XML 53 R38.htm IDEA: XBRL DOCUMENT v3.20.2

Postretirement and Other Employee Benefits (Tables)

12 Months Ended

Aug. 31, 2020

Retirement Benefits [Abstract]

Schedule of 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):

	Fiscal Year Ended August 31,
	2020				2019
Change in projected benefit obligation
Beginning projected benefit obligation	$	174,690			$	161,104
Service cost	24,606				1,437
Interest cost	3,041				3,715
Actuarial (gain) loss	(81,409		)		19,060
Settlements paid from plan assets(1)	(25,749		)		—
Total benefits paid	(6,431		)		(6,568		)
Plan participants’ contributions	14,171				35
Acquisitions	404,297				6,040
Effect of conversion to U.S. dollars	51,887				(10,133		)
Ending projected benefit obligation	$	559,103			$	174,690
Change in plan assets
Beginning fair value of plan assets	158,101				151,715
Actual return on plan assets	6,952				19,784
Acquisitions	330,793				—
Settlements paid from plan assets(1)	(25,749		)		—
Employer contributions	10,084				1,717
Benefits paid from plan assets	(5,765		)		(5,435		)
Plan participants’ contributions	14,171				35
Effect of conversion to U.S. dollars	49,686				(9,715		)
Ending fair value of plan assets	$	538,273			$	158,101
Unfunded status	$	(20,830	)		$	(16,589	)
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current	$	646			$	368
Accrued benefit liability, noncurrent	$	20,184			$	16,221
Accumulated other comprehensive loss(2)
Actuarial (gain) loss, before tax	$	(49,054	)		$	24,343
Prior service cost, before tax	$	786			$	690

⁽¹⁾  The settlements recognized during fiscal year 2020 relate primarily to the Switzerland plan.

⁽²⁾ 

The Company anticipates amortizing $5.1 million and $0.0 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2021.

Schedule of 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):

	Fiscal Year Ended August 31,
	2020				2019
Change in projected benefit obligation
Beginning projected benefit obligation	$	174,690			$	161,104
Service cost	24,606				1,437
Interest cost	3,041				3,715
Actuarial (gain) loss	(81,409		)		19,060
Settlements paid from plan assets(1)	(25,749		)		—
Total benefits paid	(6,431		)		(6,568		)
Plan participants’ contributions	14,171				35
Acquisitions	404,297				6,040
Effect of conversion to U.S. dollars	51,887				(10,133		)
Ending projected benefit obligation	$	559,103			$	174,690
Change in plan assets
Beginning fair value of plan assets	158,101				151,715
Actual return on plan assets	6,952				19,784
Acquisitions	330,793				—
Settlements paid from plan assets(1)	(25,749		)		—
Employer contributions	10,084				1,717
Benefits paid from plan assets	(5,765		)		(5,435		)
Plan participants’ contributions	14,171				35
Effect of conversion to U.S. dollars	49,686				(9,715		)
Ending fair value of plan assets	$	538,273			$	158,101
Unfunded status	$	(20,830	)		$	(16,589	)
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current	$	646			$	368
Accrued benefit liability, noncurrent	$	20,184			$	16,221
Accumulated other comprehensive loss(2)
Actuarial (gain) loss, before tax	$	(49,054	)		$	24,343
Prior service cost, before tax	$	786			$	690

⁽¹⁾  The settlements recognized during fiscal year 2020 relate primarily to the Switzerland plan.

⁽²⁾ 

The Company anticipates amortizing $5.1 million and $0.0 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2021.

