comprised of a note receivable due from the Company, and approximately $43.8 million of total liabilities, of which approximately $43.7 million were debt obligations to the third-party creditors (as the VIE has utilized approximately $43.7 million of the $60.0 million debt obligation capacity). The third-party creditors have recourse to the Company’s general credit only in the event that the Company defaults on its obligations under the terms of the master lease agreement. In addition, the assets held by the VIE can be used only to settle the obligations of the VIE. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The following table sets forth the changes in accumulated other comprehensive income (“AOCI”) by component for the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
Foreign | Derivative | Actuarial loss | Prior service | Total | |||||||||||||||||
currency | instruments | cost | |||||||||||||||||||
translation | |||||||||||||||||||||
adjustment | |||||||||||||||||||||
Balance at August 31, 2013 | $ | 125,594 | $ | (5,050 | ) | $ | (40,258 | ) | $ | 962 | $ | 81,248 | |||||||||
Other comprehensive income before reclassifications | 9,184 | 1,422 | — | — | 10,606 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2,060 | — | — | 2,060 | ||||||||||||||||
Other comprehensive income | 9,184 | 3,482 | — | — | 12,666 | ||||||||||||||||
Balance at November 30, 2013 | $ | 134,778 | $ | (1,568 | ) | $ | (40,258 | ) | $ | 962 | $ | 93,914 | |||||||||
Summary of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The following table sets forth the amounts reclassified out of AOCI, net of tax balances, for the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
Details about AOCI Components | Amounts | Affected Line Item in the Condensed | |||||||||||||||||||
Reclassified from | Consolidated Statement of Operations | ||||||||||||||||||||
AOCI for the | |||||||||||||||||||||
three months | |||||||||||||||||||||
ended | |||||||||||||||||||||
November 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Gains (losses) on derivative instruments: | |||||||||||||||||||||
Forward foreign exchange contracts | $ | (2,434 | ) | Net revenue | |||||||||||||||||
Forward foreign exchange contracts | 1,462 | Cost of revenue | |||||||||||||||||||
Forward foreign exchange contracts | (100 | ) | Selling, general and administrative | ||||||||||||||||||
Interest rate swap | (988 | ) | Interest expense | ||||||||||||||||||
Total reclassified | $ | (2,060 | ) | ||||||||||||||||||
Postretirement_and_Other_Emplo1
Postretirement and Other Employee Benefits (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Net Periodic Benefit Cost for Pension Plans | ' | ||||||||
The following table provides information about net periodic benefit cost for the pension plans during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||
Three months ended | |||||||||
November 30, | November 30, | ||||||||
2013 | 2012 | ||||||||
Service cost | $ | 353 | $ | 516 | |||||
Interest cost | 2,064 | 1,925 | |||||||
Expected long-term return on plan assets | (1,898 | ) | (1,742 | ) | |||||
Amortization of prior service cost | (61 | ) | (6 | ) | |||||
Recognized actuarial loss | 644 | 681 | |||||||
Net periodic benefit cost | $ | 1,102 | $ | 1,374 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Fair Value of Assets and Liabilities Related to Foreign Forward Exchange Contracts Measured on Recurring Basis | ' | ||||||||||||||||
The following table presents the Company’s assets and liabilities related to forward foreign exchange contracts measured at fair value on a recurring basis as of November 30, 2013, aggregated by the level in the fair-value hierarchy in which those measurements are classified (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 11,502 | $ | — | $ | 11,502 | |||||||||
Liabilities: | |||||||||||||||||
Forward foreign exchange contracts | — | (6,538 | ) | — | (6,538 | ) | |||||||||||
Total | $ | — | $ | 4,964 | $ | — | $ | 4,964 | |||||||||
Fair Value of Derivative Instruments Located on Consolidated Balance Sheets Utilized for Foreign Currency Risk Management Purposes | ' | ||||||||||||||||
The following tables present the fair value of the Company’s derivative instruments located on the Condensed Consolidated Balance Sheets utilized for foreign currency risk management purposes at November 30, 2013 and August 31, 2013 (in thousands): | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||
At November 30, 2013 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||
Location | Value | Location | Value | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 4,911 | Accrued | $ | 1,302 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 6,591 | Accrued | $ | 5,236 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||
At August 31, 2013 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||
Location | Value | Location | Value | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 4,357 | Accrued | $ | 4,550 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses | $ | 7,147 | Accrued | $ | 4,959 | |||||||||||
and other current | expenses | ||||||||||||||||
assets | |||||||||||||||||
Impact of Derivatives for Foreign Currency Risk and Not Designated as Hedging Instruments on Earnings | ' | ||||||||||||||||
The following tables present the impact that changes in fair value of derivatives utilized for foreign currency risk management purposes and not designated as hedging instruments had on earnings during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives not designated as | Location of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||
hedging instruments | Income on Derivative | Income on Derivative during the Three | |||||||||||||||
Months Ended November 30, 2013 | |||||||||||||||||
Forward foreign exchange contracts | Cost of revenue | $ | 4,996 | ||||||||||||||
Derivatives not designated as | Location of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||
hedging instruments | Income on Derivative | Income on Derivative during the Three | |||||||||||||||
Months Ended November 30, 2012 | |||||||||||||||||
Forward foreign exchange contracts | Cost of revenue | $ | 2,907 | ||||||||||||||
Changes Related to Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) Net of Tax | ' | ||||||||||||||||
The changes related to cash flow hedges (both forward foreign exchange contracts and interest rate swaps) included in AOCI net of tax are as follows (in thousands): | |||||||||||||||||
