Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 25, 2017 | Mar. 31, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Unifirst Corp | |
Entity Central Index Key | 717,954 | |
Trading Symbol | unf | |
Current Fiscal Year End Date | --08-26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Document Type | 10-Q | |
Document Period End Date | Feb. 25, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,845,519 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,462,689 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Revenues | $ 391,427 | $ 363,097 | $ 777,535 | $ 736,481 | |
Operating expenses: | |||||
Cost of revenues | [1] | 249,280 | 229,672 | 488,045 | 452,275 |
Selling and administrative expenses | [1] | 84,861 | 75,423 | 164,307 | 148,172 |
Depreciation and amortization | 21,140 | 19,809 | 43,280 | 39,547 | |
Total operating expenses | 355,281 | 324,904 | 695,632 | 639,994 | |
Income from operations | 36,146 | 38,193 | 81,903 | 96,487 | |
Other (income) expense: | |||||
Interest expense | 172 | 218 | 354 | 439 | |
Interest income | (1,292) | (892) | (2,275) | (1,656) | |
Foreign exchange (gain) loss | (108) | (132) | 386 | 347 | |
Total other (income) expense | (1,228) | (806) | (1,535) | (870) | |
Income before income taxes | 37,374 | 38,999 | 83,438 | 97,357 | |
Provision for income taxes | 14,858 | 15,501 | 32,708 | 37,969 | |
Net income | $ 22,516 | $ 23,498 | $ 50,730 | $ 59,388 | |
Income per share – Diluted: | |||||
Income per share – Diluted (in dollars per share) | $ 1.10 | $ 1.16 | $ 2.49 | $ 2.94 | |
Income allocated to – Basic: | |||||
Income allocated to – Basic | $ 22,516 | $ 23,498 | $ 50,730 | $ 59,388 | |
Income allocated to – Diluted: | |||||
Income allocated to – Diluted | $ 22,362 | $ 23,401 | $ 50,381 | $ 59,141 | |
Weighted average number of shares outstanding – Diluted: | |||||
Weighted average number of shares outstanding – Diluted (in shares) | 20,263 | 20,138 | 20,250 | 20,127 | |
Common Class A [Member] | |||||
Income per share – Basic: | |||||
Income per share – Basic (in dollars per share) | $ 1.17 | $ 1.23 | $ 2.63 | $ 3.10 | |
Income per share – Diluted: | |||||
Income per share – Diluted (in dollars per share) | $ 1.10 | $ 1.16 | $ 2.49 | $ 2.94 | |
Income allocated to – Basic: | |||||
Income allocated to – Basic | $ 17,836 | $ 18,691 | $ 40,178 | $ 47,232 | |
Income allocated to – Diluted: | |||||
Income allocated to – Diluted | $ 22,362 | $ 23,401 | $ 50,381 | $ 59,141 | |
Weighted average number of shares outstanding – Basic: | |||||
Weighted average number of shares outstanding – Basic (in shares) | 15,305 | 15,241 | 15,295 | 15,230 | |
Weighted average number of shares outstanding – Diluted: | |||||
Weighted average number of shares outstanding – Diluted (in shares) | 20,263 | 20,138 | 20,250 | 20,127 | |
Dividends per share: | |||||
Dividends per share (in dollars per share) | $ 0.0375 | $ 0.0375 | $ 0.075 | $ 0.075 | |
Common Class B [Member] | |||||
Income per share – Basic: | |||||
Income per share – Basic (in dollars per share) | $ 0.93 | $ 0.98 | $ 2.10 | $ 2.48 | |
Income allocated to – Basic: | |||||
Income allocated to – Basic | $ 4,518 | $ 4,704 | $ 10,184 | $ 11,896 | |
Weighted average number of shares outstanding – Basic: | |||||
Weighted average number of shares outstanding – Basic (in shares) | 4,846 | 4,795 | 4,846 | 4,795 | |
Dividends per share: | |||||
Dividends per share (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 | |
[1] | Exclusive of depreciation on the Company's property, plant and equipment and amortization on its intangible assets. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Net Income | $ 22,516 | $ 23,498 | $ 50,730 | $ 59,388 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 3,332 | (2,011) | (1,797) | (3,583) |
Pension benefit liabilities, net of income taxes | (218) | |||
Change in fair value of derivatives, net of income taxes | (202) | 175 | 122 | (48) |
Derivative financial instruments reclassified to earnings | (27) | (93) | (103) | (165) |
Other comprehensive income (loss) | 3,103 | (1,929) | (1,778) | (4,014) |
Comprehensive income | $ 25,619 | $ 21,569 | $ 48,952 | $ 55,374 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 25, 2017 | Aug. 27, 2016 |
Assets | ||
Cash and cash equivalents | $ 313,535 | $ 363,795 |
Receivables, less reserves of $10,152 and $7,675 | 176,564 | 156,578 |
Inventories | 71,493 | 78,887 |
Rental merchandise in service | 144,603 | 138,105 |
Prepaid taxes | 1,178 | 10,418 |
Prepaid expenses and other current assets | 25,873 | 29,831 |
Total current assets | 733,246 | 777,614 |
Property, plant and equipment, net of accumulated depreciation of $691,091 and $661,295 | 551,053 | 539,818 |
Goodwill | 371,773 | 320,641 |
Customer contracts, net | 71,121 | 35,854 |
Other intangible assets, net | 4,766 | 2,810 |
Deferred income taxes | 338 | 97 |
Other assets | 29,250 | 25,173 |
Total assets | 1,761,547 | 1,702,007 |
Liabilities and shareholders’ equity | ||
Accounts payable | 55,250 | 50,884 |
Accrued liabilities | 104,785 | 100,782 |
Accrued taxes | 969 | |
Total current liabilities | 160,035 | 152,635 |
Accrued liabilities | 105,078 | 104,921 |
Accrued and deferred income taxes | 79,038 | 79,670 |
Total liabilities | 344,151 | 337,226 |
Commitments and contingencies (Note 11) | ||
Shareholders’ equity: | ||
Preferred Stock, $1.00 par value; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Capital surplus | 77,668 | 72,561 |
Retained earnings | 1,368,424 | 1,319,142 |
Accumulated other comprehensive (loss) income | (30,727) | (28,949) |
Total shareholders’ equity | 1,417,396 | 1,364,781 |
Total liabilities and shareholders’ equity | 1,761,547 | 1,702,007 |
Common Class A [Member] | ||
Shareholders’ equity: | ||
Common stock | 1,546 | 1,542 |
Common Class B [Member] | ||
Shareholders’ equity: | ||
Common stock | $ 485 | $ 485 |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Feb. 25, 2017 | Aug. 27, 2016 |
Receivables, reserves | $ 10,152 | $ 7,675 |
Accumulated depreciation | $ 691,091 | $ 661,295 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 15,456,483 | 15,415,125 |
Common stock, shares outstanding (in shares) | 15,456,483 | 15,415,125 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 4,845,519 | 4,849,519 |
Common stock, shares outstanding (in shares) | 4,845,519 | 4,849,519 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 25, 2017 | Feb. 27, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 50,730 | $ 59,388 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 37,051 | 35,297 |
Amortization of intangible assets | 6,229 | 4,250 |
Amortization of deferred financing costs | 56 | 104 |
Gain on sale of assets | (517) | |
Share-based compensation | 4,370 | 2,537 |
Accretion on environmental contingencies | 300 | 334 |
Accretion on asset retirement obligations | 423 | 398 |
Deferred income taxes | (1,346) | 5,978 |
Changes in assets and liabilities, net of acquisitions: | ||
Receivables, less reserves | (12,887) | (6,528) |
Inventories | 9,233 | 4,733 |
Rental merchandise in service | 444 | 3,477 |
Prepaid expenses and other current assets and Other assets | 7,471 | (851) |
Accounts payable | 3,695 | (79) |
Accrued liabilities | 704 | 1,574 |
Prepaid and accrued income taxes | 8,793 | (5,131) |
Net cash provided by operating activities | 114,749 | 105,481 |
Cash flows from investing activities: | ||
Acquisition of businesses, net of cash acquired | (121,414) | (73) |
Capital expenditures | (43,011) | (44,028) |
Proceeds from sale of assets | 826 | |
Other | 123 | 111 |
Net cash used in investing activities | (163,476) | (43,990) |
Cash flows from financing activities: | ||
Payments on loans payable and long-term debt | (1,046) | |
Proceeds from exercise of share-based awards, including excess tax benefits | 2,283 | 1,026 |
Taxes withheld and paid related to net share settlement of equity awards | (1,546) | |
Payment of cash dividends | (1,448) | (1,436) |
Net cash used in financing activities | (711) | (1,456) |
Effect of exchange rate changes | (822) | (1,596) |
Net (decrease) increase in cash and cash equivalents | (50,260) | 58,439 |
Cash and cash equivalents at beginning of period | 363,795 | 276,553 |
Cash and cash equivalents at end of period | $ 313,535 | $ 334,992 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. These Consolidated Financial Statements of UniFirst Corporation (“Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period. It is suggested that these Consolidated Financial Statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 August 27, 2016. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. In May 2014, December 15, 2017 August 26, 2018. In February 2015, December 15, 2015, August 28, 2016. In April 2015, December 15, 2015, August 28, 2016. In July 2015, first December 15, 2016, August 27, 2017. In September 2015, December 15, 2015, August 28, 2016. In January 2016, December 15, 2017, August 26, 2018. In February 2016, December 15, 2018, September 1, 2019. In March 2016, December 15, 2016 August 27, 2017. In August 2016, December 15, 2017 August 26, 2018. In October 2016, December 15, 2017 August 26, 2018. |
Note 3 - Business Acquisitions
Note 3 - Business Acquisitions | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3 . Business Acquisitions During the twenty six February 25, 2017, three $119.1 On September 19, 2016, $118.3 $1.5 12 700 five The Arrow acquisition was accounted for using the purchase method of accounting. The initial allocation of the purchase price is incomplete with respect to certain assets acquired from Arrow. The Company is still in the process of identifying and measuring the fair value of tangible and intangible assets acquired and liabilities assumed. The Company has engaged specialists to assist in the valuation of intangible assets for which certain assumptions have not yet been finalized. The table below summarizes the current purchase price allocation to the estimated fair value of assets acquired and liabilities assumed at the acquisition date. Goodwill is calculated as the excess of the purchase price over the net assets recognized and represents the estimated future economic benefits arising from expected synergies and growth opportunities for the Company. All of the goodwill and intangible assets were allocated to the US and Canadian Rental and Cleaning segment and are deductible for tax purposes. The cash paid upon closing for the acquisition was approximately $119.9 $1.6 February 25, 2017. Receivables $ 7,365 Inventories 1,824 Rental merchandise in service 7,175 Prepaid expense and other current assets 1,722 Property, plant and equipment 4,140 Goodwill 51,189 Customer contracts 40,256 Other intangible assets 2,580 Other assets 4,790 Accrued liabilities (2,705 ) Total Purchase Price $ 118,336 Goodwill, customer contracts and other intangible assets are estimated utilizing Level 3 2 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 4. US GAAP establishes a framework for measuring fair value and establishes disclosure requirements about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We considered non-performance risk when determining fair value of our derivative financial instruments. The fair value hierarchy prescribed under US GAAP contains three Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included in Level 1, Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. All financial assets or liabilities that are measured at fair value on a recurring basis (at least annually) have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The assets or liabilities measured at fair value on a recurring basis are summarized in the tables below (in thousands): As of February 25, 2017 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents $ 224,756 $ — $ — $ 224,756 Pension plan assets — 4,817 — 4,817 Foreign currency forward contracts — 220 — 220 Total assets at fair value $ 224,756 $ 5,037 $ — $ 229,793 As of August 2 7 , 201 6 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents $ 172,760 $ — $ — $ 172,760 Pension plan assets — 4,753 — 4,753 Foreign currency forward contracts — 188 — 188 Total assets at fair value $ 172,760 $ 4,941 $ — $ 177,701 The Company’s cash equivalents listed above represent money market securities and are classified within Level 1 The Company’s pension plan assets listed above represent guaranteed deposit accounts that are maintained and operated by Prudential Retirement Insurance and Annuity Company (“PRIAC”). All assets are merged with the general assets of PRIAC and are invested predominantly in privately placed securities and mortgages. At the beginning of each calendar year, PRIAC notifies the Company of the annual rates of interest which will be applied to the amounts held in the guaranteed deposit account during the next calendar year. In determining the interest rate to be applied, PRIAC considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the Company is contractually guaranteed a minimum rate of return. As such, the Company’s pension plan assets are included within Level 2 The Company’s foreign currency forward contracts represent contracts the Company has entered into to exchange Canadian dollars for U.S. dollars at fixed exchange rates in order to manage its exposure related to certain forecasted Canadian dollar denominated sales of one February 25, 2017. 2 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments and Hedging Activities | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. The Company uses derivative financial instruments to mitigate its exposure to fluctuations in foreign currencies on certain forecasted transactions denominated in foreign currencies. US GAAP requires that all of the Company’s derivative instruments be recorded on the balance sheet at fair value. All subsequent changes in a derivative’s fair value are recognized in income, unless specific hedge accounting criteria are met. Derivative instruments that qualify for hedge accounting are classified as a hedge of the variability of cash flows to be received or paid related to a recognized asset, liability or forecasted transaction. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recognized in accumulated other comprehensive (loss) income until the hedged item or forecasted transaction is recognized in earnings. The Company performs an assessment at the inception of the hedge and on a quarterly basis thereafter, to determine whether its derivatives are highly effective in offsetting changes in the value of the hedged items. Any changes in the fair value resulting from hedge ineffectiveness are immediately recognized as income or expense. In January 2015, sixteen one first one third 2015 second 2019. 