0001144215-20-000045 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 29, 2020	Mar. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2020
Document Transition Report	false
Entity File Number	001-16583
Entity Registrant Name	ACUITY BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2632672
Entity Address, Address Line One	1170 Peachtree Street, N.E.
Entity Address, Address Line Two	Suite 2300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	404
Local Phone Number	853-1400
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	AYI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,641,456
Entity Central Index Key	0001144215
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--08-31

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 29, 2020	Aug. 31, 2019
Current assets:
Cash and cash equivalents	$ 380.6	$ 461.0
Accounts receivable, less reserve for doubtful accounts of $1.4 and $1.0, respectively	506.7	561.0
Inventories	348.6	340.8
Prepayments and other current assets	71.9	79.0
Total current assets	1,307.8	1,441.8
Property, plant, and equipment, net	279.3	277.3
Operating lease right-of-use assets	59.4
Goodwill	1,089.6	967.3
Intangible assets, net	628.8	466.0
Deferred income taxes	2.1	2.3
Other long-term assets	29.7	17.7
Total assets	3,396.7	3,172.4
Current liabilities:
Accounts payable	333.5	338.8
Current maturities of debt	15.4	9.1
Current operating lease liabilities	16.6
Accrued compensation	55.6	73.2
Other accrued liabilities	151.1	175.0
Total current liabilities	572.2	596.1
Long-term debt	390.8	347.5
Long-term operating lease liabilities	48.1
Accrued pension liabilities	96.9	99.7
Deferred income taxes	117.8	92.7
Self-insurance reserves	7.0	6.8
Other long-term liabilities	118.8	110.7
Total liabilities	1,351.6	1,253.5
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value; 500,000,000 shares authorized; 53,859,675 and 53,778,155 issued, respectively	0.5	0.5
Paid-in capital	950.6	930.0
Retained earnings	2,399.6	2,295.8
Accumulated other comprehensive loss	(149.6)	(151.4)
Treasury stock, at cost — 14,325,197 and 14,325,197 shares, respectively	(1,156.0)	(1,156.0)
Total stockholders’ equity	2,045.1	1,918.9
Total liabilities and stockholders’ equity	$ 3,396.7	$ 3,172.4

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 29, 2020	Aug. 31, 2019
Current assets:
Allowance for doubtful accounts	$ 1.4	$ 1.0
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	53,859,675	53,778,155
Treasury stock, shares (shares)	14,325,197	14,325,197

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Income Statement [Abstract]
Net sales	$ 824.2	$ 854.4	$ 1,658.9	$ 1,787.0
Cost of products sold	480.3	520.5	959.2	1,085.6
Gross profit	343.9	333.9	699.7	701.4
Selling, distribution, and administrative expenses	260.9	237.6	526.2	487.7
Special charges	1.6	0.4	8.5	1.4
Operating profit	81.4	95.9	165.0	212.3
Other expense:
Interest expense, net	5.7	8.6	14.0	17.3
Miscellaneous expense, net	1.0	1.1	2.4	2.4
Total other expense	6.7	9.7	16.4	19.7
Income before income taxes	74.7	86.2	148.6	192.6
Income tax expense	17.5	19.9	34.4	46.7
Net income	$ 57.2	$ 66.3	$ 114.2	$ 145.9
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.45	$ 1.68	$ 2.89	$ 3.67
Basic weighted average number of shares outstanding (in shares)	39.5	39.5	39.5	39.7
Diluted earnings per share (in dollars per share)	$ 1.44	$ 1.67	$ 2.88	$ 3.66
Diluted weighted average number of shares outstanding (in shares)	39.7	39.6	39.7	39.8
Dividends declared per share (in dollars per share)	$ 0.13	$ 0.13	$ 0.26	$ 0.26
Comprehensive income:
Net income	$ 57.2	$ 66.3	$ 114.2	$ 145.9
Other comprehensive income (loss) items:
Foreign currency translation adjustments	(3.7)	4.9	(1.8)	(3.9)
Defined benefit plans, net of tax	1.7	1.4	3.6	4.0
Other comprehensive (loss) income items, net of tax	(2.0)	6.3	1.8	0.1
Comprehensive income	$ 55.2	$ 72.6	$ 116.0	$ 146.0

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Cash flows from operating activities:
Net income	$ 114.2	$ 145.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	49.8	43.3
Share-based payment expense	24.7	15.3
Loss on sale or disposal of property, plant, and equipment	0.1	0.4
Deferred income taxes	(0.1)	0.4
Change in assets and liabilities, net of effect of acquisitions, divestitures, and exchange rate changes:
Accounts receivable	66.9	139.6
Inventories	8.3	(1.3)
Prepayments and other current assets	(4.0)	(21.8)
Accounts payable	(12.3)	(102.6)
Other current liabilities	(46.1)	(38.9)
Other	13.2	8.0
Net cash provided by operating activities	214.7	188.3
Cash flows from investing activities:
Purchases of property, plant, and equipment	(24.9)	(24.9)
Proceeds from sale of property, plant, and equipment	0.2	0.0
Acquisition of businesses, net of cash acquired	(302.9)	0.0
Other investing activities	(1.9)	2.9
Net cash used for investing activities	(329.5)	(22.0)
Cash flows from financing activities:
Borrowings on credit facility	400.0	86.5
Repayments of borrowings on credit facility	0.0	(86.5)
Repayments of long-term debt	(350.5)	(0.2)
Repurchases of common stock	0.0	(48.7)
Proceeds from stock option exercises and other	0.5	0.3
Payments of taxes withheld on net settlement of equity awards	(4.7)	(4.3)
Dividends paid	(10.4)	(10.5)
Net cash provided by (used for) financing activities	34.9	(63.4)
Effect of exchange rate changes on cash and cash equivalents	(0.5)	0.0
Net change in cash and cash equivalents	(80.4)	102.9
Cash and cash equivalents at beginning of period	461.0	129.1
Cash and cash equivalents at end of period	380.6	232.0
Supplemental cash flow information:
Income taxes paid during the period	29.9	63.2
Interest paid during the period	$ 23.8	$ 24.5

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Acuity Brands, Inc. (“Acuity Brands”) is the parent company of Acuity Brands Lighting, Inc. (“ABL”) and other wholly-owned subsidiaries (Acuity Brands, ABL, and such other subsidiaries are collectively referred to herein as “we,” “our,” “us,” “the Company,” or similar references) and was incorporated in 2001 under the laws of the State of Delaware. We are a market-leading industrial technology company that develops, manufactures, and provides lighting and building management solutions and services for commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets. Our lighting and building management solutions include devices such as luminaires, lighting controls, controls for various building systems, power supplies, prismatic skylights, and drivers, as well as integrated systems designed to optimize energy efficiency and comfort for various indoor and outdoor applications. Additionally, we continue to expand our solutions portfolio, including software and services, to provide a host of other economic benefits resulting from data analytics that enables the Internet of Things (“IoT”), supports the advancement of smart buildings, smart cities, and the smart grid, and allows businesses to develop custom applications to scale their operations. We have one reportable segment serving the North American lighting market and select international markets. We prepared the Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) to present the financial position, results of operations, and cash flows of Acuity Brands and its wholly-owned subsidiaries. These unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of February 29, 2020, our consolidated comprehensive income for the three and six months ended February 29, 2020 and February 28, 2019, and our consolidated cash flows for the six months ended February 29, 2020 and February 28, 2019. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the three years ended August 31, 2019 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on October 29, 2019 (File No. 001-16583) (“Form 10-K”). The results of operations for the three and six months ended February 29, 2020 and February 28, 2019 are not necessarily indicative of the results to be expected for the full fiscal year due primarily to seasonality, which results in our net sales and net income generally being higher in the second half of our fiscal year, the impact of any acquisitions, and, among other reasons, the continued uncertainty of general economic conditions that may impact our key end markets for the remainder of fiscal 2020. Additionally, we are uncertain of the impact of the COVID-19 pandemic to our sales channels, supply chain, manufacturing, and distribution as well as overall construction, renovation, and consumer spending.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Feb. 29, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.

Acquisitions	6 Months Ended
Acquisitions	Feb. 29, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Fiscal 2020 Acquisitions The Luminaires Group On September 17, 2019, using cash on hand and borrowings under available existing credit arrangements, we acquired all of the equity interests of The Luminaires Group (“TLG”), a leading provider of specification-grade luminaires for commercial, institutional, hospitality, and municipal markets, all of which complement our current and dynamic lighting portfolio. TLG’s indoor and outdoor lighting fixtures are marketed to architects, landscape architects, interior designers, and engineers through five niche lighting brands: A-light, Cyclone, Eureka, Luminaire LED, and Luminis. LocusLabs, Inc. On November 25, 2019, using cash on hand, we acquired all of the equity interests of LocusLabs, Inc (“LocusLabs”). The LocusLabs software platform supports navigation applications used on mobile devices, web browsers, and digital displays in airports, event centers, multi-floor office buildings, and campuses. Accounting for Fiscal 2020 Acquisitions Acquisition-related costs were expensed as incurred. Preliminary amounts related to the acquisition accounting for TLG and LocusLabs are reflected on the Consolidated Balance Sheets as of February 29, 2020. The aggregate purchase price of these acquisitions reflects preliminary total goodwill and identified intangible assets of approximately $125.3 million and $183.1 million, respectively, as of February 29, 2020. Identified intangible assets consist of indefinite-lived marketing related intangibles as well as definite-lived customer-based and technology-based assets, which have a preliminary weighted average useful life of approximately 16 years. These amounts are deemed to be provisional until disclosed otherwise, as we continue to gather information related to the identification and valuation of intangible and other acquired assets and liabilities. These amounts are expected to change as we finalize the allocations. The operating results of the acquisitions have been included in our consolidated financial statements since the date of acquisition and are not material to our financial condition, results of operations, or cash flows. Fiscal 2019 Acquisitions WhiteOptics, LLC On June 20, 2019, using cash on hand, we acquired all of the equity interests of WhiteOptics, LLC (“WhiteOptics”). WhiteOptics is headquartered in New Castle, Delaware and manufactures advanced optical components used to reflect, diffuse, and control light for light emitting diode (“LED”) lighting used in commercial and institutional applications. The operating results of WhiteOptics have been included in our consolidated financial statements since the date of acquisition and are not material to our financial condition, results of operations, or cash flows.

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Feb. 29, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in Fiscal 2020 Accounting Standards Codification (“ASC”) 842 — Leases (“ASC 842”) In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to include most leases on the balance sheet as lease liabilities with an associated right-of-use (“ROU”) asset. Since the issuance of ASU 2016-02, the FASB released several amendments to improve and clarify the implementation guidance, as well as to change the allowable adoption methods. These standards have been collectively codified within ASC 842, Leases (“ASC 842”). We adopted ASC 842 using the modified retrospective method and applied the standard to all leases existing as of September 1, 2019. Information for prior years presented has not been restated and continues to reflect the authoritative accounting standards in effect for those periods. We elected the package of transition practical expedients that allows us to carryforward our historical assessments of whether existing contracts contain leases, determinations of lease classification, and treatments of initial direct costs. As of September 1, 2019, we recognized total operating lease liabilities of $64.7 million in our Consolidated Balance Sheets, of which $49.3 million was recorded within Long-term operating lease liabilities and $15.4 million was recorded within Current operating lease liabilities. We additionally derecognized $5.1 million of previously recorded net deferred rent balances and recorded ROU assets of $59.6 million related to our operating leases, which were reflected within Operating lease right-of-use assets in our Consolidated Balance Sheets. Accounting Standards Yet to Be Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impacts of the the provisions of ASU 2020-04 on our financial condition, results of operations, and cash flows. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the the provisions of ASU 2019-12 on our financial condition, results of operations, and cash flows. In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which will require customers to apply internal-use software guidance to determine the implementation costs that are able to be capitalized. Capitalized implementation costs will be required to be amortized over the term of the arrangement, beginning when the cloud computing arrangement is ready for its intended use. ASU 2018-15 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019. The standard allows changes to be applied either retrospectively or prospectively. We will adopt the standard as required in fiscal 2021. The provisions of ASU 2018-15 are not expected to have a material effect on our financial condition, results of operations, or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We have an implementation team tasked with reviewing our financial assets and determining the impact of the new standard to our financial statements. The team is also tasked with identifying appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. The implementation team has begun reviewing our portfolio of financial assets and assessing potential impacts of the new standard. The implementation team reports its findings and progress of the project to management on a frequent basis and to the Audit Committee of the Board of Directors on a quarterly basis. Our current financial asset portfolio consists primarily of trade receivables, and we preliminarily expect ASU 2016-13 to immaterially impact our computation of expected credit losses on trade receivables. We will adopt the amendments as required in fiscal 2021. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements

6 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

We determine fair value measurements based on the assumptions a market participant would use in pricing an asset or liability. ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a three-level hierarchy that categorizes market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3).

We utilize valuation methodologies to determine the fair values of our financial assets and liabilities in conformity with the concepts of “exit price” and the fair value hierarchy as prescribed in ASC 820. All valuation methods and assumptions are validated at least quarterly to ensure the accuracy and relevance of the fair values. There were no material changes to the valuation methods or assumptions used to determine fair values during the current period.

We used quoted market prices to determine the fair value of Level 1 assets and liabilities. No transfers between the levels of the fair value hierarchy occurred during the current fiscal period. In the event of a transfer in or out of a level within the fair value hierarchy, the transfers would be recognized on the date of occurrence.

Our cash and cash equivalents (Level 1), which are required to be carried at fair value and measured on a recurring basis, were $380.6 million and $461.0 million as of February 29, 2020 and August 31, 2019, respectively.

Disclosures of fair value information about financial instruments (whether or not recognized in the balance sheet), for which it is practicable to estimate that value, are required each reporting period in addition to any financial instruments carried at fair value on a recurring basis as prescribed by ASC 825, Financial Instruments (“ASC 825”). In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows.

The carrying values and estimated fair values of certain of our financial instruments (Level 2) were as follows as of the dates presented (in millions):



	February 29, 2020				August 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior unsecured public notes, net of unamortized discount and deferred costs	$	—	$	—	$	349.9	$	352.7
Borrowings under Term Loan Facility	400.0		400.0		—		—
Industrial revenue bond	4.0		4.0		4.0		4.0
Bank loans	2.2		2.4		2.7		2.9

Borrowings under our unsecured delayed draw term loan facility (the “Term Loan Facility”) and the industrial revenue bond (“IRB”) are carried at the outstanding balance as of the end of the reporting period. The borrowings under the Term Loan Facility and the IRB are variable-rate instruments that reset on a weekly basis; therefore, we estimate that the face amounts of these instruments approximate their fair value as of February 29, 2020 based on instruments of similar terms and maturity (Level 2). See Note 10 — Debt and Lines of Credit for further details on our long-term borrowings.

The bank loans are carried at the outstanding balance as of the end of the reporting period. Fair value is estimated based on discounted future cash flows using rates currently available for debt of similar terms and maturity (Level 2).

ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value to us. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating our management of liquidity and other risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

6 Months Ended

Feb. 29, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories include materials, labor, inbound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) and net realizable value, and consist of the following as of the dates presented (in millions):



	February 29, 2020			August 31, 2019
Raw materials, supplies, and work in process ⁽¹⁾	$	188.8		$	179.4
Finished goods	185.3			183.7
Inventories excluding reserves	374.1			363.1
Less: Reserves	(25.5		)	(22.3		)
Total inventories	$	348.6		$	340.8

_______________________________________

⁽¹⁾Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information.

Property, Plant and Equipment

6 Months Ended

Feb. 29, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment consisted of the following as of the dates presented (in millions):



	February 29, 2020			August 31, 2019
Land	$	22.7		$	22.6
Buildings and leasehold improvements	193.6			190.7
Machinery and equipment	571.9			544.4
Total property, plant, and equipment, at cost	788.2			757.7
Less: Accumulated depreciation and amortization	(508.9		)	(480.4		)
Property, plant, and equipment, net	$	279.3		$	277.3

Leases

6 Months Ended

Feb. 29, 2020

Leases [Abstract]

Leases

We lease property and equipment under operating lease arrangements, most of which relate to distribution centers and manufacturing facilities in the U.S. and Mexico. We include both the contractual term as well as any renewal option that we are reasonably certain to exercise in the determination of our lease terms. For leases with a term of greater than 12 months, we value lease liabilities and the related assets as the present value of the lease payments over the related term. We apply the short-term lease exception to leases with a term of 12 months or less and exclude such leases from our Consolidated Balance Sheets. Payments related to these short-term leases are expensed on a straight-line basis over the lease term and reflected as a component of lease cost within our Consolidated Statements of Comprehensive Income. Lease payments generally consist of fixed amounts, and variable amounts based on a market rate or an index are not material to our consolidated lease cost. We have elected to use the practical expedient present in ASC 842 to not separate lease and non-lease components for all significant underlying asset classes and instead account for them together as a single lease component in the measurement of our lease liabilities. Our leases do not contain significant terms and conditions for variable lease payments.

Generally, the rate implicit in our leases is not readily determinable. Therefore, we discount future lease payments using our estimated incremental borrowing rate at lease commencement. We determine this rate based on a credit-adjusted risk-free rate, which approximates a secured rate over the lease term. The weighted average discount rate for operating leases as of February 29, 2020 was 2.2%.

The following table presents the future undiscounted payments due on our operating lease liabilities as well as a reconciliation of those payments to our operating lease liabilities recorded as of the date presented (in millions):



Fiscal year	February 29, 2020
2020	$	9.3
2021	16.1
2022	11.5
2023	8.5
2024	6.0
Thereafter	17.7
Total undiscounted lease payments	69.1
Less: Discount due to interest	(4.4		)
Present value of lease liabilities	$	64.7

The weighted average remaining lease term for our operating leases was six years as of February 29, 2020.

Lease cost is recorded within Cost of products sold or Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income based on the primary use of the related ROU asset. The components of total lease cost were as follows for the period presented (in millions):



	Three Months Ended		Six Months Ended
	February 29, 2020		February 29, 2020
Operating lease cost	$	4.4	$	9.3
Variable lease cost	0.4		1.2
Short-term lease cost	0.9		1.2
Total lease cost	$	5.7	$	11.7

Prior to the adoption of ASC 842, we recognized rent expense of $5.4 million and $10.9 million during the three and six months ended February 28, 2019, respectively.

Cash paid for operating lease liabilities during the six months ended February 29, 2020 was $9.3 million. ROU assets obtained in exchange for lease liabilities, including those obtained from recent acquisitions, during the six months ended February 29, 2020 were $8.8 million.

We do not have material leases that have not yet commenced as of February 29, 2020 that create significant rights and obligations.

We have subleased certain properties. Lease income from these subleases is recognized in income as it is earned and is not material to our consolidated results of operations. We do not have any other significant transactions in which we are the lessor.

Goodwill and Intangible Assets

6 Months Ended

Feb. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Through multiple acquisitions, we acquired definite-lived intangible assets consisting primarily of trademarks and trade names associated with specific products, distribution networks, patented technology, non-compete agreements, and customer relationships, which are amortized over their estimated useful lives. Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely.

We recorded amortization expense of $10.4 million and $7.7 million during the three months ended February 29, 2020 and February 28, 2019, respectively, and $20.0 million and $15.4 million during the six months ended February 29, 2020 and February 28, 2019, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $40.9 million in fiscal 2020, $38.9 million in fiscal 2021, $38.0 million in fiscal 2022, $36.8 million in fiscal 2023, and $36.0 million in fiscal 2024.

The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in millions):



	Six Months Ended
	February 29, 2020			February 28, 2019
Beginning balance	$	967.3		$	970.6
Provisional additions from acquired businesses	147.8			—
Adjustments to provisional amounts from acquired businesses	(23.9		)	—
Foreign currency translation adjustments	(1.6		)	(2.1		)
Ending balance	$	1,089.6		$	968.5

Further discussion of goodwill and other intangible assets is included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Debt and Lines of Credit

6 Months Ended

Feb. 29, 2020

Debt Disclosure [Abstract]

Debt and Lines of Credit

Lines of Credit

On June 29, 2018, we entered into a credit agreement (“Credit Agreement”) with a syndicate of banks that provides us with a $400.0 million five-year unsecured revolving credit facility (“Revolving Credit Facility”) and a $400.0 million unsecured delayed draw term loan facility (“Term Loan Facility”). We had no borrowings outstanding under the current Revolving Credit Facility as of February 29, 2020 or August 31, 2019. We had $400.0 million in borrowings outstanding under the Term Loan Facility as of February 29, 2020 and no borrowings under the Term Loan Facility as of August 31, 2019. Based on the repayment schedule detailed below, $385.0 million of the borrowings under the Term Loan Facility are reflected within Long-term debt on the Consolidated Balance Sheets as of February 29, 2020.

Generally, amounts outstanding under the Revolving Credit Facility allow for borrowings to bear interest at either the Eurocurrency Rate or the base rate at our option, plus an applicable margin. Eurocurrency Rate advances can be denominated in a variety of currencies, including U.S. Dollars, and amounts outstanding bear interest at a periodic fixed rate equal to the LIBOR or screen rate for the applicable currency plus an applicable margin. The Eurocurrency applicable margin is based on our leverage ratio, as defined in the Credit Agreement, with such margin ranging from 1.000% to 1.375%. Base rate advances bear interest at an alternate base rate plus an applicable margin. The base rate applicable margin is based on our leverage ratio, as defined in the Credit Agreement, with such margin ranging from 0.000% to 0.375%. The Term Loan Facility allows for borrowings to be drawn over a period ending December 31, 2019, utilizing up to four separate installments, which are U.S. dollar denominated. Borrowings under the Term Loan Facility will amortize in equal quarterly installments of 2.5% per year in year one, 2.5% per year in year two, 5.0% per year in year three, 5.0% per year in year four, and 7.5% per year in year five. Any remaining borrowings under the Term Loan Facility are due and payable in full on June 29, 2023. The Term Loan Facility allowed for borrowings to bear interest at either a Eurocurrency Rate or the base rate, at our option, in each case plus an applicable margin. Eurocurrency Rate advances can be denominated in a variety of currencies, including U.S. Dollars, and amounts outstanding bear interest at a periodic fixed rate equal to the LIBOR or screen rate for the applicable currency plus an applicable margin. The Eurocurrency applicable margin is based on our leverage ratio, as defined in the Credit Agreement, with such margin ranging from 0.875% to 1.250%. Base Rate advances bear interest at an alternate base rate plus an applicable margin. The base rate applicable margin is based on our leverage ratio, as defined in the Credit Agreement, with such margin ranging from 0.0% to 0.25%.

We are required to pay certain fees in connection with the Credit Agreement, including administrative service fees and annual facility fees. The annual facility fee is payable quarterly, in arrears, and is determined by our leverage ratio as defined in the Credit Agreement. The facility fee ranges from 0.125% to 0.25% of the aggregate $800.0 million commitment of the lenders under the Credit Agreement. The Credit Agreement contains financial covenants, including a minimum interest expense coverage ratio (“Minimum Interest Expense Coverage Ratio”) and a leverage ratio (“Maximum Leverage Ratio”) of total indebtedness to earnings before interest, tax, depreciation, and amortization (“EBITDA”), as such terms are defined in the Credit Agreement. These ratios are computed at the end of each fiscal quarter for the most recent 12-month period. The Credit Agreement generally allows for a Minimum Interest Expense Coverage Ratio of 2.50 and a Maximum Leverage Ratio of 3.50, subject to certain conditions, as such terms are defined in the Credit Agreement.

