0001013237-20-000153 | 10-K | XBRL Viewer | Factset Research Systems INC

Other comprehensive income, net of tax:

$ 372,938

$ 352,790

$ 267,085

Net unrealized gain (loss) on cash flow hedges

^[1]

674

504

(7,288)

Foreign currency translation adjustments

34,577

(24,325)

(9,431)

Other comprehensive income (loss)

35,251

(23,821)

(16,719)

Comprehensive income

$ 408,189

$ 328,969

$ 250,366

[1]	The unrealized gain (loss) on cash flow hedges disclosed above was net of tax (expense) benefit of ($251), ($387), and $3,518 for the fiscal years ended August 31, 2020, 2019 and 2018, respectively.

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

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Balance (in shares) at Aug. 31, 2017

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on cash flow hedges, tax (expense) benefit	$ (251)	$ (387)	$ 3,518

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
ASSETS
Cash and cash equivalents	$ 585,605	$ 359,799
Investments	19,572	25,813
Accounts receivable, net of reserves of $7,987 at August 31, 2020 and $10,511 at August 31, 2019	155,011	146,309
Prepaid taxes	38,067	15,033
Prepaid expenses and other current assets	43,675	36,858
Total current assets	841,930	583,812
Property, equipment and leasehold improvements, net	133,102	119,384
Goodwill	709,703	685,729
Intangible assets, net	121,095	124,448
Deferred taxes	0	7,571
Lease right-of-use assets, net	248,929	0
Other assets	28,629	39,186
TOTAL ASSETS	2,083,388	1,560,130
LIABILITIES
Accounts payable and accrued expenses	82,094	79,620
Current lease liabilities	29,056	0
Accrued compensation	81,873	64,202
Deferred fees	53,987	47,656
Dividends payable	29,283	27,445
Total current liabilities	276,293	218,923
Debt obligations	574,354	574,174
Deferred taxes	19,713	16,391
Deferred fees	9,319	10,088
Taxes payable	27,739	26,292
Long-term lease liabilities	272,269	0
Other non-current liabilities	7,326	42,006
TOTAL LIABILITIES	1,187,013	887,874
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value, 150,000,000 shares authorized, 40,767,708 and 40,104,192 shares issued, 38,030,252 and 38,117,840 shares outstanding at August 31, 2020 and 2019, respectively	408	401
Additional paid-in capital	939,067	806,973
Treasury stock, at cost: 2,737,456 and 1,986,352 shares at August 31, 2020 and 2019, respectively	(636,956)	(433,799)
Retained earnings	633,149	373,225
Accumulated other comprehensive loss	(39,293)	(74,544)
TOTAL STOCKHOLDERS’ EQUITY	896,375	672,256
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,083,388	$ 1,560,130

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, reserves	$ 7,987	$ 10,511
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	40,767,708	40,104,192
Common stock, outstanding (in shares)	38,030,252	38,117,840
Treasury stock (in shares)	2,737,456	1,986,352

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Aug. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 372,938	$ 352,790	$ 267,085
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	57,614	60,463	57,285
Amortization of lease right-of-use assets	43,185	0	0
Stock-based compensation expense	36,579	32,400	31,516
Deferred income taxes	10,626	(2,278)	(1,910)
Impairment charge	16,500	0	0
Loss on sale of assets	172	196	140
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net of reserves	(8,608)	10,205	(8,417)
Accounts payable and accrued expenses	12,427	(2,290)	12,077
Accrued compensation	16,446	(1,743)	5,735
Deferred fees	5,571	458	6,035
Taxes payable, net of prepaid taxes	(24,224)	(19,238)	27,659
Lease liabilities, net	(33,340)	0	0
Other, net	(46)	(3,827)	(11,537)
Net cash provided by operating activities	505,840	427,136	385,668
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment, leasehold improvements and intangible assets	(77,642)	(59,370)	(33,520)
Purchases of investments	(2,736)	(11,135)	(12,470)
Proceeds from maturity or sale of investments	6,746	14,405	12,459
Acquisition of businesses and investments, net of cash and cash equivalents acquired	0	0	(15,000)
Net cash used in investing activities	(73,632)	(56,100)	(48,531)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	(199,625)	(220,372)	(303,955)
Dividend payments	(110,439)	(100,052)	(89,408)
Repayment of debt	0	(575,000)	0
Proceeds from debt	0	575,000	0
Proceeds from employee stock plans	95,520	107,051	71,610
Tax benefits from share-based payment arrangements	0	0	0
Other financing activities, net	(3,531)	(901)	1,716
Net cash used in financing activities	(218,075)	(214,274)	(320,037)
Effect of exchange rate changes on cash and cash equivalents	11,673	(5,586)	(3,208)
Net increase in cash and cash equivalents	225,806	151,176	13,892
Cash and cash equivalents at beginning of period	359,799	208,623	194,731
Cash and cash equivalents at end of period	585,605	359,799	208,623
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for interest	12,876	19,509	15,676
Cash paid during the year for income taxes, net of refunds	69,092	89,997	68,707
Supplemental Disclosure of Non-Cash Transactions
Dividends declared, not paid	$ 29,283	$ 27,445	$ 24,443

Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Common Stock

Additional Paid-in Capital

Treasury Stock

Retained Earnings

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Accumulated Other Comprehensive Loss

Cumulative Effect, Period of Adoption, Adjustment

^[1]

51,845,132

12,822,100

Balance at Aug. 31, 2017

$ 559,691

$ 518

$ 741,748

$ (1,606,678)

$ 1,458,823

$ (34,720)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issued for employee stock plans (in shares)

267,085

Other comprehensive loss

(16,719)

685,807

Common stock issued for employee stock plans

80,991

$ 8

80,983

Vesting of restricted stock (in shares)

8,070

Vesting of restricted stock

(1,514)

$ (1,514)

Repurchase of common stock (in shares)

1,534,782

Repurchases of common stock

(302,441)

$ (302,441)

Stock-based compensation

31,517

Dividends declared

(92,710)

Retirement of treasury shares (in shares)

(13,292,689)

Retirement of Treasury Shares

$ (133)

(186,717)

$ 1,697,205

(1,510,355)

Balance (in shares) at Aug. 31, 2018

39,264,849

1,072,263

Balance at Aug. 31, 2018

525,900

$ 2,018

$ 393

667,531

$ (213,428)

122,843

$ 1,302

(51,439)

$ 716

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Previously granted awards vested (in shares)

26,599

Common stock issued for employee stock plans (in shares)

352,790

Other comprehensive loss

(23,821)

753,942

Common stock issued for employee stock plans

107,050

$ 7

107,043

Vesting of restricted stock (in shares)

31,644

Vesting of restricted stock

$ (7,241)

$ 1

(1)

$ (7,241)

Repurchase of common stock (in shares)

900,000

882,445

Repurchases of common stock

$ (213,130)

Stock-based compensation

32,400

Dividends declared

(103,710)

Balance (in shares) at Aug. 31, 2019

40,104,192

1,986,352

Balance at Aug. 31, 2019

672,256

$ 401

806,973

$ (433,799)

373,225

(74,544)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Previously granted awards vested (in shares)

85,401

Common stock issued for employee stock plans (in shares)

372,938

Other comprehensive loss

35,251

630,520

Common stock issued for employee stock plans

95,501

$ 7

95,515

$ (21)

Vesting of restricted stock (in shares)

11,945

Vesting of restricted stock

$ (3,511)

Repurchase of common stock (in shares)

700,000

739,084

Repurchases of common stock

$ (199,625)

Stock-based compensation

36,579

Dividends declared

(113,014)

Balance (in shares) at Aug. 31, 2020

40,767,708

2,737,456

Balance at Aug. 31, 2020

$ 896,375

$ 408

$ 939,067

$ (636,956)

$ 633,149

$ (39,293)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Previously granted awards vested (in shares)

32,996

[1]

Includes the cumulative effect of adoption of accounting standards primarily due to both the adoption of the new revenue recognition standard (ASC 606) resulting in a cumulative increase to retained earnings related to certain fulfillment costs and the accounting standard update related to the U.S. Tax Cuts and Jobs Act ("TCJA") providing for the reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects. Refer to Note 3, Basis of Presentation and Note 4, Revenue Recognition in the Notes to the Company's Consolidated Financial Statements included in Item 8. of this Annual Report on Form 10-K for additional information.

Description of Business	12 Months Ended
Description of Business	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESSFactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "FactSet") is a global provider of integrated financial information, analytical applications and industry-leading services for the investment and corporate communities. For over 40 years, global financial professionals have utilized the Company’s content and multi-asset class solutions across each stage of the investment process. FactSet’s goal is to provide a seamless user experience spanning idea generation, research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting, in which the Company serves the front, middle, and back offices to drive productivity and improved performance. FactSet’s flexible, open data and technology solutions can be implemented both across the investment portfolio lifecycle or as standalone components serving different workflows in an organization. FactSet is focused on growing the business through three segments: the Americas (formerly known as U.S.), EMEA (Europe and Africa, formerly known as Europe), and Asia Pacific. Within each of the segments, the Company primarily delivers insight and information through the four workflow solutions of Research, Analytics and Trading, Content and Technology Solutions ("CTS"), and Wealth. FactSet currently serves a wide range of financial professionals, which include but are not limited to portfolio managers, investment research professionals, investment bankers, risk and performance analysts, wealth advisors, and corporate clients. FactSet provides both insights on global market trends and intelligence on companies and industries, as well as capabilities to monitor portfolio risk and performance and execute trades. The Company combines dedicated client service with open and flexible technology offerings, such as a configurable desktop and mobile platform, comprehensive data feeds, and open marketplace and digital portals and application programming interface ("APIs"). The Company's revenue is primarily derived from subscriptions to products and services such as workstations, portfolio analytics, enterprise data, and research management.

Basis of Presentation	12 Months Ended
Basis of Presentation	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION FactSet conducts business globally and is managed on a geographic basis. The accompanying Consolidated Financial Statements and Notes to the Company's Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). All intercompany balances, transactions, and profits have been eliminated. The preparation of Consolidated Financial Statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates have been made in areas that include allocation of purchase price to acquired assets and liabilities, stock-based compensation, income taxes, valuation of goodwill, and useful lives and valuation of fixed and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Reclassification The Company reclassified certain prior year comparative figures from Interest expense, net, to Other expense, net including non-operational foreign exchange gains and losses in the Consolidated Statement of Income to conform to the current year's presentation. The Company reclassified certain capitalized software from Property, equipment and leasehold improvements, net to Intangible assets, net, except for capitalized develop costs associated with hosted solutions, which were reclassified to Other assets, in the prior year comparative figures in the Consolidated Balance Sheets to conform to the current year's presentation. COVID-19 A novel strain of coronavirus, now known as COVID-19 ("COVID-19"), was first reported in December 2019, and it has since extensively impacted the global health and economic environment, with the World Health Organization characterizing COVID-19 as a pandemic on March 11, 2020. FactSet is closely monitoring pandemic-related developments and has taken, and continues to take, numerous steps to address them. FactSet has required nearly all its employees to work remotely on a temporary basis and has implemented global travel restrictions for employees. The Company believes the transition to remote working has been successful and has not significantly affected financial results for the fiscal year ended August 31, 2020. Since the situation surrounding the COVID-19 pandemic remains fluid, FactSet is actively managing its response and has assessed potential impacts to its financial position and operating results for fiscal 2020 as of August 31, 2020. The extent of the effect on the Company’s future operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and governmental, regulatory and private sector responses, all of which are uncertain and difficult to predict.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Aug. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies of the Company and its subsidiaries are summarized below. Revenue Recognition The majority of the Company’s revenue is derived from client access to its hosted proprietary data and analytics platform, which can include various combinations of products and services available over the contractual term. The hosted platform is a subscription-based service that consists primarily of providing access to products and services including workstations, analytics, enterprise data, research management, and trade execution. The Company determined that the subscription-based service represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. Based on the nature of the services and products offered by FactSet, the Company applies an input time-based measure of progress as the client is simultaneously receiving and consuming the benefits of the platform. The Company records revenue for its contracts using the over-time revenue recognition model as a client is invoiced or performance is satisfied. A provision for billing adjustments and cancellation of services is estimated and accounted for as a reduction to revenue, with a corresponding reduction to accounts receivable. Accounts Receivable and Deferred Fees Amounts that have been earned but not yet paid are reflected on the Consolidated Balance Sheets as Accounts receivable, net of reserves. Amounts invoiced in advance of client payments that are in excess of earned subscription revenue are reflected on the Consolidated Balance Sheets as Deferred fees. As of August 31, 2020, the amount of accounts receivable that was unbilled totaled $17.1 million, and will be billed in fiscal 2021. As of August 31, 2019, the amount of accounts receivable that was unbilled totaled $15.8 million, and was billed in fiscal 2020. The Company calculates its receivable reserve through analyzing aged client receivables, reviewing the recent history of client receivable write-offs and understanding general market and economic conditions. In accordance with this policy, a receivable reserve of $8.0 million and $10.5 million was recorded as of August 31, 2020 and 2019, respectively, within the Consolidated Balance Sheets as a reduction to Accounts receivable. Cost of Services Cost of services is comprised of compensation for Company employees within the content collection, consulting, product development, software and systems engineering groups in addition to data costs, computer maintenance and depreciation expenses, amortization of identifiable intangible assets, and client-related communication costs. Selling, General and Administrative Selling, general and administrative expenses include compensation for the sales and various other support and administrative departments in addition to travel and entertainment expenses, marketing costs, rent, depreciation of furniture and fixtures, amortization of lease right-of-use ("ROU") assets and leasehold improvements, as well as office expenses, professional fees and other miscellaneous expenses. Research and Product Development Costs FactSet does not have a separate research and product development department, but rather the Product Development and Engineering departments work closely with our strategists, product managers, sales and other client-facing specialists to identify areas of improvement with the goal of providing increased value to clients. As such, research and product development costs relate to the salary and benefits for the Company’s product development, software engineering and technical support staff and these costs are expensed as incurred and primarily included within Cost of services as employee compensation. The Company expects to allocate a similar percentage of its workforce in future years in to continue to develop new products and enhancements, respond quickly to market changes and meet the needs of its clients efficiently. FactSet incurred research and product development costs of $224.0 million, $214.7 million and $217.1 million during fiscal years 2020, 2019 and 2018, respectively. Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income by the number of weighted average common shares outstanding during the period increased by the dilutive effect of potential common shares outstanding during the period. The number of potential common shares outstanding has been determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards, including employee stock options and grants of restricted stock and restricted stock units. Performance-based awards are omitted from the calculation of diluted EPS until it is determined that the performance criteria has been met at the end of the reporting period. Under the treasury stock method, the exercise price paid by the option holder and future stock-based compensation expense that the Company has not yet recognized are assumed to be used to repurchase shares. Comprehensive Income The Company discloses comprehensive income in accordance with applicable standards for the reporting and display of comprehensive income in a set of financial statements. Comprehensive income is defined as the change in net assets of a business enterprise during a period from transactions generated from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s cash equivalents are classified as Level 1 while the Company’s derivative instruments (foreign exchange forward contracts) and certificates of deposit are classified as Level 2. There were no Level 3 assets or liabilities held by FactSet as of August 31, 2020 or 2019. Refer to Note 5, Fair Value Measures for the definition of the fair value hierarchy. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and money market funds with original maturities of three months or less and are reported at fair value. The Company’s corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value. Investments Investments consist of both mutual funds and certificates of deposit as both are part of the Company’s investment strategy. These mutual funds and certificates of deposit are included as Investments (short-term) on the Company’s Consolidated Balance Sheets as the mutual funds can be liquidated at the Company’s discretion and the certificates of deposit have original maturities greater than three months. The mutual funds and certificates of deposit are held for investment and are not considered debt securities. Preservation of principal is the primary goal of our cash and investment policy. Pursuant to our established investment guidelines, we try to achieve high levels of credit quality, liquidity and diversification. Our investment guidelines do not permit us to invest in puts, calls, strips, short sales, straddles, options, commodities, precious metals, futures or investments on margin. Interest income earned from these investments during fiscal 2020, 2019 and 2018 was $1.1 million, $1.5 million and $1.3 million, respectively. The Company’s cash, cash equivalents and investments portfolio did not experience any realized or unrealized losses as a result of counterparty credit risk or ratings change during fiscal 2020 and 2019. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization. Computers and related equipment are depreciated on a straight-line basis over an estimated useful life ranging from three to five years. Furniture and fixtures are depreciated on a straight-line basis over their estimated useful lives of seven years. Leasehold improvements are amortized on a straight-line basis over the terms of the related leases or estimated useful lives of the improvements, whichever period is shorter. Repairs and maintenance expenditures, which are not considered leasehold improvements and do not extend the useful life of the property and equipment, are expensed as incurred. The Company performs a test for impairment whenever events or changes in circumstances indicate that the carrying amount of an individual asset or asset group may not be recoverable. Should projected undiscounted future cash flows be less than the carrying amount of the asset or asset group, an impairment charge reducing the carrying amount to fair value is required. Fair value is determined based on the most appropriate valuation technique, including discounted cash flows. Goodwill Goodwill at the reporting unit level is reviewed for impairment annually, and more frequently if impairment indicators exist. Goodwill is deemed to be impaired and written-down in the period in which the carrying value of the reporting unit exceeds its fair value. FactSet has three reporting units, Americas, EMEA and Asia Pacific, which are consistent with the operating segments reported, as discrete financial information is not available for subsidiaries within the operating segments. FactSet may elect to perform a qualitative analysis for the reporting units to determine whether it is more likely than not the fair value of the reporting unit is greater than its carrying value. In performing a qualitative assessment, FactSet considers such factors as macro-economic conditions, industry and market conditions in which FactSet operates including the competitive environment and significant changes in demand for the Company’s services. The Company also considers its share price both in absolute terms and in relation to peer companies. If the qualitative analysis indicates that it is more likely than not the fair value of a reporting unit is less than its carrying amount or if FactSet elects not to perform a qualitative analysis, a quantitative analysis is performed to determine whether a goodwill impairment exists. The quantitative goodwill impairment analysis is used to identify potential impairment by comparing fair value of a reporting unit with its carrying amount using an income approach, along with other relevant market information, derived from a discounted cash flow model to estimate fair value of FactSet’s reporting units. The annual review of carrying value of goodwill requires the Company develop estimates of future business performance. These estimates are used to derive expected cash flows and include assumptions regarding future sales levels and the level of working capital needed to support a given business. The discounted cash flow model also includes a determination of FactSet’s weighted average cost of capital by reporting unit. Cost of capital is based on assumptions about interest rates, as well as a risk-adjusted rate of return required by FactSet’s equity investors. Changes in these estimates can impact present value of expected cash flows used in determining fair value of a reporting unit. An impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any, would be recognized. The loss recognized would not exceed total amount of goodwill allocated to that reporting unit. The Company performed its annual goodwill impairment test during the fourth quarter of fiscal 2020 utilizing a qualitative analysis and concluded it was more likely than not the fair value of each reporting unit was greater than its respective carrying value and no impairment charge was required. Intangible Assets Acquired Intangible Assets FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The Company amortizes intangible assets over their estimated useful lives, which are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. Amortizable Intangible assets are tested for impairment, if indicators of impairment are present, based on undiscounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. No impairment of intangible assets has been identified during any of the fiscal years presented. The intangible assets have no assigned residual values. Internally Developed Software FactSet capitalizes internal and external costs related to developing, modifying or obtaining software for internal use, incurred during the application development stage in accordance with ASC 350-40, Internal-Use Software. Costs related to software upgrades and enhancements are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. The capitalized software is amortized using the straight-line method over the estimated useful life of the software, generally three to five years. These assets are subject to the impairment test guidance specified in the acquired intangible assets above. Accrued Liabilities Accrued liabilities include estimates relating to employee compensation, operating expenses and tax liabilities. At the end of each fiscal year, FactSet conducts a review of both Company and individual performance within each department to determine the amount of discretionary employee compensation. The Company also reviews compensation throughout the year to determine how overall performance tracks against management’s expectations. Management takes these and other factors, including historical performance, into account in reviewing accrued compensation estimates quarterly and adjusting accrual rates as appropriate. The majority of variable employee compensation recorded within accrued compensation related to the annual performance bonus, which was $54.4 million and $49.4 million as of August 31, 2020 and 2019, respectively. Derivative Instruments Foreign Currency Forward Contracts FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso. As such, the Company is exposed to movements in foreign currency exchange rates relative to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign exchange forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considers several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge. These transactions are designated and accounted for as cash flow hedges in accordance with applicable accounting guidance. The gains and losses on foreign currency forward contracts mitigate the variability in operating expenses associated with currency movements. Interest Rate Swap Agreement On March 29, 2019, FactSet entered into a credit agreement with PNC Bank, National Association ("PNC") (the "2019 Credit Agreement"), which provides for a $750.0 million revolving credit facility (the "2019 Revolving Credit Facility"). The outstanding principal balance of $575.0 million bears interest at a rate equal to LIBOR plus a spread, using a debt leverage pricing grid. The variable rate of interest on the Company's long-term debt can expose FactSet to interest rate volatility due to changes in LIBOR. To mitigate this exposure, on March 5, 2020, FactSet entered into an interest rate swap agreement with a notional amount of $287.5 million to hedge the variable interest rate obligation, effectively converting the floating interest rate to fixed for the hedged portion. Thus, FactSet is only exposed to base interest rate risk on floating rate borrowings in excess of any amounts that are not hedged, or $287.5 million of the outstanding principal balance. Derivative Instrument Classification The changes in fair value for these cash flow hedges are initially reported as a component of accumulated other comprehensive loss ("AOCL") and subsequently reclassified into operating expenses when the hedged exposure affects earnings. All derivatives are assessed for effectiveness at each reporting period. Foreign Currency Translation Certain wholly-owned subsidiaries operate under a functional currency different from the U.S. dollar, such as the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso. The financial statements of these foreign subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates for the period for revenues and expenses. Translation gains and losses that arise from translating assets, liabilities, revenue and expenses of foreign operations are recorded in AOCL as a component of stockholders’ equity. The accumulated foreign currency translation loss totaled $37.7 million and $72.3 million at August 31, 2020 and 2019, respectively. Income and Deferred Taxes Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using current enacted tax rates. FactSet recognizes the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will prevail upon tax examination, based solely on the technical merits of the tax position as of the reporting date. Otherwise, no benefit or expense can be recognized in the Consolidated Financial Statements. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Additionally, FactSet accrues interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. Interest is classified as income tax expense in the financial statements. As of August 31, 2020, the Company had gross unrecognized tax benefits totaling $12.3 million, including $0.9 million of accrued interest, recorded as Taxes payable (non-current) on the Consolidated Balance Sheets. Stock-Based Compensation Accounting guidance requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock, performance share units, and common shares acquired under employee stock purchases based on estimated fair values of the share awards that are scheduled to vest during the period. FactSet uses the straight-line attribution method for all awards with graded vesting features and service conditions only. Under this method, the amount of compensation expense that is recognized on any date is at least equal to the vested portion of the award on that date. For all stock-based awards with performance conditions, the graded vesting attribution method is used by the Company to determine the monthly stock-based compensation expense over the applicable vesting periods. As stock-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded stock-based compensation, are classified as cash inflows from operations. Performance-based options and performance share units require management to make assumptions regarding the likelihood of achieving Company performance targets on a quarterly basis. The number of performance-based options and performance share units that vest will be predicated on the Company achieving certain performance levels. A change in the financial performance levels the Company achieves could result in changes to FactSet’s current estimate of the vesting percentage and related stock-based compensation. Treasury Stock The Company accounts for repurchased common stock under the cost method and includes such treasury stock as a component of its Stockholders’ equity. The Company accounts for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital ("APIC") by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings. Leases FactSet adopted the standard, ASC 842-10, Leases ("ASC 842") as of September 1, 2019, using a modified retrospective approach. The adoption of the lease standard primarily related to the Company’s real estate operating leases. FactSet reviews new arrangements at inception to evaluate whether the Company obtains substantially all the economic benefits of and has the right to control the use of an asset. If FactSet determines that an arrangement qualifies as a lease, with a lease term of greater than one year, the Company records a lease ROU asset and lease liability at the lease commencement date. As there is no rate implicit in the Company’s operating lease arrangements, these balances are initially recorded as the present value of the future minimum lease payments, (including fixed lease payments and certain qualifying index-based variable payments) over the lease term, using FactSet’s incremental borrowing rate ("IBR") within the geography where the leased asset is located. As FactSet does not have any outstanding public debt, the Company estimates the IBR based on FactSet’s estimated credit rating and available market information. The IBR is determined at lease commencement and subsequently reassessed upon a modification to the lease arrangement. Certain adjustments to our lease ROU assets may be required for items such as initial direct costs paid or incentives received. FactSet elected the practical expedient not to separate lease components from non-lease components but, rather, to combine them into one single lease component, which we recognize over the expected term on a straight-line expense basis in occupancy costs (a component of SG&A expense). As of August 31, 2020, the Company’s leases have remaining terms of less than one year to just over 15 years. The lease ROU assets and lease liabilities recognized did not include any renewal or termination options that were not yet reasonably certain to be exercised. Business Combinations The Company accounts for its business combinations using the purchase method of accounting. The acquisition purchase price is allocated to the underlying identified tangible and intangible assets and liabilities assumed, based on their respective estimated fair values on the acquisition date. The excess of the purchase consideration over the fair values of the identified assets and liabilities is recorded as goodwill and assigned to one or more reporting units. The amounts and useful lives assigned to acquisition-related tangible and intangible assets impact the amount and timing of future amortization expense. Determining the fair value of assets acquired and liabilities assumed and the expected useful life requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred. Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. New Accounting Standards or Updates Recently Adopted As of the beginning of fiscal 2020, FactSet implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards Board ("FASB") that were in effect. There were no new standards or updates adopted during the last three fiscal years that had a material impact on the Company's Consolidated Financial Statements, other than the new lease accounting standard discussed below. Refer to Note 11, Leases for additional information. Leases In February 2016, the FASB issued an accounting standard update related to accounting for leases, ASC 842. The update requires the recognition of lease ROU assets and lease liabilities on the balance sheet and the disclosure of qualitative and quantitative information about leasing arrangements. The guidance also eliminates the requirement for an entity to use bright- line tests in determining lease classification. FactSet adopted the new accounting standard effective September 1, 2019, using a modified retrospective approach to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption, rather than in the earliest comparative period presented. As such, the Company's historical Consolidated Financial Statements were not restated and follow the Company's previous policy under ASC 840, Leases. Refer to FactSet’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for further details of the Company’s policy prior to adoption of ASC 842. FactSet elected the package of practical expedients permitted under the transition guidance, which permits the Company not to reassess the prior conclusions about lease identification, lease classification, and initial direct costs. FactSet did not elect the use-of-hindsight practical expedient in determining the lease term and in assessing impairment. FactSet elected the practical expedient not to separate lease components from non-lease components but, rather, to combine them into one single lease component. The Company has also elected to apply the short-term lease exception not to recognize lease ROU assets and lease liabilities for leases with a term of 12 months or less. FactSet will recognize lease payments on a straight-line basis over the lease term. As of November 30, 2019, the Company recognized Lease ROU assets, net of amortization of $217.0 million and corresponding Current and Long-term lease liabilities of $266.4 million, related primarily to the Company’s real estate leases. There was no material impact to the Company’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows and Consolidated Statement of Changes in Stockholders' Equity. Refer to Note 11, Leases for more information regarding the Company's lease accounting. Hedge Accounting Simplification During the first quarter of fiscal 2020, FactSet adopted the accounting standard updated issued by the FASB in August 2017, which focused on reducing the complexity of and simplifying the application of hedge accounting. The guidance refines and expands hedge accounting for both financial and nonfinancial risk components, eliminates the need to separately measure and report hedge ineffectiveness, and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The adoption of this standard had no impact on the Company's Consolidated Financial Statements. Recent Accounting Standards or Updates Not Yet Effective Credit Losses on Financial Instruments In June 2016, the FASB issued an accounting standard that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. The guidance will be effective for the Company beginning in the first quarter of fiscal 2021. The Company has evaluated the impact of this accounting standard update and has determined that its adoption will not have a material impact on the Company's Consolidated Financial Statements. Goodwill Impairment Test In January 2017, the FASB issued an accounting standard update which removes the requirement for companies to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2021, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company has evaluated the impact of this accounting standard update and has determined that its adoption will not have a material impact on the Company's Consolidated Financial Statements. Income Tax Simplification In December 2019, the FASB issued an accounting standard update to simplify various aspects related to accounting for income taxes, eliminating certain exceptions to the general principles in accounting for income taxes related to intraperiod tax allocation, simplifying when companies recognize deferred taxes in an interim period, and clarifying certain aspects of the current guidance to promote consistent application. The guidance will be effective for the Company in the first quarter of fiscal 2022, with early adoption permitted. Most amendments are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating the potential impact of adopting the guidance on its Consolidated Financial Statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued an accounting standard to provide optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by the anticipated transition from LIBOR. As a result of the reference rate reform initiative, certain widely used reference rates such as LIBOR are expected to be discontinued. The guidance is designed to simplify how entities account for contracts, such as receivables, debt, leases, derivative instruments and hedging, that are modified to replace LIBOR or other benchmark interest rates with new rates. The guidance is effective upon issuance and may be applied through December 31, 2022. The Company is currently evaluating the impact of this accounting standard, but it is not expected to have a material impact on the Company’s Consolidated Financial Statements. No other new accounting pronouncements issued or effective as of August 31, 2020 have had or are expected to have a material impact on the Company’s Consolidated Financial Statements.

