Form 11-K
Table of Contents

FORM 11-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

 

(Mark One)

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the fiscal year ended: December 31, 2003

 

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the transition period from              to             

 

Commission file number 001- 16583

 

A. Full title of the plans and the address of the plans, if different from that of the Issuer named below:

 

Acuity Specialty Products 401(k) Plan

Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees)

Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees

Enforcer Products 401(k) Plan

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement

 

B. Name of issuer of the securities held pursuant to the plans and the address of the Principal executive office:

 

Acuity Brands, Inc.

1170 Peachtree Street, NE

Suite 2400

Atlanta, Georgia 30309

 



Table of Contents

REQUIRED INFORMATION

 

The following documents are filed as part of this report:

 

1. Financial Statements

 

Plan financial statements prepared in accordance with the financial reporting requirements of ERISA including the following:

 

Report of Independent Registered Public Accounting Firm

 

Statements of Net Assets Available for Benefits as of December 31, 2003 and 2002

 

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2003

 

Notes to Financial Statements

 

2. Exhibits

 

The following exhibit is filed with this report:

 

Consent of Independent Registered Public Accounting Firm

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: June 24, 2004   By:   Acuity Brands, Inc.
        Plan Administrator
    By:  

/s/ James S. Balloun


    Name:   James S. Balloun
    Title:   Chairman and Chief Executive Officer


Table of Contents

AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

At December 31, 2003 and 2002 and

for the year ended December 31, 2003


Table of Contents

Acuity Brands, Inc.

Selected 401(k) and Retirement Plans

 

Audited Financial Statements and Supplemental Schedule

 

At December 31, 2003 and 2002 and for the year ended December 31, 2003

 

Contents

 

Report of Independent Registered Public Accounting Firm

   1

Audited Financial Statements

    

Statements of Net Assets Available for Benefits

   2

Statements of Changes in Net Assets Available for Benefits

   4

Notes to Financial Statements

   5

Supplemental Schedule

    

Schedule of Assets (Held at End of Year)

   12

Exhibit Index

   13


Table of Contents

Report of Independent Registered Public Accounting Firm

 

Plan Administrator

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

 

We have audited the accompanying statements of net assets available for benefits of Acuity Specialty Products 401(k) Plan, Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees), Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees, Enforcer Products 401(k) Plan, Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees, Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement (collectively, the “Plans”) as of December 31, 2003 and 2002, and the related statements of changes in net assets available for benefits for the year ended December 31, 2003. These financial statements are the responsibility of the Plans’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plans at December 31, 2003 and 2002, and the changes in the net assets available for benefits of the Plans for the year ended December 31, 2003 in conformity with U.S. generally accepted accounting principles.

 

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying Schedule of Assets (Held at End of Year) as of December 31, 2003 is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plans’ management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 

/s/ Ernst & Young LLP

May 25, 2004

 

1


Table of Contents

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

 

Statements of Net Assets Available for Benefits

 

December 31, 2003

 

Plan No.

 

Plan Name


   Employer
Contributions
Receivable


   Participant
Contributions
Receivable


   Plan Interest in
Acuity DC Trust
(Notes 1,2, and 3)


   Participant
Loans


   Net Assets
Available for
Benefits


   Plan Interest
Percentage in
Acuity DC Trust
(Notes 1,2, and 3)


 
007  

Acuity Specialty Products 401(k) Plan

   $ 133,000    $ —      $ 151,192,134    $ 3,655,322    $ 154,980,456    45.59 %
033  

Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees)

     18,554      —        150,903,526      2,966,888      153,888,968    45.26 %
067  

Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees

     —        —        1,809,074      55,160      1,864,234    0.55 %
068  

Enforcer Products 401(k) Plan

     —        —        4,787,288      118,099      4,905,387    1.44 %
069  

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees

     —        —        8,364,197      728,486      9,092,683    2.67 %
070  

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement

     —        —        14,365,644      896,535      15,262,179    4.49 %
        

  

  

  

  

  

   

Total

   $ 151,554    $ —      $ 331,421,863    $ 8,420,490    $ 339,993,907    100.00 %
        

  

  

  

  

  

 

See accompanying notes.

 

2


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Acuity Brands, Inc. Selected 401(k) and Retirement Plans

 

Statements of Net Assets Available for Benefits

 

December 31, 2002

 

Plan No.

  

Plan Name


  

Employer

Contributions

Receivable


  

Participant

Contributions

Receivable


  

Plan Interest in

Acuity DC Trust

(Notes 1,2, and 3)


   Participant
Loans


  

Net Assets

Available for

Benefits


  

Plan Interest
Percentage

in Acuity

DC Trust

(Notes 1,2,and 3)


 
007   

Acuity Specialty Products 401(k) Plan

   $ 231,552    $ 28,837    $ 124,436,444    $ 3,924,202    $ 128,621,035    46.12 %
033   

Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees)

     149,112      365,394      119,953,662      2,965,504      123,433,672    44.26 %
067   

Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees

     2,429      15,152      1,264,440      33,004      1,315,025    0.47 %
068   

Enforcer Products 401(k) Plan

     —        —        3,493,049      168,051      3,661,100    1.31 %
069   

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees

     664      1,431      7,415,339      832,434      8,249,868    2.96 %
070   

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement

     —        —        12,880,561      714,106      13,594,667    4.88 %
         

  

  

  

  

  

    

Total

   $ 383,757    $ 410,814    $ 269,443,495    $ 8,637,301    $ 278,875,367    100.00 %
         

  

  

  

  

  

 

See accompanying notes.

 

3


Table of Contents

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

 

Statements of Changes in Net Assets Available for Benefits

 

Year ended December 31, 2003

 

Plan No.

  

Plan Name


   Net Assets
Available for
Benefits at
December 31,
2002


   Employer
Contributions


   Participant
Contributions


   Benefit
Payments


    Net Investment
Gain from
Acuity DC Trust
(Notes 1, 2, and 3)


   Plan Transfers,
net


     Net Assets
Available for
Benefits at
December 31,
2003


007   

Acuity Specialty Products 401(k) Plan

   $ 128,621,035    $ 1,944,111    $ 5,566,284    $ (8,562,531 )   $ 27,343,787    $ 67,770      $ 154,980,456
033   

Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees)

     123,433,672      3,523,720      8,822,872      (7,329,153 )     25,505,627      (67,770 )      153,888,968
067   

Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees

     1,315,025      58,370      371,447      (203,161 )     322,553      —          1,864,234
068   

Enforcer Products 401(k) Plan

     3,661,100      77,943      532,607      (299,352 )     933,089      —          4,905,387
069   

Holophane Division of Acuity Lighting

Group 401(k) Plan for Hourly Employees

     8,249,868      307,248      283,160      (1,009,621 )     1,262,028      —          9,092,683
070   

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement

     13,594,667      484,491      595,566      (874,342 )     1,461,797      —          15,262,179
         

  

  

  


 

  


  

    

Total

   $ 278,875,367    $ 6,395,883    $ 16,171,936    $ (18,278,160 )   $ 56,828,881    $ —        $ 339,993,907
         

  

  

  


 

  


  

 

See accompanying notes.

 

4


Table of Contents

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

 

Notes to Financial Statements

 

December 31, 2003

 

1. Description of the Plans

 

General

 

The accompanying financial statements of the Acuity Brands, Inc. (the “Company” or “Acuity”) 401(k) and Retirement Plans (the “Plans”) included in the accompanying financial statements are commingled in the Acuity Brands, Inc. Defined Contribution Plans Master Trust (the “Acuity DC Trust”). The Plans are subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

During 2002, two Plan mergers occurred. Effective January 1, 2002, the Selig Chemical Industries Retirement Plan merged into the Acuity Specialty Products 401(k) Plan. Employees of Selig Chemical Industries became eligible to participate in the Acuity Specialty Products 401(k) Plan in accordance with its terms. Effective December 31, 2002, the Acuity Brands, Inc. 401(k) Plan for Corporate Employees merged into the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees. Participants of the Acuity Brands, Inc. 401(k) Plan for Corporate Employees became eligible to participate in the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees, in accordance with its terms.

 

The name of the Lithonia Lighting 401(k) Plan for Hourly Employees was changed to Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees on January 1, 2002. The plan was also changed to provide for a matching contribution for employees of American Electric Lighting. The name of the Holophane Division of Lithonia Lighting Group Retirement and 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement and the name of the Holophane Division of Lithonia Lighting Group Retirement and 401(k) Plan for Hourly Employees were changed to Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement and Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees, respectively.

 

Effective February 11, 2002, participants in all of the Plans were permitted to direct the investments of all funds in their respective plan, thereby eliminating the non-participant-directed funds. Employer matching amounts are allocated in accordance with the participant’s current investment elections for elective deferrals.

 

5


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Acuity Brands, Inc. Selected 401(k) and Retirement Plans

Notes to Financial Statements (continued)

 

1. Description of the Plans (continued)

 

General (continued)

 

Additional amendments that were made and entered into during 2002 were adopted to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 as they were applicable to the plans.

 

Effective January 1, 2003, the name of the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees was changed to Acuity Brands, Inc. 401(k) Plan.

 

Refer to the respective summary plan description or plan agreement for additional information about the Plans’ eligibility, funding, allocation, vesting, and benefit provisions.

 

Eligibility

 

Each of the Plans is a defined contribution plan. The Plans cover substantially all domestic salaried, commissioned, union and non-union hourly employees of the Company. Employees have immediate eligibility upon attaining the age requirement, with the exception of the Acuity Specialty Products 401(k) Plan, which has a six-month waiting period.

 

Administration

 

Administration of the Plans is the responsibility of the Company’s investment committee, which is appointed by its board of directors. All administrative expenses of the Plans were paid by the Company during the year ended December 31, 2003.

 

Plan Termination

 

Although the Company intends for the Plans to be permanent, the Plans provide the Company the right to discontinue contributions or to terminate the Plans at any time. In the event of a plan termination, each respective participant shall be 100% vested in the balance of his/her account and his/her proportionate share of any future adjustments or forfeitures.

 

Investment in Related Party Common Stock

 

As of December 31, 2003 and 2002, the percentage of the Acuity DC Trust’s net assets invested in the common stock of Acuity was 4.0% and 2.6%, respectively.

 

6


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Acuity Brands, Inc. Selected 401(k) and Retirement Plans

Notes to Financial Statements (continued)

 

1. Description of the Plans (continued)

 

Funding Policy

 

The basis for determining participant (pre-tax) and employer contributions is as follows:

 

Plan Name


  

Participant
Contributions *


  

Employer Contributions *


Acuity Specialty Products 401(k) Plan

   1% to 25% of compensation    For non-union employees – 50% of participant contributions up to 6% of compensation. For union employees only – 5% of net profits plus an amount which represents the same percentage of total annual compensation of all hourly paid plan participants as the 5% of net profits bears to total annual compensation of salaried and commissioned plan participants. This amount is multiplied by a fraction representing the relationship between annual compensation of all salaried, commissioned, and non-union hourly or union-qualifying participants to the annual compensation of all qualifying participants. Contributions apply to up to $40,000 of qualifying participant compensation. Additional discretionary contributions are permitted.

Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees)

   1% to 25% of compensation    Effective January 1, 2003 the plan was amended to increase the matching contribution to 60% of the first 6% of employee deferrals to the Plan and to eliminate the profit sharing contribution. Effective January 1, 2003, the plan was also amended to provide for a supplemental contribution for employees who on December 31, 2002 were active participants in the Acuity Brands, Inc. Pension Plan, which was frozen on that date. The supplemental contribution will be made at the end of each plan year to eligible participants who are non-highly compensated employees and who are employed on the last day of the plan year.

* Effective January 1, 2003, all plans were amended to provide that forfeitures of employer contributions may be used to pay plan administrative expenses (except forfeitures of profit sharing contributions made to union employees in the Acuity Specialty Products Plan), and to change the definition of disability to mean that a participant has been determined by the Social Security Administration to be entitled to Social Security disability benefits.

 

7


Table of Contents

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

Notes to Financial Statements (continued)

 

1. Description of the Plans (continued)

 

Plan Name


   Participant
Contributions *


  

Employer Contributions *


Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees

   1% to 25% of
compensation
   Plan provides that the matching contribution for hourly employees of Hydrel and Lithonia will be equal to 25% of the first 15% of an employee’s deferrals. American Electric employees receive a matching contribution equal to 50% of the first 6% of employee deferrals. Employees at all other locations participating in the plan do not receive an employer contribution. Effective January 1, 2004, Teamsters Local Union #673 – Midwest Regional Warehouse was added to this plan. Employees at this location will receive an employer contribution equal to $.05 for each hour for which they are paid during 2004, regardless of whether they make employee deferrals to the plan. The employer contribution will increase to $.06 in 2005, $.07 in 2006, $.08 in 2007, and $.09 in 2008.

Enforcer Products 401(k) Plan

   1% to 25% of
compensation
   Discretionary match and profit sharing contribution.

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees

   1% to 25% of
compensation
   Employees of Holophane at Pataskala and Utica, Ohio hired on or after December 1, 2001 – 50% of participant contribution up to 6% of compensation. All other employees of Holophane – 33% of participant contribution up to 6% of compensation, plus a discretionary basic contribution of 5% of annual compensation. Employees of Metal Optics – 50% of participant contribution up to 6% of compensation.

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement

   1% to 25% of
compensation
   IBEW Local 1853 – Effective April 1, 2003 the basic additional contribution was increased to 5% of annual compensation. Employees hired on or after December 16, 2001 will receive a matching contribution of 50% of the first 6% of employee deferrals. AFGWU Local Nos. 4, 105 and 525 – 25% of the first 6% of compensation. Additional basic contribution of 5% of annual compensation. Employees hired on or after August 5, 2002 will receive a matching contribution of 50% of the first 6% of employee deferrals. UAW Local 1876 – 25% of the first 6% of compensation. Additional basic contribution of 4.5% of annual compensation. Effective March 10, 2002, the plant that employed the UAW Local 1876 members was closed and all employees were either terminated or transferred to another facility. The Plan was amended effective March 10, 2002 to fully vest the accounts of all active UAW Local 1876 participants.

* Effective January 1, 2003, all plans were amended to provide that forfeitures of employer contributions may be used to pay plan administrative expenses (except forfeitures of profit sharing contributions made to union employees in the Acuity Specialty Products Plan), and to change the definition of disability to mean that a participant has been determined by the Social Security Administration to be entitled to Social Security disability benefits.

 

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Table of Contents

Acuity Brands, Inc. Selected 401(k) and Retirement Plans

Notes to Financial Statements (continued)

 

2. Significant Accounting Policies

 

Basis of Accounting

 

The accounts of the Plans are maintained by the trustee, AMVESCAP National Trust Company, on the cash basis of accounting. The accompanying financial statements have been prepared using the accrual method of accounting.

 

Investments

 

The investments in the Acuity DC Trust (the “Trust”) are subject to certain administrative guidelines and limitations as to the type and amount of securities held. Certain fund assets are allocated to selected independent investment managers to invest under these guidelines. Investments of the Trust, except for the guaranteed investment contracts (“GICs”), are stated at fair value, as determined by the trustee from quoted market prices. Securities traded on a national exchange are valued at the last reported sales price on the last business day of the plan year; investments traded in the over-the-counter market and listed securities for which no sale was reported on the last day of the plan year are valued at the last reported bid price.

 

GICs are subject to credit risk based on the ability of the issuers to meet interest or principal payments, or both, as they become due. Certain GICs included in the Trust are synthetic; that is, the Trust owns/owned certain fixed income securities and the contract issuer provides/provided a “wrapper” that guarantees a fixed rate of return and provides benefit responsiveness. At December 31, 2003 and 2002, the fair values of the underlying assets of the synthetic GICs (as determined from quoted market prices) were $95,129,058 and $93,500,844 respectively, and the values of the related wrapper contracts were $(3,307,071) and $(4,336,487) included in the Trust, respectively.

 

GICs included in the Trust are fully benefit-responsive and are therefore carried at contract value (cost plus accrued interest) by the Trust in accordance with SOP 94-4, “Reporting of Investment Contracts held by Health and Welfare Benefit Plans and Defined-Contribution Pension Plans.” At December 31, 2003 and 2002, contract value approximated fair value. At December 31, 2003 and 2002, the weighted-average crediting interest rates, which are reset periodically during the year, were 1.35% and 3.37%, respectively. For the years ended December 31, 2003 and 2002, the annual yields on the GICs held by the Trust were 4.60% and 4.88%, respectively. For certain of the GICs held by the Trust, crediting interest rates may be changed if certain events occur, such as early retirements and plant closings, but in no case are adjusted to a rate less than 0%.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and the differences could be significant.

 

9


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Acuity Brands, Inc. Selected 401(k) and Retirement Plans

Notes to Financial Statements (continued)

 

3. Acuity DC Trust

 

The Acuity DC Trust is a collective investment of the assets of participating employee benefit plans of the Company. Trust assets are allocated among participating plans by assigning to each plan those transactions (primarily contributions and benefit payments) which can be specifically identified and distributing among all plans, in proportion to the fair value of the assets assigned to each plan, income and expenses resulting from the collective investment of the assets of the trust.

 

The fair value or contract value, which approximates fair value, of net assets of the Acuity DC Trust is presented below as of December 31, 2003 and 2002.