31.0 0.7825 As of February 25, 2017, 13.8 $0.1 $0.1 $0.1 During the twenty six February 25, 2017, $0.1 February 25, 2017 February 22, 2019. |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6. Defined Contribution Retirement Savings Plan The Company has a defined contribution retirement savings plan with a 401(k) may thirteen February 25, 2017 February 27, 2016 $3.7 $3.6 twenty six February 25, 2017 February 27, 2016 7.3 Pension Plans and Supplemental Executive Retirement Plans The Company maintains an unfunded Supplemental Executive Retirement Plan for certain eligible employees of the Company, a non-contributory defined benefit pension plan covering union employees at one 2004. thirteen February 25, 2017 February 27, 2016 $ 0.9 twenty six February 25, 2017 February 27, 2016 $ 1.7 |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Net Income Per Share The Company calculates net income per share in accordance with US GAAP, which requires the Company to allocate income to its unvested participating securities as part of its earnings per share (“EPS”) calculations. The following table sets forth the computation of basic earnings per share using the two Thirteen weeks ended Twenty-six weeks ended February 25, February 27, February 25, February 27, 2017 2016 2017 2016 Net income available to shareholders $ 22,516 $ 23,498 $ 50,730 $ 59,388 Allocation of net income for Basic: Common Stock $ 17,836 $ 18,691 $ 40,178 $ 47,232 Class B Common Stock 4,518 4,704 10,184 11,896 Unvested participating shares 162 103 368 260 $ 22,516 $ 23,498 $ 50,730 $ 59,388 Weighted average number of shares for Basic: Common Stock 15,305 15,241 15,295 15,230 Class B Common Stock 4,846 4,795 4,846 4,795 Unvested participating shares 139 96 140 95 20,290 20,132 20,281 20,120 Earnings per share for Basic: Common Stock $ 1.17 $ 1.23 $ 2.63 $ 3.10 Class B Common Stock $ 0.93 $ 0.98 $ 2.10 $ 2.48 The Company is required to calculate diluted EPS for Common Stock using the more dilutive of the following two • The treasury stock method; or • The two For the thirteen twenty six February 25, 2017, two thirteen twenty six February 25, 2017 Thirteen weeks ended February 25, 2017 T wenty-six weeks ended February 25, 2017 Earnings Earnings to Common Common to Common Common shareholders Shares EPS shareholders Shares EPS As reported - Basic $ 17,836 15,305 $ 1.17 $ 40,178 15,295 $ 2.63 Add: effect of dilutive potential common shares Share-Based Awards — 112 — 109 Class B Common Stock 4,518 4,846 10,184 4,846 Add: Undistributed earnings allocated to unvested participating shares 158 — 357 — Less: Undistributed earnings reallocated to unvested participating shares (150 ) — (338 ) — Diluted EPS – Common Stock $ 22,362 20,263 $ 1.10 $ 50,381 20,250 $ 2.49 Share-based awards that would result in the issuance of 11,821 thirteen February 25, 2017 no twenty six February 25, 2017 For the thirteen twenty six February 27, 2016, two two thirteen twenty six February 27, 2016 Thirteen weeks Twenty-six weeks ended February 27, 2016 ended February 27, 2016 Earnings Earnings to Common Common to Common Common Shareholders Shares EPS Shareholders Shares EPS As reported - Basic $ 18,691 15,241 $ 1.23 $ 47,232 15,230 $ 3.10 Add: effect of dilutive potential common shares Share-based awards — 102 — 102 Class B Common Stock 4,704 4,795 11,896 4,795 Add: Undistributed earnings allocated to unvested participating shares 100 — 253 — Less: Undistributed earnings reallocated to unvested participating shares (94 ) — (240 ) — Diluted EPS – Common Stock $ 23,401 20,138 $ 1.16 $ 59,141 20,127 $ 2.94 Share-based awards that would result in the issuance of 700 thirteen February 27, 2016 3,909 twenty six February 27, 2016 |
Note 8 - Inventories
Note 8 - Inventories | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventories are stated at the lower of cost or market value, net of any reserve for excess and obsolete inventory. Judgments and estimates are used in determining the likelihood that new goods on hand can be sold to customers or used in rental operations. Historical inventory usage and current revenue trends are considered in estimating both excess and obsolete inventories. If actual product demand and market conditions are less favorable than those projected by management, additional inventory write-downs may first first The components of inventory as of February 25, 2017 and August 27, 2016 were as follows (in thousands): Februa r y 2 5 , 201 7 August 2 7 , 201 6 Raw materials $ 14,603 $ 16,826 Work in process 3,257 2,275 Finished goods 53,633 59,786 Total inventories $ 71,493 $ 78,887 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. As discussed in Note 3, The changes in the carrying amount of goodwill are as follows (in thousands): Balance as of August 27, 2016 $ 320,641 Goodwill recorded during the period 51,189 Other (57 ) Balance as of February 25, 2017 $ 371,773 Intangible assets, net in the Company’s accompanying Consolidated Balance Sheets are as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount February 25, 2017 Customer contracts $ 206,258 $ 135,137 $ 71,121 Other intangible assets 33,933 29,167 4,766 $ 240,191 $ 164,304 $ 75,887 August 27, 2016 Customer contracts $ 165,405 $ 129,551 $ 35,854 Other intangible assets 31,382 28,572 2,810 $ 196,787 $ 158,123 $ 38,664 |
Note 10 - Asset Retirement Obli
Note 10 - Asset Retirement Obligations | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 10 . Asset Retirement Obligations The Company recognizes asset retirement obligations in the period in which they are incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company continues to depreciate, on a straight-line basis, the amount added to property, plant and equipment and recognizes accretion expense in connection with the discounted liability over the various remaining lives which range from approximately one twenty seven A reconciliation of the Company’s asset retirement liability for the twenty six February 25, 2017 February 2 5 , 201 7 Beginning balance as of August 27, 2016 $ 13,032 Accretion expense 423 Effect of exchange rate changes (217 ) Change in estimate (357 ) Ending balance as of February 25, 2017 $ 12,881 Asset retirement obligations are included in current and long-term accrued liabilities in the accompanying Consolidated Balance Sheets. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 1 . Commitments and Contingencies The Company and its operations are subject to various federal, state and local laws and regulations governing, among other things, air emissions, wastewater discharges, and the generation, handling, storage, transportation, treatment and disposal of hazardous waste and other substances. In particular, industrial laundries use and must dispose of detergent waste water and other residues, and, in the past used perchloroethylene and other dry cleaning solvents. The Company is attentive to the environmental concerns surrounding the disposal of these materials and has, through the years, taken measures to avoid their improper disposal. In the past, the Company has settled, or contributed to the settlement of, actions or claims brought against the Company relating to the disposal of hazardous materials and there can be no assurance that the Company will not have to expend material amounts to remediate the consequences of any such disposal in the future. US GAAP requires that a liability for contingencies be recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required to determine the existence of a liability, as well as the amount to be recorded. The Company regularly consults with attorneys and outside consultants in its consideration of the relevant facts and circumstances before recording a contingent liability. Changes in enacted laws, regulatory orders or decrees, management’s estimates of costs, risk-free interest rates, insurance proceeds, participation by other parties, the timing of payments, the input of the Company’s attorneys and outside consultants or other factual circumstances could have a material impact on the amounts recorded for environmental and other contingent liabilities. Under environmental laws, an owner or lessee of real estate may third three The Company has accrued certain costs related to the sites described above as it has been determined that the costs are probable and can be reasonably estimated. The Company has potential exposure related to a parcel of land (the "Central Area") related to the Woburn, Massachusetts site mentioned above. Currently, the consent decree for the Woburn site does not define or require any remediation work in the Central Area. The United States Environmental Protection Agency (the "EPA") has provided the Company and other signatories to the consent decree with comments on the design and implementation of groundwater and soil remedies at the Woburn site and investigation of environmental conditions in the Central Area. The Company, and