Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2016 | Oct. 25, 2016 | Feb. 29, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | FACTSET RESEARCH SYSTEMS INC | ||
Entity Central Index Key | 1,013,237 | ||
Trading Symbol | fds | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 39,935,323 | ||
Entity Public Float | $ 6,049,252,249 | ||
Document Type | 10-K | ||
Document Period End Date | Aug. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Revenues | [1] | $ 1,127,092 | $ 1,006,768 | $ 920,335 |
Operating expenses | ||||
Cost of services | 487,409 | 405,339 | 353,686 | |
Selling, general and administrative | 290,007 | 269,511 | 264,430 | |
Total operating expenses | 777,416 | 674,850 | 618,116 | |
Operating income | 349,676 | 331,918 | 302,219 | |
Other income (expense) | ||||
Gain on sale of business | 112,453 | |||
Interest (expense), net of interest income | (1,136) | 1,836 | 1,245 | |
Total other income | 111,317 | 1,836 | 1,245 | |
Income before income taxes | 460,993 | 333,754 | 303,464 | |
Provision for income taxes | 122,178 | 92,703 | 91,921 | |
Net income | $ 338,815 | $ 241,051 | $ 211,543 | |
Basic earnings per common share (in dollars per share) | $ 8.29 | $ 5.80 | $ 4.98 | |
Diluted earnings per common share (in dollars per share) | $ 8.19 | $ 5.71 | $ 4.92 | |
Basic weighted average common shares (in shares) | 40,880 | 41,572 | 42,436 | |
Diluted weighted average common shares (in shares) | 41,365 | 42,235 | 42,970 | |
[1] | Revenues are attributed to countries based on the location of the client. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Net income | $ 338,815 | $ 241,051 | $ 211,543 | |
Other comprehensive (loss) income, net of tax | ||||
Net unrealized (loss) gain on cash flow hedges* | [1] | (857) | (868) | 5,357 |
Foreign currency translation adjustments | (23,644) | (25,263) | 7,895 | |
Other comprehensive (loss) income | (24,501) | (26,131) | 13,252 | |
Comprehensive income | $ 314,314 | $ 214,920 | $ 224,795 | |
[1] | The unrealized (loss) gain on cash flow hedges disclosed above was net of tax benefit (expense) of $498, $512 and ($3,193) for the fiscal years ended August 31, 2016, 2015 and 2014, respectively. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Tax expense on the net unrealized gain on cash flow hedges | $ 498 | $ 512 | $ (3,193) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 228,407 | $ 158,914 |
Investments | 24,217 | 23,497 |
Accounts receivable, net of reserves of $1,521 and $1,580 at August 31, 2016 and 2015, respectively | 97,797 | 95,064 |
Prepaid taxes | 4,808 | |
Deferred taxes | 3,158 | 2,105 |
Prepaid expenses and other current assets | 15,697 | 19,786 |
Total current assets | 369,276 | 304,174 |
Property, equipment and leasehold improvements, at cost | 253,274 | 213,279 |
Less accumulated depreciation and amortization | (168,652) | (154,015) |
Property, equipment and leasehold improvements, net | 84,622 | 59,264 |
Goodwill | 452,915 | 308,287 |
Intangible assets, net | 93,161 | 40,052 |
Deferred taxes | 13,406 | 20,599 |
Other assets | 5,781 | 4,295 |
TOTAL ASSETS | 1,019,161 | 736,671 |
LIABILITIES | ||
Accounts payable and accrued expenses | 45,836 | 33,880 |
Accrued compensation | 51,036 | 44,916 |
Deferred fees | 33,247 | 38,488 |
Deferred taxes | 291 | 562 |
Taxes payable | 7,781 | 3,755 |
Dividends payable | 20,019 | 18,179 |
Total current liabilities | 158,210 | 139,780 |
Long-term debt | 300,000 | 35,000 |
Deferred taxes | 1,708 | 1,697 |
Taxes payable | 8,782 | 6,776 |
Deferred rent and other non-current liabilities | 33,080 | 21,834 |
TOTAL LIABILITIES | 501,780 | 205,087 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $.01 par value, 150,000,000 shares authorized, 51,150,978 and 50,328,423 shares issued; 40,038,225 and 41,316,902 shares outstanding at August 31, 2016 and 2015, respectively | 512 | 503 |
Additional paid-in capital | 623,195 | 542,355 |
Treasury stock, at cost: 11,112,753 and 9,011,521 shares at August 31, 2016 and 2015, respectively | (1,321,700) | (988,873) |
Retained earnings | 1,283,927 | 1,021,651 |
Accumulated other comprehensive loss | (68,553) | (44,052) |
TOTAL STOCKHOLDERS’ EQUITY | 517,381 | 531,584 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,019,161 | $ 736,671 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Accounts receivable, reserves | $ 1,521 | $ 1,580 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 51,150,978 | 50,328,423 |
Common stock, shares outstanding (in shares) | 40,038,225 | 41,316,902 |
Treasury stock, shares (in shares) | 11,112,753 | 9,011,521 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016USD ($) | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 338,815 | $ 241,051 | $ 211,543 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 38,052 | 31,349 | 34,435 |
Stock-based compensation expense | 29,793 | 26,371 | 22,891 |
Gain on sale of business | (112,453) | ||
Deferred income taxes | 4,528 | (969) | (1,028) |
Loss (gain) on sale of assets | 8 | (34) | (62) |
Tax benefits from share-based payment arrangements | (18,205) | (28,948) | (11,955) |
Changes in assets and liabilities, net of effects of acquisitions | |||
Accounts receivable, net of reserves | (3,541) | (4,300) | (13,299) |
Accounts payable and accrued expenses | 5,525 | 8,123 | (2,903) |
Accrued compensation | 3,961 | 3,516 | 1,953 |
Deferred fees | 700 | 53 | 3,594 |
Taxes payable, net of prepaid taxes | 30,270 | 30,437 | 23,309 |
Prepaid expenses and other assets | 7 | (4,523) | (1,535) |
Deferred rent and other non-current liabilities | 13,674 | 4,322 | (1,672) |
Other working capital accounts, net | 6 | (6) | (248) |
Net cash provided by operating activities | 331,140 | 306,442 | 265,023 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of businesses, net of cash acquired | (262,909) | (34,758) | (46,873) |
Proceeds from sale of business, net | 153,137 | ||
Purchases of investments | (18,137) | (24,264) | (20,415) |
Proceeds from sales of investments | 17,241 | 19,827 | 14,323 |
Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions | (47,740) | (25,682) | (17,743) |
Net cash used in investing activities | (158,408) | (64,877) | (70,708) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividend payments | (74,218) | (66,551) | (61,007) |
Repurchase of common stock | (356,828) | (256,217) | (279,829) |
Proceeds from debt | 265,000 | 35,000 | |
Debt issuance costs | (12) | (32) | |
Proceeds from employee stock plans | 56,851 | 71,526 | 52,152 |
Tax benefits from share-based payment arrangements | 18,205 | 28,948 | 11,955 |
Net cash used in financing activities | (91,002) | (187,326) | (276,729) |
Effect of exchange rate changes on cash and cash equivalents | (12,237) | (11,703) | 2,165 |
Net increase (decrease) in cash and cash equivalents | 69,493 | 42,536 | (80,249) |
Cash and cash equivalents at beginning of period | 158,914 | 116,378 | 196,627 |
Cash and cash equivalents at end of period | 228,407 | 158,914 | 116,378 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the year for income taxes, net of refunds | 87,513 | 64,750 | 67,152 |
Supplemental Disclosure of Non-Cash Transactions | |||
Dividends declared, not paid | 20,019 | 18,179 | 16,299 |
Stock issued for acquisition of business | $ 2,991 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance, beginning of year at Aug. 31, 2013 | $ 481 | $ 326,869 | $ (454,917) | $ 700,519 | $ (31,173) | $ 541,779 | |
Common stock issued for employee stock plans | 10 | 52,039 | 52,049 | ||||
Balance, end of year at Aug. 31, 2014 | 491 | 413,754 | (734,746) | 849,504 | (17,921) | 511,082 | |
Stock-based compensation expense | 22,891 | 22,891 | |||||
Tax benefits from share-based payment arrangements | 11,955 | 11,955 | |||||
Accelerated share repurchase | |||||||
Stock-based compensation adjustment associated with disposition | |||||||
Stock issued for acquisition of business | |||||||
Repurchases of common stock | (275,415) | (275,415) | |||||
Stock issued for acquisition of business | |||||||
Purchases of common stock upon restricted stock vesting | (4,414) | (4,414) | |||||
Net income | 211,543 | 211,543 | |||||
Dividends | (62,558) | (62,558) | |||||
Foreign currency translation adjustments | 7,895 | 7,895 | |||||
Net unrealized (loss) gain on cash flow hedges* | 5,357 | 5,357 | [1] | ||||
Foreign currency translation adjustments | 7,895 | 7,895 | |||||
Common stock issued for employee stock plans | 12 | 72,381 | 72,393 | ||||
Balance, end of year at Aug. 31, 2015 | 503 | 542,355 | (988,873) | 1,021,651 | (44,052) | 531,584 | |
Stock-based compensation expense | 26,371 | 26,371 | |||||
Tax benefits from share-based payment arrangements | 28,948 | 28,948 | |||||
Accelerated share repurchase | |||||||
Stock-based compensation adjustment associated with disposition | |||||||
Stock issued for acquisition of business | 901 | 2,090 | 2,991 | ||||
Repurchases of common stock | (253,076) | (253,076) | |||||
Stock issued for acquisition of business | 901 | 2,090 | 2,991 | ||||
Purchases of common stock upon restricted stock vesting | (3,141) | (3,141) | |||||
Net income | 241,051 | 241,051 | |||||
Dividends | (68,904) | (68,904) | |||||
Foreign currency translation adjustments | (25,263) | (25,263) | |||||
Net unrealized (loss) gain on cash flow hedges* | (868) | (868) | [1] | ||||
Foreign currency translation adjustments | (25,263) | (25,263) | |||||
Common stock issued for employee stock plans | 9 | 57,784 | 57,793 | ||||
Balance, end of year at Aug. 31, 2016 | $ 512 | 623,195 | (1,321,700) | 1,283,927 | (68,553) | 517,381 | |
Stock-based compensation expense | 29,793 | 29,793 | |||||
Tax benefits from share-based payment arrangements | 18,205 | 18,205 | |||||
Accelerated share repurchase | (24,000) | ||||||
Stock-based compensation adjustment associated with disposition | (942) | (942) | |||||
Stock issued for acquisition of business | |||||||
Repurchases of common stock | (328,283) | (352,283) | |||||
Stock issued for acquisition of business | |||||||
Purchases of common stock upon restricted stock vesting | $ (4,544) | (4,544) | |||||
Net income | 338,815 | 338,815 | |||||
Dividends | $ (76,539) | (76,539) | |||||
Foreign currency translation adjustments | (23,644) | (23,644) | |||||
Net unrealized (loss) gain on cash flow hedges* | (857) | (857) | [1] | ||||
Foreign currency translation adjustments | $ (23,644) | $ (23,644) | |||||
[1] | The unrealized (loss) gain on cash flow hedges disclosed above was net of tax benefit (expense) of $498, $512 and ($3,193) for the fiscal years ended August 31, 2016, 2015 and 2014, respectively. |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. ORGANIZATION AND NATURE OF BUSINESS FactSet Research Systems Inc. (the “Company” or “FactSet”) is a provider of integrated financial information and analytical applications for the global investment community. FactSet delivers insight and information to investment professionals through its analytics, service, content, and technology. By integrating comprehensive datasets and analytics across asset classes with client data, FactSet supports the workflow of both buy-side and sell-side clients. These professionals include portfolio managers, wealth managers, research and performance analysts, risk managers, sell-side equity research professionals, investment bankers, and fixed income professionals. From streaming real-time data to historical information, including quotes, estimates, news and commentary, FactSet offers unique and third-party content through desktop, wireless and off-platform solutions. The Company’s wide application suite offers tools and resources including company and industry analyses, full screening tools, portfolio analysis, risk profiles, alpha-testing, portfolio optimization and research management solutions. Recent additions to FactSet’s offering include a complete services solution focused on verifying, cleaning and loading portfolio data across asset classes, and an execution management system through its acquisition of Portware. The Company’s revenues are derived from subscriptions to products and services such as workstations, analytics, enterprise data, research management, and trade execution. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. BASIS OF PRESENTATION FactSet conducts business globally and is managed on a geographic basis. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany activity and balances have been eliminated from the consolidated financial statements. The Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles. The preparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates have been made in areas that include allocation of purchase price to acquired assets and liabilities, stock-based compensation, income taxes, accrued compensation, valuation of goodwill, and useful lives and valuation of fixed and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. The Company has evaluated subsequent events through the date that the financial statements were issued. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies of the Company and its subsidiaries are summarized below. Revenue Recognition The Company’s revenues are derived from month-to-month subscriptions to services such as workstations (also referred to as users), content and applications. The majority of clients are invoiced monthly to reflect the actual services provided. The remaining clients are invoiced quarterly, annually or biannually in advance. Subscription revenue is earned each month as the service is rendered to clients on a monthly basis. FactSet recognizes revenue when the client subscribes to FactSet services, the service has been rendered and earned during the month, the amount of the subscription is fixed or determinable based on established rates quoted on an annualized basis and collectability is reasonably assured. A provision for billing adjustments and cancellation of services is estimated and accounted for as a reduction to revenue, with a corresponding reduction to accounts receivable. Accounts Receivable and Deferred Fees Amounts that have been earned but not yet paid are reflected on the Consolidated Balance Sheets as Accounts receivable, net of reserves. Amounts invoiced in advance of client payments that are in excess of earned subscription revenues are reflected on the Consolidated Balance Sheet as Deferred fees. As of August 31, 2016, the amount of accounts receivable that was unbilled totaled $1.1 million, which was billed in fiscal 2017. The Company calculates its receivable reserve through analyzing aged client receivables, reviewing the recent history of client receivable write-offs and understanding general market and economic conditions. In accordance with this policy, a receivable reserve of $1.5 million and $1.6 million was recorded as of August 31, 2016 and 2015, respectively, within the Consolidated Balance Sheets as a reduction to accounts receivable. Cost of Services Cost of services is comprised of compensation for Company employees within the content collection, consulting, product development, software and systems engineering groups in addition to data costs, computer maintenance and depreciation expenses, amortization of identifiable intangible assets, and client-related communication costs. Selling, General and Administrative Selling, general and administrative expenses include compensation for the sales and various other support and administrative departments in addition to travel and entertainment expenses, marketing costs, rent, amortization of leasehold improvements, depreciation of furniture and fixtures, office expenses, professional fees and other miscellaneous expenses. Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income by the number of weighted average common shares outstanding during the period increased by the dilutive effect of potential common shares outstanding during the period. The number of potential common shares outstanding has been determined in accordance with the treasury stock method to the extent they are dilutive. Common share equivalents consist of common shares issuable upon the exercise of outstanding share-based compensation awards, including employee stock options and restricted stock. Under the treasury stock method, the exercise price paid by the optionee, future stock-based compensation expense that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital (“APIC”) when the award becomes deductible are assumed to be used to repurchase shares. Comprehensive Income (Loss) The Company discloses comprehensive income (loss) in accordance with applicable standards for the reporting and display of comprehensive income (loss) in a set of financial statements. Comprehensive income (loss) is defined as the change in net assets of a business enterprise during a period from transactions generated from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Fair Value Measures Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s cash equivalents are classified as Level 1 while the Company’s derivative instruments (foreign exchange forward contracts) and certificates of deposit are classified as Level 2. There were no Level 3 assets or liabilities held by FactSet as of August 31, 2016 or 2015. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and corporate money market funds with original maturities of three months or less and are reported at fair value. The Company’s corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. Investments Investments consist of certificates of deposits with original maturities greater than three months, but less than one year and, as such, are classified as Investments (short-term) on the Consolidated Balance Sheets. These certificates of deposit are held for investment and are not debt securities. The Company’s investments are associated with its purchase of certificates of deposits in India with maturities of less than twelve months from the date of purchase. Interest income earned from the certificates of deposit during fiscal 2016, 2015 and 2014 were $1.6 million, $2.0 million and $1.2 million, respectively. The Company’s cash, cash equivalents and investments portfolio did not experience any realized or unrealized losses as a result of counterparty credit risk or ratings change during fiscal 2016 and 2015. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization. Computers and related equipment are depreciated on a straight-line basis over estimated useful lives of three years. Furniture and fixtures are depreciated on a straight-line basis over their estimated useful lives of seven years. Leasehold improvements are amortized on a straight-line basis over the terms of the related leases or estimated useful lives of the improvements, whichever period is shorter. Repairs and maintenance expenditures, which are not considered leasehold improvements and do not extend the useful life of the property and equipment, are expensed as incurred. The Company performs a test for impairment whenever events or changes in circumstances indicate that the carrying amount of an individual asset or asset group may not be recoverable. Should projected undiscounted future cash flows be less than the carrying amount of the asset or asset group, an impairment charge reducing the carrying amount to fair value is required. Fair value is determined based on the most appropriate valuation technique, including discounted cash flows. Goodwill The Company is required to test goodwill for impairment annually, or more frequently if impairment indicators occur. Goodwill is tested for impairment based on the present value of discounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. FactSet has three reporting units, which are consistent with the operating segments reported as there is no discrete financial information available for the subsidiaries within each operating segment. The reporting units evaluated for potential impairment were the U.S., Europe and Asia Pacific, which reflect the level of internal reporting the Company uses to manage its business and operations. The Company performed its annual goodwill impairment test during the fourth quarter of fiscal 2016, consistent with the timing of previous years, at which time it was determined that there were no indications of impairment, with the fair value of each of the Company’s reporting units significantly exceeding carrying value. Intangible Assets FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from acquisitions, which have been fully integrated into the Company’s operations. Depending on the nature of the intangible asset, the identifiable intangible assets are amortized on either a straight-line or an accelerated basis using estimated useful lives ranging between two and twenty years. The remaining useful lives of intangible assets subject to amortization are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. These intangible assets have no assigned residual values. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for intangible assets that management expects to hold and use is based on the amount the carrying value exceeds the fair value of the asset. No impairment of intangible assets has been identified during any of the fiscal years presented. Accrued Liabilities Accrued liabilities include estimates relating to employee compensation, operating expenses and tax liabilities. Approximately 15% of the Company’s employee incentive compensation programs are discretionary. At the end of each fiscal year, FactSet conducts a final review of both Company and individual performance within each department to determine the amount of discretionary employee compensation. The Company also reviews compensation throughout the year to determine how overall performance tracks against management’s expectations. Management takes these and other factors, including historical performance, into account in reviewing accrued compensation estimates quarterly and adjusting accrual rates as appropriate. The amount of the variable employee compensation recorded within accrued compensation as of August 31, 2016 and 2015, was $38.2 million and $38.6 million, respectively. Derivative Instruments FactSet conducts business outside the U.S. in several currencies including the Indian Rupee, Philippine Peso, British Pound Sterling, Euro and Japanese Yen. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign exchange forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considers several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge. These transactions are designated and accounted for as cash flow hedges in accordance with applicable accounting guidance. The changes in fair value for these foreign currency forward contracts are initially reported as a component of accumulated other comprehensive loss (“AOCL”) and subsequently reclassified into operating expenses when the hedged exposure affects earnings. The gains and losses on foreign currency forward contracts mitigate the variability in operating expenses associated with currency movements. All derivatives are assessed for effectiveness at each reporting period. Foreign Currency Translation Certain wholly owned subsidiaries within the European and Asia Pacific segments operate under a functional currency different from the U.S. dollar, such as the British Pound Sterling, Euro, Japanese Yen, Indian Rupee and Philippine Peso. The financial statements of these foreign subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates for the period for revenues and expenses. Translation gains and losses that arise from translating assets, liabilities, revenues and expenses of foreign operations are recorded in AOCL as a component of stockholders’ equity. The accumulated foreign currency translation loss totaled $67.3 million and $43.7 million at August 31, 2016 and 2015, respectively. Income and Deferred Taxes Income tax expense is based on taxable income determined in accordance with currently enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. FactSet recognizes the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will prevail upon tax examination, based solely on the technical merits of the tax position as of the reporting date. Otherwise, no benefit or expense can be recognized in the consolidated financial statements. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Additionally, FactSet accrues interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. Interest is classified as income tax expense in the financial statements. As of August 31, 2016, the Company had gross unrecognized tax benefits totaling $8.8 million, including $1.3 million of accrued interest, recorded as Taxes Payable Stock-Based Compensation Accounting guidance requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock and common shares acquired under employee stock purchases based on estimated fair values of the share awards that are scheduled to vest during the period. FactSet uses the straight-line attribution method for all awards with graded vesting features and service conditions only. Under this method, the amount of compensation expense that is recognized on any date is at least equal to the vested portion of the award on that date. For all stock-based awards with performance conditions, the graded vesting attribution method is used by the Company to determine the monthly stock-based compensation expense over the applicable vesting periods. As stock-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded stock-based compensation, are classified as cash inflows from financing activities. Performance-based stock options require management to make assumptions regarding the likelihood of achieving Company performance targets on a quarterly basis. The number of performance-based options that vest will be predicated on the Company achieving certain performance levels. A change in the financial performance levels the Company achieves could result in changes to FactSet’s current estimate of the vesting percentage and related stock-based compensation. Treasury Stock The Company accounts for repurchased common stock under the cost method and includes such treasury stock as a component of its stockholders’ equity. At the time treasury stock retirement is approved by FactSet’s Board of Directors, the Company’s accounting policy is to deduct its par value from common stock, reduce APIC by the amount recorded in APIC when the stock was originally issued and any remaining excess of cost as a deduction from retained earnings. Operating Leases The Company conducts all of its operations in leased facilities which have minimum lease obligations under non-cancelable operating leases. Certain of these leases contain rent escalations based on specified percentages. Most of the leases contain renewal options and require payments for taxes, insurance and maintenance. Rent expense is charged to operations as incurred except for escalating rents, which are charged to operations on a straight-line basis over the life of the lease. Lease incentives, relating to allowances provided by landlords, are amortized over the term of the lease as a reduction of rent expense. Costs associated with acquiring a subtenant, including broker commissions and tenant allowances, are amortized over the sublease term as a reduction of sublease income. Business Combinations The Company records acquisitions using the purchase method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. The application of the purchase method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred. Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. New Accounting Standards or Updates Recently Adopted Except for the new accounting standard updates disclosed below, the new updates issued by the Financial Accounting Standards Board (“FASB”) during the last three fiscal years did not have an impact on the Company’s consolidated financial statements. Reporting Discontinued Operations In April 2014, the FASB issued an accounting standard update that changes the criteria for reporting discontinued operations. Under the accounting standard update, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when either it qualifies as held for sale, disposed of by sale, or disposed of other than by sale. This accounting standard update was effective for FactSet beginning in the first quarter of fiscal 2016 and did not have a material impact on its consolidated financial statements. Recent Accounting Standards or Updates Not Yet Effective Revenue Recognition In May 2014 and July 2015, the FASB issued accounting standard updates which provide clarified principles for recognizing revenue arising from contracts with clients and supersede most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These accounting standard updates will be effective for FactSet beginning in the first quarter of fiscal 2019, with early adoption in fiscal 2018 permitted and allow for either full retrospective or modified retrospective adoption. The Company is currently evaluating the impact of these accounting standard updates on its consolidated financial statements and the method of adoption. Going Concern In August 2014, the FASB issued an accounting standard update that requires management to evaluate and disclose whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after financial statements are issued. The evaluation and disclosure will be required to be made for both annual and interim reporting periods, if applicable, along with an evaluation as to whether management’s plans alleviate that doubt. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Income Statement Presentation – Extraordinary and Unusual Items In January 2015, the FASB issued an accounting standard update that eliminates from GAAP the concept of extraordinary items. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The standard primarily involves presentation and disclosure and, therefore, is not expected to have a material impact on the Company’s financial condition, results of operations or its cash flows. Simplification Guidance on Debt Issuance Costs In April 2015, the FASB issued an accounting standard update which changes the presentation of debt issuance costs in the applicable financial statements. Under the accounting standard update, an entity should present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. This new accounting standard update will not have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued an accounting standard update to amend the previous guidance issued in April 2015 and address debt issuance costs related to line-of-credit arrangements. The accounting standard update allows an entity to present debt issuance costs related to a line-of-credit as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. This accounting standard update did not impact the effective date of the previously issued guidance and it will not have a material impact on the Company’s consolidated financial statements. Customers’ Accounting for Cloud Computing Costs In April 2015, the FASB issued an accounting standard update to provide guidance on a customer’s accounting for cloud computing costs. Under the accounting standard update, a customer must determine whether a cloud computing arrangement contains a software license. If so, the customer would account for the fees related to the software license element in a manner consistent with internal-use software guidance. This new guidance will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Simplification of the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued an accounting standard update to simplify the accounting for measurement-period adjustments related to a business combination. Under the accounting standard update, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The accounting standard update also requires acquirers to present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued an accounting standard update to simplify the presentation of deferred taxes on the balance sheet. The accounting standard update will require an entity to present all deferred tax assets and deferred tax liabilities as non-current on the balance sheet. Under the current guidance, entities are required to separately present deferred taxes as current or non-current. Netting deferred tax assets and deferred tax liabilities by tax jurisdiction will still be required under the new guidance. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2018, with early adoption in fiscal 2017 permitted. The accounting standard update is a change in balance sheet presentation only and, as such, the Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued an accounting standard update to amend its current guidance on the classification and measurement of certain financial instruments. The accounting standard update significantly revises an entity’s accounting related to the presentation of certain fair value changes for financial liabilities measured at fair value. This guidance also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2019. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Leases In February 2016, the FASB issued an accounting standard update related to accounting for leases. The guidance introduces a lessee model that requires most leases to be reported on the balance sheet. The accounting standard update aligns many of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. The guidance also eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2020, with early adoption in fiscal 2019 permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Share-Based Payments In March 2016, the FASB issued an accounting standard update which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flow. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2018. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Cash Flow Simplification In August 2016, the FASB issued an accounting standard update which simplifies how certain transactions are classified in the statement of cash flows. This includes revised guidance on the cash flow classification of debt prepayments and debt extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investments. The guidance is intended to reduce diversity in practice across all industries. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2019. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. No other new accounting pronouncements issued or effective as of August 31, 2016 , have had or are expected to have an impact on the Company’s consolidated financial statements. |
Note 4 - Fair Value Measures
Note 4 - Fair Value Measures | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 4. FAIR VALUE MEASURES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. FactSet has categorized its cash equivalents, investments and derivatives within the fair value hierarchy as follows: Level 1 Level 2 Level 3 (a) Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables shows by level within the fair value hierarchy the Company’s assets and liabilities that are measured at fair value on a recurring basis at August 31, 2016 and 2015: Fair Value Measurements at August 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 92,765 $ — $ — $ 92,765 Certificates of deposit (2) — 24,217 — 24,217 Derivative instruments (3) — 869 — 869 Total assets measured at fair value $ 92,765 $ 25,086 $ — $ 117,851 Liabilities Derivative instruments (3) $ — $ 2,791 $ — $ 2,791 Total liabilities measured at fair value $ — $ 2,791 $ — $ 2,791 Fair Value Measurements at August 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 89,443 $ — $ — $ 89,443 Certificates of deposit (2) — 23,497 — 23,497 Derivative instruments (3) — 1,035 — 1,035 Total assets measured at fair value $ 89,443 $ 24,532 $ — $ 113,975 Liabilities Derivative instruments (3) $ — $ 1,602 $ — $ 1,602 Total liabilities measured at fair value $ — $ 1,602 $ — $ 1,602 (1) The Company’s corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company’s corporate money market funds are classified as Level 1 and included in Cash and cash equivalents within the Consolidated Balance Sheets. (2) The Company’s c ertificates of deposit held for investment are not debt securities and are classified as Level 2 . These certificates of deposit have original maturities greater than three months, but less than one year and, as such, are classified as Investments (short-term) within the Consolidated Balance Sheets. (3) The Company utilizes the income approach to measure fair value for its derivative instruments ( foreign exchange forward contracts) . The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates , as well as credit default swap spreads and therefore are classified as Level 2. The Company did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented. (b) Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain assets, including goodwill and intangible assets, and liabilities, are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances such as when they are deemed to be other-than-temporarily impaired. The fair values of these non-financial assets and liabilities are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost exceeds its fair value, based upon the results of such valuations. During fiscal 2016 and 2015, no fair value adjustments or material fair value measurements were required for the Company’s non-financial assets or liabilities. (c) Assets and Liabilities Measured at Fair Value for Disclosure Purposes only As of August 31, 2016 and 2015, the fair value of the Company’s long-term debt was $300.0 million and $35.0 million, respectively, which approximated its carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was determined based on quoted market prices for debt with a similar maturity, and thus categorized as Level 2 in the fair value hierarchy. |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. DERIVATIVE INSTRUMENTS Cash Flow Hedges FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, Japanese Yen and Philippine Peso. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign currency forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considered several factors, including offsetting exposures, the significance of exposures, the forecasting of risk and the potential effectiveness of the hedge. The gains and losses on foreign currency forward contracts offset the variability in operating expenses associated with currency movements. The changes in fair value for these foreign currency forward contracts are initially reported as a component of AOCL and subsequently reclassified into operating expenses when the hedged exposure affects earnings. There was no discontinuance of cash flow hedges during fiscal 2016 or 2015, and as such, no corresponding gains or losses related to changes in the value of the Company’s contracts were reclassified into earnings prior to settlement. As of August 31, 2016, FactSet maintained the following foreign currency forward contracts to hedge its British Pound Sterling and Indian Rupee exposures: ● British Pound Sterling ● Indian Rupee The following is a summary of all hedging positions and corresponding fair values: Gross Notional Value Fair Value (Liability) Asset Currency Hedged (in thousands, in U.S. dollars) August 31, 2016 August 31, 2015 August 31, 2016 August 31, 2015 British Pound Sterling $ 33,280 $ 15,831 $ (2,791 ) $ 280 Euro — 20,263 — 143 Indian Rupee 58,410 56,320 869 (990 ) Total $ 91,690 $ 92,414 $ (1,922 ) $ (567 ) As of August 31, 2016, the gross notional value of foreign currency forward contracts to purchase British Pound Sterling with U.S. dollars was £23.1 million. The gross notional value of foreign currency forward contracts to purchase Indian Rupees with U.S. dollars was Rs. 4.2 billion. Counterparty Credit Risk As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities. FactSet calculates credit risk from observable data related to credit default swaps (“CDS”) as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not available for FactSet, the Company’s credit risk is determined based on using a simple average of CDS spreads for peer companies. To mitigate counterparty credit risk, FactSet enters into contracts with large financial institutions. The Company regularly reviews its credit exposure balances as well as the creditworthiness of the counterparties. The Company does not expect any losses as a result of default of its counterparties. Fair Value of Derivative Instruments The following tables provide a summary of the fair value amounts of derivative instruments and gains and losses on derivative instruments: Designation of Derivatives (in thousands) Balance Sheet Location August 31, 2016 August 31, 2015 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 163 $ 1,035 Other assets $ 706 $ — Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ 2,791 $ — Deferred rent and other non-current liabilities $ — $ 1,602 All derivatives were designated as hedging instruments as of August 31, 2016 and 2015, respectively. Derivatives in Cash Flow Hedging Relationships The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the each of the three fiscal years ended August 31, (in thousands): (Loss) Gain Recognized in AOCL on Derivatives Location of Loss Loss Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2016 2015 2014 Reclassified from 2016 2015 2014 Foreign currency forward contracts $ (1,806 ) $ (1,939 ) $ 8,294 SG&A $ (451 ) $ (559 ) $ (260 ) No amount of ineffectiveness was recorded in the Consolidated Statements of Income for these designated cash flow hedges and all components of each derivative’s gain or loss was included in the assessment of hedge effectiveness. As of August 31, 2016, FactSet estimates that $2.6 million of net derivative losses related to its cash flow hedges included in AOCL will be reclassified into earnings within the next 12 months. Offsetting of Derivative Instruments FactSet’s master netting and other similar arrangements with its respective counterparties allow for net settlement under certain conditions. As of August 31, 2016 and 2015, respectively, information related to these offsetting arrangements was as follows: (in thousands) Derivatives Offset in Consolidated Balance Sheets August 31, 2016 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 869 $ — $ 869 Fair value of liabilities (2,791 ) — (2,791 ) Total $ (1,922 ) $ — $ (1,922 ) Derivatives Offset in Consolidated Balance Sheets August 31, 2015 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 1,040 $ (5 ) $ 1,035 Fair value of liabilities (1,607 ) 5 (1,602 ) Total $ (567 ) $ — $ (567 ) |
Note 6 - Other Comprehensive (L
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 6. OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS The components of other comprehensive (loss) income during the fiscal years ended August 31, 2016, 2015 and 2014 are as follows: August 31, 2016 August 31, 2015 August 31, 2014 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (23,644 ) $ (23,644 ) $ (25,263 ) $ (25,263 ) $ 7,895 $ 7,895 Realized loss on cash flow hedges reclassified to earnings (1) 451 284 559 352 260 164 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1,806 ) (1,141 ) (1,939 ) (1,220 ) 8,294 5,193 Other comprehensive (loss) income $ (24,999 ) $ (24,501 ) $ (26,643 ) $ (26,131 ) $ 16,449 $ 13,252 (1) Reclassified to Selling, General and Administrative Expenses The components of AOCL are as follows: (in thousands) August 31, 2016 August 31, 2015 Accumulated unrealized losses on cash flow hedges, net of tax $ (1,215 ) $ (358 ) Accumulated foreign currency translation adjustments (67,338 ) (43,694 ) Total accumulated other comprehensive loss $ (68,553 ) $ (44,052 ) |
Note 7 - Segment Information
Note 7 - Segment Information | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Financial information at the operating segment level is reviewed jointly by the Chief Executive Officer (“CEO”) and senior management. Senior management consists of executives who directly report to the CEO, comprising the Chief Financial Officer , Chief Operating Officer, Global Head of Sales, General Counsel, Chief Human Resources Officer and three senior directors in charge of product strategy. Senior management, along with the CEO, constitute FactSet’s chief operating decision making group (“CODMG”) and is responsible for making decisions about resources allocated amongst the operating segments based on actual results. FactSet’s operating segments are aligned with how the Company, including its CODMG, manages the business and the demographic markets in which FactSet serves. The Company’s internal financial reporting structure is based on three segments; the U.S., Europe and Asia Pacific. FactSet believes this alignment helps it better manage the business and view the markets the Company serves, which are centered on providing integrated global financial and economic information. Sales, consulting, data collection, product development and software engineering are the primary functional groups within the U.S., Europe and Asia Pacific segments that provide global financial and economic information to investment managers, investment banks and other financial services professionals. The U.S. segment services finance professionals including financial institutions throughout the Americas, while the European and Asia Pacific segments service investment professionals located throughout Europe and the Asia Pacific region, respectively. The accounting policies of the segments are the same as those described in the Note 3, Summary of Significant Accounting Policies The European segment is headquartered in London, England and maintains office locations in France, Germany, Ireland, Italy, Latvia, Luxembourg, the Netherlands, Spain, South Africa, Sweden and Dubai. The Asia Pacific segment is headquartered in Tokyo, Japan with office locations in Australia, Hong Kong, Singapore and India. Segment revenues reflect direct sales to clients based in their respective geographic locations. There are no intersegment or intercompany sales of FactSet services. Each segment records compensation expense, including stock-based compensation, amortization of intangible assets, depreciation of furniture and fixtures, amortization of leasehold improvements, communication costs, professional fees, rent expense, travel, marketing, office and other direct expenses. Expenditures associated with the Company’s data centers, third party data costs and corporate headquarters charges are recorded by the U.S. segment and are not allocated to the other segments. The content collection centers located in India and the Philippines benefit all of the Company’s operating segments and thus the expenses incurred at these locations are allocated to each segment based on a percentage of revenues. Of the total $452.9 million of goodwill reported by the Company at August 31, 2016, 81% was recorded in the U.S. segment, 18% in the European segment and the remaining 1% in the Asia Pacific segment. The following reflects the results of operations of the segments consistent with the Company’s management system. These results are used, in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments . (in thousands) Year Ended August 31, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 755,492 $ 277,682 $ 93,918 $ 1,127,092 Segment operating profit 165,251 131,410 53,015 349,676 Total assets 654,796 279,864 84,501 1,019,161 Depreciation and amortization 31,529 4,220 2,303 38,052 Stock-based compensation 25,776 3,459 558 29,793 Capital expenditures 38,631 4,092 5,017 47,740 Year Ended August 31, 2015 U.S. Europe Asia Pacific Total Revenues from clients $ 678,774 $ 251,522 $ 76,472 $ 1,006,768 Segment operating profit 172,980 116,310 42,628 331,918 Total assets 427,990 239,689 68,992 736,671 Depreciation and amortization 23,645 5,135 2,569 31,349 Stock-based compensation 23,006 2,991 374 26,371 Capital expenditures 22,459 460 2,763 25,682 Year Ended August 31, 2014 U.S. Europe Asia Pacific Total Revenues from clients $ 624,642 $ 227,395 $ 68,298 $ 920,335 Segment operating profit 165,004 100,937 36,278 302,219 Total assets 362,255 239,654 61,303 663,212 Depreciation and amortization 25,574 5,656 3,205 34,435 Stock-based compensation 20,288 2,231 372 22,891 Capital expenditures 16,047 647 1,049 17,743 GEOGRAPHIC INFORMATION Years ended August 31, (in thousands) 2016 2015 2014 Revenues (1) United States $ 755,492 $ 678,774 $ 624,642 United Kingdom 154,902 144,769 131,848 All other European countries 122,780 106,753 95,547 Asia Pacific 93,918 76,472 68,298 Total revenues $ 1,127,092 $ 1,006,768 $ 920,335 (1) Revenues are attributed to countries based on the location of the client. The following table sets forth long-lived assets by geographic area: At August 31, (in thousands) 2016 2015 2014 Long-lived Assets (1) United States $ 70,646 $ 49,923 $ 46,294 United Kingdom 5,772 3,655 4,669 All other European countries 1,018 1,322 2,267 Asia Pacific 7,186 4,364 4,411 Total long-lived assets $ 84,622 $ 59,264 $ 57,641 (1) Long-lived assets consist of property, equipment and leasehold improvements, net of accumulated depreciation and amortization and exclude goodwill, intangible assets, deferred taxes and other assets. |
Note 8 - Business Combinations
Note 8 - Business Combinations | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 8. BUSINESS COMBINATIONS Portware LLC On October 16, 2015, FactSet acquired Portware LLC (“Portware”) for a total purchase price of $263.6 million. At the time of acquisition, Portware employed 166 individuals in its New York, London, Hong Kong, and Hyderabad, India offices. Portware is a global provider of multi-asset trade automation solutions for mega and large asset managers. With the acquisition of Portware, FactSet now offers a platform that it expects will increase value to global asset managers by expanding its capabilities to include multi-asset trade automation. This factor contributed to a purchase price in excess of fair value of Portware’s net tangible and intangible assets, leading to the recognition of goodwill. Total transaction costs related to the acquisition were $0.7 million for the year ended August 31, 2016. These transaction expenses were recorded within Selling, General and Administrative (“SG&A”) expenses in the Consolidated Statements of Income. Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the fourth quarter of fiscal 2016. There were no significant adjustments between the preliminary and final allocation. The total purchase price was allocated to Portware’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. Based upon the purchase price and the valuation, the allocation is as follows: (i n thousands) Tangible assets acquired $ 9,656 Amortizable intangible assets Software technology 43,000 Client relationships 27,000 Non-compete agreements 3,500 Trade name 2,000 Goodwill 187,378 Total assets acquired $ 272,534 Liabilities assumed (8,951 ) Net assets acquired $ 263,583 Intangible assets of $75.5 million have been allocated to amortizable intangible assets consisting of client relationships, amortized over 16 years using an accelerated amortization method; software technology, amortized over eight years using a straight-line amortization method; non-compete agreements, amortized over seven years using a straight-line amortization method; and a trade name, amortized over five years using a straight-line amortization method. Goodwill totaling $187.4 million represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and is included in the U.S. segment. Approximately 77% of the total goodwill generated from the Portware acquisition is deductible for income tax purposes. The results of operations of Portware have been included in the Company’s Consolidated Statements of Income since the completion of the acquisition on October 16, 2015. Pro forma information has not been presented because the effect of the Portware acquisition is not material to the Company’s consolidated financial results. Code Red, Inc. On February 6, 2015, FactSet acquired Code Red, Inc. (“Code Red”) for $36.0 million. At the time of acquisition, Code Red employed 32 individuals in its Boston, New York and London offices. Code Red provides research management technologies to the investment community, including endowments and foundations, institutional asset managers, sovereign wealth funds, pensions, and hedge funds. With the addition of Code Red to FactSet's existing Research Management Solutions (“RMS”), FactSet now offers an RMS for all its clients' workflows, which is consistent with the Company’s strategy of offering software and tools to make client workflows more efficient. This factor contributed to a purchase price in excess of fair value of Code Red’s net tangible and intangible assets, leading to the recognition of goodwill. The total purchase price of Code Red is as follows: (in thousands) Cash consideration $ 32,962 Fair value of FactSet stock issued 2,991 Total purchase price $ 35,953 Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the second quarter of fiscal 2016. There were no significant adjustments between the preliminary and final allocation. The total purchase price was allocated to Code Red’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. Based upon the purchase price and the valuation, the allocation is as follows: (in thousands) Tangible assets acquired $ 3,090 Amortizable intangible assets Software technology 4,359 Client relationships 3,546 Non-compete agreements 201 Trade name 155 Goodwill 29,602 Total assets acquired $ 40,953 Liabilities assumed (5,000 ) Net assets acquired $ 35,953 Intangible assets of $8.3 million have been allocated to amortizable intangible assets consisting of software technology, amortized over six years using a straight-line amortization method; client relationships, amortized over eight years using an accelerated amortization method; non-compete agreements, amortized over four years using a straight-line amortization method; and a trade name, amortized over three years using a straight-line amortization method. Goodwill totaling $29.6 million represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. Goodwill generated from the Code Red acquisition is included in the U.S. segment and is not deductible for income tax purposes. The results of operations of Code Red have been included in the Company’s Consolidated Statements of Income since the completion of the acquisition on February 6, 2015 and the results did not have a material impact on fiscal 2016. Pro forma information has not been presented because the effect of the Code Red acquisition was not material to the Company’s consolidated financial results. |
Note 9 - Dispositions
Note 9 - Dispositions | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 9. DISPOSITIONS During the third quarter of fiscal 2016, the Company entered into a definitive stock purchase agreement (the “Purchase Agreement”) pursuant to which the Company agreed to sell its market research business, consisting of Market Metrics LLC and Matrix-Data Limited (collectively “Market Metrics” or the “disposal group”) and associated assets (the “Transaction”). On July 1, 2016, FactSet completed the Transaction and received $165.0 million in cash , less estimated working capital and certain adjustments set forth in the Purchase Agreement, including a $9.7 million bonus adjustment amount. The Company recognized a gain on sale of $81.7 million, net of tax of $30.8 million, which is recorded within other income (expense) The Company assessed the Transaction and the disposal group and determined that the sale does not represent a strategic shift in its business that has a major effect on its consolidated results of operations, financial position or cash flows. Accordingly, the disposal group is not presented in the consolidated financial statements as a discontinued operation. The results of the disposal group through the date the Transaction closed are reported within the U.S. segment (for Market Metrics LLC) and the European segment (for Matrix-Data Limited). |
Note 10 - Goodwill
Note 10 - Goodwill | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 10. GOODWILL Changes in the carrying amount of goodwill by segment for fiscal years ended August 31, 2016 and 2015 are as follows: (in thousands) U.S. Europe Asia Pacific Total Balance at August 31, 2014 $ 179,434 $ 103,032 $ 3,142 $ 285,608 Acquisitions and other adjustments 32,435 — — 32,435 Foreign currency translations — (9,307 ) (449 ) (9,756 ) Balance at August 31, 2015 $ 211,869 $ 93,725 $ 2,693 $ 308,287 Acquisitions and other adjustments 187,352 — — 187,352 Disposition (31,741 ) (665 ) — (32,406 ) Foreign currency translations — (10,780 ) 462 (10,318 ) Balance at August 31, 2016 $ 367,480 $ 82,280 $ 3,155 $ 452,915 Goodwill is not amortized as it is estimated to have an indefinite life. At least annually, the Company is required to test goodwill at the reporting unit level for potential impairment, and, if impaired, write down to fair value based on the present value of discounted cash flows. The Company’s reporting units evaluated for potential impairment were the U.S., Europe and Asia Pacific, which reflect the level of internal reporting the Company uses to manage its business and operations. The three reporting units are consistent with the operating segments reported as there is no discrete financial information available for the subsidiaries within each operating segment. The Company performed its annual goodwill impairment test during the fourth quarter of fiscal 2016, consistent with the timing of previous years, at which time it was determined that there was no impairment, with the fair value of each of the Company’s reporting units significantly exceeding carrying value. During fiscal 2016 the Company acquired goodwill of $187.4 million representing the excess of the purchase price over the fair value of the net tangible and intangible assets from the Portware acquisition completed in October 2015. |
Note 11 - Intangible Assets
Note 11 - Intangible Assets | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 11. INTANGIBLE ASSETS FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The weighted average useful life of the Company’s acquired intangible assets at August 31, 2016 was 11.3 years. The Company amortizes intangible assets over their estimated useful lives, which are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. There were no changes to the estimate of the remaining useful lives during fiscal years 2016, 2015 and 2014. Amortizable intangible assets are tested for impairment , if indicators are present, based on undiscounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. No impairment of intangible assets has been identified during any of the periods presented. The intangible assets have no assigned residual values. During fiscal 2016, $75.5 million of intangible assets were acquired with a weighted average useful life of 10.7 years. The details of the intangible assets acquired in the Portware acquisition during fiscal 2016 are outlined as follows: Portware Intangible Assets Allocation (in thousands) Amortization Period (years) Acquisition Cost Software technology 8.0 $ 43,000 Client relationships 16.0 27,000 Non-compete agreements 7.0 3,500 Trade name 5.0 2,000 Total 10.7 $ 75,500 The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows: At August 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,167 $ 16,758 $ 17,409 Client relationships 45,185 16,480 28,705 Software technology 62,560 20,545 42,015 Non-compete agreements 4,344 1,118 3,226 Trade names 2,728 922 1,806 Total $ 148,984 $ 55,823 $ 93,161 At August 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 39,911 $ 16,667 $ 23,244 Client relationships 27,873 18,241 9,632 Software technology 21,203 15,042 6,161 Non-compete agreements 1,058 637 421 Trade names 1,614 1,020 594 Total $ 91,659 $ 51,607 $ 40,052 Amortization expense recorded for intangible assets during fiscal years 2016, 2015 and 2014 was $14.8 million, $8.2 million and $8.5 million, respectively. As of August 31, 2016, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows: Fiscal Year (in thousands) Estimated Amortization Expense 2017 $ 13,997 2018 13,156 2019 12,196 2020 11,745 2021 10,456 Thereafter 31,611 Total $ 93,161 |
Note 12 - Property, Equipment a
Note 12 - Property, Equipment and Leasehold Improvements | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 12. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, equipment and leasehold improvements consist of the following: August 31, (in thousands) 2016 2015 Leasehold improvements $ 103,238 $ 92,427 Computers and related equipment 110,661 87,732 Furniture and fixtures 39,375 33,120 Subtotal $ 253,274 $ 213,279 Less accumulated depreciation and amortization (168,652 ) (154,015 ) Property, equipment and leasehold improvements, net $ 84,622 $ 59,264 Depreciation expense was $23.3 million, $23.1 million and $25.9 million for fiscal years 2016, 2015 and 2014, respectively. |
Note 13 - Common Stock and Earn
Note 13 - Common Stock and Earnings Per Share | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. COMMON STOCK AND EARNINGS PER SHARE On May 6, 2016, FactSet’s Board of Directors approved a 13.6% increase in the regular quarterly dividend from $0.44 to $0.50 per share, or $2.00 per share per annum. Shares of common stock outstanding were as follows: Years ended August 31, (in thousands) 2016 2015 2014 Balance, beginning of year (September 1) 41,317 41,793 43,324 Common stock issued for employee stock plans 823 1,213 959 Repurchases of common stock (2,102 ) (1,689 ) (2,490 ) Balance, end of year (August 31) 40,038 41,317 41,793 A reconciliation of the weighted average shares outstanding used in the basic and diluted EPS computations is as follows: (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the year ended August 31, 2016 Basic EPS Income available to common stockholders $ 338,815 40,880 $ 8.29 Diluted EPS Dilutive effect of stock options and restricted stock 485 Income available to common stockholders plus assumed conversions $ 338,815 41,365 $ 8.19 For the year ended August 31, 2015 Basic EPS Income available to common stockholders $ 241,051 41,572 $ 5.80 Diluted EPS Dilutive effect of stock options and restricted stock 663 Income available to common stockholders plus assumed conversions $ 241,051 42,235 $ 5.71 For the year ended August 31, 2014 Basic EPS Income available to common stockholders $ 211,543 42,436 $ 4.98 Diluted EPS Dilutive effect of stock options and restricted stock 534 Income available to common stockholders plus assumed conversions $ 211,543 42,970 $ 4.92 Dilutive potential common shares consist of stock options and unvested restricted stock. There were 507,658 and 88,090 stock options excluded from the fiscal 2016 and 2015 calculations of diluted EPS, respectively, because their inclusion would have been anti-dilutive. There were no stock options excluded from the fiscal 2014 calculation of diluted EPS. As of August 31, 2016, 2015 and 2014, 782,843, 478,945 and 380,653, respectively, performance-based stock options were excluded from the calculation of diluted EPS. Performance-based stock options are omitted from the calculation of diluted EPS until the performance criteria is considered probable of being met . |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. STOCKHOLDERS’ EQUITY Preferred Stock At August 31, 2016 and 2015, there were 10,000,000 shares of preferred stock ($.01 par value per share) authorized, of which no shares were issued and outstanding. FactSet’s Board of Directors may from time to time authorize the issuance of one or more series of preferred stock and, in connection with the creation of such series, determine the characteristics of each such series including, without limitation, the preference and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions of the series. Common Stock At August 31, 2016 and 2015, there were 150,000,000 shares of common stock ($.01 par value per share) authorized, of which 51,150,978 and 50,328,423 shares were issued, respectively. The authorized shares of common stock are issuable for any proper corporate purpose, including future stock splits, stock dividends, acquisitions, raising equity capital or to adopt additional employee benefit plans. Treasury Stock At August 31, 2016 and 2015, there were 11,112,753 and 9,011,521 shares of treasury stock (at cost) outstanding, respectively. As a result, 40,038,225 and 41,316,902 shares of FactSet common stock were outstanding at August 31, 2016 and 2015, respectively. Share Repurchase Program Repurchases will be made from time to time in the open market and privately negotiated transactions, subject to market conditions. During fiscal 2016, the Company repurchased 1,478,000 shares for $232.3 million. During fiscal 2015, the Company repurchased 1,689,337 shares for $252.8 million. Additionally, in July 2016, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) to repurchase $120.0 million of FactSet’s common stock. The Company received 595,607 shares of common stock on July 5, 2016 which was approximately 80% of the total number of shares of common stock expected to be repurchased under the ASR Agreement. The final settlement of the ASR Agreement occurred in the first quarter of fiscal 2017 with FactSet receiving an additional 102,916 shares of its common stock. In conjunction with the ASR Agreement, in May 2016, the Company’s Board of Directors approved a $165.0 million expansion of the existing share repurchase program. At August 31, 2016, $197.0 million remained authorized for future share repurchases. No minimum number of shares to be repurchased has been fixed. There is no timeframe to complete the share repurchase program and it is expected that share repurchases will be paid for using existing and future cash generated by operations. Restricted Stock Restricted stock awards entitle the holder to shares of common stock as the awards vest over time. During fiscal 2016, 69,244 shares of previously granted restricted stock awards vested and were included in common stock outstanding as of August 31, 2016 (less 27,625 shares repurchased from employees at a cost of $4.5 million to cover their cost of taxes upon vesting of the restricted stock). During fiscal 2015, 94,870 shares of previously granted restricted stock awards vested and were included in common stock outstanding as of August 31, 2015 (less 23,192 shares repurchased from employees at a cost of $3.1 million to cover their cost of taxes upon vesting of the restricted stock). Dividends The Company’s Board of Directors declared the following dividends during the periods presented: Declaration Date Dividends Per Type Record Date Total $ Amount (in thousands) Payment Date August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 May 6, 2016 $ 0.50 Regular (cash) May 31, 2016 $ 20,171 June 21, 2016 February 5, 2016 $ 0.44 Regular (cash) February 29, 2016 $ 18,044 March 15, 2016 November 6, 2015 $ 0.44 Regular (cash) November 30, 2015 $ 18,208 December 15, 2015 August 10, 2015 $ 0.44 Regular (cash) August 31, 2015 $ 18,179 September 15, 2015 May 12, 2015 $ 0.44 Regular (cash) May 29, 2015 $ 18,274 June 16, 2015 February 11, 2015 $ 0.39 Regular (cash) February 27, 2015 $ 16,236 March 17, 2015 November 12, 2014 $ 0.39 Regular (cash) November 28, 2014 $ 16,216 December 16, 2014 August 14, 2014 $ 0.39 Regular (cash) August 29, 2014 $ 16,299 September 16, 2014 May 5, 2014 $ 0.39 Regular (cash) May 30, 2014 $ 16,386 June 17, 2014 February 11, 2014 $ 0.35 Regular (cash) February 28, 2014 $ 14,827 March 18, 2014 November 14, 2013 $ 0.35 Regular (cash) November 29, 2013 $ 15,046 December 17, 2013 All of the above cash dividends were paid from existing cash resources. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Company and is subject to final determination by the Company’s Board of Directors. |
Note 15 - Stock Option and Reti
Note 15 - Stock Option and Retirement Plans | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 15. STOCK OPTION AND RETIREMENT PLANS Stock Options The FactSet Research Systems Inc. 2004 Stock Option and Award Plan, as Amended and Restated (the “Option Plan”) provides for the grant of share-based awards, including stock options and restricted stock awards to employees of FactSet. The expiration date of the Option Plan is December 14, 2020. Stock options granted under the Option Plan expire either seven or ten years from the date of grant and the majority vest ratably over a period of five years. Options become vested and exercisable provided the employee continues employment with the Company through the applicable vesting date and remain exercisable until expiration or cancellation. Options are not transferable or assignable other than by will or the laws of descent and distribution. During the grantee’s lifetime, the options may be exercised only by the grantee. Stock Option Activity In fiscal years 2016, 2015 and 2014, stock options to purchase 1,195,649, 828,652 and 391,478 shares of common stock, respectively, were granted to existing employees and non-employee directors of the Company. These options have a weighted average grant date exercise price of $168.14, $141.79 and $106.73 for fiscal years 2016, 2015 and 2014, respectively. A summary of stock option activity is as follows: (in thousands, except per share data) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2013 4,729 $ 75.95 Granted – non performance-based 174 $ 103.36 Granted – performance-based 203 $ 109.56 Granted – non-employee Directors grant 14 $ 107.65 Exercised (789 ) $ 57.56 Forfeited (1) (849 ) $ 91.98 Balance at August 31, 2014 3,482 $ 79.67 Granted – non performance-based 677 $ 140.49 Granted – performance-based 138 $ 148.52 Granted – non-employee Directors grant 14 $ 138.48 Exercised (1,060 ) $ 63.03 Forfeited (134 ) $ 106.01 Balance at August 31, 2015 3,117 $ 100.71 Granted – non performance-based 622 $ 171.18 Granted – performance-based 551 $ 165.59 Granted – non-employee Directors grant 23 $ 146.82 Exercised (681 ) $ 71.52 Forfeited (268 ) $ 113.70 Balance at August 31, 2016 3,364 $ 129.54 (1) In November 2012, FactSet granted 1,011,510 performance-based employee stock options. Based upon the actual growth in both organic ASV and diluted EPS during the two fiscal years ended August 31, 2014, 20% of the shares became eligible to vest on August 31, 2014 and the remaining were recorded as forfeitures in August 2014. Stock Options Outstanding and Exercisable The following table summarizes ranges of outstanding and exercisable options as of August 31, 2016 (in thousands, except per share data and the weighted average remaining years of contractual life): Outstanding Exercisable Range of Exercise Prices Per Share Number Outstanding Weighted Average Remaining Years of Contractual Life Weighted Aggregat e Intrinsic Value Number Exercisable Weighted Average Exercise Price Per Share Aggregate $58.78 – $91.06 463 3.0 $ 81.54 $ 44,676 335 $ 78.00 $ 33,511 $92.22 – $92.22 534 6.2 $ 92.22 $ 45,823 369 $ 92.22 $ 31,664 $94.84 – $110.31 419 5.8 $ 98.76 $ 33,213 251 $ 96.14 $ 20,555 $131.31 – $152.10 717 8.4 $ 138.39 $ 28,421 2 $ 138.48 $ 79 $152.15 – $165.37 702 9.0 $ 164.78 $ 9,301 13 $ 164.90 $ 171 $166.74 – $175.20 529 9.2 $ 174.91 $ 1,649 — $ — $ — Total Fiscal 2016 3,364 7.2 $ 129.54 $ 163,083 970 $ 89.42 $ 85,980 Prior Year Amounts August 31, 2015 August 31, 2014 Number of Shares Weighted Average Exercise Price Per Share Number of Shares Weighted Average Exercise Price Per Share Outstanding at fiscal year end 3,117 $ 100.71 3,482 $ 79.67 Exercisable at fiscal year end 1,352 $ 78.70 1,899 $ 68.78 The aggregate intrinsic value of in-the-money stock options exercisable at August 31, 2016 and 2015 was $86.0 million and $107.1 million, respectively. Aggregate intrinsic value represents the difference between the Company’s closing stock price of $178.03 at August 31, 2016 and the exercise price multiplied by the number of options exercisable as of that date. The weighted average remaining contractual life of stock options exercisable at August 31, 2016 and 2015 was 4.5 years and 3.9 years, respectively. The total pre-tax intrinsic value of stock options exercised during fiscal 2016, 2015 and 2014 was $60.8 million, $92.7 million and $44.0 million, respectively. Performance-based Stock Options Performance-based stock options require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based options that vest will be predicated on the Company achieving performance levels during the measurement period subsequent to the date of grant. Dependent on the financial performance levels attained by FactSet, a percentage of the performance-based stock options will vest to the grantees of those stock options. However, there is no current guarantee that such options will vest in whole or in part. July 2012 Performance-based Option Grant Review In July 2012, FactSet granted 241,546 performance-based employee stock options, which are eligible to vest in 20% tranches depending upon future StreetAccount user growth through August 31, 2017. Through the fourth quarter of fiscal 2016, four of the growth targets as outlined within the terms of the grant were achieved. As such, 80%, or 193,256, of the options granted have vested. As of August 31, 2016, the fifth tranche is expected to vest on August 31, 2017, resulting in unamortized stock-based compensation expense of $0.3 million to be recognized over the remaining vesting period of 1.0 year. A change in the actual financial performance levels achieved by StreetAccount in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense: Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized Fifth 20% (current expectation) $ (1,290 ) $ 310 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of August 31, 2016. February 2015 Performance-based Option Grant Review In connection with the acquisition of Code Red during the second quarter of fiscal 2015, FactSet granted 137,522 performance-based stock options. These performance-based options are eligible to vest four years from date of grant if certain Code Red ASV and operating margin targets are achieved over the measurement period. The option holders must also remain employed by FactSet for the options to be eligible to vest. Of the total grant, 68,761 performance-based options are eligible for vesting based on achieving the growth targets over a two year measurement period ending February 28, 2017. As of August 31, 2016, total unamortized stock-based compensation of $1.3 million will be recognized as expense over the remaining vesting period of 2.4 years. A change, up or down, in the actual financial performance levels achieved by Code Red in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense: Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (820 ) $ — 10% $ (704 ) $ 183 40% $ (352 ) $ 732 70% (current expectation) $ — $ 1,281 100% $ 352 $ 1,828 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of August 31, 2016. The remaining 68,761 options are eligible to cliff vest based on a four year measurement period ending February 28, 2019. As of August 31, 2016, total unamortized stock-based compensation of $0.7 million will be recognized as expense over the remaining vesting period of 2.4 years. A change, up or down, in the actual financial performance levels achieved by Code Red in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense: Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (469 ) $ — 10% $ (352 ) $ 183 40% (current expectation) $ — $ 732 70% $ 352 $ 1,281 100% $ 704 $ 1,828 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of August 31, 2016. October 2015 and August 2016 Performance-based Option Grant Review In connection with the acquisition of Portware during the first quarter of fiscal 2016, FactSet granted 530,418 performance-based stock options. These performance-based options will vest 40% on the second anniversary date of the grant and 20% on each subsequent anniversary date if certain Portware revenue and operating income targets are achieved by October 16, 2017. The option holders must also remain employed by FactSet for the options to be eligible to vest. As of August 31, 2016, FactSet does not believe these growth targets are probable of being achieved, and as such, no stock-based compensation expense is expected to be recognized in connection with these performance-based options. A change in the actual financial performance levels achieved by Portware in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense: Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 50% $ 2,144 $ 10,106 70% $ 3,002 $ 14,148 100% $ 4,288 $ 20,212 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of August 31, 2016. FactSet granted 20,911 additional performance-based stock options to Portware employees in the fourth quarter of fiscal 2016. Similar to the October 2015 grant, these performance-based options will vest 40% on the second anniversary date of the grant and 20% on each subsequent anniversary date if certain Portware revenue and operating income targets are achieved by October 16, 2017. The option holders must also remain employed by FactSet for the options to be eligible to vest. As of August 31, 2016, FactSet does not believe these growth targets are probable of being achieved, and as such, no stock-based compensation expense is expected to be recognized in connection with these performance-based options. A change in the actual financial performance levels achieved by Portware in future fiscal years could result in the following changes to the current estimate of the vesting percentage and related expense: Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 50% $ 8 $ 492 70% $ 12 $ 688 100% $ 17 $ 984 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of August 31, 2016. Restricted Stock and Stock Unit Awards The Company’s Option Plan plans permit the issuance of restricted stock and restricted stock units. Restricted stock awards are subject to continued employment over a specified period. Restricted Stock and Stock Unit Awards Activity In fiscal years 2016, 2015 and 2014, FactSet granted 97,319, 54,862 and 204,124 restricted stock awards to employees of the Company, respectively. These awards have a weighted average grant date fair value of $159.64, $138.23 and $101.95 for fiscal years 2016, 2015 and 2014, respectively. As of August 31, 2016, a total of 262,220 shares of restricted stock and restricted stock units were unvested and outstanding, which results in unamortized stock-based compensation of $20.9 million to be recognized as stock-based compensation expense over the remaining vesting period of 3.3 years. A summary of restricted stock award activity is as follows: (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2013 358 $ 80.43 Granted (restricted stock and stock units) 204 $ 101.95 Vested (1) (135 ) $ 84.48 Canceled/forfeited (59 ) $ 86.39 Balance at August 31, 2014 368 $ 89.77 Granted (restricted stock and stock units) 55 $ 138.23 Vested (2) (95 ) $ 70.94 Canceled/forfeited (15 ) $ 101.04 Balance at August 31, 2015 313 $ 103.34 Granted (restricted stock and stock units) 97 $ 159.64 Vested (3) (69 ) $ 85.04 Canceled/forfeited (79 ) $ 112.51 Balance at August 31, 2016 262 $ 126.27 (1) The 135,205 restricted stock awards that vested during fiscal 2014 were comprised of: 62,544 of awards granted on November 8, 2010, which cliff vested 60% after three years (on November 8, 2013) with the remaining 40% cliff vesting after five years (on November 8, 2015); 29,087 of awards granted on April 14, 2011, which vested 100% after three years on April 14, 2014; 26,344 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant; and 17,230 awards relating to restricted stock granted on February 9, 2010 which cliff vested 50% after four years (on February 9, 2014). (2) The 94,870 restricted stock awards that vested during fiscal 2015 were comprised of: 53,495 of awards granted on October 23, 2009, which cliff vested 60% after three years (on October 23, 2012) and 40% after five years (on October 23, 2014); 14,683 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant; 17,228 awards relating to restricted stock granted on February 9, 2010; and 9,464 restricted stock awards that were previously granted between November 2013 and November 2014. (3) The 69,244 restricted stock awards that vested during fiscal 2016 were comprised of: 37,079 of awards relating to restricted stock granted on November 8, 2010 (remaining 40%) and 14,683 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant. Additionally, 17,482 awards vested related to other grants . Share-based Awards Available for Grant A summary of share-based awards available for grant is as follows: (in thousands) Share-based Awards Available for Grant under the Employee Stock Option Plan Share-based Awards Available for Grant under the Non-Employee Stock Option Plan Balance at August 31, 2013 3,116 107 Granted – non performance-based options (174 ) — Granted – performance-based options (203 ) — Granted – non-employee Directors grant — (14 ) Restricted stock awards granted (1) (510 ) — Share-based awards canceled/forfeited (2) 993 9 Balance at August 31, 2014 3,222 102 Granted – non performance-based options (677 ) — Granted – performance-based options (138 ) — Granted – non-employee Directors grant — (14 ) Restricted stock awards granted (1) (137 ) — Share-based awards canceled/forfeited (2) 171 — Balance at August 31, 2015 2,441 88 Granted – non performance-based options (622 ) — Granted – performance-based options (551 ) — Granted – non-employee Directors grant — (22 ) Restricted stock awards granted (1) (243 ) — Share-based awards canceled/forfeited (2) 466 — Balance at August 31, 2016 1,491 66 (1) Each restricted stock award granted is equivalent to 2.5 shares granted under the Company’s Option Plan. (2) Under the Company’s Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. Employee Stock Purchase Plan Shares of FactSet common stock may be purchased by eligible employees under the Amended and Restated FactSet Research Systems Inc. 2008 Employee Stock Purchase Plan (the “Purchase Plan”) in three-month intervals at a purchase price equal to at least 85% of the lesser of the fair market value of the Company’s common stock on either the first day or the last day of each three-month offering period. Employee purchases may not exceed 10% of their gross compensation during an offering period. During fiscal 2016, employees purchased 73,072 shares as compared to 63,265 shares in fiscal 2015 and 74,889 shares in fiscal 2014. At August 31, 2016, 408,544 shares were reserved for future issuance under the Purchase Plan. 401(k) Plan The Company established its 401(k) Plan in fiscal 1993. The 401(k) Plan is a defined contribution plan covering all full-time, U.S. employees of the Company and is subject to the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 (“IRC”). Each year, participants may contribute up to 60% of their eligible annual compensation, subject to annual limitations established by the IRC. The Company matches up to 4% of employees’ earnings, capped at the Internal Revenue Service annual maximum. Company matching contributions are subject to a five year graduated vesting schedule. All full-time, U.S. employees are eligible for the matching contribution by the Company. The Company contributed $9.7 million, $8.6 million, and $7.7 million in matching contributions to employee 401(k) accounts during fiscal 2016, 2015 and 2014, respectively. |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. STOCK-BASED COMPENSATION The Company recognized total stock-based compensation expense of $29.8 million, $26.4 million and $22.9 million in fiscal 2016, 2015 and 2014, respectively. As of August 31, 2016, $70.8 million of total unrecognized compensation expense related to non-vested awards is expected to be recognized over a weighted average period of 3.4 years. There was no stock-based compensation capitalized as of August 31, 2016 and 2015, respectively. Employee Stock Option Fair Value Determinations The Company utilizes the lattice-binomial option-pricing model (“binomial model”) to estimate the fair value of new employee stock option grants. The Company’s determination of fair value of stock option awards on the date of grant using the binomial model is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors. Q1 2016 513,785 non performance-based employee stock options and 530,418 performance-based employee stock options were granted at a weighted average exercise price of $170.21 and a weighted average estimated fair value of $46.62 per share. Q2 2016 4,073 non performance-based employee stock options were granted