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Pension and Defined Contribution Plans (Tables)

12 Months Ended

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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