Revenue Recognition

12 Months Ended

Aug. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The Company derives most of its revenue by providing client access to its hosted proprietary data and analytics platform which can include various combinations of products and services available over the contractual term. The hosted platform is a subscription-based service that consists primarily of providing access to products and services including workstations, portfolio analytics, enterprise data and research management. The Company determined that the subscription-based service represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. The Company also determined the nature of the promise to the client is to provide daily access to one overall data and analytics platform. This platform provides integrated financial information, analytical applications and industry-leading service for the investment community. Based on the nature of the services and products offered by FactSet, the Company applies an input time-based measure of progress as the client is simultaneously receiving and consuming the benefits of the platform. The Company records revenue for its contracts using the over-time revenue recognition model as a client is invoiced or performance is satisfied. FactSet does not consider payment terms as a performance obligation for clients with contractual terms that are one year or less and the Company has elected the practical expedient.

Contracts with clients can include certain fulfillment costs, comprised of up-front costs to allow for the delivery of services and products, which are recoverable. In connection with the adoption of the revenue recognition standard, fulfillment costs are recognized as an asset, recorded in the Prepaid expenses and other current assets account for the current portion and Other assets for the non-current portion, based on the term of the license period, and amortized consistent with the associated revenue for providing the services. There are no significant judgments that would impact the timing of revenue recognition. The majority of client contracts have a duration of one year or less, or the amount FactSet is entitled to receive corresponds directly with the value of performance obligations completed to date, and therefore, the Company does not disclose the value of the remaining unsatisfied performance obligations.

Disaggregated Revenue

The Company disaggregates revenue from contracts with clients by geographic region, which includes the Americas , EMEA and Asia Pacific. FactSet believes these regions are reflective of how the Company manages the business and the markets in which it serves. These regions best depict the nature, amount, timing and uncertainty of revenue and cash flows related to contracts with clients. Refer to Note 18, Segment Information for further information on revenue by geographic region.

The following table presents this disaggregation of revenue by geography:


	August 31,
(in thousands)	2020		2019		2018
Americas	$	929,444	$	894,554	$	841,908
EMEA	$	422,203	$	408,084	$	387,589
Asia Pacific	$	142,464	$	132,713	$	120,648
Total Revenue	$	1,494,111	$	1,435,351	$	1,350,145

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measures

12 Months Ended

Aug. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measures

FAIR VALUE MEASURES

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

Fair Value Hierarchy

The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. FactSet has categorized its cash equivalents, investments and derivatives within the fair value hierarchy as follows:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. These Level 1 assets and liabilities include the Company's corporate money market funds that are classified as cash equivalents.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company’s certificates of deposit, mutual funds and derivative instruments are classified as Level 2.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. There were no Level 3 assets or liabilities held by the Company as of August 31, 2020 or 2019.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables show, by level within the fair value hierarchy, the Company’s assets and liabilities that are measured at fair value on a recurring basis at August 31, 2020 and 2019. The Company did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.


(in thousands)	Fair Value Measurements at August 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Corporate money market funds(1)	$	276,852	$	—	$	—	$	276,852
Mutual Funds(2)	—		17,257		—		17,257
Certificates of deposit(3)	—		2,315		—		2,315
Derivative instruments(4)	—		3,644		—		3,644
Total assets measured at fair value	$	276,852	$	23,216	$	—	$	300,068

Liabilities
Derivative instruments(4)	$	—	$	5,773	$	—	$	5,773
Total liabilities measured at fair value	$	—	$	5,773	$	—	$	5,773


(in thousands)	Fair Value Measurements at August 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Corporate money market funds(1)	$	75,849	$	—	$	—	$	75,849
Mutual Funds(2)	—		18,583		—		18,583
Certificates of deposit(3)	—		7,090		—		7,090
Derivative instruments(4)	—		520		—		520
Total assets measured at fair value	$	75,849	$	26,193	$	—	$	102,042

Liabilities
Derivative instruments(4)	$	—	$	3,575	$	—	$	3,575
Total liabilities measured at fair value	$	—	$	3,575	$	—	$	3,575

(1)The Company’s corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company’s corporate money market funds are classified as Level 1 assets and included in Cash and cash equivalents within the Consolidated Balance Sheets.

(2)The Company’s mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds, allocated to each share of the mutual fund using a net asset value approach. The fair value of the underlying investments is based on observable inputs. As such, the Company’s mutual funds are classified as Level 2 and are classified as Investments (short-term) on the Consolidated Balance Sheets.

(3)The Company’s certificates of deposit held for investment are not debt securities and are classified as Level 2 assets. These certificates of deposit have original maturities greater than three months but less than one year and, as such, are classified as Investments (short-term) within the Consolidated Balance Sheets.

(4)The Company utilizes the income approach to measure fair value for its foreign exchange forward contracts. The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads, and are classified as Level 2 assets. To estimate fair value for the interest rate swap agreement, the Company utilizes a present value of future cash flows, leveraging a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. Refer to Note 6, Derivative Instruments for more information on the Company's derivative instruments designed as cash flow hedges.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, operating lease assets, goodwill and intangible assets. The fair values of these non-financial assets and liabilities are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable information, and discounted cash flow projections. The Company reviews goodwill and intangible assets for impairment annually, during the fourth quarter of each fiscal year, or as circumstances indicate the possibility for impairment. The Company monitors the carrying value of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. During fiscal 2020 and 2019, no fair value adjustments or material fair value measurements were required for the Company’s non-financial assets or liabilities.

Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only

As of each of August 31, 2020 and 2019, the fair value of the Company’s long-term debt was $575.0 million, which approximated its carrying amount given the application of a floating interest rate equal to LIBOR plus a spread using a debt leverage pricing grid. As the interest rate is a variable rate, adjusted based on market conditions, it approximates the current market-rate for similar instruments available to companies with comparable credit quality and maturity, and therefore, the long-term debt is categorized as Level 2 in the fair value hierarchy.

Derivative Instruments

12 Months Ended

Aug. 31, 2020

Derivative Instruments

DERIVATIVE INSTRUMENTS

Cash Flow Hedges

Foreign Currency Forward Contracts

FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso. As such, the Company is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign currency forward contracts for trading or speculative purposes. Refer to Note 19, Risks and Concentrations of Credit Risk, for further discussion on counterparty credit risk.

In designing a specific hedging approach, FactSet considered several factors, including offsetting exposures, the significance of exposures, the forecasting of risk and the potential effectiveness of the hedge. The gains and losses on foreign currency forward contracts offset the variability in operating expenses associated with currency movements. The changes in fair value for these foreign currency forward contracts are initially reported as a component of AOCL and subsequently reclassified into operating expenses when the hedge is settled. There was no discontinuance of cash flow hedges during fiscal 2020 or 2019, and as such, no corresponding gains or losses related to changes in the value of the Company’s contracts were reclassified into earnings prior to settlement.

As of August 31, 2020, FactSet maintained foreign currency forward contracts to hedge a portion of its British Pound Sterling, Euro, Indian Rupee, and Philippine Peso exposures. FactSet entered into a series of forward contracts to mitigate its currency exposure ranging from 25% to 75% over their respective hedged periods. The current foreign currency forward contracts are set to mature at various points between the first quarter of fiscal 2021 through the fourth quarter of fiscal 2021.

As of August 31, 2020, the gross notional value of foreign currency forward contracts to purchase Philippine Pesos and Indian Rupees with U.S. dollars was ₱1.3 billion and Rs1.4 billion, respectively. The gross notional value of foreign currency forward contracts to purchase U.S. dollars with Euros and British Pound Sterling was €31.8 million and £36.4 million, respectively.

Interest Rate Swap Agreement

On March 5, 2020, FactSet entered into an interest rate swap agreement with a notional amount of $287.5 million to hedge the variable interest rate obligation on a portion of its outstanding debt under its 2019 Revolving Credit Facility (as defined in Note 12, Debt). As of August 31, 2020, FactSet has borrowed $575.0 million of the available $750.0 million under the 2019 Revolving Credit Facility, which bears interest on the outstanding principal amount at a rate equal to a contractual one month LIBOR plus a spread using a debt leverage pricing grid, which was 0.875% as of August 31, 2020. The variable interest rate on FactSet’s long-term debt can expose the Company to interest rate volatility arising from changes in LIBOR. Under the terms of the interest rate swap agreement, FactSet will pay interest at a fixed rate of 0.7995% and receive variable interest payments based on the same one-month LIBOR utilized to calculate the interest expense from the 2019 Revolving Credit Facility. The interest rate swap agreement matures on March 29, 2024. Refer to Note 12, Debt, for further discussion on the 2019 Revolving Credit Facility.

As the terms for the interest rate swap agreement align with the 2019 Revolving Credit Facility, the Company does not expect any hedge ineffectiveness. The Company has designated and accounted for this instrument as a cash flow hedge with the unrealized gains or losses on the interest rate swap agreement recorded in AOCL in the Consolidated Balance Sheets.

The following is a summary of the gross notional values of the derivative instruments:


(in thousands, in U.S. dollars)	Gross Notional Value
	August 31, 2020		August 31, 2019
Foreign currency forward contracts	$	129,649	$	113,700
Interest rate swap agreement	287,500		—
Total cash flow hedges	$	417,149	$	113,700

Fair Value of Derivative Instruments

The following is a summary of the fair values of the derivative instruments:


	Fair Value of Derivative Instruments
Derivatives designated as hedging instruments		Derivative Assets					Derivative Liabilities
		August 31,					August 31,
		2020		2019			2020		2019
	Balance Sheet Classification	Fair Value		Fair Value		Balance Sheet Classification	Fair Value		Fair Value
Foreign currency forward contracts	Prepaid expenses and other current assets	$	3,644	$	520	Accounts payable and accrued expenses	$	93	$	3,575
Interest rate swap agreement	Prepaid expenses and other current assets	—		—		Accounts payable and accrued expenses	1,861		—
	Other assets	—		—		Other non-current liabilities	3,819		—
Total cash flow hedges		$	3,644	$	520		$	5,773	$	3,575

All derivatives were designated as hedging instruments as of August 31, 2020 and 2019, respectively.

Derivatives in Cash Flow Hedging Relationships

The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the each of the three fiscal years ended August 31, 2020, 2019 and 2018:


(in thousands)	Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion)						Location of (Loss) Gain Reclassified from AOCL into Income (Effective Portion)	(Loss) Gain Reclassified from AOCL into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	2020		2019		2018			2020		2019		2018
Foreign currency forward contracts	$	5,049	$	(187)	$	(7,700)	SG&A	$	(1,556)	$	(1,794)	$	3,106
Interest rate swap agreement	$	(6,138)	$	—	$	—	Interest expense, net	$	(458)	$	—	$	—
Total cash flow hedges	$	(1,089)	$	(187)	$	(7,700)		$	(2,014)	$	(1,794)	$	3,106

As of August 31, 2020, the Company assessed that these cash flow hedges were effective. Foreign currency forward contract gains and losses are recorded in the Consolidated Statement of Income in Selling, general, and administrative ("SG&A"). The gain or loss from the interest rate swap agreement is recorded in the Consolidated Statement of Income in Interest expense, net.

As of August 31, 2020, the Company estimates that net pre-tax derivative gains of $1.7 million included in AOCL will be reclassified into earnings within the next 12 months. No amount of ineffectiveness was recorded in the Consolidated Statements of Income for these designated cash flow hedges and all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Offsetting of Derivative Instruments

FactSet’s master netting and other similar arrangements with its respective counterparties allow for net settlement under certain conditions. As of August 31, 2020 and 2019, there were no material amounts recorded net on the Consolidated Balance Sheets.

Property, Equipment and Leasehold Improvements

12 Months Ended

Aug. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Equipment and Leasehold Improvements

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements consist of the following:


(in thousands)	August 31,
	2020		2019
Leasehold improvements	$	182,899	$	155,520
Computers and related equipment	127,794		129,549
Furniture and fixtures	56,269		48,986
Subtotal	$	366,962	$	334,055
Less accumulated depreciation and amortization	(233,860)		(214,671)
Property, equipment and leasehold improvements, net	$	133,102	$	119,384

Depreciation expense was $32.2 million, $35.4 million and $32.6 million for fiscal years 2020, 2019 and 2018, respectively.

Goodwill

12 Months Ended

Aug. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Changes in the carrying amount of goodwill by segment for fiscal years ended August 31, 2020 and 2019 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2018	$	386,195	$	312,694	$	2,944	$	701,833
Foreign currency translations	—		(16,235)		131		(16,104)
Balance at August 31, 2019	$	386,195	$	296,459	$	3,075	$	685,729
Foreign currency translations	—		23,968		6		23,974
Balance at August 31, 2020	$	386,195	$	320,427	$	3,081	$	709,703

Goodwill is not amortized as it is estimated to have an indefinite life. At least annually, the Company is required to test goodwill at the reporting unit level for potential impairment, and, if impaired, write down to fair value based on the present value of discounted cash flows. The Company’s reporting units evaluated for potential impairment were the Americas, EMEA and Asia Pacific, which reflect the level of internal reporting the Company uses to manage its business and operations. The three reporting units are consistent with the operating segments reported as there is no discrete financial information available for the subsidiaries within each operating segment. The Company performed its annual goodwill impairment test during the fourth quarter of fiscal 2020, consistent with the timing of previous years, utilizing a qualitative analysis, and concluded it was more likely than not the fair value of each reporting unit was greater than its respective carrying value and no impairment charge was required.

Intangible Assets

12 Months Ended

Aug. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, acquired software technology, internally developed software, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The Company amortizes intangible assets over their estimated useful lives. Data content intangible assets have estimated useful lives ranging from five to 20 years. Client relationship intangible assets have estimated useful lives ranging from eight to 18 years. Acquired software technology intangible assets have estimated useful lives ranging from three to nine years. The majority of the developed software technology intangible assets has estimated useful lives ranging from three to five years. Non-compete agreement intangible assets have estimated useful lives ranging from two to four years. Trade name intangible assets have estimated useful lives ranging from four to seven years. The weighted average useful life of the Company’s intangible assets at August 31, 2020 was 11.9 years. The Company evaluates the intangible asset useful lives on an annual basis to determine whether events and circumstances warrant a revision to the remaining period of amortization. There have been no material changes to the estimate of the remaining useful lives during fiscal years 2020, 2019 and 2018.

The Company assesses the intangible assets for indicators of impairment on a quarterly basis. If indicators of impairment are present, amortizable intangible assets are tested for impairment by comparing the carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows. No impairment of intangible assets has been identified during any of the periods presented. The intangible assets have no assigned residual values.

The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows:


At August 31, 2020 (in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	35,872	$	24,847	$	11,025
Client relationships	100,316		43,026		57,290
Acquired software technology	108,384		72,396		35,988
Internally developed software	30,276		13,689		16,587
Non-compete agreements	1,388		1,355		33
Trade names	4,106		3,934		172
Total	$	280,342	$	159,247	$	121,095


At August 31, 2019 (in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	32,200	$	21,512	$	10,688
Client relationships	95,905		35,506		60,399
Acquired software technology	105,426		56,965		48,461
Internally developed software	14,262		10,365		3,897
Non-compete agreements	1,311		1,228		83
Trade names	3,994		3,074		920
Total	$	253,098	$	128,650	$	124,448

Amortization expense recorded for intangible assets during fiscal years 2020, 2019 and 2018 was $25.4 million, $25.1 million and $24.7 million, respectively. As of August 31, 2020, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows:


Fiscal Year (in thousands)	Estimated Amortization Expense
2021	$	26,939
2022	24,133
2023	18,092
2024	10,389
2025	7,712
Thereafter	33,830
Total	$	121,095

Income Taxes

12 Months Ended

Aug. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates.

Provision for Income Taxes

The provision for income taxes is as follows:


(in thousands)	Years ended August 31,
	2020			2019			2018
U.S. operations	$	280,283		$	288,860		$	199,654
Non-U.S. operations	146,851			133,105			152,184
Income before income taxes	$	427,134		$	421,965		$	351,838

U.S. operations	$	31,926		$	55,824		$	65,778
Non-U.S. operations	22,270			13,351			18,975
Total provision for income taxes	$	54,196		$	69,175		$	84,753

Effective tax rate	12.7		%	16.4		%	24.1		%

The components of the provision for income taxes consist of the following:


(in thousands)	Years ended August 31,
	2020		2019		2018
Current
U.S. federal	$	9,332	$	35,688	$	58,835
U.S. state and local	8,034		18,389		5,159
Non-U.S.	27,640		17,376		22,669
Total current taxes	$	45,006	$	71,453	$	86,663

Deferred
U.S. federal	$	11,896	$	1,813	$	2,079
U.S. state and local	2,665		(217)		(295)
Non-U.S.	(5,371)		(3,874)		(3,694)
Total deferred taxes	$	9,190	$	(2,278)	$	(1,910)
Total provision for income taxes	$	54,196	$	69,175	$	84,753

The Company’s effective tax rate will vary based on, among other things, changes in levels of foreign income, as well as discrete and other nonrecurring events that may not be predictable. The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to income before income taxes as a result of the following recurring factors and nonrecurring events, including the taxation of foreign income:


	Years ended August 31,
(expressed as a percentage of income before income taxes)	2020		2019			2018
Tax at U.S. Federal statutory tax rate	21.0	%	21.0	%		25.7	%
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit	3.1		4.0			2.9
Foreign income at other than U.S. rates	(1.4)		(1.4)			(3.2)
Foreign derived intangible income ("FDII") deduction	(1.8)		(1.7)			—
Domestic production activities deduction	—		—			(1.6)
Income tax benefits from R&D tax credits	(3.8)		(3.5)			(3.7)
Share-based payments	(3.7)		(3.2)			(2.7)
One-time transition tax from TCJA	—		(0.4)		(1)	6.6		(1)
Other, net	(0.7)		1.6			0.1
Effective tax rate	12.7	%	16.4	%		24.1	%

1.The enactment of the TCJA resulted in a one-time transition tax expense of $23.2 million during fiscal 2018 and a $3.4 million net benefit revision recorded during fiscal 2019 associated with finalizing the accounting for the tax effects of the TCJA during fiscal 2019.

The fiscal 2020 provision for income taxes was $54.2 million, compared to $69.2 million in fiscal 2019, a decrease of 21.7%. The decrease was primarily due to a lower effective tax rate in fiscal 2020 compared to the prior year period, driven mainly by higher research and development ("R&D") tax credits and a higher FDII deduction. The decrease was also driven by a reduction from finalizing prior year tax returns, which resulted in a benefit of $3.7 million from finalizing prior year tax returns in fiscal 2020 compared to an increase to the provision of $7.7 million in fiscal 2019. Additionally, the decrease in the provision was attributed to $1.9 million in higher windfall tax benefits from stock-based compensation for fiscal 2020 compared to fiscal 2019, partially offset by a $3.4 million income tax benefit from the revision of the one-time transition tax permitted by the TCJA recognized during fiscal 2019.

Due to the changes in taxation of undistributed foreign earnings under the TCJA, FactSet will continue to analyze foreign subsidiary earnings, as well as global working capital requirements, and may repatriate earnings when the amounts are remitted substantially free of additional tax.

Deferred Tax Assets and Liabilities

The significant components of deferred tax assets that recorded within the Consolidated Balance Sheets were as follows:


(in thousands)	At August 31,
	2020		2019
Deferred tax assets:
Depreciation on property, equipment and leasehold improvements	$	—	$	2,264
Deferred rent	—		9,479
Lease liabilities	56,280		—
Stock-based compensation	16,341		14,822
Unrealized tax loss on investment	4,172		—
Other	8,840		9,903
Total deferred tax assets	$	85,633	$	36,468

The significant components of deferred tax liabilities recorded within the Consolidated Balance Sheets were as follows:


(in thousands)	At August 31,
	2020		2019
Deferred tax liabilities:
Depreciation on property, equipment and leasehold improvements	$	15,291	$	—
Purchased intangible assets, including acquired technology	43,088		44,304
Lease right-of-use assets	45,344		—
Other	1,623		984
Total deferred tax liabilities	$	105,346	$	45,288

Unrecognized Tax Positions

Applicable accounting guidance prescribes a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. FactSet recognizes the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained based on its technical merits of the tax position. Otherwise, no benefit or expense can be recognized in the Consolidated Financial Statements. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon effective settlement with a taxing authority. Additionally, FactSet accrues interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws.

The determination of liabilities related to unrecognized tax benefits, including associated interest and penalties, requires significant estimates. There can be no assurance that the Company will accurately predict the audit outcomes, however, FactSet has no reason to believe that such audits will result in the payment of additional taxes and/or penalties that would have a material adverse effect on the Company’s results of operations or financial position, beyond current estimates. For this reason and due to ongoing audits by multiple tax authorities, FactSet will regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The Company does not currently anticipate that the total amounts of unrecognized tax benefits will significantly change within the next 12 months.

FactSet classifies the liability for unrecognized tax benefits as Taxes Payable (non-current) and to the extent that the Company anticipates payment of cash within one year, the benefit will be classified as Taxes Payable (current). Additionally, the Company accrues interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. This interest is classified as income tax expense in the financial statements. As of August 31, 2020, FactSet had gross unrecognized tax benefits totaling $12.3 million, including $0.9 million of accrued interest, recorded as Taxes Payable (non-current) within the Consolidated Balance Sheets.

The following table summarizes the changes in the balance of gross unrecognized tax benefits:


(in thousands)
Unrecognized income tax benefits at August 31, 2017	$	11,484
Additions based on tax positions related to the current year	2,954
Additions for tax positions of prior years	531
Statute of limitations lapse	(3,146)
Reductions from settlements with Taxing Authorities	(2,600)
Unrecognized income tax benefits at August 31, 2018	$	9,223
Additions based on tax positions related to the current year	3,133
Additions for tax positions of prior years	507
Statute of limitations lapse	(1,979)
Unrecognized income tax benefits at August 31, 2019	$	10,884
Additions based on tax positions related to the current year	3,533
Release for tax positions of prior years	(2,086)
Unrecognized income tax benefits at August 31, 2020	$	12,331

In the normal course of business, the Company’s tax filings are subject to audit by federal, state and foreign tax authorities. At August 31, 2020, the Company remained subject to examination in the following major tax jurisdictions for the tax years as indicated below:


Major Tax Jurisdictions	Open Tax Years
U.S.
Federal	2017	through	2019
State (various)	2017	through	2019

Europe
United Kingdom	2018	through	2019
France	2018	through	2019
Germany	2017	through	2019

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

Share-based Payment Arrangement [Abstract]

Leases

12 Months Ended

Aug. 31, 2020

Leases [Abstract]

Leases

LEASES

In February 2016, the FASB issued an accounting standard update related to accounting for leases. The update requires the recognition of lease ROU assets and lease liabilities on the balance sheet and the disclosure of qualitative and quantitative information about leasing arrangements. FactSet adopted the standard, ASC 842, as of September 1, 2019, using a modified retrospective approach to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption.

FactSet reviews new arrangements at inception to evaluate whether the Company obtains substantially all the economic benefits of and has the right to control the use of an asset. If FactSet determines that an arrangement qualifies as a lease, a lease liability and a corresponding lease ROU asset are recognized on the lease commencement date which includes fixed lease payments and certain qualifying index-based variable payments.

In determining the amount of lease payments used in measuring each lease ROU asset and lease liability, FactSet elected the package of practical expedients permitted under the transition guidance, which permits the Company not to reassess under the new standard the prior conclusions about lease identification, lease classification, and initial direct costs. FactSet did not elect the use-of-hindsight practical expedient in determining the lease term and in assessing impairment. FactSet elected the practical expedient not to separate lease components from non-lease components but, rather, to combine them into one single lease component, which we recognize over the expected lease term on a straight-line expense basis in occupancy costs (a component of SG&A expense). The Company has also elected to apply the short-term lease exception to not recognize lease ROU assets and lease liabilities for leases with a term of 12 months or less. FactSet will recognize these lease payments on a straight-line basis over the lease term in occupancy costs.

The adoption of the lease standard primarily related to the Company’s real estate operating leases. As a result of the adoption of the standard, the Company recognized lease liabilities (initially measured at the present value of the future minimum lease payments over the remaining lease term at the commencement date) of $266.4 million as of November 30, 2019, included in Current and Long-term lease liabilities on the Consolidated Balance Sheet. The Company also recognized lease ROU assets, net of amortization (initially measured as the lease liabilities, adjusted for deferred rent and lease incentives) of $217.0 million as of November 30, 2019, included in Lease right-of-use assets, net on the Consolidated Balance Sheet. As of August 31, 2020, the Lease right-of-use assets, net balance was $248.9 million and the Current and Long-term lease liabilities balance was $301.3 million, classified in the same Consolidated Balance Sheet accounts used upon adoption.

Lease liabilities are measured as the present value of the future minimum lease payments over the lease term using FactSet’s incremental borrowing rate ("IBR") within the geography where the leased asset is located, as there is no rate implicit in the Company’s operating lease arrangements. As FactSet does not have any outstanding public debt, the Company estimates the IBR based on FactSet’s estimated credit rating and available market information. The IBR is determined at lease commencement, or as of September 1, 2019 for operating leases in existence upon adoption of ASC 842. The IBR is subsequently reassessed upon a modification to the lease arrangement.

As of August 31, 2020, the Company’s leases have remaining terms of less than one year to just over 15 years. The lease ROU assets and lease liabilities recognized did not include any renewal or termination options that were not yet reasonably certain to be exercised.

For fiscal 2019 and 2018, the Company followed ASC 840-10, Leases, which required the recognition of rent expense on a straight-line basis over the lease term. Rent expense for office space, as well as operating expenses associated with the leased premises, primarily related to utilities, real estate taxes, insurance and maintenance for fiscal 2019 and 2018 was $56.7 million and $54.6 million, respectively. For fiscal 2020, the Company followed ASC 842, and recognized fixed lease payments and qualifying index-based variable payments on a straight-line basis over the lease term, resulting in a net operating lease expense of $43.0 million for fiscal 2020. FactSet recognized $17.9 million in occupancy costs that were not included in the measurement of the lease liabilities during fiscal 2020, primarily related to variable non-lease costs and leases that qualified for the short-term lease exception. These variable non-lease costs included costs that were not fixed at the lease commencement date nor dependent on an index or a rate, which primarily related to utilities, real estate taxes, insurance and maintenance.

The following table reconciles FactSet’s future undiscounted cash flows related to the Company’s operating leases and the reconciliation to the Current and Long-term lease liabilities as of August 31, 2020:


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31
2021	$	40,848
2022	39,958
2023	36,426
2024	34,530
2025	33,742
Thereafter	186,658
Total	372,162
Imputed Interest	70,837
Present Value	$	301,325

FactSet previously entered into a real estate lease in the Philippines, which was planned to commence in phases, providing FactSet with access to the underlying leased rental space during fiscal 2020 and the first quarter of fiscal 2021. The rental space that FactSet has not taken possession of as of August 31, 2020 is not included in the table above nor included in the Lease ROU assets, net and Current and Long-term lease liabilities on the Consolidated Balance Sheets as of August 31, 2020. The overall lease term is approximately 10 years and the undiscounted future rent payments for the lease that has not commenced as of August 31, 2020 is approximately $19 million.

The following table summarizes the Company's lease term and discount rate assumptions related to the operating leases recorded on the Consolidated Balance Sheets as of August 31, 2020:


			As of August 31, 2020
Weighted average remaining lease term (in years)			10.1
Weighted average discount rate (IBR)			4.2%

The following table summarizes supplemental cash flow information related to the Company's operating leases:


(in thousands)			As of August 31, 2020
Cash paid for amounts included in the measurement of lease liabilities			$39.7
Lease ROU assets obtained in exchange for lease liabilities			$43.7

Debt

12 Months Ended

Aug. 31, 2020

Debt Disclosure [Abstract]

Debt

DEBT

FactSet’s debt obligations consisted of the following:


(in thousands)	At August 31,
	2020		2019
2019 Revolving Credit Facility	$	575,000	$	575,000
Loan origination fees	$	(646)	(826)
Long-term debt	$	574,354	$	574,174

2019 Credit Agreement

On March 29, 2019, the Company entered into a credit agreement between FactSet, as the borrower, and PNC Bank, National Association ("PNC") (the "2019 Credit Agreement"), as the administrative agent and lender. The 2019 Credit Agreement provides for a $750.0 million revolving credit facility (the "2019 Revolving Credit Facility"). FactSet may request borrowings

under the 2019 Revolving Credit Facility until its maturity date of March 29, 2024. The 2019 Credit Agreement also allows FactSet, subject to certain requirements, to arrange for additional borrowings with PNC for an aggregate amount up to $500.0 million, provided that any such request for additional borrowings must be in a minimum amount of $25.0 million.

FactSet borrowed $575.0 million of the available $750.0 million provided by the 2019 Revolving Credit Facility, resulting in $175.0 million available to be withdrawn. FactSet is required to pay a commitment fee using a pricing grid currently at 0.10% based on the daily amount by which the available balance in the 2019 Revolving Credit Facility exceeds the borrowed amount. All outstanding loan amounts are reported as Long-term debt within the consolidated balance sheets at August 31, 2020. The principal balance is payable in full on the maturity date.

The fair value of our long-term debt was $575.0 million as of August 31, 2020, which the Company believe approximates carrying amount as the terms and interest rates approximate market rates given its floating interest rate basis. Borrowings under the loan bear interest on the outstanding principal amount at a rate equal to the daily LIBOR plus a spread using a debt leverage pricing grid, currently at 0.875%. During fiscal 2020, FactSet recorded interest expense on its outstanding debt, including the amortization of debt issuance costs, net of the effects of the interest rate swap agreement of $12.9 million. During fiscal 2019 and 2018, FactSet recorded interest expense on its outstanding debt, including the amortization of debt issuance costs, of $19.8 million and $15.9 million, respectively. Including the effects of the interest rate swap agreement, the weighted average interest rate on amounts outstanding under the Company's credit facilities was 2.20%. The weighted average interest rate for fiscal 2019 was 3.35%. Interest on the loan outstanding is payable quarterly, in arrears, and on the maturity date.

During fiscal 2019, FactSet incurred approximately $0.9 million in debt issuance costs related to the 2019 Credit Agreement. These costs were capitalized as loan origination fees and are amortized into interest expense ratably over the term of the 2019 Credit Agreement.

The 2019 Credit Agreement contains covenants and requirements restricting certain FactSet activities, which are usual and customary for this type of loan. In addition, the 2019 Credit Agreement requires that FactSet maintain a consolidated net leverage ratio, as measured by total net funded debt/EBITDA below a specified level as of the end of each fiscal quarter. The Company was in compliance with all the covenants and requirements within the 2019 Credit Agreement as of August 31, 2020.

The borrowings from the 2019 Credit Agreement were used to retire all outstanding debt under the previous 2017 Credit Agreement between FactSet, as the borrower, and PNC as the lender on March 29, 2019. The total principal amount of the debt outstanding at the time of retirement was $575.0 million and there were no prepayment penalties.

2017 Credit Agreement

On March 17, 2017, the Company entered into a Credit Agreement (the "2017 Credit Agreement") between FactSet, as the borrower, and PNC, as the administrative agent and lender. The 2017 Credit Agreement provided for a $575.0 million revolving credit facility. Borrowings under the loan were subject to interest on the outstanding principal amount at a rate equal to the daily LIBOR plus 1.00%. Interest on the loan outstanding was payable quarterly in arrears and on the maturity date. The principal balance was also payable in full on the maturity date. There were no prepayment penalties when the Company elected to prepay the outstanding loan amounts on March 29, 2019.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Aug. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the balance sheet as liabilities. FactSet records liabilities for commitments when incurred (i.e., when the goods or services are received). Purchase Commitments with Suppliers Purchase obligations represent payments due in future periods in respect of commitments to the Company’s various data vendors as well as commitments to purchase goods and services such as telecommunication and computer maintenance services. These purchase commitments are agreements that are enforceable and legally binding on FactSet, and they specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. As of August 31, 2020 and 2019, the Company had total purchase commitments with suppliers of $226.0 million and $69.9 million, respectively. Refer to Note 11, Leases and Note 12, Debt for information regarding lease commitments and outstanding debt obligations, respectively. Letters of Credit Approximately $2.9 million of standby letters of credit have been issued during the ordinary course of business in connection with the Company’s current leased office space as of August 31, 2020. These standby letters of credit contain covenants that, among other things, require FactSet to maintain minimum levels of consolidated net worth and certain leverage and fixed charge ratios. As of August 31, 2020 and 2019, FactSet was in compliance with all covenants contained in the standby letters of credit. Contingencies Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance, refer to Note 10, Income Taxes for further details. FactSet is currently under audit by tax authorities and has reserved for potential adjustments to its provision for income taxes that may result from examinations by, or any negotiated settlements with, these tax authorities. The Company believes that the final outcome of these examinations or settlements will not have a material effect on its results of operations. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of tax benefits in the period FactSet determines the liabilities are no longer necessary. If the Company’s estimates of the federal, state, and foreign income tax liabilities are less than the ultimate assessment, a further charge to expense would result. Legal Matters FactSet accrues non income-tax liabilities for contingencies when management believes that a loss is probable, and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. The Company is engaged in various legal proceedings, claims and litigation that have arisen in the ordinary course of business, including employment matters, commercial and intellectual property litigation. The outcome of all the matters against the Company is subject to future resolution, including the uncertainties of litigation. Based on information available at August 31, 2020, FactSet’s management believes that the ultimate outcome of these unresolved matters against the Company, individually or in the aggregate, will not have a material adverse effect on the Company's consolidated financial position, its results of operations or its cash flows. Sales Tax Matters In August 2019, FactSet received a Notice of Intent to Assess (the "Notice") additional sales taxes, interest and underpayment penalties from the Commonwealth of Massachusetts Department of Revenue (the "Commonwealth") relating to prior tax periods. The Notice follows FactSet’s previously disclosed response to a letter from the Commonwealth requesting additional sales information. Based upon the Notice, it is the Commonwealth's intention to assess sales/use tax, interest and penalties on previously recorded sales transactions. The Company filed an appeal to the Notice and intends to contest any such assessment, if assessed, and continues to cooperate with the Commonwealth’s inquiry. Due to uncertainty surrounding the assessment process, the Company is unable to reasonably estimate the ultimate outcome of this matter and, as such, has not recorded a liability as of August 31, 2020. While FactSet believes that it will ultimately prevail if the Company is presented with a formal assessment; if FactSet does not prevail, the amount could have a material impact on the Company’s consolidated financial position, cash flows and results of operations. Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, FactSet has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at FactSet’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments FactSet could be required to make under these indemnification obligations is unlimited; however, FactSet has a director and officer insurance policy that it believes mitigates FactSet's exposure and may enable FactSet to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification obligations is immaterial.