Three months ended | |||||||||||||||||
November 30, 2013 | |||||||||||||||||
Accumulated comprehensive loss, August 31, 2013 | $ | (5,050 | ) | ||||||||||||||
Change in fair value of derivative instruments | 1,422 | ||||||||||||||||
Reclassification of net losses realized and included in net income related to derivative instruments | 2,060 | ||||||||||||||||
Accumulated comprehensive loss, November 30, 2013 | $ | (1,568 | ) | ||||||||||||||
Three months ended | |||||||||||||||||
November 30, 2012 | |||||||||||||||||
Accumulated comprehensive loss, August 31, 2012 | $ | (7,153 | ) | ||||||||||||||
Change in fair value of derivative instruments | 2,747 | ||||||||||||||||
Reclassification of net gains realized and included in net income related to derivative instruments | (1,041 | ) | |||||||||||||||
Accumulated comprehensive loss, November 30, 2012 | $ | (5,447 | ) | ||||||||||||||
Forward foreign exchange contracts | ' | ||||||||||||||||
Impact of Derivatives for Foreign Currency Risk (Interest Rate Risk) and Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) and Earnings | ' | ||||||||||||||||
The following tables present the impact that changes in fair value of derivatives utilized for foreign currency risk management purposes and designated as hedging instruments had on AOCI and earnings during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain | Amount of Gain | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2013 | in OCI on | AOCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | AOCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Forward foreign exchange contracts | $ | (2,034 | ) | Revenue | $ | (2,434 | ) | Revenue | $ | 38 | |||||||
Forward foreign exchange contracts | $ | 3,375 | Cost of revenue | $ | 1,462 | Cost of revenue | $ | 2,970 | |||||||||
Forward foreign exchange contracts | $ | 81 | Selling, general and administrative | $ | (100 | ) | Selling, general and administrative | $ | 49 | ||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain | Amount of Gain | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2012 | in OCI on | AOCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | AOCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Forward foreign exchange contracts | $ | (929 | ) | Revenue | $ | (1,620 | ) | Revenue | $ | 65 | |||||||
Forward foreign exchange contracts | $ | 3,489 | Cost of revenue | $ | 3,371 | Cost of revenue | $ | 1,516 | |||||||||
Forward foreign exchange contracts | $ | 187 | Selling, general and administrative | $ | 278 | Selling, general and administrative | $ | 67 | |||||||||
Interest rate swap | ' | ||||||||||||||||
Impact of Derivatives for Foreign Currency Risk (Interest Rate Risk) and Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) and Earnings | ' | ||||||||||||||||
The following tables present the impact that changes in the fair value of the derivative utilized for interest rate risk management and designated as a hedging instrument had on AOCI and earnings during the three months ended November 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain or | Amount of Gain or | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2013 | in OCI on | Accumulated OCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | Accumulated OCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Interest rate swap | $ | — | Interest expense | $ | (988 | ) | Interest expense | $ | — | ||||||||
Derivatives in Cash Flow Hedging | Amount of Gain | Location of Gain (Loss) | Amount of Gain | Location of Gain or | Amount of Gain or | ||||||||||||
Relationship during the Three | (Loss) Recognized | Reclassified from | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||
Months Ended November 30, 2012 | in OCI on | Accumulated OCI | Reclassified from | Income on Derivative | Income on Derivative | ||||||||||||
Derivative | into Income | Accumulated OCI | (Ineffective Portion | (Ineffective Portion | |||||||||||||
(Effective Portion) | (Effective Portion) | into Income | and Amount Excluded | and Amount Excluded | |||||||||||||
(Effective Portion) | from Effectiveness | from Effectiveness | |||||||||||||||
Testing) | Testing) | ||||||||||||||||
Interest rate swap | $ | — | Interest expense | $ | (988 | ) | Interest expense | $ | — |
Restructuring_and_Related_Char1
Restructuring and Related Charges (Tables) | 3 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||
2014 Restructuring Plan | ' | ||||||||||||||||||||
Significant Components and Activity in Restructuring Plan | ' | ||||||||||||||||||||
The table below sets forth the significant components and activity in the 2014 Restructuring Plan during the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
2014 Restructuring Plan – Three Months Ended November 30, 2013 | |||||||||||||||||||||
Liability Balance at | Restructuring | Asset | Cash | Liability Balance at | |||||||||||||||||
August 31, 2013 | Related | Write off | Payments | November 30, 2013 | |||||||||||||||||
Charges | Charge and | ||||||||||||||||||||
Other Non- | |||||||||||||||||||||
Cash | |||||||||||||||||||||
Activity | |||||||||||||||||||||
Employee severance and benefit costs | $ | — | $ | 12,379 | $ | 63 | $ | (7,669 | ) | $ | 4,773 | ||||||||||
Lease costs | — | 357 | — | (357 | ) | — | |||||||||||||||
Asset write off costs | — | 563 | (563 | ) | — | — | |||||||||||||||
Other related costs | — | 1,324 | — | — | 1,324 | ||||||||||||||||
Total | $ | — | $ | 14,623 | $ | (500 | ) | $ | (8,026 | ) | $ | 6,097 | |||||||||
2013 Restructuring Plan | ' | ||||||||||||||||||||
Significant Components and Activity in Restructuring Plan | ' | ||||||||||||||||||||
The table below sets forth the significant components and activity in the 2013 Restructuring Plan during the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
2013 Restructuring Plan – Three Months Ended November 30, 2013 | |||||||||||||||||||||
Liability Balance at | Restructuring | Asset | Cash | Liability Balance at | |||||||||||||||||
August 31, 2013 | Related | Write off | Payments | November 30, 2013 | |||||||||||||||||
Charges | Charge and | ||||||||||||||||||||
Other Non- | |||||||||||||||||||||
Cash | |||||||||||||||||||||
Activity | |||||||||||||||||||||
Employee severance and benefit costs | $ | 57,623 | $ | 6,347 | $ | 1,903 | $ | (6,687 | ) | $ | 59,186 | ||||||||||
Lease costs | 251 | — | — | (251 | ) | — | |||||||||||||||
Asset write off costs | — | 218 | (218 | ) | — | — | |||||||||||||||
Other related costs | 36 | 87 | — | (36 | ) | 87 | |||||||||||||||
