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Pension and Defined Contribution Plans (Tables) | 12 Months Ended
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Aug. 31, 2021
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 249.6 |  |  | $ | 239.2 |  |  | $ | 49.2 |  |  | $ | 44.6 |
Service cost | 4.6 |  |  | 4.3 |  |  | 0.3 |  |  | 0.3 |
Interest cost | 5.3 |  |  | 6.4 |  |  | 0.9 |  |  | 0.9 |
Actuarial (gains) losses | (5.2) |  |  | 8.5 |  |  | 1.7 |  |  | 0.7 |
Benefits paid | (29.6) |  |  | (8.8) |  |  | (1.3) |  |  | (1.4) |
Other | — |  |  | — |  |  | 1.8 |  |  | 4.1 |
Benefit obligation at end of year | 224.7 |  |  | 249.6 |  |  | 52.6 |  |  | 49.2 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 167.1 |  |  | 151.5 |  |  | 35.1 |  |  | 30.7 |
Actual return on plan assets | 21.7 |  |  | 19.0 |  |  | 5.3 |  |  | 1.9 |
Employer contributions | 23.4 |  |  | 5.4 |  |  | 2.1 |  |  | 0.8 |
Benefits paid | (29.6) |  |  | (8.8) |  |  | (1.3) |  |  | (1.4) |
Other | — |  |  | — |  |  | 1.0 |  |  | 3.1 |
Fair value of plan assets at end of year | 182.6 |  |  | 167.1 |  |  | 42.2 |  |  | 35.1 |
Funded status at the end of year | $ | (42.1) |  |  | $ | (82.5) |  |  | $ | (10.4) |  |  | $ | (14.1) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Non-current assets | $ | 13.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | (5.2) |  |  | (5.0) |  |  | (0.1) |  |  | — |
Non-current liabilities | (49.9) |  |  | (77.5) |  |  | (10.3) |  |  | (14.1) |
Net amount recognized in consolidated balance sheets | $ | (42.1) |  |  | $ | (82.5) |  |  | $ | (10.4) |  |  | $ | (14.1) |
Accumulated benefit obligation | $ | 223.8 |  |  | $ | 249.1 |  |  | $ | 51.7 |  |  | $ | 49.2 |
Pre-tax amounts in accumulated other comprehensive loss: |  |  |  |  |  |  |
Prior service cost | $ | (5.6) |  |  | $ | (8.4) |  |  | $ | (0.1) |  |  | $ | — |
Net actuarial loss | (55.2) |  |  | (79.2) |  |  | (11.3) |  |  | (13.5) |
Amounts in accumulated other comprehensive loss | $ | (60.8) |  |  | $ | (87.6) |  |  | $ | (11.4) |  |  | $ | (13.5) |
Pensions plans in which benefit obligation exceeds plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 81.7 |  |  | $ | 249.6 |  |  | $ | 52.6 |  |  | $ | 49.2 |
Accumulated benefit obligation | 80.8 |  |  | 249.1 |  |  | 51.7 |  |  | 49.2 |
Plan assets | 26.6 |  |  | 167.1 |  |  | 42.2 |  |  | 35.1 |
Pensions plans in which plan assets exceed benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation | $ | 143.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accumulated benefit obligation | 143.0 |  |  | — |  |  | — |  |  | — |
Plan assets | 156.0 |  |  | — |  |  | — |  |  | — |
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
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 4.6 |  |  | $ | 4.3 |  |  | $ | 2.9 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.2 |
Interest cost | 5.3 |  |  | 6.4 |  |  | 7.7 |  |  | 0.9 |  |  | 0.9 |  |  | 1.3 |
Expected return on plan assets | (11.0) |  |  | (10.4) |  |  | (10.5) |  |  | (2.3) |  |  | (2.0) |  |  | (1.9) |
Amortization of prior service cost | 2.9 |  |  | 4.0 |  |  | 3.5 |  |  | — |  |  | — |  |  | — |
Settlement | 3.9 |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 4.1 |  |  | 4.2 |  |  | 2.7 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |
Net periodic pension cost | $ | 9.8 |  |  | $ | 8.5 |  |  | $ | 6.7 |  |  | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 1.0 |
Schedule of Weighted Average Assumptions Used | Weighted average assumptions used in computing the benefit obligation are as follows:
| Domestic Plans |  | International Plans
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 2.4 % |  | 2.2 | % |  | 1.9 % |  | 1.9 | %
Rate of compensation increase | 5.0 % |  | 5.0 | % |  | 3.4 % |  | 3.0 | %
Weighted average assumptions used in computing net periodic pension cost are as follows:
| Domestic Plans |  | International Plans
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate | 2.2 | % |  | 2.8 | % |  | 3.9 | % |  | 1.9 | % |  | 2.0 | % |  | 2.9 | %
Expected return on plan assets | 6.8 | % |  | 7.0 | % |  | 7.3 | % |  | 6.5 | % |  | 6.5 | % |  | 6.5 | %
Rate of compensation increase | 5.0 | % |  | 5.0 | % |  | 5.5 | % |  | 3.4 | % |  | 3.0 | % |  | 3.1 | %
Schedule of Pension Plan Asset Allocation | Our pension plan asset allocation by asset category as of the dates presented is as follows:
| % of Plan Assets
| Domestic Plans |  | International Plans
| 2021 |  | 2020 |  | 2021 |  | 2020
Equity securities | 41.2 | % |  | 58.2 | % |  | 16.1 | % |  | 76.9 | %
Fixed income securities | 54.3 | % |  | 37.3 | % |  | 20.1 | % |  | 13.7 | %
Multi-strategy investments | — | % |  | — | % |  | 63.8 | % |  | 9.4 | %
Real estate | 4.5 | % |  | 4.5 | % |  | — | % |  | — | %
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 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, 2021 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Mutual funds: |  |  |  |  |  |  |
Domestic large cap equity fund | $ | 38.9 |  |  | $ | 38.9 |  |  | $ | — |  |  | $ | — |
Foreign equity fund | 23.1 |  |  | 23.1 |  |  | — |  |  | — |
Collective trust: Domestic small cap equities | 13.3 |  |  | — |  |  | 13.3 |  |  | — |
Short-term fixed income investments | 6.9 |  |  | 6.9 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | 82.2 |  |  |  |  |  |  |
Assets calculated at net asset value: |  |  |  |  |  |  |
Fixed-income investments | 92.3 |  |  |  |  |  |  |
Real estate fund | 8.1 |  |  |  |  |  |  |
Total assets at net asset value | 100.4 |  |  |  |  |  |  |
Total assets at fair value | $ | 182.6 |  |  |  |  |  |  |
|  |  | 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 |  |  |  |  |  |  |
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, 2021 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Equity securities | $ | 6.8 |  |  | $ | — |  |  | $ | 6.8 |  |  | $ | — |
Short-term fixed income investments | 1.0 |  |  | 1.0 |  |  | — |  |  | — |
Multi-strategy investments | 26.9 |  |  | — |  |  | 26.9 |  |  | — |
Fixed-income investments | 7.5 |  |  | — |  |  | 7.5 |  |  | — |
Total assets at fair value | $ | 42.2 |  |  |  |  |  |  |
|  |  | 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 |  |  |  |  |  |  |
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
2022 | $ | 13.2 |  |  | $ | 1.2 |
2023 | 11.9 |  |  | 1.3 |
2024 | 12.0 |  |  | 1.3 |
2025 | 12.9 |  |  | 1.4 |
2026 | 14.8 |  |  | 1.4 |
2027-2031 | 65.0 |  |  | 8.4 |

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