0001144215-21-000041 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 28, 2021	Mar. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2021
Document Transition Report	false
Entity File Number	001-16583
Entity Registrant Name	ACUITY BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2632672
Entity Address, Address Line One	1170 Peachtree Street, N.E.
Entity Address, Address Line Two	Suite 2300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309-7676
City Area Code	404
Local Phone Number	853-1400
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	AYI
Security Exchange Name	NYSE
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		35,705,420
Entity Central Index Key	0001144215
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--08-31

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 498.7	$ 560.7
Accounts receivable, less reserve for doubtful accounts of $2.6 and $2.6, respectively	448.0	500.3
Inventories	321.3	320.1
Prepayments and other current assets	76.1	58.6
Total current assets	1,344.1	1,439.7
Property, plant, and equipment, net	262.0	270.5
Operating lease right-of-use assets	63.3	63.4
Goodwill	1,084.2	1,080.0
Intangible assets, net	587.2	605.9
Deferred income taxes	2.5	2.7
Other long-term assets	16.9	29.5
Total assets	3,360.2	3,491.7
Current liabilities:
Accounts payable	321.5	326.5
Current maturities of debt	4.0	24.3
Current operating lease liabilities	17.3	17.2
Accrued compensation	91.4	85.4
Other accrued liabilities	142.1	164.2
Total current liabilities	576.3	617.6
Long-term debt	494.0	376.8
Long-term operating lease liabilities	52.2	56.8
Accrued pension liabilities	68.0	91.6
Deferred income taxes	95.5	94.9
Self-insurance reserves	6.8	6.5
Other long-term liabilities	134.9	120.0
Total liabilities	1,427.7	1,364.2
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value; 500,000,000 shares authorized; 53,985,970 and 53,885,165 issued, respectively	0.5	0.5
Paid-in capital	977.8	963.6
Retained earnings	2,635.9	2,523.3
Accumulated other comprehensive loss	(118.1)	(132.7)
Treasury stock, at cost — 18,244,813 and 15,012,449 shares, respectively	(1,563.6)	(1,227.2)
Total stockholders’ equity	1,932.5	2,127.5
Total liabilities and stockholders’ equity	$ 3,360.2	$ 3,491.7
Preferred Stock, Shares Issued	0	0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Current assets:
Allowance for doubtful accounts	$ 2.6	$ 2.6
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	53,985,970	53,885,165
Treasury stock, shares (shares)	18,244,813	15,012,449

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Income Statement [Abstract]
Net sales	$ 776.6	$ 824.2	$ 1,568.6	$ 1,658.9
Cost of products sold	439.9	480.3	899.5	959.2
Gross profit	336.7	343.9	669.1	699.7
Selling, distribution, and administrative expenses	245.4	260.9	491.4	526.2
Special charges	0.3	1.6	1.0	8.5
Operating profit	91.0	81.4	176.7	165.0
Other expense:
Interest expense, net	6.6	5.7	11.5	14.0
Miscellaneous expense, net	2.2	1.0	3.8	2.4
Total other expense	8.8	6.7	15.3	16.4
Income before income taxes	82.2	74.7	161.4	148.6
Income tax expense	19.3	17.5	38.9	34.4
Net income	$ 62.9	$ 57.2	$ 122.5	$ 114.2
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.75	$ 1.45	$ 3.32	$ 2.89
Basic weighted average number of shares outstanding (in shares)	36.0	39.5	36.9	39.5
Diluted earnings per share (in dollars per share)	$ 1.74	$ 1.44	$ 3.30	$ 2.88
Diluted weighted average number of shares outstanding (in shares)	36.2	39.7	37.1	39.7
Dividends declared per share (in dollars per share)	$ 0.13	$ 0.13	$ 0.26	$ 0.26
Comprehensive income:
Net income	$ 62.9	$ 57.2	$ 122.5	$ 114.2
Other comprehensive income (loss) items:
Foreign currency translation adjustments	6.7	(3.7)	11.3	(1.8)
Defined benefit plans, net of tax	1.7	1.7	3.3	3.6
Other comprehensive income (loss) items, net of tax	8.4	(2.0)	14.6	1.8
Comprehensive income	$ 71.3	$ 55.2	$ 137.1	$ 116.0

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash flows from operating activities:
Net income	$ 122.5	$ 114.2
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	50.0	49.8
Share-based payment expense	15.2	24.7
Asset impairment	4.0	0.0
Accounts receivable	54.5	66.9
Inventories	(0.4)	8.3
Prepayments and other current assets	(7.6)	(4.0)
Accounts payable	(4.3)	(12.3)
Other	(21.3)	(32.9)
Net cash provided by operating activities	212.6	214.7
Cash flows from investing activities:
Purchases of property, plant, and equipment	(21.2)	(24.9)
Proceeds from sale of property, plant, and equipment	0.4	0.2
Acquisition of businesses, net of cash acquired	0.0	(302.9)
Other investing activities	(3.1)	(1.9)
Net cash used for investing activities	(23.9)	(329.5)
Cash flows from financing activities:
Issuance of long-term debt	493.9	400.0
Repayments of long-term debt	(397.1)	(350.5)
Repurchases of common stock	(338.3)	0.0
Proceeds from stock option exercises and other	0.9	0.5
Payments of taxes withheld on net settlement of equity awards	(3.3)	(4.7)
Dividends paid	(9.7)	(10.4)
Net cash (used for) provided by financing activities	(253.6)	34.9
Effect of exchange rate changes on cash and cash equivalents	2.9	(0.5)
Net change in cash and cash equivalents	(62.0)	(80.4)
Cash and cash equivalents at beginning of period	560.7	461.0
Cash and cash equivalents at end of period	498.7	380.6
Supplemental cash flow information:
Income taxes paid during the period	38.7	29.9
Interest paid during the period	$ 15.5	$ 23.8

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Feb. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Acuity Brands, Inc. (“Acuity Brands”) is the parent company of Acuity Brands Lighting, Inc. (“ABL”) and other wholly-owned subsidiaries (Acuity Brands, ABL, and such other subsidiaries are collectively referred to herein as “we,” “our,” “us,” the “Company,” or similar references) and was incorporated in 2001 under the laws of the State of Delaware. We are a market-leading industrial technology company that develops, manufactures, and provides lighting and building technology solutions and services for commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets. Our lighting and building technology solutions include devices such as luminaires, lighting controls, controls for various building systems, power supplies, prismatic skylights, and drivers, as well as integrated systems designed to optimize energy efficiency and comfort for various indoor and outdoor applications. Additionally, we continue to evolve Atrius as the intelligent building platform upon which a host of problem-solving applications can be deployed. Our solution, built on our local operating system, delivers increased efficiency and productivity by solving facility, operational, and line of business problems through location awareness. We have one reportable segment serving the North American lighting market and select international markets. We prepared the Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) to present the financial position, results of operations, and cash flows of Acuity Brands and its wholly-owned subsidiaries. These unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of February 28, 2021, our consolidated comprehensive income for the three and six months ended February 28, 2021 and February 29, 2020, and our consolidated cash flows for the six months ended February 28, 2021 and February 29, 2020. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the three years ended August 31, 2020 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on October 23, 2020 (File No. 001-16583) (“Form 10-K”). The results of operations for the three and six months ended February 28, 2021 and February 29, 2020 are not necessarily indicative of the results to be expected for the full fiscal year due primarily to continued uncertainty of general economic conditions that may impact our key end markets for the remainder of fiscal 2021, seasonality, and the impact of any acquisitions, among other reasons. Additionally, we are uncertain of the future impact of the ongoing COVID-19 pandemic and of possible sustained deterioration in economic conditions to our sales channels, supply chain, manufacturing, and distribution as well as overall construction, renovation, and consumer spending.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Feb. 28, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.

Acquisitions	6 Months Ended
Acquisitions	Feb. 28, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions The following discussion relates to acquisitions completed during fiscal 2020. No acquisitions were completed during fiscal 2021. Fiscal 2020 Acquisitions The Luminaires Group On September 17, 2019, using cash on hand and borrowings under available existing credit arrangements, we acquired all of the equity interests of The Luminaires Group (“TLG”), a leading provider of specification-grade luminaires for commercial, institutional, hospitality, and municipal markets, all of which complement our current and dynamic lighting portfolio. TLG's indoor and outdoor lighting fixtures are marketed to architects, landscape architects, interior designers, and engineers through five niche lighting brands: A-light™, Cyclone™, Eureka®, Luminaire LED™, and Luminis®. LocusLabs, Inc. On November 25, 2019, using cash on hand, we acquired all of the equity interests of LocusLabs, Inc (“LocusLabs”). The LocusLabs software platform supports navigation applications used on mobile devices, web browsers, and digital displays in airports, event centers, multi-floor office buildings, and campuses. Accounting for Fiscal 2020 Acquisitions We accounted for the acquisitions of TLG and LocusLabs (collectively, the “2020 Acquisitions”) in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). Acquired assets and liabilities were recorded at their estimated acquisition-date fair values, and acquisition-related costs were expensed as incurred. We finalized the acquisition accounting for the 2020 Acquisitions during the first quarter of fiscal 2021. There were no material changes to our financial statements as a result of the finalization of the acquisition accounting for the 2020 Acquisitions. The aggregate purchase price of the 2020 Acquisitions reflects total goodwill and identified intangible assets of approximately $107.6 million and $180.6 million, respectively. Identified intangible assets consist of indefinite-lived marketing-related intangibles as well as definite-lived customer-based and technology-based assets, which have a weighted average useful life of approximately 16 years. Goodwill recognized from these acquisitions is comprised primarily of expected benefits related to complementing and expanding our solutions portfolio, including dynamic lighting and software, as well as the trained workforce acquired with these businesses and expected synergies from combining the operations of the acquired businesses with our operations. Goodwill from these acquisitions totaling $77.7 million is expected to be tax deductible.