Total | $ | 57,910 | $ | 6,652 | $ | 1,685 | $ | (6,974 | ) | $ | 59,273 | ||||||||||
Segment [Member] | 2013 Restructuring Plan | ' | ||||||||||||||||||||
Significant Components and Activity in Restructuring Plan | ' | ||||||||||||||||||||
The table below sets forth the significant components and activity in the 2013 Restructuring Plan by reportable segment during the three months ended November 30, 2013 (in thousands): | |||||||||||||||||||||
2013 Restructuring Plan – Three Months Ended November 30, 2013 | |||||||||||||||||||||
Liability Balance at | Restructuring | Asset | Cash | Liability Balance at | |||||||||||||||||
August 31, 2013 | Related | Write off | Payments | November 30, 2013 | |||||||||||||||||
Charges | Charge and | ||||||||||||||||||||
Other Non- | |||||||||||||||||||||
Cash | |||||||||||||||||||||
Activity | |||||||||||||||||||||
DMS | $ | 12,289 | $ | 5,141 | $ | 381 | $ | (3,178 | ) | $ | 14,633 | ||||||||||
E&I | 40,603 | (51 | ) | 1,147 | (1,388 | ) | 40,311 | ||||||||||||||
HVS | 4,985 | 234 | 157 | (1,229 | ) | 4,147 | |||||||||||||||
Other | 33 | 1,328 | — | (1,179 | ) | 182 | |||||||||||||||
Total | $ | 57,910 | $ | 6,652 | $ | 1,685 | $ | (6,974 | ) | $ | 59,273 | ||||||||||
Business_Acquisition_Tables
Business Acquisition (Tables) | 3 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Summary of Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The acquisition of Nypro has been accounted for as a business combination using the acquisition method of accounting. The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. The allocation of the purchase price is considered preliminary pending final valuation by the Company for intangible assets, noncontrolling interests and tax adjustments. | |||||||||||||
As reported at | Adjustments | November 30, | |||||||||||
August 31, 2013 | 2013 | ||||||||||||
Cash | $ | 77,384 | $ | -12 | (a) | $ | 77,372 | ||||||
Other current assets | 343,446 | 76 | (a) | 343,522 | |||||||||
Property, plant and equipment | 282,599 | -4,579 | (b) | 278,020 | |||||||||
Intangible assets | 196,800 | 7,800 | (b) | 204,600 | |||||||||
Goodwill | 335,871 | 21,475 | (c) | 357,346 | |||||||||
Other assets | 28,304 | -309 | (a) | 27,995 | |||||||||
Current liabilities | -322,397 | -361 | (a) | -322,758 | |||||||||
Long-term deferred tax liability | -153,030 | -17,741 | (a) | -170,771 | |||||||||
Other liabilities | -72,906 | 1,052 | (a) | -71,854 | |||||||||
Noncontrolling interests | -36,548 | -7,401 | (b) | -43,949 | |||||||||
Net assets acquired | $ | 679,523 | $ | — | $ | 679,523 | |||||||
(a) | Adjustment related to the fair value of identifiable assets and liabilities | ||||||||||||
(b) | Adjustment based on final valuation results | ||||||||||||
(c) | Adjustment based on provisional amounts in (a) and (b) |
Calculations_of_Basic_and_Dilu
Calculations of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Numerator: | ' | ' |
Net income attributable to Jabil Circuit, Inc. | $117,922 | $105,847 |
Denominator for basic and diluted earnings per share: | ' | ' |
Denominator for basic earnings per share | 204,762 | 204,318 |
Dilutive common shares issuable under the employee stock purchase plan and upon exercise of stock options and stock appreciation rights | 79 | 88 |
Dilutive unvested restricted stock awards | 1,972 | 3,410 |
Denominator for diluted earnings per share | 206,813 | 207,816 |
Income attributable to the stockholders of Jabil Circuit, Inc.: | ' | ' |
Basic | $0.58 | $0.52 |
Diluted | $0.57 | $0.51 |
Earnings_Per_Share_and_Dividen2
Earnings Per Share and Dividends - Additional Information (Detail) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Stock Option | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common shares excluded from computation of diluted earnings per share | 2,592,657 | 3,739,187 |
Stock Appreciation Rights (SARs) | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common shares excluded from computation of diluted earnings per share | 3,145,008 | 4,612,729 |
Cash_Dividends_Declared_to_Com
Cash Dividends Declared to Common Stockholders (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Dividend Declaration Date | 17-Oct-13 | 16-Oct-12 |
Dividend per Share | $0.08 | $0.08 |
Total of Cash Dividends Declared | $17,221 | $16,962 |
Date of Record for Dividend Payment | 15-Nov-13 | 15-Nov-12 |
Dividend Cash Payment Date | 2-Dec-13 | 3-Dec-12 |
Inventories_Detail
Inventories (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,345,087 | $1,412,948 |
Work in process | 495,501 | 548,096 |
Finished goods | 326,209 | 341,111 |
Inventories | $2,166,797 | $2,302,155 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Share data in Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Recognition of stock-based compensation expense | ($24,566,000) | $18,803,000 |
Reversal to stock-based compensation expense | 39,000,000 | ' |
Stock-based compensation expense, tax (expense) benefit | 0 | 200,000 |
Time-based restricted stock units | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting period | '3 years | ' |
Restricted stock units awarded | 1.7 | 1.8 |
Performance-based restricted stock units | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units awarded | 1.5 | 1.7 |
Performance-based restricted stock units | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting period | '3 years | ' |
Performance-based restricted stock units | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting period | '5 years | ' |
Performance-based restricted stock units | Possibility One | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting percentage | 100.00% | ' |
Performance-based restricted stock units | Possibility Two | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting percentage | 150.00% | ' |
Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized stock-based compensation expense related to restricted stock awards | $83,400,000 | ' |
Unrecognized stock-based compensation expense related to restricted stock awards, weighted average period of recognition | '1 year 7 months 6 days | ' |
Summary_of_Stock_Option_and_St
Summary of Stock Option and Stock Appreciation Right Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | |
Shares Available for Grant, Beginning Balance | 12,011,073 | ' | |
Shares Available for Grant, Options cancelled | 1,533,125 | ' | |
Shares Available for Grant, Restricted stock awards granted | -3,966,609 | [1] | ' |
Shares Available for Grant, Ending Balance | 9,577,589 | 12,011,073 | |
