0001144215-21-000097 | 10-K | XBRL Viewer


Location in Form 10-K						Incorporated Document
Part II, Item 5; Part III, Items 10, 11, 12, 13, and 14						Proxy Statement for 2021 Annual Meeting of Stockholders

Entity Central Index Key

0001144215

Amendment Flag

false

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 491.3	$ 560.7
Accounts receivable, less reserve for doubtful accounts of $1.2 and $2.6, respectively	571.8	500.3
Inventories	398.7	320.1
Prepayments and other current assets	82.5	58.6
Total current assets	1,544.3	1,439.7
Property, plant, and equipment, net	269.1	270.5
Operating lease right-of-use assets	58.0	63.4
Goodwill	1,094.7	1,080.0
Intangible assets, net	573.2	605.9
Deferred income taxes	1.9	2.7
Other long-term assets	33.9	29.5
Total assets	3,575.1	3,491.7
Current liabilities:
Accounts payable	391.5	326.5
Current maturities of debt	0.0	24.3
Current operating lease liabilities	15.9	17.2
Accrued compensation	95.3	89.0
Other accrued liabilities	189.5	160.6
Total current liabilities	692.2	617.6
Long-term debt	494.3	376.8
Long-term operating lease liabilities	46.7	56.8
Accrued pension liabilities	60.2	91.6
Deferred income taxes	101.0	94.9
Other long-term liabilities	136.2	126.5
Total liabilities	1,530.6	1,364.2
Commitments and contingencies (see Commitments and Contingencies footnote)
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; 54,018,978 and 53,885,165 issued, respectively	0.5	0.5
Paid-in capital	995.6	963.6
Retained earnings	2,810.3	2,523.3
Accumulated other comprehensive loss	(98.2)	(132.7)
Treasury stock, at cost — 18,826,611 and 15,012,449 shares, respectively	(1,663.7)	(1,227.2)
Total stockholders’ equity	2,044.5	2,127.5
Total liabilities and stockholders’ equity	$ 3,575.1	$ 3,491.7

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	54,018,978	53,885,165
Treasury stock, shares (in shares)	18,826,611	15,012,449
Accounts Receivable, Allowance for Credit Loss, Current	$ 1.2	$ 2.6

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Income Statement [Abstract]
Net sales	$ 3,461.0	$ 3,326.3	$ 3,672.7
Cost of products sold	1,986.0	1,923.9	2,193.0
Gross profit	1,475.0	1,402.4	1,479.7
Selling, distribution, and administrative expenses	1,044.1	1,028.5	1,015.0
Special charges	3.3	20.0	1.8
Operating profit	427.6	353.9	462.9
Other expense:
Interest expense, net	23.2	23.3	33.3
Miscellaneous expense, net	8.2	5.9	4.7
Total other expense	31.4	29.2	38.0
Income before income taxes	396.2	324.7	424.9
Income tax expense	89.9	76.4	94.5
Net income	$ 306.3	$ 248.3	$ 330.4
Earnings per share:
Basic earnings per share (in dollars per share)	$ 8.44	$ 6.29	$ 8.32
Basic weighted average number of shares outstanding (in shares)	36.3	39.5	39.7
Diluted earnings per share (in dollars per share)	$ 8.38	$ 6.27	$ 8.29
Diluted weighted average number of shares outstanding (in shares)	36.6	39.6	39.8
Dividends declared per share (in dollars per share)	$ 0.52	$ 0.52	$ 0.52
Comprehensive income:
Net income	$ 306.3	$ 248.3	$ 330.4
Other comprehensive income (loss) items:
Foreign currency translation adjustments	13.3	11.9	(11.5)
Defined benefit plans, net of tax	21.2	6.8	(25.1)
Other comprehensive income (loss) items, net of tax	34.5	18.7	(36.6)
Comprehensive income	$ 340.8	$ 267.0	$ 293.8

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Cash flows from operating activities:
Net income	$ 306.3	$ 248.3	$ 330.4
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	100.1	101.1	88.3
Share-based payment expense	32.5	38.2	29.2
(Gain) loss on the sale or disposal of property, plant, and equipment	(0.1)	0.3	0.9
Asset impairments	6.0	8.8	0.0
Deferred income taxes	(2.7)	(6.7)	9.3
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(68.7)	74.5	97.7
Inventories	(35.5)	38.0	70.8
Prepayments and other current assets	(18.2)	12.9	(34.0)
Accounts payable	65.5	(19.6)	(111.5)
Other	23.5	9.0	13.6
Net cash provided by operating activities	408.7	504.8	494.7
Cash flows from investing activities:
Purchases of property, plant, and equipment	(43.8)	(54.9)	(53.0)
Proceeds from sale of property, plant, and equipment	4.7	0.2	0.0
Acquisitions of businesses, net of cash acquired	(75.3)	(303.0)	(2.9)
Other investing activities	(3.5)	(2.1)	2.9
Net cash used for investing activities	(117.9)	(359.8)	(53.0)
Cash flows from financing activities:
Issuances of long-term debt	493.8	400.0	86.5
Repayments of long-term debt	(401.1)	(355.7)	(86.9)
Repurchases of common stock	(434.9)	(69.3)	(81.6)
Proceeds from stock option exercises and other	3.2	0.9	0.6
Payments of taxes withheld on net settlement of equity awards	(4.5)	(5.4)	(6.0)
Dividends paid	(19.1)	(20.8)	(20.8)
Net cash used for financing activities	(362.6)	(50.3)	(108.2)
Effect of exchange rate changes on cash and cash equivalents	2.4	5.0	(1.6)
Net change in cash and cash equivalents	(69.4)	99.7	331.9
Cash and cash equivalents at beginning of year	560.7	461.0	129.1
Cash and cash equivalents at end of year	491.3	560.7	461.0
Supplemental cash flow information:
Income taxes paid	86.4	64.6	92.9
Interest paid	$ 22.2	$ 29.8	$ 35.6

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock Outstanding	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock, at cost	ASC 606 adjustments	ASC 606 adjustments Retained Earnings
Beginning balance (in shares) at Aug. 31, 2018		40.0
Beginning balance at Aug. 31, 2018	$ 1,716.8	$ 0.5	$ 906.3	$ 1,999.2	$ (114.8)	$ (1,074.4)	$ (13.0)	$ (13.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	330.4			330.4
Other comprehensive income (loss)	(36.6)				(36.6)
Share-based payment amortization, issuances, and cancellations (in shares)		0.2
Share-based payment amortization, issuances, and cancellations	23.1		23.1
Employee stock purchase plan issuances	0.6		0.6
Cash dividends paid on common stock	(20.8)			(20.8)
Repurchases of common stock (in shares)		(0.7)
Repurchases of common stock	(81.6)					(81.6)
Ending balance (in shares) at Aug. 31, 2019		39.5
Ending balance at Aug. 31, 2019	1,918.9	$ 0.5	930.0	2,295.8	(151.4)	(1,156.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	248.3			248.3
Other comprehensive income (loss)	18.7				18.7
Share-based payment amortization, issuances, and cancellations (in shares)		0.1
Share-based payment amortization, issuances, and cancellations	32.7		32.7
Employee stock purchase plan issuances	0.8		0.8
Cash dividends paid on common stock	(20.8)			(20.8)
Stock options exercised	0.1		0.1
Repurchases of common stock (in shares)		(0.7)
Repurchases of common stock	(71.2)					(71.2)
Ending balance (in shares) at Aug. 31, 2020		38.9
Ending balance at Aug. 31, 2020	$ 2,127.5	$ 0.5	963.6	2,523.3	(132.7)	(1,227.2)	$ (0.2)	$ (0.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	ASU 2016-02
Net income	$ 306.3			306.3
Other comprehensive income (loss)	34.5				34.5
Share-based payment amortization, issuances, and cancellations (in shares)		0.1
Share-based payment amortization, issuances, and cancellations	28.8		28.8
Employee stock purchase plan issuances	1.0		1.0
Cash dividends paid on common stock	(19.1)			(19.1)
Stock options exercised	2.2		2.2
Repurchases of common stock (in shares)		(3.8)
Repurchases of common stock	(436.5)					(436.5)
Ending balance (in shares) at Aug. 31, 2021		35.2
Ending balance at Aug. 31, 2021	$ 2,044.5	$ 0.5	$ 995.6	$ 2,810.3	$ (98.2)	$ (1,663.7)

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends per share paid (in dollars per share)	$ 0.52	$ 0.52	$ 0.52

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Aug. 31, 2021
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. (referred to herein as “we,” “our,” “us,” the “Company,” or similar references) was incorporated in 2001 under the laws of the State of Delaware. We are a market-leading industrial technology company. Through our two business segments, Acuity Brands Lighting and Lighting Controls (“ABL”) and the Intelligent Spaces Group (“ISG”) we design, manufacture, and bring to market products and services that make the world more brilliant, productive, and connected. We achieve growth through the development of innovative new products and services, including building management systems, lighting, lighting controls, and location-aware applications. ABL Segment ABL's portfolio of lighting solutions includes commercial, architectural, and specialty lighting in addition to lighting controls and components that can be combined to create integrated lighting controls systems. We offer devices such as luminaires that predominantly utilize light emitting diode (“LED”) technology designed to optimize energy efficiency and comfort for various indoor and outdoor applications. ABL's' portfolio of products includes but is not limited to the following brands: Lithonia Lighting®, Holophane®, Peerless®, Gotham®, Mark Architectural LightingTM, Winona® Lighting, Juno®, IndyTM, AculuxTM, Healthcare Lighting®, Hydrel®, American Electric Lighting®, Sunoptics®, eldoLED®, nLight®, Sensor Switch®, IOTA®, A-LightTM, CycloneTM, Eureka®, Lumniaire LEDTM, Luminis®, Dark to Light®, and RELOC Wiring Solutions. Principal customers of ABL include electrical distributors, retail home improvement centers, electric utilities, national accounts, digital retailers, lighting showrooms, and energy service companies located in North America and select international markets serving new construction, renovation and retrofit, and maintenance and repair applications. ABL's lighting and lighting controls solutions are sold primarily through a network of independent sales agencies that cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts. Products are delivered directly from our manufacturing facilities or through a network of distribution centers, regional warehouses, and commercial warehouses using both common carriers and a company-managed truck fleet. To serve international customers, the sales forces utilize a variety of distribution methods to meet specific individual customer or country requirements. ABL comprised approximately 95% of consolidated revenues during fiscal 2021, 2020, and 2019. ISG Segment ISG offers building management systems and location-aware applications and sells predominantly to system integrators. Our building management system includes products for controlling heating, ventilation, and air conditioning (“HVAC”), lighting, shades, and building access that deliver end-to-end optimization of those building systems. AtriusTM, our intelligent building platform, enhances the occupant experience, improves building system management, and automates labor intensive tasks while delivering operational energy efficiency and cost reductions. Through a connected and converged building system architecture, our platform delivers different applications, allows clients to upgrade over time with natural refresh cycles, and deploys new capability through both software and hardware updates. Customers of ISG primarily include system integrators as well as retail stores, airports, and enterprise campuses throughout North America and select international locations. ISG products and solutions are marketed under numerous brand names, including but not limited to Distech Controls®, AtriusTM, and Rockpile Ventures. ISG comprised approximately 5% of consolidated revenues during fiscal 2021, 2020, and 2019. We have 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, Inc. and its wholly-owned subsidiaries.

Significant Accounting Policies

12 Months Ended

Aug. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Acuity Brands, Inc. and its wholly-owned subsidiaries after elimination of intercompany transactions and accounts.

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.

Revenue Recognition

Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements for information related to our revenue recognition accounting policies.

Cash and Cash Equivalents

Cash in excess of daily requirements is invested in time deposits and marketable securities and is included in the accompanying balance sheets at fair value. We consider time deposits and marketable securities with an original maturity of three months or less when purchased to be cash equivalents.

Accounts Receivable

We record accounts receivable at net realizable value. This value includes a reserve for doubtful accounts to reflect our estimate of expected credit losses over the contractual term of our receivables. Our estimation of current expected credit losses reflects our considerations of historical write-offs, an analysis of past due accounts based on the contractual terms of the receivables, and the economic status of customers, if known. We additionally consider the impact of general economic conditions, including construction spending, unemployment rates, and macroeconomic growth, on our customers' future ability to meet their obligations. We believe that the allowance is sufficient to cover uncollectible amounts; however, there can be no assurance that unanticipated future business conditions of customers will not have a negative impact on our results of operations.

Concentrations of Credit Risk

Concentrations of credit risk with respect to receivables, which are typically unsecured, are generally limited due to the wide variety of customers and markets using our lighting, lighting controls, building management systems, and location-aware applications as well as their dispersion across many different geographic areas. No customer accounted for 10% of receivables at August 31, 2021; however, one customer accounted for approximately 10% of receivables at August 31, 2020 and 2019. No single customer accounted for more than 10% of net sales in fiscal 2021, 2020, or 2019.

Reclassifications

Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.

Inventories

Inventories include materials, direct labor, inbound freight, customs, duties, tariffs, 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):


	August 31,
	2021		2020
Raw materials, supplies, and work in process(1)	$	209.5	$	170.3
Finished goods	227.2		199.1
Inventories excluding reserves	436.7		369.4
Less: Reserves	(38.0)		(49.3)
Total inventories	$	398.7	$	320.1

_______________________________________

(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.

We review inventory quantities on hand and record a provision for excess or obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand or market conditions could render certain inventory obsolete and could have a material adverse impact on our operating results in the period the change occurs. The following table summarizes the changes in our inventory reserves for the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Beginning balance	$	49.3	$	22.3	$	36.8
Additions to reserve	21.4		36.3		10.7
Disposals of reserved inventory	(32.7)		(11.1)		(25.1)
Foreign currency translation adjustments	—		1.8		(0.1)
Ending balance	$	38.0	$	49.3	$	22.3

Assets Held for Sale

We classify assets as held for sale when a plan for disposal is developed and approved, the asset is available for immediate sale, an active program to locate a buyer at a price reasonable in relation to current fair value is initiated, and transfer of the asset is expected to be completed within one year. We cease the depreciation and amortization of the assets when all of these criteria have been met. We classified as held for sale one building with a total carrying value of $6.6 million and three buildings with a total carrying value of $4.1 million within Prepayments and other current assets on the Consolidated Balance Sheets as of August 31, 2021 and 2020, respectively. At each balance sheet date, we concluded the fair value less costs to sell exceeded the carrying value of each of these assets.

Goodwill and Other Intangibles

The changes in the carrying amount of goodwill during the periods presented by segment are summarized as follows (in millions):


	ABL		ISG		Total
Balance as of August 31, 2019	$	907.2	$	60.1	$	967.3
Additions from acquired businesses	142.1		5.7		147.8
Adjustments to provisional amounts from acquired businesses	(41.9)		0.4		(41.5)
Foreign currency translation adjustments	5.2		1.2		6.4
Balance as of August 31, 2020	1,012.6		67.4		1,080.0
Additions from acquired businesses	6.9		3.1		10.0

Foreign currency translation adjustments	2.7		2.0		4.7
Balance as of August 31, 2021	$	1,022.2	$	72.5	$	1,094.7

Summarized information for our acquired intangible assets is as follows as of the dates presented (in millions except amortization periods):


		August 31,
		2021				2020
	Weighted Average Amortization Period in Years	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived intangible assets:
Patents and patented technology	11	$	164.6	$	(104.4)	$	163.6	$	(89.5)
Trademarks and trade names	24	27.2		(17.1)		27.2		(15.8)
Distribution network	28	61.8		(45.0)		61.8		(42.8)
Customer relationships	20	429.2		(117.9)		421.4		(94.3)

Total definite-lived intangible assets	19	$	682.8	$	(284.4)	$	674.0	$	(242.4)
Indefinite-lived trade names		$	174.8			$	174.3

Through multiple acquisitions, we acquired definite-lived intangible assets consisting primarily of customer relationships, patented technology, distribution networks, and trademarks and trade names associated with specific products, which are amortized over their estimated useful lives. Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely. Significant estimates and assumptions were used to determine the initial fair value of these acquired intangible assets, including estimated future short-term and long-term net sales and profitability, customer attrition rates, royalty rates, and discount rates. Certain of our intangible assets are attributable to foreign operations and are impacted by currency translation due to movements in foreign currency rates year over year.

We recorded amortization expense of $40.7 million, $41.7 million, and $30.8 million related to acquired intangible assets during fiscal 2021, 2020, and 2019, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $41.2 million in fiscal 2022, $40.5 million in fiscal 2023, $40.0 million in fiscal 2024, $31.9 million in fiscal 2025, and $29.1 million in fiscal 2026.

We test goodwill and indefinite-lived intangible assets for impairment on an annual basis or more frequently as facts and circumstances change, as required by Accounting Standards Codification (“ASC”) Topic 350, Intangibles — Goodwill and Other (“ASC 350”). ASC 350 allows for an optional qualitative analysis for goodwill to determine the likelihood of impairment. If the qualitative review results in a more likely than not probability of impairment, a quantitative analysis is required. The qualitative step may be bypassed entirely in favor of a quantitative test. The quantitative analysis identifies impairments by comparing the fair value of a reporting unit with its carrying value, including goodwill. The fair values can be determined based on a combination of valuation techniques including the expected present value of future cash flows, a market multiple approach, and a comparable transaction approach. If

the fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. Conversely, if the carrying value of a reporting unit exceeds its fair value, an impairment charge for the difference would be recorded.

In fiscal 2021 and 2020, we used a quantitative analysis to calculate the fair value of our reporting units using a combination of discounted future cash flows and relevant market multiples. In fiscal 2019, we used a qualitative fair value analysis to determine the likelihood of goodwill impairment. The analysis for goodwill did not result in an impairment charge during fiscal 2021, 2020, or 2019.

The impairment test for indefinite-lived trade names consists of comparing the fair value of a trade name with its carrying value. If the carrying amount exceeds the estimated fair value, an impairment loss would be recorded in the amount of the excess. We estimate the fair value of indefinite-lived trade names using a fair value model based on discounted future cash flows. Significant assumptions, including estimated future net sales, royalty rates, and discount rates, are used in the determination of estimated fair value for indefinite-lived trade names. The impairment analyses of our indefinite-lived intangible assets indicated that their fair values exceeded their carrying values for fiscal 2021, and thus no impairment charges were recorded during that year. Any reasonably likely change in the assumptions used in the analyses for our trade names would not be material to our financial condition or results of operations.

Based on the results of the indefinite-lived intangible asset analyses for fiscal 2020, we recorded an impairment charge of $1.4 million for one trade name in Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income related to our ABL segment. The impairment analyses of the other 12 indefinite-lived intangible assets indicated that their fair values exceeded their carrying values. Based on the results of the indefinite-lived intangible asset analyses performed in fiscal 2019, we concluded that our analyses supported the indefinite-lived trade names' values; therefore, no impairment charges were recorded.

Short-term growth rates used in the fiscal 2021 and 2020 impairment analyses reflected additional estimation uncertainty as a result of the COVID-19 pandemic.

Other Long-Term Assets

Other long-term assets consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Deferred contract costs(1)	$	12.9	$	12.3

Investments in debt and equity securities	5.3		6.0


Pensions plans in which plan assets exceed benefit obligation	13.0		—
Tax credits(2)	—		8.6
Other(3)	2.7		2.6
Total other long-term assets	$	33.9	$	29.5

_______________________________________

(1)Amount includes costs incurred whose economic benefit will be realized greater than one year from August 31, 2021.

(2)Amount represents research and development tax credit receivables related to certain amended prior year tax returns.

(3)Included within this category are company-owned life insurance investments. We maintain life insurance policies on 62 former employees primarily to satisfy obligations under certain deferred compensation plans. These company-owned life insurance policies are presented net of loans that are secured by these policies. This program is frozen, and no new policies were issued in the three-year period ended August 31, 2021.

Other Current Liabilities

Other current liabilities consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Customer incentive programs(1)	$	33.9	$	27.7
Refunds to customers(1)	28.1		31.0
Current deferred revenues(1)	7.7		5.4
Sales commissions	28.9		26.5
Freight costs	17.6		11.7
Warranty and recall costs(2)	16.8		13.8
Tax-related items(3)	11.7		12.7
Interest on long-term debt(4)	2.4		1.0
Other	42.4		30.8
Total other current liabilities	$	189.5	$	160.6

____________________________________

(1)Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements for additional information.

(2)Refer to the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements for additional information.

(3)Includes accruals for income, property, sales and use, and value added taxes.

(4)Refer to the Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements for additional information.

Other Long-Term Liabilities

Other long-term liabilities consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Deferred compensation and postretirement benefits other than pensions(1)	$	43.1	$	42.7
Deferred revenues(2)	56.7		53.6
Unrecognized tax position liabilities, including interest(3)	19.7		18.9
Self-insurance liabilities(4)	3.9		6.5
Product warranty and recall costs(4)	3.5		2.3
Other	9.3		2.5
Total other long-term liabilities	$	136.2	$	126.5

____________________________________

(1)We maintain several non-qualified retirement plans for the benefit of eligible employees, primarily deferred compensation plans. The deferred compensation plans provide for elective deferrals of an eligible employee’s compensation and, in some cases, matching contributions by the organization. In addition, one plan provides an automatic contribution of 3% of an eligible employee’s compensation. We maintain life insurance policies on certain former officers and other key employees as a means of satisfying a portion of these obligations.