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Feb. 28, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in Fiscal 2021 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on the entity's estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. These standards have been collectively codified within ASC Topic 326, Credit Losses (“ASC 326”). The provisions of ASC 326 are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2019. We adopted the provisions of ASC 326 as of September 1, 2020 and applied these changes through an immaterial cumulative-effect adjustment of $0.2 million to retained earnings as of the date of adoption. Our estimation of current expected credit losses reflects our considerations of the impact of general economic conditions, including construction spending, unemployment rates, the effects of the COVID-19 pandemic, and macroeconomic growth, on our customers' ability to meet their obligations. In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which requires customers to apply internal-use software guidance to determine the implementation costs that are able to be capitalized. Capitalized implementation costs are required to be amortized over the term of the arrangement, beginning when the cloud computing arrangement is ready for its intended use. ASU 2018-15 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2019. We adopted ASU 2018-15 as of September 1, 2020 on a prospective basis. This standard did not have a material effect on our financial condition, results of operations, or cash flows. Accounting Standards Yet to Be Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC Topic 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the provisions of ASU 2019-12 on our financial condition, results of operations, and cash flows. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Fair Value Measurements

6 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

We determine fair value measurements based on the assumptions a market participant would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a three-level hierarchy that categorizes market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3).

We utilize valuation methodologies to determine the fair values of our financial assets and liabilities in conformity with the concepts of “exit price” and the fair value hierarchy as prescribed in ASC 820. All valuation methods and assumptions are validated at least quarterly to ensure the accuracy and relevance of the fair values. There were no material changes to the valuation methods or assumptions used to determine fair values during the current period. No transfers between the levels of the fair value hierarchy occurred during the current fiscal period. In the event of a transfer in or out of a level within the fair value hierarchy, the transfers would be recognized on the date of occurrence.

We used quoted market prices to determine the fair value of Level 1 assets and liabilities. Our cash and cash equivalents (Level 1), which are required to be carried at fair value and measured on a recurring basis, were $498.7 million and $560.7 million as of February 28, 2021 and August 31, 2020, respectively.

Disclosures of fair value information about financial instruments (whether or not recognized in the balance sheet), for which it is practicable to estimate that value, are required each reporting period in addition to any financial instruments carried at fair value on a recurring basis as prescribed by ASC Topic 825, Financial Instruments (“ASC 825”). In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows.

The carrying values and estimated fair values of certain of our financial instruments were as follows as of the dates presented (in millions):


	February 28, 2021				August 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Investments in unconsolidated affiliates	$	5.5	$	5.5	$	6.0	$	6.0
Liabilities:
Senior unsecured public notes, net of unamortized discount and deferred costs	$	494.0	$	490.8	$	—	$	—
Borrowings under Term Loan Facility	—		—		395.0		395.0
Industrial revenue bond	4.0		4.0		4.0		4.0
Bank loans	—		—		2.1		2.3

We hold equity investments in three unconsolidated affiliates without readily determinable fair value. These strategic investments represent less than a 20% ownership interest in each of the privately-held affiliates, and we do not maintain power over or control of the entities. We have elected the practical expedient in ASC Topic 321, Investments—Equity Securities, to measure these investments at cost less any impairment adjusted for observable price changes, if any. Based on these considerations, we estimate that the carrying value of the acquired shares represents the fair value of the investment as of February 28, 2021. During the first quarter of fiscal 2021, we recorded an impairment charge for one of these investments of $4.0 million as a recapitalization of the underlying company diluted our holding value. This impairment is reflected in Miscellaneous expense, net for the six months ended February 28, 2021 within our Consolidated Statements of Comprehensive Income.

Our senior unsecured public notes are carried at the outstanding balance, net of unamortized bond discount and deferred costs, as of the end of the reporting period. Fair value is estimated based on discounted future cash flows using rates currently available for debt of similar terms and maturity (Level 2). Our industrial revenue bond (“IRB”) is carried at the outstanding balance as of the end of the reporting period. The IRB is a variable-rate instrument that resets on a frequent short-term basis; therefore, we estimate that the face amount of this bond approximates its fair value as of February 28, 2021 based on instruments of similar terms and maturity (Level 2). Fair value is estimated based on discounted future cash flows using rates currently available for debt of similar terms and maturity (Level 2). See Note 9 — Debt and Lines of Credit for further details on our borrowings.

ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value to us. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating our management of liquidity and other risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above.

- Definition

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

+ References + Details

Inventories

6 Months Ended

Feb. 28, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories include materials, labor, inbound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) and net realizable value, and consist of the following as of the dates presented (in millions):


	February 28, 2021		August 31, 2020
Raw materials, supplies, and work in process (1)	$	163.1	$	170.3
Finished goods	201.1		199.1
Inventories excluding reserves	364.2		369.4
Less: Reserves	(42.9)		(49.3)
Total inventories	$	321.3	$	320.1

_______________________________________

(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information.

We review inventory quantities on hand and record a provision for excess or obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand or market conditions could render certain inventory obsolete and could have a material adverse impact on our operating results in the period the change occurs.

Property, Plant and Equipment

6 Months Ended

Feb. 28, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment consisted of the following as of the dates presented (in millions):


	February 28, 2021		August 31, 2020
Land	$	22.4	$	22.2
Buildings and leasehold improvements	194.1		192.2
Machinery and equipment	602.4		588.4
Total property, plant, and equipment, at cost	818.9		802.8
Less: Accumulated depreciation and amortization	(556.9)		(532.3)
Property, plant, and equipment, net	$	262.0	$	270.5

Goodwill and Intangible Assets

6 Months Ended

Feb. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Through multiple acquisitions, we have acquired definite-lived intangible assets consisting primarily of trademarks and trade names associated with specific products, distribution networks, patented technology, non-compete agreements, and customer relationships, which are amortized over their estimated useful lives. Indefinite-lived intangible assets consist of trade names that are expected to generate cash flows indefinitely.

We recorded amortization expense of $10.1 million and $10.4 million during the three months ended February 28, 2021 and February 29, 2020, respectively, and $20.2 million and $20.0 million during the six months ended February 28, 2021 and February 29, 2020, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $40.7 million in fiscal 2021, $40.6 million in fiscal 2022, $40.3 million in fiscal 2023, $40.1 million in fiscal 2024, and $33.3 million in fiscal 2025.

The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in millions):


	Six Months Ended
	February 28, 2021		February 29, 2020
Beginning balance	$	1,080.0	$	967.3
Provisional additions from acquired businesses	—		147.8
Adjustments to provisional amounts from acquired businesses	—		(23.9)
Foreign currency translation adjustments	4.2		(1.6)
Ending balance	$	1,084.2	$	1,089.6

Further discussion of goodwill and other intangible assets is included within the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Debt and Lines of Credit

6 Months Ended

Feb. 28, 2021

Debt Disclosure [Abstract]

Debt and Lines of Credit

Long-term Debt

On November 10, 2020, ABL issued $500.0 million aggregate principal amount of 2.150% senior unsecured notes due December 15, 2030 (the "Unsecured Notes"). The Unsecured Notes bear interest at a rate of 2.150% per annum and were issued at a price equal to 99.737% of their face value. Interest on the Unsecured Notes will be paid semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. The Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by Acuity Brands and ABL IP Holding LLC, a wholly-owned subsidiary of Acuity Brands. Additionally, we recorded $4.8 million of deferred issuance costs related to the Unsecured Notes as a direct deduction from the face amount of the Unsecured Notes. These issuance costs are amortized over the 10-year term of the Unsecured Notes. As of February 28, 2021, the balance of the Unsecured Notes net of unamortized discount and deferred issuance costs was $494.0 million.

