0001013237-23-000070 | 10-Q | XBRL Viewer | Factset Research Systems INC

Goodwill (Tables)

9 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill by segment for the nine months ended May 31, 2023 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2022	$	686,412	$	277,087	$	2,349	$	965,848

Foreign currency translations	—		16,321		(7)		16,314
Balance at May 31, 2023	$	686,412	$	293,408	$	2,342	$	982,162

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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+ Details

Consolidated Statements of Income - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Income Statement [Abstract]
Revenues	$ 529,811	$ 488,751	$ 1,549,711	$ 1,344,595
Operating expenses
Cost of services	241,689	222,618	709,537	629,162
Selling, general and administrative	115,725	119,881	325,903	309,185
Asset impairments	438	48,998	1,167	62,985
Total operating expenses	357,852	391,497	1,036,607	1,001,332
Operating income	171,959	97,254	513,104	343,263
Other income (expense), net
Interest income	3,083	4,133	8,191	4,900
Interest expense	(16,354)	(16,184)	(49,628)	(20,118)
Other income (expense), net	3,310	77	4,978	(879)
Total other income (expense), net	(9,961)	(11,974)	(36,459)	(16,097)
Income before income taxes	161,998	85,280	476,645	327,166
Provision for income taxes	27,335	10,370	73,591	34,671
Net income	$ 134,663	$ 74,910	$ 403,054	$ 292,495
Basic earnings per common share (in USD per share)	$ 3.52	$ 1.97	$ 10.54	$ 7.76
Diluted earnings per common share (in USD per share)	$ 3.46	$ 1.93	$ 10.35	$ 7.58
Basic weighted average common shares (in shares)	38,278	37,934	38,227	37,716
Diluted weighted average common shares (in shares)	38,912	38,720	38,936	38,607

Cover - shares	9 Months Ended
Cover - shares	May 31, 2023	Jun. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2023
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
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	FDS
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		38,146,230
Entity Central Index Key	0001013237
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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

Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,166,587	$ 2,134,480
Accumulated amortization	307,345	238,571
Net carrying amount	$ 1,859,242	1,895,909
ABA business process
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	36 years
Gross carrying amount	$ 1,583,000	1,583,000
Accumulated amortization	54,965	21,986
Net carrying amount	1,528,035	1,561,014
Client relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	264,540	263,163
Accumulated amortization	65,392	55,405
Net carrying amount	199,148	207,758
Software technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	124,626	122,363
Accumulated amortization	105,220	96,567
Net carrying amount	19,406	25,796
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	107,215	80,956
Accumulated amortization	45,804	33,676
Net carrying amount	$ 61,411	47,280
Acquired databases
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years
Gross carrying amount	$ 46,000	46,000
Accumulated amortization	3,833	1,533
Net carrying amount	42,167	44,467
Data content
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	34,421	32,305
Accumulated amortization	27,664	24,973
Net carrying amount	$ 6,757	7,332
Client relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years
Gross carrying amount	$ 6,785	6,693
Accumulated amortization	4,467	4,431
Net carrying amount	$ 2,318	$ 2,262
Minimum \| Client relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	11 years
Minimum \| Software technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	2 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Minimum \| Data content
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	7 years
Maximum \| Client relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	26 years
Maximum \| Software technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	9 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Maximum \| Data content
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years

Description of Business	9 Months Ended
Description of Business	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS FactSet Research Systems Inc. and its wholly-owned subsidiaries (collectively, "we," "our," "us," the "Company" or "FactSet") is a global financial digital platform and enterprise solutions provider with open and flexible solutions that drive the investment community to see more, think bigger and do its best work. Our strategy is to build the leading open content and analytics platform that delivers a differentiated advantage for our clients’ success. Fiscal 2023 marks the 45th year our platform has delivered expansive data, sophisticated analytics and flexible technology used by global financial professionals to power their critical investment workflows. As of May 31, 2023, we had 7,770 clients comprised of 187,845 investment professionals, including asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our on- and off-platform solutions span the investment lifecycle including investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected content, referred to as our "content refinery." Our products and services include workstations, portfolio analytics and enterprise solutions. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research investment ideas, as well as to analyze, monitor and manage their portfolios. We combine dedicated client service with open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions and application programming interfaces ("APIs"). Our CUSIP Global Services ("CGS") business supports security master files relied on by the investment industry for critical front, middle and back office functions. We drive our business based on our detailed understanding of our clients’ workflows, which helps us to solve their most complex challenges. We provide them with an open digital platform, connected and reliable data, next-generation workflow solutions and highly committed service specialists. We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific. Refer to Note 16, Segment Information, for further discussion. For each of our segments, we execute our strategy through three workflow solutions: Research & Advisory; Analytics & Trading; and Content & Technology Solutions ("CTS"). We have a long-term view of our business and are committed to investing for growth and becoming a more efficient organization. As part of this approach, starting September 1, 2023, the beginning of our fiscal 2024 year, we are reorganizing our workflow solutions by firm type to better align our operations with those of our clients: •Analytics & Trading will become our Institutional Buy-Side organization, focusing on asset managers, asset owners, and hedge fund workflows; and •Research & Advisory will become: ◦Dealmakers, focusing on banking and sell-side research, corporate, and private equity and venture capital workflows; and ◦Wealth, focusing on wealth management workflows In addition, during the third quarter of fiscal 2023, we combined our Content and CTS groups to create one Data Solutions organization. This will create end-to-end management of our data, from collection and acquisition, to client delivery. CGS operates as part of our CTS workflow solution which is included within the newly formed Data Solutions organization. This realignment is not expected to impact our segment reporting for the fiscal 2024 year.

Leases - Schedule of Future Minimum Commitments (Details) $ in Thousands	May 31, 2023 USD ($)
Leases [Abstract]
2023 (remaining three months)	$ 9,991
2024	38,343
2025	36,303
2026	35,489
2027	34,233
Thereafter	119,137
Total	273,496
Less: Imputed interest	43,156
Present value	$ 230,340

Acquisitions

9 Months Ended

May 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

During fiscal 2022, we completed acquisitions of CUSIP Global Services ("CGS") and Cobalt Software, Inc. ("Cobalt").

CUSIP Global Services

On March 1, 2022, we completed the acquisition of CGS for a cash purchase price of $1.932 billion, inclusive of working capital adjustments. CGS manages a database of 60 different data elements uniquely identifying more than 50 million global financial instruments. It is the foundation for security master files relied on by critical front, middle and back-office functions. CGS, operating on behalf of the American Bankers Association ("ABA"), is the provider of Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers globally and also acts as the official numbering agency for International Securities Identification Number ("ISIN") identifiers in the United States and as a substitute number agency for more than 35 other countries. We believe that the CGS acquisition will significantly expand our critical role in the global capital markets. The CGS purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. We finalized the purchase accounting for the CGS acquisition during the fourth quarter of fiscal 2022 and did not record any material changes to the preliminary purchase price allocation.

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


	Acquisition Date Fair Value		Acquisition Date Useful Life	Amortization Method
	(in thousands)		(in years)
Current assets(1)	$	29,728
Amortizable intangible assets
ABA business process	1,583,000		36 years	Straight-line
Client relationships	164,000		26 years	Straight-line
Acquired databases	46,000		15 years	Straight-line
Goodwill	214,970
Current liabilities(2)	(104,691)
Deferred revenues, long-term	(1,481)
Total purchase price	$	1,931,526

(1) Includes an accounts receivable balance of $29.5 million.

(2) Includes a deferred revenues balance of $99.4 million. The CGS acquisition was accounted for in accordance with our adoption of ASU No. 2021-08; as such, the deferred revenues did not include a fair value adjustment. Refer to Note 2, Significant Accounting Policies in the Notes included in Item 8. of our Annual Report on Form 10-K for the fiscal year ended August 31, 2022 for more information on ASU No. 2021-08.

Goodwill totaling $215.0 million represents the excess of the CGS purchase price over the fair value of net assets acquired and considers future economic benefits that we expect to achieve as a result of the acquisition. The goodwill is included in the Americas segment and is deductible for income tax purposes. The majority of the net assets acquired relate to an ABA business process intangible which is a renewable license agreement with the ABA to manage the issuance, maintenance and access to the CUSIP numbering system and related database of CUSIP identifiers. This intangible asset's valuation and associated useful life considers the nature of the business relationship, multi-year term of the current agreement and the likelihood of long-term renewals. The useful life assigned to the Client relationships intangible asset considers the strong historical client retention and client renewals as a basis for expected future retention. The useful life assigned to Acquired databases considers the historical period of data collection and the limited changes to the data on an annual basis.

The results of CGS's operations have been included in our Consolidated Financial Statements, within the Americas, EMEA and Asia Pacific segments, beginning with the closing of the acquisition on March 1, 2022. CGS operates as part of our CTS workflow solution which is included within the newly formed Data Solutions organization. Pro forma information has not been presented because the effect of the CGS acquisition was not material to our Consolidated Financial Statements.

Cobalt Software, Inc.

On October 12, 2021, we acquired all of the outstanding shares of Cobalt for a purchase price of $50.0 million, net of cash acquired, and inclusive of working capital adjustments. Cobalt was a leading portfolio monitoring solutions provider for the private capital industry. This acquisition aligned with our strategy to scale our data and workflow solutions through targeted investments as part of our multi-year investment plan and expands our private markets offering. The Cobalt purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. We finalized the purchase accounting for the Cobalt acquisition during the fourth quarter of fiscal 2022 and did not record any material changes to the preliminary purchase price allocation.

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


	Acquisition Date Fair Value		Acquisition Date Useful Life	Amortization Method
	(in thousands)		(in years)
Current assets	$	540
Amortizable intangible assets
Software technology	7,750		5 years	Straight-line
Client relationships	4,800		11 years	Straight-line
Goodwill	41,338
Other assets	34
Current liabilities	(4,437)
Other liabilities	(7)
Total purchase price	$	50,018

Goodwill totaling $41.3 million represents the excess of the Cobalt purchase price over the fair value of net assets acquired and is included in the Americas and EMEA segments. Goodwill generated from the Cobalt acquisition is not deductible for income tax purposes. The useful life assigned to the Client relationships intangible asset considers the historical client retention as a basis for expected future retention. The useful life assigned to Software technology considers our historical experience and anticipated technological changes.

The results of Cobalt's operations have been included in our Consolidated Financial Statements, within the Americas and EMEA segments, beginning with its acquisition on October 12, 2021. Pro forma information has not been presented because the effect of the Cobalt acquisition was not material to our Consolidated Financial Statements.

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Aug. 31, 2022
Lessee, Lease, Description [Line Items]
ROU assets	$ 156,786		$ 156,786		$ 159,458
Lease liabilities	230,340		230,340
Impairment charge, lease ROU assets	$ 0	$ 24,200	$ 0	$ 31,500
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	13 years		13 years

Stockholders' Equity - Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Jun. 20, 2023
Equity [Abstract]
Repurchase of common stock (in shares)	165,950	0	165,950	46,200
Repurchases of common stock	$ 67,092	$ 0	$ 67,092	$ 18,639
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining authorized repurchase amount	$ 114,200		$ 114,200
Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount					$ 300,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased from employees (in shares)	1,239	10	28,952	7,432
Value of shares repurchased in settlement of employee tax withholding obligations	$ 500	$ 4	$ 12,300	$ 3,300

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2023	May 31, 2023	Aug. 31, 2022
Concentration Risk [Line Items]
Purchase commitment, remaining minimum amount committed			$ 373.9
Letters of credit outstanding		$ 0.5	0.5
Capital Commitment
Concentration Risk [Line Items]
Capital commitments		$ 0.8	$ 1.1
Data Purchase Agreement
Concentration Risk [Line Items]
Long-term purchase commitment amount	$ 26.0

Segment Information - Results of Operations and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Aug. 31, 2022
Revenues	$ 529,811	$ 488,751	$ 1,549,711	$ 1,344,595
Operating income	171,959	97,254	513,104	343,263
Capital expenditures	26,005	15,404	61,421	35,950
Asset impairments	438	48,998	1,167	62,985
Assets	3,997,910		3,997,910		$ 4,014,305
Americas
Revenues	337,691	309,740	992,179	850,312
Operating income	79,005	11,212	207,717	115,613
Capital expenditures	24,956	12,362	56,299	29,911
Asset impairments		44,600		58,500
Assets	3,112,136		3,112,136		3,191,313
EMEA
Revenues	137,973	128,326	401,219	357,920
Operating income	58,607	53,228	194,870	139,826
Capital expenditures	339	466	1,651	828
Asset impairments		4,100		4,200
Assets	628,617		628,617		580,450
Asia Pacific
Revenues	54,147	50,685	156,313	136,363
Operating income	34,347	32,814	110,517	87,824
Capital expenditures	710	2,576	3,471	5,211
Asset impairments		$ 300		$ 300
Assets	$ 257,157		$ 257,157		$ 242,542

- 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.

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+ Details

- 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
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-Paragraph 1
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+ Details

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021
Equity [Abstract]
Dividends per Share of Common Stock (in USD per share)	$ 0.98	$ 0.89	$ 0.89	$ 0.89	$ 0.82	$ 0.82
Total Amount	$ 37,442	$ 34,099	$ 34,010	$ 33,795	$ 31,065	$ 30,973
Dividends, percentage increase	10.00%

Debt (Tables)

9 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Schedule of debt obligations

Our total debt obligations as of May 31, 2023 and August 31, 2022 consisted of the following:


(in thousands)	Issuance Date	Contractual Maturity Date	May 31, 2023		August 31, 2022
2022 Credit Agreement
2022 Term Facility	3/1/2022	3/1/2025	437,500		750,000
2022 Revolving Facility	3/1/2022	3/1/2027	250,000		250,000

Senior Notes
2027 Notes	3/1/2022	3/1/2027	500,000		500,000
2032 Notes	3/1/2022	3/1/2032	500,000		500,000

Total unamortized discounts and debt issuance costs			(13,306)		(17,576)

Total Long-term debt			$	1,674,194	$	1,982,424

Schedule of annual maturities of debt obligations

As of May 31, 2023, annual maturities on our total debt obligations, based on contract maturity, were as follows:


(in thousands)	Maturities
Fiscal Years Ended August 31,
2023 (remaining three months)	$	—
2024	—
2025	437,500
2026	—
2027	750,000
Thereafter	500,000
Total	$	1,687,500

Schedule of interest expense

The following table presents the interest expense on our outstanding debt which is included in Interest expense in our Consolidated Statements of Income:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2023		2022		2023		2022
Interest expense on outstanding debt(1)	$	16,345	$	15,755	$	49,601	$	19,581

(1) Interest expense on our outstanding debt includes the related amortization of debt issuance costs and debt discounts, net of the effects of the related interest rate swap agreements.

Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	9 Months Ended
	May 31, 2023	May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 403,054	$ 292,495
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	78,681	60,176
Amortization of lease right-of-use assets	29,245	32,936
Stock-based compensation expense	44,365	40,604
Deferred income taxes	(12,716)	(5,488)
Asset impairments	1,167	62,985
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net of reserves	(37,879)	(39,005)
Accounts payable and accrued expenses	5,870	15,292
Accrued compensation	(39,935)	(23,992)
Deferred revenues	(3,861)	4,091
Taxes payable, net of prepaid taxes	19,112	(18,552)
Lease liabilities, net	(34,041)	(35,961)
Other, net	36,841	1,343
Net cash provided by operating activities	489,903	386,924
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software	(61,421)	(35,950)
Acquisition of businesses, net of cash and cash equivalents acquired	0	(1,981,641)
Purchases of investments	(10,889)	(678)
Net cash provided by (used in) investing activities	(72,310)	(2,018,269)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt	0	2,238,355
Repayment of debt	(312,500)	(700,000)
Payments of debt issuance costs	0	(9,736)
Dividend payments	(101,377)	(92,334)
Proceeds from employee stock plans	55,885	74,173
Repurchases of common stock	(67,092)	(18,639)
Other financing activities	(12,273)	(3,263)
Net cash provided by (used in) financing activities	(437,357)	1,488,556
Effect of exchange rate changes on cash and cash equivalents	3,118	(12,110)
Net increase (decrease) in cash and cash equivalents	(16,646)	(154,899)
Cash and cash equivalents at beginning of period	503,273	681,865
Cash and cash equivalents at end of period	$ 486,627	$ 526,966

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		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives	$ 747	$ 1,515	$ 8,131	$ 4,317
Gain (Loss) Reclassified from AOCL into Income	3,495	(645)	5,093	(3,122)
Foreign currency forward contracts \| SG&A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives	919	(4,114)	4,027	(7,690)
Gain (Loss) Reclassified from AOCL into Income	(230)	(2,635)	(5,474)	(4,098)
Interest rate swap agreement \| Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives	(172)	5,629	4,104	12,007
Gain (Loss) Reclassified from AOCL into Income	$ 3,725	$ 1,990	$ 10,567	$ 976

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenue from External Customer [Line Items]
Total Revenues	$ 529,811	$ 488,751	$ 1,549,711	$ 1,344,595
Americas
Revenue from External Customer [Line Items]
Total Revenues	337,691	309,740	992,179	850,312
EMEA
Revenue from External Customer [Line Items]
Total Revenues	137,973	128,326	401,219	357,920
Asia Pacific
Revenue from External Customer [Line Items]
Total Revenues	$ 54,147	$ 50,685	$ 156,313	$ 136,363

- Definition

+ References

+ Details

Debt - Annual Maturities of Debt Obligations (Details) $ in Thousands	May 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remaining three months)	$ 0
2024	0
2025	437,500
2026	0
2027	750,000
Thereafter	500,000
Total net carrying value of debt	$ 1,687,500

Acquisitions (Tables)

9 Months Ended

May 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisition date fair values of major classes of assets acquired and liabilities assumed

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


	Acquisition Date Fair Value		Acquisition Date Useful Life	Amortization Method
	(in thousands)		(in years)
Current assets(1)	$	29,728
Amortizable intangible assets
ABA business process	1,583,000		36 years	Straight-line
Client relationships	164,000		26 years	Straight-line
Acquired databases	46,000		15 years	Straight-line
Goodwill	214,970
Current liabilities(2)	(104,691)
Deferred revenues, long-term	(1,481)
Total purchase price	$	1,931,526

(1) Includes an accounts receivable balance of $29.5 million.

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


	Acquisition Date Fair Value		Acquisition Date Useful Life	Amortization Method
	(in thousands)		(in years)
Current assets	$	540
Amortizable intangible assets
Software technology	7,750		5 years	Straight-line
Client relationships	4,800		11 years	Straight-line
Goodwill	41,338
Other assets	34
Current liabilities	(4,437)
Other liabilities	(7)
Total purchase price	$	50,018

Intangible Assets (Tables)

9 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of identifiable intangible assets

The estimated useful life, gross carrying amounts and accumulated amortization totals related to our identifiable intangible assets are as follows:


		May 31, 2023						August 31, 2022
(in thousands, except useful lives)	Estimated Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
ABA business process	36	$	1,583,000	$	54,965	$	1,528,035	$	1,583,000	$	21,986	$	1,561,014
Client relationships	11 to 26	264,540		65,392		199,148		263,163		55,405		207,758
Software technology	2 to 9	124,626		105,220		19,406		122,363		96,567		25,796
Developed technology	3 to 5	107,215		45,804		61,411		80,956		33,676		47,280
Acquired databases	15	46,000		3,833		42,167		46,000		1,533		44,467
Data content	7 to 20	34,421		27,664		6,757		32,305		24,973		7,332
Trade names	15	6,785		4,467		2,318		6,693		4,431		2,262
Total		$	2,166,587	$	307,345	$	1,859,242	$	2,134,480	$	238,571	$	1,895,909

Schedule of estimated intangible asset amortization expense

As of May 31, 2023, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows:


(in thousands)	Estimated Amortization Expense
Fiscal Years Ended August 31,
2023 (remaining three months)	$	22,197
2024	88,459
2025	81,937
2026	75,528
2027	63,930
Thereafter	1,527,191
Total	$	1,859,242

Consolidated Balance Sheets - Unaudited (Parenthetical) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable reserve	$ 5,956	$ 2,776
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)	42,009,099	41,653,218
Common stock, outstanding (in shares)	38,205,735	38,044,756
Treasury stock (in shares)	3,803,364	3,608,462

Fair Value Measures

9 Months Ended

May 31, 2023

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. We consider the principal or most advantageous market in which we would transact, as well as 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 input that is significant to the fair value measurement. Our 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. We have categorized our 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.

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.

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.

(a) Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables show, by level within the fair value hierarchy, our assets and liabilities that are measured at fair value on a recurring basis as of May 31, 2023 and August 31, 2022. We did not have any transfers between levels of fair value

measurements during the periods presented below. We held no Level 3 assets or liabilities measured at fair value on a recurring basis as of May 31, 2023 and August 31, 2022.


	Fair Value Measurements at May 31, 2023
(in thousands)	Level 1		Level 2		Total
Assets
Corporate money market funds(1)	$	119,929	$	—	$	119,929
Mutual funds(2)	—		32,151		32,151

Derivative instruments(3)	—		8,288		8,288
Total assets measured at fair value	$	119,929	$	40,439	$	160,368

Liabilities
Derivative instruments(3)	$	—	$	1,145	$	1,145
Total liabilities measured at fair value	$	—	$	1,145	$	1,145


	Fair Value Measurements at August 31, 2022
(in thousands)	Level 1		Level 2		Total
Assets
Corporate money market funds(1)	$	179,330	$	—	$	179,330
Mutual funds(2)	—		33,219		33,219

Derivative instruments(3)	—		12,412		12,412
Total assets measured at fair value	$	179,330	$	45,631	$	224,961

Liabilities
Derivative instruments(3)	$	—	$	8,307	$	8,307
Total liabilities measured at fair value	$	—	$	8,307	$	8,307

(1) Our 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. Our corporate money market funds are included in Cash and cash equivalents within the Consolidated Balance Sheets.

(2) Our mutual funds' fair value is 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. Our mutual funds are included in Investments within the Consolidated Balance Sheets.

(3) Our derivative instruments include our foreign exchange forward contracts and interest rate swap agreements. We utilize the income approach to measure fair value for our 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. To estimate fair value for our interest rate swap agreements, we utilize a present value of future cash flows, leveraging a model-derived valuation that uses observable inputs such as interest rate yield curves. Refer to Note 5, Derivative Instruments, for more information on our derivative instruments and their classification within the Consolidated Balance Sheets.

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

Assets and liabilities that are measured at fair value on a non-recurring basis primarily relate to our tangible fixed assets, lease right-of-use ("ROU") assets, goodwill and intangible assets. The fair values of these non-financial assets and liabilities are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable information and discounted cash flow projections. These non-financial assets are required to be assessed for impairment whenever events or circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill.

Asset impairments incurred during the three and nine months ended May 31, 2023 were $0.4 million and $1.2 million, respectively, and were $49.0 million and $63.0 million for the three and nine months ended May 31, 2022, respectively. The asset impairments recognized during the three and nine months ended May 31, 2022 included a respective $48.8 million and $62.2 million charge related to our lease ROU assets and property, equipment and leasehold improvements ("PPE") associated with vacating certain leased office space. For those locations we anticipated subleasing, we estimated the fair value of the lease ROU assets as of the cease use date, using a market approach, based on expected future cash flows from sublease income. To complete this assessment we relied on certain assumptions, which included estimates of the rental rate, period of vacancy, incentives and annual rent increases. We fully impaired the lease ROU assets for locations we will not sublease and substantially all the PPE associated with the related vacated leased office space as there were no expected cash flows related to these items. Due to the subjective nature of the unobservable inputs used, the fair value measurement for the asset impairments are classified within Level 3 of the fair value hierarchy.

We elected not to carry our Long-term debt at fair value. The carrying value of our Long-term debt is net of the related unamortized discount and debt issuance costs.

The fair value of our Senior Notes is estimated based on quoted prices in active markets as of the reporting date, given that the Senior Notes are publicly traded, which are considered Level 1 inputs. The fair value of our 2022 Credit Facilities is estimated based on quoted market prices for similar instruments, adjusted for unobservable inputs to ensure comparability to our investment rating, maturity terms and principal outstanding, which are considered Level 3 inputs. Refer to Note 11, Debt for definitions of these terms and more information on the Senior Notes and 2022 Credit Facilities.

The following table summarizes information on our outstanding debt as of May 31, 2023 and August 31, 2022:


		May 31, 2023				August 31, 2022
(in thousands)	Fair Value Hierarchy	Principal Amount		Estimated Fair Value		Principal Amount		Estimated Fair Value
2027 Notes	Level 1	$	500,000	$	462,345	$	500,000	$	470,525
2032 Notes	Level 1	500,000		428,725		500,000		438,205
2022 Term Facility	Level 3	437,500		439,141		750,000		750,975
2022 Revolving Facility	Level 3	250,000		244,687		250,000		249,075
Total principal amount		$	1,687,500	$	1,574,898	$	2,000,000	$	1,908,780
Total unamortized discounts and debt issuance costs		(13,306)				(17,576)
Total net carrying value of debt		$	1,674,194			$	1,982,424

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments (Tables)

9 Months Ended

May 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of gross notional values of derivative instruments

The following table summarizes the gross notional value of foreign currency forward contracts to purchase British Pound Sterling, Euros, Indian Rupees and Philippine Pesos with U.S. dollars as of May 31, 2023 and August 31, 2022:


	May 31, 2023				August 31, 2022
(in thousands)	Local Currency		USD		Local Currency		USD
British Pound Sterling	£	45,600	$	55,367	£	44,200	$	55,567
Euro	€	38,700	41,612		€	37,500	40,679
Indian Rupee	Rs	3,219,297	38,700		Rs	2,667,928	33,600
Philippine Peso	₱	1,857,009	33,000		₱	1,462,060	27,000
Total			$	168,679			$	156,846

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


(in thousands)	Gross Notional Value
(in thousands)	May 31, 2023		August 31, 2022
Foreign currency forward contracts	$	168,679	$	156,846
Interest rate swap agreement	300,000		600,000
Total cash flow hedges	$	468,679	$	756,846

Summary of the fair values of derivative instruments

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


	Fair Value of Derivative Instruments
(in thousands)	Derivative Assets					Derivative Liabilities
Derivatives designated as hedging instruments	Balance Sheet Classification	May 31, 2023		August 31, 2022		Balance Sheet Classification	May 31, 2023		August 31, 2022
Foreign currency forward contracts	Prepaid expenses and other current assets	$	2,340	$	—	Accounts payable and accrued expenses	$	1,145	$	8,307
Interest rate swap agreement	Prepaid expenses and other current assets	5,948		10,621		Accounts payable and accrued expenses	—		—
	Other assets	—		1,791		Other liabilities	—		—
Total cash flow hedges		$	8,288	$	12,412		$	1,145	$	8,307

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 the three months ended May 31, 2023 and May 31, 2022:


	Gain (Loss) Recognized in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
(in thousands)	May 31,					May 31,
Derivatives in Cash Flow Hedging Relationships	2023		2022			2023		2022
Foreign currency forward contracts	$	919	$	(4,114)	SG&A	$	(230)	$	(2,635)
Interest rate swap agreement	(172)		5,629		Interest expense	3,725		1,990
Total cash flow hedges	$	747	$	1,515		$	3,495	$	(645)


The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the nine months ended May 31, 2023 and May 31, 2022:

	Gain (Loss) Reclassified in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
(in thousands)	May 31,					May 31,
Derivatives in Cash Flow Hedging Relationships	2023		2022			2023		2022
Foreign currency forward contracts	$	4,027	$	(7,690)	SG&A	$	(5,474)	$	(4,098)
Interest rate swap agreement	4,104		12,007		Interest expense	10,567		976
Total cash flow hedges	$	8,131	$	4,317		$	5,093	$	(3,122)

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares			9 Months Ended
	Jan. 17, 2023	Nov. 01, 2022	May 31, 2023	May 31, 2022
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in USD per share)			$ 125.57	$ 102.46
Weighted average exercise price (in USD per share)			$ 426.22	$ 434.64
Employee \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum		3.99%
Risk-free interest rate, maximum		4.51%
Expected life		6 years 7 months 13 days
Expected volatility		24.70%
Dividend yield		0.83%
Estimated fair value (in USD per share)		$ 125.62
Weighted average exercise price (in USD per share)		$ 426.25
Non-employee \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.49%
Expected life	5 years 8 months 12 days
Expected volatility	27.30%
Dividend yield	0.84%
Estimated fair value (in USD per share)	$ 128.84
Weighted average exercise price (in USD per share)	$ 428.70

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands				9 Months Ended
	May 31, 2023	May 31, 2022	Mar. 01, 2022	May 31, 2023	Aug. 31, 2022	Mar. 05, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net derivative gains to be reclassified	$ 7,100
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%
Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	468,679			$ 468,679	$ 756,846
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 300,000		$ 800,000	$ 300,000	$ 600,000	$ 287,500
Fixed rate			1.162%			0.7995%
Notional decline on quarterly basis		$ 100,000
Benefit on termination of derivative instrument			$ 3,500

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 161,998	$ 85,280	$ 476,645	$ 327,166
Provision for income taxes	$ 27,335	$ 10,370	$ 73,591	$ 34,671
Effective tax rate	16.90%	12.20%	15.40%	10.60%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Goodwill

9 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Changes in the carrying amount of goodwill by segment for the nine months ended May 31, 2023 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2022	$	686,412	$	277,087	$	2,349	$	965,848

Foreign currency translations	—		16,321		(7)		16,314
Balance at May 31, 2023	$	686,412	$	293,408	$	2,342	$	982,162

Goodwill is not amortized as it is estimated to have an indefinite life. At least annually, we test goodwill for impairment at the reporting unit level, which is consistent with our segments, and if impaired, it is written down to fair value. We performed our annual goodwill impairment test during the fourth quarter of fiscal 2022 utilizing a qualitative analysis, consistent with the timing and methodology of previous years. We concluded it was more likely than not that the fair value of each of our segments was not less than its respective carrying value and no impairment charge was required.