Stockholders' Equity

12 Months Ended

Aug. 31, 2020

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Preferred Stock

At August 31, 2020 and 2019, there were 10,000,000 shares of preferred stock ($0.01 par value per share) authorized, of which no shares were issued and outstanding. FactSet’s Board of Directors may from time to time authorize the issuance of one or more series of preferred stock and, in connection with the creation of such series, determine the characteristics of each such series including, without limitation, the preference and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions of the series.

Common Stock

At August 31, 2020 and 2019, there were 150,000,000 shares of common stock ($0.01 par value per share) authorized, of which 40,767,708 and 40,104,192 shares were issued, respectively. The authorized shares of common stock are issuable for any proper corporate purpose, including future stock splits, stock dividends, acquisitions, raising capital or to adopt additional employee benefit plans.

Shares of common stock outstanding were as follows:


(in thousands)	Years ended August 31,
	2020	2019	2018
Balance, beginning of year at September 1, 2019, 2018 and 2017, respectively	38,118	38,193	39,023
Common stock issued for employee stock plans	663	839	712
Repurchase of common stock from employees(1)	(12)	(32)	(8)
Repurchase of common stock under the share repurchase program	(739)	(882)	(1,534)
Balance, end of year at August 31, 2020, 2019, and 2018 respectively	38,030	38,118	38,193

(1)For fiscal years 2020, 2019 and 2018, the Company repurchased 11,945, 31,644 and 8,070 shares, or $3.5 million, $7.2 million and $1.5 million, of common stock, respectively, in settlement of employee tax withholding obligations to cover their cost of taxes due upon the vesting and exercise of stock-based awards.

Treasury Stock

On January 31, 2018, FactSet retired 13,292,689 shares of treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired treasury stock was initially recorded using the cost method and had a carrying value of $1.7 billion at January 31, 2018. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock ($0.1) million, reduce additional paid-in capital ("APIC") by the average amount recorded in APIC when stock was originally issued ($186.7) million and any remaining excess of cost as a reduction to retained earnings ($1.5) billion.

At August 31, 2020, and 2019, there were 2,737,456 and 1,986,352 shares of treasury stock (at cost) outstanding, respectively.

Share Repurchase Program

Repurchases of shares of common stock are made from time to time in the open market and privately negotiated transactions, subject to market conditions. During fiscal 2020, the Company repurchased 0.7 million shares for $199.6 million compared to 0.9 million shares for $213.1 million in fiscal 2019.

On March 24, 2020, the Board of Directors of FactSet approved a $220.0 million increase to the existing share repurchase program. Subsequent to this expansion, a total of $259.0 million remained authorized for future share repurchases as of August 31, 2020. There is no defined number of shares to be repurchased over a specified timeframe through the life of the share repurchase program. It is expected that share repurchases will be paid using existing and future cash generated by operations.

Restricted Stock

Awards of restricted stock entitle the holder to shares of common stock as the awards vest over time. During fiscal 2020, 32,996 shares of previously granted restricted stock vested and were included in common stock outstanding as of August 31, 2020 (recorded net of 11,945 shares repurchased from employees at a cost of $3.5 million to cover their cost of taxes upon vesting of the restricted stock). During fiscal 2019, 85,401 shares of previously granted restricted stock vested and were included in

common stock outstanding as of August 31, 2019 (recorded net of 31,644 shares repurchased from employees at a cost of $7.2 million to cover their cost of taxes upon vesting of the restricted stock).

Dividends

The Company’s Board of Directors declared the following dividends on our common stock during the periods presented:


Year Ended	Dividends per Share of Common Stock		Record Date	Total amount (in thousands)		Payment Date
Fiscal 2020
First Quarter	$	0.72	November 29, 2019	$	27,291	December 19, 2019
Second Quarter	$	0.72	February 28, 2020	$	27,251	March 19, 2020
Third Quarter	$	0.77	May 29, 2020	$	29,189	June 18, 2020
Fourth Quarter	$	0.77	August 31, 2020	$	29,283	September 17, 2020

Fiscal 2019
First Quarter	$	0.64	November 30, 2018	$	24,372	December 18, 2018
Second Quarter	$	0.64	February 28, 2019	$	24,385	March 19, 2019
Third Quarter	$	0.72	May 31, 2019	$	27,506	June 18, 2019
Fourth Quarter	$	0.72	August 31, 2019	$	27,445	September 19, 2019

Future cash dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Company and are subject to final determination by the Company’s Board of Directors.

On May 5, 2020, FactSet's Board of Directors approved a 7% increase in the regular quarterly dividend from $0.72 to $0.77 per share.

Accumulated Other Comprehensive Loss

The components of AOCL are as follows:


(in thousands)	August 31, 2020		August 31, 2019
Accumulated unrealized losses on cash flow hedges, net of tax	$	(1,591)	$	(2,266)
Accumulated foreign currency translation adjustments	(37,702)		(72,278)
Total AOCL	$	(39,293)	$	(74,544)

Earnings Per Share

12 Months Ended

Aug. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share ("EPS") computations is as follows:


(in thousands, except per share data)	Net Income (Numerator)		Weighted Average Common Shares (Denominator)	Per Share Amount
For the year ended August 31, 2020
Basic EPS
Income available to common stockholders	$	372,938	37,936	$	9.83
Diluted EPS
Dilutive effect of stock options and restricted stock			710
Income available to common stockholders plus assumed conversions	$	372,938	38,646	$	9.65
For the year ended August 31, 2019
Basic EPS
Income available to common stockholders	$	352,790	38,144	$	9.25
Diluted EPS
Dilutive effect of stock options and restricted stock			729
Income available to common stockholders plus assumed conversions	$	352,790	38,873	$	9.08
For the year ended August 31, 2018
Basic EPS
Income available to common stockholders	$	267,085	38,733	$	6.90
Diluted EPS
Dilutive effect of stock options and restricted stock			644
Income available to common stockholders plus assumed conversions	$	267,085	39,377	$	6.78

Dilutive potential common shares consist of stock options and unvested performance-based awards. There were 1,750 stock options excluded from the calculation of diluted EPS as of August 31, 2020, because their inclusion would have been anti-dilutive. There were 11,481 stock options excluded from the calculation of diluted EPS as of August 31, 2019.

Performance-based awards are omitted from the calculation of diluted EPS until it is determined that the performance criteria has been met at the end of the reporting period. As of August 31, 2020, there were 35,666 performance-based awards excluded from the calculation of diluted EPS. There were no performance-based awards excluded from the calculation of diluted EPS as of August 31, 2019.

Stock-based Compensation

12 Months Ended

Aug. 31, 2020

Stock-based Compensation

STOCK-BASED COMPENSATIONThe Company recognized total stock-based compensation expense of $36.6 million, $32.4 million and $31.5 million in fiscal 2020, 2019 and 2018, respectively. As of August 31, 2020, $81.9 million of total unrecognized compensation expense related to

non-vested awards is expected to be recognized over a weighted average period of 2.9 years. There was no stock-based compensation capitalized as of August 31, 2020 and 2019, respectively.

Stock Option Awards

A summary of stock option activity is as follows:


	Number Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (years)

Outstanding as of August 31, 2017	3,366	$	139.29
Granted – non performance-based	575	$	190.14
Granted – performance-based	17	$	200.20
Granted – non-employee Directors grant	19	$	197.75
Exercised	(622)	$	113.73
Forfeited	(212)	$	158.14
Outstanding as of August 31, 2018	3,143	$	153.05
Granted – non performance-based	482	$	224.35
Granted – non-employee Directors grant	20	$	207.88
Exercised	(705)	$	137.61
Forfeited	(416)	$	170.54
Outstanding as of August 31, 2019	2,524	$	168.50
Granted – non performance-based	424	$	256.43
Granted – non-employee Directors grant	16	$	271.51
Exercised	(588)	$	145.54
Forfeited	(122)	$	218.36
Outstanding as of August 31, 2020	2,254	$	189.32	$	129.6	6.6
Options vested and exercisable as of August 31, 2020	875	$	155.58	$	170.4	5.1
Options expected to vest as of August 31, 2020	1,264	$	209.33	$	178.4	7.5

The aggregate intrinsic value represents the difference between the Company’s closing stock price as of August 31, 2020 of $350.40 and the exercise price, multiplied by the number of options exercisable as of that date.

The total pre-tax intrinsic value of stock options exercised during fiscal 2020, 2019 and 2018 was $85.0 million, $73.0 million and $50.1 million, respectively.

Employee Stock Option Awards

The FactSet Research Systems Inc. Stock Option and Award Plan, as amended and restated (the "Long Term Incentive Plan" or "LTIP") provides for the grant of share-based awards, including stock options and performance-based stock options, to employees of FactSet. The expiration date of the Long Term Incentive Plan is December 19, 2027. Stock options granted under the LTIP expire not more than ten years from the date of grant and the majority vest ratably over a period of five years. Options become vested and exercisable, provided the employee continues employment with the Company through the applicable vesting date, and remain exercisable until expiration or cancellation. Vesting of the shares underlying the performance-based stock options are also subject to the Company achieving performance levels during the measurement period subsequent to the date of grant.

Employee Stock Option Fair Value Determinations

The Company utilizes the lattice-binomial option-pricing model ("binomial model") to estimate the fair value of new employee stock option grants. The binomial model is affected by the Company’s stock price, as well as, assumptions regarding several

variables, which include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors, to determine the grant date stock option award fair value.

The weighted average estimated fair value of employee stock options granted during fiscal 2020, 2019 and 2018 was determined using the binomial model with the following weighted average assumptions:

(Weighted average assumptions)


	2020				2019				2018
Term structure of risk-free interest rate	0.10	%	—	1.79%	1.28	%	—	3.14%	1.28	%	—	2.41%
Expected life (years)	7.2		—	7.2	7.1		—	7.1	7.4		—	7.4
Term structure of volatility	25	%	—	25%	18	%	—	29%	19	%	—	29%
Dividend yield	1.09%				1.15%				1.32%
Weighted average estimated fair value	$60.33				$57.12				$48.39
Weighted average exercise price	$256.43				$224.35				$190.42
Fair value as a percentage of exercise price	23.5%				25.5%				25.4%

The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on a combination of historical volatility of the Company’s stock and implied volatilities of publicly traded options to buy FactSet common stock with contractual terms closest to the expected life of options granted to employees. The approach to utilize a mix of historical and implied volatility was based upon the availability of actively traded options on the Company’s stock and the Company’s assessment that a combination of implied volatility and historical volatility is best representative of future stock price trends. The Company uses historical data to estimate option exercises and employee termination within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding and is a derived output of the binomial model. The binomial model estimates employees exercise behavior based on the option’s remaining vested life and the extent to which the option is in-the-money. The binomial model estimates the probability of exercise as a function of these two variables based on the entire history of exercises and cancellations of all past option grants made by the Company.

Non-Employee Directors' Stock Option Awards

The FactSet Research Systems Inc. Non-Employee Directors’ Stock Option and Award Plan as Amended and Restated (the “Director Plan”) provides for the grant of share-based awards, including stock options, to non-employee directors of FactSet. The expiration date of the Director Plan is December 19, 2027. The non-qualified stock options granted to directors vest 100% after three years on the anniversary date of the grant and expire seven years from the date the options were granted. As of August 31, 2020, shares available for future grant under the Director Plan was 249,886. The expiration date of the Director Plan is December 19, 2027.

Non-Employee Director Stock Option Fair Value Determinations

The Company utilizes the Black-Scholes model to estimate the fair value of new non-employee Director stock option grants. The Black-Scholes model is affected by the Company’s stock price, as well as, assumptions regarding several variables, which include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors, to determine the grant date stock-based payment award fair value.

On January 15, 2020, January 15, 2019, and January 12, 2018, FactSet granted, 16,080, 20,576, and 18,963 stock options, respectively, to the Company’s non-employee Directors using the weighted average fair values, based on the following weighted average assumptions used in the Black-Scholes option-pricing model:

(Weighted average assumptions)


	Years ended August 31,
	2020			2019			2018
Fair value	$	54.74		$	42.77		$	38.76
Risk-free interest rate	1.64 %			2.51		%	2.34		%
Expected life (years)	5.4			5.4			5.4
Expected volatility	22.0		%	20.5		%	19.7		%
Dividend yield	1.11 %			1.17		%	1.16		%

Restricted Stock and Performance Share Unit Awards

The Company’s LTIP provides for the grant of share-based awards, including awards of restricted stock and performance share units ("PSUs"; restricted stock and PSUs, collectively, "Stock Awards"). The Stock Awards are subject to continued employment over a specified period. The Stock Awards granted to employees entitle the holders to shares of common stock as the Stock Awards vest over time, but not to dividends declared on the underlying shares, while the stock subject to the Stock Awards is unvested. Vesting of the shares underlying the PSUs are also subject to the Company achieving performance levels during the measurement period subsequent to the date of grant.

The grant date fair value of Stock Awards is measured by reducing the grant date price of FactSet’s common stock by the present value of the dividends expected to be paid on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. The expense associated with Stock Awards is amortized over the vesting period.

As of August 31, 2020, a total of 145,897 shares underlying Stock Awards were unvested and outstanding, which results in unamortized stock-based compensation of $28.2 million to be recognized as stock-based compensation expense over the remaining vesting period of 2.7 years.

A summary of Stock Award activity is as follows:


(in thousands, except per award data)	Number Outstanding	Weighted Average Grant Date Fair Value Per Award
Balance at August 31, 2017	182	138.62
Granted - restricted stock(1)	3	189.28
Vested - restricted stock	(27)	155.95
Forfeited	(15)	116.29
Balance at August 31, 2018	143	139.34
Granted - restricted stock(1)	73	239.03
Vested - restricted stock	(85)	125.04
Forfeited	(7)	181.32
Balance at August 31, 2019	124	205.47
Granted - restricted stock & PSUs(1)(2)	74	252.17
Vested - restricted stock	(33)	197.37
Forfeited	(19)	198.53
Balance at August 31, 2020	146	231.55

(1)Each Stock Award granted is equivalent to 2.5 shares granted under the LTIP.

(2)FactSet granted 36,709 awards of restricted stock and 36,888 PSUs.

Performance-based Equity Awards

Performance-based equity awards, whether in the form of performance-based stock options or PSUs, require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based

awards that vest will be predicated on the Company achieving performance levels during the measurement period subsequent to the date of grant. Dependent on the financial performance levels attained by FactSet, a percentage of the performance-based awards will vest to the grantees. However, there is no current guarantee that such awards will vest in whole or in part.

Share-based Awards Available for Grant

A summary of share-based awards available for grant is as follows:


(in thousands)	Share-based Awards Available for Grant under the Employee Stock Option Plan	Share-based Awards Available for Grant under the Non-Employee Stock Option Plan
Balance at August 31, 2017	897	42
Increase in the number of shares available for issuance	5,750	250
Granted – non performance-based options	(575)	—
Granted – performance-based options	(17)	—
Granted – non-employee Directors options	—	(19)
Granted – restricted stock(1)	(9)	—
Forfeited - Share-based awards(2)	252	9
Balance at August 31, 2018	6,298	282
Granted – non performance-based options	(481)	—
Granted – non-employee Directors options	—	(20)
Granted – restricted stock(1)	(183)	—
Forfeited - Share-based awards(2)	433	2
Balance at August 31, 2019	6,067	264
Granted – non performance-based options	(424)	—
Granted – non-employee Directors options	—	(16)
Granted – restricted stock(1)	(93)	—
Granted – PSUs(1)	(91)	—
Forfeited – Share-based awards(2)	167	2
Balance at August 31, 2020	5,626	250

(1)Each Stock Award granted is equivalent to 2.5 shares granted under the LTIP.

(2)Under the LTIP, for each Stock Award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance.

Employee Stock Purchase Plan

Shares of FactSet common stock may be purchased by eligible employees under the FactSet Research Systems Inc. Employee Stock Purchase Plan, as Amended and Restated (the "ESPP") in three-month intervals. The purchase price is equal to 85% of the lesser of the fair market value of the Company’s common stock on the first day or the last day of each three-month offering period. Employee purchases may not exceed 10% of their gross compensation and there is a $25,000 contribution limit per employee during an offering period. Dividends paid on shares held in the ESPP are used to purchase additional ESPP shares at the market price on the dividend payment date.

During fiscal 2020, employees purchased 42,606 shares at a weighted average price of $234.41 compared to 48,532 shares at a weighted average price of $205.64 in fiscal 2019 and 64,230 shares at a weighted average price of $160.34 in fiscal 2018. Stock-based compensation expense recorded during fiscal 2020, 2019 and 2018 relating to the employee stock purchase plan was $2.1 million, $2.0 million and $1.6 million, respectively. At August 31, 2020, the ESPP had 177,804 shares reserved for future issuance.

The Company uses the Black-Scholes model to calculate the estimated fair value for the employee stock purchase plan. The weighted average estimated fair value of employee stock purchase plan grants during fiscal years 2020, 2019 and 2018, was $50.69, $41.06 and $31.83 per share, respectively, with the following weighted average assumptions:

(Weighted average assumptions)


	2020		2019		2018
Risk-free interest rate	0.95	%	2.33	%	1.55	%
Expected life (months)	3		3		3
Expected volatility	20.04	%	10.89	%	10.19	%
Dividend yield	1.08	%	1.12	%	1.27	%

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Aug. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS Defined Contribution Plan The Company established its 401(k) Plan in fiscal 1993. The 401(k) Plan is a defined contribution plan covering all full-time, U.S. employees of the Company and is subject to the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 ("IRC"). Each year, participants may contribute up to 60% of their eligible annual compensation, subject to annual limitations established by the IRC. The Company matches up to 4% of employees’ earnings, capped at the Internal Revenue Service annual maximum. Company matching contributions are subject to a five-year graduated vesting schedule. All full-time, U.S. employees are eligible for the matching contribution by the Company. The Company contributed $11.3 million, $10.9 million, and $11.6 million in matching contributions to employee 401(k) accounts during fiscal 2020, 2019 and 2018, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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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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-Name Accounting Standards Codification
-Topic 715
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
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Segment Information

12 Months Ended

Aug. 31, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Operating segments are defined as components of an enterprise that have the following characteristics: (i) it engages in business activities from which it may earn revenue and incur expense, (ii) its operating results are regularly reviewed by the company’s chief operating decision maker ("CODM") for resource allocation decisions and performance assessment, and (iii) its discrete financial information is available. The Company's Chief Executive Officer functions as the CODM.

The Company's operating segments are aligned with how the Company, including its CODM, manages the business and the geographic markets in which it serves, with a primary focus on providing integrated global financial and economic information. The Company’s internal financial reporting structure is based on three segments: the Americas, EMEA and Asia Pacific. Withing each of the segments, the Company primarily delivers insight and information through four workflow solutions including Research, Analytics and Trading, CTS and Wealth. These workflow solutions provide global financial and economic information to investment managers, investment banks and other financial services professionals.

The Americas segment serves our clients throughout North, Central, and South America. The EMEA segment serves our clients in countries in Europe and Africa. The Asia Pacific segment serves our clients in countries in Asia and Australia. Segment revenue reflects direct sales to clients based in these respective geographic locations.

Each segment records compensation expense (including stock-based compensation), depreciation of furniture and fixtures, amortization of lease ROU assets, leasehold improvements and intangible assets, as well as communication costs, professional fees, rent expense, travel, office and other direct expenses. Expenditures associated with the Company’s data centers, third-party data costs and corporate headquarters charges are recorded by the Americas segment and are not allocated to the other segments. The content collection centers, located in India, the Philippines, and Latvia, benefit all the Company’s operating segments and thus the expenses incurred at these locations are allocated to each segment based on a percentage of revenue.

Segment Information

Segment Results of Operations

The following tables reflect the results of operations of the Company's segments:


(in thousands)
Year Ended August 31, 2020	Americas		EMEA		Asia Pacific		Total
Revenue from clients	$	929,444	$	422,203	$	142,464	$	1,494,111
Segment operating profit	168,909		179,831		90,920		439,660
Depreciation and amortization	36,128		14,338		7,148		57,614
Stock-based compensation	28,780		6,576		1,223		36,579
Capital expenditures	60,204		2,079		15,359		77,642


Year Ended August 31, 2019	Americas		EMEA		Asia Pacific		Total
Revenue from clients	$	894,554	$	408,084	$	132,713	$	1,435,351
Segment operating profit	179,374		179,258		79,403		438,035
Depreciation and amortization	40,018		14,703		5,742		60,463
Stock-based compensation	26,152		5,320		928		32,400
Capital expenditures	43,647		2,595		13,128		59,370


Year Ended August 31, 2018	Americas		EMEA		Asia Pacific		Total
Revenue from clients	$	841,908	$	387,589	$	120,648	$	1,350,145
Segment operating profit	148,095		148,977		69,132		366,204
Depreciation and amortization	37,453		15,710		4,122		57,285
Stock-based compensation	26,014		4,857		645		31,516
Capital expenditures	20,358		3,140		10,022		33,520

Segment Total Assets

The following table reflects the total assets for the Company's segments:


	As of August 31,
(in thousands)	2020		2019
Segment Assets
Americas	$	1,111,600	$	851,014
EMEA	757,524		588,911
Asia Pacific	214,264		120,205
Total assets	$	2,083,388	$	1,560,130

Geographic Information

The following tables reflect FactSet revenues and long-lived assets, split geographically by the Company's country of domicile (the United States) and other countries where major subsidiaries are domiciled.