As of February 28, 2021, we also had $4.0 million of tax-exempt industrial revenue bonds that are scheduled to mature in June 2021. The carrying value of these bonds is reflected within Current maturities of debt on the Consolidated Balance Sheets as of February 28, 2021. Additionally, we had $2.1 million outstanding under fixed-rate bank loans at August 31, 2020 that we repaid during the six months ended February 28, 2021, prior to their maturity date. Further discussion of our long-term debt is included within the Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Lines of Credit

On June 29, 2018, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks that provides us with a $400.0 million five-year unsecured revolving credit facility (the “Revolving Credit Facility”) and provided us with a $400.0 million unsecured delayed draw term loan facility (the “Term Loan Facility”). We had no borrowings outstanding under the Revolving Credit Facility as of February 28, 2021 or August 31, 2020. We had $395.0 million of borrowings under the Term Loan Facility as of August 31, 2020, which we fully repaid during the first quarter of fiscal 2021 using the proceeds from the Unsecured Notes. The Credit Agreement allows for no future borrowings under the Term Loan Facility.

Generally, amounts outstanding under the Revolving Credit Facility allow for borrowings to bear interest at either the Eurocurrency Rate or the base rate at our option, plus an applicable margin. Eurocurrency Rate advances can be denominated in a variety of currencies, including U.S. Dollars, and amounts outstanding bear interest at a periodic fixed rate equal to the London Inter-Bank Offered Rate (“LIBOR”) or screen rate for the applicable currency plus an applicable margin. The Eurocurrency Rate applicable margin is based on our leverage ratio, as defined in the Credit Agreement, with such margin ranging from 1.000% to 1.375%. Base rate advances bear interest at an alternate base rate plus an applicable margin. The base rate applicable margin is based on our leverage ratio with such margin ranging from 0.000% to 0.375%.

We are required to pay certain fees in connection with the Credit Agreement, including administrative service fees and an annual facility fee. The annual facility fee is payable quarterly, in arrears, and is determined by our leverage ratio. The annual facility fee ranges from 0.125% to 0.250% of the aggregate $400.0 million commitment of the lenders under the Credit Agreement. The Credit Agreement contains financial covenants, including a minimum interest expense coverage ratio (“Minimum Interest Expense Coverage Ratio”) and a leverage ratio (“Maximum Leverage Ratio”) of total indebtedness to earnings before interest, tax, depreciation, and amortization (“EBITDA”), as such terms are defined in the Credit Agreement. These ratios are computed at the end of each fiscal quarter for the most recent 12-month period. The Credit Agreement generally allows for a Minimum Interest Expense Coverage Ratio of 2.50 and a Maximum Leverage Ratio of 3.50, subject to certain conditions.

We were in compliance with all financial covenants under the Credit Agreement as of February 28, 2021. At February 28, 2021, we had additional borrowing capacity under the Credit Agreement of $395.8 million under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less the outstanding letters of credit of $4.2 million issued under the Revolving Credit Facility. As of February 28, 2021, we had outstanding letters of credit totaling $8.4 million, primarily for securing collateral requirements under our casualty insurance programs and for providing credit support for our industrial revenue bond, which includes the $4.2 million issued under the Revolving Credit Facility.

Borrowings and repayments on our Revolving Credit Facility with terms of three months or less are reported on a net basis on our Consolidated Statements of Cash Flows.

Interest Expense, net

Interest expense, net, is comprised primarily of interest expense on long-term debt, obligations in connection with non-qualified retirement benefits, and Revolving Credit Facility borrowings, partially offset by interest income earned on cash and cash equivalents.

The following table summarizes the components of interest expense, net for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Interest expense	$	6.9	$	6.8	$	12.0	$	15.8
Interest income	(0.3)		(1.1)		(0.5)		(1.8)
Interest expense, net	$	6.6	$	5.7	$	11.5	$	14.0

Commitments and Contingencies

6 Months Ended

Feb. 28, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesIn the normal course of business, we are subject to the effects of certain contractual stipulations, events, transactions, and laws and regulations that may, at times, require the recognition of liabilities, such as those related to self-insurance estimated liabilities and claims, legal and contractual issues, environmental laws and regulations, guarantees, and indemnities. We establish estimated liabilities when the associated costs related to uncertainties or guarantees become probable and can be reasonably estimated. For the period ended February 28, 2021, no material changes have occurred in our estimated liabilities for self-insurance, litigation, environmental matters, guarantees and indemnities, or relevant events and circumstances, from those disclosed in the Commitments and Contingencies footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Product Warranty and Recall Costs

Our products generally have a standard warranty term of five years that assure our products comply with agreed upon specifications. We record an accrual for the estimated amount of future warranty costs when the related revenue is recognized. Estimated costs related to product recalls based on a formal campaign soliciting repair or return of that product are accrued when they are deemed to be probable and can be reasonably estimated. Estimated future warranty and recall costs are primarily based on historical experience of identified warranty and recall claims. However, there can be no assurance that future warranty or recall costs will not exceed historical amounts or that new technology products may not generate unexpected costs. If actual future warranty or recall costs exceed historical amounts, additional increases in the accrual may be required, which could have a material adverse impact on our results of operations and cash flows.

Estimated liabilities for product warranty and recall costs are included in Other accrued liabilities and Other long-term liabilities on the Consolidated Balance Sheets. The following table summarizes changes in the estimated liabilities for product warranty and recall costs for the periods presented (in millions):


	Six Months Ended
	February 28, 2021		February 29, 2020
Beginning balance	$	16.1	$	11.5
Warranty and recall costs	10.1		12.5
Payments and other deductions	(11.0)		(12.5)
Acquired warranty and recall liabilities	—		0.1

Ending balance	$	15.2	$	11.6

Securities Class Action

On January 3, 2018, a shareholder filed a class action complaint in the United States District Court for the District of Delaware against us and certain of our officers on behalf of all persons who purchased or otherwise acquired our stock between June 29, 2016 and April 3, 2017. On February 20, 2018, a different shareholder filed a second class action complaint in the same venue against the same parties on behalf of all persons who purchased or otherwise acquired our stock between October 15, 2015 and April 3, 2017. The cases were transferred on April 30, 2018, to the United States District Court for the Northern District of Georgia and subsequently were consolidated as In re Acuity Brands, Inc. Securities Litigation, Civil Action No. 1:18-cv-02140-MHC (N.D. Ga.). On October 5, 2018, the court-appointed lead plaintiff filed a consolidated amended class action complaint (the “Consolidated Complaint”), which supersedes the initial complaints. The Consolidated Complaint is brought on behalf of all persons who purchased our common stock between October 7, 2015 and April 3, 2017 and alleges that we and certain of our current and former officers/executives violated the federal securities laws by making false or misleading statements and/or omitting to disclose material adverse facts that (i) concealed known trends negatively impacting sales of our products and (ii) overstated our ability to achieve profitable sales growth. The plaintiffs seek unspecified monetary damages, costs, and attorneys’ fees. We dispute the allegations in the complaints and intend to vigorously defend against the claims. We filed a motion to dismiss the Consolidated Complaint. On August 12, 2019, the court entered an order granting our motion to dismiss in part and dismissing all claims based on 42 of the 47 statements challenged in the Consolidated Complaint but also denying the motion in part and allowing claims based on five challenged statements to proceed to discovery. The Eleventh Circuit Court of Appeals has granted the Company permission to file an interlocutory appeal of the District Court’s class certification order. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, we are currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matters described above. We are insured, in excess of a self-retention, for Directors and Officers liability.

Litigation

We are subject to various other legal claims arising in the normal course of business, including patent infringement, employment matters, and product liability claims. Based on information currently available, it is the opinion of management that the ultimate resolution of pending and threatened legal proceedings will not have a material adverse effect on our financial condition, results of operations, or cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of any such matters, if unfavorable, could have a material adverse effect on our financial condition, results of operations, or cash flows in future periods. We establish estimated liabilities for legal claims when associated costs become probable and can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher than the amounts accrued for such claims. However, we cannot make a meaningful estimate of actual costs to be incurred that could possibly be higher or lower than the accrued amounts.

Changes in Stockholders' Equity

6 Months Ended

Feb. 28, 2021

Equity [Abstract]

Changes in Stockholders' Equity

The following tables summarize changes in the components of stockholders' equity for the periods presented (in millions):


	Common Stock Outstanding
	Shares	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2020	38.9	$	0.5	$	963.6	$	2,523.3	$	(132.7)	$	(1,227.2)	$	2,127.5
Net income	—	—		—		59.6		—		—		59.6
Other comprehensive income	—	—		—		—		6.2		—		6.2

Cumulative effect of adoption of ASC 326 (1)	—	—		—		(0.2)		—		—		(0.2)
Share-based payment amortization, issuances, and cancellations	0.1	—		4.7		—		—		—		4.7
Employee stock purchase plan issuances	—	—		0.3		—		—		—		0.3
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.0)		—		—		(5.0)

Repurchases of common stock	(2.6)	—		—		—		—		(256.1)		(256.1)
Balance, November 30, 2020	36.4	0.5		968.6		2,577.7		(126.5)		(1,483.3)		1,937.0
Net income	—	—		—		62.9		—		—		62.9
Other comprehensive income	—	—		—		—		8.4		—		8.4
Share-based payment amortization, issuances, and cancellations	—	—		8.6		—		—		—		8.6
Employee stock purchase plan issuances	—	—		0.2		—		—		—		0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.7)		—		—		(4.7)
Stock options exercised	—	—		0.4		—		—		—		0.4
Repurchases of common stock	(0.7)	—		—		—		—		(80.3)		(80.3)
Balance, February 28, 2021	35.7	$	0.5	$	977.8	$	2,635.9	$	(118.1)	$	(1,563.6)	$	1,932.5

____________________________________

(1) See Note 4 - New Accounting Pronouncements for further details on our adoption of ASC 326.


	Common Stock Outstanding
	Shares	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2019	39.5	$	0.5	$	930.0	$	2,295.8	$	(151.4)	$	(1,156.0)	$	1,918.9
Net income	—	—		—		57.0		—		—		57.0
Other comprehensive income	—	—		—		—		3.8		—		3.8


Share-based payment amortization, issuances, and cancellations	—	—		12.6		—		—		—		12.6
Employee stock purchase plan issuances	—	—		0.2		—		—		—		0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2)		—		—		(5.2)


Balance, November 30, 2019	39.5	0.5		942.8		2,347.6		(147.6)		(1,156.0)		1,987.3
Net income	—	—		—		57.2		—		—		57.2
Other comprehensive loss	—	—		—		—		(2.0)		—		(2.0)
Share-based payment amortization, issuances, and cancellations	—	—		7.5		—		—		—		7.5
Employee stock purchase plan issuances	—	—		0.2		—		—		—		0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2)		—		—		(5.2)
Stock options exercised	—	—		0.1		—		—		—		0.1

Balance, February 29, 2020	39.5	$	0.5	$	950.6	$	2,399.6	$	(149.6)	$	(1,156.0)	$	2,045.1

Revenue Recognition

6 Months Ended

Feb. 28, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We recognize revenue when we transfer control of goods and services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for goods and services and is recognized net of allowances for rebates, sales incentives, product returns, and discounts to customers. Further details regarding revenue recognition are included within the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Contract Balances

Our rights related to collections from customers are unconditional and are reflected within Accounts receivable on the Consolidated Balance Sheets. We do not have any other significant contract assets. Contract liabilities arise when we receive cash or an unconditional right to collect cash prior to the transfer of control of goods or services.

The amount of transaction price from contracts with customers allocated to our contract liabilities consists of the following as of the periods presented (in millions):


	February 28, 2021		August 31, 2020
Current deferred revenues	$	7.3	$	5.4
Non-current deferred revenues	55.2		53.6

Current deferred revenues primarily consist of software licenses as well as professional service and sales-type warranty fees collected prior to performing the related service. Current deferred revenues are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets. Revenue recognized from beginning balances of contract liabilities during the six months ended February 28, 2021 totaled $4.3 million.

Unsatisfied performance obligations as of February 28, 2021 that do not represent contract liabilities consist primarily of orders for physical goods that have not yet been shipped, which are typically shipped within a few weeks of order receipt.

Disaggregated Revenues

Our lighting and building management solutions are sold primarily through independent sales agents who cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts. The following table shows revenue from contracts with customers by sales channel for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Independent sales network	$	592.7	$	596.9	$	1,192.2	$	1,214.9
Direct sales network	73.9		73.3		150.2		157.6
Retail sales	43.0		56.8		98.0		110.2
Corporate accounts	26.7		54.8		50.7		88.3
Other	40.3		42.4		77.5		87.9
Total	$	776.6	$	824.2	$	1,568.6	$	1,658.9

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

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

+ Details

Share-based Payments

6 Months Ended

Feb. 28, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payments

We account for share-based payments through the measurement and recognition of compensation expense for share-based payment awards made to employees and directors over the related requisite service period, including stock options, performance share units, and restricted shares (all part of our equity incentive plan), as well as share units representing certain deferrals into our director deferred compensation plan or our supplemental deferred savings plan.

The following table presents share-based payment expense for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Share-based payment expense	$	7.5	$	8.0	$	15.2	$	24.7

Further details regarding our stock options, restricted shares, and director compensation award programs as well as our share-based payments are included within the Share-based Payments footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

Pension Plans

6 Months Ended

Feb. 28, 2021

Retirement Benefits [Abstract]

Pension Plans

We have several pension plans, both qualified and non-qualified, covering certain hourly and salaried employees. Benefits paid under these plans are based generally on employees’ years of service and/or compensation during the final years of employment. We make at least the minimum annual contributions to the plans to the extent indicated by actuarial valuations and statutory requirements. Plan assets are invested primarily in equity and fixed income securities.

Service cost of net periodic pension cost is allocated between Cost of products sold and Selling, distribution, and administrative expenses in the Consolidated Statements of Comprehensive Income based on the nature of the employee's services. All other components of net periodic pension cost are included within Miscellaneous expense, net in the Consolidated Statements of Comprehensive Income. Net periodic pension cost included the following components before tax for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Service cost	$	1.3	$	1.1	$	2.5	$	2.3
Interest cost	1.5		1.9		3.1		3.7
Expected return on plan assets	(3.3)		(3.1)		(6.6)		(6.2)
Amortization of prior service cost	0.7		1.0		1.4		2.0

Recognized actuarial loss	1.3		1.4		2.7		2.8
Net periodic pension cost	$	1.5	$	2.3	$	3.1	$	4.6

Further details regarding our pension plans are included within the Pension and Defined Contribution Plans footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Special Charges

6 Months Ended

Feb. 28, 2021

Restructuring and Related Activities [Abstract]

Special Charges

During the first six months of fiscal 2021, we recognized pre-tax special charges of $1.0 million, which consisted of charges for relocation costs and adjustments related to severance costs associated with the previously announced transfer of activities from planned facility closures. We expect these actions to streamline our business activities, integrate recent acquisitions, and respond to reduced demand due to the COVID-19 pandemic, and that they will allow us to reduce spending in certain areas while permitting continued investment in future growth initiatives, such as new products, expanded market presence, and technology and innovation. Further details regarding our special charges are included within the Special Charges footnote of the Notes to Consolidated Financial Statements within our Form 10-K.

The following table summarizes costs reflected within Special charges on the Consolidated Statements of Comprehensive Income for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Severance and employee-related costs	$	(0.4)	$	0.6	$	(0.1)	$	5.7
Relocation and other restructuring costs	0.7		1.0		1.1		2.8
Total special charges	$	0.3	$	1.6	$	1.0	$	8.5

As of February 28, 2021, remaining restructuring reserves were $1.2 million and are included in Accrued compensation on the Consolidated Balance Sheets. The changes in the reserves related to these programs during the period presented are summarized as follows (in millions):


	Fiscal 2020 Actions
Balance at August 31, 2020	$	3.0
Severance and employee-related costs	(0.1)
Payments made during the period	(1.7)
Balance at February 28, 2021	$	1.2

Earnings Per Share

6 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, all unvested share-based payment awards were vested, and other distributions related to deferred stock agreements were incurred.

The following table calculates basic earnings per common share and diluted earnings per common share for the periods presented (in millions, except per share data):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Net income	$	62.9	$	57.2	$	122.5	$	114.2
Basic weighted average shares outstanding	36.0		39.5		36.9		39.5
Common stock equivalents	0.2		0.2		0.2		0.2
Diluted weighted average shares outstanding	36.2		39.7		37.1		39.7
Basic earnings per share	$	1.75	$	1.45	$	3.32	$	2.89
Diluted earnings per share	$	1.74	$	1.44	$	3.30	$	2.88

The following table presents stock options, performance stock awards, and restricted stock awards that were excluded from the diluted earnings per share calculation for the periods presented as the effect of inclusion would have been antidilutive:


	Three Months Ended		Six Months Ended
	February 28, 2021	February 29, 2020	February 28, 2021	February 29, 2020
Stock options	954,677	443,595	1,077,258	361,283
Performance stock awards	—	—	—	7,569
Restricted stock awards	71,812	102,210	116,219	116,962

Further discussion of our stock options and restricted stock awards is included within the Common Stock and Related Matters and Share-based Payments footnotes of the Notes to Consolidated Financial Statements within our Form 10-K.

Comprehensive Income

6 Months Ended

Feb. 28, 2021

Equity [Abstract]

Comprehensive Income

Comprehensive income represents a measure of all changes in equity that result from recognized transactions and other economic events other than transactions with owners in their capacity as owners. Other comprehensive income (loss) items include foreign currency translation and pension adjustments.