other signatories, have implemented and proposed to do additional work at the Woburn site but many of the EPA’s comments remain to be resolved. The Company has accrued costs to perform certain work responsive to EPA's comments. The Company has implemented mitigation measures and continues to monitor environmental conditions at the Somerville, Massachusetts site. In addition, the Company has received demands from the local transit authority for reimbursement of certain costs associated with its construction of a new municipal transit station in the area of the Company’s Somerville site. This station is part of a planned extension of the transit system. Due to cost projections of the extension which now substantially exceed original estimates, the local transit authority has placed the extension on hold pending its redesign and receipt of related state and federal approvals and funding increases. The Company has reserved for costs in connection with this matter; however, in light of the uncertainties associated with this matter, these costs and the related reserve may During the fourth 2016, $15.9 September 2016. The Company routinely reviews and evaluates sites that may third • Management’s judgment and experience in remediating and monitoring the Company’s sites; • Information available from regulatory agencies as to costs of remediation and monitoring; • The number, financial resources and relative degree of responsibility of other potentially responsible parties (“PRPs”) who may • The typical allocation of costs among PRPs. There is usually a range of reasonable estimates of the costs associated with each site. In accordance with US GAAP, the Company’s accruals reflect the amount within the range that it believes is the best estimate or the low end of a range of estimates if no point within the range is a better estimate. Where it believes that both the amount of a particular liability and the timing of the payments are reliably determinable, the Company adjusts the cost in current dollars using a rate of 3% February 25, 2017, 2.3% 3.0%. For environmental liabilities that have been discounted, the Company includes interest accretion, based on the effective interest method, in selling and administrative expenses on the Consolidated Statements of Income. The changes to the Company’s environmental liabilities for the twenty six February 25, 2017 February 25, 2017 Beginning balance as of August 27, 2016 $ 26,748 Costs incurred for which reserves had been provided (1,020 ) Insurance proceeds 69 Interest accretion 300 Change in discount rates (1,434 ) Balance as of February 25, 2017 $ 24,663 Anticipated payments and insurance proceeds of currently identified environmental remediation liabilities as of February 25, 2017, five (In thousands) 201 7 201 8 201 9 20 20 202 1 Thereafter Total Estimated costs – current dollars $ 8,653 $ 1,859 $ 1,492 $ 1,284 $ 1,172 $ 12,392 $ 26,852 Estimated insurance proceeds (104 ) (159 ) (173 ) (159 ) (173 ) (1,130 ) (1,898 ) Net anticipated costs $ 8,549 $ 1,700 $ 1,319 $ 1,125 $ 999 $ 11,262 $ 24,954 Effect of inflation 7,556 Effect of discounting (7,847 ) Balance as of February 25, 2017 $ 24,663 Estimated insurance proceeds are primarily received from an annuity received as part of a legal settlement with an insurance company. Annual proceeds of approximately $ 0.3 three may 2027. February 25, 2017, 3.4 three The Company’s nuclear garment decontamination facilities are licensed by the Nuclear Regulatory Commission (“NRC”), or, in certain cases, by the applicable state agency, and are subject to regulation by federal, state and local authorities. The Company also has nuclear garment decontamination facilities in the United Kingdom and the Netherlands. These facilities are licensed and regulated by the respective country’s applicable federal agency. There can be no assurance that such regulation will not lead to material disruptions in the Company’s garment decontamination business. From time to time, the Company is also subject to legal proceedings and claims arising from the conduct of its business operations, including personal injury claims, customer contract matters, employment claims and environmental matters as described above. While it is impossible for the Company to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits and environmental contingencies, the Company believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance have been properly accrued in accordance with US GAAP. It is possible, however, that the future financial position and/or results of operations for any particular future period could be materially affected by changes in the Company’s assumptions or strategies related to these contingencies or changes out of the Company’s control. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company’s effective income tax rate was 39.8% 39.2% thirteen twenty six February 25, 2017 39.7% 39.0% thirteen twenty six February 27, 2016 which is consistent with the recognition of these items in prior reporting periods. During the twenty six February 25, 2017, U.S. and Canadian federal income tax statutes have lapsed for filings up to and including fiscal years 2012 2008, 2010 2011. 2011. 12 |
Note 13 - Long-term Debt
Note 13 - Long-term Debt | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 13. On April 11, 2016, $250.0 April 11, 2021 . $250.0 May 4, 2016. February 25, 2017, 75 February 25, 2017, no $66.2 $183.8 As of February 25, 2017 , the Company was in compliance with all covenants under the Credit Agreement. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 4 . Accumulated Other Comprehensive (Loss) Income The changes in each component of accumulated other comprehensive (loss) income, net of tax, for the thirteen twenty six February 25, 2017 February 27, 2016 (in thousands): Thirteen Weeks Ended February 25, 2017 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of November 26, 2016 $ (25,943 ) $ (8,251 ) $ 364 $ (33,830 ) Other comprehensive income (loss) before reclassification 3,332 — (202 ) 3,130 Amounts reclassified from accumulated other comprehensive (loss) income — — (27 ) (27 ) Net current period other comprehensive income (loss) 3,332 — (229 ) 3,103 Balance as of February 25, 2017 $ (22,611 ) $ (8,251 ) $ 135 $ (30,727 ) Twenty-six Weeks Ended February 25, 2017 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of August 27, 2016 $ (20,814 ) $ (8,251 ) $ 116 $ (28,949 ) Other comprehensive (loss) income before reclassification (1,797 ) — 122 (1,675 ) Amounts reclassified from accumulated other comprehensive (loss) income — — (103 ) (103 ) Net current period other comprehensive (loss) income (1,797 ) — 19 (1,778 ) Balance as of February 25, 2017 $ (22,611 ) $ (8,251 ) $ 135 $ (30,727 ) Thirteen Weeks Ended February 27, 2016 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of November 28, 2015 $ (21,995 ) $ (4,937 ) $ 434 $ (26,498 ) Other comprehensive (loss) income before reclassification (2,011 ) — 175 (1,836 ) Amounts reclassified from accumulated other comprehensive loss — — (93 ) (93 ) Net current period other comprehensive (loss) income (2,011 ) — 82 (1,929 ) Balance as of February 27, 2016 $ (24,006 ) $ (4,937 ) $ 516 $ (28,427 ) Twenty-six Weeks Ended February 27, 2016 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of August 29, 2015 $ (20,423 ) $ (4,719 ) $ 729 $ (24,413 ) Other comprehensive (loss) income before reclassification (3,583 ) (261 ) (48 ) (3,892 ) Amounts reclassified from accumulated other comprehensive loss — 43 (165 ) (122 ) Net current period other comprehensive (loss) income (3,583 ) (218 ) (213 ) (4,014 ) Balance as of February 27, 2016 $ (24,006 ) $ (4,937 ) $ 516 $ (28,427 ) (1) Amounts are shown net of tax Amounts reclassified from accumulated other comprehensive (loss) income, net of tax, for the thirteen twenty six February 25, 2017 February 27, 2016 Thirteen weeks ended Twenty-six weeks ended February 25, February 27, February 25, February 27, 2017 2016 2017 2016 Pension benefit liabilities, net: Actuarial losses $ — $ — $ — $ 43 (a) Total, net of tax — 43 Derivative financial instruments, net: Forward contracts (b) (27 ) (93 ) (103 ) (165 ) Total, net of tax (27 ) (93 ) (103 ) (165 ) Total amounts reclassified, net of tax $ (27 ) $ (93 ) $ (103 ) $ (122 ) (a) Amounts included in selling and administrative expenses in the accompanying Consolidated Statements of Income. (b) Amounts included in revenues in the accompanying Consolidated Statements of Income. |
