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RETIREMENT AND PROFIT SHARING PLANS
 12 Months Ended
Aug. 31, 2025
Retirement Benefits [Abstract]  
RETIREMENT AND PROFIT SHARING PLANS Retirement and Profit Sharing Plans
Defined Benefit Pension and Postretirement Plans
In the United States and certain other countries, we maintain and administer defined benefit retirement plans and postretirement medical plans for certain current, retired and resigned employees. In addition, our U.S. defined benefit pension plans include a frozen plan for former pre-incorporation partners, which is unfunded. Benefits under the employee retirement plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plan. The defined benefit pension disclosures include our U.S. and material non-U.S. defined benefit pension plans.
Assumptions
The weighted-average assumptions used to determine the defined benefit pension obligations as of August 31 and the net periodic pension expense are as follows:
Pension PlansPostretirement Plans
 August 31,
2025		August 31,
2024		August 31,
2023		August 31, 2025August 31, 2024August 31, 2023
 U.S.
Plans		Non-U.S. PlansU.S. 
Plans		Non-U.S. PlansU.S. 
Plans		Non-U.S. PlansU.S. and Non-U.S. PlansU.S. and Non-U.S. PlansU.S. and Non-U.S. Plans
Discount rate for determining projected benefit obligation5.50 %4.50 %5.25 %4.46 %5.00 %4.68 %5.48 %5.24 %5.00 %
Discount rate for determining net periodic pension expense5.25 %4.46 %5.00 %4.68 %4.25 %3.99 %5.24 %5.00 %4.28 %
Long term rate of return on plan assets4.25 %3.91 %3.75 %3.82 %3.50 %3.19 %2.80 %2.47 %2.88 %
Rate of increase in future compensation for determining projected benefit obligation2.00 %4.99 %2.05 %5.07 %2.07 %5.13 %N/AN/AN/A
Rate of increase in future compensation for determining net periodic pension expense2.05 %5.07 %2.07 %5.13 %2.07 %5.30 %N/AN/AN/A
Interest crediting rate for determining projected benefit obligationN/A1.08 %N/A1.10 %N/A1.59 %N/AN/AN/A
Interest crediting rate for determining net periodic pension expenseN/A1.10 %N/A1.59 %N/A1.37 %N/AN/AN/A
We utilize a full yield curve approach to estimate the service and interest cost components by applying specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. This approach provides a correlation between projected benefit cash flows and the corresponding yield curve spot rates and provides a precise measurement of service and interest costs. The discount rate assumptions are based on the expected duration of the benefit payments for each of our defined benefit pension and postretirement plans as of the annual measurement date and are subject to change each year.
The expected long-term rate of return on plan assets should, over time, approximate the actual long-term returns on defined benefit pension and postretirement plan assets and is based on historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the asset portfolio.
Assumed U.S. Health Care Cost Trend
Our U.S. postretirement plan assumed annual rate of increase in the per capita cost of health care benefits is 9.0% for the plan year ending August 31, 2026. The rate is assumed to decrease on a straight-line basis to 4.0% for the plan year ending August 31, 2050 and remain at that level thereafter.
Pension and Postretirement Expense
Pension expense for fiscal 2025, 2024 and 2023 was $219,933, $222,891 and $206,346, respectively. Postretirement expense for fiscal 2025, 2024 and 2023 was not material to our Consolidated Financial Statements. The service cost component of pension and postretirement expense is included in operating expenses while the other components of net benefit cost are included in Other income (expense), net.
Benefit Obligation, Plan Assets and Funded Status
The changes in the benefit obligations, plan assets and funded status of our pension and postretirement benefit plans for fiscal 2025 and 2024 are as follows:
Pension PlansPostretirement Plans
 August 31,
2025		August 31,
2024		August 31, 2025August 31, 2024
 U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansU.S. and Non-U.S. PlansU.S. and Non-U.S. Plans
Reconciliation of benefit obligation
Benefit obligation, beginning of year$304,342 $2,176,883 $311,871 $2,032,733 $595,971 $500,978 
Service cost861 151,485 1,379 143,673 25,319 21,628 
Interest cost14,564 93,986 15,209 89,795 30,171 24,992 
Participant contributions— 19,894 — 20,524 — — 
Acquisitions/divestitures/transfers— 6,336 — 6,999 — — 
Amendments— — — 307 — — 
Actuarial (gain) loss(6,457)(10,852)(5,848)31,528 (65,651)70,382 
Benefits paid(18,992)(111,277)(18,269)(102,054)(19,063)(21,183)
Exchange rate impact— 54,145 — (46,622)37 (826)
Benefit obligation, end of year$294,318 $2,380,600 $304,342 $2,176,883 $566,784 $595,971 
Reconciliation of fair value of plan assets
Fair value of plan assets, beginning of year$220,926 $1,202,348 $216,596 $1,126,387 $29,140 $28,391 
Actual return on plan assets5,864 44,832 11,396 64,530 332 1,696 
Acquisitions/divestitures/transfers— (2,915)— 5,142 — — 
Employer contributions 10,674 126,948 11,203 116,343 17,386 20,236 
Participant contributions— 19,894 — 20,524 — — 
Benefits paid(18,992)(111,277)(18,269)(102,054)(19,063)(21,183)
Exchange rate impact— 60,535 — (28,524)— — 
Fair value of plan assets, end of year$218,472 $1,340,365 $220,926 $1,202,348 $27,795 $29,140 
Funded status, end of year$(75,846)$(1,040,235)$(83,416)$(974,535)$(538,989)$(566,831)
Amounts recognized in the Consolidated Balance Sheets
Non-current assets$10,455 $161,404 $12,098 $148,357 $— $— 
Current liabilities(10,855)(63,117)(11,389)(52,743)(1,058)(1,195)
Non-current liabilities(75,446)(1,138,522)(84,125)(1,070,149)(537,931)(565,636)
Funded status, end of year$(75,846)$(1,040,235)$(83,416)$(974,535)$(538,989)$(566,831)
Accumulated Other Comprehensive (Gain) Loss
The pre-tax accumulated net (gain) loss and prior service (credit) cost recognized in Accumulated other comprehensive (gain) loss as of August 31, 2025 and 2024 is as follows:
Pension PlansPostretirement Plans
 August 31,
2025		August 31,
2024		August 31,
2025		August 31,
2024
U.S. PlansNon-U.S. 
