XML 46 R28.htm IDEA: XBRL DOCUMENT
v3.25.1

Acquisitions (Tables) | 6 Months Ended
--- | ---
Feb. 28, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table outlines the preliminary fair values of the assets and liabilities obtained in connection with the QSC acquisition as of January 1, 2025 (in millions):
| Purchase Price Allocation
Consideration transferred: |
Cash consideration | $ | 1,203.0 |
Identifiable assets: |
Intangible assets(1) | 702.6 |
Inventories | 94.7 |
Property, plant, and equipment | 27.0 |
Operating lease right-of-use assets | 23.2 |
Accounts receivable | 55.7 |
Other assets | 81.7 |
Total identifiable assets | 984.9 |
Liabilities assumed: |
Accounts payable | 32.6 |
Operating lease liabilities | 24.3 |
Other liabilities | 88.5 |
Total liabilities assumed | 145.4 |
Total identifiable net assets | 839.5 |
Goodwill | $ | 363.5 |
______________________________ (1) Gross intangible assets of $702.6 million reflect estimates for definite-lived intangibles with a preliminary estimated weighted average useful life of approximately 15 years.
Schedule of the Amount of Net Sales and Net Income | The following table provides the amount of QSC net sales and net income included within our consolidated financial statements since the acquisition date (in millions):
| February 28, 2025
| Three Months Ended |  | Six Months Ended
Revenue | $ | 95.1 |  |  | $ | 95.1 |
Net income(1) | (1.7) |  |  | (1.7) |
____________________________________ (1) Net income includes preliminary pre-tax nonrecurring acquisition date fair value adjustments to inventory of $10.4 million and preliminary amortization of acquired intangible assets of $7.8 million for the three and six months ended February 28, 2025.
Schedule of Business Acquisition, Pro Forma Information | Amounts in the table below combine our previously reported results with QSC’s results for the corresponding periods as well as adjustments for purchase accounting, accounting policy alignments, changes to our capital structure, including additional interest expense associated with borrowings to fund the acquisition, and other nonrecurring items that were incurred in connection with the acquisition, assuming they occurred as of September 1, 2023 (in millions):
| Quarter-to-Date |  | Year-to-Date
| February 28, 2025 |  | February 29, 2024 |  | February 28, 2025 |  | February 29, 2024
Revenue | $ | 1,059.4 |  |  | $ | 1,030.2 |  |  | $ | 2,158.6 |  |  | $ | 2,096.4 |
Net income(1) | 98.2 |  |  | 79.9 |  |  | 208.8 |  |  | 148.5 |
______________________________ (1) Pro forma net income for the quarter-to-date period ended February 29, 2024 includes preliminary pre-tax nonrecurring acquisition date fair value adjustments to inventory of $6.8 million. Pro forma net income for the year-to-date period ending February 29, 2024 includes preliminary pre-tax nonrecurring acquisition date fair value adjustments to inventory of $22.5 million and acquisition-related costs of $18.7 million. We did not have any other significant nonrecurring pro forma adjustments directly attributable to the acquisition.

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration