0001144215-24-000044 | 10-Q | XBRL Viewer

Commitments and Contingencies (Tables)

6 Months Ended

Feb. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

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


	Six Months Ended
	February 29, 2024		February 28, 2023
Beginning balance	$	31.6	$	27.3
Warranty and recall costs	28.7		19.1
Payments and other deductions	(20.2)		(18.4)


Ending balance	$	40.1	$	28.0

Earnings Per Share

6 Months Ended

Feb. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, all unvested share-based payment awards were vested, and other distributions related to deferred stock agreements were incurred. Common stock equivalents are calculated using the treasury stock method. 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 for the periods presented (in millions, except per share data):


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Net income	$	89.2	$	83.2	$	189.8	$	158.1
Basic weighted average shares outstanding	30.864		32.048		30.940		32.178
Common stock equivalents	0.535		0.338		0.448		0.367
Diluted weighted average shares outstanding	31.399		32.386		31.388		32.545
Basic earnings per share(1)	$	2.89	$	2.60	$	6.13	$	4.91
Diluted earnings per share(1)	$	2.84	$	2.57	$	6.05	$	4.86

_______________________________________

(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

Stock options, performance stock awards, and restricted stock awards that were excluded from the diluted earnings per share calculation as the effect of inclusion would have been antidilutive for three and six months ended February 29, 2024 and February 28, 2023 were immaterial.

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

Acquisitions and Divestitures (Details) $ in Millions	3 Months Ended	6 Months Ended
Acquisitions and Divestitures (Details) $ in Millions	Nov. 30, 2022 USD ($)	Feb. 29, 2024 USD ($) divestiture	Aug. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Oct. 30, 2022 USD ($)	Aug. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill		$ 1,097.1	$ 1,097.9	$ 1,080.3		$ 1,084.3
Number of divestitures \| divestiture		0
ISG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill		$ 83.3	$ 83.5	$ 68.0		$ 70.1
KE2 Therm Solutions, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill		15.0
Identified intangible assets		$ 18.0
Weighted average amortization period (in years)		15 years
Measurement period adjustments		$ 0.0
Sunoptics Prismatic Skylights Business \| Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets transferred					$ 15.1
Pre-tax loss on the sale	$ 11.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Feb. 29, 2024
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) is a market-leading industrial technology company. We use technology to solve problems in spaces and light. 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 a valuable difference in people's lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management systems, and location-aware applications. ABL Segment Our ABL strategy is to increase product vitality, improve service levels, use technology to improve and differentiate both our products and our services, and drive productivity. 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: A-LightTM, AculuxTM, American Electric Lighting®, CycloneTM, Dark to Light®, eldoLED®, Eureka®, Gotham®, Healthcare Lighting®, Holophane®, Hydrel®, IndyTM, IOTA®, Juno®, Lithonia Lighting®, Luminaire LEDTM, Luminis®, Mark Architectural LightingTM, nLight®, OPTOTRONIC®, Peerless®, RELOC® Wiring Solutions, and Sensor Switch®. Principal customers of ABL include electrical distributors, retail home improvement centers, electric utilities, national accounts, original equipment manufacturer (“OEM”) customers, digital retailers, lighting showrooms, and energy service companies. ABL's customers are located in North America and select international markets that serve 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, directly to large corporate accounts, and directly to OEM customers. 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 an internally-managed truck fleet. We market ABL's product portfolio and service capabilities to customers and/or end users in multiple channels through a broad spectrum of marketing and promotional methods, including direct customer contact, trade shows, on-site training, print and digital advertising in industry publications, product brochures, and other literature, as well as through digital marketing and social media. ABL operates training and education facilities in several locations throughout North America and Europe designed to enhance the lighting knowledge of customers and industry professionals. ISG Segment Our ISG strategy is to make spaces smarter, safer, and greener by connecting the edge to the cloud. ISG offers building management solutions and building management software. ISG's building management solutions include products for controlling heating, ventilation, air conditioning (“HVAC”), lighting, shades, refrigeration, and building access that deliver end-to-end optimization of those building systems. ISG's intelligent building software 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, ISG's software delivers different applications, allows clients to upgrade over time with natural refresh cycles, and deploys new capabilities. 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 multiple brand names, including but not limited, to Atrius®, Distech Controls®, and KE2 Therm Solutions®. Basis of Presentation 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. These unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of February 29, 2024, our consolidated comprehensive income for the three and six months ended February 29, 2024 and February 28, 2023, and our consolidated cash flows for the six months ended February 29, 2024 and February 28, 2023. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the three years in the period ended August 31, 2023 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on October 26, 2023 (File No. 001-16583) (“Form 10-K”). Our business exhibits some seasonality, with net sales being affected by weather and seasonal demand on construction and installation programs, particularly during the winter months, as well as the annual budget cycles of major customers. Historically, with certain exceptions, we have experienced our highest sales in the last two quarters of each fiscal year due to these factors.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Feb. 29, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Reclassifications We may reclassify certain prior period amounts to conform to the current year presentation. No material reclassifications occurred during the current period.

Segment Reporting - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Segment Reporting Information [Line Items]
Operating profit	$ 118.1	$ 111.5	$ 251.0	$ 220.4
Interest (income) expense, net	(0.1)	5.7	0.8	12.3
Miscellaneous expense (income), net	0.6	(3.7)	1.7	5.4
Income before income taxes	117.6	109.5	248.5	202.7
Operating Segments \| ABL
Segment Reporting Information [Line Items]
Operating profit	126.0	123.6	269.8	241.7
Operating Segments \| ISG
Segment Reporting Information [Line Items]
Operating profit	9.1	6.3	14.4	14.0
Unallocated corporate amounts
Segment Reporting Information [Line Items]
Operating profit	$ (17.0)	$ (18.4)	$ (33.2)	$ (35.3)

- 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.

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+ Details

Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 981.2	$ 961.8
Less: Accumulated depreciation and amortization	(685.2)	(664.2)
Property, plant, and equipment, net	296.0	297.6
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	23.0	23.0
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	214.7	210.9
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 743.5	$ 727.9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Cash flows from operating activities:
Net income	$ 189.8	$ 158.1
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	45.6	48.5
Share-based payment expense	23.1	22.0
Loss on disposal of property, plant, and equipment	0.3	0.0
Asset impairment	0.0	4.3
Loss on sale of a business	0.0	11.2
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	60.1	142.6
Inventories	(4.7)	44.5
Prepayments and other current assets	(23.0)	(1.7)
Accounts payable	39.2	(69.1)
Other operating activities	(37.8)	(54.0)
Net cash provided by operating activities	292.6	306.4
Cash flows from investing activities:
Purchases of property, plant, and equipment	(29.0)	(35.6)
Other investing activities	(3.7)	6.4
Net cash used for investing activities	(32.7)	(29.2)
Cash flows from financing activities:
Repayments on credit facility, net of borrowings	0.0	(18.0)
Repurchases of common stock	(67.8)	(121.7)
Proceeds from stock option exercises and other	7.0	1.7
Payments of taxes withheld on net settlement of equity awards	(9.4)	(12.9)
Dividends paid	(8.8)	(8.5)
Net cash used for financing activities	(79.0)	(159.4)
Effect of exchange rate changes on cash and cash equivalents	0.1	(2.0)
Net change in cash and cash equivalents	181.0	115.8
Cash and cash equivalents at beginning of period	397.9	223.2
Cash and cash equivalents at end of period	578.9	339.0
Supplemental cash flow information:
Income taxes paid during the period	75.9	52.1
Interest paid during the period	$ 18.4	$ 21.9

Segment Information

6 Months Ended

Feb. 29, 2024

Segment Reporting [Abstract]

Segment Information

We 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.

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 segments. These include expenses related to governance, policy setting, compliance, and certain other shared services functions. Additionally, net interest expense, net miscellaneous expense, and income tax expense are not allocated to segments.

We recorded no special charges during the three and six months ended February 29, 2024. Special charges during the six months ended February 28, 2023 of $6.9 million pertained to the ABL segment.

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Net sales:
ABL	$	843.5	$	890.8	$	1,719.9	$	1,837.9
ISG	68.1		58.2		132.3		115.0
Eliminations(1)	(5.7)		(5.4)		(11.6)		(11.4)
Total	$	905.9	$	943.6	$	1,840.6	$	1,941.5

Operating profit:
ABL	$	126.0	$	123.6	$	269.8	$	241.7
ISG	9.1		6.3		14.4		14.0
Unallocated corporate amounts	(17.0)		(18.4)		(33.2)		(35.3)
Total	$	118.1	$	111.5	$	251.0	$	220.4

____________________________

(1) These amounts represent 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 for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Operating profit - ABL	$	126.0	$	123.6	$	269.8	$	241.7
Operating profit - ISG	9.1		6.3		14.4		14.0
Unallocated corporate amounts	(17.0)		(18.4)		(33.2)		(35.3)
Operating profit	118.1		111.5		251.0		220.4
Interest (income) expense, net	(0.1)		5.7		0.8		12.3
Miscellaneous expense (income), net	0.6		(3.7)		1.7		5.4
Income before income taxes	$	117.6	$	109.5	$	248.5	$	202.7

- 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.

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+ Details

Other Current Liabilities (Details) - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Payables and Accruals [Abstract]
Customer incentive programs	$ 19.8	$ 31.6
Refunds to customers	24.8	25.6
Deferred revenues	16.2	14.1
Sales commissions	28.0	35.7
Freight costs	11.2	15.0
Warranty and recall costs	31.4	22.8
Tax-related items	5.7	9.2
Interest on long-term debt	2.3	2.3
Other	32.6	30.4
Total other current liabilities	$ 172.0	$ 186.7

Changes in Stockholders' Equity

6 Months Ended

Feb. 29, 2024

Equity [Abstract]

Changes in Stockholders' Equity

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


	Common Stock Outstanding
	Shares(1)	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2023	31.1	$	0.5	$	1,066.8	$	3,505.4	$	(112.6)	$	(2,444.7)	$	2,015.4
Net income	—	—		—		100.6		—		—		100.6
Other comprehensive loss	—	—		—		—		(1.5)		—		(1.5)


Share-based payment amortization, issuances, and cancellations	0.1	—		2.1		—		—		—		2.1
Employee stock purchase plan issuances	—	—		0.5		—		—		—		0.5
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.1)		—		—		(4.1)
Stock options exercised	—	—		1.1		—		—		—		1.1
Repurchases of common stock	(0.3)	—		—		—		—		(50.0)		(50.0)
Balance, November 30, 2023	30.9	0.5		1,070.5		3,601.9		(114.1)		(2,494.7)		2,064.1
Net income	—	—		—		89.2		—		—		89.2
Other comprehensive income	—	—		—		—		1.4		—		1.4
Share-based payment amortization, issuances, and cancellations	—	—		11.8		—		—		—		11.8
Employee stock purchase plan issuances	—	—		0.3		—		—		—		0.3
Cash dividends of $0.15 per share paid on common stock	—	—		—		(4.7)		—		—		(4.7)
Stock options exercised	—	—		5.1		—		—		—		5.1
Repurchases of common stock	(0.1)	—		—		—		—		(17.6)		(17.6)
Balance, February 29, 2024	30.8	$	0.5	$	1,087.7	$	3,686.4	$	(112.7)	$	(2,512.3)	$	2,149.6

_______________________________________

(1) Share activity and balances above are calculated using rounded numbers.


	Common Stock Outstanding
	Shares(1)	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2022	32.5	$	0.5	$	1,036.3	$	3,176.2	$	(125.8)	$	(2,175.4)	$	1,911.8
Net income	—	—		—		74.9		—		—		74.9
Other comprehensive loss	—	—		—		—		(0.4)		—		(0.4)


Share-based payment amortization, issuances, and cancellations	0.2	—		(1.8)		—		—		—		(1.8)
Employee stock purchase plan issuances	—	—		0.5		—		—		—		0.5
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.3)		—		—		(4.3)
Stock options exercised	—	—		0.4		—		—		—		0.4
Repurchases of common stock	(0.5)	—		—		—		—		(77.6)		(77.6)
Balance, November 30, 2022	32.2	0.5		1,035.4		3,246.8		(126.2)		(2,253.0)		1,903.5
Net income	—	—		—		83.2		—		—		83.2
Other comprehensive loss	—	—		—		—		(0.1)		—		(0.1)
Share-based payment amortization, issuances, and cancellations	—	—		10.9		—		—		—		10.9
Employee stock purchase plan issuances	—	—		0.3		—		—		—		0.3
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.2)		—		—		(4.2)
Stock options exercised	—	—		0.5		—		—		—		0.5
Repurchases of common stock	(0.2)	—		—		—		—		(46.5)		(46.5)
Balance, February 28, 2023	32.0	$	0.5	$	1,047.1	$	3,325.8	$	(126.3)	$	(2,299.5)	$	1,947.6

_______________________________________

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Narrative (Details) - USD ($)	Feb. 29, 2024	Aug. 31, 2023
Line of Credit \| Credit facility \| Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings outstanding	$ 0	$ 0
Approximate fair value of short term borrowings	0	0
Estimate of Fair Value Measurement \| Unsecured debt \| 2.150% Senior Unsecured Notes Due December 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying and estimated fair values of financial instruments	$ 410,700,000	$ 401,400,000

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


	ABL		ISG		Total
Balance at August 31, 2023	$	1,014.4	$	83.5	$	1,097.9



Foreign currency translation adjustments	(0.6)		(0.2)		(0.8)
Balance at February 29, 2024	$	1,013.8	$	83.3	$	1,097.1


	ABL		ISG		Total
Balance at August 31, 2022	$	1,014.2	$	70.1	$	1,084.3


Derecognitions for divestitures	(0.7)		—		(0.7)
Foreign currency translation adjustments	(1.2)		(2.1)		(3.3)
Balance at February 28, 2023	$	1,012.3	$	68.0	$	1,080.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Other Current Liabilities (Tables)

6 Months Ended

Feb. 29, 2024

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities

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


	February 29, 2024		August 31, 2023
Customer incentive programs(1)	$	19.8	$	31.6
Refunds to customers(1)	24.8		25.6
Deferred revenues(1)	16.2		14.1
Sales commissions	28.0		35.7
Freight costs	11.2		15.0
Warranty and recall costs(2)	31.4		22.8
Tax-related items(3)	5.7		9.2
Interest on long-term debt(4)	2.3		2.3
Other	32.6		30.4
Total other current liabilities	$	172.0	$	186.7

____________________________________

(1) Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K 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.

Segment Information - Schedule of Operating Segment (Details) $ in Millions	3 Months Ended			6 Months Ended
	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Nov. 30, 2022 USD ($)	Feb. 29, 2024 USD ($) segment	Feb. 28, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment				2
Special charges	$ 0.0	$ 0.0	$ 6.9	$ 0.0	$ 6.9
Net sales	905.9	943.6		1,840.6	1,941.5
Operating profit:	118.1	111.5		251.0	220.4
Operating Segments \| ABL
Segment Reporting Information [Line Items]
Net sales	843.5	890.8		1,719.9	1,837.9
Operating profit:	126.0	123.6		269.8	241.7
Operating Segments \| ISG
Segment Reporting Information [Line Items]
Net sales	68.1	58.2		132.3	115.0
Operating profit:	9.1	6.3		14.4	14.0
Eliminations
Segment Reporting Information [Line Items]
Net sales	(5.7)	(5.4)		(11.6)	(11.4)
Unallocated corporate amounts
Segment Reporting Information [Line Items]
Operating profit:	$ (17.0)	$ (18.4)		$ (33.2)	$ (35.3)

Comprehensive Income - Schedule of Tax Expense or Benefit Allocated to Each Component of Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, before tax	$ 1.5	$ 0.2	$ 0.2	$ 0.2
Other comprehensive (loss) income, tax (expense) benefit	(0.1)	(0.3)	(0.3)	(0.7)
Other comprehensive income (loss) items, net of tax	1.4	(0.1)	(0.1)	(0.5)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, before tax	0.7	(1.1)	(1.4)	(2.6)
Other comprehensive (loss) income, tax (expense) benefit	0.0	0.0	0.0	0.0
Other comprehensive income (loss) items, net of tax	0.7	(1.1)	(1.4)	(2.6)
Prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of defined benefit pension items, before tax	0.0	0.6	0.0	1.3
Amortization of defined benefit pension items, tax (expense) benefit	0.0	(0.1)	0.0	(0.3)
Amortization of defined benefit pension items, net of tax	0.0	0.5	0.0	1.0
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of defined benefit pension items, before tax	0.8	0.7	1.6	1.5
Amortization of defined benefit pension items, tax (expense) benefit	(0.1)	(0.2)	(0.3)	(0.4)
Amortization of defined benefit pension items, net of tax	0.7	0.5	1.3	1.1
Total defined benefit pension plans, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, before tax	0.8	1.3	1.6	2.8
Other comprehensive (loss) income, tax (expense) benefit	(0.1)	(0.3)	(0.3)	(0.7)
Other comprehensive income (loss) items, net of tax	$ 0.7	$ 1.0	$ 1.3	$ 2.1