Options Outstanding, beginning balance | 7,857,127 | ' | |
Options Outstanding, options canceled | -1,533,125 | ' | |
Options Outstanding, options exercised | -25,952 | ' | |
Options Outstanding, ending balance | 6,298,050 | 7,857,127 | |
Options Outstanding, exercisable ending balance | 6,298,050 | ' | |
Aggregate Intrinsic Value, beginning balance | $1,927 | ' | |
Aggregate Intrinsic Value, ending balance | 339 | 1,927 | |
Aggregate Intrinsic Value, Exercisable ending balance | $339 | ' | |
Weighted-Average Exercise Price, beginning balance | $26.31 | ' | |
Weighted-Average Exercise Price, options canceled | $26.21 | ' | |
Weighted-Average Exercise Price, options exercised | $19.38 | ' | |
Weighted-Average Exercise Price, ending balance | $26.37 | $26.31 | |
Weighted-Average Exercise Price, exercisable ending balance | $26.37 | ' | |
Weighted-Average Remaining Contractual Life | '2 years 1 month 13 days | '1 year 11 months 12 days | |
Weighted-Average Remaining Contractual Life, Exercisable ending balance | '2 years 1 month 13 days | ' | |
[1] | Represents the maximum number of shares that can be issued based on the achievement of certain performance criteria. |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (USD $) | 3 Months Ended | |
Nov. 30, 2013 | ||
Number of non-vested shares | ' | |
Shares, non-vested beginning balance | 11,335,192 | |
Changes during the period | ' | |
Shares granted | 4,042,264 | [1] |
Shares vested | -4,768,772 | |
Shares forfeited | -75,655 | |
Shares, non-vested ending balance | 10,533,029 | |
Weighted-Average Grant-Date Fair Value | ' | |
Weighted-Average Grant-Date Fair Value, beginning balance | $17.15 | |
Changes during the period | ' | |
Weighted-Average Grant-Date Fair Value, Shares granted | $22.06 | |
Weighted-Average Grant-Date Fair Value, Shares vested | $15.11 | |
Weighted-Average Grant-Date Fair Value, Shares forfeited | $18.88 | |
Weighted-Average Grant-Date Fair Value, ending balance | $19.94 | |
[1] | For those shares granted that are based on the achievement of certain performance criteria, represents the maximum number of shares that can vest. |
Concentration_of_Risk_and_Segm2
Concentration of Risk and Segment Data - Additional Information (Detail) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Segment | ||
Customer | ||
Country | ||
Segment Reporting [Abstract] | ' | ' |
Top customers that comprise revenue | 5 | ' |
Percentage of revenue accounted by major customers | 48.00% | ' |
Number of customers accounted for 90% of its net revenue | 69 | ' |
Percentage of revenue accounted for by customers | 90.00% | ' |
Number of operating segments | 3 | ' |
Number of operating countries | 31 | ' |
Total foreign net revenue percentage | 84.50% | 86.40% |
Operating_Segment_Information_
Operating Segment Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | $4,611,442 | $4,637,018 | ' |
Total segment income | 177,055 | 192,535 | ' |
Stock-based compensation expense and related charges | -24,566 | 18,803 | ' |
Amortization of intangibles | 7,678 | 3,451 | ' |
Restructuring and related charges | 21,275 | ' | ' |
Other expense | 1,255 | 1,569 | ' |
Interest income | -747 | -510 | ' |
Interest expense | 33,314 | 29,604 | ' |
Income before income tax | 138,846 | 139,618 | ' |
Total assets | 9,029,402 | ' | 9,153,781 |
DMS | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | 2,281,922 | 2,175,034 | ' |
Total segment income | 110,673 | 125,092 | ' |
Total assets | 4,053,551 | ' | 4,131,973 |
E&I | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | 1,336,705 | 1,418,516 | ' |
Total segment income | 40,287 | 33,758 | ' |
Total assets | 1,147,526 | ' | 1,110,458 |
HVS | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | 992,815 | 1,043,468 | ' |
Total segment income | 26,095 | 33,685 | ' |
Total assets | 1,105,514 | ' | 1,031,911 |
Other non-allocated assets | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $2,722,811 | ' | $2,879,439 |
Notes_Payable_LongTerm_Debt_an2
Notes Payable, Long-Term Debt and Capital Lease Obligations Outstanding (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Borrowings under credit facilities | $100,000 | $200,000 | ||
Borrowings under loans | 47,973 | [1] | 58,447 | [1] |
Capital lease obligations | 35,103 | 35,468 | ||
Fair value adjustment related to terminated interest rate swaps on the 7.750% Senior Notes | 6,230 | 6,823 | ||
Total notes payable, long-term debt and capital lease obligations | 1,795,054 | 1,905,962 | ||
Less current installments of notes payable, long-term debt and capital lease obligations | 117,230 | 215,536 | ||
Notes payable, long-term debt and capital lease obligations, less current installments | 1,677,824 | 1,690,426 | ||
7.750% Senior Notes Due 2016 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 307,369 | 306,940 | ||
8.250% Senior Notes Due 2018 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 398,379 | 398,284 | ||
5.625% Senior Notes Due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 400,000 | 400,000 | ||
4.700% Senior Notes due 2022 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | $500,000 | $500,000 | ||
[1] | During the third quarter of fiscal year 2012, the Company entered into a master lease agreement with a variable interest entity (the "VIE") whereby it sells to and subsequently leases back from the VIE up to $60.0 million in certain machinery and equipment for a period of up to five years. In connection with this transaction, the Company holds a variable interest in the VIE, which was designed to hold debt obligations payable to third-party creditors. The proceeds from such debt obligations are utilized to finance the purchase of the machinery and equipment that is then leased by the Company. The Company is the primary beneficiary of the VIE as it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Therefore, the Company consolidates the financial statements of the VIE and eliminates all intercompany transactions. At November 30, 2013, the VIE had approximately $44.4 million of total assets, of which approximately $43.3 million was comprised of a note receivable due from the Company, and approximately $43.8 million of total liabilities, of which approximately $43.7 million were debt obligations to the third-party creditors (as the VIE has utilized approximately $43.7 million of the $60.0 million debt obligation capacity). The third-party creditors have recourse to the Company's general credit only in the event that the Company defaults on its obligations under the terms of the master lease agreement. In addition, the assets held by the VIE can be used only to settle the obligations of the VIE. |
