0001013237-21-000007 | 10-Q | XBRL Viewer | Factset Research Systems INC

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Cover - shares	3 Months Ended
Cover - shares	Nov. 30, 2020	Dec. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2020
Document Transition Report	false
Entity File Number	1-11869
Entity Registrant Name	FACTSET RESEARCH SYSTEMS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3362547
Entity Address, Address Line One	45 Glover Avenue
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06850
City Area Code	203
Local Phone Number	810-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,978,624
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	FDS
Entity Central Index Key	0001013237
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
New York Stock Exchange LLC
Entity Information [Line Items]
Security Exchange Name	NYSE
The Nasdaq Stock Market
Entity Information [Line Items]
Security Exchange Name	NASDAQ

Consolidated Statements of Income - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Revenue	$ 388,206	$ 366,658
Operating expenses
Cost of services	188,088	164,957
Selling, general and administrative	79,087	88,515
Total operating expenses	267,175	253,472
Operating income	121,031	113,186
Other expenses
Interest expense, net	(1,029)	(3,131)
Other income (expense), net	230	(1,314)
Income before income taxes	120,232	108,741
Provision for income taxes	19,026	14,784
Net income	$ 101,206	$ 93,957
Basic earnings per common share (in USD per share)	$ 2.66	$ 2.47
Diluted earnings per common share (in USD per share)	$ 2.62	$ 2.43
Basic weighted average common shares (in shares)	38,007	37,978
Diluted weighted average common shares (in shares)	38,697	38,587

Consolidated Statements of Comprehensive Income - Unaudited - USD ($)
$ in Thousands

3 Months Ended

Nov. 30, 2020

Nov. 30, 2019

Statement of Comprehensive Income [Abstract]

Net income

$ 101,206

$ 93,957

Other comprehensive income, net of tax:

Net unrealized (loss) gain on cash flow hedges

^[1]

(116)

2,051

Foreign currency translation adjustments

333

7,787

Other comprehensive gain

217

9,838

Comprehensive income

$ 101,423

$ 103,795

[1]	For the three months ended November 30, 2020, the net unrealized loss on cash flow hedges were net of a tax benefit of $39 thousand. For the three months ended November 30, 2019, the net unrealized gain on cash flow hedges were net of a tax expense of $714 thousand.

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Income - Unaudited (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Net unrealized (loss) gain on cash flow hedges, tax expense (benefit)	$ (39)	$ 714

Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
ASSETS
Cash and cash equivalents	$ 560,137	$ 585,605
Investments	18,166	19,572
Accounts receivable, net of reserves of $7,252 at November 30, 2020 and $7,987 at August 31, 2020	156,218	155,011
Prepaid taxes	25,908	38,067
Prepaid expenses and other current assets	43,660	43,675
Total current assets	804,089	841,930
Property, equipment and leasehold improvements, net	135,121	133,102
Goodwill	738,575	709,703
Intangible assets, net	134,896	121,095
Lease right-of-use assets, net	257,591	248,929
Other assets	29,154	28,629
TOTAL ASSETS	2,099,426	2,083,388
LIABILITIES
Accounts payable and accrued expenses	84,738	82,094
Current lease liabilities	30,954	29,056
Accrued compensation	36,486	81,873
Deferred fees	46,439	53,987
Dividends payable	29,266	29,283
Total current liabilities	227,883	276,293
Long-term debt	575,511	574,354
Deferred taxes	18,444	19,713
Deferred fees	9,147	9,319
Taxes payable	28,795	27,739
Long-term lease liabilities	279,723	272,269
Other non-current liabilities	7,350	7,326
TOTAL LIABILITIES	1,146,853	1,187,013
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, 40,884,113 and 40,767,708 shares issued, 38,008,129 and 38,030,252 shares outstanding at November 30, 2020 and August 31, 2020, respectively	409	408
Additional paid-in capital	968,375	939,067
Treasury stock, at cost: 2,875,984 and 2,737,456 shares at November 30, 2020 and August 31, 2020, respectively	(682,224)	(636,956)
Retained earnings	705,089	633,149
Accumulated other comprehensive loss	(39,076)	(39,293)
TOTAL STOCKHOLDERS’ EQUITY	952,573	896,375
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,099,426	$ 2,083,388

Consolidated Balance Sheets - Unaudited (Parentheticals) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable reserve	$ 7,252	$ 7,987
Preferred stock, par value (in USD 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 USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	40,884,113	40,767,708
Common stock, outstanding (in shares)	38,008,129	38,030,252
Treasury stock (in shares)	2,875,984	2,737,456

Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 101,206	$ 93,957
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	15,290	14,390
Amortization of lease right-of-use assets	10,697	10,700
Stock-based compensation expense	11,317	9,814
Deferred income taxes	437	(6,624)
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net of reserves	(342)	875
Accounts payable and accrued expenses	2,240	13,165
Accrued compensation	(45,858)	(45,780)
Deferred fees	(9,724)	(6,483)
Taxes payable, net of prepaid taxes	13,302	16,616
Lease liabilities, net	(10,007)	(3,761)
Other, net	718	(1,078)
Net cash provided by operating activities	89,276	95,791
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash and cash equivalents acquired	(41,916)	0
Purchases of property, equipment, leasehold improvements and internal-use software	(18,333)	(26,780)
Purchases of investments	(250)	(2,620)
Proceeds from maturity or sale of investments	2,177	2,257
Net cash used in investing activities	(58,322)	(27,143)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock	(43,144)	(84,423)
Dividend payments	(29,103)	(27,259)
Proceeds from employee stock plans	17,993	16,727
Other financing activities	(2,123)	0
Net cash used by financing activities	(56,377)	(94,955)
Effect of exchange rate changes on cash and cash equivalents	(45)	2,725
Net decrease in cash and cash equivalents	(25,468)	(23,582)
Cash and cash equivalents at beginning of period	585,605	359,799
Cash and cash equivalents at end of period	$ 560,137	$ 336,217

Consolidated Statements of Changes in Stockholders' Equity - Unaudited - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Aug. 31, 2019		40,104,192		1,986,352
Beginning balance at Aug. 31, 2019	$ 672,256	$ 401	$ 806,973	$ (433,799)	$ 373,225	$ (74,544)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,957				93,957
Other comprehensive income (loss)	9,838					9,838
Common stock issued for employee stock plans (in shares)		119,740
Common stock issued for employee stock plans	19,182	$ 1	19,181
Vesting of restricted stock (in shares)		15,376		5,778
Vesting of restricted stock	$ (1,456)			$ (1,456)
Repurchase of common stock (in shares)	343,000			343,000
Repurchases of common stock	$ (84,423)			$ (84,423)
Stock-based compensation expense	9,814		9,814
Dividends declared	(27,290)				(27,290)
Ending balance (in shares) at Nov. 30, 2019		40,239,308		2,335,130
Ending balance at Nov. 30, 2019	691,878	$ 402	835,968	$ (519,678)	439,892	(64,706)
Beginning balance (in shares) at Aug. 31, 2020		40,767,708		2,737,456
Beginning balance at Aug. 31, 2020	896,375	$ 408	939,067	$ (636,956)	633,149	(39,293)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	101,206				101,206
Other comprehensive income (loss)	217					217
Common stock issued for employee stock plans (in shares)		98,459
Common stock issued for employee stock plans	17,992	$ 1	17,991
Vesting of restricted stock (in shares)		17,946		6,728
Vesting of restricted stock	$ (2,124)			$ (2,124)
Repurchase of common stock (in shares)	131,800			131,800
Repurchases of common stock	$ (43,144)			$ (43,144)
Stock-based compensation expense	11,317		11,317
Dividends declared	(29,266)				(29,266)
Ending balance (in shares) at Nov. 30, 2020		40,884,113		2,875,984
Ending balance at Nov. 30, 2020	$ 952,573	$ 409	$ 968,375	$ (682,224)	$ 705,089	$ (39,076)

Description of Business	3 Months Ended
Description of Business	Nov. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS FactSet 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, EMEA (Europe and Africa), 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, including but 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, 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	3 Months Ended
Basis of Presentation	Nov. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATIONFactSet conducts business globally and is managed on a geographic basis. The accompanying unaudited Consolidated Financial Statements and Notes to the Company's Consolidated Financial Statements included in this Quarterly Report on Form 10-Q are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany activity and balances have been eliminated. In the opinion of management, the accompanying unaudited Consolidated Financial Statements include all normal recurring adjustments, transactions or events discretely impacting the interim periods considered necessary to present fairly the Company’s results of operations, financial position, cash flows and equity. Certain notes and other information have been condensed or omitted in this Quarterly Report on Form 10-Q, therefore the information in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020. The Company has evaluated subsequent events through the date the financial statements were issued. Reclassification The Company reclassified in the Consolidated Statement of Cash Flows certain prior year comparative figures from Other, net to Amortization of lease right-of-use assets and Lease liabilities, net within Net cash provided by operating activities 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 transition to remote working has not significantly affected financial results for the three months ended November 30, 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 the three months ended November 30, 2020. The extent of the effect on the Company’s 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.

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Nov. 30, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS As of November 30, 2020, the Company 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 three months ended November 30, 2020 that had a material impact on the Consolidated Financial Statements. New Accounting Standards or Updates Recently Adopted Goodwill Impairment Test In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350); Simplifying the Test for Goodwill Impairment, 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. The Company has adopted this standard effective September 1, 2020. The adoption of this accounting standard update had no impact on the Company's Consolidated Financial Statements. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-03, Financial Instruments—Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments, which 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 replaces the "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. Subsequent to the adoption, the allowance for doubtful accounts is made when the financial asset is first recorded to the balance sheet (and periodically thereafter) and is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Company has adopted this standard effective September 1, 2020. The adoption of this accounting standard update did not have a material impact on the Company's Consolidated Financial Statements. Recent Accounting Standards or Updates Not Yet Effective Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, 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. Income Tax Simplification In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740); Simplifying the Accounting for Income Taxes, 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. No other new accounting pronouncements issued or effective as of November 30, 2020, have had or are expected to have a material impact on the Company’s Consolidated Financial Statements.

Revenue Recognition

3 Months Ended

Nov. 30, 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 16, Segment Information, for further information on revenue by geographic region.

The following table presents this disaggregation of revenue by geography:


	Three Months Ended November 30,
(in thousands)	2020		2019
Americas	$	244,337	$	231,330
EMEA	105,777		100,830
Asia Pacific	38,092		34,498
Total Revenue	$	388,206	$	366,658

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measures

3 Months Ended

Nov. 30, 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 are 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 November 30, 2020 or August 31, 2020.

(a) 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 November 30, 2020 and August 31, 2020. The Company did not have any transfers between levels of fair value measurements during the periods presented.


	Fair Value Measurements at November 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Corporate money market funds (1)	$	201,803	$	—	$	—	$	201,803
Mutual funds (2)	—		18,166		—		18,166
Certificates of deposit (3)	—		—		—		—
Derivative instruments (4)	—		3,027		—		3,027
Total assets measured at fair value	$	201,803	$	21,193	$	—	$	222,996

Liabilities
Derivative instruments (4)	$	—	$	5,311	$	—	$	5,311
Total liabilities measured at fair value	$	—	$	5,311	$	—	$	5,311


	Fair Value Measurements at August 31, 2020
(in thousands)	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

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.

(b) 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, and investments. 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 the three months ended November 30, 2020, no fair value adjustments or material fair value measurements were required for the Company’s non-financial assets or liabilities.

As of November 30, 2020, and August 31, 2020, the fair value of the Company’s 2019 Revolving Credit Facility (as defined below in Note 11, Debt), included in Long-term debt within the Consolidated Balance Sheets, 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.

As part of the Truvalue Labs, Inc. ("TVL") acquisition, FactSet assumed an additional $1.1 million in debt included in Long-term debt within the Consolidated Balance Sheets. Refer to Note 7, Acquisition for further discussion on the TVL acquisition.

Derivative Instruments

3 Months Ended

Nov. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 and limits counterparties to credit-worthy financial institutions. Refer to Note 12, Commitments and Contingencies – 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 Accumulated other comprehensive loss ("AOCL") and subsequently reclassified into Operating expenses when the hedge is settled. There was no discontinuance of cash flow hedges during the first three months of fiscal 2021 or 2020, 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 November 30, 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 second quarter of fiscal 2021 through the first quarter of fiscal 2022.

As of November 30, 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 Rs2.4 billion, respectively. The gross notional value of foreign currency forward contracts to purchase U.S. dollars with Euros and British Pound Sterling was €36.3 million and £37.6 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 below in Note 11, Debt). As of November 30, 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 contractual one month LIBOR plus a spread using a debt leverage pricing grid, which was 0.875% as of November 30, 2020. Refer to Note 11, Debt, for further discussion on the 2019 Revolving Credit Facility. 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.

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. Realized gains or losses are subsequently reclassified into Other expenses in the Consolidated Statement of Income when settled.

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


(in thousands, in U.S. dollars)	Gross Notional Value
	November 30, 2020		August 31, 2020
Foreign currency forward contracts	$	150,298	$	129,649
Interest rate swap agreement	287,500		287,500
Total cash flow hedges	$	437,798	$	417,149

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
	Balance Sheet Classification	November 30, 2020		August 31, 2020		Balance Sheet Classification	November 30, 2020		August 31, 2020
Foreign currency forward contracts	Prepaid expenses and other current assets	$	3,027	$	3,644	Accounts payable and accrued expenses	$	45	$	93
Interest rate swap agreement	Prepaid expenses and other current assets	—		—		Accounts payable and accrued expenses	1,447		1,861
	Other Assets	—		—		Other non-current liabilities	3,819		3,819
Total cash flow hedges		$	3,027	$	3,644		$	5,311	$	5,773

All derivatives were designated as hedging instruments as of November 30, 2020 and August 31, 2020.