Note 15 - Segment Reporting
Note 15 - Segment Reporting | 6 Months Ended |
Feb. 25, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 5 . Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Company’s chief executive officer. The Company has six five The US and Canadian Rental and Cleaning reporting segment purchases, rents, cleans, delivers and sells, uniforms and protective clothing and non-garment items in the United States and Canada. The laundry locations of the US and Canadian Rental and Cleaning reporting segment are referred to by the Company as “industrial laundries” or “industrial laundry locations.” The MFG operating segment designs and manufactures uniforms and non-garment items primarily for the purpose of providing these goods to the US and Canadian Rental and Cleaning reporting segment. MFG revenues are generated when goods are shipped from the Company’s manufacturing facilities, or its subcontract manufacturers, to other Company locations. These revenues are recorded at a transfer price which is typically in excess of the actual manufacturing cost. Manufactured products are carried in inventory until placed in service at which time they are amortized at this transfer price. On a consolidated basis, intercompany revenues and income are eliminated and the carrying value of inventories and rental merchandise in service is reduced to the manufacturing cost. Income before income taxes from MFG net of the intercompany MFG elimination offsets the merchandise amortization costs incurred by the US and Canadian Rental and Cleaning reporting segment as the merchandise costs of this reporting segment are amortized and recognized based on inventories purchased from MFG at the transfer price which is above the Company’s manufacturing cost. The Corporate operating segment consists of costs associated with the Company’s distribution center, sales and marketing, information systems, engineering, materials management, manufacturing planning, finance, budgeting, human resources, other general and administrative costs and interest expense. The revenues generated from the Corporate operating segment represent certain direct sales made by the Company directly from its distribution center. The products sold by this operating segment are the same products rented and sold by the US and Canadian Rental and Cleaning reporting segment. The majority of expenses accounted for within the Corporate segment relate to costs of the US and Canadian Rental and Cleaning segment, with the remainder of the costs relating to the Specialty Garment and First Aid segments. The Specialty Garments operating segment purchases, rents, cleans, delivers and sells, specialty garments and non-garment items primarily for nuclear and cleanroom applications and provides cleanroom cleaning services at limited customer locations. The First Aid operating segment sells first The Company refers to the US and Canadian Rental and Cleaning, MFG, and Corporate reporting segments combined as its “Core Laundry Operations,” which is included as a subtotal in the following tables (in thousands): US and Subtotal Canadian Core Rental and Net Interco Laundry Specialty Thirteen weeks ended Cleaning MFG MFG Elim Corporate Operations Garments First Aid Total February 25, 2017 Revenues $ 350,059 $ 46,224 $ (46,118 ) $ 8,221 $ 358,386 $ 21,787 $ 11,254 $ 391,427 Income (loss) from operations $ 42,731 $ 16,652 $ 1,007 $ (27,331 ) $ 33,059 $ 2,095 $ 992 $ 36,146 Interest (income) expense, net $ (925 ) $ — $ — $ (195 ) $ (1,120 ) $ — $ — $ (1,120 ) Income (loss) before taxes $ 43,691 $ 16,630 $ 1,007 $ (27,093 ) $ 34,235 $ 2,147 $ 992 $ 37,374 February 27, 2016 Revenues $ 326,101 $ 42,436 $ (42,436 ) $ 5,264 $ 331,365 $ 20,451 $ 11,281 $ 363,097 Income (loss) from operations $ 43,117 $ 14,051 $ 1,752 $ (22,791 ) $ 36,129 $ 1,146 $ 918 $ 38,193 Interest (income) expense, net $ (818 ) $ — $ — $ 144 $ (674 ) $ — $ — $ (674 ) Income (loss) before taxes $ 43,948 $ 14,098 $ 1,752 $ (23,040 ) $ 36,758 $ 1,323 $ 918 $ 38,999 Twenty-six weeks ended February 25, 2017 Revenues $ 694,540 $ 95,086 $ (94,922 ) $ 15,525 $ 710,229 $ 44,143 $ 23,163 $ 777,535 Income (loss) from operations $ 95,558 $ 34,859 $ 68 $ (53,753 ) $ 76,732 $ 3,246 $ 1,925 $ 81,903 Interest (income) expense, net $ (1,759 ) $ — $ — $ (162 ) $ (1,921 ) $ — $ — $ (1,921 ) Income (loss) before taxes $ 97,399 $ 34,852 $ 68 $ (53,673 ) $ 78,646 $ 2,867 $ 1,925 $ 83,438 February 27, 2016 Revenues $ 655,881 $ 88,251 $ (88,251 ) $ 10,521 $ 666,402 $ 47,221 $ 22,858 $ 736,481 Income (loss) from operations $ 99,843 $ 30,595 $ 1,701 $ (43,038 ) $ 89,101 $ 5,432 $ 1,954 $ 96,487 Interest (income) expense, net $ (1,562 ) $ — $ — $ 345 $ (1,217 ) $ — $ — $ (1,217 ) Income (loss) before taxes $ 101,441 $ 30,634 $ 1,701 $ (43,618 ) $ 90,158 $ 5,245 $ 1,954 $ 97,357 |
Note 3 - Business Acquisitions
Note 3 - Business Acquisitions (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Receivables $ 7,365 Inventories 1,824 Rental merchandise in service 7,175 Prepaid expense and other current assets 1,722 Property, plant and equipment 4,140 Goodwill 51,189 Customer contracts 40,256 Other intangible assets 2,580 Other assets 4,790 Accrued liabilities (2,705 ) Total Purchase Price $ 118,336 |
Note 4 - Fair Value Measureme23
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of February 25, 2017 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents $ 224,756 $ — $ — $ 224,756 Pension plan assets — 4,817 — 4,817 Foreign currency forward contracts — 220 — 220 Total assets at fair value $ 224,756 $ 5,037 $ — $ 229,793 As of August 2 7 , 201 6 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents $ 172,760 $ — $ — $ 172,760 Pension plan assets — 4,753 — 4,753 Foreign currency forward contracts — 188 — 188 Total assets at fair value $ 172,760 $ 4,941 $ — $ 177,701 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended February 25, February 27, February 25, February 27, 2017 2016 2017 2016 Net income available to shareholders $ 22,516 $ 23,498 $ 50,730 $ 59,388 Allocation of net income for Basic: Common Stock $ 17,836 $ 18,691 $ 40,178 $ 47,232 Class B Common Stock 4,518 4,704 10,184 11,896 Unvested participating shares 162 103 368 260 $ 22,516 $ 23,498 $ 50,730 $ 59,388 Weighted average number of shares for Basic: Common Stock 15,305 15,241 15,295 15,230 Class B Common Stock 4,846 4,795 4,846 4,795 Unvested participating shares 139 96 140 95 20,290 20,132 20,281 20,120 Earnings per share for Basic: Common Stock $ 1.17 $ 1.23 $ 2.63 $ 3.10 Class B Common Stock $ 0.93 $ 0.98 $ 2.10 $ 2.48 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | Thirteen weeks ended February 25, 2017 T wenty-six weeks ended February 25, 2017 Earnings Earnings to Common Common to Common Common shareholders Shares EPS shareholders Shares EPS As reported - Basic $ 17,836 15,305 $ 1.17 $ 40,178 15,295 $ 2.63 Add: effect of dilutive potential common shares Share-Based Awards — 112 — 109 Class B Common Stock 4,518 4,846 10,184 4,846 Add: Undistributed earnings allocated to unvested participating shares 158 — 357 — Less: Undistributed earnings reallocated to unvested participating shares (150 ) — (338 ) — Diluted EPS – Common Stock $ 22,362 20,263 $ 1.10 $ 50,381 20,250 $ 2.49 Thirteen weeks Twenty-six weeks ended February 27, 2016 ended February 27, 2016 Earnings Earnings to Common Common to Common Common Shareholders Shares EPS Shareholders Shares EPS As reported - Basic $ 18,691 15,241 $ 1.23 $ 47,232 15,230 $ 3.10 Add: effect of dilutive potential common shares Share-based awards — 102 — 102 Class B Common Stock 4,704 4,795 11,896 4,795 Add: Undistributed earnings allocated to unvested participating shares 100 — 253 — Less: Undistributed earnings reallocated to unvested participating shares (94 ) — (240 ) — Diluted EPS – Common Stock $ 23,401 20,138 $ 1.16 $ 59,141 20,127 $ 2.94 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Februa r y 2 5 , 201 7 August 2 7 , 201 6 Raw materials $ 14,603 $ 16,826 Work in process 3,257 2,275 Finished goods 53,633 59,786 Total inventories $ 71,493 $ 78,887 |