Notes_Payable_LongTerm_Debt_an3
Notes Payable, Long-Term Debt and Capital Lease Obligations Outstanding (Parenthetical) (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-12 | 31-May-12 | Nov. 30, 2013 | Aug. 31, 2013 | Feb. 28, 2011 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2007 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | ||
Maximum | 7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 8.250% Senior Notes Due 2018 | 8.250% Senior Notes Due 2018 | 8.250% Senior Notes Due 2018 | 5.625% Senior Notes Due 2020 | 5.625% Senior Notes Due 2020 | 4.700% Senior Notes due 2022 | 4.700% Senior Notes due 2022 | Variable Interest Entity | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior Notes, stated interest rate | ' | ' | ' | ' | 7.75% | 7.75% | 7.75% | 8.25% | 8.25% | 8.25% | 5.63% | 5.63% | 4.70% | 4.70% | ' | ||
Senior Notes, maturity year | ' | ' | ' | ' | '2016 | '2016 | ' | '2018 | '2018 | ' | '2020 | '2020 | '2022 | '2022 | ' | ||
VIE credit capacity | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Lease agreement period | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total assets | 9,029,402,000 | 9,153,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,400,000 | ||
Notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,300,000 | ||
Total liabilities | 6,611,654,000 | 6,798,214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,800,000 | ||
Debt obligation utilized | $47,973,000 | [1] | $58,447,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $43,700,000 |
[1] | During the third quarter of fiscal year 2012, the Company entered into a master lease agreement with a variable interest entity (the "VIE") whereby it sells to and subsequently leases back from the VIE up to $60.0 million in certain machinery and equipment for a period of up to five years. In connection with this transaction, the Company holds a variable interest in the VIE, which was designed to hold debt obligations payable to third-party creditors. The proceeds from such debt obligations are utilized to finance the purchase of the machinery and equipment that is then leased by the Company. The Company is the primary beneficiary of the VIE as it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Therefore, the Company consolidates the financial statements of the VIE and eliminates all intercompany transactions. At November 30, 2013, the VIE had approximately $44.4 million of total assets, of which approximately $43.3 million was comprised of a note receivable due from the Company, and approximately $43.8 million of total liabilities, of which approximately $43.7 million were debt obligations to the third-party creditors (as the VIE has utilized approximately $43.7 million of the $60.0 million debt obligation capacity). The third-party creditors have recourse to the Company's general credit only in the event that the Company defaults on its obligations under the terms of the master lease agreement. In addition, the assets held by the VIE can be used only to settle the obligations of the VIE. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt - Additional Information (Detail) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Feb. 28, 2011 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2007 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2013 |
7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 8.250% Senior Notes Due 2018 | 8.250% Senior Notes Due 2018 | 8.250% Senior Notes Due 2018 | 5.625% Senior Notes Due 2020 | 5.625% Senior Notes Due 2020 | 4.700% Senior Notes due 2022 | 4.700% Senior Notes due 2022 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | $312,000,000 | ' | ' | $400,000,000 | ' | ' | $400,000,000 | ' | $500,000,000 | ' |
Senior unsecured notes, interest rate | 7.75% | 7.75% | 7.75% | 8.25% | 8.25% | 8.25% | 5.63% | 5.63% | 4.70% | 4.70% |
Estimated fair value of senior notes | $356,400,000 | ' | ' | $474,500,000 | ' | ' | $430,100,000 | ' | $497,400,000 | ' |
Trade_Accounts_Receivable_Secu1
Trade Accounts Receivable Securitization and Sale Programs - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | |
Trade Accounts Receivable Factoring Agreement | Trade Accounts Receivable Factoring Agreement | Trade Accounts Receivable Sale Programs | Trade Accounts Receivable Sale Programs | Asset-Backed Securitization Programs | Asset-Backed Securitization Programs | North American Asset-Backed Securitization Program | North American Asset-Backed Securitization Program | Foreign Asset-Backed Securitization Program | 200.0 Million Dollar Trade Accounts Receivable Sale Program | 150.0 Million Dollar Trade Accounts Receivable Sale Program | 100.0 Million Dollar Trade Accounts Receivable Sale Program | 40.0 Million Dollar Trade Accounts Receivable Sale Program | |
Trade Accounts Receivable Sale Programs | Trade Accounts Receivable Sale Programs | Trade Accounts Receivable Sale Programs | Trade Accounts Receivable Sale Programs | ||||||||||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of trade accounts receivable sold to conduits by special purpose entities | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts receivable sale agreement expiration date | 31-Mar-14 | ' | ' | ' | ' | ' | 21-Oct-14 | ' | 15-May-15 | 28-Nov-14 | 28-Nov-14 | 1-Nov-14 | 26-Nov-14 |
Maximum net cash proceeds available at any one time under asset-backed securitization program and sales program | ' | ' | ' | ' | ' | ' | $200,000,000 | $300,000,000 | $200,000,000 | $200,000,000 | $150,000,000 | $100,000,000 | $40,000,000 |
Trade accounts receivable sold | 500,000 | 14,200,000 | 600,000,000 | 700,000,000 | 2,200,000,000 | 2,100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds for the sale of trade accounts receivable | ' | ' | ' | ' | 1,700,000,000 | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from new transfers | 500,000 | 14,200,000 | 600,000,000 | 700,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Deferred purchases price receivable | ' | ' | ' | ' | 544,100,000 | 436,900,000 | ' | ' | ' | ' | ' | ' | ' |
Pretax losses on sale of trade accounts receivable | ' | ' | ' | ' | $1,100,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum number of days notice required to cancel receivable sale agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 days | '30 days |
