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Postretirement and Other Employee Benefits (Tables) | 12 Months Ended
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Aug. 31, 2019
Retirement 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
| 2019 |  | 2018
Change in projected benefit obligation |  |  |
Beginning projected benefit obligation | $ | 161,104 |  |  | $ | 167,714 |
Service cost | 1,437 |  |  | 1,063 |
Interest cost | 3,715 |  |  | 3,807 |
Actuarial loss (gain) | 19,060 |  |  | (6,019 | )
Curtailments gain | — |  |  | (998 | )
Total benefits paid | (6,568 | ) |  | (6,211 | )
Plan participants’ contributions | 35 |  |  | 31 |
Amendments | — |  |  | 1,864 |
Acquisitions | 6,040 |  |  | — |
Effect of conversion to U.S. dollars | (10,133 | ) |  | (147 | )
Ending projected benefit obligation | $ | 174,690 |  |  | $ | 161,104 |
Change in plan assets |  |  |
Beginning fair value of plan assets | 151,715 |  |  | 146,698 |
Actual return on plan assets | 19,784 |  |  | 8,146 |
Employer contributions | 1,717 |  |  | 1,811 |
Benefits paid from plan assets | (5,435 | ) |  | (4,758 | )
Plan participants’ contributions | 35 |  |  | 31 |
Effect of conversion to U.S. dollars | (9,715 | ) |  | (213 | )
Ending fair value of plan assets | $ | 158,101 |  |  | $ | 151,715 |
Unfunded status | $ | (16,589 | ) |  | $ | (9,389 | )
Amounts recognized in the Consolidated Balance Sheets |  |  |
Accrued benefit liability, current | $ | 368 |  |  | $ | 428 |
Accrued benefit liability, noncurrent | $ | 16,221 |  |  | $ | 8,961 |
Accumulated other comprehensive loss(1) |  |  |
Actuarial loss, before tax | $ | 24,343 |  |  | $ | 22,387 |
Prior service cost, before tax | $ | 690 |  |  | $ | 719 |
(1) | The Company anticipates amortizing $0.8 million and $0.0 million, before tax, of net actuarial loss and prior service costs balances, respectively, to net periodic cost in fiscal year 2020.
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
| 2019 |  | 2018
Change in projected benefit obligation |  |  |
Beginning projected benefit obligation | $ | 161,104 |  |  | $ | 167,714 |
Service cost | 1,437 |  |  | 1,063 |
Interest cost | 3,715 |  |  | 3,807 |
Actuarial loss (gain) | 19,060 |  |  | (6,019 | )
Curtailments gain | — |  |  | (998 | )
Total benefits paid | (6,568 | ) |  | (6,211 | )
Plan participants’ contributions | 35 |  |  | 31 |
Amendments | — |  |  | 1,864 |
Acquisitions | 6,040 |  |  | — |
Effect of conversion to U.S. dollars | (10,133 | ) |  | (147 | )
Ending projected benefit obligation | $ | 174,690 |  |  | $ | 161,104 |
Change in plan assets |  |  |
Beginning fair value of plan assets | 151,715 |  |  | 146,698 |
Actual return on plan assets | 19,784 |  |  | 8,146 |
Employer contributions | 1,717 |  |  | 1,811 |
Benefits paid from plan assets | (5,435 | ) |  | (4,758 | )
Plan participants’ contributions | 35 |  |  | 31 |
Effect of conversion to U.S. dollars | (9,715 | ) |  | (213 | )
Ending fair value of plan assets | $ | 158,101 |  |  | $ | 151,715 |
Unfunded status | $ | (16,589 | ) |  | $ | (9,389 | )
Amounts recognized in the Consolidated Balance Sheets |  |  |
Accrued benefit liability, current | $ | 368 |  |  | $ | 428 |
Accrued benefit liability, noncurrent | $ | 16,221 |  |  | $ | 8,961 |
Accumulated other comprehensive loss(1) |  |  |
Actuarial loss, before tax | $ | 24,343 |  |  | $ | 22,387 |
Prior service cost, before tax | $ | 690 |  |  | $ | 719 |
(1) | The Company anticipates amortizing $0.8 million and $0.0 million, before tax, of net actuarial loss and prior service costs balances, respectively, to net periodic cost in fiscal year 2020.