Share-based Payments - Schedule of Components of Share-Based Payment Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Share-Based Payment Arrangement [Abstract]
Share-based payment expense	$ 12.0	$ 11.3	$ 23.1	$ 22.0

Inventories (Details) - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Inventory, Net [Abstract]
Raw materials, supplies, and work in process	$ 228.1	$ 214.0
Finished goods	179.6	180.3
Inventories excluding reserves	407.7	394.3
Less: Reserves	(31.9)	(25.8)
Total inventories	$ 375.8	$ 368.5

Commitments and Contingencies (Details) $ in Millions		6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jan. 25, 2023 former_associate	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Standard warranty term (in years)		5 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance		$ 31.6	$ 27.3
Warranty and recall costs		28.7	19.1
Payments and other deductions		(20.2)	(18.4)
Ending balance		$ 40.1	$ 28.0
Data Security Incidents
Loss Contingencies [Line Items]
Number of former associates that filed a class action lawsuit \| former_associate	2

Description of Business and Basis of Presentation (Details)	6 Months Ended
	Feb. 29, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Feb. 29, 2024
Accounting Policies [Abstract]
ABL Segment and ISG Segment	ABL Segment Our ABL strategy is to increase product vitality, improve service levels, use technology to improve and differentiate both our products and our services, and drive productivity. 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: A-LightTM, AculuxTM, American Electric Lighting®, CycloneTM, Dark to Light®, eldoLED®, Eureka®, Gotham®, Healthcare Lighting®, Holophane®, Hydrel®, IndyTM, IOTA®, Juno®, Lithonia Lighting®, Luminaire LEDTM, Luminis®, Mark Architectural LightingTM, nLight®, OPTOTRONIC®, Peerless®, RELOC® Wiring Solutions, and Sensor Switch®. Principal customers of ABL include electrical distributors, retail home improvement centers, electric utilities, national accounts, original equipment manufacturer (“OEM”) customers, digital retailers, lighting showrooms, and energy service companies. ABL's customers are located in North America and select international markets that serve 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, directly to large corporate accounts, and directly to OEM customers. 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 an internally-managed truck fleet. We market ABL's product portfolio and service capabilities to customers and/or end users in multiple channels through a broad spectrum of marketing and promotional methods, including direct customer contact, trade shows, on-site training, print and digital advertising in industry publications, product brochures, and other literature, as well as through digital marketing and social media. ABL operates training and education facilities in several locations throughout North America and Europe designed to enhance the lighting knowledge of customers and industry professionals. ISG Segment Our ISG strategy is to make spaces smarter, safer, and greener by connecting the edge to the cloud. ISG offers building management solutions and building management software. ISG's building management solutions include products for controlling heating, ventilation, air conditioning (“HVAC”), lighting, shades, refrigeration, and building access that deliver end-to-end optimization of those building systems. ISG's intelligent building software 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, ISG's software delivers different applications, allows clients to upgrade over time with natural refresh cycles, and deploys new capabilities. 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 multiple brand names, including but not limited, to Atrius®, Distech Controls®, and KE2 Therm Solutions®.
Basis of Presentation	Basis of Presentation 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. These unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of February 29, 2024, our consolidated comprehensive income for the three and six months ended February 29, 2024 and February 28, 2023, and our consolidated cash flows for the six months ended February 29, 2024 and February 28, 2023. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the three years in the period ended August 31, 2023 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on October 26, 2023 (File No. 001-16583) (“Form 10-K”). Our business exhibits some seasonality, with net sales being affected by weather and seasonal demand on construction and installation programs, particularly during the winter months, as well as the annual budget cycles of major customers. Historically, with certain exceptions, we have experienced our highest sales in the last two quarters of each fiscal year due to these factors.
Use of Estimates	Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications We may reclassify certain prior period amounts to conform to the current year presentation. No material reclassifications occurred during the current period.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Yet to Be Adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, or our fiscal 2026. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) In November 2023, the FASB issued ASU 2023-07, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 or our fiscal 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, or our fiscal 2026. Retrospective application is required for all prior periods presented, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.
Fair Value Measurement	We utilize valuation methodologies to determine the fair values of our financial assets and liabilities in conformity with the concepts of “exit price” and the fair value hierarchy as prescribed in ASC 820. All valuation methods and assumptions are validated at least quarterly to ensure the accuracy and relevance of the fair values. There were no material changes to the valuation methods or assumptions used to determine fair values during the current period.
Fair Value Transfers	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 may from time to time be required to remeasure the carrying value of certain assets and liabilities to fair value on a nonrecurring basis. Such adjustments typically arise if we determine that certain of our assets are impaired.
Revenue Recognition	We recognize revenue when we transfer control of goods and services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for goods and services and is recognized net of allowances for rebates, sales incentives, product returns, and discounts to customers. 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. Further details regarding revenue recognition are included within the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K. Contract Balances Our rights related to collections from customers are unconditional and are reflected within Accounts receivable on the Consolidated Balance Sheets at net realizable value. Further details regarding our method for developing our estimate of expected credit losses over the contractual term of our receivables are included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K. 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. Current deferred revenues primarily consist of professional service and service-type warranty fees collected prior to performing the related service as well as software licenses and are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Revenue recognized from beginning balances of contract liabilities during the six months ended February 29, 2024 totaled $6.9 million. 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. February 29, 2024 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, directly to large corporate accounts, and through other distribution methods, including directly to OEM customers. ISG sells predominantly to system integrators.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Other Expense (Tables)

6 Months Ended

Feb. 29, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expenses

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Interest (income) expense, net:
Interest expense	$	6.5	$	7.6	$	12.9	$	15.5
Interest income	(6.6)		(1.9)		(12.1)		(3.2)
Interest (income) expense, net	(0.1)		5.7		0.8		12.3
Miscellaneous expense (income), net:
Non-service components of net periodic pension cost	1.0		1.2		2.1		2.5
Foreign currency transaction losses (gains)	0.2		(3.8)		0.8		(6.5)
Loss on sale of business	—		—		—		11.2
Other items	(0.6)		(1.1)		(1.2)		(1.8)
Miscellaneous expense (income), net	0.6		(3.7)		1.7		5.4
Other expense, net	$	0.5	$	2.0	$	2.5	$	17.7

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Revenue from Contract with Customer [Abstract]
Current deferred revenues	$ 16.2	$ 14.1
Non-current deferred revenues	$ 44.1	$ 47.6

Inventories

6 Months Ended

Feb. 29, 2024

Inventory Disclosure [Abstract]

Inventories

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


	February 29, 2024		August 31, 2023
Raw materials, supplies, and work in process (1)	$	228.1	$	214.0
Finished goods	179.6		180.3
Inventories excluding reserves	407.7		394.3
Less: Reserves	(31.9)		(25.8)
Total inventories	$	375.8	$	368.5

_______________________________________

(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 and obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand and/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.

Special Charges	6 Months Ended
Special Charges	Feb. 29, 2024
Restructuring and Related Activities [Abstract]
Special Charges	Special Charges We recognized no special charges during the first six months of fiscal 2024. During the first quarter of fiscal 2023, we recognized $6.9 million within Special charges on the Consolidated Statements of Comprehensive Income primarily for impairments of operating lease right-of-use assets for $4.3 million associated with our previously owned Sunoptics prismatic skylights business that were not transferred in connection with the sale. We additionally recognized associate severance and other costs totaling $2.6 million primarily in connection with the Sunoptics divestiture.

Goodwill and Intangible Assets

6 Months Ended

Feb. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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.

We recorded amortization expense for definite-lived intangible assets of $10.0 million and $9.3 million during the three months ended February 29, 2024 and February 28, 2023, respectively, and $19.9 million and $22.9 million during the six months ended February 29, 2024 and February 28, 2023, respectively.

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


	ABL		ISG		Total
Balance at August 31, 2023	$	1,014.4	$	83.5	$	1,097.9



Foreign currency translation adjustments	(0.6)		(0.2)		(0.8)
Balance at February 29, 2024	$	1,013.8	$	83.3	$	1,097.1


	ABL		ISG		Total
Balance at August 31, 2022	$	1,014.2	$	70.1	$	1,084.3


Derecognitions for divestitures	(0.7)		—		(0.7)
Foreign currency translation adjustments	(1.2)		(2.1)		(3.3)
Balance at February 28, 2023	$	1,012.3	$	68.0	$	1,080.3

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

Revenue Recognition - Narrative (Details) $ in Millions	6 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Feb. 29, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Timing of revenue recognition	Current deferred revenues primarily consist of professional service and service-type warranty fees collected prior to performing the related service as well as software licenses and are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Revenue recognized from beginning balances of contract liabilities during the six months ended February 29, 2024 totaled $6.9 million.Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets.
Revenue recognized from beginning balances of contract liabilities	$ 6.9

Changes in Stockholders' Equity (Tables)

6 Months Ended

Feb. 29, 2024

Equity [Abstract]

Schedule of Changes in Stockholders' Equity

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


	Common Stock Outstanding
	Shares(1)	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2023	31.1	$	0.5	$	1,066.8	$	3,505.4	$	(112.6)	$	(2,444.7)	$	2,015.4
Net income	—	—		—		100.6		—		—		100.6
Other comprehensive loss	—	—		—		—		(1.5)		—		(1.5)


Share-based payment amortization, issuances, and cancellations	0.1	—		2.1		—		—		—		2.1
Employee stock purchase plan issuances	—	—		0.5		—		—		—		0.5
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.1)		—		—		(4.1)
Stock options exercised	—	—		1.1		—		—		—		1.1
Repurchases of common stock	(0.3)	—		—		—		—		(50.0)		(50.0)
Balance, November 30, 2023	30.9	0.5		1,070.5		3,601.9		(114.1)		(2,494.7)		2,064.1
Net income	—	—		—		89.2		—		—		89.2
Other comprehensive income	—	—		—		—		1.4		—		1.4
Share-based payment amortization, issuances, and cancellations	—	—		11.8		—		—		—		11.8
Employee stock purchase plan issuances	—	—		0.3		—		—		—		0.3
Cash dividends of $0.15 per share paid on common stock	—	—		—		(4.7)		—		—		(4.7)
Stock options exercised	—	—		5.1		—		—		—		5.1
Repurchases of common stock	(0.1)	—		—		—		—		(17.6)		(17.6)
Balance, February 29, 2024	30.8	$	0.5	$	1,087.7	$	3,686.4	$	(112.7)	$	(2,512.3)	$	2,149.6

_______________________________________

(1) Share activity and balances above are calculated using rounded numbers.


	Common Stock Outstanding
	Shares(1)	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2022	32.5	$	0.5	$	1,036.3	$	3,176.2	$	(125.8)	$	(2,175.4)	$	1,911.8
Net income	—	—		—		74.9		—		—		74.9
Other comprehensive loss	—	—		—		—		(0.4)		—		(0.4)


Share-based payment amortization, issuances, and cancellations	0.2	—		(1.8)		—		—		—		(1.8)
Employee stock purchase plan issuances	—	—		0.5		—		—		—		0.5
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.3)		—		—		(4.3)
Stock options exercised	—	—		0.4		—		—		—		0.4
Repurchases of common stock	(0.5)	—		—		—		—		(77.6)		(77.6)
Balance, November 30, 2022	32.2	0.5		1,035.4		3,246.8		(126.2)		(2,253.0)		1,903.5
Net income	—	—		—		83.2		—		—		83.2
Other comprehensive loss	—	—		—		—		(0.1)		—		(0.1)
Share-based payment amortization, issuances, and cancellations	—	—		10.9		—		—		—		10.9
Employee stock purchase plan issuances	—	—		0.3		—		—		—		0.3
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.2)		—		—		(4.2)
Stock options exercised	—	—		0.5		—		—		—		0.5
Repurchases of common stock	(0.2)	—		—		—		—		(46.5)		(46.5)
Balance, February 28, 2023	32.0	$	0.5	$	1,047.1	$	3,325.8	$	(126.3)	$	(2,299.5)	$	1,947.6

_______________________________________

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Feb. 29, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Yet to Be Adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, or our fiscal 2026. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) In November 2023, the FASB issued ASU 2023-07, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 or our fiscal 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, or our fiscal 2026. Retrospective application is required for all prior periods presented, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Revenue Recognition (Tables)

6 Months Ended

Feb. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

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


	February 29, 2024		August 31, 2023
Current deferred revenues	$	16.2	$	14.1
Non-current deferred revenues	44.1		47.6

Schedule of Disaggregated Revenues

The following table shows revenue from contracts with customers by sales channel and reconciles to our segment information for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
ABL:
Independent sales network	$	612.3	$	635.3	$	1,237.5	$	1,309.0
Direct sales network	93.0		94.7		190.4		201.1
Retail sales	46.4		50.4		102.0		100.3
Corporate accounts	38.1		54.0		79.6		103.1
OEM and other	53.7		56.4		110.4		124.4
Total ABL	843.5		890.8		1,719.9		1,837.9
ISG	68.1		58.2		132.3		115.0
Eliminations	(5.7)		(5.4)		(11.6)		(11.4)
Total	$	905.9	$	943.6	$	1,840.6	$	1,941.5

Segment Information (Tables)

6 Months Ended

Feb. 29, 2024

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):


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Net sales:
ABL	$	843.5	$	890.8	$	1,719.9	$	1,837.9
ISG	68.1		58.2		132.3		115.0
Eliminations(1)	(5.7)		(5.4)		(11.6)		(11.4)
Total	$	905.9	$	943.6	$	1,840.6	$	1,941.5

Operating profit:
ABL	$	126.0	$	123.6	$	269.8	$	241.7
ISG	9.1		6.3		14.4		14.0
Unallocated corporate amounts	(17.0)		(18.4)		(33.2)		(35.3)
Total	$	118.1	$	111.5	$	251.0	$	220.4

____________________________

(1) These amounts represent intersegment sales. Profit on these sales eliminates within gross profit on a consolidated basis.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Operating profit - ABL	$	126.0	$	123.6	$	269.8	$	241.7
Operating profit - ISG	9.1		6.3		14.4		14.0
Unallocated corporate amounts	(17.0)		(18.4)		(33.2)		(35.3)
Operating profit	118.1		111.5		251.0		220.4
Interest (income) expense, net	(0.1)		5.7		0.8		12.3
Miscellaneous expense (income), net	0.6		(3.7)		1.7		5.4
Income before income taxes	$	117.6	$	109.5	$	248.5	$	202.7

Share-based Payments (Tables)

6 Months Ended

Feb. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Components of Share-Based Payment Expense

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Share-based payment expense	$	12.0	$	11.3	$	23.1	$	22.0

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Feb. 29, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Arize Assets On January 19, 2024, we acquired certain assets related to Arize® horticulture lighting products from Current Lighting Solutions, LLC. The assets have been included in ABL's financial results since the date of acquisition and did not have a material impact to our consolidated financial condition, results of operations, or cash flows. KE2 Therm On May 15, 2023, using cash on hand, we acquired all of the equity interests of KE2 Therm Solutions, Inc. (“KE2 Therm”). KE2 Therm develops and provides intelligent refrigeration control solutions that deliver the precision of digital controls to promote safety, efficiency, and reliability, while delivering cost savings to the customer. This acquisition is intended to expand ISG's technology and controls product portfolio and reach new customers. We accounted for the acquisition of KE2 Therm in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). Acquired assets and liabilities were recorded at their estimated acquisition-date fair values. Acquisition-related costs were expensed as incurred and were not material to our financial statements. The aggregate purchase price of this acquisition reflects preliminary goodwill within the ISG segment of $15.0 million at February 29, 2024, which is not expected to be deductible for tax purposes. The goodwill is primarily comprised of expected benefits related to expanding ISG's technology and controls product portfolio as well as the trained workforce acquired with these businesses and expected synergies from combining the operations of KE2 Therm with our operations. We additionally recorded preliminary gross intangible assets of $18.0 million as of February 29, 2024, which reflect estimates for definite-lived intangibles with a preliminary estimated weighted average useful life of approximately 15 years. Amounts recorded for acquired assets and liabilities 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, intangible assets and tax-related items. There were no measurement period adjustments during the first six months of fiscal 2024. The operating results of KE2 Therm have been included in our financial statements since the date of acquisition and are not material to our consolidated financial condition, results of operations, or cash flows. Divestitures There were no divestitures during the first six months of fiscal 2024. The following discussion relates to fiscal year 2023 activities. We sold our Sunoptics prismatic skylights business in November 2022. We transferred assets with a total carrying value of $15.1 million, which primarily consisted of intangibles with definite lives, inventories, and allocated goodwill from the ABL segment. During the first quarter of fiscal 2023, we recognized a pre-tax loss on this sale of $11.2 million within Miscellaneous expense (income), net on the Consolidated Statements of Comprehensive Income. Additionally, we recorded impairment charges for certain retained assets as well as associate severance and other costs related to this sale. These items are included within Special charges on the Consolidated Statements of Comprehensive Income. See the Special Charges footnote of the Notes to Consolidated Financial Statements for further details.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Millions