We were in compliance with all financial covenants under the Credit Agreement as of February 29, 2020. At February 29, 2020, we had additional borrowing capacity under the Credit Agreement of $396.2 million under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less the outstanding letters of credit of $3.8 million issued under the Revolving Credit Facility. As of February 29, 2020, we had outstanding letters of credit totaling $8.1 million, primarily for securing collateral requirements under our casualty insurance programs and for providing credit support for our industrial revenue bond, which includes the $3.8 million issued under the Revolving Credit Facility.

Borrowings and repayments on our Revolving Credit Facility with terms of three months or less are reported on a net basis on our Consolidated Statements of Cash Flows.

Long-term Debt

On December 16, 2019, we repaid $350.0 million of senior unsecured notes in full plus accrued interest with borrowings under our Term Loan Facility.

In addition to the long-term portion of borrowings under the Term Loan Facility, we had $4.0 million of tax-exempt industrial revenue bonds that are scheduled to mature in 2021 and $2.2 million outstanding under fixed-rate bank loans outstanding at February 29, 2020. Further discussion of our long-term debt is included within the Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Interest Expense, net

Interest expense, net, is comprised primarily of interest expense on long-term debt, obligations in connection with non-qualified retirement benefits, and Revolving Credit Facility borrowings, partially offset by interest income earned on cash and cash equivalents.

The following table summarizes the components of interest expense, net for the periods presented (in millions):



	Three Months Ended						Six Months Ended
	February 29, 2020			February 28, 2019			February 29, 2020			February 28, 2019
Interest expense	$	6.8		$	9.1		$	15.8		$	18.3
Interest income	(1.1		)	(0.5		)	(1.8		)	(1.0		)
Interest expense, net	$	5.7		$	8.6		$	14.0		$	17.3

Commitments and Contingencies

6 Months Ended

Feb. 29, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

In the normal course of business, we are subject to the effects of certain contractual stipulations, events, transactions, and laws and regulations that may, at times, require the recognition of liabilities, such as those related to self-insurance estimated liabilities and claims, legal and contractual issues, environmental laws and regulations, guarantees, and indemnities. We establish estimated liabilities when the associated costs related to uncertainties or guarantees become probable and can be reasonably estimated. For the period ended February 29, 2020, no material changes have occurred in our estimated liabilities for self-insurance, litigation, environmental matters, guarantees and indemnities, or relevant events and circumstances, from those disclosed in the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Product Warranty and Recall Costs

Our products generally have a standard warranty term of five years that assure our products comply with agreed upon specifications. We record an accrual for the estimated amount of future warranty costs when the related revenue is recognized. Estimated costs related to product recalls based on a formal campaign soliciting repair or return of that product are accrued when they are deemed to be probable and can be reasonably estimated. Estimated future warranty and recall costs are primarily based on historical experience of identified warranty and recall claims. However, there can be no assurance that future warranty or recall costs will not exceed historical amounts or that new technology products may not generate unexpected costs. If actual future warranty or recall costs exceed historical amounts, additional increases in the accrual may be required, which could have a material adverse impact on our results of operations and cash flows.

Estimated liabilities for product warranty and recall costs are included in Other accrued liabilities and Other long-term liabilities on the Consolidated Balance Sheets. The following table summarizes changes in the estimated liabilities for product warranty and recall costs for the periods presented (in millions):



	Six Months Ended
	February 29, 2020			February 28, 2019
Beginning balance	$	11.5		$	27.3
Warranty and recall costs	12.5			9.6
Payments and other deductions	(12.5		)	(9.2		)
Acquired warranty and recall liabilities	0.1			—
ASC 606 adjustments ⁽¹⁾	—			(14.8		)
Ending balance	$	11.6		$	12.9

^{______________________________}

⁽¹⁾Certain service-type warranties accounted for as contingent liabilities prior to the adoption of ASC 606, Revenue from Contracts with Customers (“ASC 606”), are now reflected as contract liabilities effective September 1, 2018.

Lighting Science Group Patent Litigation

On April 30, 2019 and May 1, 2019, Lighting Science Group Corp. (“LSG”) filed complaints in the International Trade Commission and United States District Court for the District of Delaware, respectively, alleging infringement of eight patents by the Company and others. On May 17, 2019, LSG amended both of its complaints and dropped its claims regarding one of the patents. For the remaining seven patents, LSG’s infringement allegations relate to certain of our LED luminaires and related systems. LSG seeks orders from the International Trade Commission to preclude the importation and sale of the accused products. LSG seeks unspecified monetary damages, costs, and attorneys’ fees in the District of Delaware action. We dispute and have numerous defenses to the allegations, and we intend to vigorously defend against LSG’s claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and a request for an exclusion order and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, we currently are unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from these matters.

Securities Class Action

On January 3, 2018, a shareholder filed a class action complaint in the United States District Court for the District of Delaware against us and certain of our officers on behalf of all persons who purchased or otherwise acquired our stock between June 29, 2016 and April 3, 2017. On February 20, 2018, a different shareholder filed a second class action complaint in the same venue against the same parties on behalf of all persons who purchased or otherwise acquired our stock between October 15, 2015 and April 3, 2017. The cases were transferred on April 30, 2018, to the United States District Court for the Northern District of Georgia and subsequently were consolidated as In re Acuity Brands, Inc. Securities Litigation, Civil Action No. 1:18-cv-02140-MHC (N.D. Ga.). On October 5, 2018, the court-appointed lead plaintiff filed a consolidated amended class action complaint (the “Consolidated Complaint”), which supersedes the initial complaints. The Consolidated Complaint is brought on behalf of all persons who purchased our common stock between October 7, 2015 and April 3, 2017 and alleges that we and certain of our current officers and one former executive violated the federal securities laws by making false or misleading statements and/or omitting to disclose material adverse facts that (i) concealed known trends negatively impacting sales of our products and (ii) overstated our ability to achieve profitable sales growth. The plaintiffs seek class certification, unspecified monetary damages, costs, and attorneys’ fees. We dispute the allegations in the complaints and intend to vigorously defend against the claims. We filed a motion to dismiss the Consolidated Complaint. On August 12, 2019, the court entered an order granting our motion to dismiss in part and dismissing all claims based on 42 of the 47 statements challenged in the Consolidated Complaint but also denying the motion in part and allowing claims based on five challenged statements to proceed to discovery. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, we are currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matters described above. We are insured, in excess of a self-retention, for Directors and Officers liability.

Trade Compliance Matters

In the course of routine reviews of import and export activity, we previously determined that we misclassified and/or inaccurately valued certain international shipments of products. We are conducting a detailed review of this activity to determine the extent of any liabilities and implementing the appropriate remedial measures. At this time, we are unable to determine the likelihood or amount of loss, if any, associated with these shipments.

Litigation

We are subject to various other legal claims arising in the normal course of business, including patent infringement, employment matters, and product liability claims. Based on information currently available, it is the opinion of management that the ultimate resolution of pending and threatened legal proceedings will not have a material adverse effect on our financial condition, results of operations, or cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of any such matters, if unfavorable, could have a material adverse effect on our financial condition, results of operations, or cash flows in future periods. We establish estimated liabilities for legal claims when associated costs become probable and can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher than the amounts accrued for such claims. However, we cannot make a meaningful estimate of actual costs to be incurred that could possibly be higher or lower than the accrued amounts.

Changes in Stockholders' Equity

6 Months Ended

Feb. 29, 2020

Equity [Abstract]

Changes in Stockholders' Equity

The following tables summarize changes in the components of stockholders' equity for the periods presented (in millions):



	Common Stock Outstanding
	Shares	Amount		Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock, at cost			Total
Balance, August 31, 2019	39.5	$	0.5	$	930.0	$	2,295.8		$	(151.4	)	$	(1,156.0	)	$	1,918.9
Net income	—	—		—		57.0			—			—			57.0
Other comprehensive income	—	—		—		—			3.8			—			3.8
Share-based payment amortization, issuances, and cancellations	—	—		12.6		—			—			—			12.6
Employee stock purchase plan issuances	—	—		0.2		—			—			—			0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2		)	—			—			(5.2		)
Balance, November 30, 2019	39.5	0.5		942.8		2,347.6			(147.6		)	(1,156.0		)	1,987.3
Net income	—	—		—		57.2			—			—			57.2
Other comprehensive loss	—	—		—		—			(2.0		)	—			(2.0		)
Share-based payment amortization, issuances, and cancellations	—	—		7.5		—			—			—			7.5
Employee stock purchase plan issuances	—	—		0.2		—			—			—			0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2		)	—			—			(5.2		)
Stock options exercised	—	—		0.1		—			—			—			0.1
Balance, February 29, 2020	39.5	$	0.5	$	950.6	$	2,399.6		$	(149.6	)	$	(1,156.0	)	$	2,045.1



	Common Stock Outstanding
	Shares		Amount		Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock, at cost			Total
Balance, August 31, 2018	40.0		$	0.5	$	906.3	$	1,999.2		$	(114.8	)	$	(1,074.4	)	$	1,716.8
Net income	—		—		—		79.6			—			—			79.6
Other comprehensive loss	—		—		—		—			(6.2		)	—			(6.2		)
ASC 606 adjustments	—		—		—		(13.0		)	—			—			(13.0		)
Share-based payment amortization, issuances, and cancellations	0.1		—		3.8		—			—			—			3.8
Employee stock purchase plan issuances	—		—		0.1		—			—			—			0.1
Cash dividends of $0.13 per share paid on common stock	—		—		—		(5.2		)	—			—			(5.2		)
Repurchases of common stock	(0.2	)	—		—		—			—			(25.0		)	(25.0		)
Balance, November 30, 2018	39.9		0.5		910.2		2,060.6			(121.0		)	(1,099.4		)	1,750.9
Net income	—		—		—		66.3			—			—			66.3
Other comprehensive income	—		—		—		—			6.3			—			6.3
Share-based payment amortization, issuances, and cancellations	—		—		7.1		—			—			—			7.1
Employee stock purchase plan issuances	—		—		0.2		—			—			—			0.2
Cash dividends of $0.13 per share paid on common stock	—		—		—		(5.3		)	—			—			(5.3		)
Repurchases of common stock	(0.2	)	—		—		—			—			(23.7		)	(23.7		)
Balance, February 28, 2019	39.7		$	0.5	$	917.5	$	2,121.6		$	(114.7	)	$	(1,123.1	)	$	1,801.8

Revenue Recognition

6 Months Ended

Feb. 29, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We recognize revenue when we transfer control of goods and services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for goods and services and is recognized net of allowances for rebates, sales incentives, product returns, and discounts to customers. Further details regarding revenue recognition are included within the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Contract Balances

Our rights related to collections from customers are unconditional and are reflected within Accounts receivable on the Consolidated Balance Sheets. We do not have any other significant contract assets. Contract liabilities arise when we receive cash or an unconditional right to collect cash prior to the transfer of control of goods or services.

The amount of transaction price from contracts with customers allocated to our contract liabilities consists of the following as of the periods presented (in millions):



	February 29, 2020		August 31, 2019
Current deferred revenues	$	7.0	$	4.7
Non-current deferred revenues	50.1		46.4

Current deferred revenues primarily consist of software licenses as well as professional service and sales-type warranty fees collected prior to performing the related service. Current deferred revenues are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets. Revenue recognized from beginning balances of contract liabilities during the six months ended February 29, 2020 totaled $2.4 million.

Unsatisfied performance obligations as of February 29, 2020 that do not represent contract liabilities consist primarily of orders for physical goods that have not yet been shipped, which are typically shipped within a few weeks of order receipt.