Note 9 - Goodwill and Other I26
Note 9 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Balance as of August 27, 2016 $ 320,641 Goodwill recorded during the period 51,189 Other (57 ) Balance as of February 25, 2017 $ 371,773 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Amount Accumulated Amortization Net Carrying Amount February 25, 2017 Customer contracts $ 206,258 $ 135,137 $ 71,121 Other intangible assets 33,933 29,167 4,766 $ 240,191 $ 164,304 $ 75,887 August 27, 2016 Customer contracts $ 165,405 $ 129,551 $ 35,854 Other intangible assets 31,382 28,572 2,810 $ 196,787 $ 158,123 $ 38,664 |
Note 10 - Asset Retirement Ob27
Note 10 - Asset Retirement Obligations (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | February 2 5 , 201 7 Beginning balance as of August 27, 2016 $ 13,032 Accretion expense 423 Effect of exchange rate changes (217 ) Change in estimate (357 ) Ending balance as of February 25, 2017 $ 12,881 |
Note 11 - Commitments and Con28
Note 11 - Commitments and Contingencies (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Environmental Liabilities [Table Text Block] | February 25, 2017 Beginning balance as of August 27, 2016 $ 26,748 Costs incurred for which reserves had been provided (1,020 ) Insurance proceeds 69 Interest accretion 300 Change in discount rates (1,434 ) Balance as of February 25, 2017 $ 24,663 |
Schedule of Environmental Remediation Liabilities [Table Text Block] | (In thousands) 201 7 201 8 201 9 20 20 202 1 Thereafter Total Estimated costs – current dollars $ 8,653 $ 1,859 $ 1,492 $ 1,284 $ 1,172 $ 12,392 $ 26,852 Estimated insurance proceeds (104 ) (159 ) (173 ) (159 ) (173 ) (1,130 ) (1,898 ) Net anticipated costs $ 8,549 $ 1,700 $ 1,319 $ 1,125 $ 999 $ 11,262 $ 24,954 Effect of inflation 7,556 Effect of discounting (7,847 ) Balance as of February 25, 2017 $ 24,663 |
Note 14 - Accumulated Other C29
Note 14 - Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Thirteen Weeks Ended February 25, 2017 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of November 26, 2016 $ (25,943 ) $ (8,251 ) $ 364 $ (33,830 ) Other comprehensive income (loss) before reclassification 3,332 — (202 ) 3,130 Amounts reclassified from accumulated other comprehensive (loss) income — — (27 ) (27 ) Net current period other comprehensive income (loss) 3,332 — (229 ) 3,103 Balance as of February 25, 2017 $ (22,611 ) $ (8,251 ) $ 135 $ (30,727 ) Twenty-six Weeks Ended February 25, 2017 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of August 27, 2016 $ (20,814 ) $ (8,251 ) $ 116 $ (28,949 ) Other comprehensive (loss) income before reclassification (1,797 ) — 122 (1,675 ) Amounts reclassified from accumulated other comprehensive (loss) income — — (103 ) (103 ) Net current period other comprehensive (loss) income (1,797 ) — 19 (1,778 ) Balance as of February 25, 2017 $ (22,611 ) $ (8,251 ) $ 135 $ (30,727 ) Thirteen Weeks Ended February 27, 2016 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of November 28, 2015 $ (21,995 ) $ (4,937 ) $ 434 $ (26,498 ) Other comprehensive (loss) income before reclassification (2,011 ) — 175 (1,836 ) Amounts reclassified from accumulated other comprehensive loss — — (93 ) (93 ) Net current period other comprehensive (loss) income (2,011 ) — 82 (1,929 ) Balance as of February 27, 2016 $ (24,006 ) $ (4,937 ) $ 516 $ (28,427 ) Twenty-six Weeks Ended February 27, 2016 Foreign Currency Translation Pension- related (1) Derivative Financial Instruments (1) Total Accumulated Other Comprehensive (Loss) Income Balance as of August 29, 2015 $ (20,423 ) $ (4,719 ) $ 729 $ (24,413 ) Other comprehensive (loss) income before reclassification (3,583 ) (261 ) (48 ) (3,892 ) Amounts reclassified from accumulated other comprehensive loss — 43 (165 ) (122 ) Net current period other comprehensive (loss) income (3,583 ) (218 ) (213 ) (4,014 ) Balance as of February 27, 2016 $ (24,006 ) $ (4,937 ) $ 516 $ (28,427 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended February 25, February 27, February 25, February 27, 2017 2016 2017 2016 Pension benefit liabilities, net: Actuarial losses $ — $ — $ — $ 43 (a) Total, net of tax — 43 Derivative financial instruments, net: Forward contracts (b) (27 ) (93 ) (103 ) (165 ) Total, net of tax (27 ) (93 ) (103 ) (165 ) Total amounts reclassified, net of tax $ (27 ) $ (93 ) $ (103 ) $ (122 ) |
Note 15 - Segment Reporting (Ta
Note 15 - Segment Reporting (Tables) | 6 Months Ended |
Feb. 25, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | US and Subtotal Canadian Core Rental and Net Interco Laundry Specialty Thirteen weeks ended Cleaning MFG MFG Elim Corporate Operations Garments First Aid Total February 25, 2017 Revenues $ 350,059 $ 46,224 $ (46,118 ) $ 8,221 $ 358,386 $ 21,787 $ 11,254 $ 391,427 Income (loss) from operations $ 42,731 $ 16,652 $ 1,007 $ (27,331 ) $ 33,059 $ 2,095 $ 992 $ 36,146 Interest (income) expense, net $ (925 ) $ — $ — $ (195 ) $ (1,120 ) $ — $ — $ (1,120 ) Income (loss) before taxes $ 43,691 $ 16,630 $ 1,007 $ (27,093 ) $ 34,235 $ 2,147 $ 992 $ 37,374 February 27, 2016 Revenues $ 326,101 $ 42,436 $ (42,436 ) $ 5,264 $ 331,365 $ 20,451 $ 11,281 $ 363,097 Income (loss) from operations $ 43,117 $ 14,051 $ 1,752 $ (22,791 ) $ 36,129 $ 1,146 $ 918 $ 38,193 Interest (income) expense, net $ (818 ) $ — $ — $ 144 $ (674 ) $ — $ — $ (674 ) Income (loss) before taxes $ 43,948 $ 14,098 $ 1,752 $ (23,040 ) $ 36,758 $ 1,323 $ 918 $ 38,999 Twenty-six weeks ended February 25, 2017 Revenues $ 694,540 $ 95,086 $ (94,922 ) $ 15,525 $ 710,229 $ 44,143 $ 23,163 $ 777,535 Income (loss) from operations $ 95,558 $ 34,859 $ 68 $ (53,753 ) $ 76,732 $ 3,246 $ 1,925 $ 81,903 Interest (income) expense, net $ (1,759 ) $ — $ — $ (162 ) $ (1,921 ) $ — $ — $ (1,921 ) Income (loss) before taxes $ 97,399 $ 34,852 $ 68 $ (53,673 ) $ 78,646 $ 2,867 $ 1,925 $ 83,438 February 27, 2016 Revenues $ 655,881 $ 88,251 $ (88,251 ) $ 10,521 $ 666,402 $ 47,221 $ 22,858 $ 736,481 Income (loss) from operations $ 99,843 $ 30,595 $ 1,701 $ (43,038 ) $ 89,101 $ 5,432 $ 1,954 $ 96,487 Interest (income) expense, net $ (1,562 ) $ — $ — $ 345 $ (1,217 ) $ — $ — $ (1,217 ) Income (loss) before taxes $ 101,441 $ 30,634 $ 1,701 $ (43,618 ) $ 90,158 $ 5,245 $ 1,954 $ 97,357 |
Note 3 - Business Acquisition31
Note 3 - Business Acquisitions (Details Textual) $ in Thousands | Sep. 19, 2016USD ($) | Feb. 25, 2017USD ($) |
Number of Businesses Acquired | 3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 119,100 | |
Arrow Uniform [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 118,300 | |
Business Combination, Contingent Consideration, Asset, Current | $ 1,500 | |
Number of Locations | 12 | |
Entity Number of Employees | 700 | |
Number of States in which Entity Operates | 5 | |
Payments to Acquire Businesses, Gross | $ 119,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 7,365 | |
Arrow Uniform [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 1,600 |
Note 3 - Business Acquisition32