3 Months Ended

6 Months Ended

Feb. 29, 2024

Feb. 28, 2023

Feb. 29, 2024

Feb. 28, 2023

Income Statement [Abstract]

Net sales

$ 905.9

$ 943.6

$ 1,840.6

$ 1,941.5

Cost of products sold

493.5

536.9

999.8

1,118.3

Gross profit

412.4

406.7

840.8

823.2

Selling, distribution, and administrative expenses

294.3

295.2

589.8

595.9

Special charges

0.0

6.9

Operating profit

118.1

111.5

251.0

220.4

Other expense:

Interest (income) expense, net

(0.1)

5.7

0.8

12.3

Miscellaneous expense (income), net

0.6

(3.7)

1.7

5.4

Total other expense

0.5

2.0

2.5

17.7

Income before income taxes

117.6

109.5

248.5

202.7

Income tax expense

28.4

26.3

58.7

44.6

Net income

$ 89.2

$ 83.2

$ 189.8

$ 158.1

Earnings per share

Basic earnings per share (in dollars per share)

^[1]

$ 2.89

$ 2.60

$ 6.13

$ 4.91

Basic weighted average number of shares outstanding (in shares)

^[1]

30,864

32,048

30,940

32,178

Diluted earnings per share (in dollars per share)

^[1]

$ 2.84

$ 2.57

$ 6.05

$ 4.86

Diluted weighted average number of shares outstanding (in shares)

^[1]

31,399

32,386

31,388

32,545

Dividends declared per share (in dollars per share)

^[1]

$ 0.15

$ 0.13

$ 0.28

$ 0.26

Comprehensive income:

Net income

$ 89.2

$ 83.2

$ 189.8

$ 158.1

Other comprehensive income (loss) items:

Foreign currency translation adjustments

0.7

(1.1)

(1.4)

(2.6)

Defined benefit plans, net of tax

0.7

1.0

1.3

2.1

Other comprehensive income (loss) items, net of tax

1.4

(0.1)

(0.5)

Comprehensive income

$ 90.6

$ 83.1

$ 189.7

$ 157.6

[1]	Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

Property, Plant, and Equipment (Tables)

6 Months Ended

Feb. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	February 29, 2024		August 31, 2023
Land	$	23.0	$	23.0
Buildings and leasehold improvements	214.7		210.9
Machinery and equipment	743.5		727.9
Total property, plant, and equipment, at cost	981.2		961.8
Less: Accumulated depreciation and amortization	(685.2)		(664.2)
Property, plant, and equipment, net	$	296.0	$	297.6

Comprehensive Income

6 Months Ended

Feb. 29, 2024

Equity [Abstract]

Comprehensive Income

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

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


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2023	$	(65.0)	$	(47.6)	$	(112.6)
Other comprehensive loss before reclassifications	(1.4)		—		(1.4)
Amounts reclassified from accumulated other comprehensive loss (1)	—		1.3		1.3
Net current period other comprehensive (loss) income	(1.4)		1.3		(0.1)
Balance at February 29, 2024	$	(66.4)	$	(46.3)	$	(112.7)


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2022	$	(73.5)	$	(52.3)	$	(125.8)
Other comprehensive loss before reclassifications	(2.6)		—		(2.6)
Amounts reclassified from accumulated other comprehensive loss (1)	—		2.1		2.1
Net current period other comprehensive (loss) income	(2.6)		2.1		(0.5)

Balance at February 28, 2023	$	(76.1)	$	(50.2)	$	(126.3)

_______________________________________

(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 of the Notes to Consolidated Financial Statements for additional details.

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


	Three Months Ended
	February 29, 2024						February 28, 2023
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	0.7	$	—	$	0.7	$	(1.1)	$	—	$	(1.1)
Defined benefit pension plans:


Amortization of defined benefit pension items:
Prior service cost	—		—		—		0.6		(0.1)		0.5
Actuarial losses	0.8		(0.1)		0.7		0.7		(0.2)		0.5

Total defined benefit pension plans, net	0.8		(0.1)		0.7		1.3		(0.3)		1.0
Other comprehensive income (loss)	$	1.5	$	(0.1)	$	1.4	$	0.2	$	(0.3)	$	(0.1)

	Six Months Ended
	February 29, 2024						February 28, 2023
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	(1.4)	$	—	$	(1.4)	$	(2.6)	$	—	$	(2.6)
Defined benefit pension plans:

Amortization of defined benefit pension items:
Prior service cost	—		—		—		1.3		(0.3)		1.0
Actuarial losses	1.6		(0.3)		1.3		1.5		(0.4)		1.1

Total defined benefit pension plans, net	1.6		(0.3)		1.3		2.8		(0.7)		2.1
Other comprehensive income (loss)	$	0.2	$	(0.3)	$	(0.1)	$	0.2	$	(0.7)	$	(0.5)

Earnings Per Share (Tables)

6 Months Ended

Feb. 29, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Net income	$	89.2	$	83.2	$	189.8	$	158.1
Basic weighted average shares outstanding	30.864		32.048		30.940		32.178
Common stock equivalents	0.535		0.338		0.448		0.367
Diluted weighted average shares outstanding	31.399		32.386		31.388		32.545
Basic earnings per share(1)	$	2.89	$	2.60	$	6.13	$	4.91
Diluted earnings per share(1)	$	2.84	$	2.57	$	6.05	$	4.86

_______________________________________

(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

Property, Plant, and Equipment

6 Months Ended

Feb. 29, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


	February 29, 2024		August 31, 2023
Land	$	23.0	$	23.0
Buildings and leasehold improvements	214.7		210.9
Machinery and equipment	743.5		727.9
Total property, plant, and equipment, at cost	981.2		961.8
Less: Accumulated depreciation and amortization	(685.2)		(664.2)
Property, plant, and equipment, net	$	296.0	$	297.6

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

6 Months Ended

Feb. 29, 2024

Nov. 30, 2023

Feb. 28, 2023

Nov. 30, 2022

Feb. 29, 2024

Feb. 28, 2023

Earnings Per Share [Abstract]

Net income

$ 89.2

$ 100.6

$ 83.2

$ 74.9

$ 189.8

$ 158.1

Basic weighted average shares outstanding (in shares)

^[1]

30,864

32,048

30,940

32,178

Common stock equivalents (in shares)

535

338

448

367

Diluted weighted average shares outstanding (in shares)

^[1]

31,399

32,386

31,388

32,545

Basic earnings per share (in dollars per share)

^[1]

$ 2.89

$ 2.60

$ 6.13

$ 4.91

Diluted earnings per share (in dollars per share)

^[1]

$ 2.84

$ 2.57

$ 6.05

$ 4.86

[1]	Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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-Topic 250
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+ Details