Plans		U.S. PlansNon-U.S. 
Plans		U.S. and Non-U.S. PlansU.S. and Non-U.S. Plans
Net (gain) loss$64,419 $292,577 $72,948 $310,100 $(87,367)$(22,993)
Prior service (credit) cost— (18,190)— (17,326)3,163 4,143 
Accumulated other comprehensive (gain) loss, pre-tax$64,419 $274,387 $72,948 $292,774 $(84,204)$(18,850)
Funded Status for Defined Benefit Plans
The accumulated benefit obligation for defined benefit pension plans as of August 31, 2025 and 2024 is as follows:
 August 31,
2025		August 31,
2024
 U.S. PlansNon-U.S.
Plans		U.S. PlansNon-U.S.
Plans
Accumulated benefit obligation$293,823 $2,089,774 $303,302 $1,894,477 
The following information is provided for defined benefit pension plans and postretirement plans with projected benefit obligations in excess of plan assets and for defined benefit pension plans with accumulated benefit obligations in excess of plan assets as of August 31, 2025 and 2024:
Pension PlansPostretirement Plans
 August 31,
2025		August 31,
2024		August 31,
2025		August 31,
2024
 U.S. PlansNon-U.S.
Plans		U.S. PlansNon-U.S.
Plans		U.S. and Non-U.S. PlansU.S. and Non-U.S. Plans
Projected benefit obligation in excess of plan assets
Projected benefit obligation$86,302 $1,531,376 $95,514 $1,426,931 $566,784 $595,971 
Fair value of plan assets— 329,737 — 304,039 27,795 29,140 
 August 31,
2025		August 31,
2024
 U.S. PlansNon-U.S.
Plans		U.S. PlansNon-U.S.
Plans
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$86,302 $1,260,569 $95,514 $1,110,660 
Fair value of plan assets— 320,087 — 241,608 
Investment Strategies
U.S. Pension Plans
The overall investment objective of the defined benefit pension plans is to match the duration of the plans’ assets to the plans’ liabilities while managing risk in order to meet current defined benefit pension obligations. The plans’ future prospects, their current financial conditions, our current funding levels and other relevant factors suggest that the plans can tolerate some interim fluctuations in market value and rates of return in order to achieve long-term objectives without undue risk to the plans’ ability to meet their current benefit obligations. We recognize that asset allocation of the defined benefit pension plans’ assets is an important factor in determining long-term performance. Actual asset allocations at any point in time may
vary from the target asset allocations and will be dictated by current and anticipated market conditions, required cash flows and investment decisions of the investment committee and the pension plans’ investment funds and managers. Ranges are established to provide flexibility for the asset allocation to vary around the targets without the need for immediate rebalancing.
Non-U.S. Pension Plans
Plan assets in non-U.S. defined benefit pension plans conform to the investment policies and procedures of each plan and to relevant legislation. The pension committee or trustee of each plan regularly, but at least annually, reviews the investment policy and the performance of the investment managers. In certain countries, the trustee is also required to consult with us. Asset allocation decisions are made to provide risk adjusted returns that align with the overall investment strategy for each plan. Generally, the investment return objective of each plan is to achieve a total annualized rate of return that exceeds inflation over the long term by an amount based on the target asset allocation mix of that plan. In certain countries, plan assets are invested in funds that are required to hold a majority of assets in bonds, with a smaller proportion in equities. Also, certain plan assets are entirely invested in contracts held with the plan insurer, which determines the strategy. Defined benefit pension plans in certain countries are unfunded.
Risk Management
Plan investments are exposed to risks including market, interest rate and operating risk. In order to mitigate significant concentrations of these risks, the assets are invested in a diversified portfolio primarily consisting of fixed income instruments and equities. To minimize asset volatility relative to the liabilities, plan assets allocated to debt securities appropriately match the duration of individual plan liabilities. Equities are diversified between U.S. and non-U.S. index funds and are intended to achieve long term capital appreciation. Plan asset allocation and investment managers’ guidelines are reviewed on a regular basis.
Plan Assets
Our target allocation for fiscal 2026 and weighted-average plan assets allocations as of August 31, 2025 and 2024 by asset category for defined benefit pension plans are as follows:
 2026 Target
Allocation		20252024
 U.S.
Plans		Non-U.S.
Plans		U.S.
Plans		Non-U.S.
Plans		U.S.
Plans		Non-U.S.
Plans
Asset Category
Equity securities— %30 %— %23 %— %23 %
Debt securities100 37 96 44 94 42 
Cash and short-term investments— 5 4 4 6 5 
Insurance contracts— 20 — 19 — 21 
Other— 8 — 10 — 9 
Total100 %100 %100 %100 %100 %100 %
Fair Value Measurements
Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.
The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The fair-value hierarchy requires the use of observable market data when available and consists of the following levels:
•Level 1—Quoted prices for identical instruments in active markets;
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and
•Level 3—Valuations derived from valuation techniques in which one or more significant inputs are unobservable.
The fair values of defined benefit pension and postretirement plan assets as of August 31, 2025 are as follows:
Non-U.S. Plans
 Level 1Level 2Level 3Total
Equity
Mutual fund equity securities$29,567 $278,951 $— $308,518 
Fixed Income
U.S. government, state and local debt securities
— 5,823 — 5,823 
Non-U.S. government debt securities237,760 35,549 — 273,309 
Non-U.S. corporate debt securities15,250 — — 15,250 
Mutual fund debt securities— 291,250 — 291,250 
Cash and short-term investments54,186 — — 54,186 
Insurance contracts— 69,219 193,119 262,338 
Other— 99,194 30,497 129,691 
Total$336,763 $779,986 $223,616 $1,340,365 
The level 3 assets are primarily invested in an insurance buy-in contract in a Non-U.S. plan. The fair value of the assets is set to an actuarially calculated present value of the underlying liabilities.
The U.S. Plans have $246,267 in Level 2 assets, primarily made up of U.S. corporate debt securities of $167,631 and U.S. government, state and local debt securities of $38,030.
The following table provides a reconciliation of the beginning and ending balances of Level 3 assets for fiscal 2025:
Level 3 AssetsFiscal 2025
Beginning balance$211,703 
Changes in fair value11,913 
Ending Balance$223,616 
The fair values of defined benefit pension and postretirement plan assets as of August 31, 2024 are as follows:
Non-U.S. Plans
 Level 1Level 2Level 3Total
Equity
Mutual fund equity securities$20,205 $253,494 $— $273,699 
Fixed Income
U.S. government, state and local debt securities— 9,765 — 9,765 
Non-U.S. government debt securities208,550 18,821 — 227,371 
Non-U.S. corporate debt securities13,471 — — 13,471 
Mutual fund debt securities— 253,025 — 253,025 
Cash and short-term investments63,383 — — 63,383 
Insurance contracts— 65,083 184,884 249,967 
Other— 84,848 26,819 111,667 
Total$305,609 $685,036 $211,703 $1,202,348 
The level 3 assets are primarily invested in an insurance buy-in contract in a Non-U.S. plan. The fair value of the assets is set to an actuarially calculated present value of the underlying liabilities.
The U.S. Plans have $250,066 in Level 2 assets, primarily made up of U.S. corporate debt securities of $169,800 and U.S. government, state and local debt securities of $35,086.
The following table provides a reconciliation of the beginning and ending balances of Level 3 assets for fiscal 2024:
Level 3 AssetsFiscal 2024
Beginning balance$207,910 
Changes in fair value3,793 
Ending Balance$211,703 
Expected Contributions
Generally, annual contributions are made at such times and in amounts as required by law and may, from time to time, exceed minimum funding requirements. We estimate we will pay approximately $170,941 in fiscal 2026 related to contributions to our U.S. and non-U.S. defined benefit pension plans and benefit payments related to the unfunded frozen plan for former pre-incorporation partners. We have not determined whether we will make additional voluntary contributions for our defined benefit pension plans. Our postretirement plan contributions in fiscal 2026 are not expected to be material to our Consolidated Financial Statements.
Estimated Future Benefit Payments
Benefit payments for defined benefit pension plans and postretirement plans, which reflect expected future service, as appropriate, are expected to be paid as follows:
Pension PlansPostretirement Plans
U.S. PlansNon-U.S.
Plans		U.S. and Non-U.S. Plans
2026$20,491 $152,741 $14,917 
202721,175 154,859 16,736 
202822,024 170,569 18,794 
202922,734 184,843 20,978 
203023,197 198,392 23,244 
2031-2035115,611 1,066,986 154,411 
Defined Contribution Plans
In the United States and certain other countries, we maintain and administer defined contribution plans for certain current, retired and resigned employees. Total expenses recorded for defined contribution plans were $949,214, $914,092 and $976,230 in fiscal 2025, 2024 and 2023, respectively.