Agreement extension period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '365 days | ' |
Agreement extension date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Nov-18 | 1-Jun-15 |
Minimum number of days notice required to not automatically extend receivable sale agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '30 days |
Summary_of_Changes_in_Accumula
Summary of Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2013 |
Foreign currency translation adjustment | Derivative instruments | Actuarial loss | Actuarial loss | Prior service cost | Prior service cost | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $81,248 | ' | $125,594 | ($5,050) | ($40,258) | ($40,258) | $962 | $962 |
Other comprehensive income before reclassifications | 10,606 | ' | 9,184 | 1,422 | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 2,060 | ' | ' | 2,060 | ' | ' | ' | ' |
Total other comprehensive income | 12,666 | 6,615 | 9,184 | 3,482 | ' | ' | ' | ' |
Ending balance | $93,914 | ' | $134,778 | ($1,568) | ($40,258) | ($40,258) | $962 | $962 |
Summary_of_Amounts_Reclassifie
Summary of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net revenue | $4,611,442 | $4,637,018 |
Cost of revenue | -4,242,672 | -4,286,423 |
Selling, general and administrative | -158,095 | -169,600 |
Interest expense | -33,314 | -29,604 |
Net income attributable to Jabil Circuit, Inc. | 117,922 | 105,847 |
Amounts Reclassified from AOCI | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net income attributable to Jabil Circuit, Inc. | -2,060 | ' |
Amounts Reclassified from AOCI | Forward foreign exchange contracts | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net revenue | -2,434 | ' |
Cost of revenue | 1,462 | ' |
Selling, general and administrative | -100 | ' |
Amounts Reclassified from AOCI | Interest rate swap | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Interest expense | ($988) | ' |
Net_Periodic_Benefit_Cost_for_
Net Periodic Benefit Cost for Pension Plans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Service cost | $353 | $516 |
Interest cost | 2,064 | 1,925 |
Expected long-term return on plan assets | -1,898 | -1,742 |
Amortization of prior service cost | -61 | -6 |
Recognized actuarial loss | 644 | 681 |
Net periodic benefit cost | $1,102 | $1,374 |
Postretirement_and_Other_Emplo2
Postretirement and Other Employee Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2013 |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' |
Contributions to defined benefit pension plans | $1.10 |
Minimum | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' |
Expected cash contributions to funded pension plans during 2014 | 4.7 |
Maximum | ' |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' |
Expected cash contributions to funded pension plans during 2014 | $5.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||
Nov. 30, 2013 | Aug. 31, 2007 | Aug. 31, 2013 | Feb. 28, 2011 | Aug. 31, 2007 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2011 | Feb. 28, 2011 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2007 | |
Interest rate swap | Interest rate swap | Forward contracts | Forward contracts | Forward contracts | Forward contracts | 7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 7.750% Senior Notes Due 2016 | 8.250% Senior Notes Due 2018 | 8.250% Senior Notes Due 2018 | 8.250% Senior Notes Due 2018 | ||||
Fair value hedging | Cash Flow Hedging | Forward foreign exchange contracts | Forward foreign exchange contracts | Forward foreign exchange contracts | Forward foreign exchange contracts | |||||||||||
Cash Flow Hedging | Cash Flow Hedging | |||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate notional amount outstanding | ' | ' | ' | $200,000,000 | $400,000,000 | $1,300,000,000 | $991,700,000 | $377,900,000 | $430,300,000 | ' | ' | ' | ' | ' | ' | ' |
Amount estimated to reclassify into earnings during the next 12 months related to foreign currency risk management hedging arrangements | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | 7.75% | ' | 7.75% | 8.25% | 8.25% | 8.25% |
Fair value of interest rate swap including accrued interest on interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' | ' |
Accrued interest on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' |
Amortization of interest rate swaps | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge accounting adjustment related to terminated interest rate swaps | 6,230,000 | ' | 6,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to settle interest rate swaps | ' | 43,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-18 | ' | ' |
Amount estimated to reclassify into earnings during the next 12 months related to interest rate risk management hedging arrangements | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities Related to Foreign Forward Exchange Contracts Measured on Recurring Basis (Detail) (USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Assets: | ' |
Forward foreign exchange contracts, Assets | $11,502 |
Liabilities: | ' |
Forward foreign exchange contracts, Liabilities | -6,538 |
Fair value of assets and liabilities, Total | 4,964 |
Level 2 | ' |
Assets: | ' |
Forward foreign exchange contracts, Assets | 11,502 |
Liabilities: | ' |
Forward foreign exchange contracts, Liabilities | -6,538 |
Fair value of assets and liabilities, Total | $4,964 |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments Located on Condensed Consolidated Balance Sheets Utilized for Foreign Currency Risk Management Purposes (Detail) (Forward foreign exchange contracts, USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instruments | Accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Forward foreign exchange contracts, Liability Derivatives | $1,302 | $4,550 |
Designated as Hedging Instruments | Prepaid expenses and other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Forward foreign exchange contracts, Asset Derivatives | 4,911 | 4,357 |
Not Designated as Hedging Instrument | Accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Forward foreign exchange contracts, Liability Derivatives | 5,236 | 4,959 |
Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Forward foreign exchange contracts, Asset Derivatives | $6,591 | $7,147 |
Impact_of_Derivatives_for_Fore
Impact of Derivatives for Foreign Currency Risk (Interest Rate Risk) and Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) and Earnings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Forward foreign exchange contracts | Revenue | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ($2,034) | ($929) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -2,434 | -1,620 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 38 | 65 |
Forward foreign exchange contracts | Cost of revenue | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 3,375 | 3,489 |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 1,462 | 3,371 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 2,970 | 1,516 |
Forward foreign exchange contracts | Selling, general and administrative | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 81 | 187 |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -100 | 278 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 49 | 67 |
Interest rate swap | Interest expense | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ($988) | ($988) |
Impact_of_Derivatives_for_Fore1
Impact of Derivatives for Foreign Currency Risk and Not Designated as Hedging Instruments on Earnings (Detail) (Forward foreign exchange contracts, Cost of revenue, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Forward foreign exchange contracts | Cost of revenue | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | $4,996 | $2,907 |
Changes_Related_to_Cash_Flow_H
Changes Related to Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) Net of Tax (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' |
Accumulated comprehensive loss, beginning balance | ($5,050) | ($7,153) |
Change in fair value of derivative instruments | 1,422 | 2,747 |
Reclassification of net losses (gains) realized and included in net income related to derivative instruments | 2,060 | -1,041 |
Accumulated comprehensive loss, ending balance | ($1,568) | ($5,447) |
Restructuring_and_Related_Char2
Restructuring and Related Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 15 Months Ended |
Nov. 30, 2013 | Nov. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | $21,275,000 | ' |
2014 Restructuring Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 14,623,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | -500,000 | ' |
2014 Restructuring Plan | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 14,100,000 | ' |
2014 Restructuring Plan | Maximum | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total pre-tax restructuring and other related costs expected to be recognized | 85,000,000 | ' |
2014 Restructuring Plan | Minimum | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total pre-tax restructuring and other related costs expected to be recognized | 35,000,000 | ' |
2014 Restructuring Plan | Employee Severance | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 12,379,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | 63,000 | ' |
2014 Restructuring Plan | Employee Severance | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 12,400,000 | ' |
2014 Restructuring Plan | Other Related Costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 1,324,000 | ' |
2014 Restructuring Plan | Other Related Costs | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 1,324,000 | ' |
2014 Restructuring Plan | Lease Costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 357,000 | ' |
2014 Restructuring Plan | Lease Costs | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 357,000 | ' |
2014 Restructuring Plan | Asset Write Off Cost | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 563,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | -563,000 | ' |
2014 Restructuring Plan | HVS | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 14,623,000 | ' |
2013 Restructuring Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 6,652,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | 1,685,000 | ' |
Total pre-tax restructuring and other related costs expected to be recognized | 188,000,000 | ' |
Restructuring related charges to date | ' | 96,100,000 |
2013 Restructuring Plan | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 6,347,000 | ' |
2013 Restructuring Plan | Maximum | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total pre-tax restructuring and other related costs expected to be recognized | 160,000,000 | ' |
2013 Restructuring Plan | Minimum | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total pre-tax restructuring and other related costs expected to be recognized | 140,000,000 | ' |
2013 Restructuring Plan | Employee Severance | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 6,347,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | 1,903,000 | ' |
2013 Restructuring Plan | Employee Severance | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 6,300,000 | ' |
2013 Restructuring Plan | Other Related Costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 87,000 | ' |
2013 Restructuring Plan | Other Related Costs | Restructuring Charges Cash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 100,000 | ' |
2013 Restructuring Plan | Restructuring Charges Noncash | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Asset Write off Charge and Other Non-Cash Activity | 300,000 | ' |
2013 Restructuring Plan | Asset Write Off Cost | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 218,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | -218,000 | ' |
2013 Restructuring Plan | DMS | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 5,141,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | 381,000 | ' |
Restructuring related charges to date | ' | 26,600,000 |
2013 Restructuring Plan | E&I | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | -51,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | 1,147,000 | ' |
Restructuring related charges to date | ' | 54,200,000 |
2013 Restructuring Plan | HVS | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 234,000 | ' |
Asset Write off Charge and Other Non-Cash Activity | 157,000 | ' |
Restructuring related charges to date | ' | 10,900,000 |
2013 Restructuring Plan | Other | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and related charges | 1,328,000 | ' |
Restructuring related charges to date | ' | $4,400,000 |
Significant_Components_and_Act
Significant Components and Activity in Restructuring Plan (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Related Charges | $21,275 |
2014 Restructuring Plan | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
Restructuring Related Charges | 14,623 |
Asset Write off Charge and Other Non- Cash Activity | -500 |