Derivatives in Cash Flow Hedging Relationships

The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for each of the three months ended November 30, 2020 and 2019, respectively:


(in thousands)	Gain (Loss) Recognized in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
	November 30,					November 30,
Derivatives in Cash Flow Hedging Relationships	2020		2019			2020		2019
Foreign currency forward contracts	$	248	$	2,030	SG&A	$	817	$	(734)
Interest rate swap agreement	(56)		—		Interest expense, net	(470)		—
Total cash flow hedges	$	192	$	2,030		$	347	$	(734)

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 November 30, 2020, the Company estimates that net pre-tax derivative gains of $1.1 million included in AOCL will be reclassified into earnings within the next 12 months. As of November 30, 2020, FactSet's cash flow hedges were effective, with no amount of ineffectiveness 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 November 30, 2020, and August 31, 2020, there were no material amounts recorded net on the Consolidated Balance Sheets.

Acquisition

3 Months Ended

Nov. 30, 2020

Business Combinations [Abstract]

Acquisition

ACQUISITION

Truvalue Labs, Inc.

On November 2, 2020, FactSet acquired all of the outstanding shares of TVL for a purchase price of $41.9 million, subject to working capital and other adjustments. TVL is a leading provider of environmental, social, and governance ("ESG") information derived from artificial intelligence. The acquisition of TVL further enhances FactSet's commitment to providing industry leading access to ESG data across its platforms. The TVL purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. FactSet expects to finalize the allocation of the purchase price for TVL as soon as possible, but in any event, no later than one year from the acquisition date.

The preliminary estimated acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

Estimated Acquisition Date Fair Value

Estimated Acquisition Date Useful Life

Amortization Method

(in thousands)

(in years)

Current assets

811

Amortizable intangible assets

Software technology

10,700

13 years

Straight-line

Client relationships

900

12 years

Straight-line

Trade names

2,800

15 years

Straight-line

Goodwill

29,342

Other non-current assets

5,299

Current liabilities

(3,184)

Other non-current liabilities

(4,753)

Total purchase price

41,915

Goodwill totaling $29.3 million represents the excess of the TVL purchase price over the fair value of net assets acquired and is included in the Americas segment. Goodwill generated from the TVL acquisition is not deductible for income tax purposes. The results of operations of TVL have been included in the Company’s Consolidated Financial Statements, within the Americas segment, since the completion of the acquisition on November 2, 2020. Pro forma information has not been presented because the effect of the TVL acquisition is not material to the Company’s Consolidated Financial Statements.

Goodwill

3 Months Ended

Nov. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Changes in the carrying amount of goodwill by segment for the three months ended November 30, 2020 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2020	$	386,195	$	320,427	$	3,081	$	709,703
Acquisitions	29,342		—		—		29,342
Foreign currency translations	—		(519)		49		(470)
Balance at November 30, 2020	$	415,537	$	319,908	$	3,130	$	738,575

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 reported operating segments 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.

Income Taxes

3 Months Ended

Nov. 30, 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 the tax bases of assets and liabilities using currently enacted tax rates.

Provision for Income Taxes

The provision for income taxes is as follows:


	Three Months Ended November 30,
(in thousands)	2020			2019
Income before income taxes	$	120,232		$	108,741
Provision for income taxes	$	19,026		$	14,784
Effective tax rate	15.8		%	13.6		%

FactSet’s effective tax rate is based on recurring factors and nonrecurring events, including the taxation of foreign income. 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. FactSet’s effective tax rate is lower than the applicable U.S. corporate income tax rate for the three months ended November 30, 2020 driven mainly by research and development ("R&D") tax credits and a foreign derived intangible income ("FDII") deduction. The effective tax rate for the three months ended November 30, 2020 is further reduced by windfall tax benefits from stock-based compensation.

For the three months ended November 30, 2020, the provision for income taxes was $19.0 million, compared to $14.8 million from the same period a year ago. The provision increased due to higher operating income and a reduction in income tax benefits for the three months ended November 30, 2020, compared to the same period a year ago. The income tax benefit for the three months ended November 30, 2020 was $3.0 million related to windfall tax benefits from stock-based compensation compared to $5.9 million for the three months ended November 30, 2019 related to the remeasurement of a foreign net deferred tax position due to changes in the jurisdiction's tax rate, finalizing prior years' tax returns, and windfall tax benefits from stock-based compensation

- Definition

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.

+ References + Details

Leases

3 Months Ended

Nov. 30, 2020

Leases [Abstract]

Leases

LEASES

FactSet primarily leases real estate for office space under various operating lease agreements. 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 right-of-use ("ROU") asset are recognized on the lease commencement date. As of November 30, 2020, the Company’s leases have remaining terms of less than one year to just over 15 years.

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 FactSet recognizes 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 (a component of SG&A expense).

The adoption of the lease standard primarily related to the Company’s real estate operating leases. As of November 30, 2020, the Company recognized $257.6 million of Lease right-of-use assets, net (initially measured as the lease liabilities, adjusted for deferred rent and lease incentives) and combined Current and Long-term lease liabilities of $310.7 million in the Consolidated Balance Sheet. 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.

Lease liabilities are measured as the present value of the future minimum lease payments, which includes fixed lease payments and certain qualifying index-based variable payments, over the lease term. The present value is calculated 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 any modification to the lease arrangement.

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 November 30, 2020:


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31,
2021 (remaining nine months)	$	32,134
2022	41,942
2023	38,317
2024	36,510
2025	35,815
Thereafter	198,108
Total	$	382,826
Less: Imputed interest	72,149
Present value	$	310,677

The components of lease cost related to the operating leases were as follows:


	Three Months Ended November 30,
(in millions)	2020		2019
Operating lease cost1	$	10.7	$	10.6
Variable lease cost2	$	3.4	$	5.0

1.Operating lease costs include fixed lease payments and qualifying index-based variable payments that qualified for lease accounting under ASC 842, Leases and complied with the practical expedients and exceptions elected by FactSet.

2.Variable lease costs were not included in the measurement of the lease liabilities and are 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 and are not dependent on an index or rate. These cost relate to utilities, real estate taxes, insurance and maintenance.

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


	November 30, 2020		August 31, 2020
Weighted average remaining lease term (in years)	10.0		10.1
Weighted average discount rate (IBR)	4.3	%	4.2	%

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


	Three Months Ended November 30,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	9.7	$	10.5
Lease ROU assets obtained in exchange for lease liabilities	$	1.1	$	2.1

Debt

3 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

Debt

DEBT

FactSet’s debt obligations at November 30, 2020 and August 31, 2020 consisted of the following:


(in thousands)	November 30, 2020		August 31, 2020
2019 Revolving Credit Facility	$	575,000	$	575,000
2019 Revolving Credit Facility loan origination fees	(600)		(646)
Other Long-term debt1	1,111		—
Long-term debt	$	575,511	$	574,354

1This debt was acquired as part of the TVL acquisition, refer to Note 7, Acquisition, for more information on the acquisition.

On March 29, 2019, the Company entered into a credit agreement between FactSet, as the borrower, and PNC Bank, National Association ("PNC"), as the administrative agent and lender (the "2019 Credit Agreement"). 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 November 30, 2020. The principal balance is payable in full on the maturity date.

The fair value of the Company's long-term debt under the 2019 Revolving Credit Facility was $575.0 million as of November 30, 2020, which the Company believes approximates the carrying amount as the terms and interest rates approximate market rates given its floating interest rate basis. Borrowings under the 2019 Revolving Credit Facility 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%. For the three months ended November 30, 2020 and 2019, FactSet recorded interest expense on its outstanding debt, including the amortization of debt issuance costs of $2.1 million and $4.2 million, respectively, net of the effects of the interest rate swap agreement. Including the effects of the interest rate swap agreement, the year-to-date weighted average interest rate on amounts outstanding under the Company's 2019 Revolving Credit Facility was 1.40% and 2.20% as of November 30, 2020 and August 31, 2020, respectively. Refer to Note 6, Derivative Instruments for further discussion on the interest rate swap agreement. Interest on the loan outstanding under the 2019 Revolving Credit Facility 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 November 30, 2020.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Nov. 30, 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 and Vendors 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, the Company had total purchase commitments with suppliers of $226.0 million. During the three months ended November 30, 2020, FactSet entered into a software subscription agreement with total purchase commitments of approximately $10.0 million with a contract term of three years. There were no other material changes in the Company’s purchase commitments during the three months ended November 30, 2020. Letters of Credit From time to time, FactSet is required to obtain letters of credit in the ordinary course of business, with approximately $2.9 million of standby letters of credit outstanding as of November 30, 2020. These standby letters of credit utilize the same covenants included in the 2019 Credit Agreement. Refer to Note 11, Debt for more information on these covenants. Contingencies Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance, refer to Note 9, 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 November 30, 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 the 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 November 30, 2020. FactSet believes that it will ultimately prevail if the Company is presented with a formal assessment; however, 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. Concentrations of Credit Risk Cash equivalents Financial instruments that potentially subject FactSet to concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company is exposed to credit risk for cash and cash equivalents held in financial institutions in the event of a default, to the extent that such amounts are in excess of applicable insurance limits. To mitigate associated concentration risk, FactSet utilizes credit-worthy financial institutions. The Company also 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. The Company 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 more than 3% of FactSet’s total subscription revenue in any period presented. As of November 30, 2020, the receivable reserve was $7.3 million compared to $8.0 million as of August 31, 2020. Derivative Instruments FactSet's use of derivative instruments exposes the Company to credit risk to the extent that the counterparties may be unable to meet the terms of their agreements. To mitigate credit risk, the Company limits counterparties to credit-worthy financial institutions and distributes contracts among these institutions to reduce the concentration of credit risk. FactSet does not expect any losses as a result of default of its counterparties. Concentrations of Other Risk Data Content Providers FactSet relies on certain data sets where there are a limited number of suppliers. 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 its clients access to perform their analysis. No single vendor or data supplier represented more than 10% of FactSet's total data costs for the three months ended November 30, 2020 or November 30, 2019.

Stockholders' Equity

3 Months Ended

Nov. 30, 2020

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Shares of common stock outstanding were as follows:


	Three Months Ended November 30,
(in thousands)	2020	2019
Balance, beginning of year at September 1, 2020 and 2019, respectively	38,030	38,118
Common stock issued for employee stock plans	117	135
Repurchase of common stock from employees(1)	(7)	(6)
Repurchase of common stock under the share repurchase program	(132)	(343)
Balance at November 30, 2020 and November 30, 2019, respectively	38,008	37,904

(1)For the three months ended November 30, 2020 and November 30, 2019, the Company repurchased 6,728 and 5,778 shares, or $2.1 million and $1.5 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock and exercise of stock options.

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. For the three months ended November 30, 2020 and 2019, the Company repurchased 131,800 shares for $43.1 million and 343,000 shares for $84.4 million, respectively.

On March 24, 2020, the Board of Directors of FactSet approved a $220.0 million increase to the existing share repurchase program. As of November 30, 2020, $215.9 million remained authorized for future share repurchases. 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

Restricted stock awards entitle the holders to receive shares of common stock as the awards vest over time. For the three months ended November 30, 2020, 17,946 shares of previously granted restricted stock vested and were included in common stock outstanding as of November 30, 2020 (recorded net of 6,728 shares repurchased from employees at a cost of $2.1 million to cover their cost of taxes upon vesting of the restricted stock). During the three months ended November 30, 2019, 15,376 shares of previously granted restricted stock vested and were included in common stock outstanding as of November 30, 2019 (recorded net of 5,778 shares repurchased from employees at a cost of $1.5 million to cover their cost of taxes upon vesting of the restricted stock).

Dividends

The Company’s Board of Directors declared the following dividends for the first three months of fiscal 2021 and 2020 respectively:

Year Ended

Dividends per
Share of
Common Stock

Record Date

Total $ Amount
(in thousands)

Payment Date

Fiscal 2021

First Quarter

0.77

November 30, 2020

29,266

December 17, 2020

Fiscal 2020

First Quarter

0.72

November 29, 2019

27,291

December 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.

Accumulated Other Comprehensive Loss

The components of AOCL are as follows:


(in thousands)	November 30, 2020		August 31, 2020
Accumulated unrealized losses on cash flow hedges	$	(1,707)	$	(1,591)
Accumulated foreign currency translation adjustments	(37,369)		(37,702)
Total AOCL	$	(39,076)	$	(39,293)

Earnings Per Share

3 Months Ended

Nov. 30, 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 three months ended November 30, 2020
Basic EPS
Income available to common stockholders	$	101,206	38,007	$	2.66
Diluted EPS
Dilutive effect of stock options and restricted stock			690
Income available to common stockholders plus assumed conversions	$	101,206	38,697	$	2.62
For the three months ended November 30, 2019
Basic EPS
Income available to common stockholders	$	93,957	37,978	$	2.47
Diluted EPS
Dilutive effect of stock options and restricted stock			609
Income available to common stockholders plus assumed conversions	$	93,957	38,587	$	2.43

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 for the three months ended November 30, 2020, because their inclusion would have been anti-dilutive. For the three months ended November 30, 2019, the number of stock options excluded from calculation of diluted EPS was 20,128.

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. For the three months ended November 30, 2020, there were 72,090 performance-based awards excluded from the calculation of diluted EPS. For the three months ended November 30, 2019, there were 36,501 performance-based awards excluded from the calculation of diluted EPS.

Stock Based Compensation

3 Months Ended

Nov. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

STOCK-BASED COMPENSATION

Stock-based Compensation

The Company recognized total stock-based compensation expense of $11.3 million and $9.8 million during the three months ended November 30, 2020 and 2019, respectively. As of November 30, 2020, $117.0 million of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a weighted average period of 3.4 years. Stock-based compensation expense related to the FactSet Research Systems Inc. Employee Stock Purchase Plan, as Amended and Restated (the "ESPP") was $0.5 million for both the three months ended November 30, 2020 and 2019.

As of November 30, 2020, FactSet had 5.1 million share-based awards available for grant under the FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated (the "LTIP") and 0.2 million share-based awards available for grant under the FactSet Research Systems Inc. Non-Employee Directors' Stock Option and Award Plan, as Amended and Restated (the "Director Plan").

Employee Stock Option Awards

During the three months ended November 30, 2020, FactSet granted 408,093 stock options with a weighted average exercise price of $316.71 to existing employees of the Company, using the lattice-binomial option-pricing model. The majority of the stock options granted during the first three months of fiscal 2021 related to the annual employee grant on November 9, 2020 under the LTIP. These stock option awards vest 20% annually on the anniversary date of the grant and are fully vested after five years, expiring ten years from the date of grant.

The estimated fair value of employee stock options granted on November 9, 2020 was determined with the following assumptions:


November 9, 2020 Grant Details
Risk-free interest rate	0.10% - 0.80%

Expected life (years)	7.13

Expected volatility	27.5	%

Dividend yield	0.91	%

Estimated fair value	$78.23
Exercise price	$316.71
Fair value as a percentage of exercise price	24.7	%

Non-Employee Director Stock Option Grant

The Director Plan provides for the grant of share-based awards, including stock options, to non-employee directors of FactSet. As of November 30, 2020, shares available for future grant under the Director Plan were 249,886. The expiration date of the Director Plan is December 19, 2027.

Restricted Stock Units

During the first three months of fiscal 2021, FactSet granted 41,358 non-performance based restricted stock units ("RSUs") and 36,424 performance-based restricted stock units ("PRSUs"). RSUs and PRSUs granted during the period were related to the annual employee grant on November 9, 2020. The RSUs and PRSUs granted had a weighted average grant date fair value of $306.37 under the LTIP. The RSUs and PRSUs granted to employees entitle the holders to shares of common stock as the units vest over time or the performance period, but not to dividends declared on the underlying shares while the restricted stock is unvested. The grant date fair value of restricted stock units 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 majority of the RSUs granted vest 20% annually on the anniversary date of grant and are fully vested after five years and the majority of the granted PRSUs cliff vest on the third anniversary of the grant date, subject to the achievement of certain performance metrics. The remaining RSUs and PRSUs were granted to TVL employees as part of their transition to FactSet and vest 50% on the second anniversary of grant and 25% percent on each of the third and fourth anniversaries of grant, subject to the achievement of certain performance metrics for the PRSUs.

Employee Stock Purchase Plan

Shares of FactSet common stock may be purchased by eligible employees under 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 the three months ended November 30, 2020, employees purchased 9,269 shares at a weighted average price of $286.58 compared to 11,159 shares at a weighted average price of $220.70 for the three months ended November 30, 2019. At November 30, 2020, the ESPP had 168,535 shares reserved for future issuance.

Segment Information

3 Months Ended

Nov. 30, 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 FactSet's 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. Within 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 sales to clients based in these respective geographic locations.

Each segment records compensation expense (including stock-based compensation), amortization of intangible assets, depreciation of furniture and fixtures, amortization of leasehold improvements, 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.

The following tables reflect the results of operations of the Company's segments for the three months ended November 30, 2020 and November 30, 2019:


(in thousands)	Americas		EMEA		Asia Pacific		Total
For the three months ended November 30, 2020
Revenue	$	244,337	$	105,777	$	38,092	$	388,206
Operating income	$	56,376	$	40,634	$	24,021	$	121,031
Capital expenditures	$	9,560	$	319	$	8,454	$	18,333

For the three months ended November 30, 2019
Revenue	$	231,330	$	100,830	$	34,498	$	366,658
Operating income	$	49,623	$	41,218	$	22,345	$	113,186
Capital expenditures	$	24,024	$	1,168	$	1,588	$	26,780

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


Segment Assets (in thousands)	November 30, 2020		August 31, 2020
Americas	$	1,071,502	$	1,111,600
EMEA	807,156		757,524
Asia Pacific	220,768		214,264
Total assets	$	2,099,426	$	2,083,388

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Nov. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Consolidated Financial Statements and Notes to the Company's Consolidated Financial Statements included in this Quarterly Report on Form 10-Q are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany activity and balances have been eliminated. In the opinion of management, the accompanying unaudited Consolidated Financial Statements include all normal recurring adjustments, transactions or events discretely impacting the interim periods considered necessary to present fairly the Company’s results of operations, financial position, cash flows and equity. Certain notes and other information have been condensed or omitted in this Quarterly Report on Form 10-Q, therefore the information in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020. The Company has evaluated subsequent events through the date the financial statements were issued.
Reclassification	Reclassification The Company reclassified in the Consolidated Statement of Cash Flows certain prior year comparative figures from Other, net to Amortization of lease right-of-use assets and Lease liabilities, net within Net cash provided by operating activities to conform to the current year's presentation.
Recent Accounting Standards or Updates Not Yet Effective	Recent Accounting Standards or Updates Not Yet Effective Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, 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. Income Tax Simplification In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740); Simplifying the Accounting for Income Taxes, 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.

Revenue Recognition (Tables)

3 Months Ended

Nov. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following table presents this disaggregation of revenue by geography:


	Three Months Ended November 30,
(in thousands)	2020		2019
Americas	$	244,337	$	231,330
EMEA	105,777		100,830
Asia Pacific	38,092		34,498
Total Revenue	$	388,206	$	366,658

Fair Value Measures (Tables)

3 Months Ended

Nov. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurements at November 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Corporate money market funds (1)	$	201,803	$	—	$	—	$	201,803
Mutual funds (2)	—		18,166		—		18,166
Certificates of deposit (3)	—		—		—		—
Derivative instruments (4)	—		3,027		—		3,027
Total assets measured at fair value	$	201,803	$	21,193	$	—	$	222,996

Liabilities
Derivative instruments (4)	$	—	$	5,311	$	—	$	5,311
Total liabilities measured at fair value	$	—	$	5,311	$	—	$	5,311


	Fair Value Measurements at August 31, 2020
(in thousands)	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

Derivative Instruments (Tables)

3 Months Ended

Nov. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of gross notional values of derivative instruments

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


(in thousands, in U.S. dollars)	Gross Notional Value
	November 30, 2020		August 31, 2020
Foreign currency forward contracts	$	150,298	$	129,649
Interest rate swap agreement	287,500		287,500
Total cash flow hedges	$	437,798	$	417,149

Summary of the fair values 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
	Balance Sheet Classification	November 30, 2020		August 31, 2020		Balance Sheet Classification	November 30, 2020		August 31, 2020
Foreign currency forward contracts	Prepaid expenses and other current assets	$	3,027	$	3,644	Accounts payable and accrued expenses	$	45	$	93
Interest rate swap agreement	Prepaid expenses and other current assets	—		—		Accounts payable and accrued expenses	1,447		1,861
	Other Assets	—		—		Other non-current liabilities	3,819		3,819
Total cash flow hedges		$	3,027	$	3,644		$	5,311	$	5,773

Schedule of pre-tax effect of derivative instruments in cash flow hedging relationships

The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for each of the three months ended November 30, 2020 and 2019, respectively:


(in thousands)	Gain (Loss) Recognized in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
	November 30,					November 30,
Derivatives in Cash Flow Hedging Relationships	2020		2019			2020		2019
Foreign currency forward contracts	$	248	$	2,030	SG&A	$	817	$	(734)
Interest rate swap agreement	(56)		—		Interest expense, net	(470)		—
Total cash flow hedges	$	192	$	2,030		$	347	$	(734)

Acquisition (Tables)

3 Months Ended

Nov. 30, 2020

Business Combinations [Abstract]

Purchase price allocation

The preliminary estimated acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

Estimated Acquisition Date Fair Value

Estimated Acquisition Date Useful Life

Amortization Method

(in thousands)

(in years)

Current assets

811

Amortizable intangible assets

Software technology

10,700

13 years

Straight-line

Client relationships

900

12 years

Straight-line

Trade names

2,800

15 years

Straight-line

Goodwill

29,342

Other non-current assets

5,299

Current liabilities

(3,184)

Other non-current liabilities

(4,753)

Total purchase price

41,915

Goodwill (Tables)

3 Months Ended

Nov. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Changes in the carrying amount of goodwill by segment for the three months ended November 30, 2020 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2020	$	386,195	$	320,427	$	3,081	$	709,703
Acquisitions	29,342		—		—		29,342
Foreign currency translations	—		(519)		49		(470)
Balance at November 30, 2020	$	415,537	$	319,908	$	3,130	$	738,575

Income Taxes (Tables)

3 Months Ended

Nov. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of income taxes

The provision for income taxes is as follows:


	Three Months Ended November 30,
(in thousands)	2020			2019
Income before income taxes	$	120,232		$	108,741
Provision for income taxes	$	19,026		$	14,784
Effective tax rate	15.8		%	13.6		%

Leases (Tables)

3 Months Ended

Nov. 30, 2020

Leases [Abstract]

Schedule of future minimum commitments


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31,
2021 (remaining nine months)	$	32,134
2022	41,942
2023	38,317
2024	36,510
2025	35,815
Thereafter	198,108
Total	$	382,826
Less: Imputed interest	72,149
Present value	$	310,677

Schedule of other information related to operating leases

The components of lease cost related to the operating leases were as follows:


	Three Months Ended November 30,
(in millions)	2020		2019
Operating lease cost1	$	10.7	$	10.6
Variable lease cost2	$	3.4	$	5.0

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


	November 30, 2020		August 31, 2020
Weighted average remaining lease term (in years)	10.0		10.1
Weighted average discount rate (IBR)	4.3	%	4.2	%

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


	Three Months Ended November 30,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	9.7	$	10.5
Lease ROU assets obtained in exchange for lease liabilities	$	1.1	$	2.1

Debt (Tables)

3 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt obligations

FactSet’s debt obligations at November 30, 2020 and August 31, 2020 consisted of the following:


(in thousands)	November 30, 2020		August 31, 2020
2019 Revolving Credit Facility	$	575,000	$	575,000
2019 Revolving Credit Facility loan origination fees	(600)		(646)
Other Long-term debt1	1,111		—
Long-term debt	$	575,511	$	574,354

1This debt was acquired as part of the TVL acquisition, refer to Note 7, Acquisition, for more information on the acquisition.

Stockholders' Equity (Tables)

3 Months Ended

Nov. 30, 2020

Equity [Abstract]

Shares of common stock outstanding

Shares of common stock outstanding were as follows:


	Three Months Ended November 30,
(in thousands)	2020	2019
Balance, beginning of year at September 1, 2020 and 2019, respectively	38,030	38,118
Common stock issued for employee stock plans	117	135
Repurchase of common stock from employees(1)	(7)	(6)
Repurchase of common stock under the share repurchase program	(132)	(343)
Balance at November 30, 2020 and November 30, 2019, respectively	38,008	37,904

Schedule of dividends declared

The Company’s Board of Directors declared the following dividends for the first three months of fiscal 2021 and 2020 respectively:

Year Ended

Dividends per
Share of
Common Stock

Record Date

Total $ Amount
(in thousands)

Payment Date

Fiscal 2021

First Quarter

0.77

November 30, 2020

29,266

December 17, 2020

Fiscal 2020

First Quarter

0.72

November 29, 2019

27,291

December 19, 2019

Components of AOCL

The components of AOCL are as follows:


(in thousands)	November 30, 2020		August 31, 2020
Accumulated unrealized losses on cash flow hedges	$	(1,707)	$	(1,591)
Accumulated foreign currency translation adjustments	(37,369)		(37,702)
Total AOCL	$	(39,076)	$	(39,293)

Earnings Per Share (Tables)

3 Months Ended

Nov. 30, 2020

Earnings Per Share [Abstract]

Schedule of weighted average number of shares

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 three months ended November 30, 2020
Basic EPS
Income available to common stockholders	$	101,206	38,007	$	2.66
Diluted EPS
Dilutive effect of stock options and restricted stock			690
Income available to common stockholders plus assumed conversions	$	101,206	38,697	$	2.62
For the three months ended November 30, 2019
Basic EPS
Income available to common stockholders	$	93,957	37,978	$	2.47
Diluted EPS
Dilutive effect of stock options and restricted stock			609
Income available to common stockholders plus assumed conversions	$	93,957	38,587	$	2.43

Stock Based Compensation (Tables)

3 Months Ended

Nov. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of assumptions about stock options

The estimated fair value of employee stock options granted on November 9, 2020 was determined with the following assumptions:


November 9, 2020 Grant Details
Risk-free interest rate	0.10% - 0.80%

Expected life (years)	7.13

Expected volatility	27.5	%

Dividend yield	0.91	%

Estimated fair value	$78.23
Exercise price	$316.71
Fair value as a percentage of exercise price	24.7	%

Segment Information (Tables)

3 Months Ended

Nov. 30, 2020

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables reflect the results of operations of the Company's segments for the three months ended November 30, 2020 and November 30, 2019:


(in thousands)	Americas		EMEA		Asia Pacific		Total
For the three months ended November 30, 2020
Revenue	$	244,337	$	105,777	$	38,092	$	388,206
Operating income	$	56,376	$	40,634	$	24,021	$	121,031
Capital expenditures	$	9,560	$	319	$	8,454	$	18,333

For the three months ended November 30, 2019
Revenue	$	231,330	$	100,830	$	34,498	$	366,658
Operating income	$	49,623	$	41,218	$	22,345	$	113,186
Capital expenditures	$	24,024	$	1,168	$	1,588	$	26,780

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


Segment Assets (in thousands)	November 30, 2020		August 31, 2020
Americas	$	1,071,502	$	1,111,600
EMEA	807,156		757,524
Asia Pacific	220,768		214,264
Total assets	$	2,099,426	$	2,083,388

Description of Business (Details)	3 Months Ended
Description of Business (Details)	Nov. 30, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Revenue from External Customer [Line Items]
Revenue	$ 388,206	$ 366,658
Americas
Revenue from External Customer [Line Items]
Revenue	244,337	231,330
EMEA
Revenue from External Customer [Line Items]
Revenue	105,777	100,830
Asia Pacific
Revenue from External Customer [Line Items]
Revenue	$ 38,092	$ 34,498

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-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

+ Details

Fair Value Measures - Narrative (Details) - USD ($)	Nov. 30, 2020	Nov. 02, 2020	Aug. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt, fair value	$ 575,000,000.0		$ 575,000,000.0
Truvalue Labs, Inc.
Fair Value, Option, Quantitative Disclosures [Line Items]
Debt assumed in acquisition		$ 1,100,000
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, fair value	0		0
Liabilities, fair value	$ 0		$ 0

Fair Value Measures - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Nov. 30, 2020	Aug. 31, 2020
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 3,027,000	$ 3,644,000
Total assets measured at fair value	222,996,000	300,068,000
Derivative instruments	5,311,000	5,773,000
Total liabilities measured at fair value	5,311,000	5,773,000
Fair value \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	201,803,000	276,852,000
Fair value \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	18,166,000	17,257,000
Fair value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	0	2,315,000
Level 1 \| Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0	0
Total assets measured at fair value	201,803,000	276,852,000
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Fair value \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	201,803,000	276,852,000
Level 1 \| Fair value \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	0	0
Level 1 \| Fair value \| 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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	3,027,000	3,644,000
Total assets measured at fair value	21,193,000	23,216,000
Derivative instruments	5,311,000	5,773,000
Total liabilities measured at fair value	5,311,000	5,773,000
Level 2 \| Fair value \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Fair value \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	18,166,000	17,257,000
Level 2 \| Fair value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	0	2,315,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 3 \| Fair value
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 \| Fair value \| Corporate money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Fair value \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	0	0
Level 3 \| Fair value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	$ 0	$ 0

Derivative Instruments - Narrative (Details) - USD ($)		3 Months Ended
Derivative Instruments - Narrative (Details) - USD ($)	May 31, 2020	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020	Mar. 05, 2020	Mar. 29, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Discontinuance of cash flow hedges		$ 0	$ 0
Net derivative gains (losses) to be reclassified	$ 1,100,000
Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percent of foreign exchange contracts hedged (in percentage)		25.00%
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percent of foreign exchange contracts hedged (in percentage)		75.00%
2019 Revolving Credit Facility \| PNC Bank, National Associations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term line of credit		$ 575,000,000.0
Maximum borrowing capacity						$ 750,000,000.0
2019 Revolving Credit Facility \| PNC Bank, National Associations \| London Interbank Offered Rate (LIBOR)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Basis spread on variable rate		0.875%
Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount		$ 437,798,000		$ 417,149,000
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount		$ 287,500,000		$ 287,500,000
Fixed rate					0.7995%

Derivative Instruments - Summary of Gross Notional Values (Details) - Cash flow hedging - Designated as hedging instrument $ in Thousands, € in Millions, £ in Millions, ₱ in Billions, ₨ in Billions	Nov. 30, 2020 USD ($)	Nov. 30, 2020 PHP (₱)	Nov. 30, 2020 INR (₨)	Nov. 30, 2020 EUR (€)	Nov. 30, 2020 GBP (£)	Aug. 31, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 437,798					$ 417,149
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	150,298	₱ 1.3	₨ 2.4	€ 36.3	£ 37.6	129,649
Interest rate swap agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 287,500					$ 287,500

Derivative Instruments - Summary of Fair Values (Details) - Cash flow hedging - Designated as hedging instrument - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 3,027	$ 3,644
Derivative Liabilities	5,311	5,773
Foreign currency forward contracts \| Prepaid expenses and other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	3,027	3,644
Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	45	93
Interest rate swap agreement \| Prepaid expenses and other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Interest rate swap agreement \| Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Interest rate swap agreement \| Accounts payable and accrued expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	1,447	1,861
Interest rate swap agreement \| Other non-current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	$ 3,819	$ 3,819

Derivative Instruments - Schedule of Pre-Tax Effect of Cash Flow Hedging Relationships (Details) - Cash flow hedging - Designated as hedging instrument - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) Gain Recognized in AOCL on Derivatives	$ 192	$ 2,030
Loss Reclassified from AOCL into Income	347	(734)
Foreign exchange contract \| SG&A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) Gain Recognized in AOCL on Derivatives	248	2,030
Loss Reclassified from AOCL into Income	817	(734)
Interest rate swap agreement \| Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) Gain Recognized in AOCL on Derivatives	(56)	0
Loss Reclassified from AOCL into Income	$ (470)	$ 0

Acquisition - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Thousands	Nov. 02, 2020	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Business Acquisition [Line Items]
Purchase price		$ 41,916	$ 0
Goodwill		$ 738,575		$ 709,703
Truvalue Labs, Inc.
Business Acquisition [Line Items]
Purchase price	$ 41,900
Goodwill	$ 29,342

Acquisition - Purchase price allocation (Details) - USD ($) $ in Thousands	Nov. 02, 2020	Nov. 30, 2020	Aug. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 738,575	$ 709,703
Truvalue Labs, Inc.
Business Acquisition [Line Items]
Current assets	$ 811
Goodwill	29,342
Other non-current assets	5,299
Current liabilities	(3,184)
Other non-current liabilities	(4,753)
Total purchase price	41,915
Truvalue Labs, Inc. \| Software technology
Business Acquisition [Line Items]
Amortizable intangible assets	$ 10,700
Estimated acquisition date useful life	13 years
Truvalue Labs, Inc. \| Client relationships
Business Acquisition [Line Items]
Amortizable intangible assets	$ 900
Estimated acquisition date useful life	12 years
Truvalue Labs, Inc. \| Trade names
Business Acquisition [Line Items]
Amortizable intangible assets	$ 2,800
Estimated acquisition date useful life	15 years

Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Thousands	3 Months Ended
	Nov. 30, 2020 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 709,703
Acquisitions	29,342
Foreign currency translations	(470)
Ending Balance	738,575
Americas
Goodwill [Roll Forward]
Beginning Balance	386,195
Acquisitions	29,342
Foreign currency translations	0
Ending Balance	415,537
EMEA
Goodwill [Roll Forward]
Beginning Balance	320,427
Acquisitions	0
Foreign currency translations	(519)
Ending Balance	319,908
Asia Pacific
Goodwill [Roll Forward]
Beginning Balance	3,081
Acquisitions	0
Foreign currency translations	49
Ending Balance	$ 3,130

Goodwill - Narrative (Details)	3 Months Ended
Goodwill - Narrative (Details)	Nov. 30, 2020 reportingUnit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units	3

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 120,232	$ 108,741
Provision for income taxes	$ 19,026	$ 14,784
Effective tax rate	15.80%	13.60%

- Definition

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

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19,026	$ 14,784
Higher windfall tax benefit from stock-based compensation	$ 3,000	$ 5,900

- Definition

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

+ References + Details

Leases - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Lessee, Lease, Description [Line Items]
ROU assets	$ 257,591	$ 248,929
Lease liabilities	$ 310,677
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	15 years