 

     2003

    2002

 

Investments:

                

Mutual funds

   $ 155,976,905     $ 106,947,137  

Common/collective trusts

     60,562,264       51,872,086  

Guaranteed investment contracts

     5,422,644       11,412,151  

Common stock

     13,576,115       7,737,085  

Cash equivalents

     3,887,903       2,579,606  

Corporate debt instruments

     —         12,855,708  

U.S. Government securities

     3,721,804       8,958,246  

103-12 investment entities

     91,224,998       71,355,761  

Synthetic guaranteed investment contract wrappers

     (3,307,071 )     (4,336,487 )
    


 


Total Investments

     331,065,562       269,381,293  

Accrued investment income

     326,079       2,410  

Adjustments for pending trades

     68,946       105,572  
    


 


Total Assets

     331,460,587       269,489,275  

Accrued expenses and other

     (38,724 )     (45,780 )
    


 


Net assets

   $ 331,421,863     $ 269,443,495  
    


 


 

Investment results of the Acuity DC Trust for the year ended December 31, 2003 are as follows:

 

Interest income

   $ 4,855,986

Net appreciation in fair value of common stock

     6,991,905

Net gain from common/collective trust funds

     10,145,799

Net gain from mutual funds

     34,835,191
    

Investment results

   $ 56,828,881
    

 

10


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Acuity Brands, Inc. Selected 401(k) and Retirement Plans

Notes to Financial Statements (continued)

 

4. Income Tax Status

 

The Plans have received determination letters from the Internal Revenue Service stating that the Plans are qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Subsequent to these determinations by the Internal Revenue Service, the Plans were amended. Once qualified, the Plans are required to operate in conformity with the Code to maintain their qualification. The Plan administrator believes the Plans are being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plans as amended, are qualified and the related trusts are tax exempt.

 

5. Benefits Payable

 

The following Plans had benefit payments that were approved for payment prior to December 31, but were not paid until subsequent to December 31:

 

Plan No.

 

Plan Name


   2003

   2002

007  

Acuity Specialty Products 401(k) Plan

     —        —  
033  

Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees)

   $ 14,866    $ 633
067  

Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees

     —        —  
068  

Enforcer Products 401(k) Plan

     —        —  
069  

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees

     —        —  
070  

Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered

By a Collective Bargaining Agreement

     —        —  

 

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Acuity Brands, Inc.

Selected 401(k) and Retirement Plans

 

Schedule H, Line 4i

 

Schedule of Assets (Held at End of Year)

 

December 31, 2003

 

(a)   (b)             (c)    (d)    (e)
   

Identity of Issue, Borrower,

Lessor, or Similar Party


   Plan No.

  

EIN


 

Description of Investment,
Including Maturity Date, Rate
of Interest, Collateral, Par or
Maturity Value


   Cost

  

Current

Value


*

  Acuity Specialty Products 401(k) Plan    007    58-2632672   Participant Loans      —      $ 3,655,322

*

  Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for salaried employees)    033    58-2632672   Participant Loans      —        2,966,888

*

  Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees    067    58-2632672   Participant Loans      —        55,160

*

  Enforcer Products 401(k) Plan    068    58-2632672   Participant Loans      —        118,099

*

  Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees    069    58-2632672   Participant Loans      —        728,486

*

  Holophane Division of Acuity Lighting Group 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement    070    58-2632672   Participant Loans      —        896,535
                      

  

    Total                  $  —      $ 8,420,490
                      

  


* Represents a party in interest

 

12


Table of Contents

EXHIBIT INDEX

 

Exhibit
Number


 

Description


23.1   Consent of Independent Registered Public Accounting Firm.

 

13

Consent of Independent Registered Public Accounting Firm

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-74242) pertaining to the financial statements of the Acuity Specialty Products 401(k) Plan, Acuity Brands, Inc. 401(k) Plan (formerly the Acuity Lighting Group, Inc. Profit Sharing and Retirement Plan for Salaried Employees), Acuity Lighting Group, Inc. 401(k) Plan for Hourly Employees, Enforcer Products 401(k) Plan, Holophane Division of Acuity Lighting Group, Inc. Retirement and 401(k) Plan for Hourly Employees, and Holophane Division of Acuity Lighting Group, Inc. Retirement and 401(k) Plan for Hourly Employees Covered by a Collective Bargaining Agreement (collectively the “Plans”) of Acuity Brands, Inc., of our report dated May 25, 2004, with respect to the financial statements of the Plans included in this Annual Report (Form 11-K) for the year ended December 31, 2003.

 

/s/ Ernst & Young LLP

 

Atlanta, Georgia

June 22, 2004