Cash Payments | -8,026 |
Liability, Ending Balance | 6,097 |
2014 Restructuring Plan | Employee Severance | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
Restructuring Related Charges | 12,379 |
Asset Write off Charge and Other Non- Cash Activity | 63 |
Cash Payments | -7,669 |
Liability, Ending Balance | 4,773 |
2014 Restructuring Plan | Lease Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
Restructuring Related Charges | 357 |
Cash Payments | -357 |
Liability, Ending Balance | 0 |
2014 Restructuring Plan | Asset Write Off Cost | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
Restructuring Related Charges | 563 |
Asset Write off Charge and Other Non- Cash Activity | -563 |
Liability, Ending Balance | 0 |
2014 Restructuring Plan | Other Related Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
Restructuring Related Charges | 1,324 |
Liability, Ending Balance | 1,324 |
2013 Restructuring Plan | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 57,910 |
Restructuring Related Charges | 6,652 |
Asset Write off Charge and Other Non- Cash Activity | 1,685 |
Cash Payments | -6,974 |
Liability, Ending Balance | 59,273 |
2013 Restructuring Plan | Employee Severance | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 57,623 |
Restructuring Related Charges | 6,347 |
Asset Write off Charge and Other Non- Cash Activity | 1,903 |
Cash Payments | -6,687 |
Liability, Ending Balance | 59,186 |
2013 Restructuring Plan | Lease Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 251 |
Cash Payments | -251 |
Liability, Ending Balance | 0 |
2013 Restructuring Plan | Asset Write Off Cost | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 0 |
Restructuring Related Charges | 218 |
Asset Write off Charge and Other Non- Cash Activity | -218 |
Liability, Ending Balance | 0 |
2013 Restructuring Plan | Other Related Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 36 |
Restructuring Related Charges | 87 |
Cash Payments | -36 |
Liability, Ending Balance | $87 |
Significant_Components_and_Act1
Significant Components and Activity in Restructuring Plan by Reportable Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Related Charges | $21,275 |
2013 Restructuring Plan | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 57,910 |
Restructuring Related Charges | 6,652 |
Asset Write off Charge and Other Non- Cash Activity | 1,685 |
Cash Payments | -6,974 |
Liability, Ending Balance | 59,273 |
2013 Restructuring Plan | DMS | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 12,289 |
Restructuring Related Charges | 5,141 |
Asset Write off Charge and Other Non- Cash Activity | 381 |
Cash Payments | -3,178 |
Liability, Ending Balance | 14,633 |
2013 Restructuring Plan | E&I | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 40,603 |
Restructuring Related Charges | -51 |
Asset Write off Charge and Other Non- Cash Activity | 1,147 |
Cash Payments | -1,388 |
Liability, Ending Balance | 40,311 |
2013 Restructuring Plan | HVS | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 4,985 |
Restructuring Related Charges | 234 |
Asset Write off Charge and Other Non- Cash Activity | 157 |
Cash Payments | -1,229 |
Liability, Ending Balance | 4,147 |
2013 Restructuring Plan | Other | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Liability, Beginning Balance | 33 |
Restructuring Related Charges | 1,328 |
Cash Payments | -1,179 |
Liability, Ending Balance | $182 |
Business_Acquisitions_Addition
Business Acquisitions - Additional Information (Detail) (Nypro Inc., USD $) | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Aug. 31, 2013 | Jul. 01, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of equity interest acquired | ' | ' | 100.00% |
Date of acquisition | 1-Jul-13 | ' | ' |
Business acquisition amount of cash paid | ' | $679,500,000 | ' |
Acquired intangible assets | 204,600,000 | ' | ' |
Goodwill acquired | 357,346,000 | ' | ' |
Indefinite lived trade name | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Indefinite lived intangible assets acquired | 72,400,000 | ' | ' |
Customer Relationships | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite intangible assets | 81,000,000 | ' | ' |
Customer Relationships | Maximum | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Estimated useful life of intangible assets | '15 years | ' | ' |
Intellectual property | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite intangible assets | 51,200,000 | ' | ' |
Intellectual property | Maximum | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Estimated useful life of intangible assets | '8 years | ' | ' |
DMS | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill acquired | $357,300,000 | ' | ' |
Summary_of_Fair_Value_of_Asset
Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | |
Nypro Inc. | Nypro Inc. | Nypro Inc. | |||
As reported | Adjustments | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | |
Cash | ' | $77,372 | $77,384 | ($12) | [1] |
Other current assets | ' | 343,522 | 343,446 | 76 | [1] |
Property, plant and equipment | ' | 278,020 | 282,599 | -4,579 | [2] |
Intangible assets | ' | 204,600 | 196,800 | 7,800 | [2] |
Goodwill | ' | 357,346 | 335,871 | 21,475 | [3] |
Other assets | ' | 27,995 | 28,304 | -309 | [1] |
Current liabilities | ' | -322,758 | -322,397 | -361 | [1] |
Long-term deferred tax liability | ' | -170,771 | -153,030 | -17,741 | [1] |
Other liabilities | ' | -71,854 | -72,906 | 1,052 | [1] |
Noncontrolling interests | -7,401 | -43,949 | -36,548 | -7,401 | [2] |
Net assets acquired | ' | $679,523 | $679,523 | ' | |
[1] | Adjustment related to the fair value of identifiable assets and liabilities | ||||
[2] | Adjustment based on final valuation results | ||||
[3] | Adjustment based on provisional amounts in (a) and (b) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
U.S federal statutory rate | 35.00% | 35.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Sale of after market services business, USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 17, 2013 | Nov. 30, 2013 |
Sale of after market services business | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Consideration received for the sale of a business | $725 | ' |
Consideration received in cash for the sale of a business | 675 | ' |
Consideration received in preferred stock for sale of a business | $50 | ' |
Accretes dividends at an annual rate | 8.00% | ' |
Redeemable period | '9 years | ' |
Anticipated closing date of sale | ' | 'Third quarter of fiscal year 2014 |