Schedule of Amounts Recognized in Balance Sheet | 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
| 2019 |  | 2018
Change in projected benefit obligation |  |  |
Beginning projected benefit obligation | $ | 161,104 |  |  | $ | 167,714 |
Service cost | 1,437 |  |  | 1,063 |
Interest cost | 3,715 |  |  | 3,807 |
Actuarial loss (gain) | 19,060 |  |  | (6,019 | )
Curtailments gain | — |  |  | (998 | )
Total benefits paid | (6,568 | ) |  | (6,211 | )
Plan participants’ contributions | 35 |  |  | 31 |
Amendments | — |  |  | 1,864 |
Acquisitions | 6,040 |  |  | — |
Effect of conversion to U.S. dollars | (10,133 | ) |  | (147 | )
Ending projected benefit obligation | $ | 174,690 |  |  | $ | 161,104 |
Change in plan assets |  |  |
Beginning fair value of plan assets | 151,715 |  |  | 146,698 |
Actual return on plan assets | 19,784 |  |  | 8,146 |
Employer contributions | 1,717 |  |  | 1,811 |
Benefits paid from plan assets | (5,435 | ) |  | (4,758 | )
Plan participants’ contributions | 35 |  |  | 31 |
Effect of conversion to U.S. dollars | (9,715 | ) |  | (213 | )
Ending fair value of plan assets | $ | 158,101 |  |  | $ | 151,715 |
Unfunded status | $ | (16,589 | ) |  | $ | (9,389 | )
Amounts recognized in the Consolidated Balance Sheets |  |  |
Accrued benefit liability, current | $ | 368 |  |  | $ | 428 |
Accrued benefit liability, noncurrent | $ | 16,221 |  |  | $ | 8,961 |
Accumulated other comprehensive loss(1) |  |  |
Actuarial loss, before tax | $ | 24,343 |  |  | $ | 22,387 |
Prior service cost, before tax | $ | 690 |  |  | $ | 719 |
(1) | The Company anticipates amortizing $0.8 million and $0.0 million, before tax, of net actuarial loss and prior service costs balances, respectively, to net periodic cost in fiscal year 2020.
Information about Net Periodic Benefit Cost for Plans | The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands):
| Pension
| 2019 |  | 2018 |  | 2017
Service cost | $ | 1,437 |  |  | $ | 1,063 |  |  | $ | 1,068 |
Interest cost | 3,715 |  |  | 3,807 |  |  | 2,942 |
Expected long-term return on plan assets | (5,291 | ) |  | (5,954 | ) |  | (4,206 | )
Recognized actuarial loss | 741 |  |  | 1,127 |  |  | 1,929 |
Amortization of prior service credit | (44 | ) |  | (88 | ) |  | (138 | )
Net settlement loss | 634 |  |  | 116 |  |  | 1,472 |
Net periodic benefit cost | $ | 1,192 |  |  | $ | 71 |  |  | $ | 3,067 |
Weighted-Average Actuarial Assumptions | Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows:
| Pension
| 2019 |  | 2018 |  | 2017
Net periodic benefit cost: |  |  |  |  |
Expected long-term return on plan assets(1) | 3.6 | % |  | 3.8 | % |  | 3.3 | %
Rate of compensation increase | 4.4 | % |  | 3.3 | % |  | 2.7 | %
Discount rate | 2.2 | % |  | 2.1 | % |  | 1.9 | %
Projected benefit obligation: |  |  |  |  |
Expected long-term return on plan assets | 2.0 | % |  | 3.6 | % |  | 4.0 | %
Rate of compensation increase | 4.3 | % |  | 4.4 | % |  | 4.4 | %
Discount rate(2) | 1.7 | % |  | 2.2 | % |  | 2.3 | %
(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 outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.
Fair Values of Plan Assets by Asset Category | The fair values of the plan assets held by the Company by asset category are as follows (in thousands):
|  |  | August 31, 2019 |  | August 31, 2018
| Fair Value Hierarchy |  | Fair Value |  | Asset Allocation |  | Fair Value |  | Asset Allocation
Asset Category |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) | Level 1 |  | $ | 7,705 |  |  | 5 | % |  | $ | 6,682 |  |  | 4 | %
Equity Securities: |  |  |  |  |  |  |  |  |
Global equity securities(2)(3) | Level 2 |  | 20,215 |  |  | 13 | % |  | 35,932 |  |  | 24 | %
Debt Securities: |  |  |  |  |  |  |  |  |
Corporate bonds(3) | Level 2 |  | 42,522 |  |  | 27 | % |  | 41,088 |  |  | 27 | %
Government bonds(3) | Level 2 |  | 69,880 |  |  | 44 | % |  | 51,597 |  |  | 34 | %
Other Investments: |  |  |  |  |  |  |  |  |
Insurance contracts(4) | Level 3 |  | 17,779 |  |  | 11 | % |  | 16,416 |  |  | 11 | %
Fair value of plan assets |  |  | $ | 158,101 |  |  | 100 | % |  | $ | 151,715 |  |  | 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) | Consist 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 the 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 | The following table provides information for the plans with an accumulated benefit obligation for fiscal years 2019 and 2018 (in thousands):
| August 31,
| 2019 |  | 2018
Projected benefit obligation | $ | 174,690 |  |  | $ | 161,104 |
Accumulated benefit obligation | $ | 161,729 |  |  | $ | 152,380 |
Fair value of plan assets | $ | 158,101 |  |  | $ | 151,715 |
Estimated Future Benefit Payments | The Company expects to make cash contributions between $0.4 million and $0.6 million to its funded pension plans during fiscal year 2020. The estimated future benefit payments, which reflect expected future service, are as follows (in thousands):
Fiscal Year Ended August 31, | Amount
2020 | $ | 5,017 |
2021 | 4,788 |
2022 | 5,365 |
2023 | 5,877 |
2024 | 6,274 |
2025 through 2029 | 40,828 |

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