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Pension and Defined Contribution Plans (Tables) | 12 Months Ended
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Aug. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Domestic and International Pension Plans | The following tables reflect the status of our domestic (U.S.-based) and international pension plans at August 31, 2019 and 2018 (in millions):
| Domestic Plans |  | International Plans
| August 31, |  | August 31,
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 203.2 |  |  | $ | 215.5 |  |  | $ | 45.5 |  |  | $ | 53.5 |
Service cost | 2.9 |  |  | 2.7 |  |  | 0.2 |  |  | 0.2 |
Interest cost | 7.7 |  |  | 7.3 |  |  | 1.3 |  |  | 1.3 |
Amendments | 11.4 |  |  | — |  |  | — |  |  | — |
Actuarial losses (gains) | 26.2 |  |  | (14.3 | ) |  | 3.2 |  |  | (4.5 | )
Settlement gain | (3.4 | ) |  | — |  |  | — |  |  | — |
Benefits paid | (8.8 | ) |  | (8.0 | ) |  | (2.6 | ) |  | (5.5 | )
Other | — |  |  | — |  |  | (3.0 | ) |  | 0.5 |
Benefit obligation at end of year | 239.2 |  |  | 203.2 |  |  | 44.6 |  |  | 45.5 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 149.4 |  |  | $ | 136.8 |  |  | $ | 30.9 |  |  | $ | 34.1 |
Actual return on plan assets | 9.0 |  |  | 11.3 |  |  | 3.1 |  |  | 0.9 |
Employer contributions | 5.3 |  |  | 9.3 |  |  | 1.2 |  |  | 1.2 |
Benefits paid | (12.2 | ) |  | (8.0 | ) |  | (2.6 | ) |  | (5.5 | )
Other | — |  |  | — |  |  | (1.9 | ) |  | 0.2 |
Fair value of plan assets at end of year | 151.5 |  |  | 149.4 |  |  | 30.7 |  |  | 30.9 |
Funded status at the end of year | $ | (87.7 | ) |  | $ | (53.8 | ) |  | $ | (13.9 | ) |  | $ | (14.6 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |
Current liabilities | (1.8 | ) |  | (5.3 | ) |  | (0.1 | ) |  | (0.1 | )
Non-current liabilities | (85.9 | ) |  | (50.1 | ) |  | (13.8 | ) |  | (14.5 | )
Net amount recognized in consolidated balance sheets | $ | (87.7 | ) |  | $ | (53.8 | ) |  | $ | (13.9 | ) |  | $ | (14.6 | )
Accumulated benefit obligation | $ | 239.2 |  |  | $ | 202.7 |  |  | $ | 44.6 |  |  | $ | 45.5 |
Pre-tax amounts in accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | $ | (12.4 | ) |  | $ | (4.6 | ) |  | $ | — |  |  | $ | — |
Net actuarial loss | (83.4 | ) |  | (58.8 | ) |  | (13.0 | ) |  | (12.9 | )
Amounts in accumulated other comprehensive loss | $ | (95.8 | ) |  | $ | (63.4 | ) |  | $ | (13.0 | ) |  | $ | (12.9 | )
Pensions plans in which benefit obligation exceeds plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 239.2 |  |  | $ | 119.2 |  |  | $ | 44.6 |  |  | $ | 45.5 |
Accumulated benefit obligation | 239.2 |  |  | 118.7 |  |  | 44.6 |  |  | 45.5 |
Plan assets | 151.5 |  |  | 63.8 |  |  | 30.6 |  |  | 30.9 |
Pensions plans in which plan assets exceed benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation | $ | — |  |  | $ | 84.0 |  |  | $ | — |  |  | $ | — |
Accumulated benefit obligation | — |  |  | 84.0 |  |  | — |  |  | — |
Plan assets | — |  |  | 85.6 |  |  | — |  |  | — |
Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | $ | 4.0 |  |  | $ | 3.1 |  |  | $ | — |  |  | $ | — |
Net actuarial loss | $ | 4.1 |  |  | $ | 2.9 |  |  | $ | 1.4 |  |  | $ | 1.5 |
Schedule of Net Periodic Pension Cost | Net periodic pension cost during the fiscal years ended August 31, 2019, 2018, and 2017 included the following components before tax (in millions):
| Domestic Plans |  | International Plans
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Service cost | $ | 2.9 |  |  | $ | 2.7 |  |  | $ | 3.5 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost | 7.7 |  |  | 7.3 |  |  | 6.9 |  |  | 1.3 |  |  | 1.3 |  |  | 1.1 |
Expected return on plan assets | (10.5 | ) |  | (10.2 | ) |  | (9.4 | ) |  | (1.9 | ) |  | (2.2 | ) |  | (1.9 | )
Amortization of prior service cost | 3.5 |  |  | 3.1 |  |  | 3.1 |  |  | — |  |  | — |  |  | — |
Settlement | 0.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 2.7 |  |  | 4.5 |  |  | 5.3 |  |  | 1.4 |  |  | 2.3 |  |  | 3.6 |
Net periodic pension cost | $ | 6.7 |  |  | $ | 7.4 |  |  | $ | 9.4 |  |  | $ | 1.0 |  |  | $ | 1.6 |  |  | $ | 3.0 |
Schedule of Weighted Average Assumptions Used | Weighted average assumptions used in computing the benefit obligation are as follows:
| Domestic Plans |  | International Plans
| 2019 |  | 2018 |  | 2019 |  | 2018
Discount rate | 2.8 | % |  | 3.9 | % |  | 2.0 | % |  | 2.9 | %
Rate of compensation increase | 5.0 | % |  | 5.5 | % |  | 3.1 | % |  | 3.1 | %