Geographic Revenue

The following table sets forth revenue by geography, attributed to countries based on the location of the client:


(in thousands)	Years ended August 31,
	2020		2019		2018
Revenues
United States	$	885,082	$	854,675	$	806,426
United Kingdom	179,966		166,944		157,346
Other European Countries	242,237		241,140		230,243
All Other Countries	186,826		172,592		156,130
Total revenue	$	1,494,111	$	1,435,351	$	1,350,145

Geographic Long-Lived Assets

The following table sets forth long-lived assets by geographic area. Long-lived assets consist of Property, equipment and leasehold improvements, net and Lease right-of-use assets, net and excludes goodwill, intangible assets, deferred taxes and other assets.


(in thousands)	At August 31,
	2020		2019
Long-lived Assets
United States	$	205,929	$	86,238
Philippines	53,124		4,188
India	42,923		15,051
United Kingdom	32,184		5,347
All Other Countries	47,871		8,560
Total long-lived assets	$	382,031	$	119,384

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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Quarterly Financial Information Disclosure [Abstract]

Risks and Concentrations of Credit Risk	12 Months Ended
Risks and Concentrations of Credit Risk	Aug. 31, 2020
Risks and Uncertainties [Abstract]
Risks and Concentrations of Credit Risk	RISKS AND CONCENTRATIONS OF CREDIT RISK Financial Risk Management Foreign Currency Exchange Risk In the normal course of business, FactSet is exposed to foreign currency exchange risk as the Company conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso. Changes in the exchange rates for such currencies into U.S. dollars can affect our revenues, earnings, and the carrying values of our assets and liabilities in our consolidated balance sheet, either positively or negatively. To manage the exposures related to the effects of foreign exchange rate fluctuations, the Company utilizes derivative instruments (foreign currency forward contracts). The changes in fair value for these foreign currency forward contracts are initially reported as a component of AOCL and subsequently reclassified into operating expenses when the hedged exposure affects earnings. By their nature, all derivative instruments involve, to varying degrees, elements of market and credit risk. The market risk associated with these instruments resulting from currency exchange movements is expected to offset the market risk of the underlying transactions, assets and liabilities being hedged. FactSet does not believe there is significant risk of loss in the event of non-performance by the counterparties associated with these instruments because these transactions are executed with a major financial institutions. Further, the Company’s policy is to deal with counterparties having a minimum investment grade or better credit rating. Credit risk is managed through the continuous monitoring of exposures to such counterparties. FactSet’s primary objective in holding derivatives is to reduce the volatility of earnings associated with changes in foreign currency. Refer to Note 6, Derivative Instruments for more information on our foreign currency exposures and our foreign currency forward contracts. Interest Rate Risk Cash and Cash Equivalents and Investments The fair market value of our cash and cash equivalents and investments at August 31, 2020 was $605.2 million. Our cash and cash equivalents consist of demand deposits and money market funds with original maturities of three months or less and are reported at fair value. We are exposed to interest rate risk through fluctuations of interest rates on our investments. As we have a restrictive investment policy, our financial exposure to fluctuations in interest rates is expected to remain low. Refer to Note 3, Summary of Significant Accounting Policies for more information on our cash and cash equivalents. Debt As of August 31, 2020, the Company had long term debt outstanding under the 2019 Revolving Credit Facility, with a principal balance of $575.0 million. The debt bears interest on the outstanding principle at a rate equal to LIBOR plus a spread, using a debt leverage pricing grid. The variable rate of interest on our long-term debt can expose us to interest rate volatility due to changes in LIBOR. To mitigate this exposure, on March 5, 2020, we entered into an interest rate swap agreement with a notional amount of $287.5 million to hedge the variable interest rate obligation, effectively converting the floating interest rate to fixed for the hedged portion. Thus, we are only exposed to base interest rate risk on floating rate borrowings in excess of any amounts that are not hedged, or $287.5 million of our outstanding principal balance. Assuming all terms of the Company’s outstanding long-term debt remained the same, a hypothetical 25 basis point change (up or down) in the one-month LIBOR would result in a $0.7 million change in its annual interest expense. Refer to Note 12, Debt for additional information regarding our outstanding debt obligations. Current market events have not required the Company to modify materially or change its financial risk management strategies with respect to its exposures to foreign currency exchange risk and interest rate risk. Concentrations of Credit Risk Cash equivalents Cash and cash equivalents are maintained primarily with five financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and are maintained with financial institutions, with reputable credit, and therefore, bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. Accounts Receivable Accounts receivable are unsecured and are derived from revenue earned from clients located around the globe. FactSet does not require collateral from its clients but performs credit evaluations on an ongoing basis. The Company maintains reserves for potential write-offs and evaluates the adequacy of the reserves periodically. These losses have historically been within expectations. No single client represented 10% or more of FactSet's total revenue in any fiscal year presented. At August 31, 2020, the Company’s largest individual client accounted for approximately 3% of total annual subscriptions, and subscriptions from the ten largest clients did not surpass 15% of total annual subscriptions, consistent with August 31, 2019. As of August 31, 2020 and 2019, the receivable reserve was $8.0 million and $10.5 million, respectively. Derivative Instruments As a result of the use of derivative instruments, FactSet is exposed to counterparty credit risk. The Company has incorporated counterparty credit risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities, when applicable. For derivative instruments, the Company calculates credit risk from observable data related to credit default swaps ("CDS") as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom the Company has executed these derivative transactions. To mitigate counterparty credit risk, the Company enters into contracts with large financial institutions and regularly reviews its credit exposure balances as well as the creditworthiness of the counterparties. For the Company's liabilities, as CDS spread information is not available for FactSet, the Company's credit risk is determined based on using a simple average of CDS spreads for peer companies. The Company does not expect any losses as a result of default of its counterparties. Concentration of Other Risk Data Content Providers Certain data sets that FactSet relies on have a limited number of suppliers, although the Company makes every effort to assure that, where reasonable, alternative sources are available. FactSet is not dependent on any one third-party data supplier in order to meet the needs of its clients. FactSet combines the data from these commercial databases into its own dedicated single online service, which the client accesses to perform their analysis. No single vendor or data supplier represented more than 10% of FactSet's total data costs during fiscal 2020, except for one vendor, which is a supplier of risk models and portfolio optimizer data to FactSet and represented 11% of FactSet’s data costs in fiscal 2020.

Unaudited Quarterly Financial Data

12 Months Ended

Aug. 31, 2020

Unaudited Quarterly Financial Data

UNAUDITED QUARTERLY FINANCIAL DATA

The following table presents selected unaudited financial information for each of the quarterly periods in the years ended August 31, 2020 and 2019. The results for any quarter are not necessarily indicative of future quarterly results and, accordingly, period-to-period comparisons should not be relied upon as an indication of future performance.


Fiscal 2020 (in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	366,658	$	369,780	$	374,083	$	383,590
Cost of services	$	164,957	$	176,218	$	170,703	$	183,568
Selling, general and administrative	$	88,515	$	87,305	$	81,740	$	101,445
Operating income	$	113,186	$	106,257	$	121,640	$	98,577
Net income	$	93,957	$	88,686	$	101,216	$	89,079
Diluted EPS(1)	$	2.43	$	2.30	$	2.63	$	2.29
Diluted weighted average common shares	38,587		38,576		38,481		38,940


Fiscal 2019 (in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	351,640	$	354,895	$	364,533	$	364,283
Cost of services	$	166,776	$	165,108	$	163,832	$	167,730
Selling, general and administrative	$	84,325	$	81,099	$	83,461	$	84,985
Operating income	$	100,539	$	108,688	$	117,240	$	111,568
Net income	$	84,296	$	84,702	$	92,265	$	91,527
Diluted EPS(1)	$	2.17	$	2.19	$	2.37	$	2.34
Diluted weighted average common shares	38,809		38,619		38,993		39,056

(1)Diluted earnings per common share is calculated independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the fiscal year.

Subsequent Events	12 Months Ended
Subsequent Events	Aug. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSAs previously announced, effective September 21, 2020, the Company entered into an Amendment to the 2019 Credit Agreement (the “Amendment”). The Amendment provides, among other things, that the Company may make an investment in a person that is not a subsidiary of FactSet, so long as no potential default has occurred and is continuing or would result from such an investment. As previously announced, on October 20, 2020, FactSet entered into a definitive agreement to acquire all of the issued and outstanding shares of Truvalue Labs, Inc. ("TVL"). The acquisition of TVL further enhances FactSet's commitment to providing industry leading environmental, social, and governance ("ESG") data. Revenue from TVL will be recognized based on geographic business activities in accordance with how the Company’s operating segments are currently aligned. The Company expects the majority of the TVL purchase price to be allocated to goodwill and acquired intangible assets. The transaction is expected to close during 2020 and is not expected to have a material impact on FactSet’s fiscal 2021 results.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Aug. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

Years ended August 31, 2020, 2019 and 2018 (in thousands):


Receivable reserve and billing adjustments	Balance at Beginning of Year		Charged to Expense/ Against Revenue(1)		Write-offs, Net of Recoveries		Balance at End of Year
2020	$	10,511	$	754	$	(3,278)	$	7,987
2019	$	3,490	$	11,474	$	(4,453)	$	10,511
2018	$	2,738	$	4,737	$	(3,985)	$	3,490

(1) Additions to the receivable reserve for doubtful accounts are charged to bad debt expense. Additions to the receivable reserve for billing adjustments are charged against revenue.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	The accompanying Consolidated Financial Statements and Notes to the Company's Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). All intercompany balances, transactions, and profits have been eliminated.
Use of Estimates	The preparation of Consolidated Financial Statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates have been made in areas that include allocation of purchase price to acquired assets and liabilities, stock-based compensation, income taxes, valuation of goodwill, and useful lives and valuation of fixed and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Reclassification	The Company reclassified certain prior year comparative figures from Interest expense, net, to Other expense, net including non-operational foreign exchange gains and losses in the Consolidated Statement of Income to conform to the current year's presentation. The Company reclassified certain capitalized software from Property, equipment and leasehold improvements, net to Intangible assets, net, except for capitalized develop costs associated with hosted solutions, which were reclassified to Other assets, in the prior year comparative figures in the Consolidated Balance Sheets to conform to the current year's presentation.
Revenue Recognition	Revenue Recognition The majority of the Company’s revenue is derived from client access to its hosted proprietary data and analytics platform, which can include various combinations of products and services available over the contractual term. The hosted platform is a subscription-based service that consists primarily of providing access to products and services including workstations, analytics, enterprise data, research management, and trade execution. The Company determined that the subscription-based service represents a single performance obligation covering a series of distinct products and services that are substantially the same and that have the same pattern of transfer to the client. Based on the nature of the services and products offered by FactSet, the Company applies an input time-based measure of progress as the client is simultaneously receiving and consuming the benefits of the platform. The Company records revenue for its contracts using the over-time revenue recognition model as a client is invoiced or performance is satisfied. A provision for billing adjustments and cancellation of services is estimated and accounted for as a reduction to revenue, with a corresponding reduction to accounts receivable.
Accounts Receivable and Deferred Fees	Accounts Receivable and Deferred Fees Amounts that have been earned but not yet paid are reflected on the Consolidated Balance Sheets as Accounts receivable, net of reserves. Amounts invoiced in advance of client payments that are in excess of earned subscription revenue are reflected on the Consolidated Balance Sheets as Deferred fees. As of August 31, 2020, the amount of accounts receivable that was unbilled totaled $17.1 million, and will be billed in fiscal 2021. As of August 31, 2019, the amount of accounts receivable that was unbilled totaled $15.8 million, and was billed in fiscal 2020. The Company calculates its receivable reserve through analyzing aged client receivables, reviewing the recent history of client receivable write-offs and understanding general market and economic conditions. In accordance with this policy, a receivable reserve of $8.0 million and $10.5 million was recorded as of August 31, 2020 and 2019, respectively, within the Consolidated Balance Sheets as a reduction to Accounts receivable.
Cost of Services	Cost of Services Cost of services is comprised of compensation for Company employees within the content collection, consulting, product development, software and systems engineering groups in addition to data costs, computer maintenance and depreciation expenses, amortization of identifiable intangible assets, and client-related communication costs.
Selling, General and Administrative	Selling, General and Administrative Selling, general and administrative expenses include compensation for the sales and various other support and administrative departments in addition to travel and entertainment expenses, marketing costs, rent, depreciation of furniture and fixtures, amortization of lease right-of-use ("ROU") assets and leasehold improvements, as well as office expenses, professional fees and other miscellaneous expenses.
Research and Product Development Costs	Research and Product Development CostsFactSet does not have a separate research and product development department, but rather the Product Development and Engineering departments work closely with our strategists, product managers, sales and other client-facing specialists to identify areas of improvement with the goal of providing increased value to clients. As such, research and product development costs relate to the salary and benefits for the Company’s product development, software engineering and technical support staff and these costs are expensed as incurred and primarily included within Cost of services as employee compensation. The Company expects to allocate a similar percentage of its workforce in future years in to continue to develop new products and enhancements, respond quickly to market changes and meet the needs of its clients efficiently.
Earnings per Share	Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income by the number of weighted average common shares outstanding during the period increased by the dilutive effect of potential common shares outstanding during the period. The number of potential common shares outstanding has been determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards, including employee stock options and grants of restricted stock and restricted stock units. Performance-based awards are omitted from the calculation of diluted EPS until it is determined that the performance criteria has been met at the end of the reporting period. Under the treasury stock method, the exercise price paid by the option holder and future stock-based compensation expense that the Company has not yet recognized are assumed to be used to repurchase shares.
Comprehensive Income	Comprehensive IncomeThe Company discloses comprehensive income in accordance with applicable standards for the reporting and display of comprehensive income in a set of financial statements. Comprehensive income is defined as the change in net assets of a business enterprise during a period from transactions generated from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s cash equivalents are classified as Level 1 while the Company’s derivative instruments (foreign exchange forward contracts) and certificates of deposit are classified as Level 2. There were no Level 3 assets or liabilities held by FactSet as of August 31, 2020 or 2019. Refer to Note 5, Fair Value Measures for the definition of the fair value hierarchy.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and money market funds with original maturities of three months or less and are reported at fair value. The Company’s corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value.
Investments	Investments Investments consist of both mutual funds and certificates of deposit as both are part of the Company’s investment strategy. These mutual funds and certificates of deposit are included as Investments (short-term) on the Company’s Consolidated Balance Sheets as the mutual funds can be liquidated at the Company’s discretion and the certificates of deposit have original maturities greater than three months. The mutual funds and certificates of deposit are held for investment and are not considered debt securities. Preservation of principal is the primary goal of our cash and investment policy. Pursuant to our established investment guidelines, we try to achieve high levels of credit quality, liquidity and diversification. Our investment guidelines do not permit us to invest in puts, calls, strips, short sales, straddles, options, commodities, precious metals, futures or investments on margin. Interest income earned from these investments during fiscal 2020, 2019 and 2018 was $1.1 million, $1.5 million and $1.3 million, respectively. The Company’s cash, cash equivalents and investments portfolio did not experience any realized or unrealized losses as a result of counterparty credit risk or ratings change during fiscal 2020 and 2019.
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation and amortization. Computers and related equipment are depreciated on a straight-line basis over an estimated useful life ranging from three to five years. Furniture and fixtures are depreciated on a straight-line basis over their estimated useful lives of seven years. Leasehold improvements are amortized on a straight-line basis over the terms of the related leases or estimated useful lives of the improvements, whichever period is shorter. Repairs and maintenance expenditures, which are not considered leasehold improvements and do not extend the useful life of the property and equipment, are expensed as incurred. The Company performs a test for impairment whenever events or changes in circumstances indicate that the carrying amount of an individual asset or asset group may not be recoverable. Should projected undiscounted future cash flows be less than the carrying amount of the asset or asset group, an impairment charge reducing the carrying amount to fair value is required. Fair value is determined based on the most appropriate valuation technique, including discounted cash flows.
Goodwill	Goodwill Goodwill at the reporting unit level is reviewed for impairment annually, and more frequently if impairment indicators exist. Goodwill is deemed to be impaired and written-down in the period in which the carrying value of the reporting unit exceeds its fair value. FactSet has three reporting units, Americas, EMEA and Asia Pacific, which are consistent with the operating segments reported, as discrete financial information is not available for subsidiaries within the operating segments. FactSet may elect to perform a qualitative analysis for the reporting units to determine whether it is more likely than not the fair value of the reporting unit is greater than its carrying value. In performing a qualitative assessment, FactSet considers such factors as macro-economic conditions, industry and market conditions in which FactSet operates including the competitive environment and significant changes in demand for the Company’s services. The Company also considers its share price both in absolute terms and in relation to peer companies. If the qualitative analysis indicates that it is more likely than not the fair value of a reporting unit is less than its carrying amount or if FactSet elects not to perform a qualitative analysis, a quantitative analysis is performed to determine whether a goodwill impairment exists. The quantitative goodwill impairment analysis is used to identify potential impairment by comparing fair value of a reporting unit with its carrying amount using an income approach, along with other relevant market information, derived from a discounted cash flow model to estimate fair value of FactSet’s reporting units. The annual review of carrying value of goodwill requires the Company develop estimates of future business performance. These estimates are used to derive expected cash flows and include assumptions regarding future sales levels and the level of working capital needed to support a given business. The discounted cash flow model also includes a determination of FactSet’s weighted average cost of capital by reporting unit. Cost of capital is based on assumptions about interest rates, as well as a risk-adjusted rate of return required by FactSet’s equity investors. Changes in these estimates can impact present value of expected cash flows used in determining fair value of a reporting unit. An impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any, would be recognized. The loss recognized would not exceed total amount of goodwill allocated to that reporting unit. The Company performed its annual goodwill impairment test during the fourth quarter of fiscal 2020 utilizing a qualitative analysis and concluded it was more likely than not the fair value of each reporting unit was greater than its respective carrying value and no impairment charge was required.
Intangible Assets	Intangible Assets Acquired Intangible Assets FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The Company amortizes intangible assets over their estimated useful lives, which are evaluated quarterly to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. Amortizable Intangible assets are tested for impairment, if indicators of impairment are present, based on undiscounted cash flows, and, if impaired, written down to fair value based on discounted cash flows. No impairment of intangible assets has been identified during any of the fiscal years presented. The intangible assets have no assigned residual values. Internally Developed Software FactSet capitalizes internal and external costs related to developing, modifying or obtaining software for internal use, incurred during the application development stage in accordance with ASC 350-40, Internal-Use Software. Costs related to software upgrades and enhancements are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. The capitalized software is amortized using the straight-line method over the estimated useful life of the software, generally three to five years. These assets are subject to the impairment test guidance specified in the acquired intangible assets above.
Accrued Liabilities	Accrued LiabilitiesAccrued liabilities include estimates relating to employee compensation, operating expenses and tax liabilities. At the end of each fiscal year, FactSet conducts a review of both Company and individual performance within each department to determine the amount of discretionary employee compensation. The Company also reviews compensation throughout the year to determine how overall performance tracks against management’s expectations. Management takes these and other factors, including historical performance, into account in reviewing accrued compensation estimates quarterly and adjusting accrual rates as appropriate. The majority of variable employee compensation recorded within accrued compensation related to the annual performance bonus, which was $54.4 million and $49.4 million as of August 31, 2020 and 2019, respectively.
Derivative Instruments	Derivative Instruments Foreign Currency Forward Contracts FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso. As such, the Company is exposed to movements in foreign currency exchange rates relative to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign exchange forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considers several factors, including offsetting exposures, significance of exposures, forecasting risk and potential effectiveness of the hedge. These transactions are designated and accounted for as cash flow hedges in accordance with applicable accounting guidance. The gains and losses on foreign currency forward contracts mitigate the variability in operating expenses associated with currency movements. Interest Rate Swap Agreement On March 29, 2019, FactSet entered into a credit agreement with PNC Bank, National Association ("PNC") (the "2019 Credit Agreement"), which provides for a $750.0 million revolving credit facility (the "2019 Revolving Credit Facility"). The outstanding principal balance of $575.0 million bears interest at a rate equal to LIBOR plus a spread, using a debt leverage pricing grid. The variable rate of interest on the Company's long-term debt can expose FactSet to interest rate volatility due to changes in LIBOR. To mitigate this exposure, on March 5, 2020, FactSet entered into an interest rate swap agreement with a notional amount of $287.5 million to hedge the variable interest rate obligation, effectively converting the floating interest rate to fixed for the hedged portion. Thus, FactSet is only exposed to base interest rate risk on floating rate borrowings in excess of any amounts that are not hedged, or $287.5 million of the outstanding principal balance. Derivative Instrument Classification The changes in fair value for these cash flow hedges are initially reported as a component of accumulated other comprehensive loss ("AOCL") and subsequently reclassified into operating expenses when the hedged exposure affects earnings. All derivatives are assessed for effectiveness at each reporting period.
Foreign Currency Translation	Foreign Currency Translation Certain wholly-owned subsidiaries operate under a functional currency different from the U.S. dollar, such as the British Pound Sterling, Euro, Indian Rupee, and Philippine Peso. The financial statements of these foreign subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates for the period for revenues and expenses. Translation gains and losses that arise from translating assets, liabilities, revenue and expenses of foreign operations are recorded in AOCL as a component of stockholders’ equity. The accumulated foreign currency translation loss totaled $37.7 million and $72.3 million at August 31, 2020 and 2019, respectively.
Income and Deferred Taxes	Income and Deferred Taxes Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using current enacted tax rates. FactSet recognizes the financial effect of an income tax position only if it is more likely than not (greater than 50%) that the tax position will prevail upon tax examination, based solely on the technical merits of the tax position as of the reporting date. Otherwise, no benefit or expense can be recognized in the Consolidated Financial Statements. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Additionally, FactSet accrues interest on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. Interest is classified as income tax expense in the financial statements. As of August 31, 2020, the Company had gross unrecognized tax benefits totaling $12.3 million, including $0.9 million of accrued interest, recorded as Taxes payable (non-current) on the Consolidated Balance Sheets.
Stock-Based Compensation	Stock-Based Compensation Accounting guidance requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock, performance share units, and common shares acquired under employee stock purchases based on estimated fair values of the share awards that are scheduled to vest during the period. FactSet uses the straight-line attribution method for all awards with graded vesting features and service conditions only. Under this method, the amount of compensation expense that is recognized on any date is at least equal to the vested portion of the award on that date. For all stock-based awards with performance conditions, the graded vesting attribution method is used by the Company to determine the monthly stock-based compensation expense over the applicable vesting periods. As stock-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded stock-based compensation, are classified as cash inflows from operations. Performance-based options and performance share units require management to make assumptions regarding the likelihood of achieving Company performance targets on a quarterly basis. The number of performance-based options and performance share units that vest will be predicated on the Company achieving certain performance levels. A change in the financial performance levels the Company achieves could result in changes to FactSet’s current estimate of the vesting percentage and related stock-based compensation.
Treasury Stock	Treasury Stock The Company accounts for repurchased common stock under the cost method and includes such treasury stock as a component of its Stockholders’ equity. The Company accounts for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital ("APIC") by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings.
Leases	Leases FactSet adopted the standard, ASC 842-10, Leases ("ASC 842") as of September 1, 2019, using a modified retrospective approach. The adoption of the lease standard primarily related to the Company’s real estate operating leases. FactSet reviews new arrangements at inception to evaluate whether the Company obtains substantially all the economic benefits of and has the right to control the use of an asset. If FactSet determines that an arrangement qualifies as a lease, with a lease term of greater than one year, the Company records a lease ROU asset and lease liability at the lease commencement date. As there is no rate implicit in the Company’s operating lease arrangements, these balances are initially recorded as the present value of the future minimum lease payments, (including fixed lease payments and certain qualifying index-based variable payments) over the lease term, using FactSet’s incremental borrowing rate ("IBR") within the geography where the leased asset is located. As FactSet does not have any outstanding public debt, the Company estimates the IBR based on FactSet’s estimated credit rating and available market information. The IBR is determined at lease commencement and subsequently reassessed upon a modification to the lease arrangement. Certain adjustments to our lease ROU assets may be required for items such as initial direct costs paid or incentives received. FactSet elected the practical expedient not to separate lease components from non-lease components but, rather, to combine them into one single lease component, which we recognize over the expected term on a straight-line expense basis in occupancy costs (a component of SG&A expense). As of August 31, 2020, the Company’s leases have remaining terms of less than one year to just over 15 years. The lease ROU assets and lease liabilities recognized did not include any renewal or termination options that were not yet reasonably certain to be exercised.
Business Combinations	Business Combinations The Company accounts for its business combinations using the purchase method of accounting. The acquisition purchase price is allocated to the underlying identified tangible and intangible assets and liabilities assumed, based on their respective estimated fair values on the acquisition date. The excess of the purchase consideration over the fair values of the identified assets and liabilities is recorded as goodwill and assigned to one or more reporting units. The amounts and useful lives assigned to acquisition-related tangible and intangible assets impact the amount and timing of future amortization expense. Determining the fair value of assets acquired and liabilities assumed and the expected useful life requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred.
Concentrations of Risk	Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties.
New Accounting Standards or Updates Recently Adopted and Not Yet Effective	New Accounting Standards or Updates Recently Adopted As of the beginning of fiscal 2020, FactSet implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards Board ("FASB") that were in effect. There were no new standards or updates adopted during the last three fiscal years that had a material impact on the Company's Consolidated Financial Statements, other than the new lease accounting standard discussed below. Refer to Note 11, Leases for additional information. Leases In February 2016, the FASB issued an accounting standard update related to accounting for leases, ASC 842. The update requires the recognition of lease ROU assets and lease liabilities on the balance sheet and the disclosure of qualitative and quantitative information about leasing arrangements. The guidance also eliminates the requirement for an entity to use bright- line tests in determining lease classification. FactSet adopted the new accounting standard effective September 1, 2019, using a modified retrospective approach to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption, rather than in the earliest comparative period presented. As such, the Company's historical Consolidated Financial Statements were not restated and follow the Company's previous policy under ASC 840, Leases. Refer to FactSet’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for further details of the Company’s policy prior to adoption of ASC 842. FactSet elected the package of practical expedients permitted under the transition guidance, which permits the Company not to reassess the prior conclusions about lease identification, lease classification, and initial direct costs. FactSet did not elect the use-of-hindsight practical expedient in determining the lease term and in assessing impairment. FactSet elected the practical expedient not to separate lease components from non-lease components but, rather, to combine them into one single lease component. The Company has also elected to apply the short-term lease exception not to recognize lease ROU assets and lease liabilities for leases with a term of 12 months or less. FactSet will recognize lease payments on a straight-line basis over the lease term. As of November 30, 2019, the Company recognized Lease ROU assets, net of amortization of $217.0 million and corresponding Current and Long-term lease liabilities of $266.4 million, related primarily to the Company’s real estate leases. There was no material impact to the Company’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows and Consolidated Statement of Changes in Stockholders' Equity. Refer to Note 11, Leases for more information regarding the Company's lease accounting. Hedge Accounting Simplification During the first quarter of fiscal 2020, FactSet adopted the accounting standard updated issued by the FASB in August 2017, which focused on reducing the complexity of and simplifying the application of hedge accounting. The guidance refines and expands hedge accounting for both financial and nonfinancial risk components, eliminates the need to separately measure and report hedge ineffectiveness, and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The adoption of this standard had no impact on the Company's Consolidated Financial Statements. Recent Accounting Standards or Updates Not Yet Effective Credit Losses on Financial Instruments In June 2016, the FASB issued an accounting standard that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. The guidance will be effective for the Company beginning in the first quarter of fiscal 2021. The Company has evaluated the impact of this accounting standard update and has determined that its adoption will not have a material impact on the Company's Consolidated Financial Statements. Goodwill Impairment Test In January 2017, the FASB issued an accounting standard update which removes the requirement for companies to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2021, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company has evaluated the impact of this accounting standard update and has determined that its adoption will not have a material impact on the Company's Consolidated Financial Statements. Income Tax Simplification In December 2019, the FASB issued an accounting standard update to simplify various aspects related to accounting for income taxes, eliminating certain exceptions to the general principles in accounting for income taxes related to intraperiod tax allocation, simplifying when companies recognize deferred taxes in an interim period, and clarifying certain aspects of the current guidance to promote consistent application. The guidance will be effective for the Company in the first quarter of fiscal 2022, with early adoption permitted. Most amendments are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating the potential impact of adopting the guidance on its Consolidated Financial Statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued an accounting standard to provide optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by the anticipated transition from LIBOR. As a result of the reference rate reform initiative, certain widely used reference rates such as LIBOR are expected to be discontinued. The guidance is designed to simplify how entities account for contracts, such as receivables, debt, leases, derivative instruments and hedging, that are modified to replace LIBOR or other benchmark interest rates with new rates. The guidance is effective upon issuance and may be applied through December 31, 2022. The Company is currently evaluating the impact of this accounting standard, but it is not expected to have a material impact on the Company’s Consolidated Financial Statements. No other new accounting pronouncements issued or effective as of August 31, 2020 have had or are expected to have a material impact on the Company’s Consolidated Financial Statements.

Revenue Recognition (Tables)

12 Months Ended

Aug. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents this disaggregation of revenue by geography:


	August 31,
(in thousands)	2020		2019		2018
Americas	$	929,444	$	894,554	$	841,908
EMEA	$	422,203	$	408,084	$	387,589
Asia Pacific	$	142,464	$	132,713	$	120,648
Total Revenue	$	1,494,111	$	1,435,351	$	1,350,145

Fair Value Measures (Tables)

12 Months Ended

Aug. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value


(in thousands)	Fair Value Measurements at August 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Corporate money market funds(1)	$	276,852	$	—	$	—	$	276,852
Mutual Funds(2)	—		17,257		—		17,257
Certificates of deposit(3)	—		2,315		—		2,315
Derivative instruments(4)	—		3,644		—		3,644
Total assets measured at fair value	$	276,852	$	23,216	$	—	$	300,068

Liabilities
Derivative instruments(4)	$	—	$	5,773	$	—	$	5,773
Total liabilities measured at fair value	$	—	$	5,773	$	—	$	5,773


(in thousands)	Fair Value Measurements at August 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Corporate money market funds(1)	$	75,849	$	—	$	—	$	75,849
Mutual Funds(2)	—		18,583		—		18,583
Certificates of deposit(3)	—		7,090		—		7,090
Derivative instruments(4)	—		520		—		520
Total assets measured at fair value	$	75,849	$	26,193	$	—	$	102,042

Liabilities
Derivative instruments(4)	$	—	$	3,575	$	—	$	3,575
Total liabilities measured at fair value	$	—	$	3,575	$	—	$	3,575

Derivative Instruments (Tables)

12 Months Ended

Aug. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Position and Corresponding Fair Values

The following is a summary of the gross notional values of the derivative instruments:


(in thousands, in U.S. dollars)	Gross Notional Value
	August 31, 2020		August 31, 2019
Foreign currency forward contracts	$	129,649	$	113,700
Interest rate swap agreement	287,500		—
Total cash flow hedges	$	417,149	$	113,700

Fair Value Amounts of Derivative Instruments and Gains

The following is a summary of the fair values of the derivative instruments:


	Fair Value of Derivative Instruments
Derivatives designated as hedging instruments		Derivative Assets					Derivative Liabilities
		August 31,					August 31,
		2020		2019			2020		2019
	Balance Sheet Classification	Fair Value		Fair Value		Balance Sheet Classification	Fair Value		Fair Value
Foreign currency forward contracts	Prepaid expenses and other current assets	$	3,644	$	520	Accounts payable and accrued expenses	$	93	$	3,575
Interest rate swap agreement	Prepaid expenses and other current assets	—		—		Accounts payable and accrued expenses	1,861		—
	Other assets	—		—		Other non-current liabilities	3,819		—
Total cash flow hedges		$	3,644	$	520		$	5,773	$	3,575

Derivatives in Cash Flow Hedging Relationships

The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the each of the three fiscal years ended August 31, 2020, 2019 and 2018:


(in thousands)	Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion)						Location of (Loss) Gain Reclassified from AOCL into Income (Effective Portion)	(Loss) Gain Reclassified from AOCL into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	2020		2019		2018			2020		2019		2018
Foreign currency forward contracts	$	5,049	$	(187)	$	(7,700)	SG&A	$	(1,556)	$	(1,794)	$	3,106
Interest rate swap agreement	$	(6,138)	$	—	$	—	Interest expense, net	$	(458)	$	—	$	—
Total cash flow hedges	$	(1,089)	$	(187)	$	(7,700)		$	(2,014)	$	(1,794)	$	3,106

Property, Equipment and Leasehold Improvements (Tables)

12 Months Ended

Aug. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following:


(in thousands)	August 31,
	2020		2019
Leasehold improvements	$	182,899	$	155,520
Computers and related equipment	127,794		129,549
Furniture and fixtures	56,269		48,986
Subtotal	$	366,962	$	334,055
Less accumulated depreciation and amortization	(233,860)		(214,671)
Property, equipment and leasehold improvements, net	$	133,102	$	119,384

Goodwill (Tables)

12 Months Ended

Aug. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill by Segment

Changes in the carrying amount of goodwill by segment for fiscal years ended August 31, 2020 and 2019 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2018	$	386,195	$	312,694	$	2,944	$	701,833
Foreign currency translations	—		(16,235)		131		(16,104)
Balance at August 31, 2019	$	386,195	$	296,459	$	3,075	$	685,729
Foreign currency translations	—		23,968		6		23,974
Balance at August 31, 2020	$	386,195	$	320,427	$	3,081	$	709,703

Intangible Assets (Tables)

12 Months Ended

Aug. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Identifiable Intangible Assets

The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows:


At August 31, 2020 (in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	35,872	$	24,847	$	11,025
Client relationships	100,316		43,026		57,290
Acquired software technology	108,384		72,396		35,988
Internally developed software	30,276		13,689		16,587
Non-compete agreements	1,388		1,355		33
Trade names	4,106		3,934		172
Total	$	280,342	$	159,247	$	121,095


At August 31, 2019 (in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Data content	$	32,200	$	21,512	$	10,688
Client relationships	95,905		35,506		60,399
Acquired software technology	105,426		56,965		48,461
Internally developed software	14,262		10,365		3,897
Non-compete agreements	1,311		1,228		83
Trade names	3,994		3,074		920
Total	$	253,098	$	128,650	$	124,448

Estimated Amortization Expense

As of August 31, 2020, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows:


Fiscal Year (in thousands)	Estimated Amortization Expense
2021	$	26,939
2022	24,133
2023	18,092
2024	10,389
2025	7,712
Thereafter	33,830
Total	$	121,095

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2020

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes is as follows:


(in thousands)	Years ended August 31,
	2020			2019			2018
U.S. operations	$	280,283		$	288,860		$	199,654
Non-U.S. operations	146,851			133,105			152,184
Income before income taxes	$	427,134		$	421,965		$	351,838

U.S. operations	$	31,926		$	55,824		$	65,778
Non-U.S. operations	22,270			13,351			18,975
Total provision for income taxes	$	54,196		$	69,175		$	84,753

Effective tax rate	12.7		%	16.4		%	24.1		%

Components of the Provision for Income Taxes

The components of the provision for income taxes consist of the following:


(in thousands)	Years ended August 31,
	2020		2019		2018
Current
U.S. federal	$	9,332	$	35,688	$	58,835
U.S. state and local	8,034		18,389		5,159
Non-U.S.	27,640		17,376		22,669
Total current taxes	$	45,006	$	71,453	$	86,663

Deferred
U.S. federal	$	11,896	$	1,813	$	2,079
U.S. state and local	2,665		(217)		(295)
Non-U.S.	(5,371)		(3,874)		(3,694)
Total deferred taxes	$	9,190	$	(2,278)	$	(1,910)
Total provision for income taxes	$	54,196	$	69,175	$	84,753

Percentage of Income Before Income Taxes


	Years ended August 31,
(expressed as a percentage of income before income taxes)	2020		2019			2018
Tax at U.S. Federal statutory tax rate	21.0	%	21.0	%		25.7	%
Increase (decrease) in taxes resulting from:
State and local taxes, net of U.S. federal income tax benefit	3.1		4.0			2.9
Foreign income at other than U.S. rates	(1.4)		(1.4)			(3.2)
Foreign derived intangible income ("FDII") deduction	(1.8)		(1.7)			—
Domestic production activities deduction	—		—			(1.6)
Income tax benefits from R&D tax credits	(3.8)		(3.5)			(3.7)
Share-based payments	(3.7)		(3.2)			(2.7)
One-time transition tax from TCJA	—		(0.4)		(1)	6.6		(1)
Other, net	(0.7)		1.6			0.1
Effective tax rate	12.7	%	16.4	%		24.1	%

Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets that recorded within the Consolidated Balance Sheets were as follows:


(in thousands)	At August 31,
	2020		2019
Deferred tax assets:
Depreciation on property, equipment and leasehold improvements	$	—	$	2,264
Deferred rent	—		9,479
Lease liabilities	56,280		—
Stock-based compensation	16,341		14,822
Unrealized tax loss on investment	4,172		—
Other	8,840		9,903
Total deferred tax assets	$	85,633	$	36,468

The significant components of deferred tax liabilities recorded within the Consolidated Balance Sheets were as follows:


(in thousands)	At August 31,
	2020		2019
Deferred tax liabilities:
Depreciation on property, equipment and leasehold improvements	$	15,291	$	—
Purchased intangible assets, including acquired technology	43,088		44,304
Lease right-of-use assets	45,344		—
Other	1,623		984
Total deferred tax liabilities	$	105,346	$	45,288

Reconciliation of Unrecognized Tax Benefits

The following table summarizes the changes in the balance of gross unrecognized tax benefits:


(in thousands)
Unrecognized income tax benefits at August 31, 2017	$	11,484
Additions based on tax positions related to the current year	2,954
Additions for tax positions of prior years	531
Statute of limitations lapse	(3,146)
Reductions from settlements with Taxing Authorities	(2,600)
Unrecognized income tax benefits at August 31, 2018	$	9,223
Additions based on tax positions related to the current year	3,133
Additions for tax positions of prior years	507
Statute of limitations lapse	(1,979)
Unrecognized income tax benefits at August 31, 2019	$	10,884
Additions based on tax positions related to the current year	3,533
Release for tax positions of prior years	(2,086)
Unrecognized income tax benefits at August 31, 2020	$	12,331

Major Tax Jurisdictions in Which the Company and Affiliates Operate and the Earliest Tax Year Subject to Examination


Major Tax Jurisdictions	Open Tax Years
U.S.
Federal	2017	through	2019
State (various)	2017	through	2019

Europe
United Kingdom	2018	through	2019
France	2018	through	2019
Germany	2017	through	2019

Leases (Tables)

12 Months Ended

Aug. 31, 2020

Leases [Abstract]

Future Minimum Lease Commitments


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31
2021	$	40,848
2022	39,958
2023	36,426
2024	34,530
2025	33,742
Thereafter	186,658
Total	372,162
Imputed Interest	70,837
Present Value	$	301,325

Schedule of Other Information Related to Leases

The following table summarizes the Company's lease term and discount rate assumptions related to the operating leases recorded on the Consolidated Balance Sheets as of August 31, 2020:


			As of August 31, 2020
Weighted average remaining lease term (in years)			10.1
Weighted average discount rate (IBR)			4.2%

The following table summarizes supplemental cash flow information related to the Company's operating leases:


(in thousands)			As of August 31, 2020
Cash paid for amounts included in the measurement of lease liabilities			$39.7
Lease ROU assets obtained in exchange for lease liabilities			$43.7

Debt (Tables)

12 Months Ended

Aug. 31, 2020

Debt Disclosure [Abstract]

Debt Obligations

FactSet’s debt obligations consisted of the following:


(in thousands)	At August 31,
	2020		2019
2019 Revolving Credit Facility	$	575,000	$	575,000
Loan origination fees	$	(646)	(826)
Long-term debt	$	574,354	$	574,174

Stockholders' Equity (Tables)

12 Months Ended

Aug. 31, 2020

Equity [Abstract]

Shares of Common Stock Outstanding

Shares of common stock outstanding were as follows:


(in thousands)	Years ended August 31,
	2020	2019	2018
Balance, beginning of year at September 1, 2019, 2018 and 2017, respectively	38,118	38,193	39,023
Common stock issued for employee stock plans	663	839	712
Repurchase of common stock from employees(1)	(12)	(32)	(8)
Repurchase of common stock under the share repurchase program	(739)	(882)	(1,534)
Balance, end of year at August 31, 2020, 2019, and 2018 respectively	38,030	38,118	38,193

Dividends Declared

The Company’s Board of Directors declared the following dividends on our common stock during the periods presented:


Year Ended	Dividends per Share of Common Stock		Record Date	Total amount (in thousands)		Payment Date
Fiscal 2020
First Quarter	$	0.72	November 29, 2019	$	27,291	December 19, 2019
Second Quarter	$	0.72	February 28, 2020	$	27,251	March 19, 2020
Third Quarter	$	0.77	May 29, 2020	$	29,189	June 18, 2020
Fourth Quarter	$	0.77	August 31, 2020	$	29,283	September 17, 2020

Fiscal 2019
First Quarter	$	0.64	November 30, 2018	$	24,372	December 18, 2018
Second Quarter	$	0.64	February 28, 2019	$	24,385	March 19, 2019
Third Quarter	$	0.72	May 31, 2019	$	27,506	June 18, 2019
Fourth Quarter	$	0.72	August 31, 2019	$	27,445	September 19, 2019

Components of Other Comprehensive Loss

The components of AOCL are as follows:


(in thousands)	August 31, 2020		August 31, 2019
Accumulated unrealized losses on cash flow hedges, net of tax	$	(1,591)	$	(2,266)
Accumulated foreign currency translation adjustments	(37,702)		(72,278)
Total AOCL	$	(39,293)	$	(74,544)