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life			32 years 8 months 12 days
Amortization expense	$ 22.0	$ 21.5	$ 65.4	$ 40.6
Acquisitions Excluding CGS
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life			9 years

Earnings Per Share

9 Months Ended

May 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share ("Basic EPS") is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted earnings per share ("Diluted EPS") is computed using the treasury stock method, by dividing net income by the cumulative weighted average common shares that are outstanding or are issuable upon the exercise of outstanding stock-based compensation awards during the period. Stock-based compensation awards that are out-of-the-money and performance share units ("PSUs") in which the performance criteria have not been met as of the end of the respective reporting period are omitted from the calculation of Diluted EPS.

A reconciliation of the weighted average shares outstanding used in the Basic EPS and Diluted EPS computation is as follows:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator
Net income used for calculating Basic EPS and Diluted EPS	$	134,663	$	74,910	$	403,054	$	292,495
Denominator
Weighted average common shares used in the calculation of Basic EPS	38,278		37,934		38,227		37,716
Common stock equivalents associated with stock-based compensation plan(1)	634		786		709		891
Shares used in the calculation of Diluted EPS	38,912		38,720		38,936		38,607
Basic EPS	$	3.52	$	1.97	$	10.54	$	7.76
Diluted EPS	$	3.46	$	1.93	$	10.35	$	7.58

(1)Dilutive potential common shares consist of stock options and unvested PSUs. As of May 31, 2023 and May 31, 2022, we excluded 583,377 and 291,716 common stock equivalents related to stock options from our calculation of Diluted EPS, respectively. As of May 31, 2023 and May 31, 2022, we excluded a respective 93,230 and 95,359 common stock equivalents related to PSUs from our calculation of Diluted EPS.

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Debt Disclosure [Abstract]
Interest expense on outstanding debt	$ 16,345	$ 15,755	$ 49,601	$ 19,581

Derivative Instruments - Summary of Fair Values (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 8,288	$ 12,412
Derivative Liabilities	1,145	8,307
Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	8,288	12,412
Derivative Liabilities	$ 1,145	$ 8,307
Cash flow hedging \| Designated as hedging instrument \| Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets, location	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Assets	$ 2,340	$ 0
Derivative Liabilities, location	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Derivative Liabilities	$ 1,145	$ 8,307
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement \| Prepaid expenses and other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets, location	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Assets	$ 5,948	$ 10,621
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement \| Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets, location	Other assets	Other assets
Derivative Assets	$ 0	$ 1,791
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement \| Accounts payable and accrued expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities, location	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Derivative Liabilities	$ 0	$ 0
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement \| Other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities, location	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Derivative Liabilities	$ 0	$ 0

Consolidated Statements of Comprehensive Income - Unaudited (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on cash flow hedges, tax (benefit) expense	$ (704)	$ 1,350	$ 781	$ 1,819

Stock-Based Compensation - Narrative (Details) - USD ($)				3 Months Ended		9 Months Ended
	Jan. 17, 2023	Nov. 01, 2022	Nov. 01, 2021	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 16,900,000	$ 14,700,000	$ 44,400,000	$ 40,600,000
Unrecognized compensation expense related to non-vested equity				$ 123,500,000		$ 123,500,000
Weighted average period for recognition						3 years 1 month 6 days
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)				4,300,000		4,300,000
Stock options granted (in shares)		266,051	292,377			268,185	302,952
Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)				200,000		200,000
Stock options granted (in shares)	5,462
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		0.00%	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		150.00%	150.00%
PSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						34,482	30,704
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 700,000	$ 600,000	$ 2,000,000.0	$ 1,700,000
Offering period						3 months
Purchase price percentage						85.00%
Maximum employee subscription rate				10.00%		10.00%
Maximum contribution limit						$ 25,000
Required holding period						18 months
Capital shares reserved for future issuance (in shares)				73,348		73,348
RSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		20.00%	20.00%
Granted (in shares)						47,474	71,933
RSUs \| Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Granted (in shares)	1,653
Weighted average grant date fair value (in USD per share)	$ 425.06
Stock options \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		20.00%	20.00%
Expiration period		10 years	10 years
Stock options \| Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Expiration period	7 years

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
Balance, beginning of period (in shares) at Aug. 31, 2021		41,163,192
Beginning balance at Aug. 31, 2021	$ 1,016,353	$ 412	$ 1,048,305	$ (905,917)	$ 912,515	$ (38,962)
Beginning balance, treasury stock (in shares) at Aug. 31, 2021				3,547,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	292,495				292,495
Other comprehensive income (loss)	(38,172)					(38,172)
Common stock issued for employee stock plans (in shares)		391,195		260
Common stock issued for employee stock plans	74,048	$ 4	74,172	$ (128)
Vesting of restricted stock (in shares)		18,384		7,172
Vesting of restricted stock	$ (3,134)			$ (3,134)
Repurchase of common stock (in shares)	46,200			46,200
Repurchases of common stock	$ (18,639)			$ (18,639)
Stock-based compensation expense	40,604		40,604
Dividends declared	(95,833)				(95,833)
Balance, end of period (in shares) at May. 31, 2022		41,572,771
Ending balance at May. 31, 2022	1,267,722	$ 416	1,163,081	$ (927,818)	1,109,177	(77,134)
Ending balance, treasury stock (in shares) at May. 31, 2022				3,601,405
Balance, beginning of period (in shares) at Feb. 28, 2022		41,485,261
Beginning balance at Feb. 28, 2022	1,215,981	$ 415	1,131,166	$ (927,814)	1,068,062	(55,848)
Beginning balance, treasury stock (in shares) at Feb. 28, 2022				3,601,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74,910				74,910
Other comprehensive income (loss)	(21,286)					(21,286)
Common stock issued for employee stock plans (in shares)		87,486		0
Common stock issued for employee stock plans	17,249	$ 1	17,248	$ 0
Vesting of restricted stock (in shares)		24		10
Vesting of restricted stock	$ (4)			$ (4)
Repurchase of common stock (in shares)	0
Repurchases of common stock	$ 0
Stock-based compensation expense	14,667		14,667
Dividends declared	(33,795)				(33,795)
Balance, end of period (in shares) at May. 31, 2022		41,572,771
Ending balance at May. 31, 2022	$ 1,267,722	$ 416	1,163,081	$ (927,818)	1,109,177	(77,134)
Ending balance, treasury stock (in shares) at May. 31, 2022				3,601,405
Balance, beginning of period (in shares) at Aug. 31, 2022	38,044,756	41,653,218
Beginning balance at Aug. 31, 2022	$ 1,331,408	$ 417	1,190,350	$ (930,715)	1,179,739	(108,383)
Beginning balance, treasury stock (in shares) at Aug. 31, 2022	3,608,462			3,608,462
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 403,054				403,054
Other comprehensive income (loss)	19,039					19,039
Common stock issued for employee stock plans (in shares)		283,021		410
Common stock issued for employee stock plans	55,717	$ 2	55,881	$ (166)
Vesting of restricted stock (in shares)		72,860		28,542
Vesting of restricted stock	$ (12,107)	$ 1		$ (12,108)
Repurchase of common stock (in shares)	165,950			165,950
Repurchases of common stock	$ (67,092)			$ (67,092)
Stock-based compensation expense	44,365		44,365
Dividends declared	$ (105,551)				(105,551)
Balance, end of period (in shares) at May. 31, 2023	38,205,735	42,009,099
Ending balance at May. 31, 2023	$ 1,668,833	$ 420	1,290,596	$ (1,010,081)	1,477,242	(89,344)
Ending balance, treasury stock (in shares) at May. 31, 2023	3,803,364			3,803,364
Balance, beginning of period (in shares) at Feb. 28, 2023		41,949,883
Beginning balance at Feb. 28, 2023	$ 1,607,154	$ 420	1,261,452	$ (942,496)	1,380,021	(92,243)
Beginning balance, treasury stock (in shares) at Feb. 28, 2023				3,636,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	134,663				134,663
Other comprehensive income (loss)	2,899					2,899
Common stock issued for employee stock plans (in shares)		56,055
Common stock issued for employee stock plans	12,279	$ 0	12,279
Vesting of restricted stock (in shares)		3,161		1,239
Vesting of restricted stock	$ (493)	$ 0		$ (493)
Repurchase of common stock (in shares)	165,950			165,950
Repurchases of common stock	$ (67,092)			$ (67,092)
Stock-based compensation expense	16,865		16,865
Dividends declared	$ (37,442)				(37,442)
Balance, end of period (in shares) at May. 31, 2023	38,205,735	42,009,099
Ending balance at May. 31, 2023	$ 1,668,833	$ 420	$ 1,290,596	$ (1,010,081)	$ 1,477,242	$ (89,344)
Ending balance, treasury stock (in shares) at May. 31, 2023	3,803,364			3,803,364

Earnings Per Share (Tables)

9 Months Ended

May 31, 2023

Earnings Per Share [Abstract]

Schedule of earnings per share

A reconciliation of the weighted average shares outstanding used in the Basic EPS and Diluted EPS computation is as follows:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator
Net income used for calculating Basic EPS and Diluted EPS	$	134,663	$	74,910	$	403,054	$	292,495
Denominator
Weighted average common shares used in the calculation of Basic EPS	38,278		37,934		38,227		37,716
Common stock equivalents associated with stock-based compensation plan(1)	634		786		709		891
Shares used in the calculation of Diluted EPS	38,912		38,720		38,936		38,607
Basic EPS	$	3.52	$	1.97	$	10.54	$	7.76
Diluted EPS	$	3.46	$	1.93	$	10.35	$	7.58

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	May 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We conduct business globally and manage our business on a geographic basis. The accompanying unaudited Consolidated Financial Statements and Notes to the 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; as such, 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 our Annual Report on Form 10-K for the fiscal year ended August 31, 2022. The accompanying unaudited Consolidated Financial Statements include our accounts and those of our 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 our results of operations, financial position, cash flows and equity. Reclassifications Beginning in the third quarter of fiscal 2023, we separated the components of Interest expense, net to present Interest income and Interest expense separately in the Consolidated Statements of Income for the three and nine months ended May 31, 2023. We conformed the comparative figures for the three and nine months ended May 31, 2022 to the current year’s presentation. Use of Estimates The preparation of our Consolidated Financial Statements and related disclosures, in conformity with GAAP, required management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates may have been made in areas that include income taxes, stock-based compensation, goodwill and intangible assets, business combinations, long-lived assets, contingencies and impairment assessments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Concentrations of Credit Risk Credit risk arises from the potential nonperformance by counterparties to fulfill their financial obligations. Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of our cash and cash equivalents, accounts receivable, investments in mutual funds and derivative instruments. The maximum credit exposure of our cash and cash equivalents, accounts receivable and investments in mutual funds is their carrying values as of the balance sheet dates. The maximum credit exposure related to our derivative instruments is based upon the gross fair values as of the balance sheet dates. Cash and Cash Equivalents and Investments We are exposed to credit risk on our cash and cash equivalents and investments in mutual funds in the event of default by the financial institutions with which we transact. We invest our cash and cash equivalents and investments in mutual funds in accordance with our restrictive cash investment practices with the primary objective being the preservation of capital and maintenance of liquidity with a focus on minimizing our exposure to credit risk. We have not experienced any losses in such accounts and we limit our exposure to credit loss by placing our cash and cash equivalents and investments in mutual funds with multiple financial institutions that we believe are high-quality and credit-worthy. Accounts Receivable Our accounts receivable credit risk is dependent upon the financial stability of our individual clients. Our receivable reserve was $6.0 million and $2.8 million as of May 31, 2023 and August 31, 2022, respectively. We do not require collateral from our clients, however no single client represented more than 3% of our total subscription revenues in any period presented. Our concentration of credit risk related to our accounts receivable is generally limited due to our large and geographically dispersed client base. Derivative Instruments Our use of derivative instruments exposes us to credit risk to the extent counterparties may be unable to meet the terms of their agreements. To mitigate credit risk, we limit counterparties to financial institutions we believe are credit-worthy and use several institutions to reduce concentration risk. We do not expect any losses as a result of default by our counterparties. Concentrations of Data Providers We integrate data from various third-party sources into our hosted proprietary data and analytics platform. As certain data sources have a limited number of suppliers, we make every effort to assure that, where reasonable, alternative sources are available. We are not dependent on any individual third-party data supplier in order to meet the needs of our clients, with only two data suppliers each representing more than 10% of our total data costs for the nine months ended May 31, 2023. Recently Adopted Accounting Pronouncements We did not adopt any new standards or updates issued by the Financial Accounting Standards Board ("FASB") during the three and nine months ended May 31, 2023 that had a material impact on our Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued or effective as of May 31, 2023 that had, or are expected to have, a material impact on our Consolidated Financial Statements.