(2)Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements for additional information.

(3)Refer to the Income Taxes footnote of the Notes to Consolidated Financial Statements for additional information.

(4)Refer to the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements for additional information.

Shipping and Handling Fees and Costs

We include shipping and handling fees billed to customers in Net sales in the Consolidated Statements of Comprehensive Income. Shipping and handling costs associated with inbound freight and freight between manufacturing facilities and distribution centers are generally recorded in Cost of products sold in the Consolidated Statements of Comprehensive Income. Other shipping and handling costs are included in Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income and totaled $132.0 million, $121.9 million, and $138.4 million in fiscal 2021, 2020, and 2019, respectively.

Share-based Payments

We recognize compensation cost relating to share-based payment transactions in the financial statements based on the estimated grant date fair value of the equity instrument issued. We account for stock options, restricted stock, performance stock units, and director stock units representing certain deferrals into the Nonemployee Director Deferred Compensation Plan (the “Director Plan”) or the Supplemental Deferred Savings Plan (“SDSP”) (both of which are discussed further in the Share-based Payments footnote) based on the grant-date fair value estimated under the current provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”).

Share-based payment expense includes expense related to restricted stock, performance stock units, options issued, and stock units deferred into the Director Plan. We recorded $32.5 million, $38.2 million, and $29.2 million of share-based payment expense for the years ended August 31, 2021, 2020, and 2019, respectively. The total income tax benefit recognized for share-based payment expense was $6.5 million, $6.6 million, and $6.5 million for the years ended August 31, 2021, 2020, and 2019, respectively. We generally recognize compensation cost for share-based payment transactions on a straight-line basis over an award's requisite service period as defined by ASC 718. In certain circumstances, such as when a performance award is subject to graded vesting, we apply the accelerated attribution method to recognize compensation cost related to our share-based payment awards.

We have recorded share-based payment expense, net of estimated forfeitures, in Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income. Excess tax benefits and/or expense related to share-based payment awards are reported within Income tax expense on the Consolidated Statements of Comprehensive Income. We recognized net excess tax expense related to share-based payment cost of $0.5 million, $1.4 million, and $1.6 million for the years ended August 31, 2021, 2020, and 2019, respectively.

See the Share-based Payments footnote of the Notes to Consolidated Financial Statements for more information.

Property, Plant, and Equipment

Property, plant, and equipment is initially recorded at cost and depreciated principally on a straight-line basis using estimated useful lives of plant and equipment (3 to 40 years for buildings and related improvements and 2 to 15 years for machinery and equipment) for financial reporting purposes. Accelerated depreciation methods are used for income tax purposes. Leasehold improvements are amortized over the shorter of the life of the lease or the estimated useful life of the improvement. Depreciation expense amounted to $59.4 million, $59.4 million, and $57.5 million during fiscal 2021, 2020, and 2019, respectively. The balance in property, plant, and equipment consisted of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Land	$	22.4	$	22.2
Buildings and leasehold improvements	198.0		192.2
Machinery and equipment	624.9		588.4
Total property, plant, and equipment, at cost	845.3		802.8
Less: Accumulated depreciation and amortization	(576.2)		(532.3)
Property, plant, and equipment, net	$	269.1	$	270.5

Research and Development

Research and development (“R&D”) expense, which is expensed as incurred, consists of compensation, payroll taxes, employee benefits, materials, supplies, and other administrative costs. R&D does not include all new product development costs and is included in Selling, distribution, and administrative expenses in our Consolidated

Statements of Comprehensive Income. R&D expense amounted to $88.3 million, $82.0 million, and $74.7 million during fiscal 2021, 2020, and 2019, respectively.

Advertising

Advertising costs are expensed as incurred and are included within Selling, distribution, and administrative expenses in our Consolidated Statements of Comprehensive Income. These costs totaled $15.9 million, $15.1 million, and $18.5 million during fiscal 2021, 2020, and 2019, respectively.

Interest Expense, Net

Interest expense, net, is comprised primarily of interest expense on long-term debt and line of credit borrowings, partially offset by interest income earned on cash and cash equivalents.

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


	Year Ended August 31,
	2021		2020		2019
Interest expense	$	24.2	$	26.4	$	36.4
Interest income	(1.0)		(3.1)		(3.1)
Interest expense, net	$	23.2	$	23.3	$	33.3

Miscellaneous Expense, Net

Miscellaneous expense, net, is comprised primarily of non-service related components of net periodic pension cost, gains and losses associated with foreign currency-related transactions, and non-operating gains and losses. Amounts relating to foreign currency transactions consisted of net expense of $1.3 million in fiscal 2021, net expense of $5.9 million in fiscal 2020, and net gains of $0.6 million in fiscal 2019.

Income Taxes

We are taxed at statutory corporate rates after adjusting income reported for financial statement purposes for certain items that are treated differently for income tax purposes. Deferred income tax expenses or benefits result from changes during the year in cumulative temporary differences between the tax basis and book basis of assets and liabilities. Refer to the Income Taxes footnote of the Notes to Consolidated Financial Statements for additional information.

Foreign Currency Translation

The functional currency for foreign operations is generally the local currency where the foreign operations are domiciled. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using a weighted average exchange rate each month during the year. The gains or losses resulting from the balance sheet translation are included in Foreign currency translation adjustments in the Consolidated Statements of Comprehensive Income and are excluded from net income.

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) includes foreign currency translation and pension adjustments.

The following table presents the changes in each component of accumulated other comprehensive loss net of tax during the periods presented (in millions):


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance as of August 31, 2019	$	(65.4)	$	(86.0)	$	(151.4)
Other comprehensive income (loss) before reclassifications	11.9		(0.6)		11.3
Amounts reclassified from accumulated other comprehensive loss (1)	—		7.4		7.4
Net current period other comprehensive income	11.9		6.8		18.7
Balance as of August 31, 2020	(53.5)		(79.2)		(132.7)
Other comprehensive income before reclassifications	13.3		13.9		27.2
Amounts reclassified from accumulated other comprehensive loss (1)	—		7.3		7.3
Net current period other comprehensive income	13.3		21.2		34.5
Balance as of August 31, 2021	$	(40.2)	$	(58.0)	$	(98.2)

_______________________________________

(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 presents the tax expense or benefit allocated to each component of other comprehensive income (loss) during the periods presented (in millions):


	Year Ended August 31,
	2021						2020						2019
	Before Tax Amount		Tax (Expense) or Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) or Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) or Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	13.3	$	—	$	13.3	$	11.9	$	—	$	11.9	$	(11.5)	$	—	$	(11.5)
Defined benefit pension plans:
Tax adjustments	—		(3.2)		(3.2)		—		—		—		—		—		—
Actuarial gains (losses)	17.5		(3.6)		13.9		(0.7)		0.1		(0.6)		(40.8)		9.7		(31.1)
Amortization of defined benefit pension items:
Prior service cost	2.9		(0.6)		2.3		4.0		(0.9)		3.1		3.5		(0.9)		2.6
Actuarial losses	5.5		(1.2)		4.3		5.6		(1.3)		4.3		4.1		(1.0)		3.1
Settlement losses	3.9		—		3.9		—		—		—		0.4		(0.1)		0.3
Total defined benefit plans, net	29.8		(8.6)		21.2		8.9		(2.1)		6.8		(32.8)		7.7		(25.1)
Other comprehensive income (loss)	$	43.1	$	(8.6)	$	34.5	$	20.8	$	(2.1)	$	18.7	$	(44.3)	$	7.7	$	(36.6)

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Aug. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in Fiscal 2021 ASC Topic 326 — Credit Losses (“ASC 326”) In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 the entity's estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. These standards have been collectively codified within ASC 326. The provisions of ASC 326 are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2019. We adopted the provisions of ASC 326 as of September 1, 2020, the beginning of fiscal 2021, and applied these changes through an immaterial cumulative-effect adjustment of $0.2 million to retained earnings as of the date of adoption. Our estimation of current expected credit losses reflects our considerations of the impact of general economic conditions, including construction spending, unemployment rates, the effects of the COVID-19 pandemic, and macroeconomic growth, on our customers' ability to meet their obligations. ASU 2018-15 — Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”) In August 2018, the FASB issued ASU 2018-15, which requires customers to apply internal-use software guidance to determine the implementation costs that are able to be capitalized. Capitalized implementation costs are 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. We adopted ASU 2018-15 as of September 1, 2020 on a prospective basis. This standard did not have a material effect on our financial condition, results of operations, or cash flows. Accounting Standards Yet to Be Adopted ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”) In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC Topic 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, or our fiscal 2022. 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 do not expect the provisions of ASU 2019-12 to have a material impact on our financial condition, results of operations, and cash flows. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Acquisitions	12 Months Ended
Acquisitions	Aug. 31, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions The following discussion relates to acquisitions completed during fiscal 2021, 2020, and 2019. Fiscal 2021 Acquisitions ams OSRAM's North American Digital Systems Business On July 1, 2021, using cash on hand, we acquired certain assets and liabilities of ams OSRAM’s North American Digital Systems business (“OSRAM DS”). This acquisition is intended to enhance our LED driver and controls technology portfolio and accelerate our innovation, expand our access to market through a more fulsome original equipment manufacturer (“OEM”) product offering, and give us more control over our supply chain. Rockpile Ventures On May 18, 2021, using cash on hand, we acquired all of the equity interests of Rockpile Ventures, an accelerator of edge artificial intelligence (“AI”) startups. Rockpile Ventures helps early-stage artificial intelligence companies drive co-engineering and co-selling partnerships with major cloud ecosystems, enabling faster adoption from proof-of-concept trials to market scale. Accounting for Fiscal 2021 Acquisitions We accounted for the acquisitions of Rockpile Ventures and OSRAM DS in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Acquired assets and liabilities were recorded at their estimated acquisition-date fair values, and acquisition-related costs were expensed as incurred. The aggregate purchase price of these acquisitions reflects preliminary goodwill of $10.0 million and definite-lived customer-based intangible assets of $6.1 million, which have a preliminary useful life of approximately 11 years. Goodwill recognized from these acquisitions is comprised primarily of expected synergies from obtaining more control over our supply chain and technology, combining the operations of the acquired business with our operations, and acquiring the associated trained workforce. As of August 31, 2021, goodwill from these acquisitions totaling $6.9 million is expected to be tax deductible. Amounts recognized for these acquisitions are deemed to be provisional until disclosed otherwise, as we continue to gather information related to the identification and valuation of acquired assets and liabilities, including but not limited to, acquired interests in technology startups, tax-related items, final net working capital purchase adjustments, if any, and the residual impacts on the valuation of intangible assets. Fiscal 2020 and 2019 Acquisitions The Luminaires Group On September 17, 2019, using cash on hand and borrowings under available existing credit arrangements at that time, 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 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. WhiteOptics, LLC On June 20, 2019, using cash on hand, we acquired all of the equity interests of WhiteOptics, LLC (“WhiteOptics”). WhiteOptics manufactures advanced optical components used to reflect, diffuse, and control light for 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. Accounting for Fiscal 2020 and Fiscal 2019 Acquisitions The TLG and LocusLabs acquisitions are referred to herein collectively as the “2020 Acquisitions.” We finalized the acquisition accounting for the 2020 Acquisitions during the first quarter of fiscal 2021. There were no material changes to our financial statements as a result of the finalization of the acquisition accounting for the 2020 Acquisitions. The aggregate purchase price of the 2020 Acquisitions reflects total goodwill and identified intangible assets of approximately $107.6 million and $180.6 million, respectively. Identified intangible assets consist of indefinite-lived marketing-related intangibles as well as definite-lived customer-based and technology-based assets, which have a weighted average useful life of approximately 16 years. Goodwill recognized from these acquisitions is comprised primarily of expected benefits related to complementing and expanding our solutions portfolio, including dynamic lighting and software, as well as the trained workforce acquired with these businesses and expected synergies from combining the operations the acquired businesses with our operations. Goodwill from these acquisitions totaling $77.7 million is tax deductible. We finalized the acquisition accounting for WhiteOptics in fiscal 2020 in accordance with ASC 805. There were no material changes to our financial statements as a result of the finalization of the acquisition accounting.

Fair Value Measurements

12 Months Ended

Aug. 31, 2021

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 Topic 820, Fair Value Measurement (“ASC 820”), establishes a three level hierarchy that distinguishes between 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. 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.

We use quoted market prices to determine the fair value of Level 1 assets and liabilities. Our cash and cash equivalents (Level 1), which are required to be carried at fair value and measured on a recurring basis, were $491.3 million and $560.7 million as of August 31, 2021 and 2020, respectively.

Disclosures of fair value information about financial instruments, 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 Topic 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 financial instruments as of the dates presented were as follows (in millions):


	August 31, 2021				August 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Investments in debt and equity securities	$	5.3	$	5.3	$	6.0	$	6.0
Liabilities:
Senior unsecured public notes, net of unamortized discount and deferred costs	$	494.3	$	496.5	$	—	$	—
Borrowings under Term Loan Facility	—		—		395.0		395.0
Industrial revenue bond	—		—		4.0		4.0
Bank loans	—		—		2.1		2.3

We hold one convertible debt security investment with a carrying value of $4.0 million that is scheduled to mature in September 2023. At August 31, 2021, the fair value for this instrument approximated its cost based on the contractual terms of the arrangement as well as prevailing market interest rates for debt of similar terms and maturity (Level 2).

We hold equity investments in unconsolidated affiliates without readily determinable fair value. These strategic investments represent less than a 20% ownership interest in each of the privately-held affiliates, and we do not maintain power over or control of the entities. We have elected the practical expedient in ASC Topic 321, Investments—Equity Securities, to measure these investments at cost less any impairment adjusted for observable price changes, if any. Based on these considerations, we estimate that the historical cost less impairments of the acquired shares represents the fair value of the investments as of August 31, 2021. During the first quarter of fiscal 2021, we recorded an impairment charge for one of these investments for $4.0 million as a recapitalization of the underlying company diluted our holding value. We additionally recorded an impairment charge of $2.0 million during the fourth quarter of fiscal 2021 for another investment due to a deterioration in the financial condition and long-term prospects of the underlying company. These impairments are reflected in Miscellaneous expense, net for the year ended August 31, 2021 within our Consolidated Statements of Comprehensive Income.

Our senior unsecured public notes are carried at the outstanding balance, net of unamortized bond discount and deferred costs, 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). See Debt and Lines of Credit footnote for further details on our long-term borrowings.

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

Leases

12 Months Ended

Aug. 31, 2021

Leases [Abstract]

Leases

LeasesWe lease property and equipment under operating lease arrangements, most of which relate to distribution centers and manufacturing facilities in the U.S., Mexico, and Canada. 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 as the present value of the lease payments over the related term. Related assets are equal to the calculated lease liabilities adjusted for incentives and other items as prescribed by ASC Topic 842, Leases (“ASC 842”). 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.

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 was 2% as of August 31, 2021 and 2020.

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):


	August 31,
Fiscal year	2021
2022	$	16.8
2023	14.3
2024	11.1
2025	9.4
2026	5.5
Thereafter	8.1
Total undiscounted lease payments	65.2
Less: Discount due to interest	(2.6)
Present value of lease liabilities	$	62.6

The weighted average remaining lease term for our operating leases was five years as of August 31, 2021.

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 right of use (“ROU”) asset. The components of total lease cost were as follows during the periods presented (in millions):


	Year Ended August 31,
	2021		2020
Operating lease cost	$	18.3	$	18.1
Variable lease cost	2.0		2.3
Short-term lease cost	2.2		2.8
Total lease cost	$	22.5	$	23.2

Prior to the adoption of ASC 842, we recognized rent expense of $22.6 million during the year ended August 31, 2019.

Cash paid for operating lease liabilities during the year ended August 31, 2021 and 2020 was $26.2 million and $18.7 million, respectively. ROU assets obtained in exchange for lease liabilities, including those obtained from recent acquisitions, during the year ended August 31, 2021 and 2020 were $12.9 million and $27.2 million, respectively.

We do not have material leases that have not yet commenced as of August 31, 2021 that create significant rights and obligations.

We have subleased certain properties. Lease income from these subleases is recognized in the Consolidated Statements of Comprehensive 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.

During fiscal 2020, we committed to plans to vacate certain leased properties, which indicated that it was more likely than not that the fair value of the related ROU assets were below their carrying values. We assessed the recoverability of these assets using an undiscounted cash flow model and concluded that the carrying values of the assets were not fully recoverable. We recorded impairment charges of $7.4 million related to these assets using a

discounted cash flow model to estimate their fair values. The recoverability and impairment tests required significant assumptions including estimated future cash flows, the identification of assets within each asset group, and the determination of appropriate discount rates. No impairments were recorded for leases in fiscal 2021 or fiscal 2019.

Debt and Lines of Credit

12 Months Ended

Aug. 31, 2021

Debt Disclosure [Abstract]

Debt and Lines of Credit

Debt

Our debt is carried at the outstanding balance net of any related unamortized discounts and deferred costs and consisted of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Senior unsecured public notes due December 2030, principal	$	500.0	$	—
Senior unsecured public notes due December 2030, unamortized discount and deferred costs	(5.7)		—
Borrowings under Term Loan Facility	—		395.0
Industrial revenue bond due June 2021	—		4.0
Bank loans	—		2.1
Total debt	$	494.3	$	401.1

Our next scheduled future principal payment of long-term debt is $500.0 million due upon the maturity of the senior unsecured notes in December 2030.

Long-term Debt

On November 10, 2020, Acuity Brands Lighting, Inc. issued $500.0 million aggregate principal amount of 2.150% senior unsecured notes due December 15, 2030 (the “Unsecured Notes”). The Unsecured Notes bear interest at a rate of 2.150% per annum and were issued at a price equal to 99.737% of their face value. Interest on the Unsecured Notes is paid semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. The Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by Acuity Brands, Inc. and ABL IP Holding LLC, a wholly-owned subsidiary of Acuity Brands, Inc. Additionally, we recorded $4.8 million of deferred issuance costs related to the Unsecured Notes as a direct deduction from the face amount of the Unsecured Notes. These issuance costs are amortized over the 10-year term of the Unsecured Notes. As of August 31, 2021, the balance of the Unsecured Notes net of unamortized discount and deferred issuance costs was $494.3 million.

Additionally, we had $4.0 million of tax-exempt industrial revenue bonds and $2.1 million under fixed-rate bank loans outstanding as of August 31, 2020. We repaid the industrial revenue bonds at maturity on June 1, 2021, and we repaid the bank loans in the second quarter of fiscal 2021, prior to their maturity date.

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 provided us with a $400.0 million Term Loan Facility. We had $395.0 million in borrowings outstanding under the Term Loan Facility as of August 31, 2020, which we fully repaid during the first quarter of fiscal 2021 using the proceeds from the Unsecured Notes. The Credit Agreement allows for no future borrowings under the Term Loan Facility. The Credit Agreement expires in June 2023.

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 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%.

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 0.250% of the aggregate $400.0 million remaining 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 August 31, 2021. As of August 31, 2021, we had outstanding letters of credit totaling $4.1 million, primarily for securing collateral requirements under our casualty insurance programs. At August 31, 2021, we had additional borrowing capacity under the Credit Agreement of $395.9 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 $4.1 million issued under the Revolving Credit Facility.

None of our existing debt instruments include provisions that would require an acceleration of repayments based solely on changes in our credit ratings.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 470
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies

12 Months Ended

Aug. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Self-Insurance

Our policy is to self-insure up to certain limits traditional risks, including workers’ compensation, comprehensive general liability, and auto liability. Our self-insured retention for each claim involving workers’ compensation, comprehensive general liability (including product liability claims), and auto liability is limited per occurrence of such claims. A provision for claims under this self-insured program, based on our estimate of the aggregate liability for claims incurred, is revised and recorded annually. The estimate is derived from both internal and external sources including, but not limited to, our independent actuary. We are also self-insured up to certain limits for certain other insurable risks, primarily physical loss to property and business interruptions resulting from such loss lasting two days or more in duration. Insurance coverage is maintained for catastrophic property and casualty exposures, as well as those risks required to be insured by law or contract. We are fully self-insured for certain other types of liabilities, including environmental, product recall, warranty, and patent infringement. The actuarial estimates are subject to uncertainty from various sources including, among others, changes in claim reporting patterns, claim settlement patterns, actual claims, judicial decisions, legislation, and economic conditions. Although we believe that the actuarial estimates are reasonable, significant differences related to the items noted above could materially affect our self-insurance obligations, future expense, and cash flow.

We are also self-insured for the majority of our medical benefit plans up to certain limits. We estimate our aggregate liability for claims incurred by applying a lag factor to our historical claims and administrative cost experience. The appropriateness of our lag factor is evaluated annually and revised as necessary.

Leases

We lease certain of our buildings and equipment under noncancellable lease agreements. Please refer to the Leases footnote of the Notes to Consolidated Financial Statements for additional information.

Collective Bargaining Agreements

Approximately 66% of our total work force is covered by collective bargaining agreements. Collective bargaining agreements representing approximately 57% of our work force will expire within one year, primarily due to annual negotiations of union contracts in Mexico.

Securities Class Action

On October 5, 2021, the parties to the shareholder class action litigation previously disclosed (and further described below) executed a term sheet for settlement of the litigation, subject to documentation of the settlement and

approval of the District Court after notice to class members. If the settlement is approved, we expect that the agreed-upon settlement payment of $15.8 million will be funded entirely by applicable Directors and Officers liability insurance. As such, we do not anticipate a significant net loss or cash outflow as a result of the settlement of this matter.

