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Pension and Defined Contribution Plans (Tables)

12 Months Ended

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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