- Definition

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

+ References

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+ Details

Changes in Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Feb. 29, 2024	Nov. 30, 2023	Feb. 28, 2023	Nov. 30, 2022	Feb. 29, 2024	Feb. 28, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,064.1	$ 2,015.4	$ 1,903.5	$ 1,911.8	$ 2,015.4	$ 1,911.8
Net income	89.2	100.6	83.2	74.9	189.8	158.1
Other comprehensive (loss) income	1.4	(1.5)	(0.1)	(0.4)	(0.1)	(0.5)
Share-based payment amortization, issuances, and cancellations	11.8	2.1	10.9	(1.8)
Employee stock purchase plan issuances	0.3	0.5	0.3	0.5
Cash dividends of $0.13 per share paid on common stock	(4.7)	(4.1)	(4.2)	(4.3)
Stock options exercised	5.1	1.1	0.5	0.4
Repurchases of common stock	(17.6)	(50.0)	(46.5)	(77.6)
Ending balance	$ 2,149.6	$ 2,064.1	$ 1,947.6	$ 1,903.5	$ 2,149.6	$ 1,947.6
Cash dividends paid (in usd per share)	$ 0.15	$ 0.13	$ 0.13	$ 0.13
Common Stock Outstanding
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	30.9	31.1	32.2	32.5	31.1	32.5
Beginning balance	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Share-based payment amortization, issuances, and cancellations (in shares)		0.1		0.2
Repurchases of common stock (shares)	(0.1)	(0.3)	(0.2)	(0.5)
Ending balance (in shares)	30.8	30.9	32.0	32.2	30.8	32.0
Ending balance	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,070.5	1,066.8	1,035.4	1,036.3	1,066.8	1,036.3
Share-based payment amortization, issuances, and cancellations	11.8	2.1	10.9	(1.8)
Employee stock purchase plan issuances	0.3	0.5	0.3	0.5
Stock options exercised	5.1	1.1	0.5	0.4
Ending balance	1,087.7	1,070.5	1,047.1	1,035.4	1,087.7	1,047.1
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,601.9	3,505.4	3,246.8	3,176.2	3,505.4	3,176.2
Net income	89.2	100.6	83.2	74.9
Cash dividends of $0.13 per share paid on common stock	(4.7)	(4.1)	(4.2)	(4.3)
Ending balance	3,686.4	3,601.9	3,325.8	3,246.8	3,686.4	3,325.8
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(114.1)	(112.6)	(126.2)	(125.8)	(112.6)	(125.8)
Other comprehensive (loss) income	1.4	(1.5)	(0.1)	(0.4)
Ending balance	(112.7)	(114.1)	(126.3)	(126.2)	(112.7)	(126.3)
Treasury Stock, at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,494.7)	(2,444.7)	(2,253.0)	(2,175.4)	(2,444.7)	(2,175.4)
Repurchases of common stock	(17.6)	(50.0)	(46.5)	(77.6)
Ending balance	$ (2,512.3)	$ (2,494.7)	$ (2,299.5)	$ (2,253.0)	$ (2,512.3)	$ (2,299.5)

Other Current Liabilities

6 Months Ended

Feb. 29, 2024

Payables and Accruals [Abstract]

Other Current Liabilities

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


	February 29, 2024		August 31, 2023
Customer incentive programs(1)	$	19.8	$	31.6
Refunds to customers(1)	24.8		25.6
Deferred revenues(1)	16.2		14.1
Sales commissions	28.0		35.7
Freight costs	11.2		15.0
Warranty and recall costs(2)	31.4		22.8
Tax-related items(3)	5.7		9.2
Interest on long-term debt(4)	2.3		2.3
Other	32.6		30.4
Total other current liabilities	$	172.0	$	186.7

____________________________________

(1) Refer to the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K 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.

Debt and Lines of Credit (Details) - USD ($)	Jun. 30, 2022	Nov. 10, 2020	Feb. 29, 2024	Aug. 31, 2023
Unsecured debt \| 2.150% Senior Unsecured Notes Due December 2030 \| Acuity Brands Lighting, Inc.
Line of Credit Facility [Abstract]
Aggregate principal amount		$ 500,000,000
Interest rate (as percent)		2.15%
Debt issuance price as a percentage of face value (as percent)		99.737%
Deferred issuance costs		$ 4,800,000
Term of instrument		10 years
Line of Credit \| Revolving Credit Facility \| Credit facility
Line of Credit Facility [Abstract]
Term of instrument	5 years
Executed revolving credit facility	$ 600,000,000
Line of credit facility, additional borrowing capacity	$ 400,000,000
Short-term borrowings outstanding			$ 0	$ 0
Additional borrowing capacity under revolving credit facility			596,200,000
Letters of Credit \| Revolving Credit Facility \| Credit facility
Line of Credit Facility [Abstract]
Outstanding letters of credit			$ 3,800,000

Pension Plans (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1.2	$ 1.2	$ 2.3	$ 2.3
Interest cost	2.4	2.3	4.9	4.5
Expected return on plan assets	(2.2)	(2.4)	(4.4)	(4.8)
Amortization of prior service cost	0.0	0.6	0.0	1.3
Recognized actuarial loss	0.8	0.7	1.6	1.5
Net periodic pension cost	$ 2.2	$ 2.4	$ 4.4	$ 4.8

Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 29, 2024	Mar. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2024
Document Transition Report	false
Entity File Number	001-16583
Entity Registrant Name	ACUITY BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2632672
Entity Address, Address Line One	1170 Peachtree Street, N.E.
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	404
Local Phone Number	853-1400
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	AYI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,797,872
Entity Central Index Key	0001144215
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--08-31

Fair Value Measurements (Tables)

6 Months Ended

Feb. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The following table summarizes balances and the fair value hierarchy level of our financial instruments recorded at fair value on a recurring basis as of the dates presented (in millions):


		February 29, 2024		August 31, 2023
Assets recorded at fair value:
Cash and cash equivalents	Level 1	$	578.9	$	397.9
Other financial instruments	Level 2	0.6		0.4
Assets in fair value hierarchy		579.5		398.3
Other investments(1)		7.2		7.2
Total assets at fair value		$	586.7	$	405.5

____________________________________

(1) Includes strategic investments in privately-held entities over which we do not exercise significant influence or control and without readily determinable fair values. Amounts are recorded at cost less any impairment adjusted for observable price changes, if any.

Debt and Lines of Credit	6 Months Ended
Debt and Lines of Credit	Feb. 29, 2024
Debt Disclosure [Abstract]
Debt and Lines of Credit	Debt and Lines of Credit Long-term Debt On November 10, 2020, Acuity Brands Lighting, Inc., a wholly-owned operating subsidiary of Acuity Brands, Inc., issued $500.0 million aggregate principal amount of 2.150% senior unsecured notes due December 15, 2030 (the “Unsecured Notes”) 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. At issuance 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. 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. Lines of Credit On June 30, 2022, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks that provides us with a $600.0 million five-year unsecured revolving credit facility (the “Revolving Credit Facility”) with the ability to request an additional $400.0 million of borrowing capacity. We had no short-term borrowings outstanding under the Revolving Credit Facility at February 29, 2024 and August 31, 2023. We were in compliance with all financial covenants under the Credit Agreement as of the periods presented. At February 29, 2024, we had additional borrowing capacity under the Credit Agreement of $596.2 million under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less outstanding letters of credit of $3.8 million issued under the Revolving Credit Facility, primarily for securing collateral requirements under our casualty insurance premiums. None of our existing debt instruments include provisions that would require an acceleration of repayments based solely on changes in our credit ratings. Borrowings and repayments on our Revolving Credit Facility with terms of three months or less are reported on a net basis on our Consolidated Statements of Cash Flows.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Comprehensive Income (Tables)

6 Months Ended

Feb. 29, 2024

Equity [Abstract]

Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss)

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


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2023	$	(65.0)	$	(47.6)	$	(112.6)
Other comprehensive loss before reclassifications	(1.4)		—		(1.4)
Amounts reclassified from accumulated other comprehensive loss (1)	—		1.3		1.3
Net current period other comprehensive (loss) income	(1.4)		1.3		(0.1)
Balance at February 29, 2024	$	(66.4)	$	(46.3)	$	(112.7)


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2022	$	(73.5)	$	(52.3)	$	(125.8)
Other comprehensive loss before reclassifications	(2.6)		—		(2.6)
Amounts reclassified from accumulated other comprehensive loss (1)	—		2.1		2.1
Net current period other comprehensive (loss) income	(2.6)		2.1		(0.5)

Balance at February 28, 2023	$	(76.1)	$	(50.2)	$	(126.3)

_______________________________________

Schedule of Tax Expense or Benefit Allocated to Each Component of Other Comprehensive Loss

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


	Three Months Ended
	February 29, 2024						February 28, 2023
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	0.7	$	—	$	0.7	$	(1.1)	$	—	$	(1.1)
Defined benefit pension plans:


Amortization of defined benefit pension items:
Prior service cost	—		—		—		0.6		(0.1)		0.5
Actuarial losses	0.8		(0.1)		0.7		0.7		(0.2)		0.5

Total defined benefit pension plans, net	0.8		(0.1)		0.7		1.3		(0.3)		1.0
Other comprehensive income (loss)	$	1.5	$	(0.1)	$	1.4	$	0.2	$	(0.3)	$	(0.1)

	Six Months Ended
	February 29, 2024						February 28, 2023
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	(1.4)	$	—	$	(1.4)	$	(2.6)	$	—	$	(2.6)
Defined benefit pension plans:

Amortization of defined benefit pension items:
Prior service cost	—		—		—		1.3		(0.3)		1.0
Actuarial losses	1.6		(0.3)		1.3		1.5		(0.4)		1.1

Total defined benefit pension plans, net	1.6		(0.3)		1.3		2.8		(0.7)		2.1
Other comprehensive income (loss)	$	0.2	$	(0.3)	$	(0.1)	$	0.2	$	(0.7)	$	(0.5)

Revenue Recognition - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Disaggregation of Revenue [Line Items]
Total sales	$ 905.9	$ 943.6	$ 1,840.6	$ 1,941.5
Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Total sales	843.5	890.8	1,719.9	1,837.9
Operating Segments \| ISG
Disaggregation of Revenue [Line Items]
Total sales	68.1	58.2	132.3	115.0
Eliminations
Disaggregation of Revenue [Line Items]
Total sales	(5.7)	(5.4)	(11.6)	(11.4)
Independent sales network \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Total sales	612.3	635.3	1,237.5	1,309.0
Direct sales network \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Total sales	93.0	94.7	190.4	201.1
Retail sales \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Total sales	46.4	50.4	102.0	100.3
Corporate accounts \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Total sales	38.1	54.0	79.6	103.1
OEM and other \| Operating Segments \| ABL
Disaggregation of Revenue [Line Items]
Total sales	$ 53.7	$ 56.4	$ 110.4	$ 124.4

Fair Value Measurements

6 Months Ended

Feb. 29, 2024

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 may from time to time be required to remeasure the carrying value of certain assets and liabilities to fair value on a nonrecurring basis. Such adjustments typically arise if we determine that certain of our assets are impaired.

Financial Instruments Recorded at Fair Value

The following table summarizes balances and the fair value hierarchy level of our financial instruments recorded at fair value on a recurring basis as of the dates presented (in millions):


		February 29, 2024		August 31, 2023
Assets recorded at fair value:
Cash and cash equivalents	Level 1	$	578.9	$	397.9
Other financial instruments	Level 2	0.6		0.4
Assets in fair value hierarchy		579.5		398.3
Other investments(1)		7.2		7.2
Total assets at fair value		$	586.7	$	405.5

____________________________________

Disclosures of Fair Value of Financial Instruments

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.

Fair value for our outstanding debt obligations is estimated based on discounted future cash flows using rates currently available for debt of similar terms and maturity (Level 2). 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.

The estimated fair value of our senior unsecured public notes was $410.7 million and $401.4 million as of February 29, 2024 and August 31, 2023, respectively.

We had no short-term borrowings outstanding under our revolving credit facility as of February 29, 2024 and August 31, 2023. Such borrowings, if any, are variable-rate instruments that reset on a frequent short-term basis; therefore, we estimate that any outstanding carrying values of these instruments, which are equal to their face amounts, approximate their fair values. See Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements for further details on our outstanding 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

Share-based Payments

6 Months Ended

Feb. 29, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Payments

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

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Share-based payment expense	$	12.0	$	11.3	$	23.1	$	22.0

We recognized excess tax benefits of $1.5 million and $1.7 million related to share-based payment awards during the six months ended February 29, 2024 and February 28, 2023, respectively.

Further details regarding our share-based payments are included within the Share-based Payments footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Revenue Recognition

6 Months Ended

Feb. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We recognize revenue when we transfer control of goods and services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for goods and services and is recognized net of allowances for rebates, sales incentives, product returns, and discounts to customers. 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.

Further details regarding revenue recognition are included within the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Contract Balances

Our rights related to collections from customers are unconditional and are reflected within Accounts receivable on the Consolidated Balance Sheets at net realizable value. Further details regarding our method for developing our estimate of expected credit losses over the contractual term of our receivables are included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

We do not have any other significant contract assets. Contract liabilities arise when we receive cash or an unconditional right to collect cash prior to the transfer of control of goods or services.

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


	February 29, 2024		August 31, 2023
Current deferred revenues	$	16.2	$	14.1
Non-current deferred revenues	44.1		47.6

Current deferred revenues primarily consist of professional service and service-type warranty fees collected prior to performing the related service as well as software licenses and are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Revenue recognized from beginning balances of contract liabilities during the six months ended February 29, 2024 totaled $6.9 million.

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 February 29, 2024 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, directly to large corporate accounts, and through other distribution methods, including directly to OEM customers. 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):


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
ABL:
Independent sales network	$	612.3	$	635.3	$	1,237.5	$	1,309.0
Direct sales network	93.0		94.7		190.4		201.1
Retail sales	46.4		50.4		102.0		100.3
Corporate accounts	38.1		54.0		79.6		103.1
OEM and other	53.7		56.4		110.4		124.4
Total ABL	843.5		890.8		1,719.9		1,837.9
ISG	68.1		58.2		132.3		115.0
Eliminations	(5.7)		(5.4)		(11.6)		(11.4)
Total	$	905.9	$	943.6	$	1,840.6	$	1,941.5

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Current assets:
Allowance for doubtful accounts	$ 1.2	$ 1.3
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000.0	50,000,000.0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares issued (in shares)	54,600,000	54,400,000
Treasury stock, shares (in shares)	23,700,000	23,400,000

Inventories (Tables)

6 Months Ended

Feb. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


	February 29, 2024		August 31, 2023
Raw materials, supplies, and work in process (1)	$	228.1	$	214.0
Finished goods	179.6		180.3
Inventories excluding reserves	407.7		394.3
Less: Reserves	(31.9)		(25.8)
Total inventories	$	375.8	$	368.5

_______________________________________

Pension Plans (Tables)

6 Months Ended

Feb. 29, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Cost

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Service cost	$	1.2	$	1.2	$	2.3	$	2.3
Interest cost	2.4		2.3		4.9		4.5
Expected return on plan assets	(2.2)		(2.4)		(4.4)		(4.8)
Amortization of prior service cost	—		0.6		—		1.3

Recognized actuarial loss	0.8		0.7		1.6		1.5
Net periodic pension cost	$	2.2	$	2.4	$	4.4	$	4.8

Pension Plans

6 Months Ended

Feb. 29, 2024

Retirement Benefits [Abstract]

Pension Plans

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

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Service cost	$	1.2	$	1.2	$	2.3	$	2.3
Interest cost	2.4		2.3		4.9		4.5
Expected return on plan assets	(2.2)		(2.4)		(4.4)		(4.8)
Amortization of prior service cost	—		0.6		—		1.3

Recognized actuarial loss	0.8		0.7		1.6		1.5
Net periodic pension cost	$	2.2	$	2.4	$	4.4	$	4.8

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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-Topic 715
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10.0	$ 9.3	$ 19.9	$ 22.9

Commitments and Contingencies

6 Months Ended

Feb. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

In the normal course of business, we are subject to the effects of certain contractual stipulations, events, transactions, and laws and regulations that may, at times, require the recognition of liabilities, such as those related to self-insurance estimated liabilities and claims, legal and contractual issues, environmental laws and regulations, guarantees, and indemnities. We establish estimated liabilities when the associated costs related to uncertainties or guarantees become probable and can be reasonably estimated. For the period ended February 29, 2024, no material changes have occurred in our estimated liabilities for self-insurance, litigation, environmental matters, guarantees and indemnities, or relevant events and circumstances, from those disclosed in the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements within our Form 10-K other than the items discussed below.

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 in accordance with ASC Topic 450, Contingencies (“ASC 450”) when the related revenue is recognized. Estimated future warranty and recall costs are primarily based on historical experience of identified warranty and recall claims. Estimated costs related to product warranty and recall costs outside of our historical experience, which could include significant product recalls or formal campaigns soliciting repair or return of a product, are accrued when they are deemed to be probable and can be reasonably estimated. Any estimated or actual loss recoveries that offset our costs and payments are reflected as assets and included within Other current assets or Other long-term assets based on the timing of receipt of recovery. Recoveries are recorded net of allowances for credit losses.

There can be no assurance that future warranty or recall costs will not exceed historical amounts, new technology products may not generate unexpected costs, and/or loss recoveries will not be fully collectible. If actual future warranty or recall costs exceed historical amounts or recoveries are no longer collectible, adjustments to our

accruals and/or receivables may be warranted, 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 current 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):


	Six Months Ended
	February 29, 2024		February 28, 2023
Beginning balance	$	31.6	$	27.3
Warranty and recall costs	28.7		19.1
Payments and other deductions	(20.2)		(18.4)


Ending balance	$	40.1	$	28.0

Data Security Incidents

On December 14, 2022, a former associate filed a putative class action complaint against the Company in the United States District Court for the Northern District of Georgia on behalf of all persons whose personal information was compromised as a result of data security incidents we experienced in October 2020 and/or December 2021. On January 25, 2023, a second putative class action complaint was filed in the same venue by two other former associates.