The case was originally filed on January 3, 2018, in the United States District Court for the District of Delaware against the Company 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 former officers/executives 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 unspecified monetary damages, costs, and attorneys’ fees. We dispute the allegations in the complaints. 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. The Eleventh Circuit Court of Appeals granted the Company permission to file an interlocutory appeal of the District Court’s class certification order, and the briefing of that appeal has been completed. On October 7, 2021, the Eleventh Circuit Court of Appeals entered an order holding the appeal from the class certification order in abeyance pending a decision from the District Court concerning approval of the proposed settlement.

Shareholder Derivative Complaint

On October 1, 2021, certain alleged shareholders of the Company filed a putative derivative complaint in the United States District Court for the Northern District of Georgia asserting claims against three of the individuals named as defendants in the above securities action for breach of fiduciary duty and certain other claims arising out of the alleged facts and circumstances upon which the claims in the above securities class action are based (the “Derivative Complaint”). The Company is named as a nominal defendant, and the plaintiffs seek on behalf of the Company unspecified damages from the individual defendants and other relief. Prior to filing the Derivative Complaint, the derivative plaintiffs sent letters to the Company’s Board of Directors (the “Board”) demanding that the Company investigate and pursue substantially the same claims against the individual defendants that are asserted in the Derivative Complaint. The Company’s Board formed a demand evaluation committee consisting of independent directors to investigate these matters and make a recommendation to the Board regarding the best interests of the Company in connection therewith. The committee’s work is ongoing.

Estimating an amount or range of possible losses or gains 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 evidential 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 gains or a range of possible losses or gains resulting from the matters described above.

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.

Environmental Matters

Our operations are subject to numerous comprehensive laws and regulations relating to the generation, storage, handling, transportation, and disposal of hazardous substances, as well as solid and hazardous wastes, and to the remediation of contaminated sites. In addition, permits and environmental controls are required for certain operations to limit air and water pollution, and these permits are subject to modification, renewal, and revocation by issuing authorities. On an ongoing basis, we invest capital and incur operating costs relating to environmental compliance. Environmental laws and regulations have generally become stricter in recent years. We are not aware of any pending legislation or proposed regulation related to environmental issues that would have a material adverse effect. The cost of responding to future changes may be substantial. We establish accruals for known environmental claims when the associated costs become probable and can be reasonably estimated. The actual cost of environmental issues may be substantially higher than that accrued due to difficulty in estimating such costs.

Guarantees and Indemnities

We are a party to contracts entered into in the normal course of business in which it is common for us to agree to indemnify third parties for certain liabilities that may arise out of or relate to the subject matter of the contract. In most cases, we cannot estimate the potential amount of future payments under these indemnities until events arise that would result in a liability under the indemnities.

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 or Other long-term liabilities on the Consolidated Balance Sheets based upon when we expect to settle the incurred warranty. The following table summarizes changes in the estimated liabilities for product warranty and recall costs during the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Beginning balance	$	16.1	$	11.5	$	27.3
Warranty and recall costs	32.3		32.0		18.7
Payments and other deductions	(28.4)		(27.5)		(19.7)
Acquired warranty and recall liabilities	0.3		0.1		—
ASC 606 adjustments (1)	—		—		(14.8)
Ending balance	$	20.3	$	16.1	$	11.5

______________________________

(1) Certain service-type warranties accounted for as contingent liabilities prior to the adoption of ASC 606 (defined below) are now reflected as contract liabilities effective September 1, 2018.

Segment Information

12 Months Ended

Aug. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment InformationDuring the third quarter of fiscal 2021, we completed a realignment of our operations and structure to better support our business strategy. As a result, beginning in the third quarter of fiscal 2021, we now report our financial results of operations in two reportable segments, ABL and ISG, consistent with how our chief operating decision maker

currently evaluates operating results, assesses performance, and allocates resources within the Company. We have recast historical information to conform to the current segment structure.

The accounting policies of our reportable segments are the same as those described in the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K. Corporate expenses that are primarily administrative in function and benefit the Company on an entity-wide basis are not allocated to our segments. These include expenses related to governance, policy setting, compliance, and certain other shared services functions. Additionally, we do not allocate net interest expense, miscellaneous expense, special charges, or assets to our segments. Accordingly, this information is not used by the chief operating decision maker to make operating decisions and assess performance and is therefore excluded from our disclosures.

The following table presents financial information by operating segment for the periods presented (in millions):


	ABL		ISG		Corporate		Eliminations(1)		Total
Year Ended August 31, 2021:
Net sales	$	3,287.3	$	190.0	$	—	$	(16.3)	$	3,461.0
Operating profit (loss)	476.2		9.9		(58.5)		—		427.6
Depreciation and amortization	84.3		14.7		1.1		—		100.1

Year Ended August 31, 2020:
Net sales	$	3,180.9	$	157.0	$	—	$	(11.6)	$	3,326.3
Operating profit (loss)	425.8		(3.9)		(68.0)		—		353.9
Depreciation and amortization	83.7		16.3		1.1		—		101.1

Year Ended August 31, 2019:
Net sales	$	3,548.4	$	137.5	$	—	$	(13.2)	$	3,672.7
Operating profit (loss)	510.2		(18.1)		(29.2)		—		462.9
Depreciation and amortization	72.6		14.6		1.1		—		88.3

____________________________

(1) This column represents intersegment sales. Profit on these sales eliminates within gross profit on a consolidated basis.

The following table reconciles operating profit by segment to income before income taxes (in millions):


	Year Ended August 31,
	2021		2020		2019
Operating profit - ABL	$	476.2	$	425.8	$	510.2
Operating profit (loss) - ISG	9.9		(3.9)		(18.1)
Unallocated corporate amounts	(58.5)		(68.0)		(29.2)
Operating profit	427.6		353.9		462.9
Interest expense, net	23.2		23.3		33.3
Miscellaneous expense, net	8.2		5.9		4.7
Income before income taxes	$	396.2	$	324.7	$	424.9

Supplemental Disaggregated Information

Sales of lighting, lighting controls, and building technology solutions, excluding services, accounted for approximately 99% of total consolidated net sales in fiscal 2021, 2020, and 2019. Our geographic distribution of net sales, operating profit, income before provision for income taxes, and long-lived assets is summarized in the following table during and as of the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Net sales(1):
Domestic(2)	$	2,982.4	$	2,925.0	$	3,277.4
International	478.6		401.3		395.3
Total	$	3,461.0	$	3,326.3	$	3,672.7
Operating profit:
Domestic(2)	$	369.9	$	300.6	$	419.3
International	57.7		53.3		43.6
Total	$	427.6	$	353.9	$	462.9
Income before income taxes:
Domestic(2)	$	343.7	$	274.2	$	386.4
International	52.5		50.5		38.5
Total	$	396.2	$	324.7	$	424.9
Long-lived assets(3):
Domestic(2)	$	284.4	$	298.6	$	246.9
International	76.6		64.8		48.1
Total	$	361.0	$	363.4	$	295.0

_______________________________________

(1)Net sales are attributed to each country based on the selling location.

(2)Domestic amounts include amounts for U.S. based operations.

(3)Long-lived assets include net property, plant, and equipment, operating lease right-of-use assets, and other long-term assets as reflected in the Consolidated Balance Sheets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Revenue Recognition

12 Months Ended

Aug. 31, 2021

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 rebates, sales incentives, product returns, and discounts to customers. We allocate the expected consideration to be collected to each distinct performance obligation identified in a sale based on its standalone selling price. Sales and use taxes collected on behalf of governmental authorities are excluded from revenues.

Payment is generally due and received within 60 days from the point of sale or prior to the transfer of control of certain goods and services. No payment terms extend beyond one year, and we apply the practical expedient within ASC Topic 606 — Revenue from Contracts with Customers (“ASC 606”) to conclude that no significant financing terms exist within our contracts with customers. Allowances for cash discounts to customers are estimated using the expected value method based on historical experience and are recorded as a reduction to sales.

Our standard terms and conditions of sale allow for the return of certain products within four months of the date of shipment. We also provide for limited product return rights to certain distributors and other customers, primarily for slow moving or damaged items subject to certain defined criteria. The limited product return rights generally allow customers to return resalable products purchased within a specified time period and subject to certain limitations, including, at times, when accompanied by a replacement order of equal or greater value. At the time revenue is recognized, we record a refund liability for the expected value of future returns primarily based on historical experience, specific notification of pending returns, or contractual terms with the respective customers. Although historical product returns generally have been within expectations, there can be no assurance that future product returns will not exceed historical amounts. A significant increase in product returns could have a material adverse impact on our operating results in future periods.

Refund liabilities recorded under ASC 606 related to rights of return, cash discounts, and other miscellaneous credits to customers were $28.1 million and $31.0 million as of August 31, 2021 and August 31, 2020, respectively, and are reflected within Other accrued liabilities on the Consolidated Balance Sheets. Additionally, we record right of return assets for products expected to be returned to our distribution centers, which are included within Prepayments and other current assets on the Consolidated Balance Sheets. Such assets totaled $6.4 million and $10.3 million as of August 31, 2021 and 2020, respectively.

We also maintain one-time and ongoing promotions with our customers, which may include rebate, sales incentive, marketing, and trade-promotion programs with certain customers that require us to estimate and accrue the expected costs of such programs. These arrangements may include volume rebate incentives, cooperative marketing programs, merchandising of our products, introductory marketing funds for new products, and other trade-promotion activities conducted by the customer. Costs associated with these programs are generally estimated based on the most likely amount expected to be settled based on the context of the individual contract and are reflected within the Consolidated Statements of Comprehensive Income in accordance with ASC 606, which in most instances requires such costs to be recorded as reductions of revenue. Amounts due to our customers associated with these programs totaled $33.9 million and $27.7 million as of August 31, 2021 and 2020, respectively, and are reflected within Other accrued liabilities on the Consolidated Balance Sheets.

Costs to obtain and fulfill contracts, such as sales commissions, are generally short-term in nature and are expensed as incurred.

Nature of Goods and Services

Products

Substantially all of the revenues for the periods presented were generated from short-term contracts with our customers to deliver only tangible goods such as luminaires, lighting controls, and controls for various building systems. We record revenue from these contracts when the customer obtains control of those goods. For sales designated free on board shipping point, control is transferred and revenue is recognized at the time of shipment. For sales designated free on board destination, customers take control and revenue is recognized when a product is delivered to the customer’s delivery site.

Professional Services

We collect fees associated with training, installation, and technical support services, primarily related to the set up of our lighting and building technology solutions. We recognize revenue for these one-time services at the time the service is performed. We also sell certain service-type warranties that extend coverages for products beyond their base warranties. We account for service-type warranties as distinct performance obligations and recognize revenue for these contracts ratably over the life of the additional warranty period. We allocate transaction price to our service-type warranties largely based on expectations of cost plus margin based on our estimate of future claims. These estimates are subject to a higher level of estimation uncertainty than other estimates, as we have less experience in costs in the extended warranty period. Claims related to service-type warranties are expensed as incurred.

Software

Software sales include licenses for software, data usage fees, and software as a service arrangements, which generally extend for one year or less. We recognize revenue for software based on the contractual rights provided to a customer, which typically results in the recognition of revenue ratably over the contractual service period.

Shipping and Handling Activities

We account for all shipping and handling activities as activities to fulfill the promise to transfer products to our customers. As such, we do not consider shipping and handling activities to be separate performance obligations, and we expense these costs as incurred.

Contracts with Multiple Performance Obligations

A small portion of our revenue was derived from the combination of any or all of our products, professional services, and software licenses. Significant judgment may be required to determine which performance obligations are distinct and should be accounted for separately. We allocate the expected consideration to be collected to each distinct performance obligation based on its standalone selling price. Standalone selling price is generally determined using a cost plus margin valuation when no observable input is available. The amount of consideration allocated to each performance obligation is recognized as revenue in accordance with the timing for products, professional services, and software as described above.

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 consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Current deferred revenues	$	7.7	$	5.4
Non-current deferred revenues	56.7		53.6

Current deferred revenues primarily consist of software licenses as well as professional service and service-type warranty fees collected prior to performing the related service and are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Revenue earned from beginning contract balances during the year ended August 31, 2021 approximated the current deferred revenue balance at August 31, 2020.

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 that do not represent contract liabilities are expected to be satisfied within one year from August 31, 2021 and consist primarily of orders for physical goods that have not yet been shipped.

Disaggregated Revenues

Our ABL segment's lighting and lighting controls 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. ISG sells predominantly to system integrators. The following table shows revenue from contracts with customers by sales channel and reconciles to our segment information for the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
ABL:
Independent sales network	$	2,400.5	$	2,284.3	$	2,397.6
Direct sales network	358.1		329.0		383.3
Retail sales	181.5		218.3		273.0
Corporate accounts	168.7		191.8		312.8
Other	178.5		157.5		181.7
Total ABL	3,287.3		3,180.9		3,548.4
ISG	190.0		157.0		137.5
Eliminations	(16.3)		(11.6)		(13.2)
Total	$	3,461.0	$	3,326.3	$	3,672.7

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Share-based Payments

12 Months Ended

Aug. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payments

Omnibus Stock Compensation Incentive and Directors’ Equity Plans

In January 2018, our stockholders approved the Amended and Restated Acuity Brands, Inc. 2012 Omnibus Stock Compensation Incentive Plan (the “Stock Incentive Plan”), which, among other things, resulted in an aggregate of 2.7 million of shares authorized for issuance pursuant to the Stock Incentive Plan. The Compensation Committee of the Board of Directors (the “Compensation Committee") is authorized to issue awards consisting of incentive and non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock awards, performance stock units, stock bonus awards, and cash-based awards to eligible employees, non-employee directors, and outside consultants.

Shares available for grant under the Stock Incentive Plan, including those previously issued and outstanding prior to the amendment, were approximately 0.3 million, 0.7 million, and 1.4 million at August 31, 2021, 2020, and 2019, respectively. Any shares subject to an award under the Stock Incentive Plan that are forfeited, canceled, expired, or settled for cash will be available for future grant under the Stock Incentive Plan.

Restricted stock awards, performance stock awards, and director stock units representing certain deferrals into the Director Deferred Compensation Plan are valued based on the fair value of our common stock on the grant date. We review the values of our performance awards on a frequent and recurring basis and adjust those values based on the probability that the related performance metric will be satisfied. We utilize the Black-Scholes model in deriving the fair value estimates of our stock option awards that only have a service requirement, and we utilize the Monte Carlo simulation model to determine grant date fair value estimates of stock options also subject to a market condition.

Effective for certain restricted stock and performance stock grants awarded in fiscal 2020, the Compensation Committee 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 ten years of service with the Company. We deem the requisite service period for these awards 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. The Compensation Committee discontinued this policy effective for restricted stock and performance stock grants awarded in October 2020 and thereafter.

Effective for performance stock unit grants awarded in fiscal 2021, the Compensation Committee approved an amendment to replace the retirement provision that states if a person who receives a performance stock unit award has five years of service, a portion of the award becomes non-forfeitable on each anniversary date of the grant.

We generally recognize compensation cost for share-based payment transactions on a straight-line basis over an award's requisite service period as defined by ASC 718. In certain circumstances, such as when a performance award is subject to graded vesting, we apply the accelerated attribution method to recognize compensation cost related to our share-based payment awards.

Compensation expense recognized related to the awards under the current and prior equity incentive plans during the periods presented is summarized as follows (in millions):


	Year Ended August 31,
	2021		2020		2019
Restricted stock awards and units	$	15.1	$	24.6	$	25.1
Stock options	9.2		4.9		2.7
Performance stock units	6.8		7.3		—
Director stock units	1.4		1.4		1.4
Total share-based payment expense	$	32.5	$	38.2	$	29.2

Restricted Stock

As of August 31, 2021, we had approximately 0.4 million shares outstanding of restricted stock to officers, directors, and other key employees under the Stock Incentive Plan, including restricted stock units. The grants vest primarily over a four-year period and are valued at the closing stock price on the date of the grant.

Activity related to restricted stock awards during the periods presented was as follows (in millions, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding at August 31, 2018	0.4	$	186.63
Granted	0.2	$	120.73
Vested	(0.2)	$	184.60
Forfeited*	—	$	159.88
Outstanding at August 31, 2019	0.4	$	156.32
Granted	0.2	$	122.10
Vested	(0.1)	$	171.92
Forfeited	(0.1)	$	135.43
Outstanding at August 31, 2020	0.4	$	134.68
Granted	0.2	$	108.79
Vested	(0.1)	$	150.44
Forfeited	(0.1)	$	116.33
Outstanding at August 31, 2021	0.4	$	116.77

___________________________

* Represents amounts of less than 0.1 million.

As of August 31, 2021, there was $28.1 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of stock vested during the years ended August 31, 2021, 2020, and 2019 was approximately $19.5 million, $22.8 million, and $26.9 million, respectively.

Stock Options

As of August 31, 2021, we had approximately 1.2 million options outstanding to officers and other key employees under the Stock Incentive Plan. Of these options, 0.8 million vest and become exercisable over a three-year period (the "Service Options"). The remaining 0.4 million vest and become exercisable over a four-year period and are also subject to a market condition (the "Market Options"). Options issued under the Stock Incentive Plan are generally granted with an exercise price equal to the fair market value of our stock on the date of grant, but never less than the fair market value on the grant date, and expire 10 years from the date of grant.

The fair value of each Service Option was estimated on the date of grant using the Black-Scholes model, and the fair value of each Market Option was estimated on the date of grant using the Monte Carlo simulation model. 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 the Service Options. The expected life of the Market Options is based on projected exercise dates resulting from the Monte Carlo simulation for each award tranche. All inputs noted above are estimates made at the time of grant. All inputs into the Black-Scholes model and the Monte Carlo simulation 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.

The following weighted average assumptions were used to estimate the fair value of the stock options granted in the fiscal years presented:


	Market Options		Service Options
	2021	2020	2020	2019
Dividend yield	0.5%	0.4%	0.4%	0.4%
Expected volatility	36.5%	33.7%	33.7%	32.8%
Risk-free interest rate	0.7%	1.5%	1.3%	3.0%
Expected life of options	8 years	7 years	5 years	4 years
Weighted-average fair value of options	$40.45	$44.74	$34.22	$34.06

There were no Market Options granted in fiscal 2019. There were no Service Options granted during the fiscal year ended August 31, 2021.

Stock option activity during the periods presented was as follows:


	Outstanding				Exercisable
	Number of Options (in millions)		Weighted Average Exercise Price		Number of Options (in millions)		Weighted Average Exercise Price
Outstanding at August 31, 2018	0.3		$	154.69	0.2		$	134.13
Granted	0.1	*	$	116.40


Outstanding at August 31, 2019	0.4		$	146.70	0.3		$	147.51
Granted	0.5		$	121.87
Exercised	—	*	$	116.36

Outstanding at August 31, 2020	0.9		$	133.19	0.4		$	151.07
Granted	0.3		$	108.96
Exercised	—	*	$	108.58

Outstanding at August 31, 2021	1.2		$	127.98	0.5		$	142.36
Range of option exercise prices:

$40.01 - $100.00 (average life - 1.1 years)	0.1		$	62.54	0.1		$	62.54
$100.01 - $160.00 (average life - 7.9 years)	1.0		$	119.18	0.3		$	125.13
$160.01 - $210.00 (average life - 4.2 years)	0.1		$	207.80	0.1		$	207.80
$210.01 - $239.76 (average life - 5.1 years)	—	*	$	239.76	0.1	*	$	239.76

___________________________

* Represents amounts of less than 0.1 million.

The total intrinsic value of options exercised was $1.2 million during the year ended August 31, 2021 and de minimis during the year ended August 31, 2020. There were no options exercised during fiscal 2019. As of August 31, 2021, the total intrinsic value of options outstanding was $70.9 million, the total intrinsic value of options expected to vest was $42.8 million, and the total intrinsic value of options exercisable was $27.4 million. As of August 31, 2021, there was $17.0 million of total unrecognized compensation cost related to unvested options. This cost is expected to be recognized over a weighted-average period of approximately 2.2 years.

Performance Stock Units

Beginning in fiscal 2020, the Board approved grants of performance stock units to certain executives and key employees. These grants vest primarily over a three-year period and are valued at the closing stock price at the date of grant. The actual number of performance stock units earned for these awards will be determined at the end of the related performance period based on the level of achievement of established performance thresholds. We recognize compensation expense for these grants proportionately over the requisite service period for each employee when it becomes probable that the performance metric will be satisfied. For performance stock units subject to graded vesting, we apply the accelerated attribution method for expense recognition. As of August 31, 2021, we had approximately 0.1 million performance stock units outstanding.

As of August 31, 2021 there was $3.8 million of total unrecognized compensation cost related to unvested performance stock units. This cost is expected to be recognized over a weighted-average period of approximately 1.5 years.

Employee Deferred Stock Units

We previously allowed employees to defer a portion of restricted stock awards granted in fiscal 2003 and fiscal 2004 into the SDSP as stock units. The stock units are payable in shares of stock at the time of distribution from the SDSP. As of August 31, 2021, approximately 7,000 fully vested stock units remain deferred, but undistributed, under the Stock Incentive Plan. There was no compensation expense related to these stock units during fiscal years 2021, 2020, and 2019.

Director Deferred Stock Units

Total shares available for issuance under the Director Plan were approximately 0.3 million, 0.3 million, and 0.4 million at August 31, 2021, 2020, and 2019, respectively. As of August 31, 2021, approximately 0.1 million stock units were deferred but undistributed under the Director Plan.

Employee Stock Purchase Plan

Employees are able to purchase, through payroll deduction, common stock at a 5% discount on a monthly basis. There were 1.5 million shares of our common stock reserved for purchase under the plan, of which approximately 1.0 million shares remain available as of August 31, 2021. Employees may participate at their discretion.

Pension and Defined Contribution Plans

12 Months Ended

Aug. 31, 2021

Retirement Benefits [Abstract]

Pension and Defined Contribution Plans

Company-sponsored 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 historically have made 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. Current period net actuarial gains in our projected benefit obligation primarily reflect an increase in the discount rate from our prior year valuation, partially offset by settlement losses during the year ended August 31, 2021.

The following tables reflect the status of our domestic (U.S.-based) and international pension plans as of the dates presented (in millions):


	Domestic Plans				International Plans
	August 31,				August 31,
	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	249.6	$	239.2	$	49.2	$	44.6
Service cost	4.6		4.3		0.3		0.3
Interest cost	5.3		6.4		0.9		0.9

Actuarial (gains) losses	(5.2)		8.5		1.7		0.7


Benefits paid	(29.6)		(8.8)		(1.3)		(1.4)
Other	—		—		1.8		4.1
Benefit obligation at end of year	224.7		249.6		52.6		49.2
Change in plan assets:
Fair value of plan assets at beginning of year	167.1		151.5		35.1		30.7
Actual return on plan assets	21.7		19.0		5.3		1.9
Employer contributions	23.4		5.4		2.1		0.8
Benefits paid	(29.6)		(8.8)		(1.3)		(1.4)
Other	—		—		1.0		3.1
Fair value of plan assets at end of year	182.6		167.1		42.2		35.1

Funded status at the end of year	$	(42.1)	$	(82.5)	$	(10.4)	$	(14.1)

Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	$	13.0	$	—	$	—	$	—
Current liabilities	(5.2)		(5.0)		(0.1)		—
Non-current liabilities	(49.9)		(77.5)		(10.3)		(14.1)
Net amount recognized in consolidated balance sheets	$	(42.1)	$	(82.5)	$	(10.4)	$	(14.1)
Accumulated benefit obligation	$	223.8	$	249.1	$	51.7	$	49.2
Pre-tax amounts in accumulated other comprehensive loss:
Prior service cost	$	(5.6)	$	(8.4)	$	(0.1)	$	—
Net actuarial loss	(55.2)		(79.2)		(11.3)		(13.5)
Amounts in accumulated other comprehensive loss	$	(60.8)	$	(87.6)	$	(11.4)	$	(13.5)
Pensions plans in which benefit obligation exceeds plan assets:
Projected benefit obligation	$	81.7	$	249.6	$	52.6	$	49.2
Accumulated benefit obligation	80.8		249.1		51.7		49.2
Plan assets	26.6		167.1		42.2		35.1
Pensions plans in which plan assets exceed benefit obligation:
Projected benefit obligation	$	143.0	$	—	$	—	$	—
Accumulated benefit obligation	143.0		—		—		—
Plan assets	156.0		—		—		—

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 function 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. We utilize a corridor approach to amortize cumulative unrecognized actuarial gains or losses over either the average expected future service of active participants or average life expectancy of plan participants based on each plan’s composition. The corridor is determined as the greater of the excess of 10% of plan assets or the projected benefit obligation at each valuation date. Amounts related to prior service cost are amortized over the average remaining expected future service period for active participants in each plan.

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


	Domestic Plans						International Plans
	2021		2020		2019		2021		2020		2019
Service cost	$	4.6	$	4.3	$	2.9	$	0.3	$	0.3	$	0.2
Interest cost	5.3		6.4		7.7		0.9		0.9		1.3
Expected return on plan assets	(11.0)		(10.4)		(10.5)		(2.3)		(2.0)		(1.9)
Amortization of prior service cost	2.9		4.0		3.5		—		—		—

Settlement	3.9		—		0.4		—		—		—
Recognized actuarial loss	4.1		4.2		2.7		1.4		1.4		1.4
Net periodic pension cost	$	9.8	$	8.5	$	6.7	$	0.3	$	0.6	$	1.0

Weighted average assumptions used in computing the benefit obligation are as follows:


	Domestic Plans			International Plans
	2021	2020		2021	2020
Discount rate	2.4 %	2.2	%	1.9 %	1.9	%
Rate of compensation increase	5.0 %	5.0	%	3.4 %	3.0	%

Weighted average assumptions used in computing net periodic pension cost are as follows:


	Domestic Plans						International Plans
	2021		2020		2019		2021		2020		2019
Discount rate	2.2	%	2.8	%	3.9	%	1.9	%	2.0	%	2.9	%
Expected return on plan assets	6.8	%	7.0	%	7.3	%	6.5	%	6.5	%	6.5	%
Rate of compensation increase	5.0	%	5.0	%	5.5	%	3.4	%	3.0	%	3.1	%

It is our policy to adjust, on an annual basis, the discount rate used to determine the projected benefit obligation to approximate rates on high-quality, long-term obligations based on our estimated benefit payments available as of the measurement date. We use published yield curves to assist in the development of our discount rates. We estimate that a 100 basis point increase in the discount rate would reduce net periodic pension cost approximately $0.9 million for the domestic plans and $0.6 million for the international plans. The expected return on plan assets is derived primarily from a periodic study of long-term historical rates of return on the various asset classes included in our targeted pension plan asset allocation as well as future expectations. We estimate that each 100 basis point reduction in the expected return on plan assets would result in additional net periodic pension cost of $1.7 million and $0.4 million for domestic plans and international plans, respectively. We also evaluate the rate of compensation increase annually and adjust if necessary.

Our investment objective for domestic plan assets is to earn a rate of return sufficient to exceed the long-term growth of the plans’ liabilities without subjecting plan assets to undue risk. The plan assets are invested primarily in high quality debt and equity securities. We conduct a periodic strategic asset allocation study to form a basis for the allocation of pension assets between various asset categories. Specific allocation percentages are assigned to each asset category with minimum and maximum ranges established for each. The assets are then managed within these ranges. At August 31, 2021, the U.S. targeted asset allocation was 40% equity securities, 55% fixed income

securities, and 5% real estate securities. Our investment objective for the international plan assets is also to add value by exceeding the long-term growth of the plans’ liabilities. At August 31, 2021, the international asset target allocation approximated 16% equity securities, 20% fixed income securities, and 64% multi-strategy investments.

Our pension plan asset allocation by asset category as of the dates presented is as follows:


	% of Plan Assets
	Domestic Plans				International Plans
	2021		2020		2021		2020
Equity securities	41.2	%	58.2	%	16.1	%	76.9	%
Fixed income securities	54.3	%	37.3	%	20.1	%	13.7	%
Multi-strategy investments	—	%	—	%	63.8	%	9.4	%
Real estate	4.5	%	4.5	%	—	%	—	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Our pension plan assets are stated at fair value based on quoted market prices in an active market, quoted redemption values, or estimates based on reasonable assumptions as of the most recent measurement period. See the Fair Value Measurements footnote for a description of the fair value guidance. 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. Certain pension assets valued at net asset value (“NAV”) per share as a practical expedient are excluded from the fair value hierarchy. Investments in pension plan assets are described in further detail below.

Short-term Fixed Income Investments

Short-term investments consist of money market funds, which are valued at the daily closing price as reported by the relevant fund (Level 1).

Mutual Funds

Mutual funds held by the domestic plans are open-end mutual funds that are registered with the Securities and Exchange Commission (“SEC”) and seek to either replicate or outperform a related index. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the domestic plans are deemed to be actively traded (Level 1).

Collective Trust

The collective trust seeks to outperform the overall small-cap stock market and is comprised of small-cap equity securities with quoted prices in active markets for identical investments. The value of this fund is calculated on each business day based on its daily net asset value; however, the collective trust is not deemed to be actively traded (Level 2).

Fixed Income Investments

The fixed income fund seeks to maximize total return by investing primarily in a diversified portfolio of intermediate and long-term debt securities and is valued using the NAV of units of a management investment company’s trust. The NAV, as provided by the fund's trustee, is used as a practical expedient to estimate fair value. As such, these funds are excluded from the fair value hierarchy. The NAV is based on the fair value of the underlying investments held by the fund less the fund's liabilities.

Real Estate Fund

The real estate fund invests primarily in commercial real estate and includes mortgage loans that are backed by the associated property's investment objective. The fund seeks real estate returns, risk, and liquidity appropriate to a core fund. The fund also seeks to provide current income with the potential for long-term capital appreciation. This investment is valued based on the NAV per share, without further adjustment. The NAV, as provided by the fund's trustee, is used as a practical expedient to estimate fair value and is therefore excluded from the fair value

hierarchy. NAV is based on the fair value of the underlying investments. Investors may request to redeem all or any portion of their shares on a quarterly basis. Each investor must provide a written redemption request at least sixty days prior to the end of the quarter for which the request is to be effective. If insufficient funds are available to honor all redemption requests at any point in time, available funds will be allocated pro-rata based on the total number of shares held by each investor. All decisions regarding whether to honor redemption requests are made by the fund’s board of directors.

The following tables present the fair value of the domestic pension plan assets by major category as of the dates presented (in millions):


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Mutual funds:
Domestic large cap equity fund	$	38.9	$	38.9	$	—	$	—
Foreign equity fund	23.1		23.1		—		—
Collective trust: Domestic small cap equities	13.3		—		13.3		—
Short-term fixed income investments	6.9		6.9		—		—
Total assets in the fair value hierarchy	82.2
Assets calculated at net asset value:
Fixed-income investments	92.3
Real estate fund	8.1
Total assets at net asset value	100.4
Total assets at fair value	$	182.6


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Mutual funds:
Domestic large cap equity fund	$	55.6	$	55.6	$	—	$	—
Foreign equity fund	26.0		26.0		—		—
Collective trust: Domestic small cap equities	15.7		—		15.7		—
Short-term fixed income investments	5.2		5.2		—		—
Total assets in the fair value hierarchy	102.5
Assets calculated at net asset value:
Fixed-income investments	57.0
Real estate fund	7.6
Total assets at net asset value	64.6
Total assets at fair value	$	167.1

International Plan Investments

The international plans' assets consist primarily of funds invested in equity securities, multi-strategy investments, and fixed income investments. These securities are calculated using the values of the underlying holdings (i.e. significant observable inputs) but do not have quoted prices in active markets (Level 2). The short-term fixed income investments represents cash and cash equivalents held by the funds at fiscal year end (Level 1). The following tables present the fair value of the international pension plan assets by major category as of the dates presented (in millions):


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Equity securities	$	6.8	$	—	$	6.8	$	—
Short-term fixed income investments	1.0		1.0		—		—

Multi-strategy investments	26.9		—		26.9		—
Fixed-income investments	7.5		—		7.5		—
Total assets at fair value	$	42.2


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Equity securities	$	27.0	$	—	$	27.0	$	—
Short-term fixed income investments	0.3		0.3		—		—
Multi-strategy investments	3.3		—		3.3		—
Fixed-income investments	4.5		—		4.5		—




Total assets at fair value	$	35.1

We do not expect to contribute to the domestic qualified plans in fiscal 2022 based on the funded status of the plans as well as current legal minimum funding requirements. We expect to contribute approximately $1.5 million during fiscal 2022 to our international defined benefit plans. These amounts are based on the total contributions required during fiscal 2022 to satisfy current legal minimum funding requirements for qualified plans and estimated benefit payments for non-qualified plans.

Benefit payments are made primarily from funded benefit plan trusts. Benefit payments are expected to be paid as follows during the years ending August 31 (in millions):


	Domestic Plans		International Plans
2022	$	13.2	$	1.2
2023	11.9		1.3
2024	12.0		1.3
2025	12.9		1.4
2026	14.8		1.4
2027-2031	65.0		8.4

Multi-employer Pension Plans

We contribute to two multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of our union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

•Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers.

•If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

Our contributions to these plans were $0.6 million for the years ended August 31, 2021 and 2020, and $0.5 million for the year ended August 31, 2019.

Defined Contribution Plans

We have defined contribution plans to which both employees and we make contributions. Employer matching amounts are allocated in accordance with the participants’ investment elections for elective deferrals and totaled $8.4 million, $8.2 million, and $8.1 million for the years ended August 31, 2021, 2020, and 2019, respectively. At August 31, 2021, assets of the domestic defined contribution plans included shares of our common stock with a market value of approximately $8.9 million, which represented approximately 1.8% of the total fair market value of the assets in our domestic defined contribution plans.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Special Charges

12 Months Ended

Aug. 31, 2021

Restructuring and Related Activities [Abstract]

Special Charges

During the year ended August 31, 2021, we recognized pre-tax special charges of $3.3 million. These charges consisted primarily of charges for relocation costs and adjustments related to severance costs associated with the previously announced transfer of activities from planned facility closures as well as other streamlining activities.

The details of the special charges during the periods presented are summarized as follows (in millions):


	Year Ended August 31,
	2021		2020		2019
Severance and employee-related costs	$	1.7	$	9.3	$	(0.5)
ROU lease asset impairment charges	—		7.4		—
Relocation and other restructuring costs	1.6		3.3		2.3
Total special charges	$	3.3	$	20.0	$	1.8

As of August 31, 2021, remaining accruals were $1.7 million and are included in Accrued compensation in the Consolidated Balance Sheets. The changes in the accruals related to these programs during the period presented are summarized as follows (in millions):


	Year Ended
	August 31, 2021
Balance as of August 31, 2020	$	3.0
Severance costs	1.7
Relocation and other restructuring costs	1.6
Payments made during the period	(4.6)
Balance as of August 31, 2021	$	1.7

Common Stock and Related Matters

12 Months Ended

Aug. 31, 2021

Equity [Abstract]

Common Stock and Related Matters

Common Stock

Changes in common stock during the periods presented were as follows (amounts and shares in millions):


	Common Stock
	Shares		Amount
			(At par)
Balance at August 31, 2018	53.7		$	0.5
Issuance of restricted stock grants, net of cancellations	0.1		—

Balance at August 31, 2019	53.8		0.5
Issuance of restricted stock grants, net of cancellations	0.1		—
Stock options exercised	—	*	—
Balance at August 31, 2020	53.9		0.5
Issuance of restricted stock grants, net of cancellations	0.1		—
Stock options exercised	—	*	—
Balance at August 31, 2021	54.0		$	0.5

___________________________

* Represents shares of less than 0.1 million.

As of August 31, 2021 and 2020, we had 18.8 million and 15.0 million of repurchased shares recorded as treasury stock at an original repurchase cost of $1.66 billion and $1.23 billion, respectively.

During fiscal 2021, we repurchased 3.8 million shares of our outstanding common stock. As of August 31, 2021, the maximum number of shares that may yet be repurchased under the share repurchase program authorized by the Board equaled 3.8 million shares. We expect to repurchase shares on an opportunistic basis subject to various factors including stock price, Company performance, market conditions, and other possible capital allocation priorities.

Preferred Stock

We have 50 million shares of preferred stock authorized. No shares of preferred stock were issued in fiscal 2021 or 2020, and no shares of preferred stock are outstanding.

Earnings per Share

Basic earnings per share for the periods presented is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for these periods. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, unvested share-based payment awards were vested, and other distributions related to deferred stock agreements were incurred. The dilutive effects of share-based payment awards subject to market and/or performance conditions that were not met during the period are excluded from the computation of diluted earnings per share.

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


	Year Ended August 31,
	2021		2020		2019
Net income	$	306.3	$	248.3	$	330.4
Basic weighted average shares outstanding	36.3		39.5		39.7
Common stock equivalents	0.3		0.1		0.1
Diluted weighted average shares outstanding	36.6		39.6		39.8
Basic earnings per share	$	8.44	$	6.29	$	8.32
Diluted earnings per share	$	8.38	$	6.27	$	8.29

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


	Year Ended August 31,
	2021		2020		2019
Stock options	0.8		0.6		0.3
Restricted stock awards	—	*	0.2		0.2
Performance stock units	—		—	*	—

_______________________

* Represents shares of less than 0.1 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Income Taxes

12 Months Ended

Aug. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

We account for income taxes using the asset and liability approach as prescribed by ASC Topic 740, Income Taxes (“ASC 740”). This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Using the enacted tax rates in effect for the year in which the differences are expected to reverse, deferred tax liabilities and assets are determined based on the differences between the financial reporting and the tax basis of an asset or liability.

The provision for income taxes consists of the following components during the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Provision for current federal taxes	$	65.4	$	54.6	$	60.3
Provision for current state taxes	12.8		12.5		14.7
Provision for current foreign taxes	14.4		16.0		10.2
(Benefit) provision for deferred taxes	(2.7)		(6.7)		9.3
Total provision for income taxes	$	89.9	$	76.4	$	94.5

The following table reconciles the provision at the federal statutory rate to the total provision for income taxes during the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Federal income tax computed at statutory rate	$	83.2	$	68.2	$	89.2
State income tax, net of federal income tax benefit	10.7		9.7		12.2
Foreign permanent differences and rate differential	2.4		2.4		2.1
Discrete income tax benefits of the U.S. Tax Cuts and Jobs Act	—		—		(2.2)
Research and development tax credits	(7.6)		(7.1)		(18.1)
Unrecognized tax benefits	0.7		1.8		12.2
Other, net	0.5		1.4		(0.9)
Total provision for income taxes	$	89.9	$	76.4	$	94.5

Components of the net deferred income tax liabilities as of the dates presented include (in millions):


	August 31,
	2021		2020
Deferred income tax liabilities:
Depreciation	$	(19.0)	$	(23.3)
Goodwill and intangibles	(155.2)		(153.1)
Operating lease right of use asset	(14.3)		(15.6)
Other liabilities	(8.2)		(5.3)
Total deferred income tax liabilities	(196.7)		(197.3)
Deferred income tax assets:
Self-insurance	1.8		2.1
Pension	9.9		22.2
Deferred compensation	21.3		22.2
Net operating losses	5.4		5.6
Other accruals not yet deductible	41.3		32.0
Operating lease liabilities	15.4		18.2
Other assets	12.0		9.3
Total deferred income tax assets	107.1		111.6
Valuation allowance	(9.5)		(6.5)
Net deferred income tax liabilities	$	(99.1)	$	(92.2)

As of August 31, 2021, the estimated undistributed earnings from foreign subsidiaries was $165.1 million. We have recorded a deferred income tax liability of $3.3 million for certain foreign withholding taxes and U.S. state taxes related to foreign earnings for which we do not assert indefinite reinvestment. With respect to unremitted earnings and original investments in foreign subsidiaries where we are continuing to assert indefinite reinvestment, any future remittances could be subject to additional foreign withholding taxes, U.S. state taxes, and certain tax impacts relating to foreign currency exchange effects. It is not practicable to estimate the amount of any unrecognized tax effects on these reinvested earnings and original investments in foreign subsidiaries. We account for the tax on Global Intangible Low-Taxed Income (“GILTI”) as a period cost and, therefore, do not record deferred taxes related to GILTI on our foreign subsidiaries.

At August 31, 2021, we had state tax credit carryforwards of approximately $1.5 million, which will expire beginning in 2022. At August 31, 2021, we had federal net operating loss carryforwards of $28.7 million that expire beginning in 2029, state net operating loss carryforwards of $30.1 million that began expiring in 2022, and foreign net operating loss carryforwards of $3.4 million that expire beginning in 2026.

The gross amount of unrecognized tax benefits as of August 31, 2021 and 2020 totaled $17.7 million and $17.2 million, respectively, which includes $17.1 million and $16.7 million, respectively, of net unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. We recognize potential interest and penalties related to unrecognized tax benefits as a component of income tax expense; such accrued interest and penalties are not material. With few exceptions, we are no longer subject to United States federal, state, and local income tax examinations for years ended before 2015 or for foreign income tax examinations before 2014. We do not anticipate unrecognized tax benefits will significantly increase or decrease within the next twelve months.

The following table reconciles the change in the unrecognized income tax benefit (reported in Other long-term liabilities on the Consolidated Balance Sheets) during the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Unrecognized tax benefits balance at beginning of year	$	17.2	$	16.6	$	4.4
Additions based on tax positions related to the current year	5.2		2.3		2.0
Additions for tax positions of prior years	0.1		—		10.9
Reductions for tax positions of prior years	(0.1)		(0.4)		—
Reductions due to settlements	(4.6)		(1.2)		—
Reductions due to lapse of statute of limitations	(0.1)		(0.1)		(0.7)
Unrecognized tax benefits balance at end of year	$	17.7	$	17.2	$	16.6

Total accrued interest was $2.0 million, $1.7 million, and $1.0 million as of August 31, 2021, 2020, and 2019, respectively. There were no accruals related to income tax penalties during fiscal 2021. Interest, net of tax benefits, and penalties are included in Income tax expense within the Consolidated Statements of Comprehensive Income. The classification of interest and penalties did not change during the current fiscal year. We are routinely under audit from various tax jurisdictions. We do not currently anticipate material audit assessments.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Supplemental Disaggregated Information

12 Months Ended

Aug. 31, 2021

Segment Reporting [Abstract]

Supplemental Disaggregated Information

currently evaluates operating results, assesses performance, and allocates resources within the Company. We have recast historical information to conform to the current segment structure.