Earnings Per Share (Tables)

12 Months Ended

Aug. 31, 2020

Earnings Per Share [Abstract]

Weighted Average Shares Outstanding

A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share ("EPS") computations is as follows:


(in thousands, except per share data)	Net Income (Numerator)		Weighted Average Common Shares (Denominator)	Per Share Amount
For the year ended August 31, 2020
Basic EPS
Income available to common stockholders	$	372,938	37,936	$	9.83
Diluted EPS
Dilutive effect of stock options and restricted stock			710
Income available to common stockholders plus assumed conversions	$	372,938	38,646	$	9.65
For the year ended August 31, 2019
Basic EPS
Income available to common stockholders	$	352,790	38,144	$	9.25
Diluted EPS
Dilutive effect of stock options and restricted stock			729
Income available to common stockholders plus assumed conversions	$	352,790	38,873	$	9.08
For the year ended August 31, 2018
Basic EPS
Income available to common stockholders	$	267,085	38,733	$	6.90
Diluted EPS
Dilutive effect of stock options and restricted stock			644
Income available to common stockholders plus assumed conversions	$	267,085	39,377	$	6.78

Stock-based Compensation (Tables)

12 Months Ended

Aug. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is as follows:


	Number Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (years)

Outstanding as of August 31, 2017	3,366	$	139.29
Granted – non performance-based	575	$	190.14
Granted – performance-based	17	$	200.20
Granted – non-employee Directors grant	19	$	197.75
Exercised	(622)	$	113.73
Forfeited	(212)	$	158.14
Outstanding as of August 31, 2018	3,143	$	153.05
Granted – non performance-based	482	$	224.35
Granted – non-employee Directors grant	20	$	207.88
Exercised	(705)	$	137.61
Forfeited	(416)	$	170.54
Outstanding as of August 31, 2019	2,524	$	168.50
Granted – non performance-based	424	$	256.43
Granted – non-employee Directors grant	16	$	271.51
Exercised	(588)	$	145.54
Forfeited	(122)	$	218.36
Outstanding as of August 31, 2020	2,254	$	189.32	$	129.6	6.6
Options vested and exercisable as of August 31, 2020	875	$	155.58	$	170.4	5.1
Options expected to vest as of August 31, 2020	1,264	$	209.33	$	178.4	7.5

Summary of Weighted Average Assumptions

The weighted average estimated fair value of employee stock options granted during fiscal 2020, 2019 and 2018 was determined using the binomial model with the following weighted average assumptions:

(Weighted average assumptions)


	2020				2019				2018
Term structure of risk-free interest rate	0.10	%	—	1.79%	1.28	%	—	3.14%	1.28	%	—	2.41%
Expected life (years)	7.2		—	7.2	7.1		—	7.1	7.4		—	7.4
Term structure of volatility	25	%	—	25%	18	%	—	29%	19	%	—	29%
Dividend yield	1.09%				1.15%				1.32%
Weighted average estimated fair value	$60.33				$57.12				$48.39
Weighted average exercise price	$256.43				$224.35				$190.42
Fair value as a percentage of exercise price	23.5%				25.5%				25.4%

(Weighted average assumptions)


	Years ended August 31,
	2020			2019			2018
Fair value	$	54.74		$	42.77		$	38.76
Risk-free interest rate	1.64 %			2.51		%	2.34		%
Expected life (years)	5.4			5.4			5.4
Expected volatility	22.0		%	20.5		%	19.7		%
Dividend yield	1.11 %			1.17		%	1.16		%

The weighted average estimated fair value of employee stock purchase plan grants during fiscal years 2020, 2019 and 2018, was $50.69, $41.06 and $31.83 per share, respectively, with the following weighted average assumptions:

(Weighted average assumptions)


	2020		2019		2018
Risk-free interest rate	0.95	%	2.33	%	1.55	%
Expected life (months)	3		3		3
Expected volatility	20.04	%	10.89	%	10.19	%
Dividend yield	1.08	%	1.12	%	1.27	%

Summary of Stock Award Activity

A summary of Stock Award activity is as follows:


(in thousands, except per award data)	Number Outstanding	Weighted Average Grant Date Fair Value Per Award
Balance at August 31, 2017	182	138.62
Granted - restricted stock(1)	3	189.28
Vested - restricted stock	(27)	155.95
Forfeited	(15)	116.29
Balance at August 31, 2018	143	139.34
Granted - restricted stock(1)	73	239.03
Vested - restricted stock	(85)	125.04
Forfeited	(7)	181.32
Balance at August 31, 2019	124	205.47
Granted - restricted stock & PSUs(1)(2)	74	252.17
Vested - restricted stock	(33)	197.37
Forfeited	(19)	198.53
Balance at August 31, 2020	146	231.55

(1)Each Stock Award granted is equivalent to 2.5 shares granted under the LTIP.

(2)FactSet granted 36,709 awards of restricted stock and 36,888 PSUs.

Summary of Share-based Awards Available for Grant

A summary of share-based awards available for grant is as follows:


(in thousands)	Share-based Awards Available for Grant under the Employee Stock Option Plan	Share-based Awards Available for Grant under the Non-Employee Stock Option Plan
Balance at August 31, 2017	897	42
Increase in the number of shares available for issuance	5,750	250
Granted – non performance-based options	(575)	—
Granted – performance-based options	(17)	—
Granted – non-employee Directors options	—	(19)
Granted – restricted stock(1)	(9)	—
Forfeited - Share-based awards(2)	252	9
Balance at August 31, 2018	6,298	282
Granted – non performance-based options	(481)	—
Granted – non-employee Directors options	—	(20)
Granted – restricted stock(1)	(183)	—
Forfeited - Share-based awards(2)	433	2
Balance at August 31, 2019	6,067	264
Granted – non performance-based options	(424)	—
Granted – non-employee Directors options	—	(16)
Granted – restricted stock(1)	(93)	—
Granted – PSUs(1)	(91)	—
Forfeited – Share-based awards(2)	167	2
Balance at August 31, 2020	5,626	250

(1)Each Stock Award granted is equivalent to 2.5 shares granted under the LTIP.

(2)Under the LTIP, for each Stock Award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance.

Segment Information (Tables)

12 Months Ended

Aug. 31, 2020

Segment Reporting [Abstract]

Results of Operations and Total Assets

The following tables reflect the results of operations of the Company's segments:


(in thousands)
Year Ended August 31, 2020	Americas		EMEA		Asia Pacific		Total
Revenue from clients	$	929,444	$	422,203	$	142,464	$	1,494,111
Segment operating profit	168,909		179,831		90,920		439,660
Depreciation and amortization	36,128		14,338		7,148		57,614
Stock-based compensation	28,780		6,576		1,223		36,579
Capital expenditures	60,204		2,079		15,359		77,642


Year Ended August 31, 2019	Americas		EMEA		Asia Pacific		Total
Revenue from clients	$	894,554	$	408,084	$	132,713	$	1,435,351
Segment operating profit	179,374		179,258		79,403		438,035
Depreciation and amortization	40,018		14,703		5,742		60,463
Stock-based compensation	26,152		5,320		928		32,400
Capital expenditures	43,647		2,595		13,128		59,370


Year Ended August 31, 2018	Americas		EMEA		Asia Pacific		Total
Revenue from clients	$	841,908	$	387,589	$	120,648	$	1,350,145
Segment operating profit	148,095		148,977		69,132		366,204
Depreciation and amortization	37,453		15,710		4,122		57,285
Stock-based compensation	26,014		4,857		645		31,516
Capital expenditures	20,358		3,140		10,022		33,520

Segment Total Assets

The following table reflects the total assets for the Company's segments:


	As of August 31,
(in thousands)	2020		2019
Segment Assets
Americas	$	1,111,600	$	851,014
EMEA	757,524		588,911
Asia Pacific	214,264		120,205
Total assets	$	2,083,388	$	1,560,130

Revenue from Countries That Are 10% Or More of Revenues

The following table sets forth revenue by geography, attributed to countries based on the location of the client:


(in thousands)	Years ended August 31,
	2020		2019		2018
Revenues
United States	$	885,082	$	854,675	$	806,426
United Kingdom	179,966		166,944		157,346
Other European Countries	242,237		241,140		230,243
All Other Countries	186,826		172,592		156,130
Total revenue	$	1,494,111	$	1,435,351	$	1,350,145

Long-lived Assets by Geographic Areas


(in thousands)	At August 31,
	2020		2019
Long-lived Assets
United States	$	205,929	$	86,238
Philippines	53,124		4,188
India	42,923		15,051
United Kingdom	32,184		5,347
All Other Countries	47,871		8,560
Total long-lived assets	$	382,031	$	119,384

Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Aug. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data


Fiscal 2020 (in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	366,658	$	369,780	$	374,083	$	383,590
Cost of services	$	164,957	$	176,218	$	170,703	$	183,568
Selling, general and administrative	$	88,515	$	87,305	$	81,740	$	101,445
Operating income	$	113,186	$	106,257	$	121,640	$	98,577
Net income	$	93,957	$	88,686	$	101,216	$	89,079
Diluted EPS(1)	$	2.43	$	2.30	$	2.63	$	2.29
Diluted weighted average common shares	38,587		38,576		38,481		38,940


Fiscal 2019 (in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	351,640	$	354,895	$	364,533	$	364,283
Cost of services	$	166,776	$	165,108	$	163,832	$	167,730
Selling, general and administrative	$	84,325	$	81,099	$	83,461	$	84,985
Operating income	$	100,539	$	108,688	$	117,240	$	111,568
Net income	$	84,296	$	84,702	$	92,265	$	91,527
Diluted EPS(1)	$	2.17	$	2.19	$	2.37	$	2.34
Diluted weighted average common shares	38,809		38,619		38,993		39,056

(1)Diluted earnings per common share is calculated independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the fiscal year.

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Aug. 31, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments	3

Summary of Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Aug. 31, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 31, 2020 USD ($) segment	Aug. 31, 2020 USD ($) reportingUnit	Aug. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)	Aug. 31, 2020 PHP (₱)	Aug. 31, 2020 INR (₨)	Aug. 31, 2020 EUR (€)	Aug. 31, 2020 GBP (£)	Nov. 30, 2019 USD ($)	Mar. 29, 2019 USD ($)	Aug. 31, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Unbilled accounts receivable	$ 17,100,000	$ 17,100,000	$ 17,100,000	$ 17,100,000	$ 17,100,000	$ 15,800,000
Receivable reserve	8,000,000.0	8,000,000.0	8,000,000.0	$ 8,000,000.0	$ 8,000,000.0	10,500,000
Research and product development costs			224,000,000.0			214,700,000	$ 217,100,000
Interest income earned from investments			1,100,000			1,500,000	1,300,000
Number of reporting units				3	3
Goodwill impairment charge	0
Impairment of intangible assets			0			0	0
Variable employee compensation recorded within accrued compensation	54,400,000	54,400,000	54,400,000	$ 54,400,000	$ 54,400,000	49,400,000
Gross notional value								₱ 1,300,000,000	₨ 1,400,000,000	€ 31,800,000	£ 36,400,000
Accumulated foreign currency translation adjustments	(37,702,000)	(37,702,000)	(37,702,000)	(37,702,000)	(37,702,000)	(72,278,000)
Gross unrecognized tax benefits	12,331,000	12,331,000	12,331,000	12,331,000	12,331,000	10,884,000	$ 9,223,000							$ 11,484,000
Accrued interest	900,000	900,000	900,000	900,000	900,000
ROU assets, net of amortization	248,929,000	248,929,000	248,929,000	248,929,000	248,929,000	0						$ 217,000,000.0
Current and non-current lease liabilities	301,325,000	301,325,000	301,325,000	301,325,000	301,325,000							$ 266,400,000
2019 Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Debt outstanding at time of retirement	575,000,000.0	575,000,000.0	575,000,000.0	575,000,000.0	575,000,000.0	575,000,000
2019 Revolving Credit Facility \| PNC Bank, National Associations
Property, Plant and Equipment [Line Items]
Maximum borrowing capacity	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0
Debt outstanding at time of retirement													$ 575,000,000.0
Cash Flow Hedging \| Designated as Hedging Instrument
Property, Plant and Equipment [Line Items]
Gross notional value	417,149,000	417,149,000	417,149,000	417,149,000	417,149,000	113,700,000
Interest rate swap agreement \| Cash Flow Hedging \| Designated as Hedging Instrument
Property, Plant and Equipment [Line Items]
Gross notional value	$ 287,500,000	$ 287,500,000	$ 287,500,000	$ 287,500,000	$ 287,500,000	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Remaining lease term	1 year	1 year	1 year	1 year	1 year			1 year	1 year	1 year	1 year
Minimum \| Internally developed software
Property, Plant and Equipment [Line Items]
Amortization period of intangible assets		3 years
Maximum
Property, Plant and Equipment [Line Items]
Remaining lease term	15 years	15 years	15 years	15 years	15 years			15 years	15 years	15 years	15 years
Maximum \| Internally developed software
Property, Plant and Equipment [Line Items]
Amortization period of intangible assets		5 years
Computers and related equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life		3 years
Computers and related equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life		5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life		7 years

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Aug. 31, 2020	May 31, 2020	Feb. 28, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 383,590	$ 374,083	$ 369,780	$ 366,658	$ 364,283	$ 364,533	$ 354,895	$ 351,640	$ 1,494,111	$ 1,435,351	$ 1,350,145
Americas
Disaggregation of Revenue [Line Items]
Revenue									929,444	894,554	841,908
EMEA
Disaggregation of Revenue [Line Items]
Revenue									422,203	408,084	387,589
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue									$ 142,464	$ 132,713	$ 120,648

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
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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
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 3,644	$ 520
Total assets measured at fair value	300,068	102,042
Derivative instruments	5,773	3,575
Total liabilities measured at fair value	5,773	3,575
Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate money market funds	276,852	75,849
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual Funds	17,257	18,583
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	2,315	7,090
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Total assets measured at fair value	276,852	75,849
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate money market funds	276,852	75,849
Level 1 \| Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual Funds	0	0
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	3,644	520
Total assets measured at fair value	23,216	26,193
Derivative instruments	5,773	3,575
Total liabilities measured at fair value	5,773	3,575
Level 2 \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate money market funds	0	0
Level 2 \| Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual Funds	17,257	18,583
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	2,315	7,090
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Total assets measured at fair value	0	0
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 3 \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate money market funds	0	0
Level 3 \| Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual Funds	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	$ 0	$ 0

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2020	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	$ 575.0
Level 2 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	$ 575.0	$ 575.0

Derivative Instruments - Narrative (Details)	12 Months Ended
Derivative Instruments - Narrative (Details)	Aug. 31, 2020 USD ($)	Aug. 31, 2020 PHP (₱)	Aug. 31, 2020 INR (₨)	Aug. 31, 2020 EUR (€)	Aug. 31, 2020 GBP (£)	Aug. 31, 2019 USD ($)
Derivative [Line Items]
Gross notional value		₱ 1,300,000,000	₨ 1,400,000,000	€ 31,800,000	£ 36,400,000
Minimum
Derivative [Line Items]
Currency exposure (as a percent)	25.00%
Maximum
Derivative [Line Items]
Currency exposure (as a percent)	75.00%
2019 Revolving Credit Facility \| PNC Bank, National Associations
Derivative [Line Items]
Borrowing from revolving credit facility	$ 575,000,000.0
Maximum borrowing capacity	$ 750,000,000.0
2019 Revolving Credit Facility \| PNC Bank, National Associations \| LIBOR
Derivative [Line Items]
Basis spread on variable rate	0.875%
Fixed rate	0.7995%	0.7995%	0.7995%	0.7995%	0.7995%
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gross notional value	$ 417,149,000					$ 113,700,000
Foreign currency forward contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gross notional value	129,649,000					113,700,000
Estimated pre-tax derivative gains to be reclassified in next 12 months	1,700,000
Interest rate swap agreement \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gross notional value	$ 287,500,000					$ 0

Derivative Instruments - Hedging Positions and Corresponding Fair Values (Details) $ in Thousands	Aug. 31, 2020 USD ($)	Aug. 31, 2020 PHP (₱)	Aug. 31, 2020 INR (₨)	Aug. 31, 2020 EUR (€)	Aug. 31, 2020 GBP (£)	Aug. 31, 2019 USD ($)
Derivative [Line Items]
Gross notional value		₱ 1,300,000,000	₨ 1,400,000,000	€ 31,800,000	£ 36,400,000
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gross notional value	$ 417,149					$ 113,700
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative [Line Items]
Gross notional value	129,649					113,700
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap agreement
Derivative [Line Items]
Gross notional value	$ 287,500					$ 0

Derivative Instruments - Fair Value Amounts of Derivative Instruments and Gains (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Derivative [Line Items]
Derivative Assets	$ 3,644	$ 520
Derivative Liabilities	5,773	3,575
Foreign currency forward contracts \| Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	3,644	520
Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivative [Line Items]
Derivative Liabilities	93	3,575
Interest rate swap agreement \| Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	0	0
Interest rate swap agreement \| Other assets
Derivative [Line Items]
Derivative Assets	0	0
Interest rate swap agreement \| Accounts payable and accrued expenses
Derivative [Line Items]
Derivative Liabilities	1,861	0
Interest rate swap agreement \| Other non-current liabilities
Derivative [Line Items]
Derivative Liabilities	$ 3,819	$ 0

Derivative Instruments - Derivatives in Cash Flow Hedging Relationships (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Derivative [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion)	$ (1,089)	$ (187)	$ (7,700)
(Loss) Gain Reclassified from AOCL into Income (Effective Portion)	(2,014)	(1,794)	3,106
Foreign currency forward contracts \| SG&A
Derivative [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion)	5,049	(187)	(7,700)
(Loss) Gain Reclassified from AOCL into Income (Effective Portion)	(1,556)	(1,794)	3,106
Interest rate swap agreement \| Interest expense, net
Derivative [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives (Effective Portion)	(6,138)	0	0
(Loss) Gain Reclassified from AOCL into Income (Effective Portion)	$ (458)	$ 0	$ 0

Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Property, Plant and Equipment [Line Items]
Subtotal	$ 366,962	$ 334,055
Less accumulated depreciation and amortization	(233,860)	(214,671)
Property, equipment and leasehold improvements, net	133,102	119,384
Depreciation expense	32,200	35,400	$ 32,600
Leasehold improvements
Property, Plant and Equipment [Line Items]
Subtotal	182,899	155,520
Computers and related equipment
Property, Plant and Equipment [Line Items]
Subtotal	127,794	129,549
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Subtotal	$ 56,269	$ 48,986

Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Goodwill [Roll Forward]
Balance	$ 685,729	$ 701,833
Foreign currency translations	23,974	(16,104)
Balance	709,703	685,729
EMEA
Goodwill [Roll Forward]
Balance	296,459	312,694
Foreign currency translations	23,968	(16,235)
Balance	320,427	296,459
Asia Pacific
Goodwill [Roll Forward]
Balance	3,075	2,944
Foreign currency translations	6	131
Balance	3,081	3,075
Americas
Goodwill [Roll Forward]
Balance	386,195	386,195
Foreign currency translations	0	0
Balance	$ 386,195	$ 386,195

Goodwill - Narrative (Details)	3 Months Ended	12 Months Ended
Goodwill - Narrative (Details)	Aug. 31, 2020 USD ($)	Aug. 31, 2020 segment	Aug. 31, 2020 reportingUnit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of segments		3	3
Impairment charge	$ 0

Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
Intangible Assets - Narrative (Details) - USD ($)	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	11 years 10 months 24 days
Impairment of intangible assets	$ 0	$ 0	$ 0
Amortization expense	$ 25,400,000	$ 25,100,000	$ 24,700,000
Data content \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years
Data content \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	20 years
Client relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	8 years
Client relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	18 years
Acquired software technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Acquired software technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	9 years
Internally developed software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Internally developed software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years
Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	2 years
Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	4 years
Trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	4 years
Trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	7 years

Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 280,342	$ 253,098
Accumulated Amortization	159,247	128,650
Net Carrying Amount	121,095	124,448
Data content
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	35,872	32,200
Accumulated Amortization	24,847	21,512
Net Carrying Amount	11,025	10,688
Client relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	100,316	95,905
Accumulated Amortization	43,026	35,506
Net Carrying Amount	57,290	60,399
Acquired software technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	108,384	105,426
Accumulated Amortization	72,396	56,965
Net Carrying Amount	35,988	48,461
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	30,276	14,262
Accumulated Amortization	13,689	10,365
Net Carrying Amount	16,587	3,897
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,388	1,311
Accumulated Amortization	1,355	1,228
Net Carrying Amount	33	83
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,106	3,994
Accumulated Amortization	3,934	3,074
Net Carrying Amount	$ 172	$ 920

Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Aug. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 26,939
2022	24,133
2023	18,092
2024	10,389
2025	7,712
Thereafter	33,830
Total	$ 121,095

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 54,196	$ 69,175	$ 84,753
Decrease to provision for income taxes (as a percent)	(21.70%)
Gross unrecognized tax benefits	$ 12,331	10,884	9,223	$ 11,484
Accrued interest	900
Income tax (benefit) expense, finalization of prior year tax returns	(3,700)	7,700
Reduction in tax expense, higher windfall tax benefits from stock-based compensation	$ 1,900
One-time transition tax expense (benefit)		$ (3,400)	$ (23,200)

