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Postretirement and Other Employee Benefits (Tables) | 12 Months Ended
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Aug. 31, 2017
Postretirement and Other Employee Benefits [Abstract] |
Reconciliation of Change in Benefit Obligations for Plans | The benefit obligations and plan assets, changes to the benefit obligation and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in thousands):
|  |  |  |  | Pension |
|  |  |  |  | 2017 |  | 2016 |
|  |  | Change in projected benefit obligation |  |  |  |  |  |
|  |  | Beginning projected benefit obligation | $ | 182,278 |  | $ | 161,230 |
|  |  | Service cost |  | 1,068 |  |  | 883 |
|  |  | Interest cost |  | 2,942 |  |  | 4,844 |
|  |  | Actuarial (gain) loss |  | (10,147) |  |  | 40,170 |
|  |  | Settlements paid from plan assets |  | (2,133) |  |  | ― |
|  |  | Total benefits paid |  | (6,790) |  |  | (5,587) |
|  |  | Plan participants’ contributions |  | 27 |  |  | 27 |
|  |  | Terminations |  | (106) |  |  | ― |
|  |  | Effect of conversion to U.S. dollars |  | 575 |  |  | (19,289) |
|  |  | Ending projected benefit obligation | $ | 167,714 |  | $ | 182,278 |
|  |  | Change in plan assets |  |  |  |  |  |
|  |  | Beginning fair value of plan assets |  | 143,702 |  |  | 134,808 |
|  |  | Actual return on plan assets |  | 2,582 |  |  | 29,734 |
|  |  | Settlements paid from plan assets |  | (2,133) |  |  | ― |
|  |  | Employer contributions |  | 6,981 |  |  | 3,391 |
|  |  | Benefits paid from plan assets |  | (3,759) |  |  | (5,268) |
|  |  | Plan participants’ contributions |  | 27 |  |  | 27 |
|  |  | Effect of conversion to U.S. dollars |  | (702) |  |  | (18,990) |
|  |  | Ending fair value of plan assets | $ | 146,698 |  | $ | 143,702 |
|  |  | Unfunded status | $ | (21,016) |  | $ | (38,576) |
|  |  | Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |
|  |  | Accrued benefit liability, current | $ | 182 |  | $ | 383 |
|  |  | Accrued benefit liability, noncurrent | $ | 20,834 |  | $ | 38,193 |
|  |  | Accumulated other comprehensive loss (income)(1) |  |  |  |  |  |
|  |  |  | Actuarial loss, net of tax | $ | 32,247 |  | $ | 44,155 |
|  |  |  | Prior service credit, net of tax | $ | (1,185) |  | $ | (1,255) |
Reconciliation of Changes in Pension Plan Assets | The benefit obligations and plan assets, changes to the benefit obligation and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in thousands):
|  |  |  |  | Pension |
|  |  |  |  | 2017 |  | 2016 |
|  |  | Change in projected benefit obligation |  |  |  |  |  |
|  |  | Beginning projected benefit obligation | $ | 182,278 |  | $ | 161,230 |
|  |  | Service cost |  | 1,068 |  |  | 883 |
|  |  | Interest cost |  | 2,942 |  |  | 4,844 |
|  |  | Actuarial (gain) loss |  | (10,147) |  |  | 40,170 |
|  |  | Settlements paid from plan assets |  | (2,133) |  |  | ― |
|  |  | Total benefits paid |  | (6,790) |  |  | (5,587) |
|  |  | Plan participants’ contributions |  | 27 |  |  | 27 |
|  |  | Terminations |  | (106) |  |  | ― |
|  |  | Effect of conversion to U.S. dollars |  | 575 |  |  | (19,289) |
|  |  | Ending projected benefit obligation | $ | 167,714 |  | $ | 182,278 |
|  |  | Change in plan assets |  |  |  |  |  |
|  |  | Beginning fair value of plan assets |  | 143,702 |  |  | 134,808 |
|  |  | Actual return on plan assets |  | 2,582 |  |  | 29,734 |
|  |  | Settlements paid from plan assets |  | (2,133) |  |  | ― |
|  |  | Employer contributions |  | 6,981 |  |  | 3,391 |
|  |  | Benefits paid from plan assets |  | (3,759) |  |  | (5,268) |
|  |  | Plan participants’ contributions |  | 27 |  |  | 27 |
|  |  | Effect of conversion to U.S. dollars |  | (702) |  |  | (18,990) |
|  |  | Ending fair value of plan assets | $ | 146,698 |  | $ | 143,702 |
|  |  | Unfunded status | $ | (21,016) |  | $ | (38,576) |
|  |  | Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |
|  |  | Accrued benefit liability, current | $ | 182 |  | $ | 383 |
|  |  | Accrued benefit liability, noncurrent | $ | 20,834 |  | $ | 38,193 |
|  |  | Accumulated other comprehensive loss (income)(1) |  |  |  |  |  |
|  |  |  | Actuarial loss, net of tax | $ | 32,247 |  | $ | 44,155 |
|  |  |  | Prior service credit, net of tax | $ | (1,185) |  | $ | (1,255) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The benefit obligations and plan assets, changes to the benefit obligation and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in thousands):
|  |  |  |  | Pension |
|  |  |  |  | 2017 |  | 2016 |
|  |  | Change in projected benefit obligation |  |  |  |  |  |
|  |  | Beginning projected benefit obligation | $ | 182,278 |  | $ | 161,230 |
|  |  | Service cost |  | 1,068 |  |  | 883 |
|  |  | Interest cost |  | 2,942 |  |  | 4,844 |
|  |  | Actuarial (gain) loss |  | (10,147) |  |  | 40,170 |
|  |  | Settlements paid from plan assets |  | (2,133) |  |  | ― |
|  |  | Total benefits paid |  | (6,790) |  |  | (5,587) |
|  |  | Plan participants’ contributions |  | 27 |  |  | 27 |
|  |  | Terminations |  | (106) |  |  | ― |
|  |  | Effect of conversion to U.S. dollars |  | 575 |  |  | (19,289) |
|  |  | Ending projected benefit obligation | $ | 167,714 |  | $ | 182,278 |
|  |  | Change in plan assets |  |  |  |  |  |
|  |  | Beginning fair value of plan assets |  | 143,702 |  |  | 134,808 |
|  |  | Actual return on plan assets |  | 2,582 |  |  | 29,734 |
|  |  | Settlements paid from plan assets |  | (2,133) |  |  | ― |
|  |  | Employer contributions |  | 6,981 |  |  | 3,391 |
|  |  | Benefits paid from plan assets |  | (3,759) |  |  | (5,268) |
|  |  | Plan participants’ contributions |  | 27 |  |  | 27 |
|  |  | Effect of conversion to U.S. dollars |  | (702) |  |  | (18,990) |
|  |  | Ending fair value of plan assets | $ | 146,698 |  | $ | 143,702 |
|  |  | Unfunded status | $ | (21,016) |  | $ | (38,576) |
|  |  | Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |
|  |  | Accrued benefit liability, current | $ | 182 |  | $ | 383 |
|  |  | Accrued benefit liability, noncurrent | $ | 20,834 |  | $ | 38,193 |
|  |  | Accumulated other comprehensive loss (income)(1) |  |  |  |  |  |
|  |  |  | Actuarial loss, net of tax | $ | 32,247 |  | $ | 44,155 |
|  |  |  | Prior service credit, net of tax | $ | (1,185) |  | $ | (1,255) |
(1) We anticipate amortizing $1.1 million and $(0.1) million, net of tax, of net actuarial loss and prior service credit balances, respectively, to net periodic cost in fiscal year 2018.
Information about Net Periodic Benefit Cost for Plans |
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |
|  | The following table provides information about the net periodic benefit cost for the plans for fiscal years 2017, 2016 and 2015
(in thousands):
|  |  |  | Pension |
|  |  |  | 2017 |  | 2016 |  | 2015 |
|  |  | Service cost | $ | 1,068 |  | $ | 883 |  | $ | 1,054 |
|  |  | Interest cost |  | 2,942 |  |  | 4,844 |  |  | 5,554 |
|  |  | Expected long-term return on plan assets |  | (4,206) |  |  | (5,560) |  |  | (5,778) |
|  |  | Recognized actuarial loss |  | 1,929 |  |  | 1,046 |  |  | 1,723 |
|  |  | Net curtailment gain |  | ― |  |  | ― |  |  | (2,542) |
|  |  | Amortization of prior service credit |  | (138) |  |  | (139) |  |  | (147) |
|  |  | Net settlement loss |  | 1,472 |  |  | ― |  |  | ― |
|  |  | Net periodic benefit cost | $ | 3,067 |  | $ | 1,074 |  | $ | (136) |
Weighted-Average Actuarial Assumptions |
Assumptions |  |  |  |  |  |  |  |  |
| Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation
for the plans for the fiscal years 2017, 2016 and 2015 were as follows:
|  |  | Pension |  |
|  |  | 2017 |  |  | 2016 |  |  | 2015 |  |
| Net periodic benefit cost: |  |  |  |  |  |  |  |  |
|  | Expected long-term return on plan assets(1) | 3.3 | % |  | 4.3 | % |  | 4.4 | % |
|  | Rate of compensation increase | 2.7 | % |  | 2.4 | % |  | 3.2 | % |
|  | Discount rate | 1.9 | % |  | 2.9 | % |  | 1.8 | % |
| Projected benefit obligation: |  |  |  |  |  |  |  |  |
|  | Expected long-term return on plan assets | 4.0 | % |  | 3.3 | % |  | 4.4 | % |
|  | Rate of compensation increase | 4.4 | % |  | 4.1 | % |  | 4.3 | % |
|  | Discount rate(2) | 2.3 | % |  | 1.7 | % |  | 3.2 | % |
(1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. (2) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash out flow of retir ement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.
