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v3.20.2

Pension and Defined Contribution Plans (Tables) | 12 Months Ended
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Aug. 31, 2020
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 as of the dates presented (in millions):
| Domestic Plans |  | International Plans
| August 31, |  | August 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 239.2 |  |  | $ | 203.2 |  |  | $ | 44.6 |  |  | $ | 45.5 |
Service cost | 4.3 |  |  | 2.9 |  |  | 0.3 |  |  | 0.2 |
Interest cost | 6.4 |  |  | 7.7 |  |  | 0.9 |  |  | 1.3 |
Amendments | — |  |  | 11.4 |  |  | — |  |  | — |
Actuarial losses | 8.5 |  |  | 26.2 |  |  | 0.7 |  |  | 3.2 |
Settlement gain | — |  |  | (3.4 | ) |  | — |  |  | — |
Benefits paid | (8.8 | ) |  | (8.8 | ) |  | (1.4 | ) |  | (2.6 | )
Other | — |  |  | — |  |  | 4.1 |  |  | (3.0 | )
Benefit obligation at end of year | 249.6 |  |  | 239.2 |  |  | 49.2 |  |  | 44.6 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 151.5 |  |  | $ | 149.4 |  |  | $ | 30.7 |  |  | $ | 30.9 |
Actual return on plan assets | 19.0 |  |  | 9.0 |  |  | 1.9 |  |  | 3.1 |
Employer contributions | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 1.2 |
Benefits paid | (8.8 | ) |  | (12.2 | ) |  | (1.4 | ) |  | (2.6 | )
Other | — |  |  | — |  |  | 3.1 |  |  | (1.9 | )
Fair value of plan assets at end of year | 167.1 |  |  | 151.5 |  |  | 35.1 |  |  | 30.7 |
Funded status at the end of year | $ | (82.5 | ) |  | $ | (87.7 | ) |  | $ | (14.1 | ) |  | $ | (13.9 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Current liabilities | $ | (5.0 | ) |  | $ | (1.8 | ) |  | $ | — |  |  | $ | (0.1 | )
Non-current liabilities | (77.5 | ) |  | (85.9 | ) |  | (14.1 | ) |  | (13.8 | )
Net amount recognized in consolidated balance sheets | $ | (82.5 | ) |  | $ | (87.7 | ) |  | $ | (14.1 | ) |  | $ | (13.9 | )
Accumulated benefit obligation | $ | 249.1 |  |  | $ | 239.2 |  |  | $ | 49.2 |  |  | $ | 44.6 |
Pre-tax amounts in accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | $ | (8.4 | ) |  | $ | (12.4 | ) |  | $ | — |  |  | $ | — |
Net actuarial loss | (79.2 | ) |  | (83.4 | ) |  | (13.5 | ) |  | (13.0 | )
Amounts in accumulated other comprehensive loss | $ | (87.6 | ) |  | $ | (95.8 | ) |  | $ | (13.5 | ) |  | $ | (13.0 | )
Pensions plans in which benefit obligation exceeds plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 249.6 |  |  | $ | 239.2 |  |  | $ | 49.2 |  |  | $ | 44.6 |
Accumulated benefit obligation | 249.1 |  |  | 239.2 |  |  | 49.2 |  |  | 44.6 |
Plan assets | 167.1 |  |  | 151.5 |  |  | 35.1 |  |  | 30.7 |
Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | $ | 2.9 |  |  | $ | 4.0 |  |  | $ | — |  |  | $ | — |
Net actuarial loss | $ | 4.1 |  |  | $ | 4.1 |  |  | $ | 0.6 |  |  | $ | 1.4 |
Schedule of Net Periodic Pension Cost | Net periodic pension cost during the periods presented included the following components before tax (in millions):
| Domestic Plans |  | International Plans
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 4.3 |  |  | $ | 2.9 |  |  | $ | 2.7 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost | 6.4 |  |  | 7.7 |  |  | 7.3 |  |  | 0.9 |  |  | 1.3 |  |  | 1.3 |
Expected return on plan assets | (10.4 | ) |  | (10.5 | ) |  | (10.2 | ) |  | (2.0 | ) |  | (1.9 | ) |  | (2.2 | )
Amortization of prior service cost | 4.0 |  |  | 3.5 |  |  | 3.1 |  |  | — |  |  | — |  |  | — |
Settlement | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 4.2 |  |  | 2.7 |  |  | 4.5 |  |  | 1.4 |  |  | 1.4 |  |  | 2.3 |
Net periodic pension cost | $ | 8.5 |  |  | $ | 6.7 |  |  | $ | 7.4 |  |  | $ | 0.6 |  |  | $ | 1.0 |  |  | $ | 1.6 |
Schedule of Weighted Average Assumptions Used | Weighted average assumptions used in computing the benefit obligation are as follows:
| Domestic Plans |  | International Plans
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.2 | % |  | 2.8 | % |  | 1.9 | % |  | 2.0 | %
Rate of compensation increase | 5.0 | % |  | 5.0 | % |  | 3.0 | % |  | 3.1 | %
Weighted average assumptions used in computing net periodic pension cost are as follows:
| Domestic Plans |  | International Plans
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate | 2.8 | % |  | 3.9 | % |  | 3.5 | % |  | 2.0 | % |  | 2.9 | % |  | 2.5 | %
Expected return on plan assets | 7.0 | % |  | 7.3 | % |  | 7.5 | % |  | 6.5 | % |  | 6.5 | % |  | 6.5 | %
Rate of compensation increase | 5.0 | % |  | 5.5 | % |  | 5.5 | % |  | 3.0 | % |  | 3.1 | % |  | 3.1 | %
Schedule of Pension Plan Asset Allocation | The following tables present the fair value of the domestic pension plan assets by major category as of the dates presented (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, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Domestic large cap equity fund | $ | 55.6 |  |  | $ | 55.6 |  |  | $ | — |  |  | $ | — |
Foreign equity fund | 26.0 |  |  | 26.0 |  |  | — |  |  | — |
Collective trust: Domestic small cap equities | 15.7 |  |  | — |  |  | 15.7 |  |  | — |
Short-term fixed income investments | 5.2 |  |  | 5.2 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | 102.5 |  |  |  |  |  |  |  |  |  |
Assets calculated at net asset value: |  |  |  |  |  |  |
Fixed-income investments | 57.0 |  |  |  |  |  |  |
Real estate fund | 7.6 |  |  |  |  |  |  |
Total assets at net asset value | 64.6 |  |  |  |  |  |  |
Total assets at fair value | $ | 167.1 |  |  |  |  |  |  |  |  |  |
|  |  | 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 |  |  |  |  |  |  |  |  |  |
The following tables present the fair value of the international pension plan assets by major category as of the dates presented (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, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Equity securities | $ | 27.0 |  |  | $ | — |  |  | $ | 27.0 |  |  | $ | — |
Short-term fixed income investments | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Multi-strategy investments | 3.3 |  |  | — |  |  | 3.3 |  |  | — |
Fixed-income investments | 4.5 |  |  | — |  |  | 4.5 |  |  | — |
Total assets at fair value | $ | 35.1 |  |  |  |  |  |  |  |  |  |
|  |  | 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 |  |  |  |  |  |  |  |  |  |
Our pension plan asset allocation by asset category as of the dates presented is as follows:
| % of Plan Assets
| Domestic Plans |  | International Plans
| 2020 |  | 2019 |  | 2020 |  | 2019
Equity securities | 58.2 | % |  | 53.3 | % |  | 76.9 | % |  | 73.0 | %
Fixed income securities | 37.3 | % |  | 41.8 | % |  | 13.7 | % |  | 17.1 | %
Multi-strategy investments | — | % |  | — | % |  | 9.4 | % |  | 9.9 | %
Real estate | 4.5 | % |  | 4.9 | % |  | — | % |  | — | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Expected Benefit Payments | Benefit payments are expected to be paid as follows during the years ending August 31 (in millions):
| Domestic Plans |  | International Plans
2021 | $ | 12.8 |  |  | $ | 1.1 |
2022 | 11.7 |  |  | 1.2 |
2023 | 23.3 |  |  | 1.2 |
2024 | 17.9 |  |  | 1.3 |
2025 | 13.0 |  |  | 1.3 |
2026-2030 | 67.6 |  |  | 7.5 |

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