The following table presents financial information by operating segment for the periods presented (in millions):


	ABL		ISG		Corporate		Eliminations(1)		Total
Year Ended August 31, 2021:
Net sales	$	3,287.3	$	190.0	$	—	$	(16.3)	$	3,461.0
Operating profit (loss)	476.2		9.9		(58.5)		—		427.6
Depreciation and amortization	84.3		14.7		1.1		—		100.1

Year Ended August 31, 2020:
Net sales	$	3,180.9	$	157.0	$	—	$	(11.6)	$	3,326.3
Operating profit (loss)	425.8		(3.9)		(68.0)		—		353.9
Depreciation and amortization	83.7		16.3		1.1		—		101.1

Year Ended August 31, 2019:
Net sales	$	3,548.4	$	137.5	$	—	$	(13.2)	$	3,672.7
Operating profit (loss)	510.2		(18.1)		(29.2)		—		462.9
Depreciation and amortization	72.6		14.6		1.1		—		88.3

____________________________

(1) This column represents intersegment sales. Profit on these sales eliminates within gross profit on a consolidated basis.

The following table reconciles operating profit by segment to income before income taxes (in millions):


	Year Ended August 31,
	2021		2020		2019
Operating profit - ABL	$	476.2	$	425.8	$	510.2
Operating profit (loss) - ISG	9.9		(3.9)		(18.1)
Unallocated corporate amounts	(58.5)		(68.0)		(29.2)
Operating profit	427.6		353.9		462.9
Interest expense, net	23.2		23.3		33.3
Miscellaneous expense, net	8.2		5.9		4.7
Income before income taxes	$	396.2	$	324.7	$	424.9

Supplemental Disaggregated Information


	Year Ended August 31,
	2021		2020		2019
Net sales(1):
Domestic(2)	$	2,982.4	$	2,925.0	$	3,277.4
International	478.6		401.3		395.3
Total	$	3,461.0	$	3,326.3	$	3,672.7
Operating profit:
Domestic(2)	$	369.9	$	300.6	$	419.3
International	57.7		53.3		43.6
Total	$	427.6	$	353.9	$	462.9
Income before income taxes:
Domestic(2)	$	343.7	$	274.2	$	386.4
International	52.5		50.5		38.5
Total	$	396.2	$	324.7	$	424.9
Long-lived assets(3):
Domestic(2)	$	284.4	$	298.6	$	246.9
International	76.6		64.8		48.1
Total	$	361.0	$	363.4	$	295.0

_______________________________________

(1)Net sales are attributed to each country based on the selling location.

(2)Domestic amounts include amounts for U.S. based operations.

(3)Long-lived assets include net property, plant, and equipment, operating lease right-of-use assets, and other long-term assets as reflected in the Consolidated Balance Sheets.

- Definition

+ References

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Aug. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Acuity Brands, Inc. and its wholly-owned subsidiaries after elimination of intercompany transactions and accounts.

Use of Estimates

Revenue Recognition and Shipping and Handling Fees and Costs

Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements for information related to our revenue recognition accounting policies.We include shipping and handling fees billed to customers in Net sales in the Consolidated Statements of Comprehensive Income. Shipping and handling costs associated with inbound freight and freight between manufacturing facilities and distribution centers are generally recorded in Cost of products sold in the Consolidated Statements of Comprehensive Income.

Cash and Cash Equivalents

Accounts Receivable

Concentrations of Credit Risk

Reclassifications

Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.

Inventories


	Year Ended August 31,
	2021		2020		2019
Beginning balance	$	49.3	$	22.3	$	36.8
Additions to reserve	21.4		36.3		10.7
Disposals of reserved inventory	(32.7)		(11.1)		(25.1)
Foreign currency translation adjustments	—		1.8		(0.1)
Ending balance	$	38.0	$	49.3	$	22.3

Assets Held for Sale

Goodwill and Other Intangibles

Significant estimates and assumptions were used to determine the initial fair value of these acquired intangible assets, including estimated future short-term and long-term net sales and profitability, customer attrition rates, royalty rates, and discount rates. Certain of our intangible assets are attributable to foreign operations and are impacted by currency translation due to movements in foreign currency rates year over year.We test goodwill and indefinite-lived intangible assets for impairment on an annual basis or more frequently as facts and circumstances change, as required by Accounting Standards Codification (“ASC”) Topic 350, Intangibles — Goodwill and Other (“ASC 350”). ASC 350 allows for an optional qualitative analysis for goodwill to determine the likelihood of impairment. If the qualitative review results in a more likely than not probability of impairment, a quantitative analysis is required. The qualitative step may be bypassed entirely in favor of a quantitative test. The quantitative analysis identifies impairments by comparing the fair value of a reporting unit with its carrying value, including goodwill. The fair values can be determined based on a combination of valuation techniques including the expected present value of future cash flows, a market multiple approach, and a comparable transaction approach. If the fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. Conversely, if the carrying value of a reporting unit exceeds its fair value, an impairment charge for the difference would be recorded. The impairment test for indefinite-lived trade names consists of comparing the fair value of a trade name with its carrying value. If the carrying amount exceeds the estimated fair value, an impairment loss would be recorded in the amount of the excess. We estimate the fair value of indefinite-lived trade names using a fair value model based on discounted future cash flows. Significant assumptions, including estimated future net sales, royalty rates, and discount rates, are used in the determination of estimated fair value for indefinite-lived trade names.

Share-based Payments

Property, Plant and Equipment

Depreciation, Depletion, and Amortization

Research and Development

Advertising

Advertising costs are expensed as incurred and are included within Selling, distribution, and administrative expenses in our Consolidated Statements of Comprehensive Income.

Interest Expense, Net

Interest expense, net, is comprised primarily of interest expense on long-term debt and line of credit borrowings, partially offset by interest income earned on cash and cash equivalents.

Miscellaneous Expense, Net

Income Taxes

Foreign Currency Translation

Comprehensive Income

New Accounting Pronouncements

Accounting Standards Adopted in Fiscal 2021

ASC Topic 326 — Credit Losses (“ASC 326”)

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 the entity's estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. These standards have been collectively codified within ASC 326. The provisions of ASC 326 are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2019. We adopted the provisions of ASC 326 as of September 1, 2020, the beginning of fiscal 2021, and applied these changes through an immaterial cumulative-effect adjustment of $0.2 million to retained earnings as of the date of adoption. Our estimation of current expected credit losses reflects our considerations of the impact of general economic conditions, including construction spending, unemployment rates, the effects of the COVID-19 pandemic, and macroeconomic growth, on our customers' ability to meet their obligations.

ASU 2018-15 — Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”)

In August 2018, the FASB issued ASU 2018-15, which requires customers to apply internal-use software guidance to determine the implementation costs that are able to be capitalized. Capitalized implementation costs are 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. We adopted ASU 2018-15 as of September 1, 2020 on a prospective basis. This standard did not have a material effect on our financial condition, results of operations, or cash flows.

Accounting Standards Yet to Be Adopted

ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”)

In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC Topic 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, or our fiscal 2022. 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 do not expect the provisions of ASU 2019-12 to have a material impact on our financial condition, results of operations, and cash flows.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Significant Accounting Policies (Tables)

12 Months Ended

Aug. 31, 2021

Accounting Policies [Abstract]

Schedule of Inventory


	August 31,
	2021		2020
Raw materials, supplies, and work in process(1)	$	209.5	$	170.3
Finished goods	227.2		199.1
Inventories excluding reserves	436.7		369.4
Less: Reserves	(38.0)		(49.3)
Total inventories	$	398.7	$	320.1

_______________________________________

Schedule Of Inventory Reserve

The following table summarizes the changes in our inventory reserves for the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Beginning balance	$	49.3	$	22.3	$	36.8
Additions to reserve	21.4		36.3		10.7
Disposals of reserved inventory	(32.7)		(11.1)		(25.1)
Foreign currency translation adjustments	—		1.8		(0.1)
Ending balance	$	38.0	$	49.3	$	22.3

Schedule of Goodwill

The changes in the carrying amount of goodwill during the periods presented by segment are summarized as follows (in millions):


	ABL		ISG		Total
Balance as of August 31, 2019	$	907.2	$	60.1	$	967.3
Additions from acquired businesses	142.1		5.7		147.8
Adjustments to provisional amounts from acquired businesses	(41.9)		0.4		(41.5)
Foreign currency translation adjustments	5.2		1.2		6.4
Balance as of August 31, 2020	1,012.6		67.4		1,080.0
Additions from acquired businesses	6.9		3.1		10.0

Foreign currency translation adjustments	2.7		2.0		4.7
Balance as of August 31, 2021	$	1,022.2	$	72.5	$	1,094.7

Schedule of Acquired Finite-Lived Intangible Assets

Summarized information for our acquired intangible assets is as follows as of the dates presented (in millions except amortization periods):


		August 31,
		2021				2020
	Weighted Average Amortization Period in Years	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived intangible assets:
Patents and patented technology	11	$	164.6	$	(104.4)	$	163.6	$	(89.5)
Trademarks and trade names	24	27.2		(17.1)		27.2		(15.8)
Distribution network	28	61.8		(45.0)		61.8		(42.8)
Customer relationships	20	429.2		(117.9)		421.4		(94.3)

Total definite-lived intangible assets	19	$	682.8	$	(284.4)	$	674.0	$	(242.4)
Indefinite-lived trade names		$	174.8			$	174.3

Schedule of Acquired Indefinite-Lived Intangible Assets

Summarized information for our acquired intangible assets is as follows as of the dates presented (in millions except amortization periods):


		August 31,
		2021				2020
	Weighted Average Amortization Period in Years	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived intangible assets:
Patents and patented technology	11	$	164.6	$	(104.4)	$	163.6	$	(89.5)
Trademarks and trade names	24	27.2		(17.1)		27.2		(15.8)
Distribution network	28	61.8		(45.0)		61.8		(42.8)
Customer relationships	20	429.2		(117.9)		421.4		(94.3)

Total definite-lived intangible assets	19	$	682.8	$	(284.4)	$	674.0	$	(242.4)
Indefinite-lived trade names		$	174.8			$	174.3

Schedule of Other Long-Term Assets

Other long-term assets consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Deferred contract costs(1)	$	12.9	$	12.3

Investments in debt and equity securities	5.3		6.0


Pensions plans in which plan assets exceed benefit obligation	13.0		—
Tax credits(2)	—		8.6
Other(3)	2.7		2.6
Total other long-term assets	$	33.9	$	29.5

_______________________________________

(1)Amount includes costs incurred whose economic benefit will be realized greater than one year from August 31, 2021.

(2)Amount represents research and development tax credit receivables related to certain amended prior year tax returns.

Schedule of Other Current Liabilities

Other current liabilities consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Customer incentive programs(1)	$	33.9	$	27.7
Refunds to customers(1)	28.1		31.0
Current deferred revenues(1)	7.7		5.4
Sales commissions	28.9		26.5
Freight costs	17.6		11.7
Warranty and recall costs(2)	16.8		13.8
Tax-related items(3)	11.7		12.7
Interest on long-term debt(4)	2.4		1.0
Other	42.4		30.8
Total other current liabilities	$	189.5	$	160.6

____________________________________

(1)Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements for additional information.

(2)Refer to the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements for additional information.

(3)Includes accruals for income, property, sales and use, and value added taxes.

(4)Refer to the Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements for additional information.

Schedule of Other Long-Term Liabilities

Other long-term liabilities consist of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Deferred compensation and postretirement benefits other than pensions(1)	$	43.1	$	42.7
Deferred revenues(2)	56.7		53.6
Unrecognized tax position liabilities, including interest(3)	19.7		18.9
Self-insurance liabilities(4)	3.9		6.5
Product warranty and recall costs(4)	3.5		2.3
Other	9.3		2.5
Total other long-term liabilities	$	136.2	$	126.5

____________________________________

(2)Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements for additional information.

(3)Refer to the Income Taxes footnote of the Notes to Consolidated Financial Statements for additional information.

(4)Refer to the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements for additional information.

Property, Plant and Equipment

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


	August 31,
	2021		2020
Land	$	22.4	$	22.2
Buildings and leasehold improvements	198.0		192.2
Machinery and equipment	624.9		588.4
Total property, plant, and equipment, at cost	845.3		802.8
Less: Accumulated depreciation and amortization	(576.2)		(532.3)
Property, plant, and equipment, net	$	269.1	$	270.5

Schedule of Interest Expense, Net

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


	Year Ended August 31,
	2021		2020		2019
Interest expense	$	24.2	$	26.4	$	36.4
Interest income	(1.0)		(3.1)		(3.1)
Interest expense, net	$	23.2	$	23.3	$	33.3

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss net of tax during the periods presented (in millions):


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance as of August 31, 2019	$	(65.4)	$	(86.0)	$	(151.4)
Other comprehensive income (loss) before reclassifications	11.9		(0.6)		11.3
Amounts reclassified from accumulated other comprehensive loss (1)	—		7.4		7.4
Net current period other comprehensive income	11.9		6.8		18.7
Balance as of August 31, 2020	(53.5)		(79.2)		(132.7)
Other comprehensive income before reclassifications	13.3		13.9		27.2
Amounts reclassified from accumulated other comprehensive loss (1)	—		7.3		7.3
Net current period other comprehensive income	13.3		21.2		34.5
Balance as of August 31, 2021	$	(40.2)	$	(58.0)	$	(98.2)

_______________________________________

(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 Comprehensive Income (Loss)

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


	Year Ended August 31,
	2021						2020						2019
	Before Tax Amount		Tax (Expense) or Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) or Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) or Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	13.3	$	—	$	13.3	$	11.9	$	—	$	11.9	$	(11.5)	$	—	$	(11.5)
Defined benefit pension plans:
Tax adjustments	—		(3.2)		(3.2)		—		—		—		—		—		—
Actuarial gains (losses)	17.5		(3.6)		13.9		(0.7)		0.1		(0.6)		(40.8)		9.7		(31.1)
Amortization of defined benefit pension items:
Prior service cost	2.9		(0.6)		2.3		4.0		(0.9)		3.1		3.5		(0.9)		2.6
Actuarial losses	5.5		(1.2)		4.3		5.6		(1.3)		4.3		4.1		(1.0)		3.1
Settlement losses	3.9		—		3.9		—		—		—		0.4		(0.1)		0.3
Total defined benefit plans, net	29.8		(8.6)		21.2		8.9		(2.1)		6.8		(32.8)		7.7		(25.1)
Other comprehensive income (loss)	$	43.1	$	(8.6)	$	34.5	$	20.8	$	(2.1)	$	18.7	$	(44.3)	$	7.7	$	(36.6)

Fair Value Measurements (Tables)

12 Months Ended

Aug. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

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


	August 31, 2021				August 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Investments in debt and equity securities	$	5.3	$	5.3	$	6.0	$	6.0
Liabilities:
Senior unsecured public notes, net of unamortized discount and deferred costs	$	494.3	$	496.5	$	—	$	—
Borrowings under Term Loan Facility	—		—		395.0		395.0
Industrial revenue bond	—		—		4.0		4.0
Bank loans	—		—		2.1		2.3

Leases (Tables)

12 Months Ended

Aug. 31, 2021

Leases [Abstract]

Schedule of Future Undiscounted Payments


	August 31,
Fiscal year	2021
2022	$	16.8
2023	14.3
2024	11.1
2025	9.4
2026	5.5
Thereafter	8.1
Total undiscounted lease payments	65.2
Less: Discount due to interest	(2.6)
Present value of lease liabilities	$	62.6

Components of Total Lease Costs

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


	Year Ended August 31,
	2021		2020
Operating lease cost	$	18.3	$	18.1
Variable lease cost	2.0		2.3
Short-term lease cost	2.2		2.8
Total lease cost	$	22.5	$	23.2

Debt and Lines of Credit (Tables)

12 Months Ended

Aug. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt is carried at the outstanding balance net of any related unamortized discounts and deferred costs and consisted of the following as of the dates presented (in millions):


	August 31,
	2021		2020
Senior unsecured public notes due December 2030, principal	$	500.0	$	—
Senior unsecured public notes due December 2030, unamortized discount and deferred costs	(5.7)		—
Borrowings under Term Loan Facility	—		395.0
Industrial revenue bond due June 2021	—		4.0
Bank loans	—		2.1
Total debt	$	494.3	$	401.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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-Topic 835
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Aug. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Product Warranty and Recall Costs


	Year Ended August 31,
	2021		2020		2019
Beginning balance	$	16.1	$	11.5	$	27.3
Warranty and recall costs	32.3		32.0		18.7
Payments and other deductions	(28.4)		(27.5)		(19.7)
Acquired warranty and recall liabilities	0.3		0.1		—
ASC 606 adjustments (1)	—		—		(14.8)
Ending balance	$	20.3	$	16.1	$	11.5

______________________________

(1) Certain service-type warranties accounted for as contingent liabilities prior to the adoption of ASC 606 (defined below) are now reflected as contract liabilities effective September 1, 2018.

Segment Information (Tables)

12 Months Ended

Aug. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents financial information by operating segment for the periods presented (in millions):


	ABL		ISG		Corporate		Eliminations(1)		Total
Year Ended August 31, 2021:
Net sales	$	3,287.3	$	190.0	$	—	$	(16.3)	$	3,461.0
Operating profit (loss)	476.2		9.9		(58.5)		—		427.6
Depreciation and amortization	84.3		14.7		1.1		—		100.1

Year Ended August 31, 2020:
Net sales	$	3,180.9	$	157.0	$	—	$	(11.6)	$	3,326.3
Operating profit (loss)	425.8		(3.9)		(68.0)		—		353.9
Depreciation and amortization	83.7		16.3		1.1		—		101.1

Year Ended August 31, 2019:
Net sales	$	3,548.4	$	137.5	$	—	$	(13.2)	$	3,672.7
Operating profit (loss)	510.2		(18.1)		(29.2)		—		462.9
Depreciation and amortization	72.6		14.6		1.1		—		88.3

____________________________

(1) This column represents intersegment sales. Profit on these sales eliminates within gross profit on a consolidated basis.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles operating profit by segment to income before income taxes (in millions):


	Year Ended August 31,
	2021		2020		2019
Operating profit - ABL	$	476.2	$	425.8	$	510.2
Operating profit (loss) - ISG	9.9		(3.9)		(18.1)
Unallocated corporate amounts	(58.5)		(68.0)		(29.2)
Operating profit	427.6		353.9		462.9
Interest expense, net	23.2		23.3		33.3
Miscellaneous expense, net	8.2		5.9		4.7
Income before income taxes	$	396.2	$	324.7	$	424.9

Revenue Recognition (Tables)

12 Months Ended

Aug. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Transaction Price from Contracts with Customers Allocated to Company's Contract Liabilities

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


	August 31,
	2021		2020
Current deferred revenues	$	7.7	$	5.4
Non-current deferred revenues	56.7		53.6

Revenue from Contract with Customers by Sales Channel


	Year Ended August 31,
	2021		2020		2019
ABL:
Independent sales network	$	2,400.5	$	2,284.3	$	2,397.6
Direct sales network	358.1		329.0		383.3
Retail sales	181.5		218.3		273.0
Corporate accounts	168.7		191.8		312.8
Other	178.5		157.5		181.7
Total ABL	3,287.3		3,180.9		3,548.4
ISG	190.0		157.0		137.5
Eliminations	(16.3)		(11.6)		(13.2)
Total	$	3,461.0	$	3,326.3	$	3,672.7

Share-based Payments (Tables)

12 Months Ended

Aug. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation Recognized

Compensation expense recognized related to the awards under the current and prior equity incentive plans during the periods presented is summarized as follows (in millions):


	Year Ended August 31,
	2021		2020		2019
Restricted stock awards and units	$	15.1	$	24.6	$	25.1
Stock options	9.2		4.9		2.7
Performance stock units	6.8		7.3		—
Director stock units	1.4		1.4		1.4
Total share-based payment expense	$	32.5	$	38.2	$	29.2

Schedule of Restricted Stock Award Activity

Activity related to restricted stock awards during the periods presented was as follows (in millions, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding at August 31, 2018	0.4	$	186.63
Granted	0.2	$	120.73
Vested	(0.2)	$	184.60
Forfeited*	—	$	159.88
Outstanding at August 31, 2019	0.4	$	156.32
Granted	0.2	$	122.10
Vested	(0.1)	$	171.92
Forfeited	(0.1)	$	135.43
Outstanding at August 31, 2020	0.4	$	134.68
Granted	0.2	$	108.79
Vested	(0.1)	$	150.44
Forfeited	(0.1)	$	116.33
Outstanding at August 31, 2021	0.4	$	116.77

___________________________

* Represents amounts of less than 0.1 million.

Schedule of Stock Options, Weighted Average Assumptions

The following weighted average assumptions were used to estimate the fair value of the stock options granted in the fiscal years presented:


	Market Options		Service Options
	2021	2020	2020	2019
Dividend yield	0.5%	0.4%	0.4%	0.4%
Expected volatility	36.5%	33.7%	33.7%	32.8%
Risk-free interest rate	0.7%	1.5%	1.3%	3.0%
Expected life of options	8 years	7 years	5 years	4 years
Weighted-average fair value of options	$40.45	$44.74	$34.22	$34.06

Schedule of Stock Option Transactions

Stock option activity during the periods presented was as follows:


	Outstanding				Exercisable
	Number of Options (in millions)		Weighted Average Exercise Price		Number of Options (in millions)		Weighted Average Exercise Price
Outstanding at August 31, 2018	0.3		$	154.69	0.2		$	134.13
Granted	0.1	*	$	116.40


Outstanding at August 31, 2019	0.4		$	146.70	0.3		$	147.51
Granted	0.5		$	121.87
Exercised	—	*	$	116.36

Outstanding at August 31, 2020	0.9		$	133.19	0.4		$	151.07
Granted	0.3		$	108.96
Exercised	—	*	$	108.58

Outstanding at August 31, 2021	1.2		$	127.98	0.5		$	142.36
Range of option exercise prices:

$40.01 - $100.00 (average life - 1.1 years)	0.1		$	62.54	0.1		$	62.54
$100.01 - $160.00 (average life - 7.9 years)	1.0		$	119.18	0.3		$	125.13
$160.01 - $210.00 (average life - 4.2 years)	0.1		$	207.80	0.1		$	207.80
$210.01 - $239.76 (average life - 5.1 years)	—	*	$	239.76	0.1	*	$	239.76

___________________________

* Represents amounts of less than 0.1 million.

Pension and Defined Contribution Plans (Tables)

12 Months Ended

Aug. 31, 2021

Retirement Benefits [Abstract]

Schedule of Domestic and International Pension Plans

The following tables reflect the status of our domestic (U.S.-based) and international pension plans as of the dates presented (in millions):


	Domestic Plans				International Plans
	August 31,				August 31,
	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	249.6	$	239.2	$	49.2	$	44.6
Service cost	4.6		4.3		0.3		0.3
Interest cost	5.3		6.4		0.9		0.9

Actuarial (gains) losses	(5.2)		8.5		1.7		0.7


Benefits paid	(29.6)		(8.8)		(1.3)		(1.4)
Other	—		—		1.8		4.1
Benefit obligation at end of year	224.7		249.6		52.6		49.2
Change in plan assets:
Fair value of plan assets at beginning of year	167.1		151.5		35.1		30.7
Actual return on plan assets	21.7		19.0		5.3		1.9
Employer contributions	23.4		5.4		2.1		0.8
Benefits paid	(29.6)		(8.8)		(1.3)		(1.4)
Other	—		—		1.0		3.1
Fair value of plan assets at end of year	182.6		167.1		42.2		35.1

Funded status at the end of year	$	(42.1)	$	(82.5)	$	(10.4)	$	(14.1)

Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	$	13.0	$	—	$	—	$	—
Current liabilities	(5.2)		(5.0)		(0.1)		—
Non-current liabilities	(49.9)		(77.5)		(10.3)		(14.1)
Net amount recognized in consolidated balance sheets	$	(42.1)	$	(82.5)	$	(10.4)	$	(14.1)
Accumulated benefit obligation	$	223.8	$	249.1	$	51.7	$	49.2
Pre-tax amounts in accumulated other comprehensive loss:
Prior service cost	$	(5.6)	$	(8.4)	$	(0.1)	$	—
Net actuarial loss	(55.2)		(79.2)		(11.3)		(13.5)
Amounts in accumulated other comprehensive loss	$	(60.8)	$	(87.6)	$	(11.4)	$	(13.5)
Pensions plans in which benefit obligation exceeds plan assets:
Projected benefit obligation	$	81.7	$	249.6	$	52.6	$	49.2
Accumulated benefit obligation	80.8		249.1		51.7		49.2
Plan assets	26.6		167.1		42.2		35.1
Pensions plans in which plan assets exceed benefit obligation:
Projected benefit obligation	$	143.0	$	—	$	—	$	—
Accumulated benefit obligation	143.0		—		—		—
Plan assets	156.0		—		—		—

Schedule of Net Periodic Pension Cost

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


	Domestic Plans						International Plans
	2021		2020		2019		2021		2020		2019
Service cost	$	4.6	$	4.3	$	2.9	$	0.3	$	0.3	$	0.2
Interest cost	5.3		6.4		7.7		0.9		0.9		1.3
Expected return on plan assets	(11.0)		(10.4)		(10.5)		(2.3)		(2.0)		(1.9)
Amortization of prior service cost	2.9		4.0		3.5		—		—		—

Settlement	3.9		—		0.4		—		—		—
Recognized actuarial loss	4.1		4.2		2.7		1.4		1.4		1.4
Net periodic pension cost	$	9.8	$	8.5	$	6.7	$	0.3	$	0.6	$	1.0

Schedule of Weighted Average Assumptions Used

Weighted average assumptions used in computing the benefit obligation are as follows:


	Domestic Plans			International Plans
	2021	2020		2021	2020
Discount rate	2.4 %	2.2	%	1.9 %	1.9	%
Rate of compensation increase	5.0 %	5.0	%	3.4 %	3.0	%

Weighted average assumptions used in computing net periodic pension cost are as follows:


	Domestic Plans						International Plans
	2021		2020		2019		2021		2020		2019
Discount rate	2.2	%	2.8	%	3.9	%	1.9	%	2.0	%	2.9	%
Expected return on plan assets	6.8	%	7.0	%	7.3	%	6.5	%	6.5	%	6.5	%
Rate of compensation increase	5.0	%	5.0	%	5.5	%	3.4	%	3.0	%	3.1	%

Schedule of Pension Plan Asset Allocation

Our pension plan asset allocation by asset category as of the dates presented is as follows:


	% of Plan Assets
	Domestic Plans				International Plans
	2021		2020		2021		2020
Equity securities	41.2	%	58.2	%	16.1	%	76.9	%
Fixed income securities	54.3	%	37.3	%	20.1	%	13.7	%
Multi-strategy investments	—	%	—	%	63.8	%	9.4	%
Real estate	4.5	%	4.5	%	—	%	—	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

The following tables present the fair value of the domestic pension plan assets by major category as of the dates presented (in millions):


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Mutual funds:
Domestic large cap equity fund	$	38.9	$	38.9	$	—	$	—
Foreign equity fund	23.1		23.1		—		—
Collective trust: Domestic small cap equities	13.3		—		13.3		—
Short-term fixed income investments	6.9		6.9		—		—
Total assets in the fair value hierarchy	82.2
Assets calculated at net asset value:
Fixed-income investments	92.3
Real estate fund	8.1
Total assets at net asset value	100.4
Total assets at fair value	$	182.6


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Mutual funds:
Domestic large cap equity fund	$	55.6	$	55.6	$	—	$	—
Foreign equity fund	26.0		26.0		—		—
Collective trust: Domestic small cap equities	15.7		—		15.7		—
Short-term fixed income investments	5.2		5.2		—		—
Total assets in the fair value hierarchy	102.5
Assets calculated at net asset value:
Fixed-income investments	57.0
Real estate fund	7.6
Total assets at net asset value	64.6
Total assets at fair value	$	167.1

The following tables present the fair value of the international pension plan assets by major category as of the dates presented (in millions):


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Equity securities	$	6.8	$	—	$	6.8	$	—
Short-term fixed income investments	1.0		1.0		—		—

Multi-strategy investments	26.9		—		26.9		—
Fixed-income investments	7.5		—		7.5		—
Total assets at fair value	$	42.2


			Fair Value Measurements
	Fair Value as of		Quoted Market Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	August 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets included in the fair value hierarchy:
Equity securities	$	27.0	$	—	$	27.0	$	—
Short-term fixed income investments	0.3		0.3		—		—
Multi-strategy investments	3.3		—		3.3		—
Fixed-income investments	4.5		—		4.5		—




Total assets at fair value	$	35.1

Schedule of Expected Benefit Payments

Benefit payments are expected to be paid as follows during the years ending August 31 (in millions):


	Domestic Plans		International Plans
2022	$	13.2	$	1.2
2023	11.9		1.3
2024	12.0		1.3
2025	12.9		1.4
2026	14.8		1.4
2027-2031	65.0		8.4

Special Charges (Tables)

12 Months Ended

Aug. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Details of Special Charges Incurred

The details of the special charges during the periods presented are summarized as follows (in millions):


	Year Ended August 31,
	2021		2020		2019
Severance and employee-related costs	$	1.7	$	9.3	$	(0.5)
ROU lease asset impairment charges	—		7.4		—
Relocation and other restructuring costs	1.6		3.3		2.3
Total special charges	$	3.3	$	20.0	$	1.8

Schedule of Changes in Remaining Reserves

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


	Year Ended
	August 31, 2021
Balance as of August 31, 2020	$	3.0
Severance costs	1.7
Relocation and other restructuring costs	1.6
Payments made during the period	(4.6)
Balance as of August 31, 2021	$	1.7

Common Stock and Related Matters (Tables)

12 Months Ended

Aug. 31, 2021

Equity [Abstract]

Schedule of Changes in Common Stock

Changes in common stock during the periods presented were as follows (amounts and shares in millions):


	Common Stock
	Shares		Amount
			(At par)
Balance at August 31, 2018	53.7		$	0.5
Issuance of restricted stock grants, net of cancellations	0.1		—

Balance at August 31, 2019	53.8		0.5
Issuance of restricted stock grants, net of cancellations	0.1		—
Stock options exercised	—	*	—
Balance at August 31, 2020	53.9		0.5
Issuance of restricted stock grants, net of cancellations	0.1		—
Stock options exercised	—	*	—
Balance at August 31, 2021	54.0		$	0.5

___________________________

* Represents shares of less than 0.1 million.

Schedule of Earnings Per Share, Basic and Diluted

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


	Year Ended August 31,
	2021		2020		2019
Net income	$	306.3	$	248.3	$	330.4
Basic weighted average shares outstanding	36.3		39.5		39.7
Common stock equivalents	0.3		0.1		0.1
Diluted weighted average shares outstanding	36.6		39.6		39.8
Basic earnings per share	$	8.44	$	6.29	$	8.32
Diluted earnings per share	$	8.38	$	6.27	$	8.29

Schedule of Securities Excluded from Computation of Earnings Per Share


	Year Ended August 31,
	2021		2020		2019
Stock options	0.8		0.6		0.3
Restricted stock awards	—	*	0.2		0.2
Performance stock units	—		—	*	—

_______________________

* Represents shares of less than 0.1 million.

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following components during the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Provision for current federal taxes	$	65.4	$	54.6	$	60.3
Provision for current state taxes	12.8		12.5		14.7
Provision for current foreign taxes	14.4		16.0		10.2
(Benefit) provision for deferred taxes	(2.7)		(6.7)		9.3
Total provision for income taxes	$	89.9	$	76.4	$	94.5

Schedule of Reconciliation of Federal Statutory Rate to Total Provision for Income Taxes

The following table reconciles the provision at the federal statutory rate to the total provision for income taxes during the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Federal income tax computed at statutory rate	$	83.2	$	68.2	$	89.2
State income tax, net of federal income tax benefit	10.7		9.7		12.2
Foreign permanent differences and rate differential	2.4		2.4		2.1
Discrete income tax benefits of the U.S. Tax Cuts and Jobs Act	—		—		(2.2)
Research and development tax credits	(7.6)		(7.1)		(18.1)
Unrecognized tax benefits	0.7		1.8		12.2
Other, net	0.5		1.4		(0.9)
Total provision for income taxes	$	89.9	$	76.4	$	94.5

Schedule of Components of Net Deferred Income Taxes

Components of the net deferred income tax liabilities as of the dates presented include (in millions):


	August 31,
	2021		2020
Deferred income tax liabilities:
Depreciation	$	(19.0)	$	(23.3)
Goodwill and intangibles	(155.2)		(153.1)
Operating lease right of use asset	(14.3)		(15.6)
Other liabilities	(8.2)		(5.3)
Total deferred income tax liabilities	(196.7)		(197.3)
Deferred income tax assets:
Self-insurance	1.8		2.1
Pension	9.9		22.2
Deferred compensation	21.3		22.2
Net operating losses	5.4		5.6
Other accruals not yet deductible	41.3		32.0
Operating lease liabilities	15.4		18.2
Other assets	12.0		9.3
Total deferred income tax assets	107.1		111.6
Valuation allowance	(9.5)		(6.5)
Net deferred income tax liabilities	$	(99.1)	$	(92.2)

Schedule of Change in Unrecognized Income Tax Benefit


	Year Ended August 31,
	2021		2020		2019
Unrecognized tax benefits balance at beginning of year	$	17.2	$	16.6	$	4.4
Additions based on tax positions related to the current year	5.2		2.3		2.0
Additions for tax positions of prior years	0.1		—		10.9
Reductions for tax positions of prior years	(0.1)		(0.4)		—
Reductions due to settlements	(4.6)		(1.2)		—
Reductions due to lapse of statute of limitations	(0.1)		(0.1)		(0.7)
Unrecognized tax benefits balance at end of year	$	17.7	$	17.2	$	16.6

Supplemental Disaggregated Information (Tables)

12 Months Ended

Aug. 31, 2021

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Our geographic distribution of net sales, operating profit, income before provision for income taxes, and long-lived assets is summarized in the following table during and as of the periods presented (in millions):


	Year Ended August 31,
	2021		2020		2019
Net sales(1):
Domestic(2)	$	2,982.4	$	2,925.0	$	3,277.4
International	478.6		401.3		395.3
Total	$	3,461.0	$	3,326.3	$	3,672.7
Operating profit:
Domestic(2)	$	369.9	$	300.6	$	419.3
International	57.7		53.3		43.6
Total	$	427.6	$	353.9	$	462.9
Income before income taxes:
Domestic(2)	$	343.7	$	274.2	$	386.4
International	52.5		50.5		38.5
Total	$	396.2	$	324.7	$	424.9
Long-lived assets(3):
Domestic(2)	$	284.4	$	298.6	$	246.9
International	76.6		64.8		48.1
Total	$	361.0	$	363.4	$	295.0

_______________________________________

(1)Net sales are attributed to each country based on the selling location.

(2)Domestic amounts include amounts for U.S. based operations.

(3)Long-lived assets include net property, plant, and equipment, operating lease right-of-use assets, and other long-term assets as reflected in the Consolidated Balance Sheets.

Description of Business and Basis of Presentation (Details)	3 Months Ended	12 Months Ended
	May 31, 2021 reporting_unit	Aug. 31, 2021 statement	Aug. 31, 2020	Aug. 31, 2019
Concentration Risk [Line Items]
Number of reportable segments	2	2
Net Sales \| Customer Concentration Risk \| ABL
Concentration Risk [Line Items]
Concentration (percent)		95.00%	95.00%	95.00%
Net Sales \| Customer Concentration Risk \| ISG
Concentration Risk [Line Items]
Concentration (percent)		5.00%	5.00%	5.00%

Significant Accounting Policies - Concentration of Credit Risk (Details)	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Customer Concentration Risk \| Receivables \| One Customer
Concentration Risk [Line Items]
Sales as percentage of total sales (percent)	10.00%	10.00%	10.00%

Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Inventory, Net [Abstract]
Raw materials, supplies, and work in process	$ 209.5	$ 170.3
Finished goods	227.2	199.1
Inventories excluding reserves	436.7	369.4
Less: Reserves	(38.0)	(49.3)
Total inventories	398.7	320.1
Inventory reserves:
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	49.3	22.3	$ 36.8
Additions to reserve	21.4	36.3	10.7
Deductions	(32.7)	(11.1)	(25.1)
Foreign currency translation adjustments	0.0	1.8	(0.1)
Balance at End of Year	$ 38.0	$ 49.3	$ 22.3

Significant Accounting Policies - Assets Held For Sale (Details) - Held-for-sale $ in Millions	12 Months Ended
	Aug. 31, 2021 USD ($) building	Aug. 31, 2020 USD ($) building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings classified as held for sale \| building	1	3
Assets held for sale, total \| $	$ 6.6	$ 4.1

Significant Accounting Policies - Goodwill and Other Intangibles (Details)	12 Months Ended
	Aug. 31, 2021 USD ($)	Aug. 31, 2020 USD ($) intangible_asset	Aug. 31, 2019 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,080,000,000	$ 967,300,000
Additions from acquired businesses	10,000,000.0	147,800,000
Adjustments to provisional amounts from acquired businesses		(41,500,000)
Foreign currency translation adjustments	4,700,000	6,400,000
Ending balance	$ 1,094,700,000	1,080,000,000	$ 967,300,000
Weighted Average Amortization Period in Years	19 years
Gross Carrying Amount	$ 682,800,000	674,000,000.0
Accumulated Amortization	(284,400,000)	(242,400,000)
Amortization expense of finite-lived intangible assets	40,700,000	41,700,000	30,800,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense in fiscal 2022	41,200,000
Amortization expense in fiscal 2023	40,500,000
Amortization expense in fiscal 2024	40,000,000
Amortization expense in fiscal 2025	31,900,000
Amortization expense in fiscal 2026	29,100,000
Goodwill impairment charge	0	$ 0	0
Number of unimpaired intangible assets \| intangible_asset		12
Trade Names
Goodwill [Roll Forward]
Indefinite-lived trade names	174,800,000	$ 174,300,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Intangible asset impairment charge	$ 0	$ 1,400,000	0
Number of impaired intangible assets \| intangible_asset		1
Patents and patented technology
Goodwill [Roll Forward]
Weighted Average Amortization Period in Years	11 years
Gross Carrying Amount	$ 164,600,000	$ 163,600,000
Accumulated Amortization	$ (104,400,000)	(89,500,000)
Trademarks and trade names
Goodwill [Roll Forward]
Weighted Average Amortization Period in Years	24 years
Gross Carrying Amount	$ 27,200,000	27,200,000
Accumulated Amortization	$ (17,100,000)	(15,800,000)
Distribution network
Goodwill [Roll Forward]
Weighted Average Amortization Period in Years	28 years
Gross Carrying Amount	$ 61,800,000	61,800,000
Accumulated Amortization	$ (45,000,000.0)	(42,800,000)
Customer relationships
Goodwill [Roll Forward]
Weighted Average Amortization Period in Years	20 years
Gross Carrying Amount	$ 429,200,000	421,400,000
Accumulated Amortization	(117,900,000)	(94,300,000)
ABL
Goodwill [Roll Forward]
Beginning balance	1,012,600,000	907,200,000
Additions from acquired businesses	6,900,000	142,100,000
Adjustments to provisional amounts from acquired businesses		(41,900,000)
Foreign currency translation adjustments	2,700,000	5,200,000
Ending balance	1,022,200,000	1,012,600,000	907,200,000
ISG
Goodwill [Roll Forward]
Beginning balance	67,400,000	60,100,000
Additions from acquired businesses	3,100,000	5,700,000
Adjustments to provisional amounts from acquired businesses		400,000
Foreign currency translation adjustments	2,000,000.0	1,200,000
Ending balance	$ 72,500,000	$ 67,400,000	$ 60,100,000

Significant Accounting Policies - Other Long-Term Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Aug. 31, 2021 USD ($) employee	Aug. 31, 2020 USD ($)
Other Long-Term Assets [Abstract]
Deferred contract costs	$ 12.9	$ 12.3
Investments in debt and equity securities	5.3	6.0
Pensions plans in which plan assets exceed benefit obligation	13.0	0.0
Tax credits	0.0	8.6
Other	2.7	2.6
Total other long-term assets	$ 33.9	29.5
Number of former employees covered under life insurance policy \| employee	62
Other Long-Term Liabilities [Abstract]
Deferred compensation and postretirement benefits other than pensions	$ 43.1	42.7
Deferred revenues	56.7	53.6
Unrecognized tax position liabilities, including interest	19.7	18.9
Self-insurance liabilities	3.9	6.5
Product warranty and recall costs	3.5	2.3
Other	9.3	2.5
Total other long-term liabilities	$ 136.2	126.5
Percentage contribution rate of eligible employee's compensation	3.00%
Customers with Rebate, Marketing, and Trade Promotion Programs
Other Long-Term Liabilities [Abstract]
Deferred revenues	$ 56.7	$ 53.6

Significant Accounting Policies - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
Other Current Liabilities [Line Items]
Customer incentive programs	$ 33.9	$ 27.7
Current deferred revenues	7.7	5.4
Sales commissions	28.9	26.5
Freight costs	17.6	11.7
Warranty and recall costs	16.8	13.8
Tax-related items	11.7	12.7
Interest on long-term debt	2.4	1.0
Other	42.4	30.8
Total other current liabilities	189.5	160.6
Non-current deferred revenues	56.7	53.6
Customers with Rights of Return, Cash Discounts and Other Credits
Other Current Liabilities [Line Items]
Refunds to customers	$ 28.1	$ 31.0

Significant Accounting Policies - Selling, Distribution and Administrative Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Accounting Policies [Abstract]
Other shipping and handling costs	$ 132.0	$ 121.9	$ 138.4
Share-based payment expense	32.5	38.2	29.2
Income tax benefit for share-based compensation	6.5	6.6	6.5
Net excess tax expense (benefit) related to share-based payment cost	0.5	1.4	1.6
Research and development expense	88.3	82.0	74.7
Advertising costs	$ 15.9	$ 15.1	$ 18.5

Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 59.4	$ 59.4	$ 57.5
Total property, plant, and equipment, at cost	845.3	802.8
Less: Accumulated depreciation and amortization	(576.2)	(532.3)
Property, plant, and equipment, net	269.1	270.5
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	22.4	22.2
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	198.0	192.2
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 624.9	$ 588.4
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Useful lives of plant and equipment, minimum	3 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful lives of plant and equipment, minimum	2 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Useful lives of plant and equipment, minimum	40 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful lives of plant and equipment, minimum	15 years

Significant Accounting Policies - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Accounting Policies [Abstract]
Interest expense	$ 24.2	$ 26.4	$ 36.4
Interest income	(1.0)	(3.1)	(3.1)
Interest expense, net	$ 23.2	$ 23.3	$ 33.3

Significant Accounting Policies - Miscellaneous Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Miscellaneous Expense (Income), Net
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Net gain (expense) relating to foreign currency items	$ (1.3)	$ (5.9)	$ 0.6

Significant Accounting Policies - Changes of Accumulated Other Comprehensive Loss, Net of tax (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 2,127.5	$ 1,918.9	$ 1,716.8
Other comprehensive income (loss) before reclassifications	27.2	11.3
Amounts reclassified from accumulated other comprehensive loss	7.3	7.4
Other comprehensive income (loss) items, net of tax	34.5	18.7	(36.6)
Ending balance	2,044.5	2,127.5	1,918.9
Foreign Currency Items
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(53.5)	(65.4)
Other comprehensive income (loss) before reclassifications	13.3	11.9
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income (loss) items, net of tax	13.3	11.9
Ending balance	(40.2)	(53.5)	(65.4)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(79.2)	(86.0)
Other comprehensive income (loss) before reclassifications	13.9	(0.6)
Amounts reclassified from accumulated other comprehensive loss	7.3	7.4
Other comprehensive income (loss) items, net of tax	21.2	6.8
Ending balance	(58.0)	(79.2)	(86.0)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(132.7)	(151.4)	(114.8)
Other comprehensive income (loss) items, net of tax	34.5	18.7	(36.6)
Ending balance	$ (98.2)	$ (132.7)	$ (151.4)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Significant Accounting Policies - Components of Other Comprehensive Income Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Foreign currency translation adjustments - Net of Tax Amount
Foreign currency translation adjustments	$ 13.3	$ 11.9	$ (11.5)
Defined benefit pension plans - Net of Tax Amount
Tax adjustments, after tax	27.2	11.3
Total defined benefit plans, net - net of tax	21.2	6.8	(25.1)
Other comprehensive income (loss) before tax	43.1	20.8	(44.3)
Other comprehensive income (loss), tax	(8.6)	(2.1)	7.7
Other comprehensive income (loss) items, net of tax	34.5	18.7	(36.6)
Foreign Currency Items
Foreign currency translation adjustments - Before Tax Amount
Foreign currency translation adjustments	13.3	11.9	(11.5)
Foreign currency translation adjustments - Tax (Expense) or Benefit
Foreign currency translation adjustments	0.0	0.0	0.0
Foreign currency translation adjustments - Net of Tax Amount
Foreign currency translation adjustments	13.3	11.9	(11.5)
Defined benefit pension plans - Net of Tax Amount
Tax adjustments, after tax	13.3	11.9
Other comprehensive income (loss) items, net of tax	13.3	11.9
Tax adjustments
Defined benefit pension plans - Before Tax Amounts
Tax adjustments, before tax	0.0	0.0	0.0
Defined benefit pension plans - Tax (Expense) or Benefit
Tax adjustments	(3.2)	0.0	0.0
Defined benefit pension plans - Net of Tax Amount
Tax adjustments, after tax	(3.2)	0.0	0.0
Actuarial gains (losses)
Defined benefit pension plans - Before Tax Amounts
Actuarial gains (losses)	17.5	(0.7)	(40.8)
Defined benefit pension plans - Tax (Expense) or Benefit
Actuarial gains (losses)	(3.6)	0.1	9.7
Defined benefit pension plans - Net of Tax Amount
Actuarial gains (losses)	13.9	(0.6)	(31.1)
Prior service cost
Defined benefit pension plans - Before Tax Amounts
Amortization of Defined benefit pension items - Prior service cost	2.9	4.0	3.5
Defined benefit pension plans - Tax (Expense) or Benefit
Amortization of Defined benefit pension items - Prior service cost	(0.6)	(0.9)	(0.9)
Defined benefit pension plans - Net of Tax Amount
Amortization of Defined benefit pension items - Prior service cost	2.3	3.1	2.6
Actuarial losses
Defined benefit pension plans - Before Tax Amounts
Amortization of Defined benefit pension items - Actuarial losses	5.5	5.6	4.1
Defined benefit pension plans - Tax (Expense) or Benefit
Amortization of Defined benefit pension items - Actuarial losses	(1.2)	(1.3)	(1.0)
Defined benefit pension plans - Net of Tax Amount
Amortization of Defined benefit pension items - Actuarial losses	4.3	4.3	3.1
Settlement losses
Defined benefit pension plans - Before Tax Amounts
Amortization of Defined benefit pension items - Settlement losses	3.9	0.0	0.4
Defined benefit pension plans - Tax (Expense) or Benefit
Amortization of Defined benefit pension items - Settlement losses	0.0	0.0	(0.1)
Defined benefit pension plans - Net of Tax Amount
Amortization of Defined benefit pension items - Settlement losses	3.9	0.0	0.3
Defined Benefit Pension Plans
Defined benefit pension plans - Before Tax Amounts
Total defined benefit plans, net - before tax	29.8	8.9	(32.8)
Defined benefit pension plans - Tax (Expense) or Benefit
Total defined benefit plans, net - tax	(8.6)	(2.1)	7.7
Defined benefit pension plans - Net of Tax Amount
Tax adjustments, after tax	13.9	(0.6)
Total defined benefit plans, net - net of tax	21.2	6.8	$ (25.1)
Other comprehensive income (loss) items, net of tax	$ 21.2	$ 6.8

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Aug. 31, 2021	Sep. 01, 2020	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to retained earnings	$ 2,044.5		$ 2,127.5	$ 1,918.9	$ 1,716.8
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to retained earnings	$ 2,810.3		2,523.3	$ 2,295.8	1,999.2
Cumulative-effect adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to retained earnings			(0.2)		(13.0)
Cumulative-effect adjustment \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to retained earnings			$ (0.2)		$ (13.0)
Cumulative-effect adjustment \| ASU 2016-02 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to retained earnings		$ 0.2

- Definition

+ References

+ Details

Acquisitions (Details) $ in Millions	12 Months Ended
Acquisitions (Details) $ in Millions	Aug. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Sep. 17, 2019 brand	Aug. 31, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,094.7	$ 1,080.0		$ 967.3
Weighted Average Amortization Period in Years	19 years
Fiscal 2021 Acquisitions
Business Acquisition [Line Items]
Goodwill	$ 10.0
Identifiable intangible assets	$ 6.1
Weighted Average Amortization Period in Years	11 years
Goodwill expected to be tax deductible	$ 6.9
The Luminaires Group (TLG)
Business Acquisition [Line Items]
Number of niche lighting brands of acquired entity \| brand			5
Fiscal 2020 and Fiscal 2019 Acquisitions
Business Acquisition [Line Items]
Goodwill	107.6
Identifiable intangible assets	$ 180.6
Weighted Average Amortization Period in Years	16 years
Goodwill expected to be tax deductible	$ 77.7

Fair Value Measurements (Details) $ in Millions	3 Months Ended		12 Months Ended
Fair Value Measurements (Details) $ in Millions	Aug. 31, 2021 USD ($) investment	Nov. 30, 2020 USD ($)	Aug. 31, 2021 USD ($) investment	Aug. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 491.3		$ 491.3	$ 560.7
Investments in debt and equity securities	$ 5.3		$ 5.3	6.0
Number of investments \| investment	1		1
Debt Securities	$ 4.0		$ 4.0
Asset impairments	2.0	$ 4.0	6.0	8.8	$ 0.0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt and equity securities	5.3		5.3	6.0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt and equity securities	5.3		5.3	6.0
Senior unsecured public notes, net of unamortized discount and deferred costs \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	494.3		494.3	0.0
Senior unsecured public notes, net of unamortized discount and deferred costs \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	496.5		496.5	0.0
Borrowings under Term Loan Facility \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	0.0		0.0	395.0
Borrowings under Term Loan Facility \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	0.0		0.0	395.0
Industrial revenue bond \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	0.0		0.0	4.0
Industrial revenue bond \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	0.0		0.0	4.0
Bank loans \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	0.0		0.0	2.1
Bank loans \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair value of financial instruments	0.0		0.0	2.3
Fair value measured on recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 491.3		$ 491.3	$ 560.7

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Lessee, Lease, Description [Line Items]
Weighted average discount rate (percent)	2.00%	2.00%
Weighted average remaining lease term	5 years
Rent expense			$ 22.6
Cash paid for operating lease liabilities	$ 26.2	$ 18.7
ROU assets obtained in exchange for lease liabilities	12.9	27.2
Special Charges
Lessee, Lease, Description [Line Items]
ROU lease asset impairment charges	$ 0.0	$ 7.4	$ 0.0

Leases - Schedule of Future Undiscounted Payments (Details) $ in Millions	Aug. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 16.8
2023	14.3
2024	11.1
2025	9.4
2026	5.5
Thereafter	8.1
Total undiscounted lease payments	65.2
Less: Discount due to interest	(2.6)
Present value of lease liabilities	$ 62.6

Leases - Components of Total Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Leases [Abstract]
Operating lease cost	$ 18.3	$ 18.1
Variable lease cost	2.0	2.3
Short-term lease cost	2.2	2.8
Total lease cost	$ 22.5	$ 23.2

Debt and Lines of Credit - Debt (Details) - USD ($) $ in Millions	Aug. 31, 2021	Nov. 10, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 494.3		$ 401.1
Senior Unsecured Notes \| Unsecured public notes due December 2030
Debt Instrument [Line Items]
Debt outstanding	500.0		0.0
Senior unsecured public notes due December 2030, unamortized discount and deferred costs	(5.7)		0.0
Unsecured Term Loan \| Borrowings under Term Loan Facility
Debt Instrument [Line Items]
Total debt	0.0		395.0
Unsecured Term Loan \| 2.150% Senior Unsecured Notes Due December 2030 \| ABL
Debt Instrument [Line Items]
Total debt	494.3
Debt instrument, face amount		$ 500.0
Industrial Revenue Bond \| Industrial revenue bond
Debt Instrument [Line Items]
Total debt	0.0		4.0
Bank loans \| Fixed-rate Bank Loans
Debt Instrument [Line Items]
Total debt	$ 0.0		$ 2.1

Debt and Lines of Credit - Long-term Debt (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 10, 2020	Aug. 31, 2021	Aug. 31, 2020
Debt Instrument [Line Items]
Total debt outstanding		$ 494.3	$ 401.1
Unsecured Term Loan \| 2.150% Senior Unsecured Notes Due December 2030 \| ABL
Debt Instrument [Line Items]
Scheduled future principal payment		500.0
Debt instrument, face amount	$ 500.0
Interest rate (percent)	2.15%
Debt instrument issuance price percent of total	99.737%
Debt issuance costs, gross	$ 4.8
Term of facility	10 years
Total debt outstanding		494.3
Industrial Revenue Bond \| Carrying Value
Debt Instrument [Line Items]
Carrying and estimated fair value of financial instruments		0.0	4.0
Industrial Revenue Bond \| Industrial revenue bond
Debt Instrument [Line Items]
Total debt outstanding		0.0	4.0
Bank loans \| Carrying Value
Debt Instrument [Line Items]
Carrying and estimated fair value of financial instruments		0.0	2.1
Bank loans \| Fixed-rate Bank Loans
Debt Instrument [Line Items]
Total debt outstanding		$ 0.0	$ 2.1

Debt and Lines of Credit - Lines of Credit (Details) $ in Millions	Jun. 29, 2018 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Borrowings outstanding under term loan facility		$ 494.3	$ 401.1
Revolving credit facility borrowings
Line of Credit Facility [Line Items]
Outstanding letters of credit		4.1
Lines of Credit
Line of Credit Facility [Line Items]
Minimum interest coverage ratio	2.50
Maximum leverage ratio	3.50
Outstanding letters of credit		4.1
Lines of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fees rate	0.125%
Lines of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fees rate	0.25%
Lines of Credit \| New Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility	$ 400.0
Term of facility	5 years
Lines of Credit \| Borrowings under Term Loan Facility
Line of Credit Facility [Line Items]
Revolving credit facility	$ 400.0
Lines of Credit \| Revolving credit facility borrowings
Line of Credit Facility [Line Items]
Additional borrowing capacity under revolving credit facility		395.9
Unsecured Term Loan \| Borrowings under Term Loan Facility
Line of Credit Facility [Line Items]
Borrowings outstanding under term loan facility		$ 0.0	$ 395.0
Eurocurrency Rate \| Lines of Credit \| New Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Applicable margins as determined by leverage ratio	1.00%
Eurocurrency Rate \| Lines of Credit \| New Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Applicable margins as determined by leverage ratio	1.375%
Base Rate \| Lines of Credit \| New Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Applicable margins as determined by leverage ratio	0.00%
Base Rate \| Lines of Credit \| New Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Applicable margins as determined by leverage ratio	0.375%

Commitment and Contingencies - Narrative (Details) $ in Millions				12 Months Ended
	Oct. 05, 2021 USD ($)	Oct. 01, 2021 individual	Aug. 12, 2019 statement reporting_unit	Aug. 31, 2021
Concentration Risk [Line Items]
Standard product warranty period				5 years
Securities Class Action
Concentration Risk [Line Items]
Number of initial claims under class action			42
Number of claims dismissed			47
Number of claims allowed \| reporting_unit			5
Securities Class Action \| Subsequent Event
Concentration Risk [Line Items]
Expected payment for legal settlement \| $	$ 15.8
Shareholder Derivative Complaint \| Subsequent Event
Concentration Risk [Line Items]
Number of individuals named as defendants \| individual		3
Total Work Force Covered by Collective Bargaining Agreements \| Work force
Concentration Risk [Line Items]
Sales as percentage of total sales (percent)				66.00%
Workforce Subject to Collective Bargaining Arrangements Expiring Within One Year \| Work force
Concentration Risk [Line Items]
Sales as percentage of total sales (percent)				57.00%

Commitments and Contingencies - Product Warranty and Recall Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 16.1	$ 11.5	$ 27.3
Warranty and recall costs	32.3	32.0	18.7
Payments and other deductions	(28.4)	(27.5)	(19.7)
Acquired warranty and recall liabilities	0.3	0.1	0.0
ASC 606 adjustments	0.0	0.0	(14.8)
Ending balance	$ 20.3	$ 16.1	$ 11.5

Segment Information - Operating Segment (Details) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2021 reporting_unit	Aug. 31, 2021 USD ($) statement	Aug. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments	2	2
Segment Reporting Information [Line Items]
Net sales		$ 3,461.0	$ 3,326.3	$ 3,672.7
Operating profit (loss)		427.6	353.9	462.9
Depreciation and amortization		100.1	101.1	88.3
Operating Segments \| ABL
Segment Reporting Information [Line Items]
Net sales		3,287.3	3,180.9	3,548.4
Operating profit (loss)		476.2	425.8	510.2
Depreciation and amortization		84.3	83.7	72.6
Operating Segments \| ISG
Segment Reporting Information [Line Items]
Net sales		190.0	157.0	137.5
Operating profit (loss)		9.9	(3.9)	(18.1)
Depreciation and amortization		14.7	16.3	14.6
Corporate
Segment Reporting Information [Line Items]
Net sales		0.0	0.0	0.0
Operating profit (loss)		(58.5)	(68.0)	(29.2)
Depreciation and amortization		1.1	1.1	1.1
Eliminations
Segment Reporting Information [Line Items]
Net sales		(16.3)	(11.6)	(13.2)
Operating profit (loss)		0.0	0.0	0.0
Depreciation and amortization		$ 0.0	$ 0.0	$ 0.0

Segment Reporting - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Geographic Distribution
Operating profit (loss)	$ 427.6	$ 353.9	$ 462.9
Interest expense, net	23.2	23.3	33.3
Miscellaneous expense, net	8.2	5.9	4.7
Income before income taxes	396.2	324.7	424.9
Operating Segments \| ABL
Geographic Distribution
Operating profit (loss)	476.2	425.8	510.2
Operating Segments \| ISG
Geographic Distribution
Operating profit (loss)	9.9	(3.9)	(18.1)
Corporate
Geographic Distribution
Operating profit (loss)	$ (58.5)	$ (68.0)	$ (29.2)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
Disaggregation of Revenue [Line Items]
Right of return assets	$ 6.4	$ 10.3
Customers with Rights of Return, Cash Discounts and Other Credits
Disaggregation of Revenue [Line Items]
Refund liabilities	28.1	31.0
Customers with Rebate, Marketing, and Trade Promotion Programs
Disaggregation of Revenue [Line Items]
Refund liabilities	$ 33.9	$ 27.7

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
Revenue from Contract with Customer [Abstract]
Current deferred revenues	$ 7.7	$ 5.4
Non-current deferred revenues	$ 56.7	$ 53.6

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 3,461.0	$ 3,326.3	$ 3,672.7
Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Net sales	3,287.3	3,180.9	3,548.4
Operating Segments \| ISG
Disaggregation of Revenue [Line Items]
Net sales	190.0	157.0	137.5
Eliminations
Disaggregation of Revenue [Line Items]
Net sales	(16.3)	(11.6)	(13.2)
Independent sales network \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Net sales	2,400.5	2,284.3	2,397.6
Direct sales network \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Net sales	358.1	329.0	383.3
Retail sales \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Net sales	181.5	218.3	273.0
Corporate accounts \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Net sales	168.7	191.8	312.8
Other \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Net sales	$ 178.5	$ 157.5	$ 181.7

Share-based Payments - Narrative (Details) - USD ($)	12 Months Ended
Share-based Payments - Narrative (Details) - USD ($)	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018	Jan. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 32,500,000	$ 38,200,000	$ 29,200,000
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)					2,700,000
Number of shares available for grant (in shares)	300,000	700,000	1,400,000
Age to be attained allowing for continued vesting		60 years
Years of service eligible for continued vesting	5 years	10 years
Share-based payment expense	$ 32,500,000	$ 38,200,000	$ 29,200,000
Stock Incentive Plan \| Restricted stock awards and units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding of restricted stock (in shares)	400,000	400,000	400,000	400,000
Share-based compensation vesting period (years)	4 years
Unrecognized compensation cost	$ 28,100,000
Unrecognized compensation cost period of recognition (years)	1 year 9 months 18 days
Fair value of shares vested	$ 19,500,000	$ 22,800,000	$ 26,900,000
Granted (in shares)	200,000	200,000	200,000
Share-based payment expense	$ 15,100,000	$ 24,600,000	$ 25,100,000
Stock Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 17,000,000
Unrecognized compensation cost period of recognition (years)	2 years 2 months 12 days
Stock options outstanding (in shares)	1,200,000	900,000	400,000	300,000
Award expiration term	10 years
Intrinsic value of options exercised	$ 1,200,000		$ 0
Total intrinsic value of stock options outstanding	70,900,000
Total intrinsic value of stock options expected to vest	42,800,000
Total intrinsic value of stock options exercisable	27,400,000
Share-based payment expense	$ 9,200,000	$ 4,900,000	$ 2,700,000
Stock Incentive Plan \| Stock options \| Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting period (years)	3 years
Stock options outstanding (in shares)	800,000
Granted (in shares)	0
Stock Incentive Plan \| Stock options \| Market Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting period (years)	4 years
Stock options outstanding (in shares)	400,000
Granted (in shares)			0
Stock Incentive Plan \| Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 6,800,000	7,300,000	$ 0
Supplemental Deferred Savings Plan \| Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding of restricted stock (in shares)	100,000
Share-based compensation vesting period (years)	3 years
Unrecognized compensation cost	$ 3,800,000
Unrecognized compensation cost period of recognition (years)	1 year 6 months
Supplemental Deferred Savings Plan \| Employee Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested (in shares)	7,000
Share-based payment expense	$ 0	$ 0	$ 0
Directors' Deferred Compensation Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	300,000	300,000	400,000
Shares vested (in shares)	100,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	1,500,000
Number of shares available for grant (in shares)	1,000,000
Employee discount on purchases of common stock	5.00%

Share-based Payments - Share-based Compensation Expense Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 32.5	$ 38.2	$ 29.2
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	32.5	38.2	29.2
Restricted stock awards and units \| Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	15.1	24.6	25.1
Stock options \| Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	9.2	4.9	2.7
Performance stock units \| Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	6.8	7.3	0.0
Director stock units \| Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 1.4	$ 1.4	$ 1.4

Share-based Payments - Restricted Stock (Details) - Restricted stock awards and units - $ / shares shares in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Forfeited (in shares)	(0.1)	(0.1)	0.0
Weighted Average Grant Date Fair Value Per Share [Roll Forward]
Forfeited, Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 116.33	$ 135.43	$ 159.88
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning of period, Outstanding (in shares)	0.4	0.4	0.4
Granted (in shares)	0.2	0.2	0.2
Vested (in shares)	(0.1)	(0.1)	(0.2)
End of period, Outstanding (in shares)	0.4	0.4	0.4
Weighted Average Grant Date Fair Value Per Share [Roll Forward]
Beginning of period, Outstanding, Weighted Average Grant date Fair Value Per Share (in dollars per share)	$ 134.68	$ 156.32	$ 186.63
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share)	108.79	122.10	120.73
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share)	150.44	171.92	184.60
End of period, Outstanding, Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 116.77	$ 134.68	$ 156.32