Disaggregated Revenues

Our lighting and building management solutions are sold primarily through independent sales agents who cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts. The following table shows revenue from contracts with customers by sales channel for the periods presented (in millions):



	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Independent sales network	$	596.9	$	572.4	$	1,214.9	$	1,223.4
Direct sales network	73.3		87.3		157.6		186.3
Retail sales	56.8		73.6		110.2		158.8
Corporate accounts	54.8		74.4		88.3		125.6
Other	42.4		46.7		87.9		92.9
Total	$	824.2	$	854.4	$	1,658.9	$	1,787.0

Share-based Payments

6 Months Ended

Feb. 29, 2020

Share-based Payment Arrangement [Abstract]

Share-based Payments

We account for share-based payments through the measurement and recognition of compensation expense for share-based payment awards made to employees and directors over the related requisite service period, including stock options, performance share units, and restricted shares (all part of our equity incentive plan), as well as share units representing certain deferrals into our director deferred compensation plan or our supplemental deferred savings plan.

The following table presents share-based payment expense for the periods presented (in millions):



	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Share-based payment expense	$	8.0	$	7.5	$	24.7	$	15.3

Further details regarding our stock options, restricted shares, and director compensation award programs and our share-based payments are included within the Share-based Payments footnote of the Notes to Consolidated Financial

Statements within our Form 10-K.

Equity Plan Updates

Beginning in fiscal 2020, the Board of Directors (the “Board”) approved grants of performance share units to certain executives and key employees. These shares vest over a three-year period and are valued at the closing stock price on the date of grant. During the second quarter, additional performance shares were issued to certain key employees that vest over a two-year period based on the level of achievement of established performance thresholds and were valued at the closing stock price on the date of grant. The actual number of performance shares earned for these awards will be determined at the end of the related two-year or three-year period based on the level of achievement of established performance thresholds. We recognize compensation expense for these awards proportionately over the requisite service period for each employee when it becomes probable that the performance metric will be satisfied. As of February 29, 2020, we had approximately 67,000 performance share units outstanding.

Additionally, effective for restricted stock and performance share grants awarded in October 2019 and thereafter, the Board reinstated a policy that provides for the continued vesting of stock awards following retirement for all eligible participants who have attained age 60 and have at least 10 years of service with the Company. As such, for awards granted in October 2019 and later, we deem the requisite service period for a participant to be the shorter of either the award's stated vesting period or the time from grant until the participant satisfies the age and service criteria.

Stock Options

As of February 29, 2020, we had approximately 917,000 options outstanding to officers and other key employees. The increase from the prior fiscal year end was due to a grant on January 31, 2020 of 500,000 options that have an exercise price equal to or greater than the fair market value of our stock as of the grant date. Of these options, 400,000 vest and become exercisable over a three year period (the "Service Options"). The remaining 100,000 vest and become exercisable over a four year period and are also subject to a market condition (the "Market Options"). All of these options expire after ten years from the date of grant.

The following weighted average assumptions were used to estimate the fair value of stock options granted in the second quarter fiscal 2020:



	Service Options	Market Options
Valuation Methodology	Black-Scholes	Monte Carlo Simulation
Dividend yield	0.4%	0.4%
Expected volatility	33.7%	33.7%
Risk-free interest rate	1.3%	1.5%
Expected life of options	5 years	7 years
Weighted-average fair value of options	$34.22	$44.74

The dividend yield was calculated based on annual dividends paid and the trailing 12-month average closing stock price at the time of grant. Expected volatility was based on historical volatility of our stock, calculated using the most recent time period equal to the expected life of the options. The risk-free interest rate was based on the U.S. Treasury yield for a term equal to the expected life of the options at the time of grant for the Service Options and equal to the contractual term for the Market Options. We used historical exercise behavior data of similar employee groups to determine the expected life of options. All inputs noted above are estimates made at the time of grant. Actual realized value of each option grant could materially differ from these estimates, without impact to future reported net income.

Stock option activity during the periods presented was as follows:



	Outstanding			Exercisable
	Number of Shares (in millions)		Weighted Average Exercise Price	Number of Shares (in millions)		Weighted Average Exercise Price
Outstanding at August 31, 2019	0.4		$146.70	0.3		$147.51
Granted	0.5		$121.87
Exercised	—	*	$116.36
Canceled	—	*	—
Outstanding at February 29, 2020	0.9		$133.18	0.4		$151.07

Range of option exercise prices:
$40.01 - $100.00 (average life - 2.6 years)	0.1		$62.25	0.1		$62.25
$100.01 - $160.00 (average life - 8.8 years)	0.7		$123.02	0.2		$126.16
$160.01 - $210.00 (average life - 5.7 years)	0.1		$207.80	0.1		$207.80
$210.01 - $239.76 (average life - 6.7 years)	—	*	$239.76	—	*	$239.76

___________________________

* Represents shares of less than 0.1 million.

There were 522 shares issued from option exercises during fiscal 2020, and no options were exercised during fiscal 2019. As of February 29, 2020, the total intrinsic value of options outstanding was $2.6 million, the total intrinsic value of options expected to vest was $2.6 million, and the total intrinsic value of options exercisable was $2.6 million. As of February 29, 2020, there was $18.2 million of total unrecognized compensation cost related to unvested options. That cost is expected to be recognized over a weighted-average period of approximately 2.2 years.

Pension Plans

6 Months Ended

Feb. 29, 2020

Retirement Benefits [Abstract]

Pension Plans

We have several pension plans, both qualified and non-qualified, covering certain hourly and salaried employees. Benefits paid under these plans are based generally on employees’ years of service and/or compensation during the final years of employment. We make at least the minimum annual contributions to the plans to the extent indicated by actuarial valuations and statutory requirements. Plan assets are invested primarily in equity and fixed income securities.

Service cost of net periodic pension cost is allocated between Cost of products sold and Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income based on the nature of the employee's services. All other components of net periodic pension cost are included within Miscellaneous expense, net in the Consolidated Statements of Comprehensive Income. Net periodic pension cost included the following components before tax for the periods presented (in millions):



	Three Months Ended						Six Months Ended
	February 29, 2020			February 28, 2019			February 29, 2020			February 28, 2019
Service cost	$	1.1		$	0.8		$	2.3		$	1.6
Interest cost	1.9			2.3			3.7			4.5
Expected return on plan assets	(3.1		)	(3.2		)	(6.2		)	(6.3		)
Amortization of prior service cost	1.0			0.7			2.0			1.5
Settlement loss	—			—			—			0.4
Recognized actuarial loss	1.4			1.0			2.8			2.1
Net periodic pension cost	$	2.3		$	1.6		$	4.6		$	3.8

Further details regarding our pension plans are included within the Pension and Defined Contribution Plans footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Special Charges

6 Months Ended

Feb. 29, 2020

Restructuring and Related Activities [Abstract]

Special Charges

During fiscal 2020, we recognized pre-tax special charges of $8.5 million. The fiscal 2020 special charge consisted primarily of severance costs and ROU asset lease impairments related to planned facility closures. Additionally, we recognized charges for relocation costs and ROU lease asset impairment charges associated with the previously announced transfer of activities from planned facility closures. We expect these actions to streamline our business activities and to integrate recent acquisitions will allow us to reduce spending in certain areas while permitting continued investment in future growth initiatives, such as new products, expanded market presence, and technology and innovation. Further details regarding our special charges are included within the Special Charges footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

The following table summarizes costs reflected within Special charges on the Consolidated Statements of Comprehensive Income for the periods presented (in millions):



	Three Months Ended					Six Months Ended
	February 29, 2020		February 28, 2019			February 29, 2020		February 28, 2019
Severance and employee-related costs	$	0.6	$	(0.3	)	$	5.7	$	(0.8	)
Other restructuring costs	1.0		0.7			2.8		2.2
Total special charges	$	1.6	$	0.4		$	8.5	$	1.4

As of February 29, 2020, remaining restructuring reserves were $4.0 million and are included in Accrued compensation on the Consolidated Balance Sheets. The changes in the reserves related to these programs during the period presented are summarized as follows (in millions):



	Fiscal 2020 Actions			Fiscal 2019 Actions			Fiscal 2018 Actions			Total
Balance at August 31, 2019	$	—		$	1.3		$	0.6		1.9
Severance costs	5.8			0.1			(0.2		)	5.7
Payments made during the period	(2.1		)	(1.1		)	(0.4		)	(3.6		)
Balance at February 29, 2020	$	3.7		$	0.3		$	—		$	4.0

Earnings Per Share

6 Months Ended

Feb. 29, 2020

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, all unvested share-based payment awards were vested, and other distributions related to deferred stock agreements were incurred.

The following table calculates basic earnings per common share and diluted earnings per common share for the periods presented (in millions, except per share data):



	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Net income	$	57.2	$	66.3	$	114.2	$	145.9
Basic weighted average shares outstanding	39.5		39.5		39.5		39.7
Common stock equivalents	0.2		0.1		0.2		0.1
Diluted weighted average shares outstanding	39.7		39.6		39.7		39.8
Basic earnings per share	$	1.45	$	1.68	$	2.89	$	3.67
Diluted earnings per share	$	1.44	$	1.67	$	2.88	$	3.66

The following table presents stock options and restricted stock awards that were excluded from the diluted earnings per share calculation for the periods presented as the effect of inclusion would have been antidilutive:



	Three Months Ended		Six Months Ended
	February 29, 2020	February 28, 2019	February 29, 2020	February 28, 2019
Stock options	443,595	314,673	361,283	290,360
Performance stock awards	—	—	7,569	—
Restricted stock awards	102,210	189,683	116,962	194,232

Further discussion of our stock options and restricted stock awards is included within the Common Stock and Related Matters and Share-based Payments footnotes of the Notes to Consolidated Financial Statements within our Form 10-K.

Comprehensive Income

6 Months Ended

Feb. 29, 2020

Equity [Abstract]

Comprehensive Income

Comprehensive income represents a measure of all changes in equity that result from recognized transactions and other economic events other than transactions with owners in their capacity as owners. Other comprehensive income (loss) items includes foreign currency translation and pension adjustments.

The following tables summarize the changes in each component of accumulated other comprehensive loss during the periods presented (in millions):



	Foreign Currency Items			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss Items
Balance at August 31, 2019	$	(65.4	)	$	(86.0	)	$	(151.4	)
Other comprehensive loss before reclassifications	(1.8		)	—			(1.8		)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	—			3.6			3.6
Net current period other comprehensive (loss) income	(1.8		)	3.6			1.8
Balance at February 29, 2020	$	(67.2	)	$	(82.4	)	$	(149.6	)



	Foreign Currency Items			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss Items
Balance at August 31, 2018	$	(53.9	)	$	(60.9	)	$	(114.8	)
Other comprehensive (loss) income before reclassifications	(3.9		)	0.9			(3.0		)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	—			3.1			3.1
Net current period other comprehensive (loss) income	(3.9		)	4.0			0.1
Balance at February 28, 2019	$	(57.8	)	$	(56.9	)	$	(114.7	)

_______________________________________

⁽¹⁾The before tax amounts of the defined benefit pension plan items are included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details.

The following table summarizes the tax expense or benefit allocated to each component of other comprehensive income (loss) for the periods presented (in millions):



	Three Months Ended
	February 29, 2020									February 28, 2019
	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount			Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
Foreign currency translation adjustments	$	(3.7	)	$	—		$	(3.7	)	$	4.9		$	—		$	4.9
Defined benefit pension plans:
Amortization of defined benefit pension items:
Prior service cost	1.0			(0.3		)	0.7			0.7			(0.1		)	0.6
Actuarial losses	1.4			(0.4		)	1.0			1.0			(0.2		)	0.8
Total defined benefit pension plans, net	2.4			(0.7		)	1.7			1.7			(0.3		)	1.4
Other comprehensive (loss) income	$	(1.3	)	$	(0.7	)	$	(2.0	)	$	6.6		$	(0.3	)	$	6.3

	Six Months Ended
	February 29, 2020									February 28, 2019
	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount			Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
Foreign currency translation adjustments	$	(1.8	)	$	—		$	(1.8	)	$	(3.9	)	$	—		$	(3.9	)
Defined benefit pension plans:
Actuarial gain or loss	—			—			—			1.3			(0.4		)	0.9
Amortization of defined benefit pension items:
Prior service cost	2.0			(0.5		)	1.5			1.5			(0.3		)	1.2
Actuarial losses	2.8			(0.7		)	2.1			2.1			(0.5		)	1.6
Settlement losses	—			—			—			0.4			(0.1		)	0.3
Total defined benefit pension plans, net	4.8			(1.2		)	3.6			5.3			(1.3		)	4.0
Other comprehensive income	$	3.0		$	(1.2	)	$	1.8		$	1.4		$	(1.3	)	$	0.1

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Feb. 29, 2020
Accounting Policies [Abstract]
Basis of Accounting	We prepared the Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) to present the financial position, results of operations, and cash flows of Acuity Brands and its wholly-owned subsidiaries.
Use of Estimates	Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in Fiscal 2020 Accounting Standards Codification (“ASC”) 842 — Leases (“ASC 842”) In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to include most leases on the balance sheet as lease liabilities with an associated right-of-use (“ROU”) asset. Since the issuance of ASU 2016-02, the FASB released several amendments to improve and clarify the implementation guidance, as well as to change the allowable adoption methods. These standards have been collectively codified within ASC 842, Leases (“ASC 842”). We adopted ASC 842 using the modified retrospective method and applied the standard to all leases existing as of September 1, 2019. Information for prior years presented has not been restated and continues to reflect the authoritative accounting standards in effect for those periods. We elected the package of transition practical expedients that allows us to carryforward our historical assessments of whether existing contracts contain leases, determinations of lease classification, and treatments of initial direct costs. As of September 1, 2019, we recognized total operating lease liabilities of $64.7 million in our Consolidated Balance Sheets, of which $49.3 million was recorded within Long-term operating lease liabilities and $15.4 million was recorded within Current operating lease liabilities. We additionally derecognized $5.1 million of previously recorded net deferred rent balances and recorded ROU assets of $59.6 million related to our operating leases, which were reflected within Operating lease right-of-use assets in our Consolidated Balance Sheets. Accounting Standards Yet to Be Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impacts of the the provisions of ASU 2020-04 on our financial condition, results of operations, and cash flows. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the the provisions of ASU 2019-12 on our financial condition, results of operations, and cash flows. In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which will require customers to apply internal-use software guidance to determine the implementation costs that are able to be capitalized. Capitalized implementation costs will be required to be amortized over the term of the arrangement, beginning when the cloud computing arrangement is ready for its intended use. ASU 2018-15 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019. The standard allows changes to be applied either retrospectively or prospectively. We will adopt the standard as required in fiscal 2021. The provisions of ASU 2018-15 are not expected to have a material effect on our financial condition, results of operations, or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We have an implementation team tasked with reviewing our financial assets and determining the impact of the new standard to our financial statements. The team is also tasked with identifying appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. The implementation team has begun reviewing our portfolio of financial assets and assessing potential impacts of the new standard. The implementation team reports its findings and progress of the project to management on a frequent basis and to the Audit Committee of the Board of Directors on a quarterly basis. Our current financial asset portfolio consists primarily of trade receivables, and we preliminarily expect ASU 2016-13 to immaterially impact our computation of expected credit losses on trade receivables. We will adopt the amendments as required in fiscal 2021. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.
Fair Value Measurement	We determine fair value measurements based on the assumptions a market participant would use in pricing an asset or liability. ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a three-level hierarchy that categorizes market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3). We utilize valuation methodologies to determine the fair values of our financial assets and liabilities in conformity with the concepts of “exit price” and the fair value hierarchy as prescribed in ASC 820. All valuation methods and assumptions are validated at least quarterly to ensure the accuracy and relevance of the fair values. There were no material changes to the valuation methods or assumptions used to determine fair values during the current period.
Fair Value Transfers	We used quoted market prices to determine the fair value of Level 1 assets and liabilities. No transfers between the levels of the fair value hierarchy occurred during the current fiscal period. In the event of a transfer in or out of a level within the fair value hierarchy, the transfers would be recognized on the date of occurrence.
Revenue Recognition	Current deferred revenues primarily consist of software licenses as well as professional service and sales-type warranty fees collected prior to performing the related service. Current deferred revenues are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets. Unsatisfied performance obligations as of February 29, 2020 that do not represent contract liabilities consist primarily of orders for physical goods that have not yet been shipped, which are typically shipped within a few weeks of order receipt. Disaggregated Revenues Our lighting and building management solutions are sold primarily through independent sales agents who cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts. We recognize revenue when we transfer control of goods and services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for goods and services and is recognized net of allowances for rebates, sales incentives, product returns, and discounts to customers. Further details regarding revenue recognition are included within the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K. Contract Balances Our rights related to collections from customers are unconditional and are reflected within Accounts receivable on the Consolidated Balance Sheets. We do not have any other significant contract assets. Contract liabilities arise when we receive cash or an unconditional right to collect cash prior to the transfer of control of goods or services.

Fair Value Measurements (Tables)

6 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The carrying values and estimated fair values of certain of our financial instruments (Level 2) were as follows as of the dates presented (in millions):



	February 29, 2020				August 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior unsecured public notes, net of unamortized discount and deferred costs	$	—	$	—	$	349.9	$	352.7
Borrowings under Term Loan Facility	400.0		400.0		—		—
Industrial revenue bond	4.0		4.0		4.0		4.0
Bank loans	2.2		2.4		2.7		2.9

Inventories (Tables)

6 Months Ended

Feb. 29, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory



	February 29, 2020			August 31, 2019
Raw materials, supplies, and work in process ⁽¹⁾	$	188.8		$	179.4
Finished goods	185.3			183.7
Inventories excluding reserves	374.1			363.1
Less: Reserves	(25.5		)	(22.3		)
Total inventories	$	348.6		$	340.8

_______________________________________

Property, Plant and Equipment (Tables)

6 Months Ended

Feb. 29, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant, and equipment consisted of the following as of the dates presented (in millions):



	February 29, 2020			August 31, 2019
Land	$	22.7		$	22.6
Buildings and leasehold improvements	193.6			190.7
Machinery and equipment	571.9			544.4
Total property, plant, and equipment, at cost	788.2			757.7
Less: Accumulated depreciation and amortization	(508.9		)	(480.4		)
Property, plant, and equipment, net	$	279.3		$	277.3

Leases (Tables)

6 Months Ended

Feb. 29, 2020

Leases [Abstract]

Undiscounted Future Lease Payments



Fiscal year	February 29, 2020
2020	$	9.3
2021	16.1
2022	11.5
2023	8.5
2024	6.0
Thereafter	17.7
Total undiscounted lease payments	69.1
Less: Discount due to interest	(4.4		)
Present value of lease liabilities	$	64.7

Components of Lease Cost

The components of total lease cost were as follows for the period presented (in millions):



	Three Months Ended		Six Months Ended
	February 29, 2020		February 29, 2020
Operating lease cost	$	4.4	$	9.3
Variable lease cost	0.4		1.2
Short-term lease cost	0.9		1.2
Total lease cost	$	5.7	$	11.7

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in millions):



	Six Months Ended
	February 29, 2020			February 28, 2019
Beginning balance	$	967.3		$	970.6
Provisional additions from acquired businesses	147.8			—
Adjustments to provisional amounts from acquired businesses	(23.9		)	—
Foreign currency translation adjustments	(1.6		)	(2.1		)
Ending balance	$	1,089.6		$	968.5

Debt and Lines of Credit (Tables)

6 Months Ended

Feb. 29, 2020

Debt Disclosure [Abstract]

Components of Interest Expense, Net

The following table summarizes the components of interest expense, net for the periods presented (in millions):



	Three Months Ended						Six Months Ended
	February 29, 2020			February 28, 2019			February 29, 2020			February 28, 2019
Interest expense	$	6.8		$	9.1		$	15.8		$	18.3
Interest income	(1.1		)	(0.5		)	(1.8		)	(1.0		)
Interest expense, net	$	5.7		$	8.6		$	14.0		$	17.3

Commitments and Contingencies (Tables)

6 Months Ended

Feb. 29, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table summarizes changes in the estimated liabilities for product warranty and recall costs for the periods presented (in millions):



	Six Months Ended
	February 29, 2020			February 28, 2019
Beginning balance	$	11.5		$	27.3
Warranty and recall costs	12.5			9.6
Payments and other deductions	(12.5		)	(9.2		)
Acquired warranty and recall liabilities	0.1			—
ASC 606 adjustments ⁽¹⁾	—			(14.8		)
Ending balance	$	11.6		$	12.9

^{______________________________}

Changes in Stockholders' Equity (Tables)

6 Months Ended

Feb. 29, 2020

Equity [Abstract]

Schedule of Changes in Stockholders' Equity

The following tables summarize changes in the components of stockholders' equity for the periods presented (in millions):



	Common Stock Outstanding
	Shares	Amount		Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock, at cost			Total
Balance, August 31, 2019	39.5	$	0.5	$	930.0	$	2,295.8		$	(151.4	)	$	(1,156.0	)	$	1,918.9
Net income	—	—		—		57.0			—			—			57.0
Other comprehensive income	—	—		—		—			3.8			—			3.8
Share-based payment amortization, issuances, and cancellations	—	—		12.6		—			—			—			12.6
Employee stock purchase plan issuances	—	—		0.2		—			—			—			0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2		)	—			—			(5.2		)
Balance, November 30, 2019	39.5	0.5		942.8		2,347.6			(147.6		)	(1,156.0		)	1,987.3
Net income	—	—		—		57.2			—			—			57.2
Other comprehensive loss	—	—		—		—			(2.0		)	—			(2.0		)
Share-based payment amortization, issuances, and cancellations	—	—		7.5		—			—			—			7.5
Employee stock purchase plan issuances	—	—		0.2		—			—			—			0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2		)	—			—			(5.2		)
Stock options exercised	—	—		0.1		—			—			—			0.1
Balance, February 29, 2020	39.5	$	0.5	$	950.6	$	2,399.6		$	(149.6	)	$	(1,156.0	)	$	2,045.1



	Common Stock Outstanding
	Shares		Amount		Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock, at cost			Total
Balance, August 31, 2018	40.0		$	0.5	$	906.3	$	1,999.2		$	(114.8	)	$	(1,074.4	)	$	1,716.8
Net income	—		—		—		79.6			—			—			79.6
Other comprehensive loss	—		—		—		—			(6.2		)	—			(6.2		)
ASC 606 adjustments	—		—		—		(13.0		)	—			—			(13.0		)
Share-based payment amortization, issuances, and cancellations	0.1		—		3.8		—			—			—			3.8
Employee stock purchase plan issuances	—		—		0.1		—			—			—			0.1
Cash dividends of $0.13 per share paid on common stock	—		—		—		(5.2		)	—			—			(5.2		)
Repurchases of common stock	(0.2	)	—		—		—			—			(25.0		)	(25.0		)
Balance, November 30, 2018	39.9		0.5		910.2		2,060.6			(121.0		)	(1,099.4		)	1,750.9
Net income	—		—		—		66.3			—			—			66.3
Other comprehensive income	—		—		—		—			6.3			—			6.3
Share-based payment amortization, issuances, and cancellations	—		—		7.1		—			—			—			7.1
Employee stock purchase plan issuances	—		—		0.2		—			—			—			0.2
Cash dividends of $0.13 per share paid on common stock	—		—		—		(5.3		)	—			—			(5.3		)
Repurchases of common stock	(0.2	)	—		—		—			—			(23.7		)	(23.7		)
Balance, February 28, 2019	39.7		$	0.5	$	917.5	$	2,121.6		$	(114.7	)	$	(1,123.1	)	$	1,801.8