The following tables summarize the changes in each component of accumulated other comprehensive loss during the periods presented (in millions):


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2020	$	(53.5)	$	(79.2)	$	(132.7)
Other comprehensive income before reclassifications	11.3		—		11.3
Amounts reclassified from accumulated other comprehensive loss (1)	—		3.3		3.3
Net current period other comprehensive income	11.3		3.3		14.6
Balance at February 28, 2021	$	(42.2)	$	(75.9)	$	(118.1)


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2019	$	(65.4)	$	(86.0)	$	(151.4)
Other comprehensive loss before reclassifications	(1.8)		—		(1.8)
Amounts reclassified from accumulated other comprehensive loss (1)	—		3.6		3.6
Net current period other comprehensive (loss) income	(1.8)		3.6		1.8

Balance at February 29, 2020	$	(67.2)	$	(82.4)	$	(149.6)

_______________________________________

(1) The before tax amounts of the defined benefit pension plan items are included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details.

The following table summarizes the tax expense or benefit allocated to each component of other comprehensive income (loss) for the periods presented (in millions):


	Three Months Ended
	February 28, 2021						February 29, 2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	6.7	$	—	$	6.7	$	(3.7)	$	—	$	(3.7)
Defined benefit pension plans:


Amortization of defined benefit pension items:
Prior service cost	0.7		(0.1)		0.6		1.0		(0.3)		0.7
Actuarial losses	1.3		(0.2)		1.1		1.4		(0.4)		1.0

Total defined benefit pension plans, net	2.0		(0.3)		1.7		2.4		(0.7)		1.7
Other comprehensive income (loss)	$	8.7	$	(0.3)	$	8.4	$	(1.3)	$	(0.7)	$	(2.0)

	Six Months Ended
	February 28, 2021						February 29, 2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	11.3	$	—	$	11.3	$	(1.8)	$	—	$	(1.8)
Defined benefit pension plans:

Amortization of defined benefit pension items:
Prior service cost	1.4		(0.3)		1.1		2.0		(0.5)		1.5
Actuarial losses	2.7		(0.5)		2.2		2.8		(0.7)		2.1

Total defined benefit pension plans, net	4.1		(0.8)		3.3		4.8		(1.2)		3.6
Other comprehensive income	$	15.4	$	(0.8)	$	14.6	$	3.0	$	(1.2)	$	1.8

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Feb. 28, 2021
Accounting Policies [Abstract]
Basis of Accounting	We prepared the Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) to present the financial position, results of operations, and cash flows of Acuity Brands and its wholly-owned subsidiaries.
Use of Estimates	Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in Fiscal 2021 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on the entity's estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. These standards have been collectively codified within ASC Topic 326, Credit Losses (“ASC 326”). The provisions of ASC 326 are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2019. We adopted the provisions of ASC 326 as of September 1, 2020 and applied these changes through an immaterial cumulative-effect adjustment of $0.2 million to retained earnings as of the date of adoption. Our estimation of current expected credit losses reflects our considerations of the impact of general economic conditions, including construction spending, unemployment rates, the effects of the COVID-19 pandemic, and macroeconomic growth, on our customers' ability to meet their obligations. In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which requires customers to apply internal-use software guidance to determine the implementation costs that are able to be capitalized. Capitalized implementation costs are required to be amortized over the term of the arrangement, beginning when the cloud computing arrangement is ready for its intended use. ASU 2018-15 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2019. We adopted ASU 2018-15 as of September 1, 2020 on a prospective basis. This standard did not have a material effect on our financial condition, results of operations, or cash flows. Accounting Standards Yet to Be Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC Topic 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the provisions of ASU 2019-12 on our financial condition, results of operations, and cash flows. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.
Fair Value Measurement	We determine fair value measurements based on the assumptions a market participant would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a three-level hierarchy that categorizes market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3).We utilize valuation methodologies to determine the fair values of our financial assets and liabilities in conformity with the concepts of “exit price” and the fair value hierarchy as prescribed in ASC 820. All valuation methods and assumptions are validated at least quarterly to ensure the accuracy and relevance of the fair values. There were no material changes to the valuation methods or assumptions used to determine fair values during the current period.
Fair Value Transfers	No transfers between the levels of the fair value hierarchy occurred during the current fiscal period. In the event of a transfer in or out of a level within the fair value hierarchy, the transfers would be recognized on the date of occurrence.
Revenue Recognition	We recognize revenue when we transfer control of goods and services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for goods and services and is recognized net of allowances for rebates, sales incentives, product returns, and discounts to customers. Further details regarding revenue recognition are included within the Revenue Recognition footnote of the Notes to Consolidated Financial Statements within our Form 10-K. Contract Balances Our rights related to collections from customers are unconditional and are reflected within Accounts receivable on the Consolidated Balance Sheets. We do not have any other significant contract assets. Contract liabilities arise when we receive cash or an unconditional right to collect cash prior to the transfer of control of goods or services. Current deferred revenues primarily consist of software licenses as well as professional service and sales-type warranty fees collected prior to performing the related service. Current deferred revenues are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets.Unsatisfied performance obligations as of February 28, 2021 that do not represent contract liabilities consist primarily of orders for physical goods that have not yet been shipped, which are typically shipped within a few weeks of order receipt.Disaggregated RevenuesOur lighting and building management solutions are sold primarily through independent sales agents who cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Feb. 28, 2021

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The carrying values and estimated fair values of certain of our financial instruments were as follows as of the dates presented (in millions):


	February 28, 2021				August 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Investments in unconsolidated affiliates	$	5.5	$	5.5	$	6.0	$	6.0
Liabilities:
Senior unsecured public notes, net of unamortized discount and deferred costs	$	494.0	$	490.8	$	—	$	—
Borrowings under Term Loan Facility	—		—		395.0		395.0
Industrial revenue bond	4.0		4.0		4.0		4.0
Bank loans	—		—		2.1		2.3

Inventories (Tables)

6 Months Ended

Feb. 28, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory


	February 28, 2021		August 31, 2020
Raw materials, supplies, and work in process (1)	$	163.1	$	170.3
Finished goods	201.1		199.1
Inventories excluding reserves	364.2		369.4
Less: Reserves	(42.9)		(49.3)
Total inventories	$	321.3	$	320.1

_______________________________________

Property, Plant and Equipment (Tables)

6 Months Ended

Feb. 28, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant, and equipment consisted of the following as of the dates presented (in millions):


	February 28, 2021		August 31, 2020
Land	$	22.4	$	22.2
Buildings and leasehold improvements	194.1		192.2
Machinery and equipment	602.4		588.4
Total property, plant, and equipment, at cost	818.9		802.8
Less: Accumulated depreciation and amortization	(556.9)		(532.3)
Property, plant, and equipment, net	$	262.0	$	270.5

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 28, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in millions):


	Six Months Ended
	February 28, 2021		February 29, 2020
Beginning balance	$	1,080.0	$	967.3
Provisional additions from acquired businesses	—		147.8
Adjustments to provisional amounts from acquired businesses	—		(23.9)
Foreign currency translation adjustments	4.2		(1.6)
Ending balance	$	1,084.2	$	1,089.6

Debt and Lines of Credit (Tables)

6 Months Ended

Feb. 28, 2021

Debt Disclosure [Abstract]

Components of Interest Expense, Net

The following table summarizes the components of interest expense, net for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Interest expense	$	6.9	$	6.8	$	12.0	$	15.8
Interest income	(0.3)		(1.1)		(0.5)		(1.8)
Interest expense, net	$	6.6	$	5.7	$	11.5	$	14.0

Commitments and Contingencies (Tables)

6 Months Ended

Feb. 28, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table summarizes changes in the estimated liabilities for product warranty and recall costs for the periods presented (in millions):


	Six Months Ended
	February 28, 2021		February 29, 2020
Beginning balance	$	16.1	$	11.5
Warranty and recall costs	10.1		12.5
Payments and other deductions	(11.0)		(12.5)
Acquired warranty and recall liabilities	—		0.1

Ending balance	$	15.2	$	11.6

Changes in Stockholders' Equity (Tables)

6 Months Ended

Feb. 28, 2021

Equity [Abstract]

Schedule of Changes in Stockholders' Equity

The following tables summarize changes in the components of stockholders' equity for the periods presented (in millions):


	Common Stock Outstanding
	Shares	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2020	38.9	$	0.5	$	963.6	$	2,523.3	$	(132.7)	$	(1,227.2)	$	2,127.5
Net income	—	—		—		59.6		—		—		59.6
Other comprehensive income	—	—		—		—		6.2		—		6.2

Cumulative effect of adoption of ASC 326 (1)	—	—		—		(0.2)		—		—		(0.2)
Share-based payment amortization, issuances, and cancellations	0.1	—		4.7		—		—		—		4.7
Employee stock purchase plan issuances	—	—		0.3		—		—		—		0.3
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.0)		—		—		(5.0)

Repurchases of common stock	(2.6)	—		—		—		—		(256.1)		(256.1)
Balance, November 30, 2020	36.4	0.5		968.6		2,577.7		(126.5)		(1,483.3)		1,937.0
Net income	—	—		—		62.9		—		—		62.9
Other comprehensive income	—	—		—		—		8.4		—		8.4
Share-based payment amortization, issuances, and cancellations	—	—		8.6		—		—		—		8.6
Employee stock purchase plan issuances	—	—		0.2		—		—		—		0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(4.7)		—		—		(4.7)
Stock options exercised	—	—		0.4		—		—		—		0.4
Repurchases of common stock	(0.7)	—		—		—		—		(80.3)		(80.3)
Balance, February 28, 2021	35.7	$	0.5	$	977.8	$	2,635.9	$	(118.1)	$	(1,563.6)	$	1,932.5

____________________________________

(1) See Note 4 - New Accounting Pronouncements for further details on our adoption of ASC 326.


