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Description of Business and Basis of Presentation | 9 Months Ended
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May 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Acuity Brands, Inc. (referred to herein as “we,” “our,” “us,” the “Company,” or similar references) was incorporated in 2001 under the laws of the State of Delaware. We are a market-leading industrial technology company that develops, manufactures, and brings to market products and services including building management systems, lighting, lighting controls, and location-aware applications. These products and services provide commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets. Beginning the third quarter of fiscal 2021, we have two reportable segments consisting of Acuity Brands Lighting and Lighting Controls (“ABL”) and Intelligent Spaces Group (“ISG”). ABL offers devices such as luminaires, lighting controls, power supplies, prismatic skylights, and drivers as well as integrated systems designed to optimize energy efficiency and comfort for various indoor and outdoor applications. Principal customers of ABL include electrical distributors, retail home improvement centers, electric utilities, national accounts, digital retailers, lighting showrooms, and energy service companies located in North America and select international markets serving new construction, renovation and retrofit, and maintenance and repair applications. Our lighting and lighting controls solutions are sold primarily through independent sales agencies that cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts. Products are delivered directly from our manufacturing facilities or through a network of distribution centers, regional warehouses, and commercial warehouses using both common carriers and a company-managed truck fleet. To serve international customers, the sales forces utilize a variety of distribution methods to meet specific individual customer or country requirements. ABL products and solutions are marketed under numerous brand names, including but not limited to Lithonia Lighting®, Holophane®, Peerless®,Gotham®, Mark Architectural Lighting TM, Winona®Lighitng, Juno®, Indy TM, Aculux TM, Healthcare Lighting®, Hydrel®, American Electric Lighting®, Sunoptics®, eldoLED®, nLight®, Sensor Switch®, IOTA®, A-Light TM, Cyclone TM, Eureka®, Lumniaire LED TM, Luminis®, Dark to Light®, and RELOC Wiring Solutions. ISG offers building management systems and location-aware applications and sells predominantly through system integrators. Our building management system includes Distech Controls® products for controlling heating, ventilation, and air conditioning (“HVAC”), lighting, shades, and access control that deliver end-to-end optimization of those building systems. We also offer Atrius TM, our intelligent building platform that enhances the occupant experience, improves building system management, and automates labor intensive tasks while delivering operational energy efficiency and cost reductions. Through a connected and converged building system architecture, our platform delivers different applications, allows clients to upgrade over time with natural refresh cycles, and deploys new capability through both software and hardware updates. Principal customers of ISG include system integrators, electrical distributors, retail centers, airports, and enterprise campuses throughout North America and select international locations. ISG products and solutions are marketed under numerous brand names, including but not limited to Distech Controls®, DGLogik TM, Atruis TM BuildingOS®, and LocusLabs TM. ABL and ISG comprised approximately 95% and 5% of consolidated revenues, respectively, during the three and nine months ended May 31, 2021 and 2020. We prepared the Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) to present the financial position, results of operations, and cash flows of Acuity Brands, 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 May 31, 2021, our consolidated comprehensive income for the three and nine months ended May 31, 2021 and 2020, and our consolidated cash flows for the nine months ended May 31, 2021 and 2020. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the three years ended August 31, 2020 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on October 23, 2020 (File No. 001-16583) (“Form 10-K”). The results of operations for the three and nine months ended May 31, 2021 and 2020 are not necessarily indicative of the results to be expected for the full fiscal year due primarily to continued uncertainty of general economic conditions that may impact our key end markets for the remainder of fiscal 2021, seasonality, and the impact of any acquisitions, among other reasons. Additionally, we are uncertain of the future impact of the ongoing COVID-19 pandemic or recovery of prior deterioration in economic conditions to our sales channels, supply chain, manufacturing, and distribution as well as overall construction, renovation, and consumer spending.

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