0001013237-24-000084 | 10-Q | XBRL Viewer | Factset Research Systems INC

Revenue Recognition

9 Months Ended

May 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

We derive most of our revenues by providing client access to our multi-asset class solutions powered by our content refinery (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. We also derive revenues through the CGS platform, a subscription-based service that provides access to a database of universally recognized

security identifiers and related descriptive data for issuers and their financial instruments (referred to as the "Identifier Platform").

The majority of each of our contracts with clients, whether for Hosted Platform or 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. The primary nature of the promise to the client is to provide daily access to each of these data and analytics platforms over the associated contractual term. 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 respective platform. We recognize revenue for the majority of these platforms in accordance with the 'as invoiced' practical expedient, because the consideration that we have the right to invoice corresponds directly with the value of our performance to date. There are no significant judgments that would impact the timing of revenue recognition.

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.

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 our performance obligations completed to date. Therefore, we do not disclose the value of the remaining unsatisfied performance obligations.

Disaggregated Revenues

We disaggregate revenues from our client contracts by segment based on our clients' respective geographic locations. Our business segmentation by geography is aligned with the operational and economic characteristics of our business. Refer to Note 15, 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)	2024		2023		2024		2023
Americas	$	356,468	$	337,691	$	1,057,453	$	992,179
EMEA	141,279		137,973		420,016		401,219
Asia Pacific	54,961		54,147		163,400		156,313
Total Revenues	$	552,708	$	529,811	$	1,640,869	$	1,549,711

- 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.

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+ Details

Revenue Recognition (Tables)

9 Months Ended

May 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

The following table presents revenues disaggregated by segment:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Americas	$	356,468	$	337,691	$	1,057,453	$	992,179
EMEA	141,279		137,973		420,016		401,219
Asia Pacific	54,961		54,147		163,400		156,313
Total Revenues	$	552,708	$	529,811	$	1,640,869	$	1,549,711

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022
Equity [Abstract]
Dividends per Share of Common Stock (in USD per share)	$ 1.04	$ 0.98	$ 0.98	$ 0.98	$ 0.89	$ 0.89
Total Amount	$ 39,589	$ 37,360	$ 37,299	$ 37,442	$ 34,099	$ 34,010

Stock-Based Compensation - Restricted Stick Awards Activity (Details) - $ / shares			9 Months Ended
	Nov. 01, 2023	Nov. 01, 2022	May 31, 2024	May 31, 2023
Restricted stock units and performance-based awards \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, total (in shares)			125,835	90,498
RSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	63,722	46,264	74,355	47,474
Weighted average grant date fair value, granted (in USD per share)			$ 423.07	$ 415.31
Vesting (as a percent)	20.00%	20.00%
Vesting period (in years)	5 years	5 years
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage (as a percent)	0.00%	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage (as a percent)	200.00%	150.00%
PSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	36,860	34,482	37,008	34,482
Granted for performance adjustment (in shares)			14,472	8,542
Weighted average grant date fair value, granted (in USD per share)			$ 424.63	$ 415.31
Weighted average grant date fair value, granted for performance adjustment (in USD per share)			$ 306.33	$ 245.67

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 552,708	$ 529,811	$ 1,640,869	$ 1,549,711
Americas
Disaggregation of Revenue [Line Items]
Total Revenues	356,468	337,691	1,057,453	992,179
EMEA
Disaggregation of Revenue [Line Items]
Total Revenues	141,279	137,973	420,016	401,219
Asia Pacific
Disaggregation of Revenue [Line Items]
Total Revenues	$ 54,961	$ 54,147	$ 163,400	$ 156,313

- 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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- 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.

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Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022
Equity [Abstract]
Remaining authorized repurchase amount	$ 128.1
Dividends, percentage increase	6.00%
Dividends per share of common stock (in USD per share)	$ 1.04	$ 0.98	$ 0.98	$ 0.98	$ 0.89	$ 0.89

Derivative Instruments - Fair Value Amount of Derivative Instruments (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 543	$ 4,383
Derivative Liabilities	1,069	608
Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	543	4,383
Derivative Liabilities	$ 1,069	$ 608
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	$ 482	$ 1,260
Derivative Liabilities, location	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Derivative Liabilities	$ 1,069	$ 608
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement
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	$ 61	$ 3,123
Derivative Liabilities, location	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Derivative Liabilities	$ 0	$ 0

- Definition

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 190,532	$ 161,998	$ 534,373	$ 476,645
Provision for income taxes	$ 32,397	$ 27,335	$ 86,743	$ 73,591
Effective tax rate	17.00%	16.90%	16.20%	15.40%

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Pay vs Performance Disclosure
Net income	$ 158,135	$ 134,663	$ 447,630	$ 403,054

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

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+ Details

Segment Information - Results of Operations and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023	Aug. 31, 2023
Revenues	$ 552,708	$ 529,811	$ 1,640,869	$ 1,549,711
Operating income	202,459	171,959	573,441	513,104
Capital expenditures	21,339	26,005	59,722	61,421
Total assets	4,039,701		4,039,701		$ 3,962,922
Americas
Revenues	356,468	337,691	1,057,453	992,179
Operating income	87,696	79,005	250,255	207,717
Capital expenditures	19,491	24,956	54,284	56,299
Total assets	3,137,992		3,137,992		3,148,192
EMEA
Revenues	141,279	137,973	420,016	401,219
Operating income	75,463	58,607	207,167	194,870
Capital expenditures	408	339	1,664	1,651
Total assets	635,175		635,175		558,393
Asia Pacific
Revenues	54,961	54,147	163,400	156,313
Operating income	39,300	34,347	116,019	110,517
Capital expenditures	1,440	$ 710	3,774	$ 3,471
Total assets	$ 266,534		$ 266,534		$ 256,337

- Definition

Amount of asset recognized for present right to economic benefit.

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Debt - Annual Maturities of Debt Obligations (Details) $ in Thousands	May 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining three months)	$ 0
2025	187,500
2026	0
2027	750,000
2028	0
Thereafter	500,000
Total net carrying value of debt	$ 1,437,500

Leases

9 Months Ended

May 31, 2024

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 incremental borrowing rate ("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 lease 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, 2024, we recognized $137.2 million of Lease ROU assets, net and $213.8 million of combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets. Our leases have a remaining lease term ranging from less than one year to just under 12 years. Our lease agreements may include options to extend or terminate the lease which are included in the measurement of our lease term when it is reasonably certain that we will exercise the option.

The following table presents our future minimum lease payments and a reconciliation to the combined Current lease liabilities and Long-term lease liabilities in the Consolidated Balance Sheets as of May 31, 2024:


(in thousands)	Minimum Lease Payments
Years Ended August 31,
2024 (remaining three months)	$	9,767
2025	39,276
2026	39,103
2027	37,886
2028	33,359
Thereafter	89,814
Total minimum lease payments	$	249,205
Less: Imputed interest	35,433
Total lease liabilities	$	213,772

The following table includes components of our occupancy costs:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Operating lease costs(1)	$	7,583	$	8,170	$	22,846	$	24,403
Variable lease costs(2)	$	3,740	$	4,645	$	13,046	$	12,699

(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 we elected.

(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 weighted average remaining lease term and weighted average discount rate related to our operating leases recorded on the Consolidated Balance Sheets:


	As of May 31, 2024		As of August 31, 2023
Weighted average remaining lease term (in years)	7.1		7.8
Weighted average discount rate (IBR)	4.6	%	4.5	%

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


	Nine Months Ended
	May 31,		May 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	29,579	$	29,245
Lease ROU assets obtained in exchange for lease liabilities(1)	$	10,183	$	13,872
Reductions to ROU assets resulting from reductions to lease liabilities(2)	$	(281)	$	—

(1)Primarily includes new lease arrangements entered into during the respective 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.

Debt (Tables)

9 Months Ended

May 31, 2024

Debt Disclosure [Abstract]

Schedule of debt obligations

Our debt obligations as of May 31, 2024 and August 31, 2023 consisted of the following:


(in thousands)	Issuance Date	Contractual Maturity Date	May 31, 2024		August 31, 2023
Current debt
2022 Term Facility	3/1/2022	3/1/2025	$	187,500	$	—
Total unamortized debt issuance costs on Current debt			(356)		—
Total Current debt			$	187,144	$	—

Long-term debt
2022 Term Facility	3/1/2022	3/1/2025	$	—	$	375,000
2022 Revolving Facility	3/1/2022	3/1/2027	250,000		250,000
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			(9,374)		(12,300)
Total Long-term debt			$	1,240,626	$	1,612,700

Total debt			$	1,427,770	$	1,612,700

Schedule of annual maturities of debt obligations

As of May 31, 2024, annual maturities on our debt obligations, based on contractual maturity date, were as follows:


(in thousands)	Maturities
Years Ended August 31,
2024 (remaining three months)	$	—
2025	187,500
2026	—
2027	750,000
2028	—
Thereafter	500,000
Total	$	1,437,500

Schedule of interest expense

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


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Interest expense on outstanding debt(1)	$	16,558	$	16,345	$	49,876	$	49,601

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

Stockholders' Equity - Share Repurchases (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Equity [Abstract]
Repurchases of common stock under the share repurchase program (in shares)	135,150	165,950	384,150	165,950
Total cost of common stock repurchased under the share repurchase program	$ 59,753,000	$ 67,092,000	$ 171,918,000	$ 67,092,000
Repurchases of common stock to satisfy tax withholding requirements due upon vesting of stock-based awards (in shares)	2,843	1,239	35,226	28,952
Total cost of repurchases of common stock to satisfy withholding requirements due upon vesting of stock-based awards	$ 1,224,000	$ 493,000	$ 15,689,000	$ 12,274,000

Derivative Instruments - Gross Notional Values by Currency (Details) - Cash flow hedging - Designated as hedging instrument ₱ in Thousands, € in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands	May 31, 2024 USD ($)	May 31, 2024 INR (₨)	May 31, 2024 GBP (£)	May 31, 2024 EUR (€)	May 31, 2024 PHP (₱)	Aug. 31, 2023 USD ($)	Aug. 31, 2023 INR (₨)	Aug. 31, 2023 GBP (£)	Aug. 31, 2023 EUR (€)	Aug. 31, 2023 PHP (₱)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 337,132					$ 372,644
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	187,132					172,644
Indian Rupee
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	53,400	₨ 4,481,555				40,300	₨ 3,363,150
British Pound Sterling
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	52,403		£ 41,500			56,098		£ 45,000
Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	48,429			€ 44,200		42,646			€ 39,000
Philippine Peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	$ 32,900				₱ 1,874,172	$ 33,600				₱ 1,888,541

Stock-Based Compensation - Stock Option Activity (Details) - Employee - $ / shares			9 Months Ended
	Nov. 01, 2023	Nov. 01, 2022	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	242,371	266,051	243,379	268,185
Weighted average exercise price (in USD per share)			$ 436.61	$ 426.22
Weighted average grant date fair value (in USD per share)			$ 132.59	$ 125.57
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price (in USD per share)	$ 436.57
Weighted average grant date fair value (in USD per share)	$ 132.60
Vesting (as a percent)	20.00%	20.00%
Vesting period (in years)	5 years	5 years
Expiration period (in years)	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.

+ References

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

Stock-Based Compensation

9 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Our stock-based awards include stock options, restricted stock units ("RSUs"), performance share units ("PSUs") and common stock purchased by eligible employees under our employee stock purchase plan ("ESPP"). We measure and recognize stock-based compensation for all stock-based awards granted to our employees and our non-employee members of the Board of Directors ("non-employee directors") based on their estimated grant date fair value. To estimate the grant date fair value, we utilize a lattice-binomial option-pricing model ("binomial model") for our employee stock options and the Black-Scholes model for non-employee director stock options and common stock purchased by eligible employees under our ESPP.

For RSUs and PSUs (collectively, "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 future dividend payments on the underlying stock during the requisite service period. The number of PSUs granted assumes target-level achievement of the specified performance levels within the payout range. The ultimate number of common shares that may be earned from a PSU is determined based on the actual achievement of the specified performance levels within the payout range.

Stock-based compensation expense for stock option and RSU awards is recognized over the requisite service period using the straight-line method. For stock option and RSU grants, the amount of stock-based compensation expense recognized on any date is at least equal to the vested portion of the award on that date.

Our PSUs require us to make assumptions regarding the probability of achieving specified performance levels established at the time of grant and we recognize stock-based compensation expense using the straight-line method over the requisite service period. The probability of achieving the specified performance levels is reviewed on a quarterly basis to ensure the amount of stock-based compensation expense appropriately reflects the expected achievement. The ultimate number of common shares that may be earned pursuant to our PSU awards depends on the level of our achievement of stated financial performance objectives. The achievement range was 0% to 200% for the November 2023 annual grant and 0% to 150% for the November 2022 annual grant.

For our ESPP, stock-based compensation expense is recognized on a straight-line basis over the offering period.

Stock-based awards are subject to the continued employment and continued service at the time of vesting by employees and non-employee directors, respectively. 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.

The following table presents the stock-based compensation for the periods presented:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Stock-based compensation expense	$	15,745	$	16,865	$	46,707	$	44,365

There were no stock-based compensation costs capitalized in any periods presented. As of May 31, 2024, $141.2 million of total unrecognized compensation expense related to non-vested stock-based awards is expected to be recognized over a weighted average vesting period of 2.9 years.

As of May 31, 2024, we had 3.7 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").

Employee Stock Option Awards

Our annual employee stock option grant, made during the first quarter of each fiscal year, makes up the majority of our employee stock options granted under the LTIP in each fiscal year.

The following table presents the employee stock options granted under the LTIP for the nine months ended May 31, 2024 and May 31, 2023:


	Nine Months Ended
	May 31,
	2024		2023
Stock options granted(1)	243,379		268,185
Weighted average exercise price	$	436.61	$	426.22
Weighted average grant date fair value	$	132.59	$	125.57

(1) Includes the annual employee grant on November 1, 2023 and November 1, 2022 of 242,371 and 266,051 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, 2023 annual employee grant, the estimated grant date fair value, using the binomial model, leveraged the following assumptions:


November 1, 2023 Annual Employee Grant Details
Stock options granted			242,371
Risk-free interest rate			4.78% - 5.53%

Expected life (years)			6.62

Expected volatility			23.5%

Dividend yield			0.90%

Estimated fair value			$132.60
Exercise price			$436.57

Employee Restricted Stock Awards

Our annual employee Restricted Stock Awards grant, made during the first quarter of each fiscal year, makes up the majority of our employee Restricted Stock Awards granted under the LTIP in each fiscal year. These awards entitle the holders to shares of common stock as the Restricted Stock Awards vest, but not to dividends declared on the underlying shares while the stock subject to the Restricted Stock Awards is unvested.

The following table presents the employee Restricted Stock Awards granted under the LTIP for the nine months ended May 31, 2024 and May 31, 2023:


	Nine Months Ended
	May 31,
	2024			2023
	Shares	Weighted Average Grant Date Fair Value Per Award		Shares	Weighted Average Grant Date Fair Value Per Award
RSUs Granted(1)	74,355	$	423.07	47,474	$	415.31
PSUs Granted(2)	37,008	$	424.63	34,482	$	415.31
Performance adjustment - PSUs(3)	14,472	$	306.33	8,542	$	245.67
Total Restricted Stock Awards	125,835			90,498

(1) Includes the annual employee grant on November 1, 2023 and November 1, 2022 of 63,722 and 46,264 RSUs, respectively. The majority of the RSUs granted vest 20% annually on the anniversary date of the grant and are fully vested after five years.

(2) Includes the annual employee grant on November 1, 2023 and November 1, 2022 of 36,860 and 34,482 PSUs, respectively. The majority of the PSUs granted 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 our PSU awards depends on the level of our achievement of stated financial performance objectives. The achievement range was 0% to 200% for the November 2023 annual grant and 0% to 150% for the November 2022 annual grant.

(3) Additional PSUs were granted during the first quarter of fiscal 2024 and fiscal 2023 based on performance above the specified target level of achievement for PSUs granted on November 9, 2020 and November 1, 2019, respectively.

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 both the three months ended May 31, 2024 and May 31, 2023. Stock-based compensation expense related to our ESPP was $1.9 million for the nine months ended May 31, 2024 and $2.0 million for the nine months ended May 31, 2023.

As of May 31, 2024, our ESPP had 36,607 shares reserved for future issuance.

Stock-Based Compensation - Weighted Average Assumptions (Details) - Employee - $ / shares			9 Months Ended
	Nov. 01, 2023	Nov. 01, 2022	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	242,371	266,051	243,379	268,185
Estimated fair value (in USD per share)			$ 132.59	$ 125.57
Exercise price (in USD per share)			$ 436.61	$ 426.22
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum (as a percent)	4.78%
Risk-free interest rate, maximum (as a percent)	5.53%
Expected life (years)	6 years 7 months 13 days
Expected volatility (as a percent)	23.50%
Dividend yield (as a percent)	0.90%
Estimated fair value (in USD per share)	$ 132.60
Exercise price (in USD per share)	$ 436.57

Segment Information (Tables)

9 Months Ended

May 31, 2024

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, 2024
Revenues	$	356,468	$	141,279	$	54,961	$	552,708
Operating income	$	87,696	$	75,463	$	39,300	$	202,459
Capital expenditures(1)	$	19,491	$	408	$	1,440	$	21,339

(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)
For the nine months ended May 31, 2024	Americas		EMEA		Asia Pacific		Total
Revenues	$	1,057,453	$	420,016	$	163,400	$	1,640,869
Operating income	$	250,255	$	207,167	$	116,019	$	573,441
Capital expenditures(1)	$	54,284	$	1,664	$	3,774	$	59,722

(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

(1) Capital expenditures includes purchases of property, equipment and leasehold improvements and capitalized internal-use software.

Segment Total Assets

The following table reflects the total assets for our segments as of:


(in thousands)	May 31, 2024		August 31, 2023
Segment Assets
Americas	$	3,137,992	$	3,148,192
EMEA	635,175		558,393
Asia Pacific	266,534		256,337
Total assets	$	4,039,701	$	3,962,922

Segment Information

9 Months Ended

May 31, 2024

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 CODM for resource allocation decisions and performance assessment, and (iii) their discrete financial information is available. Our Chief Executive Officer functions as our CODM.

We have three operating segments: Americas, EMEA and Asia Pacific. This is how our CODM manages our business and the geographic markets in which we operate. These operating segments are consistent with our reportable segments.

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 Australasia. 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 expenses incurred at our content collection centers, located in India, the Philippines and Latvia, are allocated to each segment based on their respective percentage of revenues as this reflects the benefits provided by each segment.

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, 2024
Revenues	$	356,468	$	141,279	$	54,961	$	552,708
Operating income	$	87,696	$	75,463	$	39,300	$	202,459
Capital expenditures(1)	$	19,491	$	408	$	1,440	$	21,339

(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)
For the nine months ended May 31, 2024	Americas		EMEA		Asia Pacific		Total
Revenues	$	1,057,453	$	420,016	$	163,400	$	1,640,869
Operating income	$	250,255	$	207,167	$	116,019	$	573,441
Capital expenditures(1)	$	54,284	$	1,664	$	3,774	$	59,722

(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

(1) Capital expenditures includes purchases of property, equipment and leasehold improvements and capitalized internal-use software.

Segment Total Assets

The following table reflects the total assets for our segments as of:


(in thousands)	May 31, 2024		August 31, 2023
Segment Assets
Americas	$	3,137,992	$	3,148,192
EMEA	635,175		558,393
Asia Pacific	266,534		256,337
Total assets	$	4,039,701	$	3,962,922

- 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.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets (Tables)

9 Months Ended

May 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of identifiable intangible assets

The following table presents the estimated useful life, gross carrying amounts and accumulated amortization totals related to our identifiable intangible assets as of May 31, 2024 and August 31, 2023:


	May 31, 2024							August 31, 2023
(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	$	98,938	$	1,484,062	$	1,583,000	$	65,958	$	1,517,042
Client relationships	11 to 26	265,356		77,430		187,926		265,315		68,701		196,614
Developed technology	3 to 5	163,037		56,429		106,608		109,222		45,560		63,662
Data content(1)	7 to 20	81,583		36,842		44,741		81,021		33,108		47,913
Software technology	3 to 10	142,550		114,716		27,834		142,395		108,702		33,693

Non-compete agreements	4	290		66		224		290		12		278
Total		$	2,235,816	$	384,421	$	1,851,395	$	2,181,243	$	322,041	$	1,859,202

(1)As of May 31, 2024, we combined our Data content and Acquired databases intangible assets together, currently presented as Data content. We conformed the comparative figures as of August 31, 2023 to the current period's presentation.

Schedule of amortization expense

The following table presents the amortization expense for our intangible assets which is included in Cost of services in our Consolidated Statements of Income:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Amortization expense	$	27,394	$	21,954	$	76,247	$	65,390

Schedule of estimated intangible asset amortization expense

As of May 31, 2024, estimated intangible asset amortization expense for each of the next five years and thereafter is as follows:


(in thousands)	Estimated Amortization Expense
Years Ended August 31,
2024 (remaining three months)	$	27,811
2025	108,800
2026	101,158
2027	76,208
2028	63,690
Thereafter	1,473,728
Total	$	1,851,395

Description of Business (Details)	9 Months Ended
Description of Business (Details)	May 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3

Income Taxes (Tables)

9 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income taxes and effective tax rate

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


	Three Months Ended						Nine Months Ended
	May 31,						May 31,
(in thousands)	2024			2023			2024			2023
Income before income taxes	$	190,532		$	161,998		$	534,373		$	476,645
Provision for income taxes	$	32,397		$	27,335		$	86,743		$	73,591
Effective tax rate	17.0		%	16.9		%	16.2		%	15.4		%

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, 2022		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
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		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
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		12,279
Vesting of restricted stock (in shares)		3,161		1,239
Vesting of restricted stock	$ (493)			$ (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		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
Balance, beginning of period (in shares) at Aug. 31, 2023	38,025,372	42,096,628
Beginning balance at Aug. 31, 2023	$ 1,619,930	$ 421	1,323,631	$ (1,122,077)	1,505,096	(87,141)
Beginning balance, treasury stock (in shares) at Aug. 31, 2023	4,071,256			4,071,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 447,630				447,630
Other comprehensive income (loss)	(5,505)					(5,505)
Common stock issued for employee stock plans (in shares)		372,311		831
Common stock issued for employee stock plans	83,121	$ 4	83,493	$ (376)
Vesting of restricted stock (in shares)		87,888		34,395
Vesting of restricted stock	$ (15,313)	$ 1	(1)	$ (15,313)
Repurchase of common stock (in shares)	384,150			384,150
Repurchases of common stock	$ (171,918)			$ (171,918)
Stock-based compensation expense	46,707		46,707
Dividends declared	$ (114,248)				(114,248)
Balance, end of period (in shares) at May. 31, 2024	38,066,195	42,556,827
Ending balance at May. 31, 2024	$ 1,890,404	$ 426	1,453,830	$ (1,309,684)	1,838,478	(92,646)
Ending balance, treasury stock (in shares) at May. 31, 2024	4,490,632			4,490,632
Balance, beginning of period (in shares) at Feb. 29, 2024		42,475,726
Beginning balance at Feb. 29, 2024	$ 1,801,754	$ 425	1,421,133	$ (1,248,707)	1,719,932	(91,029)
Beginning balance, treasury stock (in shares) at Feb. 29, 2024				4,352,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	158,135				158,135
Other comprehensive income (loss)	(1,617)					(1,617)
Common stock issued for employee stock plans (in shares)		74,963		488
Common stock issued for employee stock plans	16,730	$ 1	16,952	$ (223)
Vesting of restricted stock (in shares)		6,138		2,355
Vesting of restricted stock	$ (1,001)			$ (1,001)
Repurchase of common stock (in shares)	135,150			135,150
Repurchases of common stock	$ (59,753)			$ (59,753)
Stock-based compensation expense	15,745		15,745
Dividends declared	$ (39,589)				(39,589)
Balance, end of period (in shares) at May. 31, 2024	38,066,195	42,556,827
Ending balance at May. 31, 2024	$ 1,890,404	$ 426	$ 1,453,830	$ (1,309,684)	$ 1,838,478	$ (92,646)
Ending balance, treasury stock (in shares) at May. 31, 2024	4,490,632			4,490,632

Consolidated Statements of Income - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Income Statement [Abstract]
Revenues	$ 552,708	$ 529,811	$ 1,640,869	$ 1,549,711
Operating expenses
Cost of services	246,986	241,689	753,749	709,537
Selling, general and administrative	103,098	115,725	312,616	325,903
Asset impairments	165	438	1,063	1,167
Total operating expenses	350,249	357,852	1,067,428	1,036,607
Operating income	202,459	171,959	573,441	513,104
Other income (expense), net
Interest income	4,568	3,083	10,427	8,191
Interest expense	(16,894)	(16,354)	(50,231)	(49,628)
Other income (expense), net	399	3,310	736	4,978
Total other income (expense), net	(11,927)	(9,961)	(39,068)	(36,459)
Income before income taxes	190,532	161,998	534,373	476,645
Provision for income taxes	32,397	27,335	86,743	73,591
Net income	$ 158,135	$ 134,663	$ 447,630	$ 403,054
Basic earnings per common share (in USD per share)	$ 4.15	$ 3.52	$ 11.76	$ 10.54
Diluted earnings per common share (in USD per share)	$ 4.09	$ 3.46	$ 11.58	$ 10.35
Basic weighted average common shares (in shares)	38,089	38,278	38,069	38,227
Diluted weighted average common shares (in shares)	38,640	38,912	38,644	38,936

Goodwill - Narrative (Details)	12 Months Ended
Goodwill - Narrative (Details)	Aug. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0

Leases - Narrative (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Lessee, Lease, Description [Line Items]
ROU assets	$ 137,229	$ 141,837
Lease liabilities	$ 213,772
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	12 years

Earnings Per Share - Awards Excluded from Diluted EPS (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	763	583	255	583
Restricted stock units and Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	93	93	95	93

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 27,394	$ 21,954	$ 76,247	$ 65,390

Fair Value Measures - Carrying Value and Estimated Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total unamortized discounts and debt issuance costs	$ (9,730)	$ (12,300)
Total debt	1,427,770	1,612,700
Principal Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	1,437,500	1,625,000
Principal Amount \| Level 1 \| Senior Notes \| 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	500,000	500,000
Principal Amount \| Level 1 \| Senior Notes \| 2032 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	500,000	500,000
Principal Amount \| Level 3 \| Line of Credit \| Credit Agreement 2022 \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	187,500	375,000
Principal Amount \| Level 3 \| Line of Credit \| Credit Agreement 2022 \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	250,000	250,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	1,335,992	1,507,871
Estimated Fair Value \| Level 1 \| Senior Notes \| 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	467,050	460,890
Estimated Fair Value \| Level 1 \| Senior Notes \| 2032 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	431,280	423,700
Estimated Fair Value \| Level 3 \| Line of Credit \| Credit Agreement 2022 \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	188,102	376,406
Estimated Fair Value \| Level 3 \| Line of Credit \| Credit Agreement 2022 \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total principal amount	$ 249,560	$ 246,875

Debt - Debt Obligations (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Current debt
Total unamortized debt issuance costs on Current debt	$ (356)	$ 0
Total Current debt	187,144	0
Long-term debt
Total unamortized discounts and debt issuance costs	(9,374)	(12,300)
Total Long-term debt	1,240,626	1,612,700
Total debt	1,427,770	1,612,700
Senior Notes \| 2027 Notes
Long-term debt
Long-term debt, gross	500,000	500,000
Senior Notes \| 2032 Notes
Long-term debt
Long-term debt, gross	500,000	500,000
Term Loan \| Line of Credit \| Credit Agreement 2022
Current debt
Current debt, gross	187,500	0
Long-term debt
Long-term debt, gross	0	375,000
Revolving Credit Facility \| Line of Credit \| Credit Agreement 2022
Long-term debt
Long-term debt, gross	$ 250,000	$ 250,000

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	May 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3

Leases - Lease Cost And Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023	Aug. 31, 2023
Leases [Abstract]
Operating lease costs	$ 7,583	$ 8,170	$ 22,846	$ 24,403
Variable lease costs	$ 3,740	$ 4,645	$ 13,046	12,699
Weighted average remaining lease term (in years)	7 years 1 month 6 days		7 years 1 month 6 days		7 years 9 months 18 days
Weighted average discount rate (incremental borrowing rate)	4.60%		4.60%		4.50%
Cash paid for amounts included in the measurement of lease liabilities			$ 29,579	29,245
Lease ROU assets obtained in exchange for lease liabilities			10,183	13,872
Reductions to ROU assets resulting from reductions to lease liabilities			$ (281)	$ 0

Earnings Per Share

9 Months Ended

May 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per common share ("Basic EPS") is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted earnings per common share ("Diluted EPS") is calculated by using the treasury stock method which assumes the issuance of common stock for all potentially dilutive stock-based awards.

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)	2024		2023		2024		2023
Numerator
Net income used for calculating Basic EPS and Diluted EPS	$	158,135	$	134,663	$	447,630	$	403,054
Denominator
Weighted average common shares used in the calculation of Basic EPS	38,089		38,278		38,069		38,227
Common stock equivalents associated with stock-based compensation plan	551		634		575		709
Shares used in the calculation of Diluted EPS	38,640		38,912		38,644		38,936
Basic EPS	$	4.15	$	3.52	$	11.76	$	10.54
Diluted EPS	$	4.09	$	3.46	$	11.58	$	10.35

The following table presents the potential common shares that were excluded from Diluted EPS as they relate to stock-based awards that were antidilutive or subject to performance conditions for which the necessary conditions have not been satisfied by the end of the reporting period:


	Three Months Ended		Nine Months Ended
	May 31,		May 31,
(in thousands)	2024	2023	2024	2023
Stock options	763	583	255	583
Restricted stock units and Performance share units	93	93	95	93

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2024	Aug. 31, 2023
Accounting Policies [Abstract]
Accounts receivable reserve	$ 10,484	$ 7,769
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%

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Aug. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	$ 1,890,404	$ 1,801,754	$ 1,619,930	$ 1,668,833	$ 1,607,154	$ 1,331,408
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	(92,646)	$ (91,029)	(87,141)	$ (89,344)	$ (92,243)	$ (108,383)
Accumulated unrealized gains (losses) on cash flow hedges, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	(295)		2,880
Accumulated foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total AOCL	$ (92,351)		$ (90,021)

- 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

Leases (Tables)

9 Months Ended

May 31, 2024

Leases [Abstract]

Schedule of future minimum commitments


(in thousands)	Minimum Lease Payments
Years Ended August 31,
2024 (remaining three months)	$	9,767
2025	39,276
2026	39,103
2027	37,886
2028	33,359
Thereafter	89,814
Total minimum lease payments	$	249,205
Less: Imputed interest	35,433
Total lease liabilities	$	213,772

Schedule of lease cost and other information related to leases

The following table includes components of our occupancy costs:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Operating lease costs(1)	$	7,583	$	8,170	$	22,846	$	24,403
Variable lease costs(2)	$	3,740	$	4,645	$	13,046	$	12,699

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


	As of May 31, 2024		As of August 31, 2023
Weighted average remaining lease term (in years)	7.1		7.8
Weighted average discount rate (IBR)	4.6	%	4.5	%

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


	Nine Months Ended
	May 31,		May 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	29,579	$	29,245
Lease ROU assets obtained in exchange for lease liabilities(1)	$	10,183	$	13,872
Reductions to ROU assets resulting from reductions to lease liabilities(2)	$	(281)	$	—

(1)Primarily includes new lease arrangements entered into during the respective 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.

Goodwill

9 Months Ended

May 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Changes in the carrying value of goodwill by segment for the nine months ended May 31, 2024 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2023	$	704,759	$	297,734	$	2,243	$	1,004,736
Acquisitions	(305)		—		—		(305)
Foreign currency translations	—		486		(168)		318
Balance at May 31, 2024	$	704,454	$	298,220	$	2,075	$	1,004,749

Goodwill is not amortized as it is estimated to have an indefinite life. Goodwill impairment is tested at the reporting unit level, which is consistent with our reportable segments. We test goodwill annually during the fourth quarter of each fiscal year or more frequently if events and circumstances occur indicating that it is more likely than not that the fair value of any one of our reporting units is less than its respective carrying value. If the carrying value of the reporting unit exceeds the fair value, then the goodwill is considered impaired and written down to the reporting unit’s fair value.

We tested our goodwill for impairment during the fourth quarter of fiscal 2023 utilizing a quantitative analysis, bypassing the optional qualitative assessment. We concluded there was no impairment as the fair value of each of our reporting units exceeded its carrying value. No events or circumstances were identified during the nine months ended May 31, 2024 that would indicate it is more likely than not that goodwill has been impaired.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	May 31, 2024
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). Except for income tax contingencies, we accrue 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. Income tax contingencies related to uncertain tax positions are accounted for in accordance with applicable accounting guidance. Refer to Note 2, Summary of Significant Accounting Policies - Income Taxes in the Notes to the Consolidated Financial Statements included in Part II, Item 8. of our Annual Report on Form 10-K for the fiscal year ended August 31, 2023 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. As of August 31, 2023, we had total purchase obligations with suppliers of $362.2 million. Our total purchase obligations as of August 31, 2023 primarily related to hosting services, acquisition of data, and, to a lesser extent, third-party software providers. Hosting services support our hybrid cloud strategy, which relies in large part on third-party hosting providers. Data is an integral component of the value we provide to our clients. Our commitments to third-party software providers mainly include internal-use software licenses. For the nine months ended May 31, 2024, there were no material changes to our purchase obligations. We also have contractual obligations related to our lease liabilities and outstanding debt. Refer to Note 9, Leases and Note 10, Debt for information regarding lease commitments and outstanding debt obligations, respectively. Capital Commitments As of May 31, 2024 and August 31, 2023, we had outstanding capital commitments related to an investment of $0.6 million and $0.7 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 May 31, 2024 and August 31, 2023, we had $0.4 million and $0.6 million of standby letters of credit outstanding, respectively. No liabilities related to these arrangements are reflected in the Consolidated Balance Sheets. Our 2022 Revolving Facility allows for the availability of up to $100.0 million in the form of letters of credit. We have not obtained any letters of credit under the 2022 Revolving Facility since its inception. Refer to Note 10, Debt, for information regarding the 2022 Revolving Facility. 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, 2024, 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 consolidated financial position, results of operations or 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 requested pre-assessment conferences with the Department of Revenue's Office of Appeals to appeal the Notices, and on May 24, 2023, we received a Letter of Determination from the Commonwealth upholding the Notices, along with a Notice of Assessment for all the periods covered by the Notices. On June 22, 2023, we filed an Application for Abatement with the Commonwealth disputing all amounts assessed, which was subsequently denied. On February 20, 2024, we received a “Notice of Selection for Audit” for sales tax for the period from July 1, 2021 through December 31, 2023. We have filed petitions with the Appellate Tax Board to appeal all amounts assessed by the Commonwealth 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 some 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.

Intangible Assets - Estimated Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining three months)	$ 27,811
2025	108,800
2026	101,158
2027	76,208
2028	63,690
Thereafter	1,473,728
Total	$ 1,851,395	$ 1,859,202

Stockholders' Equity

9 Months Ended

May 31, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

The following table presents the shares of common stock repurchased under our share repurchase program and acquired from holders of our stock-based awards upon vesting to satisfy tax withholding requirements:

Share Repurchases


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands, except share data)	2024		2023		2024		2023
Repurchases of common stock under the share repurchase program	135,150		165,950		384,150		165,950
Total cost of common stock repurchased under the share repurchase program	$	59,753	$	67,092	$	171,918	$	67,092
Repurchases of common stock to satisfy tax withholding requirements due upon vesting of stock-based awards	2,843		1,239		35,226		28,952
Total cost of repurchases of common stock to satisfy withholding requirements due upon vesting of stock-based awards	$	1,224	$	493	$	15,689	$	12,274

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 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, 2024, $128.1 million remained authorized under our share repurchase program for future share repurchases. Refer to Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds, of this Quarterly Report on Form 10-Q for further discussion on our share repurchase program.

In addition to our share repurchase program, we also acquire shares of our common stock from holders of our stock-based awards to satisfy withholding tax requirements due at vesting. Shares acquired from these holders do not reduce the amount authorized for repurchase under the share repurchase program.

Equity-based Awards

Refer to Note 14, Stock-Based Compensation for more information on equity awards issued during the nine months ended May 31, 2024 and May 31, 2023.

Dividends

Our Board of Directors approved the following dividends:


Year Ended	Dividends per Share of Common Stock		Record Date	Total Amount (in thousands)		Payment Date
Fiscal 2024
First Quarter	$	0.98	November 30, 2023	$	37,299	December 21, 2023
Second Quarter	$	0.98	February 29, 2024	$	37,360	March 21, 2024
Third Quarter	$	1.04	May 31, 2024	$	39,589	June 20, 2024
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

In the third quarter of fiscal 2024, our Board of Directors approved a 6% increase in the regular quarterly dividend from $0.98 to $1.04 per share. Future cash dividend payments are subject to final determination by our Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors.

Accumulated Other Comprehensive Loss

The components of AOCL as of May 31, 2024 and August 31, 2023 were as follows:


(in thousands)	May 31, 2024		August 31, 2023
Accumulated unrealized gains (losses) on cash flow hedges, net of tax	$	(295)	$	2,880
Accumulated foreign currency translation adjustments	(92,351)		(90,021)
Total AOCL	$	(92,646)	$	(87,141)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Instruments - Gross Notional Values (Details) - Cash flow hedging - Designated as hedging instrument - USD ($) $ in Thousands	May 31, 2024	Mar. 01, 2024	Aug. 31, 2023	Mar. 01, 2022
Derivative [Line Items]
Gross notional amount	$ 337,132		$ 372,644
Foreign currency forward contracts
Derivative [Line Items]
Gross notional amount	187,132		172,644
Interest rate swap agreement
Derivative [Line Items]
Gross notional amount	$ 150,000	$ 200,000	$ 200,000	$ 800,000

Commitments and Contingencies (Details) - USD ($)	May 31, 2024	Aug. 31, 2023	Mar. 01, 2022
Concentration Risk [Line Items]
Purchase commitment, remaining minimum amount committed		$ 362,200,000
Letters of credit outstanding	$ 400,000	600,000
Letter of Credit \| Credit Agreement 2022 \| Line of Credit
Concentration Risk [Line Items]
Maximum borrowing capacity			$ 100,000,000.0
Capital Commitment
Concentration Risk [Line Items]
Capital commitments	$ 600,000	$ 700,000

Debt

9 Months Ended

May 31, 2024

Debt Disclosure [Abstract]

Debt

DEBT

We elected not to carry our debt at fair value. The carrying value of our debt is net of related unamortized discounts and debt issuance costs. Our debt obligations as of May 31, 2024 and August 31, 2023 consisted of the following:


(in thousands)	Issuance Date	Contractual Maturity Date	May 31, 2024		August 31, 2023
Current debt
2022 Term Facility	3/1/2022	3/1/2025	$	187,500	$	—
Total unamortized debt issuance costs on Current debt			(356)		—
Total Current debt			$	187,144	$	—

Long-term debt
2022 Term Facility	3/1/2022	3/1/2025	$	—	$	375,000
2022 Revolving Facility	3/1/2022	3/1/2027	250,000		250,000
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			(9,374)		(12,300)
Total Long-term debt			$	1,240,626	$	1,612,700

Total debt			$	1,427,770	$	1,612,700

As of May 31, 2024, annual maturities on our debt obligations, based on contractual maturity date, were as follows:


(in thousands)	Maturities
Years Ended August 31,
2024 (remaining three months)	$	—
2025	187,500
2026	—
2027	750,000
2028	—
Thereafter	500,000
Total	$	1,437,500

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 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 prior outstanding borrowings 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, 2024, we repaid $62.5 million and $187.5 million, respectively, under the 2022 Term Facility, inclusive of voluntary prepayments of $50.0 million and $150.0 million, respectively. Since loan inception on March 1, 2022, we have repaid $812.5 million under the 2022 Term Facility, inclusive of voluntary prepayments of $712.5 million.

From the borrowing date through November 30, 2023, the outstanding borrowings under the 2022 Credit Facilities bore interest at a rate equal to the applicable one-month Term SOFR 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). From December 1, 2023 through May 31, 2024, the spread decreased to 0.975% (comprised of a 0.875% interest rate margin based on a debt leverage pricing grid plus a 0.1% credit spread adjustment). Interest on the 2022 Credit Facilities is currently payable on the last business day of each month, in arrears.

Additionally, 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. From the borrowing date through November 30, 2023, the commitment fee was 0.125%, which subsequently decreased to 0.1% through May 31, 2024.

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 3.75 to 1.00 as of May 31, 2024. We were in compliance with all covenants and requirements of the 2022 Credit Agreement as of May 31, 2024.

Swap Agreements

2024 Swap Agreement

On March 1, 2024, we entered into the 2024 Swap Agreement to hedge a portion of our outstanding floating SOFR debt with a fixed interest rate of 5.145%.

2022 Swap Agreement

On March 1, 2022, we entered into the 2022 Swap Agreement to hedge a portion of our outstanding floating SOFR 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. The 2022 Swap Agreement matured on February 28, 2024.

Refer to Note 5, Derivative Instruments for further discussion of the 2022 Swap Agreement and the 2024 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 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.

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.

Interest Expense

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


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Interest expense on outstanding debt(1)	$	16,558	$	16,345	$	49,876	$	49,601

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

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	May 31, 2024	May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average useful life (in years)	32 years
Impairment of intangible assets	$ 0.0	$ 0.0

Derivative Instruments - 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, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives	$ (909)	$ 747	$ (1,288)	$ 8,131
Gain (Loss) Reclassified from AOCL into Income	(455)	3,495	3,013	5,093
Foreign currency forward contracts \| SG&A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives	(1,033)	919	(1,439)	4,027
Gain (Loss) Reclassified from AOCL into Income	(518)	(230)	(200)	(5,474)
Interest rate swap agreement \| Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL on Derivatives	124	(172)	151	4,104
Gain (Loss) Reclassified from AOCL into Income	$ 63	$ 3,725	$ 3,213	$ 10,567

Description of Business	9 Months Ended
Description of Business	May 31, 2024
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 technologies that drive the investment community to see more, think bigger and do its best work. Our platform delivers expansive data, sophisticated analytics and flexible technology used by global financial professionals to power their critical investment workflows. As of May 31, 2024, we had more than 8,000 clients comprised of over 208,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users and private equity and venture capital professionals. 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 drive our business based on our detailed understanding of our clients' workflows, which helps us to solve their most complex challenges. 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. Our on- and off-platform solutions span the investment life cycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions and application programming interfaces ("APIs"). The CUSIP Global Services ("CGS") business supports security master files relied on by the investment industry for critical front, middle and back-office functions. These platforms and solutions are supported by our dedicated client service team. We operate our business through three reportable segments ("segments"): the Americas, EMEA and Asia Pacific. During fiscal 2024, we revised our internal organization within each segment to offer data, products and analytical applications by firm type: •"Institutional Buyside" focuses on asset managers, asset owners, and hedge fund companies, •"Dealmakers" focuses on banking and sell-side research, corporate, and private equity and venture capital workflows, •"Wealth" focuses on wealth management workflows, and •"Partnerships and CGS": "Partnerships" delivers solutions to content providers, financial exchanges, and rating agencies. "CGS" is the exclusive issuer of Committee on Uniform Security Identification Procedures ("CUSIP") and CUSIP International Number System ("CINS") identifiers. As our chief operating decision maker ("CODM") continues to review our business and operating results based on our three segments, the Americas, EMEA and Asia Pacific, the realignment of our internal organization by firm type will not impact our segments for fiscal 2024. Refer to Note 15, Segment Information, for further discussion on our segments and CODM.

Goodwill (Tables)

9 Months Ended

May 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Changes in the carrying value of goodwill by segment for the nine months ended May 31, 2024 are as follows:


(in thousands)	Americas		EMEA		Asia Pacific		Total
Balance at August 31, 2023	$	704,759	$	297,734	$	2,243	$	1,004,736
Acquisitions	(305)		—		—		(305)
Foreign currency translations	—		486		(168)		318
Balance at May 31, 2024	$	704,454	$	298,220	$	2,075	$	1,004,749

- 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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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended
	Nov. 01, 2023	Nov. 01, 2022	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs capitalized			$ 0	$ 0	$ 0	$ 0
Unrecognized compensation expense related to non-vested equity			141,200,000		$ 141,200,000
Weighted average period for recognition (in years)					2 years 10 months 24 days
Stock-based compensation expense			$ 15,745,000	16,865,000	$ 46,707,000	44,365,000
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			3,700,000		3,700,000
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage (as a percent)	0.00%	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage (as a percent)	200.00%	150.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering period (in months)					3 months
Purchase price (as a percent)					85.00%
Maximum employee subscription rate (as a percent)			10.00%		10.00%
Maximum contribution limit					$ 25,000
Required holding period (in months)					18 months
Stock-based compensation expense			$ 700,000	$ 700,000	$ 1,900,000	$ 2,000,000.0
Capital shares reserved for future issuance (in shares)			36,607		36,607

Debt - Narrative (Details)		3 Months Ended	6 Months Ended	9 Months Ended		21 Months Ended	27 Months Ended
Debt - Narrative (Details)	Mar. 01, 2022 USD ($)	May 31, 2024 USD ($)	May 31, 2024	May 31, 2024 USD ($)	May 31, 2023 USD ($)	Nov. 30, 2023	May 31, 2024 USD ($)	Mar. 01, 2024	Aug. 31, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of debt				$ 187,500,000	$ 312,500,000
Interest rate swap agreement \| Cash flow hedging \| Designated as hedging instrument
Debt Instrument [Line Items]
Fixed rate (as a percent)	1.162%							5.145%
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	$ 9,100,000
Discount	$ 2,800,000
Redemption price (as a percent)	101.00%
Credit Agreement 2022 \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs									$ 9,500,000
Basis spread on variable rate (as a percent)			0.975%			1.10%
Covenants, required maximum leverage ratio		3.75	3.75	3.75			3.75
Credit Agreement 2022 \| Line of Credit \| Interest Rate Margin
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.875%			1.00%
Credit Agreement 2022 \| Line of Credit \| Credit Spread Adjustment
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.10%			0.10%
2027 Notes \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000.0
Stated interest rate (as a percent)	2.90%
2032 Notes \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000.0
Stated interest rate (as a percent)	3.45%
Revolving Credit Facility \| Credit Agreement 2022 \| Line of Credit
Debt Instrument [Line Items]
Lines of credit	$ 250,000,000.0
Maximum borrowing capacity	500,000,000.0
Maximum additional borrowings	750,000,000.0
Commitment fee percentage			0.10%			0.125%
Letter of Credit \| Credit Agreement 2022 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000.0
Swingline Loan \| Credit Agreement 2022 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000.0
Term Loan \| Credit Agreement 2022 \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000.0
Repayments of debt		$ 62,500,000		$ 187,500,000			$ 812,500,000
Voluntary prepayments of debt		$ 50,000,000.0		$ 150,000,000.0			$ 712,500,000

Fair Value Measures

9 Months Ended

May 31, 2024

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. When pricing an asset or liability, the inputs to these valuation methodologies consider market comparable information, taking into account the principal or most advantageous market in which we would transact.

Fair Value Hierarchy

The accounting guidance for fair value measurements establishes a three-level 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. The hierarchy ranks the reliability of the inputs, based upon the lowest level of input that is significant to the fair value measurement, used to determine fair value. 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. We have categorized our assets and liabilities 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.

The assumptions used in determining fair value represent our best estimates, but these estimates involve inherent uncertainties and the application of our judgment. As a result, if factors change, our fair value estimates could be materially different in the future and may adversely affect our business and financial results.

(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, 2024, and August 31, 2023. We did not have any transfers between levels of fair value measurements during the nine months ended May 31, 2024 and the fiscal year ended August 31, 2023.


	Fair Value Measurements as of May 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	129,944	$	—	$	—	$	129,944
Mutual funds(2)	—		68,890		—		68,890

Derivative instruments(3)	—		543		—		543
Total assets measured at fair value	$	129,944	$	69,433	$	—	$	199,377

Liabilities
Derivative instruments(3)	$	—	$	1,069	$	—	$	1,069
Contingent Liability(4)	—		—		8,431		8,431
Total liabilities measured at fair value	$	—	$	1,069	$	8,431	$	9,500


	Fair Value Measurements as of August 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	137,125	$	—	$	—	$	137,125
Mutual funds(2)	—		32,210		—		32,210

Derivative instruments(3)	—		4,383		—		4,383
Total assets measured at fair value	$	137,125	$	36,593	$	—	$	173,718

Liabilities
Derivative instruments(3)	$	—	$	608	$	—	$	608
Contingent Liability(4)	—		—		8,008		8,008
Total liabilities measured at fair value	$	—	$	608	$	8,008	$	8,616

(1) Our money market funds are readily convertible into cash. The net asset value of each fund on the last day of the reporting period is used to determine its fair value. Our 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 agreement, 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.

(4) Our contingent liability resulted from the acquisition of a business during fiscal 2023. This liability reflects the present value of potential future payments that are contingent upon the achievement of certain specified milestones. The acquisition date fair value of the contingent liability was $7.9 million and was valued using a scenario-based method. This method incorporates unobservable inputs and assumptions made by management, including the probability of achieving specified milestones, expected time until payment and the discount rate. The fair value of the contingent liability is remeasured each reporting period until the contingency is resolved, with any changes in fair value recorded in Selling, general and administrative ("SG&A") within the Consolidated Statements of Income. The change in the fair value of the contingent liability from the acquisition date through May 31, 2024 was driven by the passage of time, with no changes made to key assumptions used in our fair value estimates.

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

Assets that are measured at fair value on a non-recurring basis primarily include our property, equipment and leasehold improvements ("PPE"), lease right-of-use ("ROU") assets, goodwill and intangible assets. These assets are assessed for impairment whenever events or circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill. The fair values of these non-financial assets 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.

We elected not to carry our debt, which includes our Current debt and Long-term debt, at fair value on the Consolidated Balance Sheets. The carrying value of our debt is net of related unamortized discounts and debt issuance costs.

Our debt is comprised of our Senior Notes and 2022 Credit Facilities. Our Senior Notes are publicly traded; therefore, the fair value of our Senior Notes is estimated based on quoted prices in active markets as of the reporting date, 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 10, Debt for definitions of and more information on our Senior Notes and 2022 Credit Facilities.

The following table summarizes information on our outstanding debt as of May 31, 2024 and August 31, 2023:


		May 31, 2024				August 31, 2023
(in thousands)	Fair Value Hierarchy	Principal Amount		Estimated Fair Value		Principal Amount		Estimated Fair Value
2027 Notes	Level 1	$	500,000	$	467,050	$	500,000	$	460,890
2032 Notes	Level 1	500,000		431,280		500,000		423,700
2022 Term Facility	Level 3	187,500		188,102		375,000		376,406
2022 Revolving Facility	Level 3	250,000		249,560		250,000		246,875
Total principal amount		$	1,437,500	$	1,335,992	$	1,625,000	$	1,507,871
Total unamortized discounts and debt issuance costs		(9,730)				(12,300)
Total net carrying value of debt		$	1,427,770			$	1,612,700

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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+ Details

Intangible Assets

9 Months Ended

May 31, 2024

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 following table presents the estimated useful life, gross carrying amounts and accumulated amortization totals related to our identifiable intangible assets as of May 31, 2024 and August 31, 2023:


	May 31, 2024							August 31, 2023
(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	$	98,938	$	1,484,062	$	1,583,000	$	65,958	$	1,517,042
Client relationships	11 to 26	265,356		77,430		187,926		265,315		68,701		196,614
Developed technology	3 to 5	163,037		56,429		106,608		109,222		45,560		63,662
Data content(1)	7 to 20	81,583		36,842		44,741		81,021		33,108		47,913
Software technology	3 to 10	142,550		114,716		27,834		142,395		108,702		33,693

Non-compete agreements	4	290		66		224		290		12		278
Total		$	2,235,816	$	384,421	$	1,851,395	$	2,181,243	$	322,041	$	1,859,202

The weighted average useful life of our intangible assets as of May 31, 2024 was 32.0 years. Intangible assets are tested for impairment qualitatively on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset group is not recoverable. If indicators of impairment are present, our 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 did not identify a material impairment nor a material change to the estimated remaining useful lives of our intangible assets during the nine months ended May 31, 2024 and May 31, 2023. Our intangible assets have no assigned residual values.

The following table presents the amortization expense for our intangible assets which is included in Cost of services in our Consolidated Statements of Income:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Amortization expense	$	27,394	$	21,954	$	76,247	$	65,390

As of May 31, 2024, estimated intangible asset amortization expense for each of the next five years and thereafter is as follows:


(in thousands)	Estimated Amortization Expense
Years Ended August 31,
2024 (remaining three months)	$	27,811
2025	108,800
2026	101,158
2027	76,208
2028	63,690
Thereafter	1,473,728
Total	$	1,851,395

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	May 31, 2024	May 31, 2024	Mar. 01, 2024	Aug. 31, 2023	May 31, 2022	Mar. 01, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated pre-tax derivative gains (losses) to be reclassified in next 12 months	$ (500)
Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Currency exposure (as a percent)		25.00%
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Currency exposure (as a percent)		75.00%
Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	337,132	$ 337,132		$ 372,644
Cash flow hedging \| Designated as hedging instrument \| Interest rate swap agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional amount	150,000	150,000	$ 200,000	$ 200,000		$ 800,000
Fixed rate (as a percent)			5.145%			1.162%
Quarterly decline in notional amount	$ 50,000	$ 50,000			$ 100,000

Consolidated Balance Sheets - Unaudited (Parenthetical) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable reserve	$ 10,484	$ 7,769
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)	42,556,827	42,096,628
Common stock, outstanding (in shares)	38,066,195	38,025,372
Treasury stock (in shares)	4,490,632	4,071,256

Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	May 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,004,736
Acquisitions	(305)
Foreign currency translations	318
Ending balance	1,004,749
Americas
Goodwill [Roll Forward]
Beginning balance	704,759
Acquisitions	(305)
Foreign currency translations	0
Ending balance	704,454
EMEA
Goodwill [Roll Forward]
Beginning balance	297,734
Acquisitions	0
Foreign currency translations	486
Ending balance	298,220
Asia Pacific
Goodwill [Roll Forward]
Beginning balance	2,243
Acquisitions	0
Foreign currency translations	(168)
Ending balance	$ 2,075

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

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

3 Months Ended

9 Months Ended

May 31, 2024

May 31, 2023

May 31, 2024

May 31, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 158,135

$ 134,663

$ 447,630

$ 403,054

Other comprehensive income (loss), net of tax

Net unrealized gain (loss) on cash flow hedges

^[1]

(335)

(2,044)

(3,175)

2,257

Foreign currency translation adjustment gains (losses)

(1,282)

4,943

(2,330)

16,782

Other comprehensive income (loss)

(1,617)

2,899

(5,505)

19,039

Comprehensive income

$ 156,518

$ 137,562

$ 442,125

$ 422,093

[1]	Presented net of a tax benefit of $119 thousand and $704 thousand for the three months ended May 31, 2024 and May 31, 2023, respectively. Presented net of a tax benefit of $1,126 thousand and a tax expense of $781 thousand for the nine months ended May 31, 2024 and May 31, 2023, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Debt Disclosure [Abstract]
Interest expense on outstanding debt	$ 16,558	$ 16,345	$ 49,876	$ 49,601

Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	9 Months Ended
	May 31, 2024	May 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 447,630	$ 403,054
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	91,154	78,681
Amortization of lease right-of-use assets	22,846	29,245
Stock-based compensation expense	46,707	44,365
Deferred income taxes	(6,979)	(12,716)
Asset impairments	1,063	1,167
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net of reserves	(7,176)	(37,879)
Accounts payable and accrued expenses	17,296	5,870
Accrued compensation	(33,329)	(39,935)
Deferred revenues	13,817	(3,861)
Taxes payable, net of prepaid taxes	(15,992)	19,112
Lease liabilities, net	(31,687)	(34,041)
Other, net	(8,173)	36,841
Net cash provided by operating activities	537,177	489,903
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software	(59,722)	(61,421)
Purchases of investments	(44,936)	(10,889)
Net cash provided by (used in) investing activities	(104,658)	(72,310)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of debt	(187,500)	(312,500)
Dividend payments	(111,297)	(101,377)
Proceeds from employee stock plans	83,497	55,885
Repurchases of common stock	(171,918)	(67,092)
Other financing activities	(15,690)	(12,273)
Net cash provided by (used in) financing activities	(402,908)	(437,357)
Effect of exchange rate changes on cash and cash equivalents	(1,911)	3,118
Net increase (decrease) in cash and cash equivalents	27,700	(16,646)
Cash and cash equivalents at beginning of period	425,444	503,273
Cash and cash equivalents at end of period	$ 453,144	$ 486,627

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 15,745	$ 16,865	$ 46,707	$ 44,365

Derivative Instruments (Tables)

9 Months Ended

May 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of gross notional values of derivative instruments

The following table summarizes the gross notional value of our foreign currency forward contracts to purchase the respective local currency with U.S. dollars as of May 31, 2024 and August 31, 2023:


	May 31, 2024				August 31, 2023
(in thousands)	Local Currency Amount		Notional Contract Amount (USD)		Local Currency Amount		Notional Contract Amount (USD)
Indian Rupee	Rs	4,481,555	$	53,400	Rs	3,363,150	$	40,300
British Pound Sterling	£	41,500	52,403		£	45,000	56,098
Euro	€	44,200	48,429		€	39,000	42,646
Philippine Peso	₱	1,874,172	32,900		₱	1,888,541	33,600
Total			$	187,132			$	172,644

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


(in thousands)	Gross Notional Value
(in thousands)	May 31, 2024		August 31, 2023
Foreign currency forward contracts	$	187,132	$	172,644
Interest rate swap agreement	150,000		200,000
Total cash flow hedges	$	337,132	$	372,644

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, 2024		August 31, 2023		Balance Sheet Classification	May 31, 2024		August 31, 2023
Foreign currency forward contracts	Prepaid expenses and other current assets	$	482	$	1,260	Accounts payable and accrued expenses	$	1,069	$	608
Interest rate swap agreement	Prepaid expenses and other current assets	61		3,123		Accounts payable and accrued expenses	—		—

Total cash flow hedges		$	543	$	4,383		$	1,069	$	608

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

The following table provides the pre-tax effect of cash flow hedge accounting on our AOCL for the three months ended May 31, 2024 and May 31, 2023:


	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	2024		2023			2024		2023
Foreign currency forward contracts	$	(1,033)	$	919	SG&A	$	(518)	$	(230)
Interest rate swap agreement	124		(172)		Interest expense	63		3,725
Total cash flow hedges	$	(909)	$	747		$	(455)	$	3,495


The following table provides the pre-tax effect of cash flow hedge accounting on our AOCL for the nine months ended May 31, 2024 and May 31, 2023:

	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	2024		2023			2024		2023
Foreign currency forward contracts	$	(1,439)	$	4,027	SG&A	$	(200)	$	(5,474)
Interest rate swap agreement	151		4,104		Interest expense	3,213		10,567
Total cash flow hedges	$	(1,288)	$	8,131		$	3,013	$	5,093

Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
ASSETS
Cash and cash equivalents	$ 453,144	$ 425,444
Investments	68,890	32,210
Accounts receivable, net of reserves of $10,484 at May 31, 2024 and $7,769 at August 31, 2023	240,096	237,665
Prepaid taxes	44,416	24,206
Prepaid expenses and other current assets	51,729	50,610
Total current assets	858,275	770,135
Property, equipment and leasehold improvements, net	80,843	86,107
Goodwill	1,004,749	1,004,736
Intangible assets, net	1,851,395	1,859,202
Deferred taxes	36,739	27,229
Lease right-of-use assets, net	137,229	141,837
Other assets	70,471	73,676
TOTAL ASSETS	4,039,701	3,962,922
LIABILITIES
Accounts payable and accrued expenses	138,381	121,816
Current debt	187,144	0
Current lease liabilities	30,130	28,839
Accrued compensation	79,383	112,892
Deferred revenues	168,053	152,430
Current taxes payable	28,825	31,009
Dividends payable	39,589	37,265
Total current liabilities	671,505	484,251
Long-term debt	1,240,626	1,612,700
Deferred taxes	7,944	6,737
Deferred revenues, non-current	1,928	3,734
Taxes payable	36,748	30,344
Long-term lease liabilities	183,642	198,382
Other liabilities	6,904	6,844
TOTAL LIABILITIES	2,149,297	2,342,992
Commitments and contingencies (see Note 11)
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; 42,556,827 and 42,096,628 shares issued; 38,066,195 and 38,025,372 shares outstanding at May 31, 2024 and August 31, 2023, respectively	426	421
Additional paid-in capital	1,453,830	1,323,631
Treasury stock, at cost: 4,490,632 and 4,071,256 shares at May 31, 2024 and August 31, 2023, respectively	(1,309,684)	(1,122,077)
Retained earnings	1,838,478	1,505,096
Accumulated other comprehensive loss	(92,646)	(87,141)
TOTAL STOCKHOLDERS’ EQUITY	1,890,404	1,619,930
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 4,039,701	$ 3,962,922

Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Assets
Derivative instruments	$ 543	$ 4,383
Total assets measured at fair value	199,377	173,718
Liabilities
Derivative instruments	1,069	608
Contingent Liability	8,431	8,008
Total liabilities measured at fair value	9,500	8,616
Series of Individually Immaterial Business Acquisitions
Liabilities
Contingent Liability		7,900
Mutual funds
Assets
Mutual funds	68,890	32,210
Money market funds
Assets
Money market funds	129,944	137,125
Level 1
Assets
Derivative instruments	0	0
Total assets measured at fair value	129,944	137,125
Liabilities
Derivative instruments	0	0
Contingent Liability	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Mutual funds
Assets
Mutual funds	0	0
Level 1 \| Money market funds
Assets
Money market funds	129,944	137,125
Level 2
Assets
Derivative instruments	543	4,383
Total assets measured at fair value	69,433	36,593
Liabilities
Derivative instruments	1,069	608
Contingent Liability	0	0
Total liabilities measured at fair value	1,069	608
Level 2 \| Mutual funds
Assets
Mutual funds	68,890	32,210
Level 2 \| Money market funds
Assets
Money market funds	0	0
Level 3
Assets
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities
Derivative instruments	0	0
Contingent Liability	8,431	8,008
Total liabilities measured at fair value	8,431	8,008
Level 3 \| Mutual funds
Assets
Mutual funds	0	0
Level 3 \| Money market funds
Assets
Money market funds	$ 0	$ 0

Fair Value Measures (Tables)

9 Months Ended

May 31, 2024

Fair Value Disclosures [Abstract]

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


	Fair Value Measurements as of May 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	129,944	$	—	$	—	$	129,944
Mutual funds(2)	—		68,890		—		68,890

Derivative instruments(3)	—		543		—		543
Total assets measured at fair value	$	129,944	$	69,433	$	—	$	199,377

Liabilities
Derivative instruments(3)	$	—	$	1,069	$	—	$	1,069
Contingent Liability(4)	—		—		8,431		8,431
Total liabilities measured at fair value	$	—	$	1,069	$	8,431	$	9,500


	Fair Value Measurements as of August 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	137,125	$	—	$	—	$	137,125
Mutual funds(2)	—		32,210		—		32,210

Derivative instruments(3)	—		4,383		—		4,383
Total assets measured at fair value	$	137,125	$	36,593	$	—	$	173,718

Liabilities
Derivative instruments(3)	$	—	$	608	$	—	$	608
Contingent Liability(4)	—		—		8,008		8,008
Total liabilities measured at fair value	$	—	$	608	$	8,008	$	8,616

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, 2024 and August 31, 2023:


		May 31, 2024				August 31, 2023
(in thousands)	Fair Value Hierarchy	Principal Amount		Estimated Fair Value		Principal Amount		Estimated Fair Value
2027 Notes	Level 1	$	500,000	$	467,050	$	500,000	$	460,890
2032 Notes	Level 1	500,000		431,280		500,000		423,700
2022 Term Facility	Level 3	187,500		188,102		375,000		376,406
2022 Revolving Facility	Level 3	250,000		249,560		250,000		246,875
Total principal amount		$	1,437,500	$	1,335,992	$	1,625,000	$	1,507,871
Total unamortized discounts and debt issuance costs		(9,730)				(12,300)
Total net carrying value of debt		$	1,427,770			$	1,612,700

Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	May 31, 2024	Aug. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,235,816	$ 2,181,243
Accumulated Amortization	384,421	322,041
Total	$ 1,851,395	1,859,202
ABA business process
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	36 years
Gross Carrying Amount	$ 1,583,000	1,583,000
Accumulated Amortization	98,938	65,958
Total	1,484,062	1,517,042
Client relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	265,356	265,315
Accumulated Amortization	77,430	68,701
Total	187,926	196,614
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	163,037	109,222
Accumulated Amortization	56,429	45,560
Total	106,608	63,662
Data content
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	81,583	81,021
Accumulated Amortization	36,842	33,108
Total	44,741	47,913
Software technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	142,550	142,395
Accumulated Amortization	114,716	108,702
Total	$ 27,834	33,693
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	4 years
Gross Carrying Amount	$ 290	290
Accumulated Amortization	66	12
Total	$ 224	$ 278
Minimum \| Client relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	11 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years
Minimum \| Data content
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	7 years
Minimum \| Software technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years
Maximum \| Client relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	26 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	5 years
Maximum \| Data content
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	20 years
Maximum \| Software technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years

Cover - shares	9 Months Ended
Cover - shares	May 31, 2024	Jun. 27, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2024
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		38,039,989
Entity Central Index Key	0001013237
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2024
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

Derivative Instruments

9 Months Ended

May 31, 2024

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, and the availability, effectiveness and cost of derivative instruments.

We utilize derivative instruments to manage risk and not 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 swap agreements to mitigate certain operational exposures from the impact of changes in foreign currency exchange rates and to manage our floating interest rate exposure, respectively. Our foreign currency forward contracts and interest rate swap agreements are designated as cash flow hedges at inception. Our cash flow hedges were highly effective with no amount of ineffectiveness recorded in the Consolidated Statements of Income during the nine months ended May 31, 2024 and May 31, 2023. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

For highly effective cash flows hedges, the change in the derivative's fair value is recorded in Accumulated Other Comprehensive Loss ("AOCL"), net of tax, in the Consolidated Balance Sheets. Realized gains or losses from the settlement of our foreign currency forward contracts and interest rate swap agreements are subsequently reclassified into SG&A and Interest expense, respectively, in the Consolidated Statements of Income. There was no discontinuance of our cash flow hedges during the nine months ended May 31, 2024 and May 31, 2023, and as such, no corresponding gains or losses related to changes in the value of our contracts were reclassified into earnings prior to settlement.

Foreign Currency Forward Contracts

As we operate globally, we are exposed to the risk that our financial condition, results of operations and cash flows could be impacted by changes in foreign currency exchange rates. As of May 31, 2024, we maintained a series of foreign currency forward contracts to hedge a portion of our primary currency exposures, namely the British Pound Sterling, Indian Rupee, Euro and Philippine Peso. We entered into these contracts with the intent to hedge between 25% to 75% of the currency exposure related to our projected operating income in these primary currencies over their respective hedge periods. The hedge maturity periods range from the fourth quarter of fiscal 2024 through the third quarter of fiscal 2025.

The following table summarizes the gross notional value of our foreign currency forward contracts to purchase the respective local currency with U.S. dollars as of May 31, 2024 and August 31, 2023:


	May 31, 2024				August 31, 2023
(in thousands)	Local Currency Amount		Notional Contract Amount (USD)		Local Currency Amount		Notional Contract Amount (USD)
Indian Rupee	Rs	4,481,555	$	53,400	Rs	3,363,150	$	40,300
British Pound Sterling	£	41,500	52,403		£	45,000	56,098
Euro	€	44,200	48,429		€	39,000	42,646
Philippine Peso	₱	1,874,172	32,900		₱	1,888,541	33,600
Total			$	187,132			$	172,644

Refer to 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 foreign exchange rate fluctuations.

Interest Rate Swap Agreements

2024 Swap Agreement

On March 1, 2024, we entered into an interest rate swap agreement ("2024 Swap Agreement") with a notional amount of $200.0 million to hedge a portion of our outstanding floating Secured Overnight Financing Rate ("SOFR") debt with a fixed interest rate of 5.145%. The notional amount of the 2024 Swap Agreement declines by $50.0 million on a quarterly basis beginning May 31, 2024 and matures on February 28, 2025. As of May 31, 2024, the notional amount of the 2024 Swap Agreement was $150.0 million.

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 SOFR debt with a fixed interest rate of 1.162%. The notional amount of the 2022 Swap Agreement declined by $100.0 million on a quarterly basis beginning May 31, 2022. 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 prior to its maturity. The 2022 Swap Agreement matured on February 28, 2024.

Refer to Note 10, Debt, for further discussion of our outstanding floating SOFR debt and refer to 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 variable interest rate debt outstanding.

Gross Notional Value and Fair Value of Derivative Instruments

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


(in thousands)	Gross Notional Value
(in thousands)	May 31, 2024		August 31, 2023
Foreign currency forward contracts	$	187,132	$	172,644
Interest rate swap agreement	150,000		200,000
Total cash flow hedges	$	337,132	$	372,644

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, 2024		August 31, 2023		Balance Sheet Classification	May 31, 2024		August 31, 2023
Foreign currency forward contracts	Prepaid expenses and other current assets	$	482	$	1,260	Accounts payable and accrued expenses	$	1,069	$	608
Interest rate swap agreement	Prepaid expenses and other current assets	61		3,123		Accounts payable and accrued expenses	—		—

Total cash flow hedges		$	543	$	4,383		$	1,069	$	608

Derivative Recognition

The following table provides the pre-tax effect of cash flow hedge accounting on our AOCL for the three months ended May 31, 2024 and May 31, 2023:


	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	2024		2023			2024		2023
Foreign currency forward contracts	$	(1,033)	$	919	SG&A	$	(518)	$	(230)
Interest rate swap agreement	124		(172)		Interest expense	63		3,725
Total cash flow hedges	$	(909)	$	747		$	(455)	$	3,495


The following table provides the pre-tax effect of cash flow hedge accounting on our AOCL for the nine months ended May 31, 2024 and May 31, 2023:

	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	2024		2023			2024		2023
Foreign currency forward contracts	$	(1,439)	$	4,027	SG&A	$	(200)	$	(5,474)
Interest rate swap agreement	151		4,104		Interest expense	3,213		10,567
Total cash flow hedges	$	(1,288)	$	8,131		$	3,013	$	5,093

As of May 31, 2024, we estimate that net pre-tax derivative losses of $0.5 million included in AOCL will be reclassified into earnings within the next 12 months.

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, 2024 and August 31, 2023, there were no material amounts recorded net in the Consolidated Balance Sheets.

Stockholders' Equity (Tables)

9 Months Ended

May 31, 2024

Equity [Abstract]

Schedule of share repurchases

Share Repurchases


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands, except share data)	2024		2023		2024		2023
Repurchases of common stock under the share repurchase program	135,150		165,950		384,150		165,950
Total cost of common stock repurchased under the share repurchase program	$	59,753	$	67,092	$	171,918	$	67,092
Repurchases of common stock to satisfy tax withholding requirements due upon vesting of stock-based awards	2,843		1,239		35,226		28,952
Total cost of repurchases of common stock to satisfy withholding requirements due upon vesting of stock-based awards	$	1,224	$	493	$	15,689	$	12,274

Schedule of dividends declared

Our Board of Directors approved the following dividends:


Year Ended	Dividends per Share of Common Stock		Record Date	Total Amount (in thousands)		Payment Date
Fiscal 2024
First Quarter	$	0.98	November 30, 2023	$	37,299	December 21, 2023
Second Quarter	$	0.98	February 29, 2024	$	37,360	March 21, 2024
Third Quarter	$	1.04	May 31, 2024	$	39,589	June 20, 2024
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

Schedule of components of AOCL

The components of AOCL as of May 31, 2024 and August 31, 2023 were as follows:


(in thousands)	May 31, 2024		August 31, 2023
Accumulated unrealized gains (losses) on cash flow hedges, net of tax	$	(295)	$	2,880
Accumulated foreign currency translation adjustments	(92,351)		(90,021)
Total AOCL	$	(92,646)	$	(87,141)

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, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Numerator
Net income used for calculating Basic EPS	$ 158,135	$ 134,663	$ 447,630	$ 403,054
Net income used for calculating Diluted EPS	$ 158,135	$ 134,663	$ 447,630	$ 403,054
Denominator
Weighted average common shares used in the calculation of Basic EPS (in shares)	38,089	38,278	38,069	38,227
Common stock equivalents associated with stock-based compensation plan (in shares)	551	634	575	709
Shares used in the calculation of Diluted EPS (in shares)	38,640	38,912	38,644	38,936
Basic EPS (in USD per share)	$ 4.15	$ 3.52	$ 11.76	$ 10.54
Diluted EPS (in USD per share)	$ 4.09	$ 3.46	$ 11.58	$ 10.35

- 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; of income (loss) available to common shareholders.