Revenue Recognition (Tables)

9 Months Ended

May 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following table presents revenues disaggregated by segment:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2023		2022		2023		2022
Americas	$	337,691	$	309,740	$	992,179	$	850,312
EMEA	137,973		128,326		401,219		357,920
Asia Pacific	54,147		50,685		156,313		136,363
Total Revenues	$	529,811	$	488,751	$	1,549,711	$	1,344,595

Intangible Assets - Estimated Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining three months)	$ 22,197
2024	88,459
2025	81,937
2026	75,528
2027	63,930
Thereafter	1,527,191
Net carrying amount	$ 1,859,242	$ 1,895,909

Income Taxes

9 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXESIncome 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.

Income Tax Provision and Effective Tax Rate

The provision for income taxes and effective tax rate are as follows:


	Three Months Ended						Nine Months Ended
	May 31,						May 31,
(in thousands)	2023			2022			2023			2022
Income before income taxes	$	161,998		$	85,280		$	476,645		$	327,166
Provision for income taxes	$	27,335		$	10,370		$	73,591		$	34,671
Effective tax rate	16.9		%	12.2		%	15.4		%	10.6		%

We are subject to taxation in the United States and various foreign jurisdictions in which we conduct our business. Our provision for income taxes for interim periods is calculated by applying an estimate of our annual effective tax rate to our quarter and year-to-date results, adjusted for discrete items recorded in the period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pretax income (or loss) for the year, projections of the proportion of income (or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets, then adjusted for any discrete items. On a quarterly basis, we update the estimate of our annual effective tax rate as new events occur, assumptions change, or additional information is obtained.

Our effective tax rate for all periods presented above was lower than the applicable U.S. corporate income tax rate mainly due to research and development ("R&D") tax credits, a foreign derived intangible income ("FDII") deduction and a net tax benefit from discrete items, partially offset by our net state taxes.

Our effective tax rate during the three and nine months ended May 31, 2023 was higher than the rate during the respective prior year periods due mainly to a decrease in the impact of tax attributes on the effective tax rate as a result of an increase in income, a lower net tax benefit from discrete items driven mainly by a reduction in the exercise of stock options, as well as an increase in the U.K.'s enacted tax rates.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act ("IRA") was signed into law. The IRA contains several revisions to the Internal Revenue Code effective for taxable years beginning after December 31, 2022, including a 15% minimum income tax on certain large corporations. We do not expect this revision to have a material impact on our Consolidated Financial Statements.

The IRA also includes a 1% excise tax on corporate stock repurchases made by publicly traded U.S. corporations after December 31, 2022. For the three and nine months ended May 31, 2023, the excise tax on our stock repurchases was not material.

- 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.

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+ Details

Derivative Instruments

9 Months Ended

May 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

Cash Flow Hedges

In designing our hedging approach, we consider several factors, including offsetting exposures, the significance of exposures, the forecasting of risk and the potential effectiveness of the hedge to reduce the volatility of our earnings and cash flows. Factors considered in the decision to hedge an underlying market exposure include the materiality of the risk, the volatility of the market, the duration of the hedge, the degree to which the underlying exposure is committed to, and the availability, effectiveness and cost of derivative instruments. Derivative instruments are only utilized for risk management purposes and are not used for speculative or trading purposes. We limit counterparties to financial institutions we believe are credit-worthy. Refer to Note 2, Summary of Significant Accounting Policies - Concentrations of Credit Risk, for further discussion on counterparty credit risk.

We leverage foreign currency forward contracts and interest rate swaps to mitigate certain operational exposures from the impact of changes in foreign currency exchange rates and to manage our interest rate exposure. We have designated and accounted for these derivatives as cash flow hedges with the unrealized gains or losses recorded in Accumulated Other Comprehensive Loss ("AOCL"), net of tax, in the Consolidated Balance Sheets. Realized gains or losses resulting from settlement of our forward contracts and swap agreements are subsequently reclassified into Selling, general and administrative ("SG&A") and Interest expense, respectively, in the Consolidated Statements of Income when the hedges are settled.

Foreign Currency Forward Contracts

As we conduct business outside the U.S. in several currencies, we are exposed to movements in foreign currency exchange rates. As of May 31, 2023, we maintained a series of foreign currency forward contracts to hedge a portion of our exposures related to our primary currencies of the British Pound Sterling, Indian Rupee, Euro and Philippine Peso. To mitigate our currency exposure, we entered into these contracts to hedge between 25% to 75% of our projected operating expenses, denominated in our primary foreign currencies, over their respective hedge periods, ranging from the fourth quarter of fiscal 2023 through the third quarter of fiscal 2024.


	May 31, 2023				August 31, 2022
(in thousands)	Local Currency		USD		Local Currency		USD
British Pound Sterling	£	45,600	$	55,367	£	44,200	$	55,567
Euro	€	38,700	41,612		€	37,500	40,679
Indian Rupee	Rs	3,219,297	38,700		Rs	2,667,928	33,600
Philippine Peso	₱	1,857,009	33,000		₱	1,462,060	27,000
Total			$	168,679			$	156,846

There was no discontinuance of our foreign currency cash flow hedges during the nine months ended May 31, 2023 or May 31, 2022, and as such, no corresponding gains or losses related to changes in the value of our contracts were reclassified into earnings prior to settlement. Refer to Foreign Currency Transaction Risk in Item 3. Quantitative and Qualitative Disclosures About Market Risk of this Quarterly Report on Form 10-Q for further discussion of our exposure to foreign exchange rate fluctuations.

Interest Rate Swap Agreements

2022 Swap Agreement

On March 1, 2022, we entered into an interest rate swap agreement ("2022 Swap Agreement") with a notional amount of $800.0 million to hedge a portion of our outstanding floating Secured Overnight Financing Rate ("SOFR") rate debt with a fixed interest rate of 1.162%. The notional amount of the 2022 Swap Agreement declines by $100.0 million on a quarterly basis beginning May 31, 2022 and is maturing on February 28, 2024. Effective December 30, 2022, we partially novated our 2022 Swap Agreement to equally apportion the then outstanding notional amount of the interest rate swap between two counterparties. No other terms of the 2022 Swap Agreement were amended, terminated, or otherwise modified. As of May 31, 2023, the notional amount of the 2022 Swap Agreement was $300.0 million.

Refer to Note 11, Debt, for further discussion of our outstanding floating SOFR rate debt. Refer to Interest Rate Risk in Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk of this Quarterly Report on Form 10-Q for further discussion of our exposure to interest rate risk on our long-term debt outstanding.

2020 Swap Agreement

On March 5, 2020, we entered into an interest rate swap agreement ("2020 Swap Agreement") with a notional amount of $287.5 million. The 2020 Swap Agreement hedged a portion of our then outstanding floating LIBOR rate debt with a fixed interest rate of 0.7995% to mitigate our interest rate exposure. On March 1, 2022, we terminated the 2020 Swap Agreement, which resulted in a one-time benefit of $3.5 million recognized in Interest expense in the Consolidated Statements of Income during the third quarter of fiscal 2022, based on its fair market value.

Gross Notional Value and Fair Value of Derivative Instruments

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


(in thousands)	Gross Notional Value
(in thousands)	May 31, 2023		August 31, 2022
Foreign currency forward contracts	$	168,679	$	156,846
Interest rate swap agreement	300,000		600,000
Total cash flow hedges	$	468,679	$	756,846

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


	Fair Value of Derivative Instruments
(in thousands)	Derivative Assets					Derivative Liabilities
Derivatives designated as hedging instruments	Balance Sheet Classification	May 31, 2023		August 31, 2022		Balance Sheet Classification	May 31, 2023		August 31, 2022
Foreign currency forward contracts	Prepaid expenses and other current assets	$	2,340	$	—	Accounts payable and accrued expenses	$	1,145	$	8,307
Interest rate swap agreement	Prepaid expenses and other current assets	5,948		10,621		Accounts payable and accrued expenses	—		—
	Other assets	—		1,791		Other liabilities	—		—
Total cash flow hedges		$	8,288	$	12,412		$	1,145	$	8,307

All derivatives were designated as hedging instruments as of May 31, 2023 and August 31, 2022.

Derivative Recognition

The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended May 31, 2023 and May 31, 2022:


	Gain (Loss) Recognized in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
(in thousands)	May 31,					May 31,
Derivatives in Cash Flow Hedging Relationships	2023		2022			2023		2022
Foreign currency forward contracts	$	919	$	(4,114)	SG&A	$	(230)	$	(2,635)
Interest rate swap agreement	(172)		5,629		Interest expense	3,725		1,990
Total cash flow hedges	$	747	$	1,515		$	3,495	$	(645)


The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the nine months ended May 31, 2023 and May 31, 2022:

	Gain (Loss) Reclassified in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
(in thousands)	May 31,					May 31,
Derivatives in Cash Flow Hedging Relationships	2023		2022			2023		2022
Foreign currency forward contracts	$	4,027	$	(7,690)	SG&A	$	(5,474)	$	(4,098)
Interest rate swap agreement	4,104		12,007		Interest expense	10,567		976
Total cash flow hedges	$	8,131	$	4,317		$	5,093	$	(3,122)

As of May 31, 2023, we estimate that net pre-tax derivative gains of $7.1 million included in AOCL will be reclassified into earnings within the next 12 months. As of May 31, 2023, our cash flow hedges were highly 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

We enter into master netting arrangements designed to permit net settlement of derivative transactions among the respective counterparties, settled on the same date and in the same currency. As of May 31, 2023 and August 31, 2022, there were no material amounts recorded net on the Consolidated Balance Sheets.

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

3 Months Ended

9 Months Ended

May 31, 2023

May 31, 2022

May 31, 2023

May 31, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 134,663

$ 74,910

$ 403,054

$ 292,495

Other comprehensive income (loss), net of tax

Net unrealized gain (loss) on cash flow hedges

^[1]

(2,044)

810

2,257

5,620

Foreign currency translation adjustment gains (losses)

4,943

(22,096)

16,782

(43,792)

Other comprehensive income (loss)

2,899

(21,286)

19,039

(38,172)

Comprehensive income

$ 137,562

$ 53,624

$ 422,093

$ 254,323

[1]	*Presented net of a tax benefit of $704 thousand and a tax expense of $1,350 thousand for the three months ended May 31, 2023 and May 31, 2022, respectively. Presented net of a tax expense of $781 thousand and $1,819 thousand for the nine months ended May 31, 2023 and May 31, 2022, respectively.

- 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

Stock-Based Compensation

9 Months Ended

May 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

We measure compensation expense based on the grant date fair value for all stock-based awards made to our employees and to our non-employee directors ("non-employees") using the Black-Scholes model or the lattice-binomial option-pricing model ("binomial model").

We utilize the Black-Scholes model for grants of non-employee stock options and non-employee restricted stock units ("RSUs"), and common stock acquired under the FactSet Research Systems Inc. Employee Stock Purchase Plan, as Amended and Restated ("ESPP"). We use the binomial model for grants of employee stock options and employee RSUs and PSUs. We refer to RSUs and PSUs, collectively, as "Restricted Stock Awards."

Both models involve certain estimates and assumptions such as:

•Risk-free interest rate - based on the U.S. Treasury yield curve in effect at the time of grant with maturities equal to the expected terms of the stock-based awards granted.

•Expected life - the weighted average period the stock-based awards are expected to remain outstanding.

•Expected volatility - based on a blend of historical volatility of the stock-based award's useful life and the weighted average implied volatility for call option contracts traded in the 90 days preceding the stock-based award's valuation date.

•Dividend yield - the expectation of dividend payouts based on our history.

Additionally, the binomial model incorporates market conditions, vesting restrictions and exercise patterns.

For Restricted Stock Awards, the grant date fair value is measured by reducing the grant date price of our 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.

For stock-based awards, we use the straight-line method to recognize compensation expense over the requisite service period. The amount of compensation expense that is recognized on any date is at least equal to the vested portion of the award on that date. Compensation expense for PSUs is recognized if the achievement of the performance condition is determined to be probable. We review the PSU performance conditions quarterly to ensure the compensation expense appropriately reflects the Company's expected achievement, as these awards are subject to upward or downward adjustment depending on whether the actual financial performance is above or below target levels, with the PSU payout ranging from 0% to 150% of the number of target shares. Compensation expense for stock-based awards is recorded net of estimated forfeitures, which are based on historical forfeiture rates and are revised if actual forfeitures differ from those estimates.

We recognized total stock-based compensation expense of $16.9 million and $14.7 million during the three months ended May 31, 2023 and May 31, 2022, respectively. During the nine months ended May 31, 2023 and May 31, 2022, we recognized total stock-based compensation expense of $44.4 million and $40.6 million, respectively.

As of May 31, 2023, $123.5 million of total unrecognized compensation expense related to non-vested awards is expected to be recognized over a weighted average period of 3.1 years. There was no stock-based compensation capitalized as of May 31, 2023 and May 31, 2022.

As of May 31, 2023, we had 4.3 million employee stock-based awards available for grant under the FactSet Research Systems Inc. Stock Option and Award Plan, as Amended and Restated (the "LTIP"). As of May 31, 2023, we had 0.2 million non-employee stock-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

Under the LTIP, we granted the following stock options for the nine months ended May 31, 2023 and May 31, 2022, which are valued using the lattice-binomial option-pricing model. The majority of the stock options granted relate to the November 1, 2022 and November 1, 2021 annual employee grants.