	Common Stock Outstanding
	Shares	Amount		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock, at cost		Total
Balance, August 31, 2019	39.5	$	0.5	$	930.0	$	2,295.8	$	(151.4)	$	(1,156.0)	$	1,918.9
Net income	—	—		—		57.0		—		—		57.0
Other comprehensive income	—	—		—		—		3.8		—		3.8


Share-based payment amortization, issuances, and cancellations	—	—		12.6		—		—		—		12.6
Employee stock purchase plan issuances	—	—		0.2		—		—		—		0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2)		—		—		(5.2)


Balance, November 30, 2019	39.5	0.5		942.8		2,347.6		(147.6)		(1,156.0)		1,987.3
Net income	—	—		—		57.2		—		—		57.2
Other comprehensive loss	—	—		—		—		(2.0)		—		(2.0)
Share-based payment amortization, issuances, and cancellations	—	—		7.5		—		—		—		7.5
Employee stock purchase plan issuances	—	—		0.2		—		—		—		0.2
Cash dividends of $0.13 per share paid on common stock	—	—		—		(5.2)		—		—		(5.2)
Stock options exercised	—	—		0.1		—		—		—		0.1

Balance, February 29, 2020	39.5	$	0.5	$	950.6	$	2,399.6	$	(149.6)	$	(1,156.0)	$	2,045.1

Revenue Recognition (Tables)

6 Months Ended

Feb. 28, 2021

Revenue from Contract with Customer [Abstract]

Amount of transaction price from contracts with customers allocated to the Company's contract liabilities

The amount of transaction price from contracts with customers allocated to our contract liabilities consists of the following as of the periods presented (in millions):


	February 28, 2021		August 31, 2020
Current deferred revenues	$	7.3	$	5.4
Non-current deferred revenues	55.2		53.6

Revenue from contracts with customers by sales channel

The following table shows revenue from contracts with customers by sales channel for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Independent sales network	$	592.7	$	596.9	$	1,192.2	$	1,214.9
Direct sales network	73.9		73.3		150.2		157.6
Retail sales	43.0		56.8		98.0		110.2
Corporate accounts	26.7		54.8		50.7		88.3
Other	40.3		42.4		77.5		87.9
Total	$	776.6	$	824.2	$	1,568.6	$	1,658.9

Share-based Payments (Tables)

6 Months Ended

Feb. 28, 2021

Share-based Payment Arrangement [Abstract]

Components of share-based payment expense

The following table presents share-based payment expense for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Share-based payment expense	$	7.5	$	8.0	$	15.2	$	24.7

Pension Plans (Tables)

6 Months Ended

Feb. 28, 2021

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Cost

Net periodic pension cost included the following components before tax for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Service cost	$	1.3	$	1.1	$	2.5	$	2.3
Interest cost	1.5		1.9		3.1		3.7
Expected return on plan assets	(3.3)		(3.1)		(6.6)		(6.2)
Amortization of prior service cost	0.7		1.0		1.4		2.0

Recognized actuarial loss	1.3		1.4		2.7		2.8
Net periodic pension cost	$	1.5	$	2.3	$	3.1	$	4.6

Special Charges (Tables)

6 Months Ended

Feb. 28, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes costs reflected within Special charges on the Consolidated Statements of Comprehensive Income for the periods presented (in millions):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Severance and employee-related costs	$	(0.4)	$	0.6	$	(0.1)	$	5.7
Relocation and other restructuring costs	0.7		1.0		1.1		2.8
Total special charges	$	0.3	$	1.6	$	1.0	$	8.5

The changes in the reserves related to these programs during the period presented are summarized as follows (in millions):


	Fiscal 2020 Actions
Balance at August 31, 2020	$	3.0
Severance and employee-related costs	(0.1)
Payments made during the period	(1.7)
Balance at February 28, 2021	$	1.2

Earnings Per Share (Tables)

6 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table calculates basic earnings per common share and diluted earnings per common share for the periods presented (in millions, except per share data):


	Three Months Ended				Six Months Ended
	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Net income	$	62.9	$	57.2	$	122.5	$	114.2
Basic weighted average shares outstanding	36.0		39.5		36.9		39.5
Common stock equivalents	0.2		0.2		0.2		0.2
Diluted weighted average shares outstanding	36.2		39.7		37.1		39.7
Basic earnings per share	$	1.75	$	1.45	$	3.32	$	2.89
Diluted earnings per share	$	1.74	$	1.44	$	3.30	$	2.88

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended		Six Months Ended
	February 28, 2021	February 29, 2020	February 28, 2021	February 29, 2020
Stock options	954,677	443,595	1,077,258	361,283
Performance stock awards	—	—	—	7,569
Restricted stock awards	71,812	102,210	116,219	116,962

Comprehensive Income (Tables)

6 Months Ended

Feb. 28, 2021

Equity [Abstract]

Changes in each component of accumulated other comprehensive loss

The following tables summarize the changes in each component of accumulated other comprehensive loss during the periods presented (in millions):


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2020	$	(53.5)	$	(79.2)	$	(132.7)
Other comprehensive income before reclassifications	11.3		—		11.3
Amounts reclassified from accumulated other comprehensive loss (1)	—		3.3		3.3
Net current period other comprehensive income	11.3		3.3		14.6
Balance at February 28, 2021	$	(42.2)	$	(75.9)	$	(118.1)


	Foreign Currency Items		Defined Benefit Pension Plans		Accumulated Other Comprehensive Loss Items
Balance at August 31, 2019	$	(65.4)	$	(86.0)	$	(151.4)
Other comprehensive loss before reclassifications	(1.8)		—		(1.8)
Amounts reclassified from accumulated other comprehensive loss (1)	—		3.6		3.6
Net current period other comprehensive (loss) income	(1.8)		3.6		1.8

Balance at February 29, 2020	$	(67.2)	$	(82.4)	$	(149.6)

_______________________________________

(1) The before tax amounts of the defined benefit pension plan items are included in net periodic pension cost. See the Pension and Defined Contribution Plans footnote for additional details.

Schedule of tax expense or benefit allocated to each component of other comprehensive income (loss)

The following table summarizes the tax expense or benefit allocated to each component of other comprehensive income (loss) for the periods presented (in millions):


	Three Months Ended
	February 28, 2021						February 29, 2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	6.7	$	—	$	6.7	$	(3.7)	$	—	$	(3.7)
Defined benefit pension plans:


Amortization of defined benefit pension items:
Prior service cost	0.7		(0.1)		0.6		1.0		(0.3)		0.7
Actuarial losses	1.3		(0.2)		1.1		1.4		(0.4)		1.0

Total defined benefit pension plans, net	2.0		(0.3)		1.7		2.4		(0.7)		1.7
Other comprehensive income (loss)	$	8.7	$	(0.3)	$	8.4	$	(1.3)	$	(0.7)	$	(2.0)

	Six Months Ended
	February 28, 2021						February 29, 2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Foreign currency translation adjustments	$	11.3	$	—	$	11.3	$	(1.8)	$	—	$	(1.8)
Defined benefit pension plans:

Amortization of defined benefit pension items:
Prior service cost	1.4		(0.3)		1.1		2.0		(0.5)		1.5
Actuarial losses	2.7		(0.5)		2.2		2.8		(0.7)		2.1

Total defined benefit pension plans, net	4.1		(0.8)		3.3		4.8		(1.2)		3.6
Other comprehensive income	$	15.4	$	(0.8)	$	14.6	$	3.0	$	(1.2)	$	1.8

Description of Business and Basis of Presentation (Details)	6 Months Ended
	Feb. 28, 2021 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Acquisitions - Narrative (Details) $ in Millions	6 Months Ended	15 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Feb. 28, 2021 USD ($) acquisition	Nov. 30, 2020 USD ($)	Aug. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Sep. 17, 2019 brand	Aug. 31, 2019 USD ($)
Business Acquisition [Line Items]
Number of acquisitions completed \| acquisition	0
Goodwill	$ 1,084.2		$ 1,080.0	$ 1,089.6		$ 967.3
The Luminaires Group (TLG)
Business Acquisition [Line Items]
Number of niche lighting brands \| brand					5
Fiscal 2020 Acquisitions
Business Acquisition [Line Items]
Goodwill		$ 107.6
Identified intangible assets		$ 180.6
Weighted average useful life of acquired intangible assets		16 years
Goodwill expected to be tax deductible		$ 77.7

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Feb. 28, 2021	Nov. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative-effect adjustment	$ (1,932.5)	$ (1,937.0)		$ (2,127.5)	$ (2,045.1)	$ (1,987.3)	$ (1,918.9)
Retained Earnings
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative-effect adjustment	$ (2,635.9)	$ (2,577.7)		(2,523.3)	$ (2,399.6)	$ (2,347.6)	$ (2,295.8)
Cumulative effect of adoption of ASC 326
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative-effect adjustment				0.2
Cumulative effect of adoption of ASC 326 \| Retained Earnings
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative-effect adjustment			$ 0.2	$ 0.2

- Definition

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

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 498.7	$ 560.7
Carrying Value
Liabilities:
Investments in unconsolidated affiliates	5.5	6.0
Carrying Value \| Unsecured debt \| Senior unsecured public notes, net of unamortized discount and deferred costs
Liabilities:
Carrying and estimated fair values of financial instruments	494.0	0.0
Carrying Value \| Unsecured debt \| Unsecured Delayed Draw Term Loan
Liabilities:
Carrying and estimated fair values of financial instruments	0.0	395.0
Carrying Value \| Industrial revenue bond \| Industrial Revenue Bond Maturing in 2021 [Member]
Liabilities:
Carrying and estimated fair values of financial instruments	4.0	4.0
Carrying Value \| Bank loans \| Bank loans
Liabilities:
Carrying and estimated fair values of financial instruments	0.0	2.1
Fair Value
Liabilities:
Investments in unconsolidated affiliates	5.5	6.0
Fair Value \| Unsecured debt \| Senior unsecured public notes, net of unamortized discount and deferred costs
Liabilities:
Carrying and estimated fair values of financial instruments	490.8	0.0
Fair Value \| Unsecured debt \| Unsecured Delayed Draw Term Loan
Liabilities:
Carrying and estimated fair values of financial instruments	0.0	395.0
Fair Value \| Industrial revenue bond \| Industrial Revenue Bond Maturing in 2021 [Member]
Liabilities:
Carrying and estimated fair values of financial instruments	4.0	4.0
Fair Value \| Bank loans \| Bank loans
Liabilities:
Carrying and estimated fair values of financial instruments	$ 0.0	$ 2.3

Inventories (Details) - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Inventory, Net [Abstract]
Raw materials, supplies, and work in process	$ 163.1	$ 170.3
Finished goods	201.1	199.1
Inventories excluding reserves	364.2	369.4
Less: Reserves	(42.9)	(49.3)
Total inventories	$ 321.3	$ 320.1

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 818.9	$ 802.8
Less: Accumulated depreciation and amortization	(556.9)	(532.3)
Property, plant, and equipment, net	262.0	270.5
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	22.4	22.2
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	194.1	192.2
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, at cost	$ 602.4	$ 588.4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10.1	$ 10.4	$ 20.2	$ 20.0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense in fiscal 2021	40.7		40.7
Amortization expense in fiscal 2022	40.6		40.6
Amortization expense in fiscal 2023	40.3		40.3
Amortization expense in fiscal 2024	40.1		40.1
Amortization expense in fiscal 2025	$ 33.3		$ 33.3

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,080.0	$ 967.3
Provisional additions from acquired businesses	0.0	147.8
Adjustments to provisional amounts from acquired businesses	0.0	(23.9)
Foreign currency translation adjustments	4.2	(1.6)
Goodwill, Ending Balance	$ 1,084.2	$ 1,089.6

Debt and Lines of Credit (Details)			3 Months Ended			6 Months Ended
Debt and Lines of Credit (Details)	Nov. 10, 2020 USD ($)	Jun. 29, 2018 USD ($)	Feb. 28, 2021 USD ($)	Nov. 30, 2020 USD ($)	Feb. 29, 2020 USD ($)	Feb. 28, 2021 USD ($)	Feb. 29, 2020 USD ($)	Aug. 31, 2020 USD ($)
Line of Credit Facility [Abstract]
Debt repaid						$ 397,100,000	$ 350,500,000
Interest Revenue (Expense), Net [Abstract]
Interest expense			$ 6,900,000		$ 6,800,000	12,000,000.0	15,800,000
Interest income			(300,000)		(1,100,000)	(500,000)	(1,800,000)
Interest expense, net			6,600,000		$ 5,700,000	11,500,000	$ 14,000,000.0
Unsecured debt \| Unsecured Delayed Draw Term Loan
Line of Credit Facility [Abstract]
Aggregate principal amount		$ 400,000,000.0
Debt repaid				$ 395,000,000.0
Borrowings outstanding under current Revolving Credit Facility								$ 395,000,000.0
Industrial revenue bond \| Industrial Revenue Bond Maturing in 2021
Line of Credit Facility [Abstract]
Debt outstanding			4,000,000.0			4,000,000.0
Bank loans \| Bank loans
Line of Credit Facility [Abstract]
Debt outstanding								2,100,000
Debt repaid						2,100,000
Credit facility
Line of Credit Facility [Abstract]
Minimum interest coverage ratio		2.50
Maximum leverage ratio		3.50
Outstanding letters of credit			8,400,000			8,400,000
Credit facility \| Minimum
Line of Credit Facility [Abstract]
Facility fee (percent)		0.125%
Credit facility \| Maximum
Line of Credit Facility [Abstract]
Facility fee (percent)		0.25%
Credit facility \| New Revolving Credit Facility
Line of Credit Facility [Abstract]
Term of instrument		5 years
Executed revolving credit facility		$ 400,000,000.0
Borrowings outstanding under current Revolving Credit Facility			0			0		$ 0
Additional borrowing capacity under revolving credit facility			395,800,000			395,800,000
Letters of Credit \| New Revolving Credit Facility
Line of Credit Facility [Abstract]
Outstanding letters of credit			4,200,000			4,200,000
Eurocurrency Rate \| Credit facility \| New Revolving Credit Facility \| Minimum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		1.00%
Eurocurrency Rate \| Credit facility \| New Revolving Credit Facility \| Maximum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		1.375%
Base rate \| Credit facility \| New Revolving Credit Facility \| Minimum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.00%
Base rate \| Credit facility \| New Revolving Credit Facility \| Maximum
Line of Credit Facility [Abstract]
Applicable margins based on company's leverage ratio, percentage		0.375%
ABL \| Unsecured debt \| 2.150% Senior Unsecured Notes Due December 2030
Line of Credit Facility [Abstract]
Aggregate principal amount	$ 500,000,000.0
Interest rate (percent)	2.15%
Debt issuance price as a percentage of face value (percent)	99.737%
Deferred issuance costs	$ 4,800,000
Term of instrument	10 years
Debt outstanding			$ 494,000,000.0			$ 494,000,000.0

Commitments and Contingencies (Details) $ in Millions		6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 12, 2019 statement	Feb. 28, 2021 USD ($)	Feb. 29, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Standard warranty term		5 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance		$ 16.1	$ 11.5
Warranty and recall costs		10.1	12.5
Payments and other deductions		(11.0)	(12.5)
Acquired warranty and recall liabilities		0.0	0.1
Ending balance		$ 15.2	$ 11.6
Securities Class Action
Loss Contingencies [Line Items]
Number of statements used as basis for dismissing claims \| statement	42
Total number of statements challenged in the Consolidated Complaint \| statement	47
Number of challenged statements allowed to proceed to discovery \| statement	5