Note 3 - Business Acquisitions - Initial Allocation of the Purchase Price (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Sep. 19, 2016 | Aug. 27, 2016 |
Goodwill | $ 371,773 | $ 320,641 | |
Arrow Uniform [Member] | |||
Receivables | $ 7,365 | ||
Inventories | 1,824 | ||
Rental merchandise in service | 7,175 | ||
Prepaid expense and other current assets | 1,722 | ||
Property, plant and equipment | 4,140 | ||
Goodwill | 51,189 | ||
Other assets | 4,790 | ||
Accrued liabilities | (2,705) | ||
Total Purchase Price | 118,336 | ||
Arrow Uniform [Member] | Customer Contracts [Member] | |||
Intangible assets | 40,256 | ||
Arrow Uniform [Member] | Other Intangible Assets [Member] | |||
Intangible assets | $ 2,580 |
Note 4 - Fair Value Measureme33
Note 4 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Feb. 25, 2017 | Aug. 27, 2016 |
Cash equivalents | $ 224,756 | $ 172,760 |
Pension plan assets | 4,817 | 4,753 |
Foreign currency forward contracts | 220 | 188 |
Total assets at fair value | 229,793 | 177,701 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 224,756 | 172,760 |
Pension plan assets | ||
Foreign currency forward contracts | ||
Total assets at fair value | 224,756 | 172,760 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Pension plan assets | 4,817 | 4,753 |
Foreign currency forward contracts | 220 | 188 |
Total assets at fair value | $ 5,037 | $ 4,941 |
Note 5 - Derivative Instrumen34
Note 5 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands, CAD in Millions | 3 Months Ended | 6 Months Ended | |||||
Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 25, 2017CAD | Aug. 27, 2016USD ($) | Jan. 31, 2015CADRate | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (30,727) | $ (30,727) | $ (28,949) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 27 | $ 93 | 103 | $ 165 | |||
Canada, Dollars | |||||||
Derivative, Forward Exchange Rate | Rate | 78.25% | ||||||
Forward Contracts [Member] | |||||||
Derivative, Notional Amount | CAD | CAD 31 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 100 | 100 | |||||
Forward Contracts [Member] | Other Noncurrent Assets [Member] | |||||||
Derivative, Notional Amount | CAD | CAD 13.8 | ||||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 100 | 100 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 100 | ||||||
Forward Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 100 | $ 100 |
Note 6 - Employee Benefit Pla35
Note 6 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Defined Contribution Plan, Cost Recognized | $ 3.7 | $ 3.6 | $ 7.3 | $ 7.3 |
Pension Expense | $ 0.9 | $ 0.9 | $ 1.7 | $ 1.7 |
Note 7 - Net Income Per Share36
Note 7 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,821 | 700 | 0 | 3,909 |
Note 7 - Net Income Per Share -
Note 7 - Net Income Per Share - Summary of Earnings Per Share, Basic, Two Class Method (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Net income available to shareholders | $ 22,516 | $ 23,498 | $ 50,730 | $ 59,388 |
Income allocated to – Basic: | ||||
Allocation of net income for Basic | $ 22,516 | $ 23,498 | $ 50,730 | $ 59,388 |
Weighted average number of shares outstanding – Basic: | ||||
Weighted average number of shares for Basic (in shares) | 20,290 | 20,132 | 20,281 | 20,120 |
Common Class A [Member] | ||||
Income allocated to – Basic: | ||||
Allocation of net income for Basic | $ 17,836 | $ 18,691 | $ 40,178 | $ 47,232 |
Weighted average number of shares outstanding – Basic: | ||||
Weighted average number of shares for Basic (in shares) | 15,305 | 15,241 | 15,295 | 15,230 |
Income per share – Basic: | ||||
Earnings per share for Basic (in dollars per share) | $ 1.17 | $ 1.23 | $ 2.63 | $ 3.10 |
Common Class B [Member] | ||||
Income allocated to – Basic: | ||||
Allocation of net income for Basic | $ 4,518 | $ 4,704 | $ 10,184 | $ 11,896 |
Weighted average number of shares outstanding – Basic: | ||||
Weighted average number of shares for Basic (in shares) | 4,846 | 4,795 | 4,846 | 4,795 |
Income per share – Basic: | ||||
Earnings per share for Basic (in dollars per share) | $ 0.93 | $ 0.98 | $ 2.10 | $ 2.48 |
Unvested Participating Shares [Member] | ||||
Income allocated to – Basic: | ||||
Allocation of net income for Basic | $ 162 | $ 103 | $ 368 | $ 260 |
Weighted average number of shares outstanding – Basic: | ||||
Weighted average number of shares for Basic (in shares) | 139 | 96 | 140 | 95 |
Note 7 - Net Income Per Share38
Note 7 - Net Income Per Share - Summary of Earnings Per Share, Diluted, Two Class Method (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Allocation of net income for Basic | $ 22,516 | $ 23,498 | $ 50,730 | $ 59,388 |
Add: Undistributed earnings allocated to unvested participating shares | 158 | 100 | 357 | 253 |
Less: Undistributed earnings reallocated to unvested participating shares | (150) | (94) | (338) | (240) |
Diluted EPS – Common Stock | $ 22,362 | $ 23,401 | $ 50,381 | $ 59,141 |
Diluted EPS – Common Stock (in shares) | 20,263 | 20,138 | 20,250 | 20,127 |
Diluted EPS – Common Stock (in dollars per share) | $ 1.10 | $ 1.16 | $ 2.49 | $ 2.94 |
Common Class A [Member] | ||||
Allocation of net income for Basic | $ 17,836 | $ 18,691 | $ 40,178 | $ 47,232 |
As reported - Basic (in shares) | 15,305 | 15,241 | 15,295 | 15,230 |
Earnings per share for Basic (in dollars per share) | $ 1.17 | $ 1.23 | $ 2.63 | $ 3.10 |
Dilutive potential common shares (in shares) | 112 | 102 | 109 | 102 |
Diluted EPS – Common Stock | $ 22,362 | $ 23,401 | $ 50,381 | $ 59,141 |
Diluted EPS – Common Stock (in shares) | 20,263 | 20,138 | 20,250 | 20,127 |
Diluted EPS – Common Stock (in dollars per share) | $ 1.10 | $ 1.16 | $ 2.49 | $ 2.94 |
Common Class B [Member] | ||||
Allocation of net income for Basic | $ 4,518 | $ 4,704 | $ 10,184 | $ 11,896 |
As reported - Basic (in shares) | 4,846 | 4,795 | 4,846 | 4,795 |
Earnings per share for Basic (in dollars per share) | $ 0.93 | $ 0.98 | $ 2.10 | $ 2.48 |
Note 8 - Inventories - Componen
Note 8 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Aug. 27, 2016 |
Raw materials | $ 14,603 | $ 16,826 |
Work in process | 3,257 | 2,275 |
Finished goods | 53,633 | 59,786 |
Total inventories | $ 71,493 | $ 78,887 |
Note 9 - Goodwill and Other I40
Note 9 - Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Feb. 25, 2017USD ($) | |
Beginning Balance | $ 320,641 |
Goodwill recorded during the period | 51,189 |
Other | (57) |
Ending Balance | $ 371,773 |
Note 9 - Goodwill and Other I41
Note 9 - Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Aug. 27, 2016 |
Gross Carrying Amount | $ 240,191 | $ 196,787 |
Accumulated Amortization | 164,304 | 158,123 |
Net Carrying Amount | 75,887 | 38,664 |
Customer Contracts [Member] | ||
Gross Carrying Amount | 206,258 | 165,405 |
Accumulated Amortization | 135,137 | 129,551 |
Net Carrying Amount | 71,121 | 35,854 |
Other Intangible Assets [Member] | ||
Gross Carrying Amount | 33,933 | 31,382 |
Accumulated Amortization | 29,167 | 28,572 |
Net Carrying Amount | $ 4,766 | $ 2,810 |
Note 10 - Asset Retirement Ob42
Note 10 - Asset Retirement Obligations (Details Textual) | 6 Months Ended |
Feb. 25, 2017 | |
Minimum [Member] | |
Asset Retirement Obligation, Remaining Lives | 1 year |
Maximum [Member] | |
Asset Retirement Obligation, Remaining Lives | 27 years |
Note 10 - Asset Retirement Ob43
Note 10 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 25, 2017 | Feb. 27, 2016 | |
Beginning balance | $ 13,032 | |
Accretion on asset retirement obligations | 423 | $ 398 |
Effect of exchange rate changes | (217) | |
Change in estimate | (357) | |
Ending balance as of February 25, 2017 | $ 12,881 |
Note 11 - Commitments and Con44
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Aug. 27, 2016 | Feb. 25, 2017 | |
Estimated Impact of Inflation per Year | 3.00% | |
Proceeds from Legal Settlements | $ 0.3 | |
Escrow Deposit | $ 3.4 | |
Minimum [Member] | ||
Risk Free Rates of Interest Used to Discount Remediation Costs | 2.30% | |
Maximum [Member] | ||
Risk Free Rates of Interest Used to Discount Remediation Costs | 3.00% | |
Selling, General and Administrative Expenses [Member] | ||
Gain (Loss) Related to Litigation Settlement | $ 15.9 |
Note 11 - Commitments and Con45
Note 11 - Commitments and Contingencies - Changes to Environmental Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 25, 2017 | Feb. 27, 2016 | |
Beginning balance | $ 26,748 | |
Costs incurred for which reserves had been provided | (1,020) | |
Insurance proceeds | 69 | |
Interest accretion | 300 | $ 334 |
Change in discount rates | (1,434) | |
Ending balance | $ 24,663 |
Note 11 - Commitments and Con46
Note 11 - Commitments and Contingencies - Anticipated Payments and Insurance Proceeds of Identified Environmental Remediation Liabilities (Details) - USD ($) $ in Thousands | Feb. 25, 2017 | Aug. 27, 2016 |
Estimated costs – current dollars, remainder of fiscal year | $ 8,653 | |
Estimated costs – current dollars, year two | 1,859 | |
Estimated costs – current dollars, year three | 1,492 | |
Estimated costs – current dollars, year four | 1,284 | |
Estimated costs – current dollars, year five | 1,172 | |
Estimated costs – current dollars, thereafter | 12,392 | |
Estimated costs – current dollars, total | 26,852 | |
Estimated insurance proceeds, remainder of fiscal year | (104) | |
Estimated insurance proceeds, year two | (159) | |
Estimated insurance proceeds, year three | (173) | |
Estimated insurance proceeds, year four | (159) | |
Estimated insurance proceeds, year five | (173) | |
Estimated insurance proceeds, thereafter | (1,130) | |
Estimated insurance proceeds, total | (1,898) | |
Net anticipated costs, remainder of fiscal year | 8,549 | |
Net anticipated costs, year two | 1,700 | |
Net anticipated costs, year three | 1,319 | |
Net anticipated costs, year four | 1,125 | |
Net anticipated costs, year five | 999 | |
Net anticipated costs, thereafter | 11,262 | |
Net anticipated costs, total | 24,954 | |
Effect of inflation | 7,556 | |
Effect of discounting | (7,847) | |
Balance as of February 25, 2017 | $ 24,663 | $ 26,748 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 39.80% | 39.70% | 39.20% | 39.00% |
Note 13 - Long-term Debt (Detai
Note 13 - Long-term Debt (Details Textual) - Credit Agreement [Member] - USD ($) $ in Thousands | Apr. 11, 2016 | Feb. 25, 2017 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |
Letters of Credit Outstanding, Amount | $ 66,200 | |
Line of Credit Facility, Remaining Borrowing Capacity | 183,800 | |
Long-term Line of Credit | $ 0 | |
Debt Instrument, Maturity Date | Apr. 11, 2021 |
Note 14 - Accumulated Other C49
Note 14 - Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Beginning Balance | $ 1,364,781 | ||||
Ending Balance | $ 1,417,396 | 1,417,396 | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Beginning Balance | (25,943) | $ (21,995) | (20,814) | $ (20,423) | |
Other comprehensive income (loss) before reclassification | 3,332 | (2,011) | (1,797) | (3,583) | |
Amounts reclassified from accumulated other comprehensive (loss) income | |||||
Net current period other comprehensive income (loss) | 3,332 | (2,011) | (1,797) | (3,583) | |
Ending Balance | (22,611) | (24,006) | (22,611) | (24,006) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Beginning Balance | [1] | (8,251) | (4,937) | (8,251) | (4,719) |
Other comprehensive income (loss) before reclassification | [1] | (261) | |||
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | 43 | |||
Net current period other comprehensive income (loss) | [1] | (218) | |||
Ending Balance | [1] | (8,251) | (4,937) | (8,251) | (4,937) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Beginning Balance | [1] | 364 | 434 | 116 | 729 |
Other comprehensive income (loss) before reclassification | [1] | (202) | 175 | 122 | (48) |
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | (27) | (93) | (103) | (165) |
Net current period other comprehensive income (loss) | [1] | (229) | 82 | 19 | (213) |
Ending Balance | [1] | 135 | 516 | 135 | 516 |
AOCI Attributable to Parent [Member] | |||||
Beginning Balance | (33,830) | (26,498) | (28,949) | (24,413) | |
Other comprehensive income (loss) before reclassification | 3,130 | (1,836) | (1,675) | (3,892) | |
Amounts reclassified from accumulated other comprehensive (loss) income | (27) | (93) | (103) | (122) | |
Net current period other comprehensive income (loss) | 3,103 | (1,929) | (1,778) | (4,014) | |
Ending Balance | $ (30,727) | $ (28,427) | $ (30,727) | $ (28,427) | |
[1] | Amounts are shown net of tax |
Note 14 - Accumulated Other C50
Note 14 - Accumulated Other Comprehensive (Loss) Income - Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Amounts reclassified from accumulated other comprehensive (loss) income | $ (27) | $ (93) | $ (103) | $ (122) | |
Forward Contracts [Member] | |||||
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | (27) | (93) | (103) | (165) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Amounts reclassified from accumulated other comprehensive (loss) income | [2] | 0 | 43 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Amounts reclassified from accumulated other comprehensive (loss) income | $ (27) | $ (93) | $ (103) | $ (165) | |
[1] | Amounts included in revenues in the accompanying Consolidated Statements of Income. | ||||
[2] | Amounts included in selling and administrative expenses in the accompanying Consolidated Statements of Income. |
Note 15 - Segment Reporting (De
Note 15 - Segment Reporting (Details Textual) | 6 Months Ended |
Feb. 25, 2017 | |
Number of Operating Segments | 6 |
Number of Reportable Segments | 5 |
Note 15 - Segment Reporting - S
Note 15 - Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | |
Revenues | $ 391,427 | $ 363,097 | $ 777,535 | $ 736,481 |
Income (loss) from operations | 36,146 | 38,193 | 81,903 | 96,487 |
Interest (income) expense, net | (1,120) | (674) | (1,921) | (1,217) |
Income (loss) before taxes | 37,374 | 38,999 | 83,438 | 97,357 |
US and Canadian Rental and Cleaning [Member] | ||||
Revenues | 350,059 | 326,101 | 694,540 | 655,881 |
Income (loss) from operations | 42,731 | 43,117 | 95,558 | 99,843 |
Interest (income) expense, net | (925) | (818) | (1,759) | (1,562) |
Income (loss) before taxes | 43,691 | 43,948 | 97,399 | 101,441 |
MFG [Member] | ||||
Revenues | 46,224 | 42,436 | 95,086 | 88,251 |
Income (loss) from operations | 16,652 | 14,051 | 34,859 | 30,595 |
Interest (income) expense, net | ||||
Income (loss) before taxes | 16,630 | 14,098 | 34,852 | 30,634 |
Net Interco MFG Elimination [Member] | ||||
Revenues | (46,118) | (42,436) | (94,922) | (88,251) |
Income (loss) from operations | 1,007 | 1,752 | 68 | 1,701 |
Interest (income) expense, net | ||||
Income (loss) before taxes | 1,007 | 1,752 | 68 | 1,701 |
Corporate Segment [Member] | ||||
Revenues | 8,221 | 5,264 | 15,525 | 10,521 |
Income (loss) from operations | (27,331) | (22,791) | (53,753) | (43,038) |
Interest (income) expense, net | (195) | 144 | (162) | 345 |
Income (loss) before taxes | (27,093) | (23,040) | (53,673) | (43,618) |
Subtotal Core Laundry Operations [Member] | ||||
Revenues | 358,386 | 331,365 | 710,229 | 666,402 |
Income (loss) from operations | 33,059 | 36,129 | 76,732 | 89,101 |
Interest (income) expense, net | (1,120) | (674) | (1,921) | (1,217) |
Income (loss) before taxes | 34,235 | 36,758 | 78,646 | 90,158 |
Specialty Garments [Member] | ||||
Revenues | 21,787 | 20,451 | 44,143 | 47,221 |
Income (loss) from operations | 2,095 | 1,146 | 3,246 | 5,432 |
Interest (income) expense, net | ||||
Income (loss) before taxes | 2,147 | 1,323 | 2,867 | 5,245 |
First Aid [Member] | ||||
Revenues | 11,254 | 11,281 | 23,163 | 22,858 |
Income (loss) from operations | 992 | 918 | 1,925 | 1,954 |
Interest (income) expense, net | ||||
Income (loss) before taxes | $ 992 | $ 918 | $ 1,925 | $ 1,954 |