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

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Income before income taxes
U.S. operations	$ 280,283	$ 288,860	$ 199,654
Non-U.S. operations	146,851	133,105	152,184
Income before income taxes	427,134	421,965	351,838
Total provision for income taxes
U.S. operations	31,926	55,824	65,778
Non-U.S. operations	22,270	13,351	18,975
Total provision for income taxes	$ 54,196	$ 69,175	$ 84,753
Effective tax rate	12.70%	16.40%	24.10%

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

Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Current
U.S. federal	$ 9,332	$ 35,688	$ 58,835
U.S. state and local	8,034	18,389	5,159
Non-U.S.	27,640	17,376	22,669
Total current taxes	45,006	71,453	86,663
Deferred
U.S. federal	11,896	1,813	2,079
U.S. state and local	2,665	(217)	(295)
Non-U.S.	(5,371)	(3,874)	(3,694)
Total deferred taxes	9,190	(2,278)	(1,910)
Total provision for income taxes	$ 54,196	$ 69,175	$ 84,753

Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Income Tax Disclosure [Abstract]
Tax at U.S. Federal statutory tax rate	21.00%	21.00%	25.70%
State and local taxes, net of U.S. federal income tax benefit	3.10%	4.00%	2.90%
Foreign income at other than U.S. rates	(1.40%)	(1.40%)	(3.20%)
Foreign derived intangible income ("FDII") deduction	(1.80%)	(1.70%)	0.00%
Domestic production activities deduction	0.00%	0.00%	(1.60%)
Income tax benefits from R&D tax credits	(3.80%)	(3.50%)	(3.70%)
Share-based payments	(3.70%)	(3.20%)	(2.70%)
One-time transition tax from TCJA	0.00%	(0.40%)	6.60%
Other, net	(0.70%)	1.60%	0.10%
Effective tax rate	12.70%	16.40%	24.10%
One-time transition tax expense (benefit)		$ (3.4)	$ (23.2)

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Deferred tax assets:
Depreciation on property, equipment and leasehold improvements	$ 0	$ 2,264
Deferred rent	0	9,479
Lease liabilities	56,280	0
Stock-based compensation	16,341	14,822
Unrealized tax loss on investment	4,172	0
Other	8,840	9,903
Total deferred tax assets	85,633	36,468
Deferred tax liabilities:
Depreciation on property, equipment and leasehold improvements	15,291	0
Purchased intangible assets, including acquired technology	43,088	44,304
Lease right-of-use assets	45,344	0
Other	1,623	984
Total deferred tax liabilities	$ 105,346	$ 45,288

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance	$ 10,884	$ 9,223	$ 11,484
Additions based on tax positions related to the current year	3,533	3,133	2,954
Additions for tax positions of prior years		507	531
Statute of limitations lapse		(1,979)	(3,146)
Reductions from settlements with Taxing Authorities			(2,600)
Release for tax positions of prior years	(2,086)
Balance	$ 12,331	$ 10,884	$ 9,223

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018	Nov. 30, 2019
Lessee, Lease, Description [Line Items]
Current and non-current lease liabilities	$ 301,325			$ 266,400
ROU assets	248,929	$ 0		$ 217,000
Rent expense		$ 56,700	$ 54,600
Operating lease expense	43,000
Occupancy costs	$ 17,900
Overall lease term	10 years
Undiscounted future rent payments for leases that have not commenced	$ 19,000
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years

Leases - Schedule of Future Minimum Commitments (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Leases [Abstract]
2021	$ 40,848
2022	39,958
2023	36,426
2024	34,530
2025	33,742
Thereafter	186,658
Total	372,162
Imputed Interest	70,837
Present Value	$ 301,325	$ 266,400

Leases - Schedule of Other Information Related to Leases (Details) $ in Millions	12 Months Ended
	Aug. 31, 2020 USD ($)
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years 1 month 6 days
Weighted average discount rate (incremental borrowing rate)	4.20%
Cash paid for amounts included in the measurement of lease liabilities	$ 39.7
Lease ROU assets obtained in exchange for lease liabilities	$ 43.7

Debt - Debt Obligations (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Debt obligations	$ 574,354	$ 574,174
2019 Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	575,000	575,000
Loan origination fees	(646)	(826)
Debt obligations	$ 574,354	$ 574,174

Debt - Narrative (Details) - USD ($)		12 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 17, 2017	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018	Mar. 29, 2019
Debt Instrument [Line Items]
Interest expense		$ 12,900,000	$ 19,800,000	$ 15,900,000
Weighted average interest rate including the effects of swap agreement			2.20%
Weighted average interest rate			3.35%
2019 Revolving Credit Facility \| PNC Bank, National Associations
Debt Instrument [Line Items]
Maximum borrowing capacity		750,000,000.0
Maximum amount of additional borrowings					$ 500,000,000.0
Minimum amount of additional borrowings					25,000,000.0
Borrowing from revolving credit facility		575,000,000.0
Remaining borrowing capacity		$ 175,000,000.0
Commitment fee (as a percent)		0.10%
Debt issuance costs			$ 900,000
Debt outstanding at time of retirement					$ 575,000,000.0
2019 Revolving Credit Facility \| PNC Bank, National Associations \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.875%
2017 Credit Agreement \| PNC Bank, National Associations
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 575,000,000.0
2017 Credit Agreement \| PNC Bank, National Associations \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 31, 2020	Aug. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments with suppliers	$ 226.0	$ 69.9
Standby letters of credit issued	$ 2.9

Stockholders' Equity - Narrative (Details) - USD ($)			12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Mar. 24, 2020	Jan. 31, 2018	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Class of Stock [Line Items]
Preferred stock, authorized (in shares)			10,000,000	10,000,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred stock, issued (in shares)			0	0
Preferred stock, outstanding (in shares)			0	0
Common stock, authorized (in shares)			150,000,000	150,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Common stock, issued (in shares)			40,767,708	40,104,192
Retirement of treasury shares (in shares)		13,292,689
Carrying value of repurchased shares					$ 0
Treasury stock (in shares)			2,737,456	1,986,352
Repurchase of common stock (in shares)			700,000	900,000
Repurchases of common stock			$ 199,625,000	$ 213,130,000	$ 302,441,000
Approved expansion of existing share repurchase program	$ 220,000,000.0
Remaining authorized for future share repurchases			$ 259,000,000.0
Shares repurchased from employees at cost to cover taxes upon vesting (in shares)			11,945	31,644	8,070
Value of shares repurchased from employees at cost to cover taxes upon vesting			$ 3,500,000	$ 7,200,000	$ 1,500,000
Treasury Stock
Class of Stock [Line Items]
Retirement of treasury shares (in shares)					13,292,689
Carrying value of repurchased shares		$ 1,700,000,000			$ (1,697,205,000)
Repurchase of common stock (in shares)			739,084	882,445	1,534,782
Repurchases of common stock			$ 199,625,000	$ 213,130,000	$ 302,441,000
Common Stock
Class of Stock [Line Items]
Retirement of treasury shares (in shares)					13,292,689
Carrying value of repurchased shares		100,000			$ 133,000
Previously granted awards vested (in shares)			32,996	85,401	26,599
Additional Paid-in Capital
Class of Stock [Line Items]
Carrying value of repurchased shares		186,700,000			$ 186,717,000
Retained Earnings
Class of Stock [Line Items]
Carrying value of repurchased shares		$ 1,500,000,000			$ 1,510,355,000
Restricted stock
Class of Stock [Line Items]
Previously granted awards vested (in shares)			32,996	85,401,000

Stockholders' Equity - Shares of Common Stock Outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	38,117,840	38,193,000	39,023,000
Common stock issued for employee stock plans (in shares)	663,000	839,000	712,000
Repurchase of common stock (in shares)	(700,000)	(900,000)
Balance (in shares)	38,030,252	38,117,840	38,193,000
Number of shares repurchased in settlement of employee tax withholding obligations	11,945	31,644	8,070
Value of shares repurchased in settlement of employee tax withholding obligations	$ 3.5	$ 7.2	$ 1.5
Repurchase of common stock from employees
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(12,000)	(32,000)	(8,000)
Share repurchase program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(739,000)	(882,000)	(1,534,000)

Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 31, 2020	May 31, 2020	Feb. 28, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018
Equity [Abstract]
Dividends per Share of Common Stock (in dollars per share)	$ 0.77	$ 0.77	$ 0.72	$ 0.72	$ 0.72	$ 0.72	$ 0.64	$ 0.64
Total amount	$ 29,283	$ 29,189	$ 27,251	$ 27,291	$ 27,445	$ 27,506	$ 24,385	$ 24,372

Stockholders' Equity - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Equity [Abstract]
Accumulated unrealized losses on cash flow hedges, net of tax	$ (1,591)	$ (2,266)
Accumulated foreign currency translation adjustments	(37,702)	(72,278)
Total accumulated other comprehensive loss	$ (39,293)	$ (74,544)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Earnings Per Share - Narrative (Details) - $ / shares		12 Months Ended
Earnings Per Share - Narrative (Details) - $ / shares	May 05, 2020	Aug. 31, 2020	Aug. 31, 2019	May 31, 2020	Feb. 28, 2020	Nov. 30, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Approved increase in regular quarterly dividend (as a percent)	7.00%
Regular quarterly dividend (in dollars per share)		$ 0.77	$ 0.72	$ 0.77	$ 0.72	$ 0.72	$ 0.72	$ 0.64	$ 0.64
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted EPS (in shares)		1,750	11,481
Performance-based options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted EPS (in shares)		35,666	0

Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2020	May 31, 2020	Feb. 28, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Basic EPS
Income available to common stockholders, Net Income (Numerator)									$ 372,938	$ 352,790	$ 267,085
Income available to common stockholders, Weighted Average Common Shares (Denominator) (in shares)									37,936	38,144	38,733
Income available to common stockholders, Per Share Amount (in dollars per share)									$ 9.83	$ 9.25	$ 6.90
Diluted EPS
Income available to common stockholders plus assumed conversions, Net Income (Numerator)									$ 372,938	$ 352,790	$ 267,085
Dilutive effect of stock options and restricted stock (in shares)									710	729	644
Income available to common stockholders plus assumed conversions, Weighted Average Common Shares (Denominator) (in shares)	38,940	38,481	38,576	38,587	39,056	38,993	38,619	38,809	38,646	38,873	39,377
Income available to common stockholders plus assumed conversions, Per Share Amount (in dollars per share)	$ 2.29	$ 2.63	$ 2.30	$ 2.43	$ 2.34	$ 2.37	$ 2.19	$ 2.17	$ 9.65	$ 9.08	$ 6.78

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

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The amount of net income (loss) for 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.

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Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Stock-based Compensation - Narrative (Details) - USD ($)			12 Months Ended
	Jan. 15, 2020	Jan. 15, 2019	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 36,579,000	$ 32,400,000	$ 31,516,000
Unrecognized compensation expense			$ 81,900,000
Weighted average period for recognition			2 years 10 months 24 days
Stock-based compensation capitalized			$ 0	$ 0
Exercise price (in dollars per share)			$ 350.40
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant			5,626,000	6,067,000	6,298,000	897,000
Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant			250,000	264,000	282,000	42,000
Director Plan \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	16,080	20,576			18,963
Stock options \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, weighted average exercise price (in dollars per share)			$ 256.43	$ 224.35	$ 190.42
Weighted average estimated fair value (in dollars per share)			$ 60.33	$ 57.12	$ 48.39
Stock options \| LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax intrinsic value of stock options exercised			$ 85,000,000.0	$ 73,000,000.0	$ 50,100,000
Stock options \| LTIP \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Award vesting period			5 years
Stock options \| Director Plan \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			7 years
Award vesting period			3 years
Number of shares available for future grant			249,886
Weighted average estimated fair value (in dollars per share)			$ 54.74	$ 42.77	$ 38.76
Restricted stock and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and outstanding (in shares)			146,000	124,000	143,000	182,000
Restricted stock and PSUs \| LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 28,200,000
Weighted average period for recognition			2 years 8 months 12 days
Unvested and outstanding (in shares)			145,897
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 2,100,000	$ 2,000,000.0	$ 1,600,000
Purchase period			3 months
Purchase price (as a percent)			85.00%
Percentage of purchases which may not exceed gross compensation			10.00%
Contribution limit			$ 25,000
Number of shares purchased by employees			42,606	48,532	64,230
Stock options granted, weighted average exercise price (in dollars per share)			$ 234.41	$ 205.64	$ 160.34
Number of shares reserved for future issuance			177,804
Weighted average estimated fair value (in dollars per share)			$ 50.69	$ 41.06	$ 31.83

Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Number Outstanding
Balance (in shares)	2,524	3,143	3,366
Exercised (in shares)	(588)	(705)	(622)
Forfeited (in shares)	(122)	(416)	(212)
Balance (in shares)	2,254	2,524	3,143
Vested and exercisable (in shares)	875
Expected to vest (in shares)	1,264
Weighted Average Exercise Price Per Share
Balance (in dollars per share)	$ 168.50	$ 153.05	$ 139.29
Exercised (in dollars per share)	145.54	137.61	113.73
Forfeited (in dollars per share)	218.36	170.54	158.14
Balance (in dollars per share)	189.32	$ 168.50	$ 153.05
Vested and exercisable (in dollars per share)	155.58
Expected to vest (in dollars per share)	$ 209.33
Aggregate Intrinsic Value
Outstanding, aggregate intrinsic value	$ 129.6
Granted – performance-based options	170.4
Expected to vest, aggregate intrinsic value	$ 178.4
Weighted Average Remaining Contractual Life (years)
Outstanding, weighted average remaining contractual term	6 years 7 months 6 days
Vested and exercisable, weighted average remaining contractual life	5 years 1 month 6 days
Expected to vest, weighted average remaining contractual life	7 years 6 months
Non performance-based
Number Outstanding
Granted (in shares)	424	482	575
Weighted Average Exercise Price Per Share
Granted (in dollars per share)	$ 256.43	$ 224.35	$ 190.14
Performance-based
Number Outstanding
Granted (in shares)			17
Weighted Average Exercise Price Per Share
Granted (in dollars per share)			$ 200.20
Non-employee Directors grant
Number Outstanding
Granted (in shares)	16	20	19
Weighted Average Exercise Price Per Share
Granted (in dollars per share)	$ 271.51	$ 207.88	$ 197.75

Stock-based Compensation - Summary of Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Stock options \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.09%	1.15%	1.32%
Weighted average estimated fair value (in dollars per share)	$ 60.33	$ 57.12	$ 48.39
Weighted average exercise price (in dollars per share)	$ 256.43	$ 224.35	$ 190.42
Fair value as a percentage of exercise price	23.50%	25.50%	25.40%
Stock options \| Director Plan \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term structure of risk-free interest rate	164.00%	2.51%	2.34%
Expected life	5 years 4 months 24 days	5 years 4 months 24 days	5 years 4 months 24 days
Term structure of volatility	22.00%	20.50%	19.70%
Dividend yield	111.00%	1.17%	1.16%
Weighted average estimated fair value (in dollars per share)	$ 54.74	$ 42.77	$ 38.76
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term structure of risk-free interest rate	0.95%	2.33%	1.55%
Expected life	3 months	3 months	3 months
Term structure of volatility	20.04%	10.89%	10.19%
Dividend yield	1.08%	1.12%	1.27%
Weighted average estimated fair value (in dollars per share)	$ 50.69	$ 41.06	$ 31.83
Weighted average exercise price (in dollars per share)	$ 234.41	$ 205.64	$ 160.34
Minimum \| Stock options \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term structure of risk-free interest rate	0.10%	1.28%	1.28%
Expected life	7 years 2 months 12 days	7 years 1 month 6 days	7 years 4 months 24 days
Term structure of volatility	25.00%	18.00%	19.00%
Maximum \| Stock options \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term structure of risk-free interest rate	1.79%	3.14%	2.41%
Expected life	7 years 2 months 12 days	7 years 1 month 6 days	7 years 4 months 24 days
Term structure of volatility	25.00%	29.00%	29.00%

Stock-based Compensation - Summary of Stock Award Activity (Details)	12 Months Ended
	Aug. 31, 2020 $ / shares shares	Aug. 31, 2019 $ / shares shares	Aug. 31, 2018 $ / shares shares
Restricted stock and PSUs
Number Outstanding
Balance (in shares)	124,000	143,000	182,000
Granted (in shares)	74,000	73,000	3,000
Vested (in shares)	(33,000)	(85,000)	(27,000)
Canceled/forfeited (in shares)	(19,000)	(7,000)	(15,000)
Balance (in shares)	146,000	124,000	143,000
Weighted Average Grant Date Fair Value Per Award
Balance (in dollars per share) \| $ / shares	$ 205.47	$ 139.34	$ 138.62
Granted (in dollars per share) \| $ / shares	252.17	239.03	189.28
Vested (in dollars per share) \| $ / shares	197.37	125.04	155.95
Canceled/forfeited (in dollars per share) \| $ / shares	198.53	181.32	116.29
Balance (in dollars per share) \| $ / shares	$ 231.55	$ 205.47	$ 139.34
Number of share equivalents	2.5
Restricted stock
Number Outstanding
Granted (in shares)	36,709
Vested (in shares)	(32,996)	(85,401,000)
PSUs
Number Outstanding
Granted (in shares)	36,888

Stock-based Compensation - Summary of Share-based Awards Available for Grant (Details) shares in Thousands	12 Months Ended
	Aug. 31, 2020 shares	Aug. 31, 2019 shares	Aug. 31, 2018 shares
Employee
Share-based Awards Available for Grant
Balance	6,067	6,298	897
Increase in the number of shares available for issuance			5,750
Canceled/forfeited	167	433	252
Balance	5,626	6,067	6,298
Non-employee directors
Share-based Awards Available for Grant
Balance	264	282	42
Increase in the number of shares available for issuance			250
Canceled/forfeited	2	2	9
Balance	250	264	282
Non performance-based \| Employee
Share-based Awards Available for Grant
Granted	(424)	(481)	(575)
Non performance-based \| Non-employee directors
Share-based Awards Available for Grant
Granted	0	0	0
Performance-based options \| Employee
Share-based Awards Available for Grant
Granted			(17)
Performance-based options \| Non-employee directors
Share-based Awards Available for Grant
Granted			0
Non-employee Directors grant \| Employee
Share-based Awards Available for Grant
Granted	0	0	0
Non-employee Directors grant \| Non-employee directors
Share-based Awards Available for Grant
Granted	(16)	(20)	(19)
Restricted stock \| Employee
Share-based Awards Available for Grant
Granted	(93)	(183)	(9)
Restricted stock \| Non-employee directors
Share-based Awards Available for Grant
Granted	0	0	0
Restricted stock units \| Employee
Share-based Awards Available for Grant
Granted	(91)
Restricted stock units \| Non-employee directors
Share-based Awards Available for Grant
Granted	0
Restricted stock and PSUs
Share-based Awards Available for Grant
Number of share equivalents	2.5

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Retirement Benefits [Abstract]
Participant contribution (up to) (as a percent)	60.00%
Company match (up to) (as a percent)	4.00%
Graduated vesting schedule (term)	5 years
Company contributions	$ 11.3	$ 10.9	$ 11.6

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Aug. 31, 2020 segment
Segment Reporting [Abstract]
Number of segments	3

Segment Information - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2020	May 31, 2020	Feb. 28, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from clients	$ 383,590	$ 374,083	$ 369,780	$ 366,658	$ 364,283	$ 364,533	$ 354,895	$ 351,640	$ 1,494,111	$ 1,435,351	$ 1,350,145
Segment operating profit	$ 98,577	$ 121,640	$ 106,257	$ 113,186	$ 111,568	$ 117,240	$ 108,688	$ 100,539	439,660	438,035	366,204
Depreciation and amortization									57,614	60,463	57,285
Stock-based compensation									36,579	32,400	31,516
Capital expenditures									77,642	59,370	33,520
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from clients									885,082	854,675	806,426
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from clients									422,203	408,084	387,589
Segment operating profit									179,831	179,258	148,977
Depreciation and amortization									14,338	14,703	15,710
Stock-based compensation									6,576	5,320	4,857
Capital expenditures									2,079	2,595	3,140
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from clients									142,464	132,713	120,648
Segment operating profit									90,920	79,403	69,132
Depreciation and amortization									7,148	5,742	4,122
Stock-based compensation									1,223	928	645
Capital expenditures									15,359	13,128	10,022
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from clients									929,444	894,554	841,908
Segment operating profit									168,909	179,374	148,095
Depreciation and amortization									36,128	40,018	37,453
Stock-based compensation									28,780	26,152	26,014
Capital expenditures									$ 60,204	$ 43,647	$ 20,358

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,083,388	$ 1,560,130
EMEA
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	757,524	588,911
Asia Pacific
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	214,264	120,205
Americas
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,111,600	$ 851,014

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information - Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2020	May 31, 2020	Feb. 28, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 383,590	$ 374,083	$ 369,780	$ 366,658	$ 364,283	$ 364,533	$ 354,895	$ 351,640	$ 1,494,111	$ 1,435,351	$ 1,350,145
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									885,082	854,675	806,426
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									179,966	166,944	157,346
Other European Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									242,237	241,140	230,243
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									$ 186,826	$ 172,592	$ 156,130