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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 
Inventories94.7 
Property, plant, and equipment27.0 
Operating lease right-of-use assets23.2 
Accounts receivable55.7 
Other assets81.7 
Total identifiable assets984.9 
Liabilities assumed:
Accounts payable32.6 
Operating lease liabilities 24.3 
Other liabilities88.5 
Total liabilities assumed145.4 
Total identifiable net assets839.5 
Goodwill$363.5 
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(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 EndedSix Months Ended
Revenue$95.1 $95.1 
Net income(1)
(1.7)(1.7)
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(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-DateYear-to-Date
February 28, 2025February 29, 2024February 28, 2025February 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 
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(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.