Leases - Schedule of Future Minimum Commitments (Details) $ in Thousands	Nov. 30, 2020 USD ($)
Leases [Abstract]
2021 (remaining nine months)	$ 32,134
2022	41,942
2023	38,317
2024	36,510
2025	35,815
Thereafter	198,108
Total	382,826
Less: Imputed interest	72,149
Present value	$ 310,677

Leases - Schedule of Other Information Related to Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Leases [Abstract]
Operating lease cost	$ 10,700	$ 10,600
Variable lease cost	$ 3,400	5,000
Weighted average remaining lease term (in years)	10 years		10 years 1 month 6 days
Weighted average discount rate (incremental borrowing rate)	4.30%		4.20%
Cash paid for amounts included in the measurement of lease liabilities	$ 9,700	10,500
Lease ROU assets obtained in exchange for lease liabilities	$ 1,100	$ 2,100

Debt - Debt Obligations (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Other Long-term debt	$ 1,111	$ 0
Long-term debt	575,511	574,354
2019 Revolving Credit Facility
Debt Instrument [Line Items]
Debt obligations	575,000	575,000
2019 Revolving Credit Facility loan origination fees	(600)	(646)
Long-term debt	$ 575,511	$ 574,354

Debt - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($)	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2019	Aug. 31, 2020	Mar. 29, 2019
Debt Instrument [Line Items]
Interest expense	$ 2,100,000	$ 4,200,000
Weighted average interest rate	1.40%			2.20%
2019 Revolving Credit Facility
Debt Instrument [Line Items]
Debt obligations	$ 575,000,000			$ 575,000,000
2019 Revolving Credit Facility \| PNC Bank, National Associations
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 750,000,000.0
Maximum amount of additional borrowings	175,000,000.0				500,000,000.0
Minimum borrowing amount required for additional borrowings					$ 25,000,000.0
Debt obligations	$ 575,000,000.0
Commitment fee percentage	0.10%
Debt fair value	$ 575,000,000.0
Debt issuance costs			$ 900,000
2019 Revolving Credit Facility \| PNC Bank, National Associations \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment, remaining minimum amount committed		$ 226,000
Long-term purchase commitment amount	$ 10,000
Long-term purchase commitment period	3 years
Letters of credit outstanding	$ 2,900
Concentration risk benchmark, percentage of total revenue	3.00%
Accounts receivable reserve	$ 7,252	$ 7,987

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Nov. 30, 2020	Nov. 30, 2019	Mar. 24, 2020
Class of Stock [Line Items]
Repurchase of common stock (in shares)	131,800	343,000
Repurchases of common stock	$ 43,144,000	$ 84,423,000
Approved addition to authorized amount			$ 220,000,000.0
Remaining authorized repurchase amount	215,900,000
Cost of shares repurchased from employees	$ 2,100,000	$ 1,500,000
Treasury Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)	131,800	343,000
Repurchases of common stock	$ 43,144,000	$ 84,423,000
Vesting of restricted stock (in shares)	6,728	5,778
Restricted stock units
Class of Stock [Line Items]
Restricted stock vested (in shares)	17,946	15,376

Stockholders' Equity - Shares of Common Stock Outstanding (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	38,030,252	38,118,000
Common stock issued for employee stock plans (in shares)	117,000	135,000
Repurchase of common stock (in shares)	(131,800)	(343,000)
Ending Balance (in shares)	38,008,129	37,904,000
Number of shares repurchased in settlement of employee tax withholding obligations (in shares)	6,728	5,778
Value of shares repurchased in settlement of employee tax withholding obligations	$ 2.1	$ 1.5
Repurchase of common stock from employees
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(7,000)	(6,000)
Share repurchase program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(132,000)	(343,000)

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Equity [Abstract]
Dividends per Share of Common Stock (in USD per share)	$ 0.77	$ 0.72
Total Amount	$ 29,266	$ 27,291

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	$ 952,573	$ 896,375	$ 691,878	$ 672,256
Accumulated unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	(1,707)	(1,591)
Accumulated foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	(37,369)	(37,702)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	$ (39,076)	$ (39,293)	$ (64,706)	$ (74,544)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share, Basic [Abstract]
Income available to common stockholders	$ 101,206	$ 93,957
Basic weighted average common shares (in shares)	38,007	37,978
Basic earnings per common share (in USD per share)	$ 2.66	$ 2.47
Earnings Per Share, Diluted [Abstract]
Income available to common stockholders plus assumed conversions	$ 101,206	$ 93,957
Dilutive effect of stock options and restricted stock (in shares)	690	609
Diluted weighted average common shares (in shares)	38,697	38,587
Diluted earnings per common share (in USD per share)	$ 2.62	$ 2.43

- Definition

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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- Definition

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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- Definition

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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- Definition

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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+ Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Nov. 30, 2020	Nov. 30, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,750	20,128
Performance-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	72,090	36,501

Stock Based Compensation - Narrative (Details) - USD ($)		3 Months Ended
	Nov. 09, 2020	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 11,300,000	$ 9,800,000
Unrecognized compensation expense related to non-vested equity		$ 117,000,000.0
Exercise price (in USD per share)	$ 316.71
Offering period		3 months
Purchase price percentage		85.00%
Maximum employee subscription rate		10.00%
Maximum contribution limit		$ 25,000
Number of share purchased by employees (in shares)		9,269	11,159
Stock issued during period employee stock purchase plans weighted average price per share (in USD per share)		$ 286.58	$ 220.70
Capital shares reserved for future issuance (in shares)		168,535
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option award grants (in shares)		41,358
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option award grants (in shares)		36,424
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 500,000	$ 500,000
Weighted average period for recognition		3 years 4 months 24 days
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		5,100,000
Stock options granted (in shares)		408,093
Exercise price (in USD per share)		$ 316.71
LTIP \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	20.00%
Award vesting period	5 years
Expiration period	10 years
LTIP \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Weighted average grant date fair value (in USD per share)		$ 306.37
LTIP \| Restricted stock units \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		20.00%
LTIP \| Restricted stock units \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		50.00%
LTIP \| Restricted stock units \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		25.00%
Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		249,886

Stock-based Compensation -Weighted Average Assumptions (Details)	Nov. 09, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	7 years 1 month 17 days
Dividend yield	0.91%
Estimated fair value (in USD per share)	$ 78.23
Exercise price (in USD per share)	$ 316.71
Fair value as a percentage of exercise price	24.70%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.10%
Expected volatility	27.50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.80%

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Nov. 30, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Revenue	$ 388,206	$ 366,658
Operating income	121,031	113,186
Capital expenditures	18,333	26,780
Assets	2,099,426		$ 2,083,388
Americas
Revenue	244,337	231,330
Operating income	56,376	49,623
Capital expenditures	9,560	24,024
Assets	1,071,502		1,111,600
EMEA
Revenue	105,777	100,830
Operating income	40,634	41,218
Capital expenditures	319	1,168
Assets	807,156		757,524
Asia Pacific
Revenue	38,092	34,498
Operating income	24,021	22,345
Capital expenditures	8,454	$ 1,588
Assets	$ 220,768		$ 214,264

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599