	Nine Months Ended
	May 31,
	2023		2022
Stock options granted(1)	268,185		302,952
Weighted average exercise price	$	426.22	$	434.64
Weighted average grant date fair value	$	125.57	$	102.46

(1) Includes the annual employee grant on November 1, 2022 and November 1, 2021 of 266,051 and 292,377 stock options, respectively. These annual employee grants both 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.

As part of the November 1, 2022 annual employee grant, the estimated grant date fair value leveraged the following assumptions:


November 1, 2022 Annual Employee Grant Details
Risk-free interest rate			3.99% - 4.51%

Expected life (years)			6.62

Expected volatility			24.7%

Dividend yield			0.83%

Estimated fair value			$125.62
Exercise price			$426.25

Non-Employee Director Stock Option Grant

On January 17, 2023, we granted 5,462 stock options under the Director Plan to our non-employee directors, which vest 100% on the first anniversary of the grant date and expire seven years from the date the options were granted. The estimated grant date fair value was determined using the Black-Scholes option-pricing model and leveraged the following assumptions:


January 17, 2023 Non-Employee Director Grant Details
Risk-free interest rate	3.49	%

Expected life (years)	5.7

Expected volatility	27.3	%

Dividend yield	0.84	%

Estimated fair value	$128.84
Exercise price	$428.70

Employee Restricted Stock Awards

Restricted Stock Awards granted to employees, under the LTIP, entitle the holders to shares of common stock as the Restricted Stock Awards vest over time, but not to dividends declared on the underlying shares, while the stock subject to the Restricted Stock Awards is unvested. The Restricted Stock Awards are subject to continued employment over a specified period. Vesting of the shares underlying the PSUs are also subject to achieving certain specified performance levels during the measurement period subsequent to the date of grant.

Under the LTIP, we granted the following Restricted Stock Awards with the associated weighted average grant date fair value, assuming a target payout for PSUs, for the nine months ended May 31, 2023 and May 31, 2022:


	Nine months ended
	May 31,
	2023		2022
RSUs Granted(1)	47,474		71,933
PSUs Granted(2)	34,482		30,704
Total Restricted Stock Awards	81,956		102,637
Restricted Stock Awards weighted average grant date fair value	$	415.31	$	418.16

(1) The majority of the RSUs granted relate to the November 1, 2022 and November 1, 2021 annual employee grants that both vest 20% annually on the anniversary date of the grant and are fully vested after five years.

(2) The majority of the PSUs granted relate to the November 1, 2022 and November 1, 2021 annual employee grants that both cliff vest on the third anniversary of the grant date, subject to the achievement of certain performance metrics. The ultimate number of common shares that may be earned pursuant to these PSU awards range from 0% to 150% of the number of target shares, depending on the level of the Company's achievement of stated financial performance objectives.

Non-Employee Director Restricted Stock Units

The Director Plan provides for the grant of stock-based awards, including RSUs, to non-employee directors of FactSet. On January 17, 2023, we granted 1,653 RSUs to our directors that vest 100% on the first anniversary of the grant date. The RSUs granted to our directors on January 17, 2023 had a grant date fair value of $425.06.

Employee Stock Purchase Plan

Shares of FactSet common stock may be purchased by eligible employees under our ESPP in three-month intervals. The purchase price is equal to 85% of the lesser of the fair market value of our 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 for each calendar year. Shares purchased through our ESPP cannot be sold or otherwise transferred for 18 months after purchase. Dividends paid on shares held in our ESPP are used to purchase additional ESPP shares at the market price on the dividend payment date.

Stock-based compensation expense related to our ESPP was $0.7 million for the three months ended May 31, 2023 and $0.6 million for the three months ended May 31, 2022. Stock-based compensation expense related to our ESPP was $2.0 million for the nine months ended May 31, 2023 and $1.7 million for the nine months ended May 31, 2022. As of May 31, 2023, our ESPP had 73,348 shares reserved for future issuance.

Stock-Based Compensation - Restricted Stick Awards Activity (Details) - $ / shares			9 Months Ended
	Nov. 01, 2022	Nov. 01, 2021	May 31, 2023	May 31, 2022
Restricted stock units and performance-based awards \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			81,956	102,637
Weighted average grant date fair value (in USD per share)			$ 415.31	$ 418.16
RSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			47,474	71,933
Vesting percentage	20.00%	20.00%
Vesting period	5 years	5 years
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	0.00%	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	150.00%	150.00%
PSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			34,482	30,704
Vesting period	3 years	3 years

Stock-Based Compensation - Stock Option Activity (Details) - Employee - $ / shares			9 Months Ended
	Nov. 01, 2022	Nov. 01, 2021	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	266,051	292,377	268,185	302,952
Weighted average exercise price (in USD per share)			$ 426.22	$ 434.64
Weighted average grant date fair value (in dollars per share)			$ 125.57	$ 102.46
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price (in USD per share)	$ 426.25
Weighted average grant date fair value (in dollars per share)	$ 125.62
Vesting percentage	20.00%	20.00%
Vesting period	5 years	5 years
Expiration period	10 years	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2023	Aug. 31, 2022
Accounting Policies [Abstract]
Accounts receivable reserve	$ 5,956	$ 2,776
Data costs \| Supplier Concentration Risk \| Supplier One
Concentration Risk [Line Items]
Concentration risk, percentage (more than)	10.00%
Data costs \| Supplier Concentration Risk \| Supplier Two
Concentration Risk [Line Items]
Concentration risk, percentage (more than)	10.00%

Revenue Recognition

9 Months Ended

May 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

We derive most of our revenues by providing client access to our multi-asset class solutions, powered by our content refinery, over the associated contractual term (referred to as the "Hosted Platform"). The Hosted Platform is a subscription-based service that provides client access to various combinations of products and services including workstations, portfolio analytics and enterprise solutions. In addition, through our CGS platform, we provide subscription access to a database of universally recognized identifiers, enabling differentiating characteristics for issuers and their financial instruments (referred to as the "Identifier Platform").

We determined that the majority of each of our Hosted Platform and Identifier Platform services 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. We also determined the primary nature of the promise to the client is to provide daily access to each of these data and analytics platforms. These platforms provide integrated financial information, analytical applications and industry-leading service for the investment community. Based on the nature of the services and products offered by these platforms, we apply an output time-based measure of progress as the client is simultaneously receiving and consuming the benefits of the platform. We recognize revenue for the majority of these platforms in accordance with the 'as invoiced' practical expedient as the amount of consideration that we have the right to invoice corresponds directly with the value of our performance to date.

Due to our election of the practical expedient, we do not consider payment terms as a financing component within a client contract when, at contract inception, the period between the transfer of the promised services to the client and the payment timing for those services will be one year or less.

Contracts with clients can include certain fulfillment costs, comprised of up-front costs to allow for the delivery of products and services, which are recoverable. Fulfillment costs are recognized as an asset, with the current portion recorded in Prepaid expenses and other current assets and the non-current portion recorded in Other assets in the Consolidated Balance Sheets, based on the term of the license period. The fulfillment costs are amortized consistent with the associated revenues for providing the services.

The majority of client contracts have a duration of one year or the amount we are entitled to receive corresponds directly with the value of performance obligations completed to date, and therefore, we do not disclose the value of the remaining unsatisfied performance obligations. There are no significant judgments that would impact the timing of revenue recognition.

Disaggregated Revenues

We disaggregate revenues from contracts with clients by our segments which consist of the Americas, EMEA and Asia Pacific. We believe these segments are reflective of how we manage our business and the markets in which we serve and best depict the nature, amount, timing and uncertainty of revenues and cash flows related to contracts with clients. Segment revenues reflect sales to our clients based on their respective geographic locations. Refer to Note 16, Segment Information, for further information.

The following table presents revenues disaggregated by segment:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2023		2022		2023		2022
Americas	$	337,691	$	309,740	$	992,179	$	850,312
EMEA	137,973		128,326		401,219		357,920
Asia Pacific	54,147		50,685		156,313		136,363
Total Revenues	$	529,811	$	488,751	$	1,549,711	$	1,344,595

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Debt

9 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

We elected not to carry our Long-term debt at fair value. The carrying value of our debt is net of related unamortized discounts and debt issuance costs. Our total debt obligations as of May 31, 2023 and August 31, 2022 consisted of the following:


(in thousands)	Issuance Date	Contractual Maturity Date	May 31, 2023		August 31, 2022
2022 Credit Agreement
2022 Term Facility	3/1/2022	3/1/2025	437,500		750,000
2022 Revolving Facility	3/1/2022	3/1/2027	250,000		250,000

Senior Notes
2027 Notes	3/1/2022	3/1/2027	500,000		500,000
2032 Notes	3/1/2022	3/1/2032	500,000		500,000

Total unamortized discounts and debt issuance costs			(13,306)		(17,576)

Total Long-term debt			$	1,674,194	$	1,982,424

As of May 31, 2023, annual maturities on our total debt obligations, based on contract maturity, were as follows:


(in thousands)	Maturities
Fiscal Years Ended August 31,
2023 (remaining three months)	$	—
2024	—
2025	437,500
2026	—
2027	750,000
Thereafter	500,000
Total	$	1,687,500

2022 Credit Agreement

On March 1, 2022, we entered into a credit agreement (the "2022 Credit Agreement") and borrowed an aggregate principal amount of $1.0 billion under its senior unsecured term loan credit facility (the "2022 Term Facility") and $250.0 million of the available $500.0 million under its senior unsecured revolving credit facility (the "2022 Revolving Facility" and, together with the 2022 Term Facility, the “2022 Credit Facilities”). The 2022 Term Facility matures on March 1, 2025, and the 2022 Revolving Facility matures on March 1, 2027. The 2022 Revolving Facility allows for the availability of up to $100.0 million in the form of letters of credit and up to $50.0 million in the form of swingline loans. We may seek additional commitments under the 2022 Revolving Facility from lenders or other financial institutions up to an aggregate principal amount of $750.0 million.

We pay a commitment fee on the daily unused amount of the 2022 Revolving Facility using a pricing grid based on our senior unsecured non-credit enhanced long-term debt rating and our total leverage ratio. The commitment fee remained consistent at 0.125% from the borrowing date through May 31, 2023.

We used these borrowings, along with the net proceeds from the issuance of the Senior Notes (as defined below) and cash on hand, to finance the consideration for the CGS acquisition, to repay borrowings under the 2019 Credit Agreement (as defined below) and to pay related transaction fees, costs and expenses.

During fiscal 2022, we incurred approximately $9.5 million in debt issuance costs related to the 2022 Credit Facilities. Debt issuance costs are presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability. Debt issuance costs are amortized to Interest expense in the Consolidated Statements of Income on a straight-line basis over the contractual term of the debt, which approximates the effective interest method.

We may voluntarily prepay loans under the 2022 Credit Facilities at any time without premium or penalty. During the three and nine months ended May 31, 2023, we repaid $62.5 million and $312.5 million, respectively, under the 2022 Term Facility, inclusive of voluntary prepayments of $50.0 million and $275.0 million, respectively. Since loan inception on March 1, 2022, we have repaid $562.5 million under the 2022 Term Facility, inclusive of voluntary prepayments of $512.5 million.

As of May 31, 2023, the outstanding borrowings under the 2022 Credit Facilities bore interest at a rate equal to the applicable one-month Term SOFR rate plus a 1.1% spread (comprised of a 1.0% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment). The spread remained consistent from the borrowing date through May 31, 2023. Interest on the 2022 Credit Facilities is currently payable on the last business day of each month, in arrears.

The 2022 Credit Agreement contains usual and customary event of default provisions for facilities of this type, which are subject to usual and customary grace periods and materiality thresholds. If an event of default occurs under the 2022 Credit Agreement, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings immediately due and payable.

The 2022 Credit Agreement contains usual and customary affirmative and negative covenants for facilities of this type, including a financial covenant requiring maintenance of a total leverage ratio of no greater than 4.00 to 1.00 as of May 31, 2023. We were in compliance with all covenants and requirements of the 2022 Credit Agreement as of May 31, 2023.

Swap Agreements

On March 5, 2020, we entered into the 2020 Swap Agreement to hedge a portion of our then outstanding floating LIBOR rate debt with a fixed interest rate of 0.7995%. On March 1, 2022, we terminated the 2020 Swap Agreement and concurrently entered into the 2022 Swap Agreement to hedge a portion of our outstanding floating SOFR rate debt with a fixed interest rate of 1.162%. Effective December 30, 2022, we apportioned the then outstanding notional amount of the 2022 Swap Agreement between two counterparties. Refer to Note 5, Derivative Instruments for further discussion of the 2020 Swap Agreement and 2022 Swap Agreement.

Senior Notes

On March 1, 2022 we completed a public offering of $500.0 million aggregate principal amount of 2.900% Senior Notes due March 1, 2027 (the “2027 Notes”) and $500.0 million aggregate principal amount of 3.450% Senior Notes due March 1, 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Senior Notes”). The Senior Notes were issued pursuant to an indenture, dated as of March 1, 2022, by and between us and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the supplemental indenture, dated as of March 1, 2022, between us and the Trustee (the "Supplemental Indenture").

The Senior Notes were issued at an aggregate discount of $2.8 million during fiscal 2022 and we incurred approximately $9.1 million in debt issuance costs. Debt discounts and debt issuance costs are presented in the Consolidated Balance Sheets as a net direct deduction from the carrying amount of the debt liability. The debt discounts and debt issuance costs are amortized to Interest expense in the Consolidated Statements of Income over the contractual term of the debt, leveraging the effective interest method.

Interest on the Senior Notes is payable semiannually in arrears on March 1 and September 1 of each year, with the first payment made on September 1, 2022.

We may redeem the Senior Notes, in whole or in part, at any time at specified redemption prices, plus any accrued and unpaid interest. Upon the occurrence of a change of control triggering event (as defined in the Supplemental Indenture), we must offer to repurchase the Senior Notes at 101% of their principal amount, plus any accrued and unpaid interest.

2019 Credit Agreement

On March 29, 2019, we entered into a credit agreement with PNC Bank, National Association (the "2019 Credit Agreement") and borrowed $575.0 million of the available $750.0 million provided by the revolving credit facility thereunder (the "2019 Revolving Credit Facility"). Borrowings under the 2019 Revolving Credit Facility bore interest on the outstanding principal amount at a rate equal to the daily LIBOR plus a spread using a debt leverage pricing grid. Interest on the amounts outstanding under the 2019 Revolving Credit Facility was payable quarterly, in arrears, and on the maturity date. We incurred approximately $0.9 million in debt issuance costs related to the 2019 Credit Agreement.

On March 1, 2022, we terminated the 2019 Credit Agreement and amortized the remaining related $0.4 million of capitalized debt issuance costs into Interest expense in the Consolidated Statements of Income.

Interest Expense

On March 1, 2022, the 2019 Revolving Credit Facility and 2020 Swap Agreement were both terminated and concurrently replaced with the 2022 Credit Facilities, Senior Notes and 2022 Swap Agreement.

The following table presents the interest expense on our outstanding debt which is included in Interest expense in our Consolidated Statements of Income:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2023		2022		2023		2022
Interest expense on outstanding debt(1)	$	16,345	$	15,755	$	49,601	$	19,581

(1) Interest expense on our outstanding debt includes the related amortization of debt issuance costs and debt discounts, net of the effects of the related interest rate swap agreements.

Including the related amortization of debt issuance costs and debt discounts, net of the effects of the related interest rate swap agreement, the year-to-date weighted average interest rate on amounts outstanding under our outstanding debt was 3.3% and 2.0% as of May 31, 2023 and August 31, 2022, respectively. Refer to Note 5, Derivative Instruments for further discussion of the 2020 Swap Agreement and 2022 Swap Agreement.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	May 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited Consolidated Financial Statements and Notes to the 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; as such, 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 our Annual Report on Form 10-K for the fiscal year ended August 31, 2022. The accompanying unaudited Consolidated Financial Statements include our accounts and those of our 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 our results of operations, financial position, cash flows and equity.
Reclassifications	ReclassificationsBeginning in the third quarter of fiscal 2023, we separated the components of Interest expense, net to present Interest income and Interest expense separately in the Consolidated Statements of Income for the three and nine months ended May 31, 2023. We conformed the comparative figures for the three and nine months ended May 31, 2022 to the current year’s presentation.
Use of Estimates	Use of Estimates The preparation of our Consolidated Financial Statements and related disclosures, in conformity with GAAP, required management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates may have been made in areas that include income taxes, stock-based compensation, goodwill and intangible assets, business combinations, long-lived assets, contingencies and impairment assessments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Concentrations of Credit Risk and Data Providers	Concentrations of Credit Risk Credit risk arises from the potential nonperformance by counterparties to fulfill their financial obligations. Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of our cash and cash equivalents, accounts receivable, investments in mutual funds and derivative instruments. The maximum credit exposure of our cash and cash equivalents, accounts receivable and investments in mutual funds is their carrying values as of the balance sheet dates. The maximum credit exposure related to our derivative instruments is based upon the gross fair values as of the balance sheet dates. Cash and Cash Equivalents and Investments We are exposed to credit risk on our cash and cash equivalents and investments in mutual funds in the event of default by the financial institutions with which we transact. We invest our cash and cash equivalents and investments in mutual funds in accordance with our restrictive cash investment practices with the primary objective being the preservation of capital and maintenance of liquidity with a focus on minimizing our exposure to credit risk. We have not experienced any losses in such accounts and we limit our exposure to credit loss by placing our cash and cash equivalents and investments in mutual funds with multiple financial institutions that we believe are high-quality and credit-worthy. Accounts Receivable Our accounts receivable credit risk is dependent upon the financial stability of our individual clients. Our receivable reserve was $6.0 million and $2.8 million as of May 31, 2023 and August 31, 2022, respectively. We do not require collateral from our clients, however no single client represented more than 3% of our total subscription revenues in any period presented. Our concentration of credit risk related to our accounts receivable is generally limited due to our large and geographically dispersed client base. Derivative Instruments Our use of derivative instruments exposes us to credit risk to the extent counterparties may be unable to meet the terms of their agreements. To mitigate credit risk, we limit counterparties to financial institutions we believe are credit-worthy and use several institutions to reduce concentration risk. We do not expect any losses as a result of default by our counterparties. Concentrations of Data Providers We integrate data from various third-party sources into our hosted proprietary data and analytics platform. As certain data sources have a limited number of suppliers, we make every effort to assure that, where reasonable, alternative sources are available. We are not dependent on any individual third-party data supplier in order to meet the needs of our clients, with only two data suppliers each representing more than 10% of our total data costs for the nine months ended May 31, 2023.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements We did not adopt any new standards or updates issued by the Financial Accounting Standards Board ("FASB") during the three and nine months ended May 31, 2023 that had a material impact on our Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued or effective as of May 31, 2023 that had, or are expected to have, a material impact on our Consolidated Financial Statements.

Stockholders' Equity

9 Months Ended

May 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Share Repurchases


	Three Months Ended				Nine months ended
	May 31,				May 31,
(in thousands, except share data)	2023		2022		2023		2022
Repurchases of common stock under the share repurchase program(1)	165,950		—		165,950		46,200
Total cost of shares repurchased(1)	$	67,092	$	—	$	67,092	$	18,639

(1) Amounts do not include 1,239 shares and 10 shares surrendered by grantees to satisfy withholding tax obligations due upon the vesting or exercise of stock-based awards valued at $0.5 million and $4.0 thousand during the three months ended May 31, 2023 and May 31, 2022, respectively. Amounts do not include 28,952 shares and 7,432 shares surrendered by grantees to satisfy withholding tax obligations due upon the vesting or exercise of stock-based awards valued at $12.3 million and $3.3 million during the nine months ended May 31, 2023 and May 31, 2022, respectively.

We may repurchase shares of our common stock under our share repurchase program from time-to-time in the open market or via privately negotiated transactions, subject to market conditions. We had suspended our share repurchase program beginning in the second quarter of fiscal 2022, with the exception of potential minor repurchases to offset dilution from grants of equity awards or repurchases to satisfy withholding tax obligations due upon the vesting of stock-based awards, to prioritize the repayment of debt under the 2022 Credit Facilities. We resumed our share repurchase program in the third quarter of fiscal 2023.

There is no defined number of shares to be repurchased over a specified timeframe through the life of our share repurchase program. As of May 31, 2023, a total of $114.2 million remained authorized for future share repurchases through August 31, 2023. On June 20, 2023, our Board of Directors authorized up to $300 million for share repurchases on or after September 1, 2023.

Equity-based Awards

Refer to Note 15, Stock-Based Compensation for more information on equity awards issued during the three and nine months ended May 31, 2023 and May 31, 2022.

Dividends

Our Board of Directors declared dividends during the nine months ended May 31, 2023 and May 31, 2022 as follows:


Year Ended	Dividends per Share of Common Stock		Record Date	Total $ Amount (in thousands)		Payment Date
Fiscal 2023
First Quarter	$	0.89	November 30, 2022	$	34,010	December 15, 2022
Second Quarter	$	0.89	February 28, 2023	$	34,099	March 16, 2023
Third Quarter	$	0.98	May 31, 2023	$	37,442	June 15, 2023
Fiscal 2022
First Quarter	$	0.82	November 30, 2021	$	30,973	December 16, 2021
Second Quarter	$	0.82	February 28, 2022	$	31,065	March 17, 2022
Third Quarter	$	0.89	May 31, 2022	$	33,795	June 16, 2022

In the third quarter of fiscal 2023, our Board of Directors approved a 10% increase in the regular quarterly dividend from $0.89 to $0.98 per share. Future cash dividend payments will depend on our earnings, capital requirements, financial condition and other factors considered relevant by us and are subject to final determination by our Board of Directors.

Accumulated Other Comprehensive Loss

The components of AOCL are as follows:


(in thousands)	May 31, 2023		August 31, 2022
Accumulated unrealized gains (losses) on cash flow hedges, net of tax	$	5,406	$	3,149
Accumulated foreign currency translation adjustments	(94,750)		(111,532)
Total AOCL	$	(89,344)	$	(108,383)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Segment Information (Tables)

9 Months Ended

May 31, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables reflect the results of operations of our segments:


(in thousands)	Americas		EMEA		Asia Pacific		Total
For the three months ended May 31, 2023
Revenues	$	337,691	$	137,973	$	54,147	$	529,811
Operating income	$	79,005	$	58,607	$	34,347	$	171,959
Capital expenditures(1)	$	24,956	$	339	$	710	$	26,005

(in thousands)	Americas		EMEA		Asia Pacific		Total
For the three months ended May 31, 2022
Revenues	$	309,740	$	128,326	$	50,685	$	488,751
Operating income(2)	$	11,212	$	53,228	$	32,814	$	97,254
Capital expenditures(1)	$	12,362	$	466	$	2,576	$	15,404

(in thousands)
For the nine months ended May 31, 2023	Americas		EMEA		Asia Pacific		Total
Revenues	$	992,179	$	401,219	$	156,313	$	1,549,711
Operating income	$	207,717	$	194,870	$	110,517	$	513,104
Capital expenditures(1)	$	56,299	$	1,651	$	3,471	$	61,421

(in thousands)
For the nine months ended May 31, 2022	Americas		EMEA		Asia Pacific		Total
Revenues	$	850,312	$	357,920	$	136,363	$	1,344,595
Operating income(2)	$	115,613	$	139,826	$	87,824	$	343,263
Capital expenditures(1)	$	29,911	$	828	$	5,211	$	35,950

(1)Capital expenditures includes purchases of PPE and capitalized internal-use software.

(2)Asset impairments incurred during the three and nine months ended May 31, 2022 were $49.0 million ($44.6 million in the Americas, $4.1 in EMEA and $0.3 in Asia Pacific) and $63.0 million ($58.5 million in the Americas, $4.2 in EMEA and $0.3 in Asia Pacific), respectively. This impairment primarily related to vacating certain leased office space resulting in an impairment to our lease ROU assets and associated PPE. Refer to Note 4, Fair Value Measures and Note 10, Leases for more information on the impairment.

Segment Total Assets

The following table reflects the total assets for our segments:


(in thousands)	May 31, 2023		August 31, 2022
Segment Assets
Americas	$	3,112,136	$	3,191,313
EMEA	628,617		580,450
Asia Pacific	257,157		242,542
Total assets	$	3,997,910	$	4,014,305

Income Taxes (Tables)

9 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income taxes

The provision for income taxes and effective tax rate are as follows:


	Three Months Ended						Nine Months Ended
	May 31,						May 31,
(in thousands)	2023			2022			2023			2022
Income before income taxes	$	161,998		$	85,280		$	476,645		$	327,166
Provision for income taxes	$	27,335		$	10,370		$	73,591		$	34,671
Effective tax rate	16.9		%	12.2		%	15.4		%	10.6		%

Stock-Based Compensation (Tables)

9 Months Ended

May 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock option activity


	Nine Months Ended
	May 31,
	2023		2022
Stock options granted(1)	268,185		302,952
Weighted average exercise price	$	426.22	$	434.64
Weighted average grant date fair value	$	125.57	$	102.46

Schedule of assumptions about stock options

As part of the November 1, 2022 annual employee grant, the estimated grant date fair value leveraged the following assumptions:


November 1, 2022 Annual Employee Grant Details
Risk-free interest rate			3.99% - 4.51%

Expected life (years)			6.62

Expected volatility			24.7%

Dividend yield			0.83%

Estimated fair value			$125.62
Exercise price			$426.25


January 17, 2023 Non-Employee Director Grant Details
Risk-free interest rate	3.49	%

Expected life (years)	5.7

Expected volatility	27.3	%

Dividend yield	0.84	%

Estimated fair value	$128.84
Exercise price	$428.70

Restricted stock awards activity


	Nine months ended
	May 31,
	2023		2022
RSUs Granted(1)	47,474		71,933
PSUs Granted(2)	34,482		30,704
Total Restricted Stock Awards	81,956		102,637
Restricted Stock Awards weighted average grant date fair value	$	415.31	$	418.16

Fair Value Measures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Fair Value Disclosures [Abstract]
Asset impairments	$ 438	$ 48,998	$ 1,167	$ 62,985
Impairment charges		$ 48,800		$ 62,200

Leases

9 Months Ended

May 31, 2023

Leases [Abstract]

Leases

LEASES

Our lease portfolio is primarily related to our office space, under various operating lease agreements. We review new arrangements at inception to evaluate whether we obtain substantially all the economic benefits of and have the right to control the use of an asset. Our lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments at lease commencement (which includes fixed lease payments and certain qualifying index-based variable payments) over the reasonably certain lease term, leveraging an estimated IBR. Certain adjustments to calculate our lease ROU assets may be required due to prepayments, lease incentives received and initial direct costs incurred. We account for lease and non-lease components as a single lease component, which we recognize over the expected term on a straight-line expense basis in occupancy costs (a component of SG&A expense) in our Consolidated Statements of Income.

As of May 31, 2023, we recognized $156.8 million of Lease ROU assets, net and $230.3 million of combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets. Such leases have a remaining lease term ranging from less than one year to just under 13 years and did not include any renewal or termination options that were not yet reasonably certain to be exercised.

The following table reconciles our future undiscounted cash flows related to our operating leases and the reconciliation to the combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets as of May 31, 2023:


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31,
2023 (remaining three months)	$	9,991
2024	38,343
2025	36,303
2026	35,489
2027	34,233
Thereafter	119,137
Total	$	273,496
Less: Imputed interest	43,156
Present value	$	230,340

The following table includes the components of our occupancy costs in our Consolidated Statements of Income:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2023		2022		2023		2022
Operating lease cost(1)	$	8,170	$	9,767	$	24,403	$	30,466
Variable lease cost(2)	$	4,645	$	3,185	$	12,699	$	8,933

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

(2) Variable lease costs include costs that were not fixed at the lease commencement date and are not dependent on an index or rate. These costs were not included in the measurement of lease liabilities and primarily include variable non-lease costs, such as utilities, real estate taxes, insurance and maintenance, as well as lease costs for those leases that qualified for the short-term lease exception.