Both complaints contained similar allegations and claimed that the Company failed to exercise reasonable caution in securing and safeguarding associate information. On that basis, the complaints asserted claims for negligence, breach of contract, breach of implied contract, unjust enrichment, breach of fiduciary duty, invasion of privacy, and breach of confidence. The plaintiffs sought class certification, monetary damages, certain injunctive relief regarding our data-security measures, additional credit-monitoring services, other equitable relief (including disgorgement), attorneys’ fees, costs, and pre- and post-judgment interest.

On December 1, 2023, the parties reached a proposed settlement and release of all claims in the class action and executed a Settlement Agreement and Release, which is pending approval from the State Court of Fulton County, Georgia. The impact of the settlement is not material.

We have received inquiries from, and it is also possible that investigations or other actions may be taken by, state and/or federal agencies regarding the data security incidents and related data privacy matters. For these reasons, we are currently unable to reasonably estimate the possible losses or a range of possible losses resulting from the matters described above. We have insurance, subject to certain terms and conditions, for these types of matters.

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.

Other Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other Expense (Details) - USD ($) $ in Millions	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Interest (income) expense, net:
Interest expense	$ 6.5	$ 7.6	$ 12.9	$ 15.5
Interest income	(6.6)	(1.9)	(12.1)	(3.2)
Interest (income) expense, net	(0.1)	5.7	0.8	12.3
Miscellaneous expense (income), net:
Non-service components of net periodic pension cost	1.0	1.2	2.1	2.5
Foreign currency transaction losses (gains)	0.2	(3.8)	0.8	(6.5)
Loss on sale of a business	0.0	0.0	0.0	11.2
Other items	(0.6)	(1.1)	(1.2)	(1.8)
Miscellaneous expense (income), net	0.6	(3.7)	1.7	5.4
Total other expense	$ 0.5	$ 2.0	$ 2.5	$ 17.7

Special Charges (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Special Charges (Details) - USD ($) $ in Millions	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2022	Feb. 29, 2024	Feb. 28, 2023
Restructuring Cost and Reserve [Line Items]
Special charges	$ 0.0	$ 0.0	$ 6.9	$ 0.0	$ 6.9
Operating lease, impairment loss			4.3
Employee Severance and Other Costs
Restructuring Cost and Reserve [Line Items]
Special charges			$ 2.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Comprehensive Income - Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Feb. 29, 2024	Nov. 30, 2023	Feb. 28, 2023	Nov. 30, 2022	Feb. 29, 2024	Feb. 28, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,064.1	$ 2,015.4	$ 1,903.5	$ 1,911.8	$ 2,015.4	$ 1,911.8
Other comprehensive loss before reclassifications					(1.4)	(2.6)
Amounts reclassified from accumulated other comprehensive loss					1.3	2.1
Net current period other comprehensive (loss) income	1.4	(1.5)	(0.1)	(0.4)	(0.1)	(0.5)
Ending balance	2,149.6	2,064.1	1,947.6	1,903.5	2,149.6	1,947.6
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(114.1)	(112.6)	(126.2)	(125.8)	(112.6)	(125.8)
Net current period other comprehensive (loss) income	1.4	(1.5)	(0.1)	(0.4)
Ending balance	(112.7)	(114.1)	(126.3)	(126.2)	(112.7)	(126.3)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(65.0)		(73.5)	(65.0)	(73.5)
Other comprehensive loss before reclassifications					(1.4)	(2.6)
Amounts reclassified from accumulated other comprehensive loss					0.0	0.0
Net current period other comprehensive (loss) income					(1.4)	(2.6)
Ending balance	(66.4)		(76.1)		(66.4)	(76.1)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ (47.6)		$ (52.3)	(47.6)	(52.3)
Other comprehensive loss before reclassifications					0.0	0.0
Amounts reclassified from accumulated other comprehensive loss					1.3	2.1
Net current period other comprehensive (loss) income					1.3	2.1
Ending balance	$ (46.3)		$ (50.2)		$ (46.3)	$ (50.2)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Feb. 29, 2024	Nov. 30, 2023	Feb. 28, 2023	Nov. 30, 2022	Feb. 29, 2024	Feb. 28, 2023
Pay vs Performance Disclosure
Net income	$ 89.2	$ 100.6	$ 83.2	$ 74.9	$ 189.8	$ 158.1

- Definition

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

+ References

+ Details

Share-based Payments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Share-Based Payment Arrangement [Abstract]
Excess tax benefits recognized related to share-based awards	$ 1.5	$ 1.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Current assets:
Cash and cash equivalents	$ 578.9	$ 397.9
Accounts receivable, less reserve for doubtful accounts of $1.2 and $1.3, respectively	494.9	555.3
Inventories	375.8	368.5
Prepayments and other current assets	97.2	73.5
Total current assets	1,546.8	1,395.2
Property, plant, and equipment, net	296.0	297.6
Operating lease right-of-use assets	76.2	84.1
Goodwill	1,097.1	1,097.9
Intangible assets, net	462.9	481.2
Deferred income taxes	0.8	3.0
Other long-term assets	46.0	49.5
Total assets	3,525.8	3,408.5
Current liabilities:
Accounts payable	322.4	285.7
Current operating lease liabilities	19.6	19.7
Accrued compensation	83.9	103.3
Other current liabilities	172.0	186.7
Total current liabilities	597.9	595.4
Long-term debt	495.9	495.6
Long-term operating lease liabilities	67.5	75.5
Accrued pension liabilities	38.7	38.4
Deferred income taxes	42.3	59.0
Other long-term liabilities	133.9	129.2
Total liabilities	1,376.2	1,393.1
Commitments and contingencies (see Commitments and Contingencies footnote)
Stockholders’ equity:
Preferred stock, $0.01 par value per share; 50.0 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value per share; 500.0 shares authorized; 54.6 and 54.4 shares issued, respectively	0.5	0.5
Paid-in capital	1,087.7	1,066.8
Retained earnings	3,686.4	3,505.4
Accumulated other comprehensive loss	(112.7)	(112.6)
Treasury stock, at cost, of 23.7 and 23.4 shares, respectively	(2,512.3)	(2,444.7)
Total stockholders’ equity	2,149.6	2,015.4
Total liabilities and stockholders’ equity	$ 3,525.8	$ 3,408.5

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,097.9	$ 1,084.3
Derecognitions for divestitures		(0.7)
Foreign currency translation adjustments	(0.8)	(3.3)
Goodwill, ending balance	1,097.1	1,080.3
ABL
Goodwill [Roll Forward]
Goodwill, beginning balance	1,014.4	1,014.2
Derecognitions for divestitures		(0.7)
Foreign currency translation adjustments	(0.6)	(1.2)
Goodwill, ending balance	1,013.8	1,012.3
ISG
Goodwill [Roll Forward]
Goodwill, beginning balance	83.5	70.1
Derecognitions for divestitures		0.0
Foreign currency translation adjustments	(0.2)	(2.1)
Goodwill, ending balance	$ 83.3	$ 68.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Other Expense

6 Months Ended

Feb. 29, 2024

Other Income and Expenses [Abstract]

Other Expense

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


	Three Months Ended				Six Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Interest (income) expense, net:
Interest expense	$	6.5	$	7.6	$	12.9	$	15.5
Interest income	(6.6)		(1.9)		(12.1)		(3.2)
Interest (income) expense, net	(0.1)		5.7		0.8		12.3
Miscellaneous expense (income), net:
Non-service components of net periodic pension cost	1.0		1.2		2.1		2.5
Foreign currency transaction losses (gains)	0.2		(3.8)		0.8		(6.5)
Loss on sale of business	—		—		—		11.2
Other items	(0.6)		(1.1)		(1.2)		(1.8)
Miscellaneous expense (income), net	0.6		(3.7)		1.7		5.4
Other expense, net	$	0.5	$	2.0	$	2.5	$	17.7

Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - Fair value measured on recurring basis - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 586.7	$ 405.5
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	578.9	397.9
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other financial instruments	0.6	0.4
Level 1,2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets in fair value hierarchy	579.5	398.3
Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 7.2	$ 7.2