Revenue Recognition (Tables)

6 Months Ended

Feb. 29, 2020

Revenue from Contract with Customer [Abstract]

Amount of transaction price from contracts with customers allocated to the Company's contract liabilities

The amount of transaction price from contracts with customers allocated to our contract liabilities consists of the following as of the periods presented (in millions):



	February 29, 2020		August 31, 2019
Current deferred revenues	$	7.0	$	4.7
Non-current deferred revenues	50.1		46.4

Revenue from contracts with customers by sales channel

The following table shows revenue from contracts with customers by sales channel for the periods presented (in millions):



	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Independent sales network	$	596.9	$	572.4	$	1,214.9	$	1,223.4
Direct sales network	73.3		87.3		157.6		186.3
Retail sales	56.8		73.6		110.2		158.8
Corporate accounts	54.8		74.4		88.3		125.6
Other	42.4		46.7		87.9		92.9
Total	$	824.2	$	854.4	$	1,658.9	$	1,787.0

Share-based Payments (Tables)

6 Months Ended

Feb. 29, 2020

Share-based Payment Arrangement [Abstract]

Components of share-based payment expense

The following table presents share-based payment expense for the periods presented (in millions):



	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Share-based payment expense	$	8.0	$	7.5	$	24.7	$	15.3

Schedule of weighted average assumptions used to estimate fair value of options

The following weighted average assumptions were used to estimate the fair value of stock options granted in the second quarter fiscal 2020:



	Service Options	Market Options
Valuation Methodology	Black-Scholes	Monte Carlo Simulation
Dividend yield	0.4%	0.4%
Expected volatility	33.7%	33.7%
Risk-free interest rate	1.3%	1.5%
Expected life of options	5 years	7 years
Weighted-average fair value of options	$34.22	$44.74

Stock option activity

Stock option activity during the periods presented was as follows:



	Outstanding			Exercisable
	Number of Shares (in millions)		Weighted Average Exercise Price	Number of Shares (in millions)		Weighted Average Exercise Price
Outstanding at August 31, 2019	0.4		$146.70	0.3		$147.51
Granted	0.5		$121.87
Exercised	—	*	$116.36
Canceled	—	*	—
Outstanding at February 29, 2020	0.9		$133.18	0.4		$151.07

Range of option exercise prices:
$40.01 - $100.00 (average life - 2.6 years)	0.1		$62.25	0.1		$62.25
$100.01 - $160.00 (average life - 8.8 years)	0.7		$123.02	0.2		$126.16
$160.01 - $210.00 (average life - 5.7 years)	0.1		$207.80	0.1		$207.80
$210.01 - $239.76 (average life - 6.7 years)	—	*	$239.76	—	*	$239.76

___________________________

* Represents shares of less than 0.1 million.

Range of option exercise prices

Stock option activity during the periods presented was as follows:



	Outstanding			Exercisable
	Number of Shares (in millions)		Weighted Average Exercise Price	Number of Shares (in millions)		Weighted Average Exercise Price
Outstanding at August 31, 2019	0.4		$146.70	0.3		$147.51
Granted	0.5		$121.87
Exercised	—	*	$116.36
Canceled	—	*	—
Outstanding at February 29, 2020	0.9		$133.18	0.4		$151.07

Range of option exercise prices:
$40.01 - $100.00 (average life - 2.6 years)	0.1		$62.25	0.1		$62.25
$100.01 - $160.00 (average life - 8.8 years)	0.7		$123.02	0.2		$126.16
$160.01 - $210.00 (average life - 5.7 years)	0.1		$207.80	0.1		$207.80
$210.01 - $239.76 (average life - 6.7 years)	—	*	$239.76	—	*	$239.76

___________________________

* Represents shares of less than 0.1 million.

Pension Plans (Tables)

6 Months Ended

Feb. 29, 2020

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Cost

Net periodic pension cost included the following components before tax for the periods presented (in millions):



	Three Months Ended						Six Months Ended
	February 29, 2020			February 28, 2019			February 29, 2020			February 28, 2019
Service cost	$	1.1		$	0.8		$	2.3		$	1.6
Interest cost	1.9			2.3			3.7			4.5
Expected return on plan assets	(3.1		)	(3.2		)	(6.2		)	(6.3		)
Amortization of prior service cost	1.0			0.7			2.0			1.5
Settlement loss	—			—			—			0.4
Recognized actuarial loss	1.4			1.0			2.8			2.1
Net periodic pension cost	$	2.3		$	1.6		$	4.6		$	3.8

Special Charges (Tables)

6 Months Ended

Feb. 29, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes costs reflected within Special charges on the Consolidated Statements of Comprehensive Income for the periods presented (in millions):



	Three Months Ended					Six Months Ended
	February 29, 2020		February 28, 2019			February 29, 2020		February 28, 2019
Severance and employee-related costs	$	0.6	$	(0.3	)	$	5.7	$	(0.8	)
Other restructuring costs	1.0		0.7			2.8		2.2
Total special charges	$	1.6	$	0.4		$	8.5	$	1.4

The changes in the reserves related to these programs during the period presented are summarized as follows (in millions):



	Fiscal 2020 Actions			Fiscal 2019 Actions			Fiscal 2018 Actions			Total
Balance at August 31, 2019	$	—		$	1.3		$	0.6		1.9
Severance costs	5.8			0.1			(0.2		)	5.7
Payments made during the period	(2.1		)	(1.1		)	(0.4		)	(3.6		)
Balance at February 29, 2020	$	3.7		$	0.3		$	—		$	4.0

Earnings Per Share (Tables)

6 Months Ended

Feb. 29, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table calculates basic earnings per common share and diluted earnings per common share for the periods presented (in millions, except per share data):



	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Net income	$	57.2	$	66.3	$	114.2	$	145.9
Basic weighted average shares outstanding	39.5		39.5		39.5		39.7
Common stock equivalents	0.2		0.1		0.2		0.1
Diluted weighted average shares outstanding	39.7		39.6		39.7		39.8
Basic earnings per share	$	1.45	$	1.68	$	2.89	$	3.67
Diluted earnings per share	$	1.44	$	1.67	$	2.88	$	3.66

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended		Six Months Ended
	February 29, 2020	February 28, 2019	February 29, 2020	February 28, 2019
Stock options	443,595	314,673	361,283	290,360
Performance stock awards	—	—	7,569	—
Restricted stock awards	102,210	189,683	116,962	194,232

Comprehensive Income (Tables)

6 Months Ended

Feb. 29, 2020

Equity [Abstract]

Changes in each component of accumulated other comprehensive loss

The following tables summarize the changes in each component of accumulated other comprehensive loss during the periods presented (in millions):



	Foreign Currency Items			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss Items
Balance at August 31, 2019	$	(65.4	)	$	(86.0	)	$	(151.4	)
Other comprehensive loss before reclassifications	(1.8		)	—			(1.8		)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	—			3.6			3.6
Net current period other comprehensive (loss) income	(1.8		)	3.6			1.8
Balance at February 29, 2020	$	(67.2	)	$	(82.4	)	$	(149.6	)



	Foreign Currency Items			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss Items
Balance at August 31, 2018	$	(53.9	)	$	(60.9	)	$	(114.8	)
Other comprehensive (loss) income before reclassifications	(3.9		)	0.9			(3.0		)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	—			3.1			3.1
Net current period other comprehensive (loss) income	(3.9		)	4.0			0.1
Balance at February 28, 2019	$	(57.8	)	$	(56.9	)	$	(114.7	)

_______________________________________

⁽¹⁾The before tax amounts of the defined benefit pension plan items are included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details.

Schedule of tax expense or benefit allocated to each component of other comprehensive income (loss)

The following table summarizes the tax expense or benefit allocated to each component of other comprehensive income (loss) for the periods presented (in millions):



	Three Months Ended
	February 29, 2020									February 28, 2019
	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount			Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
Foreign currency translation adjustments	$	(3.7	)	$	—		$	(3.7	)	$	4.9		$	—		$	4.9
Defined benefit pension plans:
Amortization of defined benefit pension items:
Prior service cost	1.0			(0.3		)	0.7			0.7			(0.1		)	0.6
Actuarial losses	1.4			(0.4		)	1.0			1.0			(0.2		)	0.8
Total defined benefit pension plans, net	2.4			(0.7		)	1.7			1.7			(0.3		)	1.4
Other comprehensive (loss) income	$	(1.3	)	$	(0.7	)	$	(2.0	)	$	6.6		$	(0.3	)	$	6.3

	Six Months Ended
	February 29, 2020									February 28, 2019
	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount			Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
Foreign currency translation adjustments	$	(1.8	)	$	—		$	(1.8	)	$	(3.9	)	$	—		$	(3.9	)
Defined benefit pension plans:
Actuarial gain or loss	—			—			—			1.3			(0.4		)	0.9
Amortization of defined benefit pension items:
Prior service cost	2.0			(0.5		)	1.5			1.5			(0.3		)	1.2
Actuarial losses	2.8			(0.7		)	2.1			2.1			(0.5		)	1.6
Settlement losses	—			—			—			0.4			(0.1		)	0.3
Total defined benefit pension plans, net	4.8			(1.2		)	3.6			5.3			(1.3		)	4.0
Other comprehensive income	$	3.0		$	(1.2	)	$	1.8		$	1.4		$	(1.3	)	$	0.1

Description of Business and Basis of Presentation (Details)	6 Months Ended
	Feb. 29, 2020 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Acquisitions - Narrative (Details) $ in Millions	6 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Feb. 29, 2020 USD ($)	Sep. 17, 2019 brand	Aug. 31, 2019 USD ($)	Feb. 28, 2019 USD ($)	Aug. 31, 2018 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,089.6		$ 967.3	$ 968.5	$ 970.6
The Luminaires Group (TLG)
Business Acquisition [Line Items]
Number of niche lighting brands \| brand		5
Fiscal 2020 Acquisitions
Business Acquisition [Line Items]
Goodwill	125.3
Identified intangible assets	$ 183.1
Weighted average useful life of acquired intangible assets	16 years

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Feb. 29, 2020	Sep. 01, 2019
New Accounting Pronouncement, Early Adoption [Line Items]
Present value of lease liabilities	$ 64.7
Long-term operating lease liabilities	48.1
Current operating lease liabilities	16.6
Operating lease right-of-use assets	$ 59.4
ASC 842
New Accounting Pronouncement, Early Adoption [Line Items]
Present value of lease liabilities		$ 64.7
Long-term operating lease liabilities		49.3
Current operating lease liabilities		15.4
Net deferred rent derecognized		5.1
Operating lease right-of-use assets		$ 59.6

Fair Value Measurements (Details) - USD ($) $ in Millions	Feb. 29, 2020	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 380.6	$ 461.0
Carrying Value \| Senior unsecured public notes, net of unamortized discount and deferred costs
Liabilities:
Carrying and estimated fair values of financial instruments	0.0	349.9
Carrying Value \| Unsecured Delayed Draw Term Loan
Liabilities:
Carrying and estimated fair values of financial instruments	400.0	0.0
Carrying Value \| Industrial revenue bond \| Industrial Revenue Bond Maturing in 2021
Liabilities:
Carrying and estimated fair values of financial instruments	4.0	4.0
Carrying Value \| Bank loans
Liabilities:
Carrying and estimated fair values of financial instruments	2.2	2.7
Fair Value \| Level 2 \| Senior unsecured public notes, net of unamortized discount and deferred costs
Liabilities:
Carrying and estimated fair values of financial instruments	0.0	352.7
Fair Value \| Level 2 \| Unsecured Delayed Draw Term Loan
Liabilities:
Carrying and estimated fair values of financial instruments	400.0	0.0
Fair Value \| Level 2 \| Industrial revenue bond \| Industrial Revenue Bond Maturing in 2021
Liabilities:
Carrying and estimated fair values of financial instruments	4.0	4.0
Fair Value \| Level 2 \| Bank loans
Liabilities:
Carrying and estimated fair values of financial instruments	$ 2.4	$ 2.9