Changes in Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Feb. 28, 2021	Nov. 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2021	Feb. 29, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,937.0	$ 2,127.5	$ 1,987.3	$ 1,918.9	$ 2,127.5	$ 1,918.9
Net income	62.9	59.6	57.2	57.0	122.5	114.2
Other comprehensive income (loss)	8.4	6.2	(2.0)	3.8	14.6	1.8
Share-based payment amortization, issuances, and cancellations	8.6	4.7	7.5	12.6
Employee stock purchase plan issuances	0.2	0.3	0.2	0.2
Cash dividends of $0.13 per share paid on common stock	(4.7)	(5.0)	(5.2)	(5.2)
Stock options exercised	0.4		0.1
Repurchases of common stock	(80.3)	(256.1)
Ending balance	$ 1,932.5	$ 1,937.0	$ 2,045.1	$ 1,987.3	1,932.5	2,045.1
Cash dividends paid (usd per share)	$ 0.13	$ 0.13	$ 0.13	$ 0.13
Common Stock Outstanding
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Beginning balance (shares)	36.4	38.9	39.5	39.5	38.9	39.5
Share-based payment amortization, issuances, and cancellations (shares)	0.0	0.1	0.0	0.0
Repurchases of common stock (shares)	(0.7)	(2.6)
Ending balance	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Ending balance (shares)	35.7	36.4	39.5	39.5	35.7	39.5
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 968.6	$ 963.6	$ 942.8	$ 930.0	$ 963.6	$ 930.0
Share-based payment amortization, issuances, and cancellations	8.6	4.7	7.5	12.6
Employee stock purchase plan issuances	0.2	0.3	0.2	0.2
Stock options exercised	0.4		0.1
Ending balance	977.8	968.6	950.6	942.8	977.8	950.6
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,577.7	2,523.3	2,347.6	2,295.8	2,523.3	2,295.8
Net income	62.9	59.6	57.2	57.0
Cash dividends of $0.13 per share paid on common stock	(4.7)	(5.0)	(5.2)	(5.2)
Ending balance	2,635.9	2,577.7	2,399.6	2,347.6	2,635.9	2,399.6
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(126.5)	(132.7)	(147.6)	(151.4)	(132.7)	(151.4)
Other comprehensive income (loss)	8.4	6.2	(2.0)	3.8
Ending balance	(118.1)	(126.5)	(149.6)	(147.6)	(118.1)	(149.6)
Treasury Stock, at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,483.3)	(1,227.2)	(1,156.0)	(1,156.0)	(1,227.2)	(1,156.0)
Repurchases of common stock	(80.3)	(256.1)
Ending balance	$ (1,563.6)	(1,483.3)	$ (1,156.0)	$ (1,156.0)	(1,563.6)	$ (1,156.0)
Cumulative effect of adoption of ASC 326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(0.2)			(0.2)
Cumulative effect of adoption of ASC 326 \| Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ (0.2)			$ (0.2)

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Revenue from Contract with Customer [Abstract]
Current deferred revenues	$ 7.3	$ 5.4
Non-current deferred revenues	$ 55.2	$ 53.6

Revenue Recognition - Narrative (Details) $ in Millions	6 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Feb. 28, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Timing of revenue recognition	Current deferred revenues primarily consist of software licenses as well as professional service and sales-type warranty fees collected prior to performing the related service. Current deferred revenues are included within Other current liabilities on the Consolidated Balance Sheets. These services are expected to be performed within one year. Non-current deferred revenues primarily consist of long-term service-type warranties, which are typically recognized ratably as revenue between five and ten years from the date of sale, and are included within Other long-term liabilities on the Consolidated Balance Sheets.
Revenue recognized from beginning balances of contract liabilities	$ 4.3

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 776.6	$ 824.2	$ 1,568.6	$ 1,658.9
Independent sales network
Disaggregation of Revenue [Line Items]
Total sales	592.7	596.9	1,192.2	1,214.9
Direct sales network
Disaggregation of Revenue [Line Items]
Total sales	73.9	73.3	150.2	157.6
Retail sales
Disaggregation of Revenue [Line Items]
Total sales	43.0	56.8	98.0	110.2
Corporate accounts
Disaggregation of Revenue [Line Items]
Total sales	26.7	54.8	50.7	88.3
Other
Disaggregation of Revenue [Line Items]
Total sales	$ 40.3	$ 42.4	$ 77.5	$ 87.9

- 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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+ Details

Share-based Payments - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Share-based Payment Arrangement [Abstract]
Share-based payment expense	$ 7.5	$ 8.0	$ 15.2	$ 24.7

Pension Plans (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1.3	$ 1.1	$ 2.5	$ 2.3
Interest cost	1.5	1.9	3.1	3.7
Expected return on plan assets	(3.3)	(3.1)	(6.6)	(6.2)
Amortization of prior service cost	0.7	1.0	1.4	2.0
Recognized actuarial loss	1.3	1.4	2.7	2.8
Net periodic pension cost	$ 1.5	$ 2.3	$ 3.1	$ 4.6

Special Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Special Charges (Details) - USD ($) $ in Millions	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Restructuring Cost and Reserve [Line Items]
Special charges	$ 0.3	$ 1.6	$ 1.0	$ 8.5
Restructuring Reserve [Roll Forward]
Balance, end of period	1.2		1.2
Fiscal 2020 Actions
Restructuring Reserve [Roll Forward]
Balance, beginning of period			3.0
Severance and employee-related costs			(0.1)
Payments made during the period			(1.7)
Balance, end of period	1.2		1.2
Severance and employee-related costs
Restructuring Cost and Reserve [Line Items]
Special charges	(0.4)	0.6	(0.1)	5.7
Relocation and other restructuring costs
Restructuring Cost and Reserve [Line Items]
Special charges	$ 0.7	$ 1.0	$ 1.1	$ 2.8

Earnings Per Share - Basic and Diluted Earnings per Share, Treasury Stock Method (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Feb. 28, 2021	Nov. 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share [Abstract]
Net income	$ 62.9	$ 59.6	$ 57.2	$ 57.0	$ 122.5	$ 114.2
Basic weighted average shares outstanding (in shares)	36.0		39.5		36.9	39.5
Common stock equivalents (in shares)	0.2		0.2		0.2	0.2
Diluted weighted average shares outstanding (in shares)	36.2		39.7		37.1	39.7
Basic earnings per share (in dollars per share)	$ 1.75		$ 1.45		$ 3.32	$ 2.89
Diluted earnings per share (in dollars per share)	$ 1.74		$ 1.44		$ 3.30	$ 2.88

- Definition

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

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

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+ Details

Earnings Per Share - Antidilutive Securities Excluded from EPS Computation (Details) - shares	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Awards excluded from diluted earnings per share (in shares)	954,677	443,595	1,077,258	361,283
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Awards excluded from diluted earnings per share (in shares)	0	0	0	7,569
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Awards excluded from diluted earnings per share (in shares)	71,812	102,210	116,219	116,962

Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income (Loss) Items (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Feb. 28, 2021	Nov. 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2021	Feb. 29, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,937.0	$ 2,127.5	$ 1,987.3	$ 1,918.9	$ 2,127.5	$ 1,918.9
Other comprehensive income (loss), before reclassifications					11.3	(1.8)
Amounts reclassified from accumulated other comprehensive loss					3.3	3.6
Net current period other comprehensive (loss) income	8.4	6.2	(2.0)	3.8	14.6	1.8
Ending balance	1,932.5	1,937.0	2,045.1	1,987.3	1,932.5	2,045.1
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(126.5)	(132.7)	(147.6)	(151.4)	(132.7)	(151.4)
Net current period other comprehensive (loss) income	8.4	6.2	(2.0)	3.8
Ending balance	(118.1)	(126.5)	(149.6)	(147.6)	(118.1)	(149.6)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(53.5)		(65.4)	(53.5)	(65.4)
Other comprehensive income (loss), before reclassifications					11.3	(1.8)
Amounts reclassified from accumulated other comprehensive loss					0.0	0.0
Net current period other comprehensive (loss) income					11.3	(1.8)
Ending balance	(42.2)		(67.2)		(42.2)	(67.2)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ (79.2)		$ (86.0)	(79.2)	(86.0)
Other comprehensive income (loss), before reclassifications					0.0	0.0
Amounts reclassified from accumulated other comprehensive loss					3.3	3.6
Net current period other comprehensive (loss) income					3.3	3.6
Ending balance	$ (75.9)		$ (82.4)		$ (75.9)	$ (82.4)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

+ References + Details

Comprehensive Income - Tax Amounts Allocated to Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	$ 8.7	$ (1.3)	$ 15.4	$ 3.0
Other comprehensive income (loss), tax	(0.3)	(0.7)	(0.8)	(1.2)
Other comprehensive income (loss) items, net of tax	8.4	(2.0)	14.6	1.8
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	6.7	(3.7)	11.3	(1.8)
Other comprehensive income (loss), tax	0.0	0.0	0.0	0.0
Other comprehensive income (loss) items, net of tax	6.7	(3.7)	11.3	(1.8)
Prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of defined benefit pension items, before tax	0.7	1.0	1.4	2.0
Amortization of defined benefit pension items, tax	(0.1)	(0.3)	(0.3)	(0.5)
Amortization of defined benefit pension items, after tax	0.6	0.7	1.1	1.5
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of defined benefit pension items, before tax	1.3	1.4	2.7	2.8
Amortization of defined benefit pension items, tax	(0.2)	(0.4)	(0.5)	(0.7)
Amortization of defined benefit pension items, after tax	1.1	1.0	2.2	2.1
Total defined benefit pension plans, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before tax	2.0	2.4	4.1	4.8
Other comprehensive income (loss), tax	(0.3)	(0.7)	(0.8)	(1.2)
Other comprehensive income (loss) items, net of tax	$ 1.7	$ 1.7	$ 3.3	$ 3.6