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


	As of May 31, 2023		As of August 31, 2022
Weighted average remaining lease term (in years)	8.0		8.6
Weighted average discount rate (IBR)	4.5	%	4.4	%

The following table summarizes supplemental cash flow information related to our operating leases:


	Nine Months Ended
	May 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	29,245	$	32,936
Lease ROU assets obtained in exchange for lease liabilities(1)	$	13,872	$	9,348
Reductions to ROU assets resulting from reductions to lease liabilities(2)	$	—	$	(11,661)

(1)Primarily includes new lease arrangements entered into during the period and contract modifications that extend our lease terms and/or provide additional rights.

(2)Primarily relates to lease term reassessments based on contractual options to early terminate, resulting in a reduction to the lease liability and the corresponding lease ROU asset.

During the three and nine months ended May 31, 2022, we incurred an impairment charge of $24.2 million and $31.5 million, respectively, related to our lease ROU assets associated with vacating certain leased office space. Refer to Note 4, Fair Value Measures for more information on the lease ROU assets impairment methodology. The were no similar lease ROU asset impairments recorded during the three and nine months ended May 31, 2023.

Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Numerator
Net income used for calculating Basic EPS	$ 134,663	$ 74,910	$ 403,054	$ 292,495
Net income used for calculating Diluted EPS	$ 134,663	$ 74,910	$ 403,054	$ 292,495
Denominator
Weighted average common shares used in the calculation of Basic EPS (in shares)	38,278	37,934	38,227	37,716
Common stock equivalents associated with stock-based compensation plan (in shares)	634	786	709	891
Shares used in the calculation of Diluted EPS (in shares)	38,912	38,720	38,936	38,607
Basic EPS (in USD per share)	$ 3.52	$ 1.97	$ 10.54	$ 7.76
Diluted EPS (in USD per share)	$ 3.46	$ 1.93	$ 10.35	$ 7.58

- 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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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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Debt - Debt Obligations (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,687,500
Total unamortized discounts and debt issuance costs	(13,306)	$ (17,576)
Total net carrying value of debt	1,674,194	1,982,424
Senior Notes \| 2027 Notes
Debt Instrument [Line Items]
Long-term debt, gross	500,000	500,000
Senior Notes \| 2032 Notes
Debt Instrument [Line Items]
Long-term debt, gross	500,000	500,000
Term Loan \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross	437,500	750,000
Revolving Credit Facility \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 250,000	$ 250,000

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Mar. 01, 2022	Oct. 12, 2021	May 31, 2023	May 31, 2022	Aug. 31, 2022
Business Acquisition [Line Items]
Purchase price			$ 0	$ 1,981,641
Goodwill			$ 982,162		$ 965,848
CUSIP Global Services
Business Acquisition [Line Items]
Purchase price	$ 1,932,000
Goodwill	$ 214,970
Cobalt Software, Inc.
Business Acquisition [Line Items]
Purchase price		$ 50,000
Goodwill		$ 41,338

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value Measures - Carrying Value and Estimated Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total unamortized discounts and debt issuance costs	$ (13,306)	$ (17,576)
Total net carrying value of debt	1,674,194	1,982,424
Principal Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,687,500	2,000,000
Principal Amount \| Level 1 \| Senior Notes \| 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	500,000	500,000
Principal Amount \| Level 1 \| Senior Notes \| 2032 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	500,000	500,000
Principal Amount \| Level 3 \| Line of Credit \| 2022 Credit Agreement \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	437,500	750,000
Principal Amount \| Level 3 \| Line of Credit \| 2022 Credit Agreement \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250,000	250,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,574,898	1,908,780
Estimated Fair Value \| Level 1 \| Senior Notes \| 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	462,345	470,525
Estimated Fair Value \| Level 1 \| Senior Notes \| 2032 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	428,725	438,205
Estimated Fair Value \| Level 3 \| Line of Credit \| 2022 Credit Agreement \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	439,141	750,975
Estimated Fair Value \| Level 3 \| Line of Credit \| 2022 Credit Agreement \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 244,687	$ 249,075

Debt - Narrative (Details)		3 Months Ended	9 Months Ended		15 Months Ended
Debt - Narrative (Details)	Mar. 01, 2022 USD ($)	May 31, 2023 USD ($)	May 31, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2023 USD ($)	Aug. 31, 2022 USD ($)	Mar. 05, 2020	Mar. 29, 2019 USD ($)
Debt Instrument [Line Items]
Repayments of debt			$ 312,500,000	$ 700,000,000
Weighted average interest rate		3.30%	3.30%		3.30%	2.00%
Interest rate swap agreement \| Cash flow hedging \| Designated as hedging instrument
Debt Instrument [Line Items]
Fixed rate	1.162%						0.7995%
Line of Credit \| 2019 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs								$ 900,000
Amortization of remaining debt issuance costs	$ 400,000
Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs						$ 9,500,000
Covenants, required maximum leverage ratio		4.00	4.00		4.00
Line of Credit \| 2022 Credit Agreement \| Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.10%
Line of Credit \| 2022 Credit Agreement \| Term SOFR \| Interest Rate Margin
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Line of Credit \| 2022 Credit Agreement \| Term SOFR \| Credit Spread Adjustment
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs						9,100,000
Discount						$ 2,800,000
Redemption price, percentage	101.00%
Senior Notes \| 2027 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000.0
Stated interest rate	2.90%
Senior Notes \| 2032 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000.0
Stated interest rate	3.45%
Revolving Credit Facility \| Line of Credit \| 2019 Credit Agreement
Debt Instrument [Line Items]
Borrowed								575,000,000.0
Maximum borrowing capacity								$ 750,000,000.0
Revolving Credit Facility \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Borrowed	$ 250,000,000.0
Maximum borrowing capacity	500,000,000.0
Maximum additional borrowings	750,000,000.0
Commitment fee percentage					0.125%
Letter of Credit \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000.0
Swingline Loan \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000.0
Term Loan \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000.0
Repayments of debt		$ 62,500,000	$ 312,500,000		$ 562,500,000
Voluntary prepayments of debt		$ 50,000,000.0	$ 275,000,000.0		$ 512,500,000

Leases (Tables)

9 Months Ended

May 31, 2023

Leases [Abstract]

Schedule of future minimum commitments


(in thousands)	Minimum Lease Payments
Fiscal Years Ended August 31,
2023 (remaining three months)	$	9,991
2024	38,343
2025	36,303
2026	35,489
2027	34,233
Thereafter	119,137
Total	$	273,496
Less: Imputed interest	43,156
Present value	$	230,340

Schedule of other information related to operating leases

The following table includes the components of our occupancy costs in our Consolidated Statements of Income:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2023		2022		2023		2022
Operating lease cost(1)	$	8,170	$	9,767	$	24,403	$	30,466
Variable lease cost(2)	$	4,645	$	3,185	$	12,699	$	8,933

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


	As of May 31, 2023		As of August 31, 2022
Weighted average remaining lease term (in years)	8.0		8.6
Weighted average discount rate (IBR)	4.5	%	4.4	%

The following table summarizes supplemental cash flow information related to our operating leases:


	Nine Months Ended
	May 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	29,245	$	32,936
Lease ROU assets obtained in exchange for lease liabilities(1)	$	13,872	$	9,348
Reductions to ROU assets resulting from reductions to lease liabilities(2)	$	—	$	(11,661)

(1)Primarily includes new lease arrangements entered into during the period and contract modifications that extend our lease terms and/or provide additional rights.

(2)Primarily relates to lease term reassessments based on contractual options to early terminate, resulting in a reduction to the lease liability and the corresponding lease ROU asset.

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	May 31, 2023	Feb. 28, 2023	Aug. 31, 2022	May 31, 2022	Feb. 28, 2022	Aug. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	$ 1,668,833	$ 1,607,154	$ 1,331,408	$ 1,267,722	$ 1,215,981	$ 1,016,353
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	(89,344)	$ (92,243)	(108,383)	$ (77,134)	$ (55,848)	$ (38,962)
Accumulated unrealized gains (losses) on cash flow hedges, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	5,406		3,149
Accumulated foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	$ (94,750)		$ (111,532)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Segment Information

9 Months Ended

May 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

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

Our operating segments are consistent with our reportable segments and how we, including our CODM, manage our business and the geographic markets in which we serve. Our internal financial reporting structure is based on three segments: the Americas; EMEA; and Asia Pacific.

The Americas segment serves our clients throughout North, Central, and South America. The EMEA segment serves our clients in Europe, the Middle East, and Africa. The Asia Pacific segment serves our clients in Asia and Australia. Segment revenues reflect sales to our clients based on their respective geographic locations.

Each segment records expenses related to its individual operations with the exception of expenditures associated with our data centers, third-party data costs and corporate headquarters charges, which 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 our segments, and the expenses incurred at these locations are allocated to each segment based on a percentage of revenues.

The following tables reflect the results of operations of our segments:


(in thousands)	Americas		EMEA		Asia Pacific		Total
For the three months ended May 31, 2023
Revenues	$	337,691	$	137,973	$	54,147	$	529,811
Operating income	$	79,005	$	58,607	$	34,347	$	171,959
Capital expenditures(1)	$	24,956	$	339	$	710	$	26,005

(in thousands)	Americas		EMEA		Asia Pacific		Total
For the three months ended May 31, 2022
Revenues	$	309,740	$	128,326	$	50,685	$	488,751
Operating income(2)	$	11,212	$	53,228	$	32,814	$	97,254
Capital expenditures(1)	$	12,362	$	466	$	2,576	$	15,404

(in thousands)
For the nine months ended May 31, 2023	Americas		EMEA		Asia Pacific		Total
Revenues	$	992,179	$	401,219	$	156,313	$	1,549,711
Operating income	$	207,717	$	194,870	$	110,517	$	513,104
Capital expenditures(1)	$	56,299	$	1,651	$	3,471	$	61,421

(in thousands)
For the nine months ended May 31, 2022	Americas		EMEA		Asia Pacific		Total
Revenues	$	850,312	$	357,920	$	136,363	$	1,344,595
Operating income(2)	$	115,613	$	139,826	$	87,824	$	343,263
Capital expenditures(1)	$	29,911	$	828	$	5,211	$	35,950

(1)Capital expenditures includes purchases of PPE and capitalized internal-use software.

Segment Total Assets

The following table reflects the total assets for our segments:


(in thousands)	May 31, 2023		August 31, 2022
Segment Assets
Americas	$	3,112,136	$	3,191,313
EMEA	628,617		580,450
Asia Pacific	257,157		242,542
Total assets	$	3,997,910	$	4,014,305

- 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

Goodwill (Details) $ in Thousands	9 Months Ended
Goodwill (Details) $ in Thousands	May 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 965,848
Foreign currency translations	16,314
Ending Balance	982,162
Americas
Goodwill [Roll Forward]
Beginning Balance	686,412
Foreign currency translations	0
Ending Balance	686,412
EMEA
Goodwill [Roll Forward]
Beginning Balance	277,087
Foreign currency translations	16,321
Ending Balance	293,408
Asia Pacific
Goodwill [Roll Forward]
Beginning Balance	2,349
Foreign currency translations	(7)
Ending Balance	$ 2,342

- Definition

+ References + Details

Leases - Schedule of Other Information Related to Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Aug. 31, 2022
Leases [Abstract]
Operating lease cost	$ 8,170	$ 9,767	$ 24,403	$ 30,466
Variable lease cost	$ 4,645	$ 3,185	$ 12,699	8,933
Weighted average remaining lease term (in years)	8 years		8 years		8 years 7 months 6 days
Weighted average discount rate (incremental borrowing rate)	4.50%		4.50%		4.40%
Cash paid for amounts included in the measurement of lease liabilities			$ 29,245	32,936
Lease ROU assets obtained in exchange for lease liabilities			13,872	9,348
Reductions to ROU assets resulting from reductions to lease liabilities			$ 0	$ (11,661)

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	May 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	(583,377)	(291,716)	(583,377)	(291,716)
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	(93,230)	(95,359)	(93,230)	(95,359)

Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
ASSETS
Cash and cash equivalents	$ 486,627	$ 503,273
Investments	32,151	33,219
Accounts receivable, net of reserves of $5,956 at May 31, 2023 and $2,776 at August 31, 2022	237,794	204,102
Prepaid taxes	21,566	38,539
Prepaid expenses and other current assets	66,171	91,214
Total current assets	844,309	870,347
Property, equipment and leasehold improvements, net	81,908	80,843
Goodwill	982,162	965,848
Intangible assets, net	1,859,242	1,895,909
Deferred taxes	12,041	3,153
Lease right-of-use assets, net	156,786	159,458
Other assets	61,462	38,747
TOTAL ASSETS	3,997,910	4,014,305
LIABILITIES
Accounts payable and accrued expenses	110,282	108,395
Current lease liabilities	29,600	29,185
Accrued compensation	75,803	114,808
Deferred revenues	147,813	152,039
Dividends payable	37,442	33,860
Total current liabilities	400,940	438,287
Long-term debt	1,674,194	1,982,424
Deferred taxes	6,068	8,800
Deferred revenues, non-current	7,580	7,212
Taxes payable	36,448	34,211
Long-term lease liabilities	200,740	208,622
Other liabilities	3,107	3,341
TOTAL LIABILITIES	2,329,077	2,682,897
Commitments and contingencies (see Note 12)
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; 42,009,099 and 41,653,218 shares issued; 38,205,735 and 38,044,756 shares outstanding at May 31, 2023 and August 31, 2022, respectively	420	417
Additional paid-in capital	1,290,596	1,190,350
Treasury stock, at cost: 3,803,364 and 3,608,462 shares at May 31, 2023 and August 31, 2022, respectively	(1,010,081)	(930,715)
Retained earnings	1,477,242	1,179,739
Accumulated other comprehensive loss	(89,344)	(108,383)
TOTAL STOCKHOLDERS’ EQUITY	1,668,833	1,331,408
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,997,910	$ 4,014,305

Intangible Assets

9 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

We amortize intangible assets on a straight line basis over their estimated useful lives. The estimated useful life, gross carrying amounts and accumulated amortization totals related to our identifiable intangible assets are as follows:


		May 31, 2023						August 31, 2022
(in thousands, except useful lives)	Estimated Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
ABA business process	36	$	1,583,000	$	54,965	$	1,528,035	$	1,583,000	$	21,986	$	1,561,014
Client relationships	11 to 26	264,540		65,392		199,148		263,163		55,405		207,758
Software technology	2 to 9	124,626		105,220		19,406		122,363		96,567		25,796
Developed technology	3 to 5	107,215		45,804		61,411		80,956		33,676		47,280
Acquired databases	15	46,000		3,833		42,167		46,000		1,533		44,467
Data content	7 to 20	34,421		27,664		6,757		32,305		24,973		7,332
Trade names	15	6,785		4,467		2,318		6,693		4,431		2,262
Total		$	2,166,587	$	307,345	$	1,859,242	$	2,134,480	$	238,571	$	1,895,909

The weighted average useful life of our intangible assets at May 31, 2023 was 32.7 years. As described in Note 6, Acquisitions, we acquired several intangible assets as part of the CGS acquisition. The weighted average useful life of our intangible assets at May 31, 2023, excluding those acquired from CGS, was 9.0 years. We assess intangible assets for indicators of impairment on a quarterly basis, including an evaluation of our useful lives to determine if events and circumstances warrant a revision to the remaining period of amortization. If indicators of impairment are present, amortizable intangible assets are tested for impairment by comparing the carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows. We have not identified a material impairment nor a material change to the estimated remaining useful lives of our intangible assets for the nine months ended May 31, 2023 and May 31, 2022. The intangible assets have no assigned residual values.

Amortization expense recorded for intangible assets for the three months ended May 31, 2023 and May 31, 2022 was $22.0 million and $21.5 million, respectively. Amortization expense for intangible assets for the nine months ended May 31, 2023 and May 31, 2022 was $65.4 million and $40.6 million, respectively.

As of May 31, 2023, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows:


(in thousands)	Estimated Amortization Expense
Fiscal Years Ended August 31,
2023 (remaining three months)	$	22,197
2024	88,459
2025	81,937
2026	75,528
2027	63,930
Thereafter	1,527,191
Total	$	1,859,242

Acquisitions - Fair values of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022	Mar. 01, 2022	Oct. 12, 2021
Business Acquisition [Line Items]
Goodwill	$ 982,162	$ 965,848
ABA business process
Business Acquisition [Line Items]
Acquisition date useful life	36 years
Acquired databases
Business Acquisition [Line Items]
Acquisition date useful life	15 years
CUSIP Global Services
Business Acquisition [Line Items]
Current assets			$ 29,728
Goodwill			214,970
Current liabilities			(104,691)
Deferred revenues, long-term			(1,481)
Total purchase price			1,931,526
Accounts receivable			29,500
Deferred revenues			99,400
CUSIP Global Services \| ABA business process
Business Acquisition [Line Items]
Amortizable intangible assets			$ 1,583,000
Acquisition date useful life			36 years
CUSIP Global Services \| Client relationships
Business Acquisition [Line Items]
Amortizable intangible assets			$ 164,000
Acquisition date useful life			26 years
CUSIP Global Services \| Acquired databases
Business Acquisition [Line Items]
Amortizable intangible assets			$ 46,000
Acquisition date useful life			15 years
Cobalt Software, Inc.
Business Acquisition [Line Items]
Current assets				$ 540
Goodwill				41,338
Other assets				34
Current liabilities				(4,437)
Other liabilities				(7)
Total purchase price				50,018
Cobalt Software, Inc. \| Client relationships
Business Acquisition [Line Items]
Amortizable intangible assets				$ 4,800
Acquisition date useful life				11 years
Cobalt Software, Inc. \| Software technology
Business Acquisition [Line Items]
Amortizable intangible assets				$ 7,750
Acquisition date useful life				5 years

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	May 31, 2023
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. We record liabilities for commitments when incurred (i.e., when the goods or services are received). We accrue non-income-tax liabilities for contingencies when we believe that a loss is probable, and the amount can be reasonably estimated. Judgment is required to determine both the probability and the estimated amount of loss. If the reasonable estimate of a probable loss is a range, we record the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. We review accruals on a quarterly basis and adjust, as necessary, to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other current information. Contingent gains are recognized only when realized. Uncertain income tax positions are accounted for in accordance with applicable accounting guidance, refer to Note 9, Income Taxes in the Notes included in Item 8 of our Annual Report on Form 10-K for the fiscal year ended August 31, 2022 for further details. Purchase Commitments with Suppliers and Vendors Purchase obligations represent our legally-binding agreements to purchase fixed or minimum quantities at determinable prices. Our total purchase obligations as of August 31, 2022 primarily related to hosting services and acquisition of data, and, to a lesser extent, third-party software providers. Hosting services support our technology investments related to our hybrid cloud strategy, the majority of which rely on third-party hosting providers. Data is an integral component of the value we provide to our clients and our commitments to third-party software providers mainly include internal-use software licenses. As of August 31, 2022, we had total purchase obligations with suppliers of $373.9 million. During the second quarter of fiscal 2023, we amended a contract with a data supplier that resulted in an incremental commitment to purchase data of approximately $26.0 million. We also have contractual obligations related to our lease liabilities and outstanding debt. Refer to Note 10, Leases and Note 11, Debt for information regarding lease commitments and outstanding debt obligations, respectively. Capital Commitments As of May 31, 2023 and August 31, 2022, we had outstanding capital commitments related to an investment of $0.8 million and $1.1 million, respectively. Letters of Credit From time to time, we are required to obtain letters of credit in the ordinary course of business. As of both May 31, 2023 and August 31, 2022, we had $0.5 million of standby letters of credit outstanding. No liabilities related to these arrangements are reflected in the Company's Consolidated Balance Sheets. Contingencies Legal Matters We are engaged in various legal proceedings, claims and litigation that have arisen in the ordinary course of business. The outcome of all the matters against us are subject to future resolution, including the uncertainties of litigation. Based on information available at May 31, 2023, our management believes that the ultimate outcome of these unresolved matters against us, individually or in the aggregate, will not have a material adverse effect on our consolidated financial position, our results of operations or our cash flows. Income Taxes As a multinational company operating in many states and countries, we are routinely audited by various taxing authorities and have reserved for potential adjustments to our provision for income taxes that may result from examinations by, or any negotiated settlements with, these tax authorities. We believe that the final outcome of these examinations or settlements will not have a material effect on our results of operations nor our cash flows. 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 we determine the liabilities are no longer necessary. If our estimates of the federal, state and foreign income tax liabilities are less than the ultimate assessment, additional expense would result. Sales Tax Matters On August 8, 2019, we received a Notice of Intent to Assess (the "First Notice") additional sales taxes, interest and underpayment penalties (the “Sales Taxes”) from the Commonwealth of Massachusetts Department of Revenue (the "Commonwealth") relating to the tax periods from January 1, 2006 through December 31, 2013. On July 20, 2021, we received a Notice of Intent to Assess (the "Second Notice") additional Sales Taxes from the Commonwealth relating to the tax periods from January 1, 2014 through December 31, 2018. On December 29, 2022, we received a Notice of Intent to Assess (the “Third Notice"; cumulatively with the First and Second Notices, the “Notices”) additional Sales Taxes from the Commonwealth relating to the tax periods from January 1, 2019 through June 30, 2021. We filed an appeal with respect to the Notices to contest all Sales Taxes that may be assessed. On May 24, 2023, we received a Letter of Determination from the Commonwealth upholding the Notices, followed by a Notice of Assessment for all the periods covered by the Notices. We continue to contest these assessments and believe that we will ultimately prevail; however, if we do not prevail, the amount of these assessments could have a material impact on our consolidated financial position, results of operations and cash flows. We have concluded that a payment to the Commonwealth is probable. We have recorded an accrual which is not material to our consolidated financial statements. While we believe that the assumptions and estimates used to determine the accrual are reasonable, future developments could result in adjustments being made to this accrual. Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, we have certain obligations to indemnify each of our current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at our 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 FactSet, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. It is not possible to determine the maximum potential amount for claims made under the indemnification obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision; however, we have purchased a director and officer insurance policy that mitigates our exposure and may enable us to recover a portion of any future amounts paid. We do not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under such indemnification obligations.

Derivative Instruments - Summary of Gross Notional Values (Details) - Cash flow hedging - Designated as hedging instrument ₱ in Thousands, € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands	May 31, 2023 USD ($)	May 31, 2023 GBP (£)	May 31, 2023 EUR (€)	May 31, 2023 INR (₨)	May 31, 2023 PHP (₱)	Aug. 31, 2022 USD ($)	Aug. 31, 2022 GBP (£)	Aug. 31, 2022 EUR (€)	Aug. 31, 2022 INR (₨)	Aug. 31, 2022 PHP (₱)	Mar. 01, 2022 USD ($)	Mar. 05, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 468,679					$ 756,846
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	168,679					156,846
British Pound Sterling
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	55,367	£ 45,600				55,567	£ 44,200
Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	41,612		€ 38,700			40,679		€ 37,500
Indian Rupee
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	38,700			₨ 3,219,297		33,600			₨ 2,667,928
Philippine Peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	33,000				₱ 1,857,009	27,000				₱ 1,462,060
Interest rate swap agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 300,000					$ 600,000					$ 800,000	$ 287,500

Description of Business (Details)	9 Months Ended
Description of Business (Details)	May 31, 2023 segment workflow
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3
Number of workflows \| workflow	3

Fair Value Measures - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Assets
Derivative instruments	$ 8,288	$ 12,412
Total assets measured at fair value	160,368	224,961
Liabilities
Derivative instruments	1,145	8,307
Total liabilities measured at fair value	1,145	8,307
Mutual funds
Assets
Mutual funds	32,151	33,219
Corporate money market funds
Assets
Cash and cash equivalents	119,929	179,330
Level 1
Assets
Derivative instruments	0	0
Total assets measured at fair value	119,929	179,330
Liabilities
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Mutual funds
Assets
Mutual funds	0	0
Level 1 \| Corporate money market funds
Assets
Cash and cash equivalents	119,929	179,330
Level 2
Assets
Derivative instruments	8,288	12,412
Total assets measured at fair value	40,439	45,631
Liabilities
Derivative instruments	1,145	8,307
Total liabilities measured at fair value	1,145	8,307
Level 2 \| Mutual funds
Assets
Mutual funds	32,151	33,219
Level 2 \| Corporate money market funds
Assets
Cash and cash equivalents	$ 0	$ 0

Stockholders' Equity (Tables)

9 Months Ended

May 31, 2023

Equity [Abstract]

Share repurchases


	Three Months Ended				Nine months ended
	May 31,				May 31,
(in thousands, except share data)	2023		2022		2023		2022
Repurchases of common stock under the share repurchase program(1)	165,950		—		165,950		46,200
Total cost of shares repurchased(1)	$	67,092	$	—	$	67,092	$	18,639

Schedule of dividends declared

Our Board of Directors declared dividends during the nine months ended May 31, 2023 and May 31, 2022 as follows:


Year Ended	Dividends per Share of Common Stock		Record Date	Total $ Amount (in thousands)		Payment Date
Fiscal 2023
First Quarter	$	0.89	November 30, 2022	$	34,010	December 15, 2022
Second Quarter	$	0.89	February 28, 2023	$	34,099	March 16, 2023
Third Quarter	$	0.98	May 31, 2023	$	37,442	June 15, 2023
Fiscal 2022
First Quarter	$	0.82	November 30, 2021	$	30,973	December 16, 2021
Second Quarter	$	0.82	February 28, 2022	$	31,065	March 17, 2022
Third Quarter	$	0.89	May 31, 2022	$	33,795	June 16, 2022

Components of AOCL

The components of AOCL are as follows:


(in thousands)	May 31, 2023		August 31, 2022
Accumulated unrealized gains (losses) on cash flow hedges, net of tax	$	5,406	$	3,149
Accumulated foreign currency translation adjustments	(94,750)		(111,532)
Total AOCL	$	(89,344)	$	(108,383)

Fair Value Measures (Tables)

9 Months Ended

May 31, 2023

Fair Value Disclosures [Abstract]

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

measurements during the periods presented below. We held no Level 3 assets or liabilities measured at fair value on a recurring basis as of May 31, 2023 and August 31, 2022.


	Fair Value Measurements at May 31, 2023
(in thousands)	Level 1		Level 2		Total
Assets
Corporate money market funds(1)	$	119,929	$	—	$	119,929
Mutual funds(2)	—		32,151		32,151

Derivative instruments(3)	—		8,288		8,288
Total assets measured at fair value	$	119,929	$	40,439	$	160,368

Liabilities
Derivative instruments(3)	$	—	$	1,145	$	1,145
Total liabilities measured at fair value	$	—	$	1,145	$	1,145


	Fair Value Measurements at August 31, 2022
(in thousands)	Level 1		Level 2		Total
Assets
Corporate money market funds(1)	$	179,330	$	—	$	179,330
Mutual funds(2)	—		33,219		33,219

Derivative instruments(3)	—		12,412		12,412
Total assets measured at fair value	$	179,330	$	45,631	$	224,961

Liabilities
Derivative instruments(3)	$	—	$	8,307	$	8,307
Total liabilities measured at fair value	$	—	$	8,307	$	8,307

Schedule of assets and liabilities measured at carrying value and fair value

The following table summarizes information on our outstanding debt as of May 31, 2023 and August 31, 2022:


		May 31, 2023				August 31, 2022
(in thousands)	Fair Value Hierarchy	Principal Amount		Estimated Fair Value		Principal Amount		Estimated Fair Value
2027 Notes	Level 1	$	500,000	$	462,345	$	500,000	$	470,525
2032 Notes	Level 1	500,000		428,725		500,000		438,205
2022 Term Facility	Level 3	437,500		439,141		750,000		750,975
2022 Revolving Facility	Level 3	250,000		244,687		250,000		249,075
Total principal amount		$	1,687,500	$	1,574,898	$	2,000,000	$	1,908,780
Total unamortized discounts and debt issuance costs		(13,306)				(17,576)
Total net carrying value of debt		$	1,674,194			$	1,982,424