Inventories (Details) - USD ($) $ in Millions	Feb. 29, 2020	Aug. 31, 2019
Inventory, Net [Abstract]
Raw materials, supplies, and work in process	$ 188.8	$ 179.4
Finished goods	185.3	183.7
Inventories excluding reserves	374.1	363.1
Less: Reserves	(25.5)	(22.3)
Total inventories	$ 348.6	$ 340.8

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Feb. 29, 2020	Aug. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 788.2	$ 757.7
Less: Accumulated depreciation and amortization	(508.9)	(480.4)
Property, plant, and equipment, net	279.3	277.3
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	22.7	22.6
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	193.6	190.7
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 571.9	$ 544.4

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Leases [Abstract]
Operating leases weighted average discount rate (percent)		2.20%
Weighted average remaining lease term		6 years
Rent expense	$ 5.4		$ 10.9
Operating lease payments		$ 9.3
Right-of-Use asset obtained in exchange for operating lease liability		$ 8.8

Leases - Undiscounted Future Lease Payments (Details) $ in Millions	Feb. 29, 2020 USD ($)
Leases [Abstract]
2020	$ 9.3
2021	16.1
2022	11.5
2023	8.5
2024	6.0
Thereafter	17.7
Total undiscounted lease payments	69.1
Less: Discount due to interest	(4.4)
Present value of lease liabilities	$ 64.7

Leases - Components of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Feb. 29, 2020	Feb. 29, 2020
Leases [Abstract]
Operating lease cost	$ 4.4	$ 9.3
Variable lease cost	0.4	1.2
Short-term lease cost	0.9	1.2
Total lease cost	$ 5.7	$ 11.7

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10.4	$ 7.7	$ 20.0	$ 15.4
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense in fiscal 2020	40.9		40.9
Amortization expense in fiscal 2021	38.9		38.9
Amortization expense in fiscal 2022	38.0		38.0
Amortization expense in fiscal 2023	36.8		36.8
Amortization expense in fiscal 2024	$ 36.0		$ 36.0

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 967.3	$ 970.6
Provisional additions from acquired businesses	147.8	0.0
Adjustments to provisional amounts from acquired businesses	(23.9)	0.0
Foreign currency translation adjustments	(1.6)	(2.1)
Goodwill, Ending Balance	$ 1,089.6	$ 968.5

Debt and Lines of Credit (Details)			3 Months Ended		6 Months Ended
Debt and Lines of Credit (Details)	Dec. 16, 2019 USD ($)	Jun. 29, 2018 USD ($) installment	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)	Aug. 31, 2019 USD ($)
Line of Credit Facility [Abstract]
Borrowings reflected within Long-term debt on Consolidated Balance Sheets			$ 390,800,000		$ 390,800,000		$ 347,500,000
Debt Instruments [Abstract]
Senior unsecured notes repaid					350,500,000	$ 200,000
Interest Revenue (Expense), Net [Abstract]
Interest expense			6,800,000	$ 9,100,000	15,800,000	18,300,000
Interest income			(1,100,000)	(500,000)	(1,800,000)	(1,000,000.0)
Interest expense, net			5,700,000	$ 8,600,000	14,000,000.0	$ 17,300,000
Lines of Credit
Line of Credit Facility [Abstract]
Executed revolving credit facility		$ 800,000,000.0
Minimum interest coverage ratio		2.50
Maximum leverage ratio		3.50
Outstanding letters of credit			8,100,000		8,100,000
Lines of Credit \| Minimum
Line of Credit Facility [Abstract]
Facility fee (percent)		0.125%
Lines of Credit \| Maximum
Line of Credit Facility [Abstract]
Facility fee (percent)		0.25%
Lines of Credit \| New Revolving Credit Facility
Line of Credit Facility [Abstract]
Executed revolving credit facility		$ 400,000,000.0
Revolving credit facility term		5 years
Borrowings outstanding under current Revolving Credit Facility			0		0		0
Additional borrowing capacity under revolving credit facility			396,200,000		396,200,000
Unsecured term loan \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Term loan facility		$ 400,000,000.0
Borrowings outstanding under Term Loan Facility			400,000,000.0		400,000,000.0		0
Borrowings reflected within Long-term debt on Consolidated Balance Sheets			385,000,000.0		385,000,000.0
Number of separate installments allowed during borrowing period \| installment		4
Debt Instruments [Abstract]
Debt outstanding			400,000,000.0		400,000,000.0		$ 0
Senior unsecured public notes \| Senior Unsecured Notes Maturing December 2019
Debt Instruments [Abstract]
Senior unsecured notes repaid	$ 350,000,000.0
Letters of Credit \| New Revolving Credit Facility
Line of Credit Facility [Abstract]
Outstanding letters of credit			3,800,000		3,800,000
Industrial revenue bond \| Industrial Revenue Bond Maturing in 2021
Line of Credit Facility [Abstract]
Borrowings outstanding under Term Loan Facility			4,000,000.0		4,000,000.0
Debt Instruments [Abstract]
Debt outstanding			4,000,000.0		4,000,000.0
Bank loans \| 2016 Fixed-rate Bank Loans
Line of Credit Facility [Abstract]
Borrowings outstanding under Term Loan Facility			2,200,000		2,200,000
Debt Instruments [Abstract]
Debt outstanding			$ 2,200,000		$ 2,200,000
Eurocurrency Rate \| Lines of Credit \| New Revolving Credit Facility \| Minimum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		1.00%
Eurocurrency Rate \| Lines of Credit \| New Revolving Credit Facility \| Maximum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		1.375%
Eurocurrency Rate \| Unsecured term loan \| Unsecured Delayed Draw Term Loan \| Minimum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.875%
Eurocurrency Rate \| Unsecured term loan \| Unsecured Delayed Draw Term Loan \| Maximum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		1.25%
Base rate \| Lines of Credit \| New Revolving Credit Facility \| Minimum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.00%
Base rate \| Lines of Credit \| New Revolving Credit Facility \| Maximum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.375%
Base rate \| Unsecured term loan \| Unsecured Delayed Draw Term Loan \| Minimum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.00%
Base rate \| Unsecured term loan \| Unsecured Delayed Draw Term Loan \| Maximum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.25%
Year one \| Unsecured term loan \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Quarterly payment (percent)		2.50%
Year two \| Unsecured term loan \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Quarterly payment (percent)		2.50%
Year three \| Unsecured term loan \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Quarterly payment (percent)		5.00%
Year four \| Unsecured term loan \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Quarterly payment (percent)		5.00%
Year five and after \| Unsecured term loan \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Quarterly payment (percent)		7.50%

Commitments and Contingencies (Details) $ in Millions					6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 12, 2019 statement	May 17, 2019 patent	May 01, 2019 patent	Jan. 03, 2018 executive	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Standard warranty term					5 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance					$ 11.5	$ 27.3
Warranty and recall costs					12.5	9.6
Payments and other deductions					(12.5)	(9.2)
Acquired warranty and recall liabilities					0.1	0.0
ASC 606 adjustments					0.0	(14.8)
Ending balance					$ 11.6	$ 12.9
Lighting Science Group Patent Litigation
Loss Contingencies [Line Items]
Number of patents allegedly to have been infringed \| patent		7	8
Number of allegations dropped \| patent		1
Securities Class Action
Loss Contingencies [Line Items]
Number of former executives alleged to be in violation \| executive				1
Number of statements used as basis for dismissing claims \| statement	42
Total number of statements challenged in the Consolidated Complaint \| statement	47
Number of challenged statements allowed to proceed to discovery \| statement	5

Changes in Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018	Feb. 29, 2020	Feb. 28, 2019	Sep. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,987.3	$ 1,918.9	$ 1,750.9	$ 1,716.8	$ 1,918.9	$ 1,716.8
Net income	57.2	57.0	66.3	79.6	114.2	145.9
Other comprehensive income (loss)	(2.0)	3.8	6.3	(6.2)	1.8	0.1
Share-based payment amortization, issuances, and cancellations	7.5	12.6	7.1	3.8
Employee stock purchase plan issuances	0.2	0.2	0.2	0.1
Cash dividends of $0.13 per share paid on common stock	(5.2)	(5.2)	(5.3)	(5.2)
Stock options exercised	0.1
Repurchases of common stock			(23.7)	(25.0)
Ending balance	$ 2,045.1	$ 1,987.3	$ 1,801.8	$ 1,750.9	2,045.1	1,801.8
Cash dividends paid (usd per share)	$ 0.13	$ 0.13	$ 0.13	$ 0.13
Common Stock Outstanding
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Beginning balance (shares)	39.5	39.5	39.9	40.0	39.5	40.0
Share-based payment amortization, issuances, and cancellations (shares)	0.0	0.0	0.0	0.1
Repurchases of common stock (shares)			(0.2)	(0.2)
Ending balance	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Ending balance (shares)	39.5	39.5	39.7	39.9	39.5	39.7
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 942.8	$ 930.0	$ 910.2	$ 906.3	$ 930.0	$ 906.3
Share-based payment amortization, issuances, and cancellations	7.5	12.6	7.1	3.8
Employee stock purchase plan issuances	0.2	0.2	0.2	0.1
Stock options exercised	0.1
Ending balance	950.6	942.8	917.5	910.2	950.6	917.5
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,347.6	2,295.8	2,060.6	1,999.2	2,295.8	1,999.2
Net income	57.2	57.0	66.3	79.6
Cash dividends of $0.13 per share paid on common stock	(5.2)	(5.2)	(5.3)	(5.2)
Ending balance	2,399.6	2,347.6	2,121.6	2,060.6	2,399.6	2,121.6
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(147.6)	(151.4)	(121.0)	(114.8)	(151.4)	(114.8)
Other comprehensive income (loss)	(2.0)	3.8	6.3	(6.2)
Ending balance	(149.6)	(147.6)	(114.7)	(121.0)	(149.6)	(114.7)
Treasury Stock, at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,156.0)	(1,156.0)	(1,099.4)	(1,074.4)	(1,156.0)	(1,074.4)
Repurchases of common stock			(23.7)	(25.0)
Ending balance	$ (1,156.0)	$ (1,156.0)	$ (1,123.1)	$ (1,099.4)	$ (1,156.0)	$ (1,123.1)
ASC 606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ASC 606 adjustments							$ (13.0)
ASC 606 \| Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ASC 606 adjustments							$ (13.0)

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Feb. 29, 2020	Aug. 31, 2019
Revenue from Contract with Customer [Abstract]
Current deferred revenues	$ 7.0	$ 4.7
Non-current deferred revenues	$ 50.1	$ 46.4

Revenue Recognition - Narrative (Details) $ in Millions	6 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Feb. 29, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Timing of revenue recognition	Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets
Revenue recognized from beginning balances of contract liabilities	$ 2.4

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Disaggregation of Revenue [Line Items]
Total sales	$ 824.2	$ 854.4	$ 1,658.9	$ 1,787.0
Independent sales network
Disaggregation of Revenue [Line Items]
Total sales	596.9	572.4	1,214.9	1,223.4
Direct sales network
Disaggregation of Revenue [Line Items]
Total sales	73.3	87.3	157.6	186.3
Retail sales
Disaggregation of Revenue [Line Items]
Total sales	56.8	73.6	110.2	158.8
Corporate accounts
Disaggregation of Revenue [Line Items]
Total sales	54.8	74.4	88.3	125.6
Other
Disaggregation of Revenue [Line Items]
Total sales	$ 42.4	$ 46.7	$ 87.9	$ 92.9

