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v3.22.2.2

Pension and Defined Contribution Plans (Tables) | 12 Months Ended
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Aug. 31, 2022
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 224.7 |  |  | $ | 249.6 |  |  | $ | 52.6 |  |  | $ | 49.2 |
Service cost | 4.4 |  |  | 4.6 |  |  | 0.4 |  |  | 0.3 |
Interest cost | 5.3 |  |  | 5.3 |  |  | 0.9 |  |  | 0.9 |
Actuarial (gains) losses | (43.1) |  |  | (5.2) |  |  | (17.1) |  |  | 1.7 |
Benefits paid | (15.3) |  |  | (29.6) |  |  | (2.1) |  |  | (1.3) |
Other | — |  |  | — |  |  | (3.2) |  |  | 1.8 |
Benefit obligation at end of year | 176.0 |  |  | 224.7 |  |  | 31.5 |  |  | 52.6 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 182.6 |  |  | 167.1 |  |  | 42.2 |  |  | 35.1 |
Actual return on plan assets | (33.6) |  |  | 21.7 |  |  | (11.6) |  |  | 5.3 |
Employer contributions | 7.8 |  |  | 23.4 |  |  | 3.0 |  |  | 2.1 |
Benefits paid | (15.3) |  |  | (29.6) |  |  | (2.1) |  |  | (1.3) |
Other | — |  |  | — |  |  | (3.0) |  |  | 1.0 |
Fair value of plan assets at end of year | 141.5 |  |  | 182.6 |  |  | 28.5 |  |  | 42.2 |
Funded status at the end of year | $ | (34.5) |  |  | $ | (42.1) |  |  | $ | (3.0) |  |  | $ | (10.4) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Non-current assets | $ | 7.6 |  |  | $ | 13.0 |  |  | $ | 0.4 |  |  | $ | — |
Current liabilities | (3.9) |  |  | (5.2) |  |  | (0.2) |  |  | (0.1) |
Non-current liabilities | (38.2) |  |  | (49.9) |  |  | (3.2) |  |  | (10.3) |
Net amount recognized in consolidated balance sheets | $ | (34.5) |  |  | $ | (42.1) |  |  | $ | (3.0) |  |  | $ | (10.4) |
Accumulated benefit obligation | $ | 175.3 |  |  | $ | 223.8 |  |  | $ | 31.3 |  |  | $ | 51.7 |
Pre-tax amounts in accumulated other comprehensive loss: |  |  |  |  |  |  |
Prior service cost | $ | (2.7) |  |  | $ | (5.6) |  |  | $ | (0.1) |  |  | $ | (0.1) |
Net actuarial loss | (54.2) |  |  | (55.2) |  |  | (6.5) |  |  | (11.3) |
Amounts in accumulated other comprehensive loss | $ | (56.9) |  |  | $ | (60.8) |  |  | $ | (6.6) |  |  | $ | (11.4) |
Pensions plans in which benefit obligation exceeds plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 42.1 |  |  | $ | 81.7 |  |  | $ | 3.4 |  |  | $ | 52.6 |
Accumulated benefit obligation | 41.4 |  |  | 80.8 |  |  | 2.3 |  |  | 51.7 |
Plan assets | — |  |  | 26.6 |  |  | — |  |  | 42.2 |
Pensions plans in which plan assets exceed benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation | $ | 133.9 |  |  | $ | 143.0 |  |  | $ | 28.1 |  |  | $ | — |
Accumulated benefit obligation | 133.9 |  |  | 143.0 |  |  | 29.0 |  |  | — |
Plan assets | 141.5 |  |  | 156.0 |  |  | 28.5 |  |  | — |
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
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost | $ | 4.4 |  |  | $ | 4.6 |  |  | $ | 4.3 |  |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.3 |
Interest cost | 5.3 |  |  | 5.3 |  |  | 6.4 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |
Expected return on plan assets | (11.2) |  |  | (11.0) |  |  | (10.4) |  |  | (2.6) |  |  | (2.3) |  |  | (2.0) |
Amortization of prior service cost | 2.9 |  |  | 2.9 |  |  | 4.0 |  |  | — |  |  | — |  |  | — |