at an exercise price of $150.81 and an estimated fair value of $40.51 per share. Q3 2016 103,903 non performance-based employee stock options were granted at an exercise price of $152.10 and an estimated fair value of $40.57 per share. Q4 2016 20,911 performance-based employee stock options were granted at an exercise price of $171.22 and an estimated fair value of $47.82 per share. Q1 2015 462,913 non performance-based employee stock options were granted at a weighted average exercise price of $131.31 and a weighted average estimated fair value of $37.67 per share. Q2 2015 25,075 non performance-based employee stock options and 137,522 performance-based employee stock options were granted at a weighted average exercise price of $147.05 and a weighted average estimated fair value of $43.05 per share. Q3 2015 61,210 non performance-based employee stock options were granted at a weighted average exercise price of $159.14 and a weighted average estimated fair value of $44.95 per share. Q4 2015 128,090 non performance-based employee stock options were granted at a weighted average exercise price of $165.02 and a weighted average estimated fair value of $54.10 per share. Q1 2014 35,508 non performance-based employee stock options and 36,695 performance-based employee stock options were granted at a weighted average exercise price of $109.49 and a weighted average estimated fair value of $31.78 per share. Q2 2014 138,902 non performance-based employee stock options and 165,949 performance-based employee stock options were granted at a weighted average exercise price of $106.03 and a weighted average estimated fair value of $29.14 per share. Q3 2014 There were no employee stock options granted during the third quarter of fiscal 2014. Q4 2014 There were no employee stock options granted during the fourth quarter of fiscal 2014. The weighted average estimated fair value of employee stock options granted during fiscal 2016, 2015 and 2014 was determined using the binomial model with the following weighted average assumptions: 2016 2015 2014 Term structure of risk-free interest rate 0.07% - 2.1 % 0.01% - 2.3 % 0.01% - 2.6 % Expected life (years) 7.3 – 8.1 5.8 – 9.4 7.6 – 7.8 Term structure of volatility 21% - 30 % 20% - 31 % 23% - 33 % Dividend yield 1.09 % 1.32 % 1.35 % Weighted average estimated fair value $ 46.08 $ 41.87 $ 29.64 Weighted average exercise price $ 168.55 $ 141.84 $ 106.69 Fair value as a percentage of exercise price 27.3 % 29.5 % 27.8 % The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on a combination of historical volatility of the Company’s stock and implied volatilities of publicly traded options to buy FactSet common stock with contractual terms closest to the expected life of options granted to employees. The approach to utilize a mix of historical and implied volatility was based upon the availability of actively traded options on the Company’s stock and the Company’s assessment that a combination of implied volatility and historical volatility is best representative of future stock price trends. The Company uses historical data to estimate option exercises and employee termination within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding and is a derived output of the binomial model. The binomial model estimates employees exercise behavior based on the option’s remaining vested life and the extent to which the option is in-the-money. The binomial model estimates the probability of exercise as a function of these two variables based on the entire history of exercises and cancellations of all past option grants made by the Company. Non-Employee Director Stock Option Fair Value Determinations The 2008 Non-Employee Directors’ Stock Option Plan (the “Directors’ Plan”) provides for the grant of share-based awards, including stock options, to non-employee directors of FactSet. A total of 250,000 shares of FactSet common stock have been reserved for issuance under the Directors’ Plan. The expiration date of the Directors’ Plan is December 1, 2018. The Company utilizes the Black-Scholes model to estimate the fair value of new non-employee Director stock option grants. The Company’s determination of fair value of share-based payment awards on the date of grant is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors. Fiscal 2016 On January 15, 2016, FactSet granted 22,559 stock options to the Company’s non-employee Directors, including a one-time new Director grant of 2,417 for Laurie Siegel, who was elected to FactSet’s Board of Directors on December 15, 2015. All of the options granted on January 15, 2016 , have a weighted average estimated fair value of $31.03 per share, using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.62 % Expected life (years) 5.4 Expected volatility 23.0 % Dividend yield 1.05 % Fiscal 2015 On January 15, 2015, FactSet granted 13,842 stock options to the Company’s non-employee Directors at a weighted average estimated fair value of $28.18 per share, using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.45 % Expected life (years) 5.4 Expected volatility 23 % Dividend yield 1.30 % Fiscal 2014 On January 15, 2014, FactSet granted 14,424 stock options to the Company’s non-employee Directors at a weighted average estimated fair value of $27.04 per share, using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.66 % Expected life (years) 5.4 Expected volatility 29 % Dividend yield 1.35 % The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercises and non-employee director terminations within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Restricted Stock Fair Value Determinations Restricted stock granted to employees entitle the holder to shares of common stock as the award vests over time, but not to dividends declared on the underlying shares while the restricted stock is unvested. The grant date fair value of restricted stock awards are measured by reducing the grant date price of FactSet’s share by the present value of the dividends expected to be paid on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. Restricted stock awards are amortized to expense over the vesting period. Fiscal 2016 ● 90,180 shares of restricted stock with a fair value of $159.13 were granted on October 16, 2015. ● 2,309 shares of restricted stock with a fair value of $169.71 were granted on November 2, 2015. ● 631 shares of restricted stock with a fair value of $168.96 were granted on November 2, 2015. ● 255 shares of restricted stock with a fair value of $146.20 were granted on May 2, 2016. ● 3,944 shares of restricted stock with a fair value of $164.77 were granted on August 1, 2016. Fiscal 2015 ● 9,384 restricted stock units with a fair value of $127.88 were granted on November 3, 2014. ● 841 shares of restricted stock with a fair value of $124.18 were granted on November 3, 2014. ● 15,070 shares of restricted stock with a fair value of $132.71 were granted on December 17, 2014. ● 1,724 restricted stock units with a fair value of $145.01 were granted on February 9, 2015. ● 21,294 shares of restricted stock with a fair value of $140.88 were granted on February 9, 2015. ● 397 shares of restricted stock with a fair value of $151.50 were granted on May 1, 2015. ● 448 shares of restricted stock with a fair value of $153.89 were granted on May 1, 2015. ● 5,704 shares of restricted stock with a fair value of $157.84 were granted on July 31, 2015. Fiscal 2014 ● 7,744 restricted stock units with a fair value of $103.30 were granted on September 17, 2013. ● 153,972 shares of restricted stock with a fair value of $102.22 were granted on November 1, 2013. ● 30,144 shares of restricted stock with a fair value of $102.84 were granted on December 23, 2013. ● 12,264 restricted stock units with a fair value of $95.45 were granted on February 3, 2014. Employee Stock Purchase Plan Fair Value Determinations During fiscal 2016, employees purchased 73,072 shares at a weighted average price of $131.14 compared to 63,265 shares at a weighted average price of $122.76 in fiscal 2015 and 74,889 shares at a weighted average price of $89.28 in fiscal 2014. Stock-based compensation expense recorded during fiscal 2016, 2015 and 2014 relating to the employee stock purchase plan was $1.9 million, $1.5 million and $1.3 million, respectively. The Company uses the Black-Scholes model to calculate the estimated fair value for the employee stock purchase plan. The weighted average estimated fair value of employee stock purchase plan grants during fiscal years 2016, 2015 and 2014 , were $26.87, $24.05 and $17.76 per share, respectively, with the following weighted average assumptions: 2016 2015 2014 Risk-free interest rate 0.22 % 0.03 % 0.04 % Expected life (months) 3 3 3 Expected volatility 10.7 % 16.3 % 9.8 % Dividend yield 1.18 % 1.15 % 1.38 % Accuracy of Fair Value Estimates The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeiture rates and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. INCOME TAXES Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. Provision for Income Taxes The provision for income taxes is as follows: Years ended August 31, (in thousands) 2016 2015 2014 U.S. operations $ 353,434 $ 263,411 $ 242,839 Non-U.S. operations 107,559 70,343 60,625 Income before income taxes $ 460,993 $ 333,754 $ 303,464 U.S. operations $ 106,671 $ 88,147 $ 81,998 Non-U.S. operations 15,507 4,556 9,923 Total provision for income taxes $ 122,178 $ 92,703 $ 91,921 Effective tax rate 26.5 % 27.8 % 30.3 % The components of the provision for income taxes consist of the following: Years ended August 31, (in thousands) 2016 2015 2014 Current U.S. federal $ 97,703 $ 82,885 $ 77,368 U.S. state and local 4,917 4,419 3,972 Non-U.S. 15,030 6,368 10,350 Total current taxes $ 117,650 93,672 $ 91,690 Deferred U.S. federal $ 3,915 $ 720 $ 547 U.S. state and local 136 123 111 Non-U.S. 477 (1,812 ) (427 ) Total deferred taxes $ 4,528 $ (969 ) $ 231 Total provision for income taxes $ 122,178 $ 92,703 $ 91,921 The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to income before income taxes as a result of the following factors: Years ended August 31, (expressed as a percentage of income before income taxes) 2016 2015 2014 Tax at U.S. Federal statutory tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State and local taxes, net of U.S. federal income tax benefit 1.5 1.6 1.8 Foreign income at other than U.S. rates (5.0 ) (1) (3.0 ) (2.9 ) Domestic production activities deduction (1.5 ) (2.2 ) (2.1 ) Income tax benefits from R&D tax credits (3.6 ) (2.7 ) (1.1 ) Income tax benefits from foreign tax credits (0.2 ) (0.3 ) (0.4 ) Other, net 0.3 (0.6 ) — Effective tax rate 26.5 % (2) 27.8 % (3) 30.3 % (1) Includes a portion of the gain from the sale of the Market Metrics business that was not taxable in the UK (2) The fiscal 2016 effective tax rate of 26.5% includes income tax benefits of $10.5 million primarily from the permanent reenactment of the U.S. Federal R&D Tax Credit (the “R&D tax credit”) in December 2015, finalizing prior year tax returns and other discrete items. The reenactment of the R&D tax credit was retroactive to January 1, 2015 , and eliminates the yearly uncertainty surrounding the extension of the credit. (3) The fiscal 2015 effective tax rate of 27.8% includes income tax benefits of $8.8 million primarily from the reenactment of the R&D tax credit in December 2014, finalizing prior year tax returns and other discrete items. Deferred Tax Assets and Liabilities The significant components of deferred tax assets that are recorded within the Consolidated Balance Sheets were as follows: At August 31, (in thousands) 2016 2015 Current Receivable reserve $ 531 $ 541 Deferred rent 1,022 794 Other 1,605 770 Net current deferred tax assets $ 3,158 $ 2,105 Non-current Depreciation on property, equipment and leasehold improvements $ 5,194 $ 10,880 Deferred rent 9,626 5,108 Stock-based compensation 19,927 17,562 Purchased intangible assets, including acquired technology (24,645 ) (17,533 ) Other 3,304 4,582 Net non-current deferred tax assets $ 13,406 $ 20,599 Total deferred tax assets $ 16,564 $ 22,704 The significant components of deferred tax liabilities that are recorded within the Consolidated Balance Sheets were as follows: At August 31, (in thousands) 2016 2015 Current Other $ 291 $ 562 Net current deferred tax liabilities $ 291 $ 562 Non-current Purchased intangible assets, including acquired technology $ 1,666 $ 1,886 Other 42 (189 ) Net non-current deferred tax liabilities $ 1,708 $ 1,697 Total deferred tax liabilities $ 1,999 $ 2,259 A provision has not been made for additional U.S. Federal taxes as all undistributed earnings of foreign subsidiaries are considered to be invested indefinitely or will be repatriated free of additional tax. The amount of such undistributed earnings of these foreign subsidiaries included in consolidated retained earnings was immaterial at August 31, 2016 and 2015. As such, the unrecognized deferred tax liability on those undistributed earnings was immaterial. These earnings could become subject to additional tax if they are remitted as dividends, loaned to FactSet, or upon sale of the subsidiary’s stock. Unrecognized Tax Positions Applicable accounting guidance prescribes a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. A company can recognize the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will prevail upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit or expense can be recognized in the consolidated financial statements. The tax benefits recognized are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Additionally, companies are required to accrue interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. As of August 31, 2016, the Company had gross unrecognized tax benefits totaling $8.8 million, including $1.3 million of accrued interest, recorded as Taxes Payable (non-current) on the Consolidated Balance Sheet. As of August 31, 2015, the Company had gross unrecognized tax benefits totaling $6.8 million, including $1.3 million of accrued interest, recorded as Taxes Payable (non-current) on the Consolidated Balance Sheet. The Company recognizes interest and penalty charges related to unrecognized tax benefits as income tax expense, which is consistent with the recognition in prior reporting periods. The Company recognized interest charges of less than $0.2 million in each of the fiscal years ended August 31, 2016, 2015 and 2014, respectively. Unrecognized tax benefits represent tax positions taken on tax returns but not yet recognized in the consolidated financial statements. When applicable, the Company adjusts the previously recorded tax expense to reflect examination results when the position is ultimately settled. The Company regularly engages in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. It is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. However, FactSet has no reason to believe that such audits will result in the payment of additional taxes and/or penalties that would have a material adverse effect on the Company’s results of operations or financial position, beyond current estimates. Any changes in accounting estimates resulting from new developments with respect to uncertain tax positions will be recorded as appropriate. The Company does not currently anticipate that the total amounts of unrecognized tax benefits will significantly change within the next 12 months. The following table summarizes the changes in the balance of gross unrecognized tax benefits: (in thousands) Unrecognized income tax benefits at August 31, 2013 $ 5,435 Additions based on tax positions related to the current year 921 Additions for tax positions of prior years 628 Statute of limitations lapse (717 ) Reductions from settlements with taxing authorities (766 ) Unrecognized income tax benefits at August 31, 2014 $ 5,501 Additions based on tax positions related to the current year 962 Additions for tax positions of prior years 1,122 Statute of limitations lapse (809 ) Unrecognized income tax benefits at August 31, 2015 $ 6,776 Additions based on tax positions related to the current year 1,779 Additions for tax positions of prior years 1,436 Statute of limitations lapse (1,209 ) Unrecognized income tax benefits at August 31, 2016 $ 8,782 In the normal course of business, the Company’s tax filings are subject to audit by federal, state and foreign tax authorities. At August 31, 2016, the Company remained subject to examination in the following major tax jurisdictions for the tax years as indicated below: Major Tax Jurisdictions Open Tax Years U.S. Federal 2013 through 2016 State (various) 2010 through 2016 Europe United Kingdom 2013 through 2016 France 2012 through 2016 |
Note 18 - Debt
Note 18 - Debt | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 18. DEBT FactSet’s debt obligations consisted of the following: At August 31, (in thousands) 2016 2015 2015 Revolving Credit Facility (maturity date of September 21, 2018) $ 300,000 $ 35,000 Total Outstanding Debt $ 300,000 $ 35,000 On February 6, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) between FactSet, as the borrower, and Bank of America, N.A., as the lender (the “Lender”). At that date, the Credit Agreement provided for a $35.0 million revolving credit facility (the “Revolving Credit Facility”), under which the Company could request borrowings. The Credit Agreement also allowed FactSet to arrange for additional borrowings for an aggregate amount of up to $265.0 million , provided that any such request for additional borrowings was in a minimum amount of $25.0 million. For purposes of funding its acquisition of Code Red on February 6, 2015, FactSet borrowed $35.0 million in the form of a Eurodollar rate loan (the “Loan”) under the Revolving Credit Facility. The proceeds of the Loan made under the Credit Agreement could be used for permitted acquisitions and general corporate purposes. The Loan bears interest on the outstanding principal amount at a rate equal to the Eurodollar rate plus 0.50%. The Eurodollar rate is defined in the Credit Agreement as the rate per annum equal to one-month LIBOR. On September 21, 2015, the Company amended the Credit Agreement to borrow an additional $265.0 million (the “Second Amendment”) in order to fund FactSet’s acquisition of Portware which closed on October 16, 2015. The maturity date on all outstanding loan amounts (which totaled $300.0 million as of August 31, 2016) is September 21, 2018. There are no prepayment penalties if the Company elects to prepay the outstanding loan amounts prior to the scheduled maturity date. The Second Amendment also allows FactSet, subject to certain requirements, to arrange for additional borrowings with the Lender for an aggregate amount of up to $400.0 million, provided that any such request for additional borrowings must be in a minimum amount of $25.0 million. The Second Amendment adjusted the interest rate on the total outstanding principal debt to a rate equal to the Eurodollar rate plus 0.75%. On October 26, 2016, the Company amended the Credit Agreement to borrow an additional $65.0 million (the “Third Amendment”) for general corporate purposes. The interest rate for the borrowing under the Third Amendment was equal to the Eurodollar rate plus 0.75%. All outstanding loan amounts are reported as Long-term debt As of August 31, 2016, no commitment fee was owed by FactSet since it borrowed the full amount under the Credit Agreement. Other fees incurred by the Company, such as legal costs to draft and review the Credit Agreement, totaled less than $0.1 million and were capitalized as loan origination fees. These loan origination fees are being amortized into interest expense over the term of the Loan (three years) using the effective interest method. The Credit Agreement contains covenants restricting certain FactSet activities, which are usual and customary for this type of loan. In addition, the Credit Agreement requires that FactSet must maintain a consolidated leverage ratio, as measured by total funded debt/EBITDA below a specified level as of the end of each fiscal quarter. The Company was in compliance with all of the covenants of the Credit Agreement as of August 31, 2016. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19. COMMITMENTS AND CONTINGENCIES Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the balance sheet as liabilities. FactSet records liabilities for commitments when incurred (i.e., when the goods or services are received). Lease Commitments At August 31, 2016, FactSet leased approximately 1,072,000 square feet of office space under various non-cancelable operating leases which expire on various dates through 2031. Total minimum rental payments associated with the leases are recorded as rent expense (a component of Selling, General & Administrative Years ended August 31, (in thousands) Minimum Lease Payments 2017 $ 30,445 2018 32,453 2019 30,422 2020 24,751 2021 19,306 Thereafter 148,766 Total $ 286,143 During fiscal 2016, 2015 and 2014, rent expense (including operating costs) for all operating leases amounted to $43.2 million, $38.6 million and $37.7 million, respectively. At August 31, 2016 and 2015, deferred rent reported within the Consolidated Balance Sheets totaled $34.4 million and $20.9 million, of which $31.2 million and $18.4 million, respectively, was reported as a non-current liability within the line item Deferred Rent and Other Non-Current Liabilities. Approximately $1.0 million of standby letters of credit have been issued during the ordinary course of business in connection with the Company’s current leased office space as of August 31, 2016. These standby letters of credit contain covenants that, among other things, require FactSet to maintain minimum levels of consolidated net worth and certain leverage and fixed charge ratios. As of August 31, 2016 and 2015, FactSet was in compliance with all covenants contained in the standby letters of credit. Purchase Commitments with Suppliers Purchase obligations represent payments due in future periods in respect of commitments to the Company’s various data vendors as well as commitments to purchase goods and services such as telecommunication and computer maintenance services. These purchase commitments are agreements that are enforceable and legally binding on FactSet and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. As of August 31, 2016 and 2015, the Company had total purchase commitments with suppliers of $67.5 million and $65.2 million, respectively. Contingencies Legal Matters FactSet accrues non income-tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. The Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business, including intellectual property litigation. Based on information available at August 31, 2016, FactSet’s management does not believe that the ultimate outcome of these unresolved matters against the Company, individually or in the aggregate, is likely to have a material adverse effect on the Company's consolidated financial position, its results of operations or its cash flows. Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance (see Note 17). FactSet is currently under audit by tax authorities and has reserved for potential adjustments to its provision for income taxes that may result from examinations by, or any negotiated settlements with, these tax authorities. The Company believes that the final outcome of these examinations or settlements will not have a material effect on its results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of tax benefits in the period FactSet determines the liabilities are no longer necessary. If the Company’s estimates of the federal, state, and foreign income tax liabilities are less than the ultimate assessment, a further charge to expense would result. Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, FactSet has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at FactSet’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments FactSet could be required to make under these indemnification obligations is unlimited; however, FactSet has a director and officer insurance policy that it believes mitigates FactSet's exposure and may enable FactSet to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification obligations is immaterial. |
Note 20 - Risks and Concentrati
Note 20 - Risks and Concentrations of Credit Risk | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 20. RISKS AND CONCENTRATIONS OF CREDIT RISK Financial Risk Management Foreign Currency Exchange Risk The Company is exposed to changes in foreign currency exchange rates, which could affect its operating results, financial position and cash flows. The Company’s primary foreign currency market exposures include the British Pound Sterling, Euro, Japanese Yen, Indian Rupee and Philippine Peso. To the extent that FactSet’s international activities recorded in local currencies increase in the future, its exposure to fluctuations in currency exchange rates will correspondingly increase. FactSet manages its exposure to foreign currency exchange risk through its regular operating and financing activities and, when appropriate, through the use of derivative financial instruments. These derivative financial instruments are utilized to hedge currency exposures as well as to reduce earnings volatility resulting from shifts in market rates. FactSet only enters into foreign currency forward contracts to manage foreign currency exposures. The fair market values of all the Company’s derivative contracts change with fluctuations in currency rates and are designed so that any changes in their values are offset by changes in the values of the underlying exposures. See Note 5, Derivative Instruments , for additional analysis of the Company’s foreign currency exchange rate risk. Interest Rate Risk Cash and Cash Equivalents Debt Current market events have not required the Company to modify materially or change its financial risk management strategies with respect to its exposures to foreign currency exchange risk and interest rate risk. Concentrations of Credit Risk Cash equivalents Cash and cash equivalents are primarily maintained with two financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. Accounts Receivable Accounts receivable are unsecured and are derived from revenues earned from clients located around the globe. FactSet performs ongoing credit evaluations of its clients and does not require collateral from its clients. The Company maintains reserves for potential write-offs and these losses have historically been within expectations. No single client represented 10% or more of FactSet's total revenues in any fiscal year presented. At August 31, 2016, the Company’s largest individual client accounted for 2% of total subscriptions and annual subscriptions from the ten largest clients did not surpass 15% of total subscriptions, consistent with August 31, 2015 . At August 31, 2016 and 2015, the receivable reserve was $1.5 million and $1.6 million, respectively. Derivative Instruments As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities. FactSet calculates credit risk from observable data related to CDS as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not available for FactSet, the Company’s credit risk is determined based on using a simple average of CDS spreads for peer companies as determined by FactSet. To mitigate counterparty credit risk, FactSet enters into contracts with large financial institutions and regularly review credit exposure balances as well as the creditworthiness of the counterparties. Data Content Providers Certain data sets that FactSet relies on have a limited number of suppliers, although the Company makes every effort to assure that, where reasonable, alternative sources are available. However, FactSet is not dependent on any one third party data supplier in order to meet the needs of its clients. FactSet combines the data from these commercial databases into its own dedicated single online service, which the client accesses to perform their analysis. No single vendor or data supplier represented 10% or more of FactSet's total data expenses in any fiscal year presented. |
Note 21 - Unaudited Quarterly F
Note 21 - Unaudited Quarterly Financial Data | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21. UNAUDITED QUARTERLY FINANCIAL DATA The following table presents selected unaudited financial information for each of the quarterly periods in the years ended August 31, 2016 and 2015. The results for any quarter are not necessarily indicative of future quarterly results and, accordingly, period-to-period comparisons should not be relied upon as an indication of future performance. Fiscal 2016 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 270,504 $ 281,796 $ 287,501 $ 287,291 Cost of services $ 114,736 $ 123,911 $ 124,602 $ 124,160 Selling, general and administrative $ 68,460 $ 72,541 $ 73,609 $ 75,397 Operating income $ 87,308 $ 85,344 $ 89,290 $ 87,734 Net income $ 59,965 $ 67,763 $ 66,781 $ 144,306 Diluted earnings per common share (1) $ 1.43 $ 1.63 $ 1.62 $ 3.55 Weighted average common shares (diluted) 42,063 41,536 41,189 40,673 (1) Diluted earnings per common share is calculated independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the fiscal year. Fiscal 2015 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 242,676 $ 247,792 $ 254,522 $ 261,779 Cost of services $ 97,543 $ 99,516 $ 100,686 $ 107,595 Selling, general and administrative $ 64,873 $ 67,628 $ 68,480 $ 68,531 Operating income $ 80,260 $ 80,648 $ 85,356 $ 85,653 Net income $ 55,860 $ 61,598 $ 61,409 $ 62,184 Diluted earnings per common share (1) $ 1.32 $ 1.46 $ 1.45 $ 1.48 Weighted average common shares (diluted) 42,340 42,306 42,297 41,995 (1) Diluted earnings per common share is calculated independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the fiscal year. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company’s revenues are derived from month-to-month subscriptions to services such as workstations (also referred to as users), content and applications. The majority of clients are invoiced monthly to reflect the actual services provided. The remaining clients are invoiced quarterly, annually or biannually in advance. Subscription revenue is earned each month as the service is rendered to clients on a monthly basis. FactSet recognizes revenue when the client subscribes to FactSet services, the service has been rendered and earned during the month, the amount of the subscription is fixed or determinable based on established rates quoted on an annualized basis and collectability is reasonably assured. A provision for billing adjustments and cancellation of services is estimated and accounted for as a reduction to revenue, with a corresponding reduction to accounts receivable. |
Accounts Receivable and Deferred Fees [Policy Text Block] | Accounts Receivable and Deferred Fees Amounts that have been earned but not yet paid are reflected on the Consolidated Balance Sheets as Accounts receivable, net of reserves. Amounts invoiced in advance of client payments that are in excess of earned subscription revenues are reflected on the Consolidated Balance Sheet as Deferred fees. As of August 31, 2016, the amount of accounts receivable that was unbilled totaled $1.1 million, which was billed in fiscal 2017. The Company calculates its receivable reserve through analyzing aged client receivables, reviewing the recent history of client receivable write-offs and understanding general market and economic conditions. In accordance with this policy, a receivable reserve of $1.5 million and $1.6 million was recorded as of August 31, 2016 and 2015, respectively, within the Consolidated Balance Sheets as a reduction to accounts receivable. |
Cost of Sales, Policy [Policy Text Block] | Cost of Services Cost of services is comprised of compensation for Company employees within the content collection, consulting, product development, software and systems engineering groups in addition to data costs, computer maintenance and depreciation expenses, amortization of identifiable intangible assets, and client-related communication costs. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Selling, general and administrative expenses include compensation for the sales and various other support and administrative departments in addition to travel and entertainment expenses, marketing costs, rent, amortization of leasehold improvements, depreciation of furniture and fixtures, office expenses, professional fees and other miscellaneous expenses. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income by the number of weighted average common shares outstanding during the period increased by the dilutive effect of potential common shares outstanding during the period. The number of potential common shares outstanding has been determined in accordance with the treasury stock method to the extent they are dilutive. Common share equivalents consist of common shares issuable upon the exercise of outstanding share-based compensation awards, including employee stock options and restricted stock. Under the treasury stock method, the exercise price paid by the optionee, future stock-based compensation expense that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital (“APIC”) when the award becomes deductible are assumed to be used to repurchase shares. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) The Company discloses comprehensive income (loss) in accordance with applicable standards for the reporting and display of comprehensive income (loss) in a set of financial statements. Comprehensive income (loss) is defined as the change in net assets of a business enterprise during a period from transactions generated from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measures Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s cash equivalents are classified as Level 1 while the Company’s derivative instruments (foreign exchange forward contracts) and certificates of deposit are classified as Level 2. There were no Level 3 assets or liabilities held by FactSet as of August 31, 2016 or 2015. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and corporate money market funds with original maturities of three months or less and are reported at fair value. The Company’s corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. |
Investment, Policy [Policy Text Block] | Investments Investments consist of certificates of deposits with original maturities greater than three months, but less than one year and, as such, are classified as Investments (short-term) on the Consolidated Balance Sheets. These certificates of deposit are held for investment and are not debt securities. The Company’s investments are associated with its purchase of certificates of deposits in India with maturities of less than twelve months from the date of purchase. Interest income earned from the certificates of deposit during fiscal 2016, 2015 and 2014 were $1.6 million, $2.0 million and $1.2 million, respectively. The Company’s cash, cash equivalents and investments portfolio did not experience any realized or unrealized losses as a result of counterparty credit risk or ratings change during fiscal 2016 and 2015. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization. Computers and related equipment are depreciated on a straight-line basis over estimated useful lives of three years. Furniture and fixtures are depreciated on a straight-line basis over their estimated useful lives of seven years. Leasehold improvements are amortized on a straight-line basis over the terms of the related leases or estimated useful lives of the improvements, whichever period is shorter. Repairs and maintenance expenditures, which are not considered leasehold improvements and do not extend the useful life of the property and equipment, are expensed as incurred. The Company performs a test for impairment whenever events or changes in circumstances indicate that the carrying amount of an individual asset or asset group may not be recoverable. Should projected undiscounted future cash flows be less than the carrying amount of the asset or asset group, an impairment charge reducing the carrying amount to fair value is required. Fair value is determined based on the most appropriate valuation technique, including discounted cash flows. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company is required to test goodwill for impairment annually, or more frequently if impairment indicators occur. Goodwill is tested for impairment based on the present value of discounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. FactSet has three reporting units, which are consistent with the operating segments reported as there is no discrete financial information available for the subsidiaries within each operating segment. The reporting units evaluated for potential impairment were the U.S., Europe and Asia Pacific, which reflect the level of internal reporting the Company uses to manage its business and operations. The Company performed its annual goodwill impairment test during the fourth quarter of fiscal 2016, consistent with the timing of previous years, at which time it was determined that there were no indications of impairment, with the fair value of each of the Company’s reporting units significantly exceeding carrying value. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from acquisitions, which have been fully integrated into the Company’s operations. Depending on the nature of the intangible asset, the identifiable intangible assets are amortized on either a straight-line or an accelerated basis using estimated useful lives ranging between two and twenty years. The remaining useful lives of intangible assets subject to amortization are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. These intangible assets have no assigned residual values. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for intangible assets that management expects to hold and use is based on the amount the carrying value exceeds the fair value of the asset. No impairment of intangible assets has been identified during any of the fiscal years presented. |
Accrued Liabilities [Policy Text Block] | Accrued Liabilities Accrued liabilities include estimates relating to employee compensation, operating expenses and tax liabilities. Approximately 15% of the Company’s employee incentive compensation programs are discretionary. At the end of each fiscal year, FactSet conducts a final review of both Company and individual performance within each department to determine the amount of discretionary employee compensation. The Company also reviews compensation throughout the year to determine how overall performance tracks against management’s expectations. Management takes these and other factors, including historical performance, into account in reviewing accrued compensation estimates quarterly and adjusting accrual rates as appropriate. The amount of the variable employee compensation recorded within accrued compensation as of August 31, 2016 and 2015, was $38.2 million and $38.6 million, respectively. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments FactSet conducts business outside the U.S. in several currencies including the Indian Rupee, Philippine Peso, British Pound Sterling, Euro and Japanese Yen. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign exchange forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considers several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge. These transactions are designated and accounted for as cash flow hedges in accordance with applicable accounting guidance. The changes in fair value for these foreign currency forward contracts are initially reported as a component of accumulated other comprehensive loss (“AOCL”) and subsequently reclassified into operating expenses when the hedged exposure affects earnings. The gains and losses on foreign currency forward contracts mitigate the variability in operating expenses associated with currency movements. All derivatives are assessed for effectiveness at each reporting period. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Certain wholly owned subsidiaries within the European and Asia Pacific segments operate under a functional currency different from the U.S. dollar, such as the British Pound Sterling, Euro, Japanese Yen, Indian Rupee and Philippine Peso. The financial statements of these foreign subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates for the period for revenues and expenses. Translation gains and losses that arise from translating assets, liabilities, revenues and expenses of foreign operations are recorded in AOCL as a component of stockholders’ equity. The accumulated foreign currency translation loss totaled $67.3 million and $43.7 million at August 31, 2016 and 2015, respectively. |
Income Tax, Policy [Policy Text Block] | Income and Deferred Taxes Income tax expense is based on taxable income determined in accordance with currently enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. FactSet recognizes the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will prevail upon tax examination, based solely on the technical merits of the tax position as of the reporting date. Otherwise, no benefit or expense can be recognized in the consolidated financial statements. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Additionally, FactSet accrues interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. Interest is classified as income tax expense in the financial statements. As of August 31, 2016, the Company had gross unrecognized tax benefits totaling $8.8 million, including $1.3 million of accrued interest, recorded as Taxes Payable |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Accounting guidance requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock and common shares acquired under employee stock purchases based on estimated fair values of the share awards that are scheduled to vest during the period. FactSet uses the straight-line attribution method for all awards with graded vesting features and service conditions only. Under this method, the amount of compensation expense that is recognized on any date is at least equal to the vested portion of the award on that date. For all stock-based awards with performance conditions, the graded vesting attribution method is used by the Company to determine the monthly stock-based compensation expense over the applicable vesting periods. As stock-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded stock-based compensation, are classified as cash inflows from financing activities. Performance-based stock options require management to make assumptions regarding the likelihood of achieving Company performance targets on a quarterly basis. The number of performance-based options that vest will be predicated on the Company achieving certain performance levels. A change in the financial performance levels the Company achieves could result in changes to FactSet’s current estimate of the vesting percentage and related stock-based compensation. |
Treasury Stock [Policy Text Block] | Treasury Stock The Company accounts for repurchased common stock under the cost method and includes such treasury stock as a component of its stockholders’ equity. At the time treasury stock retirement is approved by FactSet’s Board of Directors, the Company’s accounting policy is to deduct its par value from common stock, reduce APIC by the amount recorded in APIC when the stock was originally issued and any remaining excess of cost as a deduction from retained earnings. |
Lease, Policy [Policy Text Block] | Operating Leases The Company conducts all of its operations in leased facilities which have minimum lease obligations under non-cancelable operating leases. Certain of these leases contain rent escalations based on specified percentages. Most of the leases contain renewal options and require payments for taxes, insurance and maintenance. Rent expense is charged to operations as incurred except for escalating rents, which are charged to operations on a straight-line basis over the life of the lease. Lease incentives, relating to allowances provided by landlords, are amortized over the term of the lease as a reduction of rent expense. Costs associated with acquiring a subtenant, including broker commissions and tenant allowances, are amortized over the sublease term as a reduction of sublease income. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company records acquisitions using the purchase method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. The application of the purchase method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards or Updates Recently Adopted Except for the new accounting standard updates disclosed below, the new updates issued by the Financial Accounting Standards Board (“FASB”) during the last three fiscal years did not have an impact on the Company’s consolidated financial statements. Reporting Discontinued Operations In April 2014, the FASB issued an accounting standard update that changes the criteria for reporting discontinued operations. Under the accounting standard update, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when either it qualifies as held for sale, disposed of by sale, or disposed of other than by sale. This accounting standard update was effective for FactSet beginning in the first quarter of fiscal 2016 and did not have a material impact on its consolidated financial statements. Recent Accounting Standards or Updates Not Yet Effective Revenue Recognition In May 2014 and July 2015, the FASB issued accounting standard updates which provide clarified principles for recognizing revenue arising from contracts with clients and supersede most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These accounting standard updates will be effective for FactSet beginning in the first quarter of fiscal 2019, with early adoption in fiscal 2018 permitted and allow for either full retrospective or modified retrospective adoption. The Company is currently evaluating the impact of these accounting standard updates on its consolidated financial statements and the method of adoption. Going Concern In August 2014, the FASB issued an accounting standard update that requires management to evaluate and disclose whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after financial statements are issued. The evaluation and disclosure will be required to be made for both annual and interim reporting periods, if applicable, along with an evaluation as to whether management’s plans alleviate that doubt. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Income Statement Presentation – Extraordinary and Unusual Items In January 2015, the FASB issued an accounting standard update that eliminates from GAAP the concept of extraordinary items. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. The standard primarily involves presentation and disclosure and, therefore, is not expected to have a material impact on the Company’s financial condition, results of operations or its cash flows. Simplification Guidance on Debt Issuance Costs In April 2015, the FASB issued an accounting standard update which changes the presentation of debt issuance costs in the applicable financial statements. Under the accounting standard update, an entity should present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2017. This new accounting standard update will not have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued an accounting standard update to amend the previous guidance issued in April 2015 and address debt issuance costs related to line-of-credit arrangements. The accounting standard update allows an entity to present debt issuance costs related to a line-of-credit as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. This accounting standard update did not impact the effective date of the previously issued guidance and it will not have a material impact on the Company’s consolidated financial statements. Customers’ Accounting for Cloud Computing Costs In April 2015, the FASB issued an accounting standard update to provide guidance on a customer’s accounting for cloud computing costs. Under the accounting standard update, a customer must determine whether a cloud computing arrangement contains a software license. If so, the customer would account for the fees related to the software license element in a manner consistent with internal-use software guidance. This new guidance will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Simplification of the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued an accounting standard update to simplify the accounting for measurement-period adjustments related to a business combination. Under the accounting standard update, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The accounting standard update also requires acquirers to present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2017. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued an accounting standard update to simplify the presentation of deferred taxes on the balance sheet. The accounting standard update will require an entity to present all deferred tax assets and deferred tax liabilities as non-current on the balance sheet. Under the current guidance, entities are required to separately present deferred taxes as current or non-current. Netting deferred tax assets and deferred tax liabilities by tax jurisdiction will still be required under the new guidance. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2018, with early adoption in fiscal 2017 permitted. The accounting standard update is a change in balance sheet presentation only and, as such, the Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued an accounting standard update to amend its current guidance on the classification and measurement of certain financial instruments. The accounting standard update significantly revises an entity’s accounting related to the presentation of certain fair value changes for financial liabilities measured at fair value. This guidance also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance will be effective for FactSet beginning in the first quarter of fiscal 2019. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Leases In February 2016, the FASB issued an accounting standard update related to accounting for leases. The guidance introduces a lessee model that requires most leases to be reported on the balance sheet. The accounting standard update aligns many of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. The guidance also eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2020, with early adoption in fiscal 2019 permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Share-Based Payments In March 2016, the FASB issued an accounting standard update which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flow. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2018. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. Cash Flow Simplification In August 2016, the FASB issued an accounting standard update which simplifies how certain transactions are classified in the statement of cash flows. This includes revised guidance on the cash flow classification of debt prepayments and debt extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investments. The guidance is intended to reduce diversity in practice across all industries. This accounting standard update will be effective for FactSet beginning in the first quarter of fiscal 2019. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. No other new accounting pronouncements issued or effective as of August 31, 2016 , have had or are expected to have an impact on the Company’s consolidated financial statements. |
Note 4 - Fair Value Measures (T
Note 4 - Fair Value Measures (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at August 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 92,765 $ — $ — $ 92,765 Certificates of deposit (2) — 24,217 — 24,217 Derivative instruments (3) — 869 — 869 Total assets measured at fair value $ 92,765 $ 25,086 $ — $ 117,851 Liabilities Derivative instruments (3) $ — $ 2,791 $ — $ 2,791 Total liabilities measured at fair value $ — $ 2,791 $ — $ 2,791 Fair Value Measurements at August 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 89,443 $ — $ — $ 89,443 Certificates of deposit (2) — 23,497 — 23,497 Derivative instruments (3) — 1,035 — 1,035 Total assets measured at fair value $ 89,443 $ 24,532 $ — $ 113,975 Liabilities Derivative instruments (3) $ — $ 1,602 $ — $ 1,602 Total liabilities measured at fair value $ — $ 1,602 $ — $ 1,602 |
Note 5 - Derivative Instrumen32
Note 5 - Derivative Instruments (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Gross Notional Value Fair Value (Liability) Asset Currency Hedged (in thousands, in U.S. dollars) August 31, 2016 August 31, 2015 August 31, 2016 August 31, 2015 British Pound Sterling $ 33,280 $ 15,831 $ (2,791 ) $ 280 Euro — 20,263 — 143 Indian Rupee 58,410 56,320 869 (990 ) Total $ 91,690 $ 92,414 $ (1,922 ) $ (567 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Designation of Derivatives (in thousands) Balance Sheet Location August 31, 2016 August 31, 2015 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 163 $ 1,035 Other assets $ 706 $ — Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ 2,791 $ — Deferred rent and other non-current liabilities $ — $ 1,602 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands): (Loss) Gain Recognized in AOCL on Derivatives Location of Loss Loss Reclassified from AOCL into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2016 2015 2014 Reclassified from 2016 2015 2014 Foreign currency forward contracts $ (1,806 ) $ (1,939 ) $ 8,294 SG&A $ (451 ) $ (559 ) $ (260 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | (in thousands) Derivatives Offset in Consolidated Balance Sheets August 31, 2016 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 869 $ — $ 869 Fair value of liabilities (2,791 ) — (2,791 ) Total $ (1,922 ) $ — $ (1,922 ) Derivatives Offset in Consolidated Balance Sheets August 31, 2015 Gross Derivative Amounts Gross Derivative Amounts Offset in Balance Sheet Net Amounts Fair value of assets $ 1,040 $ (5 ) $ 1,035 Fair value of liabilities (1,607 ) 5 (1,602 ) Total $ (567 ) $ — $ (567 ) |
Note 6 - Other Comprehensive 33
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | August 31, 2016 August 31, 2015 August 31, 2014 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (23,644 ) $ (23,644 ) $ (25,263 ) $ (25,263 ) $ 7,895 $ 7,895 Realized loss on cash flow hedges reclassified to earnings (1) 451 284 559 352 260 164 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1,806 ) (1,141 ) (1,939 ) (1,220 ) 8,294 5,193 Other comprehensive (loss) income $ (24,999 ) $ (24,501 ) $ (26,643 ) $ (26,131 ) $ 16,449 $ 13,252 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) August 31, 2016 August 31, 2015 Accumulated unrealized losses on cash flow hedges, net of tax $ (1,215 ) $ (358 ) Accumulated foreign currency translation adjustments (67,338 ) (43,694 ) Total accumulated other comprehensive loss $ (68,553 ) $ (44,052 ) |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Year Ended August 31, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 755,492 $ 277,682 $ 93,918 $ 1,127,092 Segment operating profit 165,251 131,410 53,015 349,676 Total assets 654,796 279,864 84,501 1,019,161 Depreciation and amortization 31,529 4,220 2,303 38,052 Stock-based compensation 25,776 3,459 558 29,793 Capital expenditures 38,631 4,092 5,017 47,740 Year Ended August 31, 2015 U.S. Europe Asia Pacific Total Revenues from clients $ 678,774 $ 251,522 $ 76,472 $ 1,006,768 Segment operating profit 172,980 116,310 42,628 331,918 Total assets 427,990 239,689 68,992 736,671 Depreciation and amortization 23,645 5,135 2,569 31,349 Stock-based compensation 23,006 2,991 374 26,371 Capital expenditures 22,459 460 2,763 25,682 Year Ended August 31, 2014 U.S. Europe Asia Pacific Total Revenues from clients $ 624,642 $ 227,395 $ 68,298 $ 920,335 Segment operating profit 165,004 100,937 36,278 302,219 Total assets 362,255 239,654 61,303 663,212 Depreciation and amortization 25,574 5,656 3,205 34,435 Stock-based compensation 20,288 2,231 372 22,891 Capital expenditures 16,047 647 1,049 17,743 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Years ended August 31, (in thousands) 2016 2015 2014 Revenues (1) United States $ 755,492 $ 678,774 $ 624,642 United Kingdom 154,902 144,769 131,848 All other European countries 122,780 106,753 95,547 Asia Pacific 93,918 76,472 68,298 Total revenues $ 1,127,092 $ 1,006,768 $ 920,335 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | At August 31, (in thousands) 2016 2015 2014 Long-lived Assets (1) United States $ 70,646 $ 49,923 $ 46,294 United Kingdom 5,772 3,655 4,669 All other European countries 1,018 1,322 2,267 Asia Pacific 7,186 4,364 4,411 Total long-lived assets $ 84,622 $ 59,264 $ 57,641 |
Note 8 - Business Combinations
Note 8 - Business Combinations (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (i n thousands) Tangible assets acquired $ 9,656 Amortizable intangible assets Software technology 43,000 Client relationships 27,000 Non-compete agreements 3,500 Trade name 2,000 Goodwill 187,378 Total assets acquired $ 272,534 Liabilities assumed (8,951 ) Net assets acquired $ 263,583 (in thousands) Cash consideration $ 32,962 Fair value of FactSet stock issued 2,991 Total purchase price $ 35,953 (in thousands) Tangible assets acquired $ 3,090 Amortizable intangible assets Software technology 4,359 Client relationships 3,546 Non-compete agreements 201 Trade name 155 Goodwill 29,602 Total assets acquired $ 40,953 Liabilities assumed (5,000 ) Net assets acquired $ 35,953 |
Note 10 - Goodwill (Tables)
Note 10 - Goodwill (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) U.S. Europe Asia Pacific Total Balance at August 31, 2014 $ 179,434 $ 103,032 $ 3,142 $ 285,608 Acquisitions and other adjustments 32,435 — — 32,435 Foreign currency translations — (9,307 ) (449 ) (9,756 ) Balance at August 31, 2015 $ 211,869 $ 93,725 $ 2,693 $ 308,287 Acquisitions and other adjustments 187,352 — — 187,352 Disposition (31,741 ) (665 ) — (32,406 ) Foreign currency translations — (10,780 ) 462 (10,318 ) Balance at August 31, 2016 $ 367,480 $ 82,280 $ 3,155 $ 452,915 |
Note 11 - Intangible Assets (Ta
Note 11 - Intangible Assets (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Portware Intangible Assets Allocation (in thousands) Amortization Period (years) Acquisition Cost Software technology 8.0 $ 43,000 Client relationships 16.0 27,000 Non-compete agreements 7.0 3,500 Trade name 5.0 2,000 Total 10.7 $ 75,500 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At August 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,167 $ 16,758 $ 17,409 Client relationships 45,185 16,480 28,705 Software technology 62,560 20,545 42,015 Non-compete agreements 4,344 1,118 3,226 Trade names 2,728 922 1,806 Total $ 148,984 $ 55,823 $ 93,161 At August 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 39,911 $ 16,667 $ 23,244 Client relationships 27,873 18,241 9,632 Software technology 21,203 15,042 6,161 Non-compete agreements 1,058 637 421 Trade names 1,614 1,020 594 Total $ 91,659 $ 51,607 $ 40,052 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year (in thousands) Estimated Amortization Expense 2017 $ 13,997 2018 13,156 2019 12,196 2020 11,745 2021 10,456 Thereafter 31,611 Total $ 93,161 |
Note 12 - Property, Equipment38
Note 12 - Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | August 31, (in thousands) 2016 2015 Leasehold improvements $ 103,238 $ 92,427 Computers and related equipment 110,661 87,732 Furniture and fixtures 39,375 33,120 Subtotal $ 253,274 $ 213,279 Less accumulated depreciation and amortization (168,652 ) (154,015 ) Property, equipment and leasehold improvements, net $ 84,622 $ 59,264 |
Note 13 - Common Stock and Ea39
Note 13 - Common Stock and Earnings Per Share (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Years ended August 31, (in thousands) 2016 2015 2014 Balance, beginning of year (September 1) 41,317 41,793 43,324 Common stock issued for employee stock plans 823 1,213 959 Repurchases of common stock (2,102 ) (1,689 ) (2,490 ) Balance, end of year (August 31) 40,038 41,317 41,793 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the year ended August 31, 2016 Basic EPS Income available to common stockholders $ 338,815 40,880 $ 8.29 Diluted EPS Dilutive effect of stock options and restricted stock 485 Income available to common stockholders plus assumed conversions $ 338,815 41,365 $ 8.19 For the year ended August 31, 2015 Basic EPS Income available to common stockholders $ 241,051 41,572 $ 5.80 Diluted EPS Dilutive effect of stock options and restricted stock 663 Income available to common stockholders plus assumed conversions $ 241,051 42,235 $ 5.71 For the year ended August 31, 2014 Basic EPS Income available to common stockholders $ 211,543 42,436 $ 4.98 Diluted EPS Dilutive effect of stock options and restricted stock 534 Income available to common stockholders plus assumed conversions $ 211,543 42,970 $ 4.92 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Dividends Per Type Record Date Total $ Amount (in thousands) Payment Date August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 May 6, 2016 $ 0.50 Regular (cash) May 31, 2016 $ 20,171 June 21, 2016 February 5, 2016 $ 0.44 Regular (cash) February 29, 2016 $ 18,044 March 15, 2016 November 6, 2015 $ 0.44 Regular (cash) November 30, 2015 $ 18,208 December 15, 2015 August 10, 2015 $ 0.44 Regular (cash) August 31, 2015 $ 18,179 September 15, 2015 May 12, 2015 $ 0.44 Regular (cash) May 29, 2015 $ 18,274 June 16, 2015 February 11, 2015 $ 0.39 Regular (cash) February 27, 2015 $ 16,236 March 17, 2015 November 12, 2014 $ 0.39 Regular (cash) November 28, 2014 $ 16,216 December 16, 2014 August 14, 2014 $ 0.39 Regular (cash) August 29, 2014 $ 16,299 September 16, 2014 May 5, 2014 $ 0.39 Regular (cash) May 30, 2014 $ 16,386 June 17, 2014 February 11, 2014 $ 0.35 Regular (cash) February 28, 2014 $ 14,827 March 18, 2014 November 14, 2013 $ 0.35 Regular (cash) November 29, 2013 $ 15,046 December 17, 2013 |
Note 15 - Stock Option and Re41
Note 15 - Stock Option and Retirement Plans (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | (in thousands, except per share data) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2013 4,729 $ 75.95 Granted – non performance-based 174 $ 103.36 Granted – performance-based 203 $ 109.56 Granted – non-employee Directors grant 14 $ 107.65 Exercised (789 ) $ 57.56 Forfeited (1) (849 ) $ 91.98 Balance at August 31, 2014 3,482 $ 79.67 Granted – non performance-based 677 $ 140.49 Granted – performance-based 138 $ 148.52 Granted – non-employee Directors grant 14 $ 138.48 Exercised (1,060 ) $ 63.03 Forfeited (134 ) $ 106.01 Balance at August 31, 2015 3,117 $ 100.71 Granted – non performance-based 622 $ 171.18 Granted – performance-based 551 $ 165.59 Granted – non-employee Directors grant 23 $ 146.82 Exercised (681 ) $ 71.52 Forfeited (268 ) $ 113.70 Balance at August 31, 2016 3,364 $ 129.54 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding Exercisable Range of Exercise Prices Per Share Number Outstanding Weighted Average Remaining Years of Contractual Life Weighted Aggregat e Intrinsic Value Number Exercisable Weighted Average Exercise Price Per Share Aggregate $58.78 – $91.06 463 3.0 $ 81.54 $ 44,676 335 $ 78.00 $ 33,511 $92.22 – $92.22 534 6.2 $ 92.22 $ 45,823 369 $ 92.22 $ 31,664 $94.84 – $110.31 419 5.8 $ 98.76 $ 33,213 251 $ 96.14 $ 20,555 $131.31 – $152.10 717 8.4 $ 138.39 $ 28,421 2 $ 138.48 $ 79 $152.15 – $165.37 702 9.0 $ 164.78 $ 9,301 13 $ 164.90 $ 171 $166.74 – $175.20 529 9.2 $ 174.91 $ 1,649 — $ — $ — Total Fiscal 2016 3,364 7.2 $ 129.54 $ 163,083 970 $ 89.42 $ 85,980 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Prior Year Amounts August 31, 2015 August 31, 2014 Number of Shares Weighted Average Exercise Price Per Share Number of Shares Weighted Average Exercise Price Per Share Outstanding at fiscal year end 3,117 $ 100.71 3,482 $ 79.67 Exercisable at fiscal year end 1,352 $ 78.70 1,899 $ 68.78 |
Schedule of Share-based Compensation Vesting Percentage and Related Expenses [Table Text Block] | Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized Fifth 20% (current expectation) $ (1,290 ) $ 310 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (820 ) $ — 10% $ (704 ) $ 183 40% $ (352 ) $ 732 70% (current expectation) $ — $ 1,281 100% $ 352 $ 1,828 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (469 ) $ — 10% $ (352 ) $ 183 40% (current expectation) $ — $ 732 70% $ 352 $ 1,281 100% $ 704 $ 1,828 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 50% $ 2,144 $ 10,106 70% $ 3,002 $ 14,148 100% $ 4,288 $ 20,212 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 50% $ 8 $ 492 70% $ 12 $ 688 100% $ 17 $ 984 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2013 358 $ 80.43 Granted (restricted stock and stock units) 204 $ 101.95 Vested (1) (135 ) $ 84.48 Canceled/forfeited (59 ) $ 86.39 Balance at August 31, 2014 368 $ 89.77 Granted (restricted stock and stock units) 55 $ 138.23 Vested (2) (95 ) $ 70.94 Canceled/forfeited (15 ) $ 101.04 Balance at August 31, 2015 313 $ 103.34 Granted (restricted stock and stock units) 97 $ 159.64 Vested (3) (69 ) $ 85.04 Canceled/forfeited (79 ) $ 112.51 Balance at August 31, 2016 262 $ 126.27 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (in thousands) Share-based Awards Available for Grant under the Employee Stock Option Plan Share-based Awards Available for Grant under the Non-Employee Stock Option Plan Balance at August 31, 2013 3,116 107 Granted – non performance-based options (174 ) — Granted – performance-based options (203 ) — Granted – non-employee Directors grant — (14 ) Restricted stock awards granted (1) (510 ) — Share-based awards canceled/forfeited (2) 993 9 Balance at August 31, 2014 3,222 102 Granted – non performance-based options (677 ) — Granted – performance-based options (138 ) — Granted – non-employee Directors grant — (14 ) Restricted stock awards granted (1) (137 ) — Share-based awards canceled/forfeited (2) 171 — Balance at August 31, 2015 2,441 88 Granted – non performance-based options (622 ) — Granted – performance-based options (551 ) — Granted – non-employee Directors grant — (22 ) Restricted stock awards granted (1) (243 ) — Share-based awards canceled/forfeited (2) 466 — Balance at August 31, 2016 1,491 66 |
Note 16 - Stock-based Compens42
Note 16 - Stock-based Compensation (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
The 2008 Employee Stock Purchase Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Risk-free interest rate 0.22 % 0.03 % 0.04 % Expected life (months) 3 3 3 Expected volatility 10.7 % 16.3 % 9.8 % Dividend yield 1.18 % 1.15 % 1.38 % |
Non Employee Directors Stock Option Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 1.62 % Expected life (years) 5.4 Expected volatility 23.0 % Dividend yield 1.05 % Risk-free interest rate 1.45 % Expected life (years) 5.4 Expected volatility 23 % Dividend yield 1.30 % Risk-free interest rate 1.66 % Expected life (years) 5.4 Expected volatility 29 % Dividend yield 1.35 % |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Term structure of risk-free interest rate 0.07% - 2.1 % 0.01% - 2.3 % 0.01% - 2.6 % Expected life (years) 7.3 – 8.1 5.8 – 9.4 7.6 – 7.8 Term structure of volatility 21% - 30 % 20% - 31 % 23% - 33 % Dividend yield 1.09 % 1.32 % 1.35 % Weighted average estimated fair value $ 46.08 $ 41.87 $ 29.64 Weighted average exercise price $ 168.55 $ 141.84 $ 106.69 Fair value as a percentage of exercise price 27.3 % 29.5 % 27.8 % |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended August 31, (in thousands) 2016 2015 2014 U.S. operations $ 353,434 $ 263,411 $ 242,839 Non-U.S. operations 107,559 70,343 60,625 Income before income taxes $ 460,993 $ 333,754 $ 303,464 U.S. operations $ 106,671 $ 88,147 $ 81,998 Non-U.S. operations 15,507 4,556 9,923 Total provision for income taxes $ 122,178 $ 92,703 $ 91,921 Effective tax rate 26.5 % 27.8 % 30.3 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended August 31, (in thousands) 2016 2015 2014 Current U.S. federal $ 97,703 $ 82,885 $ 77,368 U.S. state and local 4,917 4,419 3,972 Non-U.S. 15,030 6,368 10,350 Total current taxes $ 117,650 93,672 $ 91,690 Deferred U.S. federal $ 3,915 $ 720 $ 547 U.S. state and local 136 123 111 Non-U.S. 477 (1,812 ) (427 ) Total deferred taxes $ 4,528 $ (969 ) $ 231 Total provision for income taxes $ 122,178 $ 92,703 $ 91,921 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended August 31, (expressed as a percentage of income before income taxes) 2016 2015 2014 Tax at U.S. Federal statutory tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State and local taxes, net of U.S. federal income tax benefit 1.5 1.6 1.8 Foreign income at other than U.S. rates (5.0 ) (1) (3.0 ) (2.9 ) Domestic production activities deduction (1.5 ) (2.2 ) (2.1 ) Income tax benefits from R&D tax credits (3.6 ) (2.7 ) (1.1 ) Income tax benefits from foreign tax credits (0.2 ) (0.3 ) (0.4 ) Other, net 0.3 (0.6 ) — Effective tax rate 26.5 % (2) 27.8 % (3) 30.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At August 31, (in thousands) 2016 2015 Current Receivable reserve $ 531 $ 541 Deferred rent 1,022 794 Other 1,605 770 Net current deferred tax assets $ 3,158 $ 2,105 Non-current Depreciation on property, equipment and leasehold improvements $ 5,194 $ 10,880 Deferred rent 9,626 5,108 Stock-based compensation 19,927 17,562 Purchased intangible assets, including acquired technology (24,645 ) (17,533 ) Other 3,304 4,582 Net non-current deferred tax assets $ 13,406 $ 20,599 Total deferred tax assets $ 16,564 $ 22,704 At August 31, (in thousands) 2016 2015 Current Other $ 291 $ 562 Net current deferred tax liabilities $ 291 $ 562 Non-current Purchased intangible assets, including acquired technology $ 1,666 $ 1,886 Other 42 (189 ) Net non-current deferred tax liabilities $ 1,708 $ 1,697 Total deferred tax liabilities $ 1,999 $ 2,259 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Unrecognized income tax benefits at August 31, 2013 $ 5,435 Additions based on tax positions related to the current year 921 Additions for tax positions of prior years 628 Statute of limitations lapse (717 ) Reductions from settlements with taxing authorities (766 ) Unrecognized income tax benefits at August 31, 2014 $ 5,501 Additions based on tax positions related to the current year 962 Additions for tax positions of prior years 1,122 Statute of limitations lapse (809 ) Unrecognized income tax benefits at August 31, 2015 $ 6,776 Additions based on tax positions related to the current year 1,779 Additions for tax positions of prior years 1,436 Statute of limitations lapse (1,209 ) Unrecognized income tax benefits at August 31, 2016 $ 8,782 |
Summary of Income Tax Examinations [Table Text Block] | Major Tax Jurisdictions Open Tax Years U.S. Federal 2013 through 2016 State (various) 2010 through 2016 Europe United Kingdom 2013 through 2016 France 2012 through 2016 |
Note 18 - Debt (Tables)
Note 18 - Debt (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | At August 31, (in thousands) 2016 2015 2015 Revolving Credit Facility (maturity date of September 21, 2018) $ 300,000 $ 35,000 Total Outstanding Debt $ 300,000 $ 35,000 |
Note 19 - Commitments and Con45
Note 19 - Commitments and Contingencies (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ended August 31, (in thousands) Minimum Lease Payments 2017 $ 30,445 2018 32,453 2019 30,422 2020 24,751 2021 19,306 Thereafter 148,766 Total $ 286,143 |
Note 21 - Unaudited Quarterly46
Note 21 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal 2016 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 270,504 $ 281,796 $ 287,501 $ 287,291 Cost of services $ 114,736 $ 123,911 $ 124,602 $ 124,160 Selling, general and administrative $ 68,460 $ 72,541 $ 73,609 $ 75,397 Operating income $ 87,308 $ 85,344 $ 89,290 $ 87,734 Net income $ 59,965 $ 67,763 $ 66,781 $ 144,306 Diluted earnings per common share (1) $ 1.43 $ 1.63 $ 1.62 $ 3.55 Weighted average common shares (diluted) 42,063 41,536 41,189 40,673 Fiscal 2015 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 242,676 $ 247,792 $ 254,522 $ 261,779 Cost of services $ 97,543 $ 99,516 $ 100,686 $ 107,595 Selling, general and administrative $ 64,873 $ 67,628 $ 68,480 $ 68,531 Operating income $ 80,260 $ 80,648 $ 85,356 $ 85,653 Net income $ 55,860 $ 61,598 $ 61,409 $ 62,184 Diluted earnings per common share (1) $ 1.32 $ 1.46 $ 1.45 $ 1.48 Weighted average common shares (diluted) 42,340 42,306 42,297 41,995 |
Note 3 - Summary of Significa47
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Computer Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Unbilled Receivables, Not Billable | $ 1,100,000 | |||
Allowance for Doubtful Accounts Receivable | 1,500,000 | $ 1,600,000 | ||
Interest Income and Fees, Bankers Acceptances, Certificates of Deposit and Commercial Paper | $ 1,600,000 | 2,000,000 | $ 1,200,000 | |
Number of Reporting Units | 3 | |||
Employee Compensation, Percentage of Discretionary Incentives | 15.00% | |||
Accrued Bonuses | $ 38,200,000 | 38,600,000 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (67,338,000) | (43,694,000) | ||
Unrecognized Tax Benefits | 8,782,000 | 6,776,000 | $ 5,501,000 | $ 5,435,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,300,000 | $ 1,300,000 |
Note 4 - Fair Value Measures (D
Note 4 - Fair Value Measures (Details Textual) - USD ($) $ in Millions | Aug. 31, 2016 | Aug. 31, 2015 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Fair Value | $ 300 | $ 35 |
Long-term Debt, Fair Value | $ 300 |
Note 4 - Fair Value Measures -
Note 4 - Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 | |
Fair Value, Inputs, Level 1 [Member] | |||
Corporate money market funds | [1] | $ 92,765 | $ 89,443 |
Certificates of deposit | [2] | ||
Net derivative asset amounts | [3] | ||
Total assets measured at fair value | 92,765 | 89,443 | |
Derivative instruments | [3] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 2 [Member] | |||
Corporate money market funds | [1] | ||
Certificates of deposit | [2] | 24,217 | 23,497 |
Net derivative asset amounts | [3] | 869 | 1,035 |
Total assets measured at fair value | 25,086 | 24,532 | |
Derivative instruments | [3] | 2,791 | 1,602 |
Total liabilities measured at fair value | 2,791 | 1,602 | |
Fair Value, Inputs, Level 3 [Member] | |||
Corporate money market funds | [1] | ||
Certificates of deposit | [2] | ||
Net derivative asset amounts | [3] | ||
Total assets measured at fair value | |||
Derivative instruments | [3] | ||
Total liabilities measured at fair value | |||
Corporate money market funds | [1] | 92,765 | 89,443 |
Certificates of deposit | [2] | 24,217 | 23,497 |
Net derivative asset amounts | [3] | 869 | 1,035 |
Total assets measured at fair value | 117,851 | 113,975 | |
Derivative instruments | [3] | 2,791 | 1,602 |
Total liabilities measured at fair value | $ 2,791 | $ 1,602 | |
[1] | The Company's corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company's corporate money market funds are classified as Level 1 and included in Cash and cash equivalents within the Consolidated Balance Sheets. | ||
[2] | The Company's certificates of deposit held for investment are not debt securities and are classified as Level 2. These certificates of deposit have original maturities greater than three months, but less than one year and, as such, are classified as Investments (short-term) within the Consolidated Balance Sheets. | ||
[3] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign exchange forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. |
Note 5 - Derivative Instrumen50
Note 5 - Derivative Instruments (Details Textual) ₨ in Millions, £ in Millions | 12 Months Ended | ||||
Aug. 31, 2016USD ($) | Aug. 31, 2015USD ($) | Aug. 31, 2016INR (₨) | Aug. 31, 2016USD ($) | Aug. 31, 2016GBP (£) | |
United Kingdom, Pounds | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | $ 15,831,000 | $ 33,280,000 | |||
United Kingdom, Pounds | |||||
Percent of Foreign Exchange Contracts Hedged | 50.00% | ||||
India, Rupees | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | 56,320,000 | 58,410,000 | |||
India, Rupees | |||||
Percent of Foreign Exchange Contracts Hedged | 75.00% | ||||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | 92,414,000 | ₨ 4.2 | $ 91,690,000 | £ 23.1 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 2,600,000 | ||||
Gain (Loss) on Discontinuation of Foreign Currency Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 |
Note 5 - Derivative Instrumen51
Note 5 - Derivative Instruments - Hedging Positions and Corresponding Fair Values (Details) - Foreign Exchange Contract [Member] $ in Thousands, ₨ in Millions, £ in Millions | Aug. 31, 2016INR (₨) | Aug. 31, 2016USD ($) | Aug. 31, 2016GBP (£) | Aug. 31, 2015USD ($) |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Gross Notional Value | $ 33,280 | $ 15,831 | ||
Fair Value Asset (Liability) | (2,791) | 280 | ||
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Gross Notional Value | 20,263 | |||
Fair Value Asset (Liability) | 143 | |||
India, Rupees | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Gross Notional Value | 58,410 | 56,320 | ||
Fair Value Asset (Liability) | 869 | (990) | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Gross Notional Value | ₨ 4.2 | 91,690 | £ 23.1 | 92,414 |
Fair Value Asset (Liability) | (1,922) | (567) | ||
Fair Value Asset (Liability) | $ (1,922) | $ (567) |
Note 5 - Derivative Instrumen52
Note 5 - Derivative Instruments - Fair Value Amounts of Derivative Instruments and Gains (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Gross derivative asset amounts | $ 163 | $ 1,035 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Gross derivative asset amounts | 706 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Derivative liabilities | 2,791 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Deferred Rent and Other Noncurrent Liabilities [Member] | ||
Derivative liabilities | 1,602 | |
Gross derivative asset amounts | 869 | 1,040 |
Derivative liabilities | $ 2,791 | $ 1,607 |
Note 5 - Derivative Instrumen53
Note 5 - Derivative Instruments - Derivatives in Cash Flow Hedging Relationships (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Foreign currency forward contracts | $ (1,806) | $ (1,939) | $ 8,294 |
Foreign currency forward contracts | $ (451) | $ (559) | $ (260) |
Note 5 - Derivative Instrumen54
Note 5 - Derivative Instruments - Offsetting of Derivative Instruments (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Gross derivative asset amounts | $ 869 | $ 1,040 |
Gross derivative asset amounts offset in balance sheet | (5) | |
Net derivative asset amounts | 869 | 1,035 |
Gross derivative liability amounts | (2,791) | (1,607) |
Gross derivative liability amounts offset in balance sheet | 5 | |
Net derivative liability amounts | (2,791) | (1,602) |
Gross derivative amounts | (1,922) | (567) |
Gross derivative amounts offset in balance sheet | ||
Fair Value Asset (Liability) | $ (1,922) | $ (567) |
Note 6 - Other Comprehensive 55
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss - Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Foreign currency translation adjustments | $ (23,644) | $ (25,263) | $ 7,895 | |
Foreign currency translation adjustments | (23,644) | (25,263) | 7,895 | |
Realized loss (gain) on cash flow hedges reclassified to earnings | [1] | 451 | 559 | 260 |
Realized loss (gain) on cash flow hedges reclassified to earnings | [1] | 284 | 352 | 164 |
Unrealized (loss) gain on cash flow hedges recognized in AOCL | (1,806) | (1,939) | 8,294 | |
Unrealized (loss) gain on cash flow hedges recognized in AOCL | (1,141) | (1,220) | 5,193 | |
Other comprehensive (loss) income | (24,999) | (26,643) | 16,449 | |
Other comprehensive (loss) income | $ (24,501) | $ (26,131) | $ 13,252 | |
[1] | Reclassified to Selling, General and Administrative Expenses |
Note 6 - Other Comprehensive 56
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Accumulated unrealized losses on cash flow hedges, net of tax | $ (1,215) | $ (358) |
Accumulated foreign currency translation adjustments | (67,338) | (43,694) |
Total accumulated other comprehensive loss | $ (68,553) | $ (44,052) |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016USD ($) | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | |
UNITED STATES | |||
Goodwill | $ 367,480 | $ 211,869 | $ 179,434 |
Goodwill Percentage Per Segment | 81.00% | ||
Europe [Member] | |||
Goodwill | $ 82,280 | 93,725 | 103,032 |
Goodwill Percentage Per Segment | 18.00% | ||
Asia Pacific [Member] | |||
Goodwill | $ 3,155 | 2,693 | 3,142 |
Goodwill Percentage Per Segment | 1.00% | ||
Number of Operating Segments | 3 | ||
Goodwill | $ 452,915 | $ 308,287 | $ 285,608 |
Note 7 - Segment Information -
Note 7 - Segment Information - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |||||
UNITED STATES | |||||||||||||||
Revenues from clients | [1] | $ 755,492 | $ 678,774 | $ 624,642 | |||||||||||
Segment operating profit | 165,251 | 172,980 | 165,004 | ||||||||||||
Total assets | $ 654,796 | $ 427,990 | 654,796 | 427,990 | 362,255 | ||||||||||
Depreciation and amortization | 31,529 | 23,645 | 25,574 | ||||||||||||
Stock-based compensation | 25,776 | 23,006 | 20,288 | ||||||||||||
Capital expenditures | 38,631 | 22,459 | 16,047 | ||||||||||||
Europe [Member] | |||||||||||||||
Revenues from clients | 277,682 | 251,522 | 227,395 | ||||||||||||
Segment operating profit | 131,410 | 116,310 | 100,937 | ||||||||||||
Total assets | 279,864 | 239,689 | 279,864 | 239,689 | 239,654 | ||||||||||
Depreciation and amortization | 4,220 | 5,135 | 5,656 | ||||||||||||
Stock-based compensation | 3,459 | 2,991 | 2,231 | ||||||||||||
Capital expenditures | 4,092 | 460 | 647 | ||||||||||||
Asia Pacific [Member] | |||||||||||||||
Revenues from clients | [1] | 93,918 | 76,472 | 68,298 | |||||||||||
Segment operating profit | 53,015 | 42,628 | 36,278 | ||||||||||||
Total assets | 84,501 | 68,992 | 84,501 | 68,992 | 61,303 | ||||||||||
Depreciation and amortization | 2,303 | 2,569 | 3,205 | ||||||||||||
Stock-based compensation | 558 | 374 | 372 | ||||||||||||
Capital expenditures | 5,017 | 2,763 | 1,049 | ||||||||||||
Revenues from clients | 287,291 | $ 287,501 | $ 281,796 | $ 270,504 | 261,779 | $ 254,522 | $ 247,792 | $ 242,676 | 1,127,092 | [1] | 1,006,768 | [1] | 920,335 | [1] | |
Segment operating profit | 87,734 | $ 89,290 | $ 85,344 | $ 87,308 | 85,653 | $ 85,356 | $ 80,648 | $ 80,260 | 349,676 | 331,918 | 302,219 | ||||
Total assets | $ 1,019,161 | $ 736,671 | 1,019,161 | 736,671 | 663,212 | ||||||||||
Depreciation and amortization | 38,052 | 31,349 | 34,435 | ||||||||||||
Stock-based compensation | 29,793 | 26,371 | 22,891 | ||||||||||||
Capital expenditures | $ 47,740 | $ 25,682 | $ 17,743 | ||||||||||||
[1] | Revenues are attributed to countries based on the location of the client. |
Note 7 - Segment Information 59
Note 7 - Segment Information - Revenues from Countries That Are 10% Or More of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |||||
UNITED STATES | |||||||||||||||
Revenues1 | |||||||||||||||
Revenues from clients | [1] | $ 755,492 | $ 678,774 | $ 624,642 | |||||||||||
UNITED KINGDOM | |||||||||||||||
Revenues1 | |||||||||||||||
Revenues from clients | [1] | 154,902 | 144,769 | 131,848 | |||||||||||
All Other European Countries [Member] | |||||||||||||||
Revenues1 | |||||||||||||||
Revenues from clients | [1] | 122,780 | 106,753 | 95,547 | |||||||||||
Asia Pacific [Member] | |||||||||||||||
Revenues1 | |||||||||||||||
Revenues from clients | [1] | 93,918 | 76,472 | 68,298 | |||||||||||
Revenues from clients | $ 287,291 | $ 287,501 | $ 281,796 | $ 270,504 | $ 261,779 | $ 254,522 | $ 247,792 | $ 242,676 | $ 1,127,092 | [1] | $ 1,006,768 | [1] | $ 920,335 | [1] | |
[1] | Revenues are attributed to countries based on the location of the client. |
Note 7 - Segment Information 60
Note 7 - Segment Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
UNITED STATES | ||||
Long-lived Assets | [1] | $ 70,646 | $ 49,923 | $ 46,294 |
UNITED KINGDOM | ||||
Long-lived Assets | [1] | 5,772 | 3,655 | 4,669 |
All Other European Countries [Member] | ||||
Long-lived Assets | [1] | 1,018 | 1,322 | 2,267 |
Asia Pacific [Member] | ||||
Long-lived Assets | [1] | 7,186 | 4,364 | 4,411 |
Long-lived Assets | [1] | $ 84,622 | $ 59,264 | $ 57,641 |
[1] | Long-lived assets consist of property, equipment and leasehold improvements, net of accumulated depreciation and amortization and exclude goodwill, intangible assets, deferred taxes and other assets. |
Note 8 - Business Combination61
Note 8 - Business Combinations (Details Textual) | Oct. 16, 2015USD ($) | Feb. 06, 2015USD ($) | May 31, 2016USD ($) | Aug. 31, 2016USD ($) |
Portware LLC [Member] | Customer Relationships [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 27,000,000 | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||
Portware LLC [Member] | Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Portware LLC [Member] | Noncompete Agreements [Member] | ||||
Finite-lived Intangible Assets Acquired | 3,500,000 | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Portware LLC [Member] | Trade Names [Member] | ||||
Finite-lived Intangible Assets Acquired | 2,000,000 | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Portware LLC [Member] | ||||
Business Combination, Consideration Transferred | $ 263,600,000 | |||
Entity Number of Employees | 166 | |||
Business Combination, Acquisition Related Costs | 700,000 | |||
Finite-lived Intangible Assets Acquired | $ 75,500,000 | $ 75,500,000 | 75,500,000 | |
Goodwill, Acquired During Period | $ 187,400,000 | |||
Goodwill Percentage Per Segment | 77.00% | |||
Code Red, Inc. [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Code Red, Inc. [Member] | Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||
Code Red, Inc. [Member] | Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Code Red, Inc. [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Code Red, Inc. [Member] | ||||
Business Combination, Consideration Transferred | $ 35,953,000 | |||
Entity Number of Employees | 32 | |||
Finite-lived Intangible Assets Acquired | $ 8,300,000 | |||
Goodwill, Acquired During Period | $ 29,600,000 | |||
Goodwill, Acquired During Period | $ 187,400,000 |
Note 8 - Business Combination62
Note 8 - Business Combinations - Business Acquired (Details) - USD ($) $ in Thousands | Oct. 16, 2015 | Feb. 06, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 |
Portware LLC [Member] | Computer Software, Intangible Asset [Member] | |||||
Amortizable intangible assets | $ 43,000 | ||||
Portware LLC [Member] | Customer Relationships [Member] | |||||
Amortizable intangible assets | 27,000 | ||||
Portware LLC [Member] | Noncompete Agreements [Member] | |||||
Amortizable intangible assets | 3,500 | ||||
Portware LLC [Member] | Trade Names [Member] | |||||
Amortizable intangible assets | 2,000 | ||||
Portware LLC [Member] | |||||
Tangible assets acquired | 9,656 | ||||
Goodwill | 187,378 | ||||
Total assets acquired | 272,534 | ||||
Liabilities assumed | (8,951) | ||||
Net assets acquired | 263,583 | ||||
Total purchase price | $ 263,600 | ||||
Code Red, Inc. [Member] | Computer Software, Intangible Asset [Member] | |||||
Amortizable intangible assets | $ 4,359 | ||||
Code Red, Inc. [Member] | Customer Relationships [Member] | |||||
Amortizable intangible assets | 3,546 | ||||
Code Red, Inc. [Member] | Noncompete Agreements [Member] | |||||
Amortizable intangible assets | 201 | ||||
Code Red, Inc. [Member] | Trade Names [Member] | |||||
Amortizable intangible assets | 155 | ||||
Code Red, Inc. [Member] | |||||
Tangible assets acquired | 3,090 | ||||
Goodwill | 29,602 | ||||
Total assets acquired | 40,953 | ||||
Liabilities assumed | (5,000) | ||||
Net assets acquired | 35,953 | ||||
Cash consideration | 32,962 | ||||
Fair value of FactSet stock issued | 2,991 | ||||
Total purchase price | $ 35,953 | ||||
Goodwill | $ 452,915 | $ 308,287 | $ 285,608 |
Note 9 - Dispositions (Details
Note 9 - Dispositions (Details Textual) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - Market Research Business [Member] $ in Millions | Jul. 01, 2016USD ($) |
Proceeds from Divestiture of Businesses | $ 165 |
Proceeds from Divestiture of Businesses, Bonus Adjustment | 9.7 |
Gain (Loss) on Disposition of Business, Net of Tax | 81.7 |
Gain (Loss) on Disposition of Business, Tax | $ 30.8 |
Note 10 - Goodwill (Details Tex
Note 10 - Goodwill (Details Textual) $ in Millions | 12 Months Ended |
Aug. 31, 2016USD ($) | |
Number of Reporting Units | 3 |
Goodwill, Acquired During Period | $ 187.4 |
Note 10 - Goodwill - Changes in
Note 10 - Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
UNITED STATES | ||
Begining Balance | $ 211,869 | $ 179,434 |
Acquisitions and other adjustments | 187,352 | 32,435 |
Foreign currency translations | ||
Ending Balance | 367,480 | 211,869 |
Disposition | (31,741) | |
Europe [Member] | ||
Begining Balance | 93,725 | 103,032 |
Acquisitions and other adjustments | ||
Foreign currency translations | (10,780) | (9,307) |
Ending Balance | 82,280 | 93,725 |
Disposition | (665) | |
Asia Pacific [Member] | ||
Begining Balance | 2,693 | 3,142 |
Acquisitions and other adjustments | ||
Foreign currency translations | 462 | (449) |
Ending Balance | 3,155 | 2,693 |
Disposition | ||
Begining Balance | 308,287 | 285,608 |
Acquisitions and other adjustments | 187,352 | 32,435 |
Foreign currency translations | (10,318) | (9,756) |
Ending Balance | 452,915 | $ 308,287 |
Disposition | $ (32,406) |
Note 11 - Intangible Assets (De
Note 11 - Intangible Assets (Details Textual) - USD ($) | Oct. 16, 2015 | May 31, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 |
Portware LLC [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 255 days | 10 years 255 days | |||
Finite-lived Intangible Assets Acquired | $ 75,500,000 | $ 75,500,000 | $ 75,500,000 | ||
Acquired Finite-lived Intangible Asset, Residual Value | 0 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years 109 days | ||||
Amortization of Intangible Assets | $ 14,800,000 | $ 8,200,000 | $ 8,500,000 |
Note 11 - Intangible Assets - I
Note 11 - Intangible Assets - Intangible Assets Acquired (Details) - USD ($) | Oct. 16, 2015 | May 31, 2016 | Aug. 31, 2016 |
Portware LLC [Member] | Software Technology [Member] | |||
Amortization period | 8 years | ||
Acquisition cost | $ 43,000,000 | ||
Portware LLC [Member] | Customer Relationships [Member] | |||
Amortization period | 16 years | ||
Acquisition cost | $ 27,000,000 | ||
Portware LLC [Member] | Noncompete Agreements [Member] | |||
Amortization period | 7 years | ||
Acquisition cost | $ 3,500,000 | ||
Portware LLC [Member] | Trade Names [Member] | |||
Amortization period | 5 years | ||
Acquisition cost | $ 2,000,000 | ||
Portware LLC [Member] | |||
Amortization period | 10 years 255 days | 10 years 255 days | |
Acquisition cost | $ 75,500,000 | $ 75,500,000 | $ 75,500,000 |
Amortization period | 11 years 109 days |
Note 11 - Intangible Assets -68
Note 11 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Data Content [Member] | ||
Gross Carrying Amount | $ 34,167 | $ 39,911 |
Accumulated Amortization | 16,758 | 16,667 |
Net Carrying Amount | 17,409 | 23,244 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 45,185 | 27,873 |
Accumulated Amortization | 16,480 | 18,241 |
Net Carrying Amount | 28,705 | 9,632 |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | 62,560 | 21,203 |
Accumulated Amortization | 20,545 | 15,042 |
Net Carrying Amount | 42,015 | 6,161 |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | 4,344 | 1,058 |
Accumulated Amortization | 1,118 | 637 |
Net Carrying Amount | 3,226 | 421 |
Trade Names [Member] | ||
Gross Carrying Amount | 2,728 | 1,614 |
Accumulated Amortization | 922 | 1,020 |
Net Carrying Amount | 1,806 | 594 |
Gross Carrying Amount | 148,984 | 91,659 |
Accumulated Amortization | 55,823 | 51,607 |
Net Carrying Amount | $ 93,161 | $ 40,052 |
Note 11 - Intangible Assets - E
Note 11 - Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Aug. 31, 2016USD ($) |
2,017 | $ 13,997 |
2,018 | 13,156 |
2,019 | 12,196 |
2,020 | 11,745 |
2,021 | 10,456 |
Thereafter | 31,611 |
Total | $ 93,161 |
Note 12 - Property, Equipment70
Note 12 - Property, Equipment and Leasehold Improvements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Depreciation | $ 23.3 | $ 23.1 | $ 25.9 |
Note 12 - Property, Equipment71
Note 12 - Property, Equipment and Leasehold Improvements - Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Leasehold Improvements [Member] | ||
Property, equipment and leasehold improvements | $ 103,238 | $ 92,427 |
Computer Equipment [Member] | ||
Property, equipment and leasehold improvements | 110,661 | 87,732 |
Furniture and Fixtures [Member] | ||
Property, equipment and leasehold improvements | 39,375 | 33,120 |
Property, equipment and leasehold improvements | 253,274 | 213,279 |
Less accumulated depreciation and amortization | (168,652) | (154,015) |
Property, equipment and leasehold improvements, net | $ 84,622 | $ 59,264 |
Note 13 - Common Stock and Ea72
Note 13 - Common Stock and Earnings Per Share (Details Textual) - $ / shares | May 07, 2016 | May 06, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 |
Employee Stock Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 507,658 | 88,090 | 0 | ||
Performance Shares [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 782,843 | 478,945 | 380,653 | ||
Per Annum [Member] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 2 | ||||
Increase in Dividend Rate | 13.60% | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.50 | $ 0.44 |
Note 13 - Common Stock and Ea73
Note 13 - Common Stock and Earnings Per Share - Shares of Common Stock Outstanding (Details) - shares | Jul. 05, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 |
Balance, beginning of year (September 1) (in shares) | 41,316,902 | 41,793,000 | 43,324,000 | |
Common stock issued for employee stock plans (in shares) | 823,000 | 1,213,000 | 959,000 | |
Repurchases of common stock (in shares) | (595,607) | (1,478,000) | (1,689,337) | (2,490,000) |
Balance, end of year (August 31) (in shares) | 40,038,225 | 41,316,902 | 41,793,000 |
Note 13 - Common Stock and Ea74
Note 13 - Common Stock and Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |||||||||
Income available to common stockholders, net income (numerator) | $ 338,815 | $ 241,051 | $ 211,543 | ||||||||||||||||
Income available to common stockholders, weighted average common share (denominator) (in shares) | 40,880 | 41,572 | 42,436 | ||||||||||||||||
Income available to common stockholders, per share amount (in dollars per share) | $ 8.29 | $ 5.80 | $ 4.98 | ||||||||||||||||
Dilutive effect of stock options and restricted stock, weighted average common share (denominator) (in shares) | 485 | 663 | 534 | ||||||||||||||||
Income available to common stockholders plus assumed conversions, net income (numerator) | $ 338,815 | $ 241,051 | $ 211,543 | ||||||||||||||||
Weighted average common shares (diluted) (in shares) | 40,673 | 41,189 | 41,536 | 42,063 | 41,995 | 42,297 | 42,306 | 42,340 | 41,365 | 42,235 | 42,970 | ||||||||
Diluted earnings per common share(1) (in dollars per share) | $ 3.55 | [1] | $ 1.62 | [1] | $ 1.63 | [1] | $ 1.43 | [1] | $ 1.48 | [1] | $ 1.45 | [1] | $ 1.46 | [1] | $ 1.32 | [1] | $ 8.19 | $ 5.71 | $ 4.92 |
[1] | Diluted earnings per common share is calculated independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the fiscal year. |
Note 14 - Stockholders' Equit75
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 05, 2016 | Jul. 31, 2016 | May 31, 2016 | Nov. 30, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Scenario, Forecast [Member] | |||||||||
Treasury Stock, Shares, Acquired | 102,916 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,244 | 94,870 | 135,000 | [1] | |||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||
Common Stock, Shares, Issued | 51,150,978 | 50,328,423 | |||||||
Treasury Stock, Shares | 11,112,753 | 9,011,521 | |||||||
Common Stock, Shares, Outstanding | 40,038,225 | 41,316,902 | 41,793,000 | 43,324,000 | |||||
Treasury Stock, Shares, Acquired | 595,607 | 1,478,000 | 1,689,337 | 2,490,000 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 120,000 | $ 352,283 | $ 253,076 | $ 275,415 | |||||
Percent of Common Stock to Be Repurchased at Closing Price | 80.00% | ||||||||
Stock Repurchase Program, Additional Amount Authorized | $ 165,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 197,000 | ||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 27,625 | 23,192 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 4,500 | $ 3,100 | |||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||
[1] | The 135,205 restricted stock awards that vested during fiscal 2014 were comprised of: 62,544 of awards granted on November 8, 2010, which cliff vested 60% after three years (on November 8, 2013) with the remaining 40% cliff vesting after five years (on November 8, 2015); 29,087 of awards granted on April 14, 2011, which vested 100% after three years on April 14, 2014; 26,344 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant; and 17,230 awards relating to restricted stock granted on February 9, 2010 which cliff vested 50% after four years (on February 9, 2014). |
Note 14 - Stockholders' Equit76
Note 14 - Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2016 | May 06, 2016 | Feb. 05, 2016 | Nov. 06, 2015 | Aug. 10, 2015 | May 12, 2015 | Feb. 11, 2015 | Nov. 12, 2014 | Aug. 14, 2014 | May 05, 2014 | Feb. 11, 2014 | Nov. 14, 2013 |
Dividends Per Share of Common Stock (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.44 | $ 0.44 | $ 0.44 | $ 0.44 | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.35 | $ 0.35 |
Record Date | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May 30, 2014 | Feb. 28, 2014 | Nov. 29, 2013 |
Total $ Amount | $ 20,019 | $ 20,171 | $ 18,044 | $ 18,208 | $ 18,179 | $ 18,274 | $ 16,236 | $ 16,216 | $ 16,299 | $ 16,386 | $ 14,827 | $ 15,046 |
Payment Date | Sep. 20, 2016 | Jun. 21, 2016 | Mar. 15, 2016 | Dec. 15, 2015 | Sep. 15, 2015 | Jun. 16, 2015 | Mar. 17, 2015 | Dec. 16, 2014 | Sep. 16, 2014 | Jun. 17, 2014 | Mar. 18, 2014 | Dec. 17, 2013 |
Note 15 - Stock Option and Re77
Note 15 - Stock Option and Retirement Plans (Details Textual) - USD ($) | Aug. 01, 2016 | May 02, 2016 | Oct. 16, 2015 | Jul. 31, 2015 | Feb. 09, 2015 | Dec. 17, 2014 | Nov. 03, 2014 | Dec. 23, 2013 | Nov. 01, 2013 | Apr. 08, 2013 | Apr. 14, 2011 | Nov. 08, 2010 | Feb. 09, 2010 | Oct. 23, 2009 | Jul. 31, 2016 | Nov. 30, 2012 | Jul. 31, 2012 | Oct. 01, 2016 | Aug. 31, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Aug. 31, 2016 | Aug. 31, 2013 | |
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||||||||||||||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||||||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,195,649 | 828,652 | 391,478 | |||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 168.14 | $ 141.79 | $ 106.73 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 86,000,000 | $ 86,000,000 | $ 107,100,000 | $ 86,000,000 | ||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 168.55 | $ 141.84 | $ 106.69 | |||||||||||||||||||||||||||
Performance Based Stock Options [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||||||||||||||||||||
Performance Based Stock Options [Member] | The 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,011,510 | |||||||||||||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Code Red, Inc. [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | |||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,300,000 | $ 1,300,000 | 1,300,000 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |||||||||||||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Portware LLC [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 40.00% | 0.00% | |||||||||||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | Code Red, Inc. [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | |||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 700,000 | $ 700,000 | $ 700,000 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |||||||||||||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | Portware LLC [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | 50.00% | |||||||||||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Three [Member] | Portware LLC [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 70.00% | |||||||||||||||||||||||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 137,522 | |||||||||||||||||||||||||||||
Performance Shares [Member] | Portware LLC [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,911 | 530,418 | ||||||||||||||||||||||||||||
Performance Shares [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 241,546 | 20,911 | 530,418 | 137,522 | 165,949 | 36,695 | 551,000 | 138,000 | 203,000 | |||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 171.22 | $ 165.59 | $ 148.52 | $ 109.56 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 80.00% | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 193,256 | |||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | $ 300,000 | $ 300,000 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||||||||||||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | 3 years | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 60.00% | 50.00% | 60.00% | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,344 | 62,544 | 17,230 | 53,495 | ||||||||||||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 40.00% | 40.00% | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,683 | 37,079 | 17,228 | |||||||||||||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,683 | |||||||||||||||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 20,900,000 | $ 20,900,000 | $ 20,900,000 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,087 | 97,319 | 54,862 | 204,124 | 9,464 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 159.64 | $ 138.23 | $ 101.95 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 262,220 | 262,220 | 262,220 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,244 | 94,870 | 135,205 | |||||||||||||||||||||||||||
Restricted Stock [Member] | Market Research Business [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 17,482 | |||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,944 | 255 | 90,180 | 5,704 | 21,294 | 15,070 | 841 | 30,144 | 153,972 | 97,000 | 55,000 | 204,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 164.77 | $ 146.20 | $ 159.13 | $ 157.84 | $ 140.88 | $ 132.71 | $ 124.18 | $ 102.84 | $ 102.22 | $ 159.64 | $ 138.23 | $ 101.95 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 262,000 | 262,000 | 313,000 | 368,000 | 262,000 | 358,000 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,244 | 94,870 | 135,000 | [1] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share Equivalent | 2.5 | 2.5 | 2.5 | |||||||||||||||||||||||||||
The 2004 Stock Option and Award Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 182 days | 3 years 328 days | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 60,800,000 | $ 92,700,000 | $ 44,000,000 | |||||||||||||||||||||||||||
Share Price | $ 178.03 | $ 178.03 | $ 178.03 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 70,800,000 | $ 70,800,000 | $ 70,800,000 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | 10.00% | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 73,072 | 63,265 | 74,889 | |||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 408,544 | 408,544 | 408,544 | |||||||||||||||||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | |||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period | 5 years | |||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 9,700,000 | $ 8,600,000 | $ 7,700,000 | |||||||||||||||||||||||||||
[1] | The 135,205 restricted stock awards that vested during fiscal 2014 were comprised of: 62,544 of awards granted on November 8, 2010, which cliff vested 60% after three years (on November 8, 2013) with the remaining 40% cliff vesting after five years (on November 8, 2015); 29,087 of awards granted on April 14, 2011, which vested 100% after three years on April 14, 2014; 26,344 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant; and 17,230 awards relating to restricted stock granted on February 9, 2010 which cliff vested 50% after four years (on February 9, 2014). |
Note 15 - Stock Option and Re78
Note 15 - Stock Option and Retirement Plans - Summary of Stock Option Activity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2012 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Non Performance Based [Member] | |||||||||||||||
Granted (in shares) | 103,903 | 4,073 | 513,785 | 128,090 | 61,210 | 25,075 | 462,913 | 138,902 | 35,508 | 622,000 | 677,000 | 174,000 | |||
Granted (in dollars per share) | $ 152.10 | $ 150.81 | $ 165.02 | $ 159.14 | $ 131.31 | $ 171.18 | $ 140.49 | $ 103.36 | |||||||
Performance Shares [Member] | |||||||||||||||
Granted (in shares) | 241,546 | 20,911 | 530,418 | 137,522 | 165,949 | 36,695 | 551,000 | 138,000 | 203,000 | ||||||
Granted (in dollars per share) | $ 171.22 | $ 165.59 | $ 148.52 | $ 109.56 | |||||||||||
Non-Employee Director Grant [Member] | |||||||||||||||
Granted (in shares) | 23,000 | 14,000 | 14,000 | ||||||||||||
Granted (in dollars per share) | $ 146.82 | $ 138.48 | $ 107.65 | ||||||||||||
Balance (in shares) | 3,117,000 | 3,482,000 | 4,729,000 | 3,117,000 | 3,482,000 | 4,729,000 | |||||||||
Balance (in dollars per share) | $ 100.71 | $ 79.67 | $ 75.95 | $ 100.71 | $ 79.67 | $ 75.95 | |||||||||
Exercised (in shares) | (681,000) | (1,060,000) | (789,000) | ||||||||||||
Exercised (in dollars per share) | $ 71.52 | $ 63.03 | $ 57.56 | ||||||||||||
Forfeited(1) (in shares) | (268,000) | (134,000) | (849,000) | [1] | |||||||||||
Forfeited(1) (in dollars per share) | $ 113.70 | $ 106.01 | $ 91.98 | [1] | |||||||||||
Balance (in shares) | 3,364,000 | 3,117,000 | 3,364,000 | 3,117,000 | 3,482,000 | ||||||||||
Balance (in dollars per share) | $ 129.54 | $ 100.71 | $ 129.54 | $ 100.71 | $ 79.67 | ||||||||||
[1] | In November 2012, FactSet granted 1,011,510 performance-based employee stock options. Based upon the actual growth in both organic ASV and diluted EPS during the two fiscal years ended August 31, 2014, 20% of the shares became eligible to vest on August 31, 2014 and the remaining were recorded as forfeitures in August 2014. |
Note 15 - Stock Option and Re79
Note 15 - Stock Option and Retirement Plans - Exercise Price Ranges of Outstanding and Exercisable Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 | |
Range 1 [Member] | ||||
Range of Exercise Prices Per Share, Upper Limit (in dollars per share) | $ 91.06 | |||
Number Outstanding (in shares) | 463 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 3 years | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 81.54 | |||
Outstanding Aggregate Intrinsic Value | $ 44,676 | |||
Exercisable Number Exercisable (in shares) | 335 | |||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 78 | |||
Exercisable Aggregate Intrinsic Value | $ 33,511 | |||
Range 2 [Member] | ||||
Range of Exercise Prices Per Share, Upper Limit (in dollars per share) | $ 92.22 | |||
Number Outstanding (in shares) | 534 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 6 years 73 days | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 92.22 | |||
Outstanding Aggregate Intrinsic Value | $ 45,823 | |||
Exercisable Number Exercisable (in shares) | 369 | |||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 92.22 | |||
Exercisable Aggregate Intrinsic Value | $ 31,664 | |||
Range 3 [Member] | ||||
Range of Exercise Prices Per Share, Upper Limit (in dollars per share) | $ 110.31 | |||
Number Outstanding (in shares) | 419 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 5 years 292 days | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 98.76 | |||
Outstanding Aggregate Intrinsic Value | $ 33,213 | |||
Exercisable Number Exercisable (in shares) | 251 | |||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 96.14 | |||
Exercisable Aggregate Intrinsic Value | $ 20,555 | |||
Range 4 [Member] | ||||
Range of Exercise Prices Per Share, Upper Limit (in dollars per share) | $ 152.10 | |||
Number Outstanding (in shares) | 717 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 8 years 146 days | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 138.39 | |||
Outstanding Aggregate Intrinsic Value | $ 28,421 | |||
Exercisable Number Exercisable (in shares) | 2 | |||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 138.48 | |||
Exercisable Aggregate Intrinsic Value | $ 79 | |||
Range 5 [Member] | ||||
Range of Exercise Prices Per Share, Upper Limit (in dollars per share) | $ 165.37 | |||
Number Outstanding (in shares) | 702 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 9 years | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 164.78 | |||
Outstanding Aggregate Intrinsic Value | $ 9,301 | |||
Exercisable Number Exercisable (in shares) | 13 | |||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 164.90 | |||
Exercisable Aggregate Intrinsic Value | $ 171 | |||
Range 6 [Member] | ||||
Range of Exercise Prices Per Share, Upper Limit (in dollars per share) | $ 175.20 | |||
Number Outstanding (in shares) | 529 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 9 years 73 days | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 174.91 | |||
Outstanding Aggregate Intrinsic Value | $ 1,649 | |||
Exercisable Number Exercisable (in shares) | ||||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | ||||
Exercisable Aggregate Intrinsic Value | ||||
Range 7 [Member] | ||||
Number Outstanding (in shares) | 3,364 | |||
Outstanding Weighted Average Remaining Years of Contractual Life | 7 years 73 days | |||
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 129.54 | |||
Outstanding Aggregate Intrinsic Value | $ 163,083 | |||
Exercisable Number Exercisable (in shares) | 970 | |||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 89.42 | |||
Exercisable Aggregate Intrinsic Value | $ 85,980 | |||
Number Outstanding (in shares) | 3,364 | 3,117 | 3,482 | 4,729 |
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 129.54 | $ 100.71 | $ 79.67 | $ 75.95 |
Exercisable Number Exercisable (in shares) | 1,352 | 1,899 | ||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 78.70 | $ 68.78 |
Note 15 - Stock Option and Re80
Note 15 - Stock Option and Retirement Plans - Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2013 |
Number Outstanding (in shares) | 3,364 | 3,117 | 3,482 | 4,729 |
Outstanding Weighted Average Exercise Price Per Share (in dollars per share) | $ 129.54 | $ 100.71 | $ 79.67 | $ 75.95 |
Exercisable Number Exercisable (in shares) | 1,352 | 1,899 | ||
Exercisable Weighted Average Exercise Price Per Share (in dollars per share) | $ 78.70 | $ 68.78 |
Note 15 - Stock Option and Re81
Note 15 - Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) $ in Thousands | 12 Months Ended | |
Aug. 31, 2016USD ($) | ||
Performance Shares [Member] | Share-based Compensation Award, Tranche Five [Member] | ||
Cumulative Catch-up Adjustment | $ (1,290) | [1] |
Remaining Expense to be Recognized | 310 | |
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | 2,144 | [1] |
Remaining Expense to be Recognized | 10,106 | |
Performance Shares [Member] | Share-based Compensation Award, Tranche Three [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | 3,002 | [1] |
Remaining Expense to be Recognized | 14,148 | |
Performance Shares [Member] | Share-based Compensation Award, Tranche Four [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | 4,288 | [1] |
Remaining Expense to be Recognized | 20,212 | |
Performance-based Options, Two Year Measurement Period [Member] | Share-based Compensation Award, Tranche Five [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | 352 | [1] |
Remaining Expense to be Recognized | 1,828 | |
Performance-based Options, Two Year Measurement Period [Member] | Share-based Compensation Award, Tranche One [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | (820) | [1] |
Remaining Expense to be Recognized | ||
Performance-based Options, Two Year Measurement Period [Member] | Share-based Compensation Award, Tranche Two [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | (704) | [1] |
Remaining Expense to be Recognized | 183 | |
Performance-based Options, Two Year Measurement Period [Member] | Share-based Compensation Award, Tranche Three [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | (352) | [1] |
Remaining Expense to be Recognized | 732 | |
Performance-based Options, Two Year Measurement Period [Member] | Share-based Compensation Award, Tranche Four [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | 1,281 | |
Performance-based Options, Four Year Measurement Period [Member] | Share-based Compensation Award, Tranche Five [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | 704 | [1] |
Remaining Expense to be Recognized | 1,828 | |
Performance-based Options, Four Year Measurement Period [Member] | Share-based Compensation Award, Tranche One [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | (469) | [1] |
Remaining Expense to be Recognized | ||
Performance-based Options, Four Year Measurement Period [Member] | Share-based Compensation Award, Tranche Two [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | (352) | [1] |
Remaining Expense to be Recognized | 183 | |
Performance-based Options, Four Year Measurement Period [Member] | Share-based Compensation Award, Tranche Three [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | 732 | |
Performance-based Options, Four Year Measurement Period [Member] | Share-based Compensation Award, Tranche Four [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | 352 | [1] |
Remaining Expense to be Recognized | 1,281 | |
Performance Shares, Additional Granted [Member] | Share-based Compensation Award, Tranche One [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Performance Shares, Additional Granted [Member] | Share-based Compensation Award, Tranche Two [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | 8 | [1] |
Remaining Expense to be Recognized | 492 | |
Performance Shares, Additional Granted [Member] | Share-based Compensation Award, Tranche Three [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | 12 | [1] |
Remaining Expense to be Recognized | 688 | |
Performance Shares, Additional Granted [Member] | Share-based Compensation Award, Tranche Four [Member] | Portware LLC [Member] | ||
Cumulative Catch-up Adjustment | 17 | [1] |
Remaining Expense to be Recognized | $ 984 | |
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of August 31, 2016. |
Note 15 - Stock Option and Re82
Note 15 - Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) (Parentheticals) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 50 Months Ended | |
Jul. 31, 2012 | Oct. 01, 2016 | Nov. 30, 2015 | Aug. 31, 2016 | Aug. 31, 2016 | |
Share-based Compensation Award, Tranche One [Member] | Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 0.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 0.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Performance Shares [Member] | Portware LLC [Member] | |||||
Vesting percentage | 40.00% | 40.00% | 0.00% | ||
Share-based Compensation Award, Tranche One [Member] | Performance Shares, Additional Granted [Member] | Portware LLC [Member] | |||||
Vesting percentage | 0.00% | ||||
Share-based Compensation Award, Tranche Five [Member] | Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 100.00% | ||||
Share-based Compensation Award, Tranche Five [Member] | Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 100.00% | ||||
Share-based Compensation Award, Tranche Five [Member] | Performance Shares [Member] | |||||
Vesting percentage | 20.00% | ||||
Share-based Compensation Award, Tranche Two [Member] | Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 10.00% | ||||
Share-based Compensation Award, Tranche Two [Member] | Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 10.00% | ||||
Share-based Compensation Award, Tranche Two [Member] | Performance Shares [Member] | Portware LLC [Member] | |||||
Vesting percentage | 20.00% | 20.00% | 50.00% | ||
Share-based Compensation Award, Tranche Two [Member] | Performance Shares, Additional Granted [Member] | Portware LLC [Member] | |||||
Vesting percentage | 50.00% | ||||
Share-based Compensation Award, Tranche Three [Member] | Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 40.00% | ||||
Share-based Compensation Award, Tranche Three [Member] | Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 40.00% | ||||
Share-based Compensation Award, Tranche Three [Member] | Performance Shares [Member] | Portware LLC [Member] | |||||
Vesting percentage | 70.00% | ||||
Share-based Compensation Award, Tranche Three [Member] | Performance Shares, Additional Granted [Member] | Portware LLC [Member] | |||||
Vesting percentage | 70.00% | ||||
Share-based Compensation Award, Tranche Four [Member] | Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 70.00% | ||||
Share-based Compensation Award, Tranche Four [Member] | Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | |||||
Vesting percentage | 70.00% | ||||
Share-based Compensation Award, Tranche Four [Member] | Performance Shares [Member] | Portware LLC [Member] | |||||
Vesting percentage | 100.00% | ||||
Share-based Compensation Award, Tranche Four [Member] | Performance Shares, Additional Granted [Member] | Portware LLC [Member] | |||||
Vesting percentage | 100.00% | ||||
Performance Shares [Member] | |||||
Vesting percentage | 20.00% | 80.00% |
Note 15 - Stock Option and Re83
Note 15 - Stock Option and Retirement Plans - Summary of Restricted Stock Award (Details) - Restricted Stock [Member] - $ / shares | Aug. 01, 2016 | May 02, 2016 | Oct. 16, 2015 | Jul. 31, 2015 | Feb. 09, 2015 | Dec. 17, 2014 | Nov. 03, 2014 | Dec. 23, 2013 | Nov. 01, 2013 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |||
Balance (in shares) | 313,000 | 368,000 | 358,000 | ||||||||||||
Balance (in dollars per share) | $ 103.34 | $ 89.77 | $ 80.43 | ||||||||||||
Granted (restricted stock and stock units) (in shares) | 3,944 | 255 | 90,180 | 5,704 | 21,294 | 15,070 | 841 | 30,144 | 153,972 | 97,000 | 55,000 | 204,000 | |||
Granted (restricted stock and stock units) (in dollars per share) | $ 164.77 | $ 146.20 | $ 159.13 | $ 157.84 | $ 140.88 | $ 132.71 | $ 124.18 | $ 102.84 | $ 102.22 | $ 159.64 | $ 138.23 | $ 101.95 | |||
Vested (in shares) | (69,244) | (94,870) | (135,000) | [1] | |||||||||||
Vested (in dollars per share) | $ 85.04 | [2] | $ 70.94 | [3] | $ 84.48 | [1] | |||||||||
Canceled/forfeited (in shares) | (79,000) | (15,000) | (59,000) | ||||||||||||
Canceled/forfeited (in dollars per share) | $ 112.51 | $ 101.04 | $ 86.39 | ||||||||||||
Balance (in shares) | 262,000 | 313,000 | 368,000 | ||||||||||||
Balance (in dollars per share) | $ 126.27 | $ 103.34 | $ 89.77 | ||||||||||||
[1] | The 135,205 restricted stock awards that vested during fiscal 2014 were comprised of: 62,544 of awards granted on November 8, 2010, which cliff vested 60% after three years (on November 8, 2013) with the remaining 40% cliff vesting after five years (on November 8, 2015); 29,087 of awards granted on April 14, 2011, which vested 100% after three years on April 14, 2014; 26,344 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant; and 17,230 awards relating to restricted stock granted on February 9, 2010 which cliff vested 50% after four years (on February 9, 2014). | ||||||||||||||
[2] | The 69,244 restricted stock awards that vested during fiscal 2016 were comprised of: 37,079 of awards relating to restricted stock granted on November 8, 2010 (remaining 40%) and 14,683 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant. Additionally, 17,482 awards vested related to other grants. | ||||||||||||||
[3] | The 94,870 restricted stock awards that vested during fiscal 2015 were comprised of: 53,495 of awards granted on October 23, 2009, which cliff vested 60% after three years (on October 23, 2012) and 40% after five years (on October 23, 2014); 14,683 restricted stock awards that were granted on April 8, 2013, which cliff vest 20% annually upon the anniversary date of the grant; 17,228 awards relating to restricted stock granted on February 9, 2010; and 9,464 restricted stock awards that were previously granted between November 2013 and November 2014. |
Note 15 - Stock Option and Re84
Note 15 - Stock Option and Retirement Plans - Summary of Share-based Awards Available for Grant (Details) - shares shares in Thousands | 12 Months Ended | |||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | ||
The 2004 Stock Option and Award Plan [Member] | Non Performance Based [Member] | ||||
Granted (in shares) | (622) | (677) | (174) | |
The 2004 Stock Option and Award Plan [Member] | Performance Shares [Member] | ||||
Granted (in shares) | (551) | (138) | (203) | |
The 2004 Stock Option and Award Plan [Member] | Non-Employee Director Grant [Member] | ||||
Granted (in shares) | ||||
The 2004 Stock Option and Award Plan [Member] | Restricted Stock [Member] | ||||
Granted (in shares) | [1] | (243) | (137) | (510) |
The 2004 Stock Option and Award Plan [Member] | Non Employee Directors Stock Option Plan [Member] | ||||
Granted (in shares) | ||||
The 2004 Stock Option and Award Plan [Member] | ||||
Balance (in shares) | 2,441 | 3,222 | 3,116 | |
Share-based awards canceled/forfeited(2) (in shares) | [2] | 466 | 171 | 993 |
Balance (in shares) | 1,491 | 2,441 | 3,222 | |
Non Employee Directors Stock Option Plan [Member] | Non Performance Based [Member] | ||||
Granted (in shares) | ||||
Non Employee Directors Stock Option Plan [Member] | Performance Shares [Member] | ||||
Granted (in shares) | ||||
Non Employee Directors Stock Option Plan [Member] | Non-Employee Director Grant [Member] | ||||
Granted (in shares) | (14) | (14) | ||
Non Employee Directors Stock Option Plan [Member] | Restricted Stock [Member] | ||||
Granted (in shares) | [1] | |||
Non Employee Directors Stock Option Plan [Member] | Non Employee Directors Stock Option Plan [Member] | ||||
Granted (in shares) | (22) | |||
Non Employee Directors Stock Option Plan [Member] | ||||
Balance (in shares) | 88 | 102 | 107 | |
Share-based awards canceled/forfeited(2) (in shares) | [2] | 9 | ||
Balance (in shares) | 66 | 88 | 102 | |
[1] | Each restricted stock award granted is equivalent to 2.5 shares granted under the Company's Option Plan. | |||
[2] | Under the Company's Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. |
Note 16 - Stock-based Compens85
Note 16 - Stock-based Compensation (Details Textual) - USD ($) | Aug. 01, 2016 | May 02, 2016 | Jan. 15, 2016 | Nov. 02, 2015 | Oct. 16, 2015 | Jul. 31, 2015 | May 01, 2015 | Feb. 09, 2015 | Jan. 15, 2015 | Dec. 17, 2014 | Nov. 03, 2014 | Feb. 03, 2014 | Jan. 15, 2014 | Dec. 23, 2013 | Nov. 01, 2013 | Sep. 17, 2013 | Jul. 31, 2012 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2008 |
Non Performance Based [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 103,903 | 4,073 | 513,785 | 128,090 | 61,210 | 25,075 | 462,913 | 138,902 | 35,508 | 622,000 | 677,000 | 174,000 | |||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 152.10 | $ 150.81 | $ 165.02 | $ 159.14 | $ 131.31 | $ 171.18 | $ 140.49 | $ 103.36 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.57 | $ 40.51 | $ 54.10 | $ 44.95 | $ 37.67 | ||||||||||||||||||||||||||||
Performance Shares [Member] | |||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | $ 300,000 | |||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 241,546 | 20,911 | 530,418 | 137,522 | 165,949 | 36,695 | 551,000 | 138,000 | 203,000 | ||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 171.22 | $ 165.59 | $ 148.52 | $ 109.56 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 47.82 | ||||||||||||||||||||||||||||||||
Performance and Non Performance [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 170.21 | $ 147.05 | $ 106.03 | $ 109.49 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 46.62 | $ 43.05 | $ 29.14 | $ 31.78 | |||||||||||||||||||||||||||||
Restricted Stock [Member] | First Award on November 2, 2015 [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,309 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 169.71 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Second Award on November 2, 2015 [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 631 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 168.96 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | First Award on May 1, 2015 [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 397 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 151.50 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Second Award on May 1, 2015 [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 448 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 153.89 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,944 | 255 | 90,180 | 5,704 | 21,294 | 15,070 | 841 | 30,144 | 153,972 | 97,000 | 55,000 | 204,000 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 164.77 | $ 146.20 | $ 159.13 | $ 157.84 | $ 140.88 | $ 132.71 | $ 124.18 | $ 102.84 | $ 102.22 | $ 159.64 | $ 138.23 | $ 101.95 | |||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,724 | 9,384 | 12,264 | 7,744 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 145.01 | $ 127.88 | $ 95.45 | $ 103.30 | |||||||||||||||||||||||||||||
Non Employee Directors Stock Option Plan [Member] | Laurie Siegel [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,417 | ||||||||||||||||||||||||||||||||
Non Employee Directors Stock Option Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 22,559 | 13,842 | 14,424 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 31.03 | $ 28.18 | $ 27.04 | ||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | ||||||||||||||||||||||||||||||||
The 2008 Employee Stock Purchase Plan [Member] | |||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 1,900,000 | $ 1,500,000 | $ 1,300,000 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 131.14 | $ 122.76 | $ 89.28 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.87 | $ 24.05 | $ 17.76 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 73,072 | 63,265 | 74,889 | ||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 | |||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | 29,793,000 | $ 26,371,000 | $ 22,891,000 | ||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 70,800,000 | $ 70,800,000 | |||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | ||||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 408,544 | 408,544 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 73,072 | 63,265 | 74,889 |
Note 16 - Stock-based Compens86
Note 16 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Minimum [Member] | |||
Term structure of risk-free interest rate | 0.07% | 0.01% | 0.01% |
Expected life (years) | 7 years 109 days | 5 years 292 days | 7 years 219 days |
Term structure of volatility | 21.00% | 20.00% | 23.00% |
Maximum [Member] | |||
Term structure of risk-free interest rate | 2.10% | 2.30% | 2.60% |
Expected life (years) | 8 years 36 days | 9 years 146 days | 7 years 292 days |
Term structure of volatility | 30.00% | 31.00% | 33.00% |
Dividend yield | 1.09% | 1.32% | 1.35% |
Weighted average estimated fair value (in dollars per share) | $ 46.08 | $ 41.87 | $ 29.64 |
Weighted average exercise price (in dollars per share) | $ 168.55 | $ 141.84 | $ 106.69 |
Fair value as a percentage of exercise price | 27.30% | 29.50% | 27.80% |
Note 16 - Stock-based Compens87
Note 16 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options (Details) - Non Employee Directors Stock Option Plan [Member] | Jan. 15, 2016 | Jan. 15, 2015 | Jan. 15, 2014 |
Term structure of risk-free interest rate | 1.62% | 1.45% | 1.66% |
Expected life (years) | 5 years 146 days | 5 years 146 days | 5 years 146 days |
Expected volatility | 23.00% | 23.00% | 29.00% |
Dividend yield | 1.05% | 1.30% | 1.35% |
Note 16 - Stock-based Compens88
Note 16 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan (Details) - The 2008 Employee Stock Purchase Plan [Member] | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Term structure of risk-free interest rate | 0.22% | 0.03% | 0.04% |
Expected life (years) | 90 days | 90 days | 90 days |
Expected volatility | 10.70% | 16.30% | 9.80% |
Dividend yield | 1.18% | 1.15% | 1.38% |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||||||||||
Aug. 31, 2016 | Aug. 31, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2015 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | |||
Maximum [Member] | ||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 200,000 | $ 0.20 | $ 0.20 | |||||||||
Effective Income Tax Rate Reconciliation, Percent | 26.50% | 26.50% | [1] | 27.80% | 27.80% | [2] | 30.30% | 30.30% | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 10,500,000 | 8,800,000 | ||||||||||
Unrecognized Tax Benefits | 8,782,000 | $ 8,782,000 | $ 8,782,000 | 6,776,000 | $ 6,776,000 | $ 6,776,000 | $ 5,501,000 | $ 5,501,000 | $ 5,501,000 | $ 5,435,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | ||||||
[1] | The fiscal 2016 effective tax rate of 26.5% includes income tax benefits of $10.5 million primarily from the permanent reenactment of the U.S. Federal R&D Tax Credit (the “R&D tax credit”) in December 2015, finalizing prior year tax returns and other discrete items. The reenactment of the R&D tax credit was retroactive to January 1, 2015, and eliminates the yearly uncertainty surrounding the extension of the credit. | |||||||||||
[2] | The fiscal 2015 effective tax rate of 27.8% includes income tax benefits of $8.8 million primarily from the reenactment of the R&D tax credit in December 2014, finalizing prior year tax returns and other discrete items. |
Note 17 - Income Taxes - Provis
Note 17 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||
Aug. 31, 2016 | Aug. 31, 2016 | Aug. 31, 2016 | [1] | Aug. 31, 2015 | Aug. 31, 2015 | Aug. 31, 2015 | [2] | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |
U.S. operations | $ 353,434 | $ 263,411 | $ 242,839 | ||||||||
Non-U.S. operations | 107,559 | 70,343 | 60,625 | ||||||||
Income before income taxes | 460,993 | 333,754 | 303,464 | ||||||||
U.S. operations | 106,671 | 88,147 | 81,998 | ||||||||
Non-U.S. operations | 15,507 | 4,556 | 9,923 | ||||||||
Total provision for income taxes | $ 122,178 | $ 92,703 | $ 91,921 | ||||||||
Effective Income Tax Rate Reconciliation, Percent | 26.50% | 26.50% | 27.80% | 27.80% | 30.30% | 30.30% | |||||
[1] | The fiscal 2016 effective tax rate of 26.5% includes income tax benefits of $10.5 million primarily from the permanent reenactment of the U.S. Federal R&D Tax Credit (the “R&D tax credit”) in December 2015, finalizing prior year tax returns and other discrete items. The reenactment of the R&D tax credit was retroactive to January 1, 2015, and eliminates the yearly uncertainty surrounding the extension of the credit. | ||||||||||
[2] | The fiscal 2015 effective tax rate of 27.8% includes income tax benefits of $8.8 million primarily from the reenactment of the R&D tax credit in December 2014, finalizing prior year tax returns and other discrete items. |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Current | |||
U.S. federal | $ 97,703 | $ 82,885 | $ 77,368 |
U.S. state and local | 4,917 | 4,419 | 3,972 |
Non-U.S. | 15,030 | 6,368 | 10,350 |
Total current taxes | 117,650 | 93,672 | 91,690 |
Deferred | |||
U.S. federal | 3,915 | 720 | 547 |
U.S. state and local | 136 | 123 | 111 |
Non-U.S. | 477 | (1,812) | (427) |
Total deferred taxes | 4,528 | (969) | 231 |
Total provision for income taxes | $ 122,178 | $ 92,703 | $ 91,921 |
Note 17 - Income Taxes - Percen
Note 17 - Income Taxes - Percentage of Income Before Income Taxes (Details) | 12 Months Ended | |||||||
Aug. 31, 2016 | Aug. 31, 2016Rate | Aug. 31, 2015 | Aug. 31, 2015Rate | Aug. 31, 2014 | Aug. 31, 2014Rate | |||
Tax at U.S. Federal statutory tax rate | 35.00% | 35.00% | 35.00% | |||||
Increase (decrease) in taxes resulting from: | ||||||||
State and local taxes, net of U.S. federal income tax benefit | 1.50% | 1.60% | 1.80% | |||||
Foreign income at other than U.S. rates | (5.00%) | [1] | (3.00%) | (2.90%) | ||||
Domestic production activities deduction | (1.50%) | (2.20%) | (2.10%) | |||||
Income tax benefits from R&D tax credits | (3.60%) | (2.70%) | (1.10%) | |||||
Income tax benefits from foreign tax credits | (0.20%) | (0.30%) | (0.40%) | |||||
Other, net | 0.30% | (0.60%) | ||||||
Effective Income Tax Rate Reconciliation, Percent | 26.50% | 26.50% | [2] | 27.80% | 27.80% | [3] | 30.30% | 30.30% |
[1] | Includes a portion of the gain from the sale of the Market Metrics business that was not taxable in the UK | |||||||
[2] | The fiscal 2016 effective tax rate of 26.5% includes income tax benefits of $10.5 million primarily from the permanent reenactment of the U.S. Federal R&D Tax Credit (the “R&D tax credit”) in December 2015, finalizing prior year tax returns and other discrete items. The reenactment of the R&D tax credit was retroactive to January 1, 2015, and eliminates the yearly uncertainty surrounding the extension of the credit. | |||||||
[3] | The fiscal 2015 effective tax rate of 27.8% includes income tax benefits of $8.8 million primarily from the reenactment of the R&D tax credit in December 2014, finalizing prior year tax returns and other discrete items. |
Note 17 - Income Taxes - Signif
Note 17 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Aug. 31, 2015 |
Receivable reserve | $ 531 | $ 541 |
Deferred rent | 1,022 | 794 |
Other | 1,605 | 770 |
Net current deferred tax assets | 3,158 | 2,105 |
Depreciation on property, equipment and leasehold improvements | 5,194 | 10,880 |
Deferred rent | 9,626 | 5,108 |
Stock-based compensation | 19,927 | 17,562 |
Purchased intangible assets, including acquired technology | (24,645) | (17,533) |
Other | 3,304 | 4,582 |
Net non-current deferred tax assets | 13,406 | 20,599 |
Total deferred tax assets | 16,564 | 22,704 |
Current | ||
Other | 291 | 562 |
Net current deferred tax liabilities | 291 | 562 |
Non-current | ||
Purchased intangible assets, including acquired technology | 1,666 | 1,886 |
Other | 42 | (189) |
Net non-current deferred tax liabilities | 1,708 | 1,697 |
Total deferred tax liabilities | $ 1,999 | $ 2,259 |
Note 17 - Reconciliation of Unr
Note 17 - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | |
Unrecognized income tax benefits | $ 6,776 | $ 5,501 | $ 5,435 |
Additions based on tax positions related to the current year | 1,779 | 962 | 921 |
Additions for tax positions of prior years | 1,436 | 1,122 | 628 |
Statute of limitations lapse | (1,209) | (809) | (717) |
Reductions from settlements with taxing authorities | (766) | ||
Unrecognized income tax benefits | $ 8,782 | $ 6,776 | $ 5,501 |
Note 17 - Major Tax Jurisdictio
Note 17 - Major Tax Jurisdictions in Which the Company and Affiliates Operate and the Earliest Tax Year Subject to Examination (Details) - Latest Tax Year [Member] | 12 Months Ended |
Aug. 31, 2016 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax years | 2,016 |
State and Local Jurisdiction [Member] | |
Open tax years | 2,016 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax years | 2,016 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax years | 2,016 |
Note 18 - Debt (Details Textual
Note 18 - Debt (Details Textual) - USD ($) | Oct. 26, 2016 | Sep. 21, 2015 | Feb. 06, 2015 | Aug. 31, 2016 | Aug. 31, 2015 |
Revolving Credit Facility [Member] | The Loan [Member] | Eurodollar [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Revolving Credit Facility [Member] | The Loan [Member] | Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Revolving Credit Facility [Member] | The Loan [Member] | Subsequent Event [Member] | |||||
Additional Long-Term Line of Credit | $ 65 | ||||
Revolving Credit Facility [Member] | The Loan [Member] | Maximum [Member] | |||||
Amortization of Debt Issuance Costs | $ 100,000 | ||||
Revolving Credit Facility [Member] | The Loan [Member] | |||||
Line of Credit Facility, Commitment Fee Amount | 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | $ 35,000,000 | |||
Long-term Line of Credit | $ 35,000,000 | 300,000,000 | 35,000,000 | ||
Debt Instrument, Term | 3 years | ||||
Revolving Credit Facility [Member] | Second Amendment, Loan [Member] | Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Revolving Credit Facility [Member] | Second Amendment, Loan [Member] | |||||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | $ 400,000,000 | ||||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | 25,000,000 | ||||
Additional Long-Term Line of Credit | $ 265,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 265,000,000 | ||||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | $ 25,000,000 | ||||
Long-term Line of Credit | 300,000,000 | ||||
Interest Paid | $ 3,100,000 | $ 100,000 | |||
Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Note 18 - Debt - Debt Obligatio
Note 18 - Debt - Debt Obligations (Details) - Revolving Credit Facility [Member] - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 | Feb. 06, 2015 |
The Loan [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | $ 35,000,000 | |
Long-term Line of Credit | 300,000,000 | $ 35,000,000 | $ 35,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||
Long-term Line of Credit | $ 300,000,000 |
Note 19 - Commitments and Con98
Note 19 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2016USD ($)ft² | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | |
Non-cancelable Operating Lease [Member] | |||
Area of Real Estate Property | ft² | 1,072,000 | ||
Deferred Rent [Member] | |||
Other Liabilities | $ 34,400 | $ 20,900 | |
Other Liabilities, Noncurrent | 31,200 | 18,400 | |
Operating Leases, Rent Expense | 43,200 | 38,600 | $ 37,700 |
Other Liabilities, Noncurrent | 33,080 | 21,834 | |
Letters of Credit Outstanding, Amount | 1,000 | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 67,500 | $ 65,200 |
Note 19 - Commitments and Con99
Note 19 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Aug. 31, 2016USD ($) |
2,017 | $ 30,445 |
2,018 | 32,453 |
2,019 | 30,422 |
2,020 | 24,751 |
2,021 | 19,306 |
Thereafter | 148,766 |
Total | $ 286,143 |
Note 20 - Risks and Concentr100
Note 20 - Risks and Concentrations of Credit Risk (Details Textual) - USD ($) $ in Millions | Feb. 06, 2015 | Aug. 31, 2016 | Aug. 31, 2015 |
Eurodollar [Member] | Revolving Credit Facility [Member] | The Loan [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Eurodollar [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Revolving Credit Facility [Member] | The Loan [Member] | |||
Interest Expense, Debt | $ 3.1 | $ 0.1 | |
Hypothetical Basis Point Change, LIBOR Rate | 0.25% | ||
Change in Annual Interest Expense | $ 0.8 | ||
Subscription Revenue [Member] | |||
Concentration Risk, Percentage | 2.00% | ||
Investments and Cash | $ 252.6 | ||
Long-term Debt, Fair Value | 300 | ||
Allowance for Doubtful Accounts Receivable | $ 1.5 | $ 1.6 |
Note 21 - Unaudited Quarterl101
Note 21 - Unaudited Quarterly Financial Data - Unaudited Quarterly Financial Data - Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2014 | ||||||||||||
Revenues | $ 287,291 | $ 287,501 | $ 281,796 | $ 270,504 | $ 261,779 | $ 254,522 | $ 247,792 | $ 242,676 | $ 1,127,092 | [1] | $ 1,006,768 | [1] | $ 920,335 | [1] | ||||||||
Cost of services | 124,160 | 124,602 | 123,911 | 114,736 | 107,595 | 100,686 | 99,516 | 97,543 | 487,409 | 405,339 | 353,686 | |||||||||||
Selling, general and administrative | 75,397 | 73,609 | 72,541 | 68,460 | 68,531 | 68,480 | 67,628 | 64,873 | 290,007 | 269,511 | 264,430 | |||||||||||
Operating income | 87,734 | 89,290 | 85,344 | 87,308 | 85,653 | 85,356 | 80,648 | 80,260 | 349,676 | 331,918 | 302,219 | |||||||||||
Net income | $ 144,306 | $ 66,781 | $ 67,763 | $ 59,965 | $ 62,184 | $ 61,409 | $ 61,598 | $ 55,860 | $ 338,815 | $ 241,051 | $ 211,543 | |||||||||||
Diluted earnings per common share(1) (in dollars per share) | $ 3.55 | [2] | $ 1.62 | [2] | $ 1.63 | [2] | $ 1.43 | [2] | $ 1.48 | [2] | $ 1.45 | [2] | $ 1.46 | [2] | $ 1.32 | [2] | $ 8.19 | $ 5.71 | $ 4.92 | |||
Weighted average common shares (diluted) (in shares) | 40,673 | 41,189 | 41,536 | 42,063 | 41,995 | 42,297 | 42,306 | 42,340 | 41,365 | 42,235 | 42,970 | |||||||||||
[1] | Revenues are attributed to countries based on the location of the client. | |||||||||||||||||||||
[2] | Diluted earnings per common share is calculated independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the fiscal year. |