Share-based Payments - Estimate Fair Value of Stock Options (Details) - Stock options - Stock Incentive Plan - $ / shares	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Market Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.50%	0.40%
Expected volatility	36.50%	33.70%
Risk-free interest rate	0.70%	1.50%
Expected life of options	8 years	7 years
Weighted-average fair value of options (in dollars per share)	$ 40.45	$ 44.74
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		0.40%	0.40%
Expected volatility		33.70%	32.80%
Risk-free interest rate		1.30%	3.00%
Expected life of options		5 years	4 years
Weighted-average fair value of options (in dollars per share)		$ 34.22	$ 34.06

Share-based Payments - Stock Options (Details) - $ / shares shares in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Stock options \| $40.01 - $100.00 (average life - 1.1 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, lower range limit (in dollars per share)	$ 40.01
Range of option exercise prices, upper range limit (in dollars per share)	$ 100.00
Range of option exercise prices, average life	1 year 1 month 6 days
Stock options \| $100.01 - $160.00 (average life - 7.9 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, lower range limit (in dollars per share)	$ 100.01
Range of option exercise prices, upper range limit (in dollars per share)	$ 160.00
Range of option exercise prices, average life	7 years 10 months 24 days
Stock options \| $160.01 - $210.00 (average life - 4.2 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, lower range limit (in dollars per share)	$ 160.01
Range of option exercise prices, upper range limit (in dollars per share)	$ 210.00
Range of option exercise prices, average life	4 years 2 months 12 days
Stock options \| $210.01 - $239.76 (average life - 5.1 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, lower range limit (in dollars per share)	$ 210.01
Range of option exercise prices, upper range limit (in dollars per share)	$ 239.76
Range of option exercise prices, average life	5 years 1 month 6 days
Stock Incentive Plan \| $40.01 - $100.00 (average life - 1.1 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, Outstanding, Number of Shares (in shares)	0.1
Range of option exercise prices, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 62.54
Range of option exercise prices, Exercisable, Number of Shares (in shares)	0.1
Range of option exercise prices, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 62.54
Stock Incentive Plan \| $100.01 - $160.00 (average life - 7.9 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, Outstanding, Number of Shares (in shares)	1.0
Range of option exercise prices, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 119.18
Range of option exercise prices, Exercisable, Number of Shares (in shares)	0.3
Range of option exercise prices, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 125.13
Stock Incentive Plan \| $160.01 - $210.00 (average life - 4.2 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, Outstanding, Number of Shares (in shares)	0.1
Range of option exercise prices, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 207.80
Range of option exercise prices, Exercisable, Number of Shares (in shares)	0.1
Range of option exercise prices, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 207.80
Stock Incentive Plan \| $210.01 - $239.76 (average life - 5.1 years)
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract]
Range of option exercise prices, Outstanding, Number of Shares (in shares)	0.0
Range of option exercise prices, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 239.76
Range of option exercise prices, Exercisable, Number of Shares (in shares)	0.1
Range of option exercise prices, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 239.76
Stock Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning of period, Outstanding (in shares)	0.9	0.4	0.3
Granted (in shares)	0.3	0.5	0.1
Exercised (in shares)	0.0	0.0
End of period, Outstanding (in shares)	1.2	0.9	0.4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Beginning of period, Outstanding (in dollars per share)	$ 133.19	$ 146.70	$ 154.69
Granted (in dollars per share)	108.96	121.87	116.40
Exercised (in dollars per share)	108.58	116.36
End of period, Outstanding (in dollars per share)	$ 127.98	$ 133.19	$ 146.70
Outstanding, Number of Shares (in shares)	0.5	0.4	0.3	0.2
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 142.36	$ 151.07	$ 147.51	$ 134.13

Pension and Defined Contribution Plans - Domestic and International Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	$ 13.0	$ 0.0
Non-current liabilities	(60.2)	(91.6)
Pension Plan \| Domestic Plans
Change in Benefit Obligation:
Benefit obligation at beginning of year	249.6	239.2
Service cost	4.6	4.3	$ 2.9
Interest cost	5.3	6.4	7.7
Actuarial (gains) losses	(5.2)	8.5
Benefits paid	(29.6)	(8.8)
Other	0.0	0.0
Benefit obligation at end of year	224.7	249.6	239.2
Change in plan assets:
Fair value of plan assets at beginning of year	167.1	151.5
Actual return on plan assets	21.7	19.0
Employer contributions	23.4	5.4
Benefits paid	(29.6)	(8.8)
Other	0.0	0.0
Fair value of plan assets at end of year	182.6	167.1	151.5
Funded status at end of year:
Funded status at the end of year	(42.1)	(82.5)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	13.0	0.0
Current liabilities	(5.2)	(5.0)
Non-current liabilities	(49.9)	(77.5)
Net amount recognized in consolidated balance sheets	(42.1)	(82.5)
Accumulated benefit obligation	223.8	249.1
Pre-tax amounts in accumulated other comprehensive loss:
Prior service cost	(5.6)	(8.4)
Net actuarial loss	(55.2)	(79.2)
Amounts in accumulated other comprehensive loss	(60.8)	(87.6)
Pension Plan \| Domestic Plans \| Pensions plans in which benefit obligation exceeds plan assets:
Pensions plans in which benefit obligation exceeds plan assets:
Projected benefit obligation	81.7	249.6
Accumulated benefit obligation	80.8	249.1
Plan assets	26.6	167.1
Pension Plan \| Domestic Plans \| Pensions plans in which plan assets exceed benefit obligation:
Pensions plans in which plan assets exceed benefit obligation:
Projected benefit obligation	143.0	0.0
Accumulated benefit obligation	143.0	0.0
Plan assets	156.0	0.0
Pension Plan \| International Plans
Change in Benefit Obligation:
Benefit obligation at beginning of year	49.2	44.6
Service cost	0.3	0.3	0.2
Interest cost	0.9	0.9	1.3
Actuarial (gains) losses	1.7	0.7
Benefits paid	(1.3)	(1.4)
Other	1.8	4.1
Benefit obligation at end of year	52.6	49.2	44.6
Change in plan assets:
Fair value of plan assets at beginning of year	35.1	30.7
Actual return on plan assets	5.3	1.9
Employer contributions	2.1	0.8
Benefits paid	(1.3)	(1.4)
Other	1.0	3.1
Fair value of plan assets at end of year	42.2	35.1	$ 30.7
Funded status at end of year:
Funded status at the end of year	(10.4)	(14.1)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	0.0	0.0
Current liabilities	(0.1)	0.0
Non-current liabilities	(10.3)	(14.1)
Net amount recognized in consolidated balance sheets	(10.4)	(14.1)
Accumulated benefit obligation	51.7	49.2
Pre-tax amounts in accumulated other comprehensive loss:
Prior service cost	(0.1)	0.0
Net actuarial loss	(11.3)	(13.5)
Amounts in accumulated other comprehensive loss	(11.4)	(13.5)
Pension Plan \| International Plans \| Pensions plans in which benefit obligation exceeds plan assets:
Pensions plans in which benefit obligation exceeds plan assets:
Projected benefit obligation	52.6	49.2
Accumulated benefit obligation	51.7	49.2
Plan assets	42.2	35.1
Pension Plan \| International Plans \| Pensions plans in which plan assets exceed benefit obligation:
Pensions plans in which plan assets exceed benefit obligation:
Projected benefit obligation	0.0	0.0
Accumulated benefit obligation	0.0	0.0
Plan assets	$ 0.0	$ 0.0

Pension and Defined Contribution Plans - Narrative (Details) $ in Millions	12 Months Ended
	Aug. 31, 2021 USD ($) multiemployer_plan	Aug. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets (percent)	10.00%
Number of multi-employer plans \| multiemployer_plan	2
Contributions to multi-employer plans	$ 0.6	$ 0.6	$ 0.5
Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost recognized	8.4	$ 8.2	$ 8.1
Common stock included in defined contribution plan, market value	$ 8.9
Common stock included in defined contribution plan as percentage of total fair value of assets in plan	1.80%
Domestic Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Reduction in net periodic pension cost per 100 basis point increase in benefit obligation discount rate	$ 0.9
Additional net periodic pension cost per 100 basis point decrease in expected return on plan assets rate	$ 1.7
Domestic Plans \| Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Targeted asset allocation, percentage	40.00%
Domestic Plans \| Pension Plan \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Targeted asset allocation, percentage	55.00%
Domestic Plans \| Pension Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Targeted asset allocation, percentage	5.00%
International Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Reduction in net periodic pension cost per 100 basis point increase in benefit obligation discount rate	$ 0.6
Additional net periodic pension cost per 100 basis point decrease in expected return on plan assets rate	0.4
International Plans \| Pension Plan \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Employer expected contribution to defined benefit plans in next fiscal year	$ 1.5
International Plans \| Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Targeted asset allocation, percentage	16.00%
International Plans \| Pension Plan \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Targeted asset allocation, percentage	20.00%
International Plans \| Pension Plan \| Multi-strategy investments
Defined Benefit Plan Disclosure [Line Items]
Targeted asset allocation, percentage	64.00%

Pension and Defined Contribution Plans - Net Periodic Pension Cost and Pension Plan Asset Allocation (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Domestic Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 4.6	$ 4.3	$ 2.9
Interest cost	5.3	6.4	7.7
Expected return on plan assets	(11.0)	(10.4)	(10.5)
Amortization of prior service cost	2.9	4.0	3.5
Settlement	3.9	0.0	0.4
Recognized actuarial loss	4.1	4.2	2.7
Net periodic pension cost	$ 9.8	$ 8.5	$ 6.7
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.40%	2.20%
Rate of compensation increase	5.00%	5.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.20%	2.80%	3.90%
Expected return on plan assets	6.80%	7.00%	7.30%
Rate of compensation increase	5.00%	5.00%	5.50%
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	100.00%	100.00%
Domestic Plans \| Equity securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	41.20%	58.20%
Domestic Plans \| Fixed income securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	54.30%	37.30%
Domestic Plans \| Multi-strategy investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	0.00%	0.00%
Domestic Plans \| Real estate
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	4.50%	4.50%
International Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0.3	$ 0.3	$ 0.2
Interest cost	0.9	0.9	1.3
Expected return on plan assets	(2.3)	(2.0)	(1.9)
Amortization of prior service cost	0.0	0.0	0.0
Settlement	0.0	0.0	0.0
Recognized actuarial loss	1.4	1.4	1.4
Net periodic pension cost	$ 0.3	$ 0.6	$ 1.0
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	1.90%	1.90%
Rate of compensation increase	3.40%	3.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	1.90%	2.00%	2.90%
Expected return on plan assets	6.50%	6.50%	6.50%
Rate of compensation increase	3.40%	3.00%	3.10%
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	100.00%	100.00%
International Plans \| Equity securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	16.10%	76.90%
International Plans \| Fixed income securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	20.10%	13.70%
International Plans \| Multi-strategy investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	63.80%	9.40%
International Plans \| Real estate
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Pension plan asset allocation, percentage	0.00%	0.00%

Pension and Defined Contribution Plans - Fair Value Measurements and Benefit Payments (Details) - Pension Plan - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Domestic Plans
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 182.6	$ 167.1	$ 151.5
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	13.2
2023	11.9
2024	12.0
2025	12.9
2026	14.8
2027-2031	65.0
Domestic Plans \| Level 1 \| Mutual Funds, Domestic large cap equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	38.9	55.6
Domestic Plans \| Level 1 \| Mutual Funds, Foreign equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	23.1	26.0
Domestic Plans \| Level 1 \| Collective trust: Domestic small cap equities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 1 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	6.9	5.2
Domestic Plans \| Level 2 \| Mutual Funds, Domestic large cap equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 2 \| Mutual Funds, Foreign equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 2 \| Collective trust: Domestic small cap equities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	13.3	15.7
Domestic Plans \| Level 2 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 3 \| Mutual Funds, Domestic large cap equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 3 \| Mutual Funds, Foreign equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 3 \| Collective trust: Domestic small cap equities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 3 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
Domestic Plans \| Level 1,2 and 3
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	82.2	102.5
Domestic Plans \| Level 1,2 and 3 \| Mutual Funds, Domestic large cap equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	38.9	55.6
Domestic Plans \| Level 1,2 and 3 \| Mutual Funds, Foreign equity fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	23.1	26.0
Domestic Plans \| Level 1,2 and 3 \| Collective trust: Domestic small cap equities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	13.3	15.7
Domestic Plans \| Level 1,2 and 3 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	6.9	5.2
Domestic Plans \| NAV
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	100.4	64.6
Domestic Plans \| NAV \| Fixed-income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	92.3	57.0
Domestic Plans \| NAV \| Real estate fund
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	8.1	7.6
International Plans
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	42.2	35.1	$ 30.7
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	1.2
2023	1.3
2024	1.3
2025	1.4
2026	1.4
2027-2031	8.4
International Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	6.8	27.0
International Plans \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	1.0	0.3
International Plans \| Multi-strategy investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	26.9	3.3
International Plans \| Fixed-income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	7.5	4.5
International Plans \| Level 1 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 1 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	1.0	0.3
International Plans \| Level 1 \| Multi-strategy investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 1 \| Fixed-income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 2 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	6.8	27.0
International Plans \| Level 2 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 2 \| Multi-strategy investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	26.9	3.3
International Plans \| Level 2 \| Fixed-income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	7.5	4.5
International Plans \| Level 3 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 3 \| Short-term fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 3 \| Multi-strategy investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0.0	0.0
International Plans \| Level 3 \| Fixed-income investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 0.0	$ 0.0

Special Charges - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Restructuring and Related Activities [Abstract]
Special charges	$ 3.3	$ 20.0	$ 1.8
Restructuring reserve	$ 1.7

Special Charges - Schedule of Details of Special Charges Incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Restructuring Cost and Reserve [Line Items]
Total special charges	$ 3.3	$ 20.0	$ 1.8
Special Charges
Restructuring Cost and Reserve [Line Items]
Severance and employee-related costs	1.7	9.3	(0.5)
ROU lease asset impairment charges	0.0	7.4	0.0
Relocation and other restructuring costs	1.6	3.3	2.3
Total special charges	$ 3.3	$ 20.0	$ 1.8

Special Charges - Schedule of Changes in Remaining Reserves (Details) $ in Millions	12 Months Ended
	Aug. 31, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Remaining balance of severance reserve	$ 1.7
Fiscal 2021 Actions Restructuring Activity
Restructuring Reserve [Roll Forward]
Remaining balance of severance reserve	3.0
Payments made during the period	(4.6)
Remaining balance of severance reserve	1.7
Fiscal 2021 Actions Restructuring Activity \| Severance costs
Restructuring Reserve [Roll Forward]
Severance costs	1.7
Fiscal 2021 Actions Restructuring Activity \| Relocation and other restructuring costs
Restructuring Reserve [Roll Forward]
Severance costs	$ 1.6

Common Stock and Related Matters - Schedule of Changes in Common Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Common Stock [Roll Forward]
Balance beginning of period (in shares)	53,885,165
Balance, beginning of period	$ 0.5
Issuance of restricted stock grants, net of cancellations	28.8	$ 32.7	$ 23.1
Stock options exercised	$ 2.2	$ 0.1
Balance end of period (in shares)	54,018,978	53,885,165
Balance end of period	$ 0.5	$ 0.5
Common Stock
Common Stock [Roll Forward]
Balance beginning of period (in shares)	53,900,000	53,800,000	53,700,000
Balance, beginning of period	$ 0.5	$ 0.5	$ 0.5
Issuance of restricted stock grants, net of cancellations (in shares)	100,000	100,000	100,000
Issuance of restricted stock grants, net of cancellations	$ 0.0	$ 0.0	$ 0.0
Stock options exercised (in shares)	0	0
Stock options exercised	$ 0.0	$ 0.0
Balance end of period (in shares)	54,000,000.0	53,900,000	53,800,000
Balance end of period	$ 0.5	$ 0.5	$ 0.5

Common Stock and Related Matters - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Treasury stock, shares (in shares)	18,826,611	15,012,449
Treasury stock at original repurchase cost	$ 1,663.7	$ 1,227.2
Reacquired shares of outstanding common stock (shares)	3,800,000
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
March 2018 Repurchase Plan
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Maximum number of shares that may yet be purchased under the program (shares)	3,800,000

Common Stock and Related Matters - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Earnings per share:
Net income	$ 306.3	$ 248.3	$ 330.4
Basic weighted average shares outstanding (in shares)	36,300,000	39,500,000	39,700,000
Common stock equivalents (in shares)	300,000	100,000	100,000
Diluted weighted average number of shares outstanding (in shares)	36,600,000	39,600,000	39,800,000
Basic earnings per share (in dollars per share)	$ 8.44	$ 6.29	$ 8.32
Diluted earnings per share (in dollars per share)	$ 8.38	$ 6.27	$ 8.29
Stock options
Earnings per share:
Stock options excluded from diluted earnings per share (in shares)	800,000	600,000	300,000
Restricted stock awards and units
Earnings per share:
Stock options excluded from diluted earnings per share (in shares)	0	200,000	200,000
Performance stock units
Earnings per share:
Stock options excluded from diluted earnings per share (in shares)	0	0	0

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Income Tax Disclosure [Abstract]
Provision for current federal taxes	$ 65.4	$ 54.6	$ 60.3
Provision for current state taxes	12.8	12.5	14.7
Provision for current foreign taxes	14.4	16.0	10.2
(Benefit) provision for deferred taxes	(2.7)	(6.7)	9.3
Total provision for income taxes	$ 89.9	$ 76.4	$ 94.5

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Total Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax computed at statutory rate	$ 83.2	$ 68.2	$ 89.2
State income tax, net of federal income tax benefit	10.7	9.7	12.2
Foreign permanent differences and rate differential	2.4	2.4	2.1
Discrete income tax benefits of the U.S. Tax Cuts and Jobs Act	0.0	0.0	(2.2)
Research and development tax credits	(7.6)	(7.1)	(18.1)
Unrecognized tax benefits	0.7	1.8	12.2
Other, net	0.5	1.4	(0.9)
Total provision for income taxes	$ 89.9	$ 76.4	$ 94.5

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Components of Net Deferred Income Taxes (Details) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
Deferred income tax liabilities:
Depreciation	$ (19.0)	$ (23.3)
Goodwill and intangibles	(155.2)	(153.1)
Operating lease right of use asset	(14.3)	(15.6)
Other liabilities	(8.2)	(5.3)
Total deferred income tax liabilities	(196.7)	(197.3)
Deferred income tax assets:
Self-insurance	1.8	2.1
Pension	9.9	22.2
Deferred compensation	21.3	22.2
Net operating losses	5.4	5.6
Other accruals not yet deductible	41.3	32.0
Operating lease liabilities	15.4	18.2
Other assets	12.0	9.3
Total deferred income tax assets	107.1	111.6
Valuation allowance	(9.5)	(6.5)
Net deferred income tax liabilities	$ (99.1)	$ (92.2)

Income Taxes - Narrative (Details) - USD ($)	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Income Tax Contingency [Line Items]
Undistributed earnings and original investments in foreign subsidiaries	$ 165,100,000
Deferred income tax liability for certain foreign withholding taxes and U.S. state taxes	3,300,000
State tax credit carryforwards	1,500,000
Unrecognized tax benefits	17,700,000	$ 17,200,000	$ 16,600,000	$ 4,400,000
Unrecognized tax benefits that if recognized would affect annual effective tax rate	17,100,000	16,700,000
Total accrued interest	2,000,000	$ 1,700,000	$ 1,000,000
Accruals related to income tax penalties	0
Internal Revenue Service (IRS)
Income Tax Contingency [Line Items]
Operating loss carryforwards	28,700,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	30,100,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 3,400,000

Income Taxes - Schedule of Change in Unrecognized Income Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits balance at beginning of year	$ 17.2	$ 16.6	$ 4.4
Additions based on tax positions related to the current year	5.2	2.3	2.0
Additions for tax positions of prior years	0.1	0.0	10.9
Reductions for tax positions of prior years	(0.1)	(0.4)	0.0
Reductions due to settlements	(4.6)	(1.2)	0.0
Reductions due to lapse of statute of limitations	(0.1)	(0.1)	(0.7)
Unrecognized tax benefits balance at end of year	$ 17.7	$ 17.2	$ 16.6

Supplemental Disaggregated Information (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Geographic Distribution
Net sales	$ 3,461.0	$ 3,326.3	$ 3,672.7
Operating profit:	427.6	353.9	462.9
Income before income taxes:	396.2	324.7	424.9
Long-lived assets	361.0	363.4	295.0
Domestic
Geographic Distribution
Net sales	2,982.4	2,925.0	3,277.4
Operating profit:	369.9	300.6	419.3
Income before income taxes:	343.7	274.2	386.4
Long-lived assets	284.4	298.6	246.9
International
Geographic Distribution
Net sales	478.6	401.3	395.3
Operating profit:	57.7	53.3	43.6
Income before income taxes:	52.5	50.5	38.5
Long-lived assets	$ 76.6	$ 64.8	$ 48.1
Net Sales \| Product Concentration Risk \| Lighting and Building Management Solutions
Geographic Distribution
Sales as percentage of total sales (percent)	99.00%	99.00%	99.00%

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details