Share-based Payments - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Share-based Payment Arrangement [Abstract]
Share-based payment expense	$ 8.0	$ 7.5	$ 24.7	$ 15.3

Share-based Payments - Valuation Assumptions (Details)	3 Months Ended
Share-based Payments - Valuation Assumptions (Details)	Feb. 29, 2020 $ / shares
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (percent)	0.40%
Expected volatility (percent)	33.70%
Risk-free interest rate (percent)	1.30%
Expected life of options	5 years
Weighted-average fair value of options (in usd per share)	$ 34.22
Market Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (percent)	0.40%
Expected volatility (percent)	33.70%
Risk-free interest rate (percent)	1.50%
Expected life of options	7 years
Weighted-average fair value of options (in usd per share)	$ 44.74

Share-based Payments - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2020	Feb. 29, 2020	Feb. 29, 2020	Feb. 29, 2020	Aug. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)		917,000	917,000	917,000
Options granted (shares)	500,000
Performance stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share units outstanding (shares)		67,000	67,000	67,000
Restricted Stock and Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum age for eligibility under retirement vesting provision			60 years
Minimum service period under retirement vesting provision			10 years
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options granted (shares)	400,000
Market Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Options granted (shares)	100,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Duration of trailing average stock price				12 months
Amended and Restated Acuity Brand, Inc. 2012 Omnibus Stock Compensation Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)		900,000	900,000	900,000	400,000
Shares issued from options exercised in period (shares)				522	0
Intrinsic value of options outstanding		$ 2.6	$ 2.6	$ 2.6
Intrinsic value of options expected to vest		2.6	2.6	2.6
Intrinsic value of options exercisable		2.6	2.6	2.6
Unrecognized compensation cost		$ 18.2	$ 18.2	$ 18.2
Recognition period for unrecognized compensation cost				2 years 2 months 12 days
Three-year vesting performance shares approved in beginning of fiscal 2020 \| Performance stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Two-year vesting performance shares granted in second quarter of 2020 \| Performance stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years

Share-based Payments - Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Feb. 29, 2020	Aug. 31, 2019
Number of Shares (in millions)
Outstanding at end of period (shares)	917,000
Stock options \| Amended and Restated Acuity Brand, Inc. 2012 Omnibus Stock Compensation Incentive Plan
Number of Shares (in millions)
Outstanding at beginning of period (shares)	400,000
Granted (shares)	500,000
Exercised (shares)	(522)	0
Canceled (shares)	0
Outstanding at end of period (shares)	900,000	400,000
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 146.70
Granted (in usd per share)	121.87
Exercised (in usd per share)	116.36
Canceled (in usd per share)	0
Outstanding at end of period (in usd per share)	$ 133.18	$ 146.70
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of exercisable shares (shares)	400,000	300,000
Weighted average exercise price of exercisable shares (in usd per share)	$ 151.07	$ 147.51
$40.01 - $100.00 (average life - 2.6 years) \| Amended and Restated Acuity Brand, Inc. 2012 Omnibus Stock Compensation Incentive Plan
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract]
Lower range of option exercise prices (in usd per share)	40.01
Upper range of option exercise prices (in usd per share)	$ 100.00
Average life	2 years 7 months 6 days
Number of shares outstanding (shares)	100,000
Weighted average exercise price (in usd per share)	$ 62.25
Number of exercisable shares (shares)	100,000
Weighted average exercise price of exercisable shares (in usd per share)	$ 62.25
$100.01 - $160.00 (average life - 8.8 years) \| Amended and Restated Acuity Brand, Inc. 2012 Omnibus Stock Compensation Incentive Plan
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract]
Lower range of option exercise prices (in usd per share)	100.01
Upper range of option exercise prices (in usd per share)	$ 160.00
Average life	8 years 9 months 18 days
Number of shares outstanding (shares)	700,000
Weighted average exercise price (in usd per share)	$ 123.02
Number of exercisable shares (shares)	200,000
Weighted average exercise price of exercisable shares (in usd per share)	$ 126.16
$160.01 - $210.00 (average life - 5.7 years) \| Amended and Restated Acuity Brand, Inc. 2012 Omnibus Stock Compensation Incentive Plan
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract]
Lower range of option exercise prices (in usd per share)	160.01
Upper range of option exercise prices (in usd per share)	$ 210.00
Average life	5 years 8 months 12 days
Number of shares outstanding (shares)	100,000
Weighted average exercise price (in usd per share)	$ 207.80
Number of exercisable shares (shares)	100,000
Weighted average exercise price of exercisable shares (in usd per share)	$ 207.80
$210.01 - $239.76 (average life - 6.7 years) \| Amended and Restated Acuity Brand, Inc. 2012 Omnibus Stock Compensation Incentive Plan
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract]
Lower range of option exercise prices (in usd per share)	210.01
Upper range of option exercise prices (in usd per share)	$ 239.76
Average life	6 years 8 months 12 days
Number of shares outstanding (shares)	0
Weighted average exercise price (in usd per share)	$ 239.76
Number of exercisable shares (shares)	0
Weighted average exercise price of exercisable shares (in usd per share)	$ 239.76

Pension Plans (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1.1	$ 0.8	$ 2.3	$ 1.6
Interest cost	1.9	2.3	3.7	4.5
Expected return on plan assets	(3.1)	(3.2)	(6.2)	(6.3)
Amortization of prior service cost	1.0	0.7	2.0	1.5
Settlement loss	0.0	0.0	0.0	0.4
Recognized actuarial loss	1.4	1.0	2.8	2.1
Net periodic pension cost	$ 2.3	$ 1.6	$ 4.6	$ 3.8

Special Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Special Charges (Details) - USD ($) $ in Millions	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Restructuring Cost and Reserve [Line Items]
Special charges	$ 1.6	$ 0.4	$ 8.5	$ 1.4
Restructuring Reserve [Roll Forward]
Balance, beginning of period			1.9
Severance costs			5.7
Payments made during the period			(3.6)
Balance, end of period	4.0		4.0
Fiscal 2020 Actions
Restructuring Reserve [Roll Forward]
Balance, beginning of period			0.0
Severance costs			5.8
Payments made during the period			(2.1)
Balance, end of period	3.7		3.7
Fiscal 2019 Actions
Restructuring Reserve [Roll Forward]
Balance, beginning of period			1.3
Severance costs			0.1
Payments made during the period			(1.1)
Balance, end of period	0.3		0.3
Fiscal 2018 Actions
Restructuring Reserve [Roll Forward]
Balance, beginning of period			0.6
Severance costs			(0.2)
Payments made during the period			(0.4)
Balance, end of period	0.0		0.0
Severance and employee-related costs
Restructuring Cost and Reserve [Line Items]
Special charges	0.6	(0.3)	5.7	(0.8)
Other restructuring costs
Restructuring Cost and Reserve [Line Items]
Special charges	$ 1.0	$ 0.7	$ 2.8	$ 2.2

Earnings Per Share - Basic and Diluted Earnings per Share, Treasury Stock Method (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018	Feb. 29, 2020	Feb. 28, 2019
Earnings Per Share [Abstract]
Net income	$ 57.2	$ 57.0	$ 66.3	$ 79.6	$ 114.2	$ 145.9
Basic weighted average shares outstanding (in shares)	39.5		39.5		39.5	39.7
Common stock equivalents (in shares)	0.2		0.1		0.2	0.1
Diluted weighted average shares outstanding (in shares)	39.7		39.6		39.7	39.8
Basic earnings per share (in dollars per share)	$ 1.45		$ 1.68		$ 2.89	$ 3.67
Diluted earnings per share (in dollars per share)	$ 1.44		$ 1.67		$ 2.88	$ 3.66

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Earnings Per Share - Antidilutive Securities Excluded from EPS Computation (Details) - shares	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock awards excluded from diluted earnings per share (in shares)	443,595	314,673	361,283	290,360
Performance stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock awards excluded from diluted earnings per share (in shares)	0	0	7,569	0
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock awards excluded from diluted earnings per share (in shares)	102,210	189,683	116,962	194,232

Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income (Loss) Items (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018	Feb. 29, 2020	Feb. 28, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,987.3	$ 1,918.9	$ 1,750.9	$ 1,716.8	$ 1,918.9	$ 1,716.8
Other comprehensive (loss) income before reclassifications					(1.8)	(3.0)
Amounts reclassified from accumulated other comprehensive loss					3.6	3.1
Net current period other comprehensive (loss) income	(2.0)	3.8	6.3	(6.2)	1.8	0.1
Ending balance	2,045.1	1,987.3	1,801.8	1,750.9	2,045.1	1,801.8
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(147.6)	(151.4)	(121.0)	(114.8)	(151.4)	(114.8)
Net current period other comprehensive (loss) income	(2.0)	3.8	6.3	(6.2)
Ending balance	(149.6)	(147.6)	(114.7)	(121.0)	(149.6)	(114.7)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(65.4)		(53.9)	(65.4)	(53.9)
Other comprehensive (loss) income before reclassifications					(1.8)	(3.9)
Amounts reclassified from accumulated other comprehensive loss					0.0	0.0
Net current period other comprehensive (loss) income					(1.8)	(3.9)
Ending balance	(67.2)		(57.8)		(67.2)	(57.8)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ (86.0)		$ (60.9)	(86.0)	(60.9)
Other comprehensive (loss) income before reclassifications					0.0	0.9
Amounts reclassified from accumulated other comprehensive loss					3.6	3.1
Net current period other comprehensive (loss) income					3.6	4.0
Ending balance	$ (82.4)		$ (56.9)		$ (82.4)	$ (56.9)

Comprehensive Income - Tax Amounts Allocated to Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, before tax	$ (1.3)	$ 6.6	$ 3.0	$ 1.4
Other comprehensive (loss) income, tax	(0.7)	(0.3)	(1.2)	(1.3)
Other comprehensive (loss) income items, net of tax	(2.0)	6.3	1.8	0.1
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, before tax	(3.7)	4.9	(1.8)	(3.9)
Other comprehensive (loss) income, tax	0.0	0.0	0.0	0.0
Other comprehensive (loss) income items, net of tax	(3.7)	4.9	(1.8)	(3.9)
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gain or loss, before amortization of defined benefit pensions items, before tax			0.0	1.3
Actuarial gain or loss, before amortization of defined benefit pensions items, tax			0.0	(0.4)
Actuarial gain or loss, before amortization of defined benefit pensions items, after tax			0.0	0.9
Amortization of defined benefit pension items, before tax	1.4	1.0	2.8	2.1
Amortization of defined benefit pension items, tax	(0.4)	(0.2)	(0.7)	(0.5)
Amortization of defined benefit pension items, after tax	1.0	0.8	2.1	1.6
Prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of defined benefit pension items, before tax	1.0	0.7	2.0	1.5
Amortization of defined benefit pension items, tax	(0.3)	(0.1)	(0.5)	(0.3)
Amortization of defined benefit pension items, after tax	0.7	0.6	1.5	1.2
Settlement Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of defined benefit pension items, before tax			0.0	0.4
Amortization of defined benefit pension items, tax			0.0	(0.1)
Amortization of defined benefit pension items, after tax			0.0	0.3
Total defined benefit pension plans, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, before tax	2.4	1.7	4.8	5.3
Other comprehensive (loss) income, tax	(0.7)	(0.3)	(1.2)	(1.3)
Other comprehensive (loss) income items, net of tax	$ 1.7	$ 1.4	$ 3.6	$ 4.0