Acquisitions (Tables)

9 Months Ended

May 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table outlines the preliminary fair values of the assets and liabilities obtained in connection with the QSC acquisition as of January 1, 2025 (in millions):






	Purchase Price Allocation
Consideration transferred:
Cash consideration	$	1,240.7

Identifiable assets:
Intangible assets(1)	697.6
Inventories	101.9
Property, plant, and equipment	27.0
Operating lease right-of-use assets	23.9
Accounts receivable	55.7
Other assets	95.2
Total identifiable assets	1,001.3

Liabilities assumed:
Accounts payable	32.6
Operating lease liabilities	24.2
Other liabilities	98.8
Total liabilities assumed	155.6

Total identifiable net assets	845.7
Goodwill	$	395.0

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(1) Gross intangible assets of $697.6 million reflect estimates for definite-lived intangibles with a preliminary estimated weighted average useful life of approximately 15 years.

Schedule of the Amount of Net Sales and Net Income

The following table provides the amount of QSC net sales and net income included within our consolidated financial statements since the acquisition date (in millions):


	May 31, 2025
	Three Months Ended		Nine Months Ended
Net sales	$	172.8	$	267.9
Net income(1)	7.9		6.2

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(1) Net income for the three months ended May 31, 2025 includes preliminary pre-tax nonrecurring acquisition date fair value adjustments to inventory of $19.2 million and preliminary amortization of acquired intangible assets of $11.6 million. Net income for the nine months ended May 31, 2025 includes preliminary pre-tax nonrecurring acquisition date fair value adjustments to inventory of $29.6 million and preliminary amortization of acquired intangible assets of $19.4 million

Schedule of Business Acquisition, Pro Forma Information

Amounts in the table below combine our previously reported results with QSC’s results for the corresponding periods as well as adjustments for purchase accounting, accounting policy alignments, changes to our capital structure, including additional interest expense associated with borrowings to fund the acquisition, and other nonrecurring items that were incurred in connection with the acquisition, assuming they occurred as of September 1, 2023 (in millions):


	Quarter-to-Date				Year-to-Date
	May 31, 2025		May 31, 2024		May 31, 2025		May 31, 2024
Revenue	$	1,178.6	$	1,107.6	$	3,337.2	$	3,204.0
Net income(1)	115.1		112.6		323.7		253.3

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(1) Pro forma net income for the year-to-date period ending May 31, 2024 includes preliminary pre-tax nonrecurring acquisition date fair value adjustments to inventory of $29.6 million and acquisition-related costs of $21.2 million. We did not have any other significant nonrecurring pro forma adjustments directly attributable to the acquisition.