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Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	May 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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, 2023. 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.
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 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 our assets and liabilities. Actual results could differ materially from those estimates.
Concentrations of Credit Risk, Data Providers and Cloud 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 date. The maximum credit exposure related to our derivative instruments is based upon their respective gross fair values as of the balance sheet date. Cash and Cash Equivalents and Investments We are exposed to credit risk on our cash, cash equivalents and investments in mutual funds in the event of default by the governmental and financial institutions with which we transact. We invest in a manner that aligns with our restrictive cash investment practices, preserves capital and provides liquidity, while minimizing our exposure to credit risk. We limit our exposure to credit loss by investing with multiple governmental and financial institutions that we believe are high-quality and credit-worthy. We have not experienced any credit losses relating to our cash, cash equivalents and investments in mutual funds. Accounts Receivable Our accounts receivable credit risk is dependent upon the financial stability of our individual clients. As of May 31, 2024 and August 31, 2023, our accounts receivable reserve was $10.5 million and $7.8 million, respectively. We do not require collateral from our clients; however, no single client represented more than 3.5% of our total revenues in any period presented. Due to our large and geographically dispersed client base, our concentration of credit risk related to our accounts receivable is generally limited. 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 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, 2024. Concentrations of Cloud Providers Our clients rely on us for the delivery of time-sensitive, up-to-date data and applications. Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently. We currently use multiple providers of cloud services; however, one supplier provided the majority of our cloud computing support for the nine months ended May 31, 2024. We maintain back-up facilities and other redundancies at our data centers, take security measures and have emergency planning procedures to minimize the risk that an event will disrupt our operations.
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, 2024 that had a material impact on our Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted SEC Disclosures - The Enhancement and Standardization of Climate-Related Disclosures for Investors In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which would require disclosure of certain climate-related information in various filings with the SEC. In April 2024, the SEC stayed implementation of the final rule pending completion of judicial review. We are currently assessing the potential impact of the rule on our disclosures. Codification Improvements - Amendments to Remove References to the Concepts Statements In March 2024, the FASB issued Accounting Standards Update ("ASU") 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU amends the FASB Accounting Standards Codification ("the Codification") to remove references to various FASB Concepts Statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our interim and annual financial statements starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures. Income Taxes - Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances annual income tax disclosures primarily related to our effective tax rate reconciliation and income taxes paid. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our annual financial statements starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures. Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily related to significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for our annual financial statements starting in fiscal 2025 and interim periods starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures. Disclosure Improvements - Codification Amendment in Response to the Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures. No other new accounting pronouncements issued or effective during the nine months ended May 31, 2024 have had, or are expected to have, a material impact on our Consolidated Financial Statements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings Per Share (Tables)

9 Months Ended

May 31, 2024

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)	2024		2023		2024		2023
Numerator
Net income used for calculating Basic EPS and Diluted EPS	$	158,135	$	134,663	$	447,630	$	403,054
Denominator
Weighted average common shares used in the calculation of Basic EPS	38,089		38,278		38,069		38,227
Common stock equivalents associated with stock-based compensation plan	551		634		575		709
Shares used in the calculation of Diluted EPS	38,640		38,912		38,644		38,936
Basic EPS	$	4.15	$	3.52	$	11.76	$	10.54
Diluted EPS	$	4.09	$	3.46	$	11.58	$	10.35

Schedule of awards excluded from diluted EPS


	Three Months Ended		Nine Months Ended
	May 31,		May 31,
(in thousands)	2024	2023	2024	2023
Stock options	763	583	255	583
Restricted stock units and Performance share units	93	93	95	93

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	May 31, 2024
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, 2023. 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. 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 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 our assets and liabilities. Actual results could differ materially 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 date. The maximum credit exposure related to our derivative instruments is based upon their respective gross fair values as of the balance sheet date. Cash and Cash Equivalents and Investments We are exposed to credit risk on our cash, cash equivalents and investments in mutual funds in the event of default by the governmental and financial institutions with which we transact. We invest in a manner that aligns with our restrictive cash investment practices, preserves capital and provides liquidity, while minimizing our exposure to credit risk. We limit our exposure to credit loss by investing with multiple governmental and financial institutions that we believe are high-quality and credit-worthy. We have not experienced any credit losses relating to our cash, cash equivalents and investments in mutual funds. Accounts Receivable Our accounts receivable credit risk is dependent upon the financial stability of our individual clients. As of May 31, 2024 and August 31, 2023, our accounts receivable reserve was $10.5 million and $7.8 million, respectively. We do not require collateral from our clients; however, no single client represented more than 3.5% of our total revenues in any period presented. Due to our large and geographically dispersed client base, our concentration of credit risk related to our accounts receivable is generally limited. 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 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, 2024. Concentrations of Cloud Providers Our clients rely on us for the delivery of time-sensitive, up-to-date data and applications. Our business is dependent on our ability to process substantial volumes of data and transactions rapidly and efficiently. We currently use multiple providers of cloud services; however, one supplier provided the majority of our cloud computing support for the nine months ended May 31, 2024. We maintain back-up facilities and other redundancies at our data centers, take security measures and have emergency planning procedures to minimize the risk that an event will disrupt our operations. 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, 2024 that had a material impact on our Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted SEC Disclosures - The Enhancement and Standardization of Climate-Related Disclosures for Investors In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which would require disclosure of certain climate-related information in various filings with the SEC. In April 2024, the SEC stayed implementation of the final rule pending completion of judicial review. We are currently assessing the potential impact of the rule on our disclosures. Codification Improvements - Amendments to Remove References to the Concepts Statements In March 2024, the FASB issued Accounting Standards Update ("ASU") 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU amends the FASB Accounting Standards Codification ("the Codification") to remove references to various FASB Concepts Statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our interim and annual financial statements starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures. Income Taxes - Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances annual income tax disclosures primarily related to our effective tax rate reconciliation and income taxes paid. The amendments in this ASU are to be applied prospectively, although retrospective application is permitted, and are effective for our annual financial statements starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures. Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily related to significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for our annual financial statements starting in fiscal 2025 and interim periods starting in fiscal 2026. Early adoption is permitted. This ASU is not expected to have a material impact on our Consolidated Financial Statements. We are currently assessing the impact of the new requirements on our disclosures. Disclosure Improvements - Codification Amendment in Response to the Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures. No other new accounting pronouncements issued or effective during the nine months ended May 31, 2024 have had, or are expected to have, a material impact on our Consolidated Financial Statements.

Stock-Based Compensation (Tables)

9 Months Ended

May 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation

The following table presents the stock-based compensation for the periods presented:


	Three Months Ended				Nine Months Ended
	May 31,				May 31,
(in thousands)	2024		2023		2024		2023
Stock-based compensation expense	$	15,745	$	16,865	$	46,707	$	44,365

Schedule of stock option activity

The following table presents the employee stock options granted under the LTIP for the nine months ended May 31, 2024 and May 31, 2023:


	Nine Months Ended
	May 31,
	2024		2023
Stock options granted(1)	243,379		268,185
Weighted average exercise price	$	436.61	$	426.22
Weighted average grant date fair value	$	132.59	$	125.57

Schedule of assumptions about stock options

As part of the November 1, 2023 annual employee grant, the estimated grant date fair value, using the binomial model, leveraged the following assumptions:


November 1, 2023 Annual Employee Grant Details
Stock options granted			242,371
Risk-free interest rate			4.78% - 5.53%

Expected life (years)			6.62

Expected volatility			23.5%

Dividend yield			0.90%

Estimated fair value			$132.60
Exercise price			$436.57

Schedule of restricted stock awards activity

The following table presents the employee Restricted Stock Awards granted under the LTIP for the nine months ended May 31, 2024 and May 31, 2023:


	Nine Months Ended
	May 31,
	2024			2023
	Shares	Weighted Average Grant Date Fair Value Per Award		Shares	Weighted Average Grant Date Fair Value Per Award
RSUs Granted(1)	74,355	$	423.07	47,474	$	415.31
PSUs Granted(2)	37,008	$	424.63	34,482	$	415.31
Performance adjustment - PSUs(3)	14,472	$	306.33	8,542	$	245.67
Total Restricted Stock Awards	125,835			90,498

Leases - Future Minimum Commitments (Details) $ in Thousands	May 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining three months)	$ 9,767
2025	39,276
2026	39,103
2027	37,886
2028	33,359
Thereafter	89,814
Total minimum lease payments	249,205
Less: Imputed interest	35,433
Total lease liabilities	$ 213,772

Income Taxes

9 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

We are subject to taxation in the United States and various foreign jurisdictions in which we conduct our business. Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes

are recorded for the temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities using currently enacted tax rates.

Income Taxes Provision and Effective Tax Rate

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


	Three Months Ended						Nine Months Ended
	May 31,						May 31,
(in thousands)	2024			2023			2024			2023
Income before income taxes	$	190,532		$	161,998		$	534,373		$	476,645
Provision for income taxes	$	32,397		$	27,335		$	86,743		$	73,591
Effective tax rate	17.0		%	16.9		%	16.2		%	15.4		%

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 of 17.0% for the three months ended May 31, 2024 was relatively flat compared with 16.9% for the three months ended May 31, 2023. This was primarily due to higher pretax income, which reduced the effective tax rate impact of certain tax benefits, offset by increased utilization of foreign tax credits and excess tax benefits from stock-based compensation.

Our effective tax rate for the nine months ended May 31, 2024 was 16.2%, compared with 15.4% for the nine months ended May 31, 2023. This increase was primarily due to higher pretax income, which reduced the effective tax rate impact of certain tax benefits, partially offset by increased utilization of foreign tax credits.

For the periods presented, our effective tax rates differ from the U.S. corporate income tax rate primarily due to the impact of research and development ("R&D") credits, the foreign derived intangible income ("FDII") deduction, excess tax benefits from stock-based compensation and utilization of foreign tax credits, partially offset by our net state income taxes.

Undistributed Foreign Earnings

We permanently reinvest all foreign undistributed earnings, except in jurisdictions where earnings can be repatriated substantially free of tax. It is not practicable to determine the deferred tax liability that would be payable if these earnings were repatriated to the U.S.

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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Comprehensive Income - Unaudited (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on cash flow hedges, tax (benefit) expense	$ (119)	$ (704)	$ (1,126)	$ 781