Fair Values of Plan Assets by Asset Category |
Fair Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The fair values of the plan assets held by the Company by asset category are as follows (in thousands): |
|  |  |  |  | August 31, 2017 |  |  | August 31, 2016 |
|  | Fair Value |  |  |  | Asset |  |  |  |  | Asset |
| Hierarchy |  | Fair Value |  | Allocation |  |  | Fair Value |  | Allocation |
Asset Category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) |  | Level 1 |  | $ | 5,760 |  |  | 4 | % |  | $ | 3,565 |  |  | 3 | %
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global equity securities(2)(3) |  | Level 2 |  |  | 41,971 |  |  | 29 | % |  |  | 41,515 |  |  | 29 | %
Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds(3) |  | Level 2 |  |  | 41,987 |  |  | 29 | % |  |  | 41,993 |  |  | 29 | %
Government bonds(3) |  | Level 2 |  |  | 41,738 |  |  | 28 | % |  |  | 40,495 |  |  | 28 | %
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts(4) |  | Level 3 |  |  | 15,242 |  |  | 10 | % |  |  | 16,134 |  |  | 11 | %
Fair value of plan assets |  |  |  | $ | 146,698 |  |  | 100 | % |  | $ | 143,702 |  |  | 100 | %
(1) Carrying value approximates fair value. (2) Investments in equity securities by companies incorporated, listed or domiciled in developed and/or emerging market countries. (3) Investments in global equity securities, corporate bonds, government securities and government bonds are valued using the quoted prices of securities with similar characteristics. (4) C onsist of an insurance contract that guarantees the payment of the funded pension entitlements, as well as provides a profit share to the Company. The profit share in this contract is not based on actual investments, but, instead on a notional investment portfolio that is expected to return a pre-defined rate. Insurance contract assets are recorded at fair value and is determined based on th e cash surrender value of the insured benefits which is the present value of the guaranteed funded benefits. Insurance contracts are valued using unobservable inputs (Level 3 inputs), primarily by discounting expected future cash flows relating to benefits paid from a notional investment portfolio in order to determine the cash surrender value of the policy. The unobservable inputs consist of estimated future benefits to be paid throughout the duration of the policy and estimated discount rates, which both have an immaterial impact on the fair value estimate of the contract.
Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets |
Accumulated Benefit Obligation |  |  |  |  |  |
|  | The following table provides information for the plans with an accumulated benefit obligation for fiscal years
2017 and 2016 (in thousands):
|  |  |  |  | August 31, |
|  |  |  |  | 2017 |  | 2016 |
|  |  |  | Projected benefit obligation | $ | 167,714 |  | $ | 182,278 |
|  |  |  | Accumulated benefit obligation | $ | 158,971 |  | $ | 171,589 |
|  |  |  | Fair value of plan assets | $ | 146,698 |  | $ | 143,702 |
Estimated Future Benefit Payments | Cash Flows The Company expects to make cash contributions between $2.7 million and $3.5 million to its funded pension plans during fi scal year 2018. The estimated future benefit payments, which reflect expected future service, are as follows (in thousands):
|  | Fiscal Year Ended August 31, |  | Amount |
|  | 2018 |  | $ | 4,245 |
|  | 2019 |  |  | 4,438 |
|  | 2020 |  |  | 5,249 |
|  | 2021 |  |  | 4,759 |
|  | 2022 |  |  | 5,182 |
|  | 2023 through 2027 |  | 32,743 |

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