Weighted average assumptions used in computing net periodic pension cost are as follows:
| Domestic Plans |  | International Plans
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Discount rate | 3.9 | % |  | 3.5 | % |  | 3.2 | % |  | 2.9 | % |  | 2.5 | % |  | 2.1 | %
Expected return on plan assets | 7.3 | % |  | 7.5 | % |  | 7.5 | % |  | 6.5 | % |  | 6.5 | % |  | 6.5 | %
Rate of compensation increase | 5.5 | % |  | 5.5 | % |  | 5.5 | % |  | 3.1 | % |  | 3.1 | % |  | 3.2 | %
Schedule of Pension Plan Asset Allocation | Our pension plan asset allocation at August 31, 2019 and 2018 by asset category is as follows:
| % of Plan Assets
| Domestic Plans |  | International Plans
| 2019 |  | 2018 |  | 2019 |  | 2018
Equity securities | 53.3 | % |  | 57.5 | % |  | 73.0 | % |  | 61.9 | %
Fixed income securities | 41.8 | % |  | 37.8 | % |  | 17.1 | % |  | 25.5 | %
Multi-strategy investments | — | % |  | — | % |  | 9.9 | % |  | 12.6 | %
Real estate | 4.9 | % |  | 4.7 | % |  | — | % |  | — | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The following tables present the fair value of the domestic pension plan assets by major category as of August 31, 2019 and 2018 (in millions):
|  |  | Fair Value Measurements
| Fair Value as of |  | Quoted Market Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| August 31, 2019 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Domestic large cap equity fund | $ | 45.6 |  |  | $ | 45.6 |  |  | $ | — |  |  | $ | — |
Foreign equity fund | 20.5 |  |  | 20.5 |  |  | — |  |  | — |
Collective trust: Domestic small cap equities | 14.6 |  |  | — |  |  | 14.6 |  |  | — |
Short-term fixed income investments | 6.0 |  |  | 6.0 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | 86.7 |  |  |  |  |  |  |  |  |  |
Assets calculated at net asset value: |  |  |  |  |  |  |
Fixed-income investments | 57.4 |  |  |  |  |  |  |
Real estate fund | 7.4 |  |  |  |  |  |  |
Total assets at net asset value | 64.8 |  |  |  |  |  |  |
Total assets at fair value | $ | 151.5 |  |  |  |  |  |  |  |  |  |
|  |  | Fair Value Measurements
| Fair Value as of |  | Quoted Market Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| August 31, 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Domestic large cap equity fund | $ | 48.3 |  |  | $ | 48.3 |  |  | $ | — |  |  | $ | — |
Foreign equity fund | 20.8 |  |  | 20.8 |  |  | — |  |  | — |
Collective trust: Domestic small cap equities | 16.8 |  |  | — |  |  | 16.8 |  |  | — |
Short-term fixed income investments | 7.6 |  |  | 7.6 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | 93.5 |  |  |  |  |  |  |  |  |  |
Assets calculated at net asset value: |  |  |  |  |  |  |
Fixed-income investments | 48.9 |  |  |  |  |  |  |
Real estate fund | 7.0 |  |  |  |  |  |  |
Total assets at net asset value | 55.9 |  |  |  |  |  |  |
Total assets at fair value | $ | 149.4 |  |  |  |  |  |  |  |  |  |
The following tables present the fair value of the international pension plan assets by major category as of August 31, 2019 and 2018 (in millions):
|  |  | Fair Value Measurements
| Fair Value as of |  | Quoted Market Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| August 31, 2019 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Equity securities | $ | 22.4 |  |  | $ | — |  |  | $ | 22.4 |  |  | $ | — |
Short-term fixed income investments | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Multi-strategy investments | 3.0 |  |  | — |  |  | 3.0 |  |  | — |
Fixed-income investments | 5.0 |  |  | — |  |  | 5.0 |  |  | — |
Total assets at fair value | $ | 30.7 |  |  |  |  |  |  |  |  |  |
|  |  | Fair Value Measurements
| Fair Value as of |  | Quoted Market Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| August 31, 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Equity securities | $ | 19.1 |  |  | $ | — |  |  | $ | 19.1 |  |  | $ | — |
Short-term fixed income investments | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Multi-strategy investments | 3.9 |  |  | — |  |  | 3.9 |  |  | — |
Fixed-income investments | 7.6 |  |  | — |  |  | 7.6 |  |  | — |
Total assets at fair value | $ | 30.9 |  |  |  |  |  |  |  |  |  |
Schedule of Expected Benefit Payments | Benefit payments are expected to be paid as follows for the years ending August 31 (in millions):
| Domestic Plans |  | International Plans
2020 | $ | 9.5 |  |  | $ | 1.0 |
2021 | 9.3 |  |  | 1.0 |
2022 | 12.5 |  |  | 1.0 |
2023 | 24.2 |  |  | 1.1 |
2024 | 17.8 |  |  | 1.1 |
2025-2029 | 66.8 |  |  | 6.3 |

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