Settlement | 0.4 |  |  | 3.9 |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 2.4 |  |  | 4.1 |  |  | 4.2 |  |  | 0.9 |  |  | 1.4 |  |  | 1.4 |
Net periodic pension cost | $ | 4.2 |  |  | $ | 9.8 |  |  | $ | 8.5 |  |  | $ | (0.4) |  |  | $ | 0.3 |  |  | $ | 0.6 |
Schedule of Weighted Average Assumptions Used | Weighted average assumptions used in computing the benefit obligation are as follows:
| Domestic Plans |  | International Plans
| 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate | 4.4 | % |  | 2.4 % |  | 4.9 | % |  | 1.9 %
Rate of compensation increase | 5.0 | % |  | 5.0 % |  | 3.5 | % |  | 3.4 %
Weighted average assumptions used in computing net periodic pension cost are as follows:
| Domestic Plans |  | International Plans
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate | 2.4 % |  | 2.2 | % |  | 2.8 | % |  | 1.9 % |  | 1.9 | % |  | 2.0 | %
Expected return on plan assets | 6.3 | % |  | 6.8 | % |  | 7.0 | % |  | 6.4 | % |  | 6.5 | % |  | 6.5 | %
Rate of compensation increase | 5.0 % |  | 5.0 | % |  | 5.0 | % |  | 3.4 % |  | 3.4 | % |  | 3.0 | %
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
| 2022 |  | 2021 |  | 2022 |  | 2021
Equity securities | 31.6 | % |  | 41.2 | % |  | 16.8 | % |  | 16.1 | %
Fixed income securities | 61.2 | % |  | 54.3 | % |  | 22.8 | % |  | 20.1 | %
Multi-strategy investments | — | % |  | — | % |  | 60.4 | % |  | 63.8 | %
Real estate | 7.2 | % |  | 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, 2022 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Mutual funds: |  |  |  |  |  |  |
Domestic large cap equity fund | $ | 23.7 |  |  | $ | 23.7 |  |  | $ | — |  |  | $ | — |
Foreign equity fund | 12.6 |  |  | 12.6 |  |  | — |  |  | — |
Collective trust: Domestic small cap equities | 8.4 |  |  | — |  |  | 8.4 |  |  | — |
Short-term fixed income investments | 2.1 |  |  | 2.1 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | 46.8 |  |  |  |  |  |  |
Assets calculated at net asset value: |  |  |  |  |  |  |
Fixed-income investments | 84.5 |  |  |  |  |  |  |
Real estate fund | 10.2 |  |  |  |  |  |  |
Total assets at net asset value | 94.7 |  |  |  |  |  |  |
Total assets at fair value | $ | 141.5 |  |  |  |  |  |  |
|  |  | 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, 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 |  |  |  |  |  |  |
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, 2022 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Equity securities | $ | 4.8 |  |  | $ | — |  |  | $ | 4.8 |  |  | $ | — |
Short-term fixed income investments | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Multi-strategy investments | 17.2 |  |  | — |  |  | 17.2 |  |  | — |
Fixed-income investments | 6.2 |  |  | — |  |  | 6.2 |  |  | — |
Total assets at fair value | $ | 28.5 |  |  |  |  |  |  |
|  |  | 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, 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 |  |  |  |  |  |  |
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
2023 | $ | 12.0 |  |  | $ | 1.3 |
2024 | 12.0 |  |  | 1.3 |
2025 | 13.0 |  |  | 1.5 |
2026 | 14.6 |  |  | 1.5 |
2027 | 13.6 |  |  | 1.6 |
2028-2032 | 63.9 |  |  | 10.7 |

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