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):

	Fiscal Year Ended August 31,
	2020				2019
Change in projected benefit obligation
Beginning projected benefit obligation	$	174,690			$	161,104
Service cost	24,606				1,437
Interest cost	3,041				3,715
Actuarial (gain) loss	(81,409		)		19,060
Settlements paid from plan assets(1)	(25,749		)		—
Total benefits paid	(6,431		)		(6,568		)
Plan participants’ contributions	14,171				35
Acquisitions	404,297				6,040
Effect of conversion to U.S. dollars	51,887				(10,133		)
Ending projected benefit obligation	$	559,103			$	174,690
Change in plan assets
Beginning fair value of plan assets	158,101				151,715
Actual return on plan assets	6,952				19,784
Acquisitions	330,793				—
Settlements paid from plan assets(1)	(25,749		)		—
Employer contributions	10,084				1,717
Benefits paid from plan assets	(5,765		)		(5,435		)
Plan participants’ contributions	14,171				35
Effect of conversion to U.S. dollars	49,686				(9,715		)
Ending fair value of plan assets	$	538,273			$	158,101
Unfunded status	$	(20,830	)		$	(16,589	)
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current	$	646			$	368
Accrued benefit liability, noncurrent	$	20,184			$	16,221
Accumulated other comprehensive loss(2)
Actuarial (gain) loss, before tax	$	(49,054	)		$	24,343
Prior service cost, before tax	$	786			$	690

⁽¹⁾  The settlements recognized during fiscal year 2020 relate primarily to the Switzerland plan.

⁽²⁾ 

The Company anticipates amortizing $5.1 million and $0.0 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2021.

Schedule of 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 2020, 2019 and 2018 (in thousands):

	Fiscal Year Ended August 31,
	2020				2019				2018
Service cost	$	24,606			$	1,437			$	1,063
Interest cost	3,041				3,715				3,807
Expected long-term return on plan assets	(14,115		)		(5,291		)		(5,954		)
Recognized actuarial (gain) loss	(4,159		)		741				1,127
Amortization of prior service credit	(45		)		(44		)		(88		)
Net settlement loss	230				634				116
Net periodic benefit cost	$	9,558			$	1,192			$	71

Schedule of 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 2020, 2019 and 2018 were as follows:

	Fiscal Year Ended August 31,
	2020			2019			2018
Net periodic benefit cost:
Expected long-term return on plan assets(1)	3.0	%		3.6	%		3.8	%
Rate of compensation increase	2.0	%		4.4	%		3.3	%
Discount rate	0.5	%		2.2	%		2.1	%
Projected benefit obligation:
Expected long-term return on plan assets	2.9	%		2.0	%		3.6	%
Rate of compensation increase	2.1	%		4.3	%		4.4	%
Discount rate(2)	0.8	%		1.7	%		2.2	%

⁽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 outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.

Schedule of 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, 2020							August 31, 2019
	Fair Value Hierarchy		Fair Value				Asset Allocation			Fair Value				Asset Allocation
Asset Category
Cash and cash equivalents(1)	Level 1		$	14,900			3	%		$	7,705			5	%
Equity Securities:
Global equity securities(2)(3)	Level 2		208,384				38	%		20,215				13	%
Debt Securities:
Corporate bonds(3)	Level 2		237,812				44	%		42,522				27	%
Government bonds(3)	Level 2		58,095				11	%		69,880				44	%
Other Investments:
Insurance contracts(4)	Level 3		19,082				4	%		17,779				11	%
Fair value of plan assets			$	538,273			100	%		$	158,101			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.

Schedule of 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 2020 and 2019 (in thousands):

	August 31, 2020				August 31, 2019
Projected benefit obligation	$	559,103			$	174,690
Accumulated benefit obligation	$	535,513			$	161,729
Fair value of plan assets	$	538,273			$	158,101

Schedule of Estimated Future Benefit Payments

The Company expects to make cash contributions between $21.7 million and $26.6 million to its funded pension plans during fiscal year 2021. The estimated future benefit payments, which reflect expected future service, are as follows (in thousands):

Fiscal Year Ended August 31,	Amount
2021	$	36,361
2022	28,541
2023	27,958
2024	27,531
2025	28,942
2026 through 2030	137,521

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration