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Pension and Defined Contribution Plans (Tables)

12 Months Ended

Aug. 31, 2023

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,
			2023						2022						2023						2022
Change in benefit obligation:
Benefit obligation at beginning of year			$	176.0					$	224.7					$	31.5					$	52.6
Service cost			3.8						4.4						0.8						0.4
Interest cost			7.4						5.3						1.6						0.9
Actuarial gains			(16.2)						(43.1)						(1.2)						(17.1)
Benefits paid			(11.2)						(15.3)						(1.9)						(2.1)
Other			—						—						3.8						(3.2)
Benefit obligation at end of year			159.8						176.0						34.6						31.5
Change in plan assets:
Fair value of plan assets at beginning of year			141.5						182.6						28.5						42.2
Actual return on plan assets			(1.3)						(33.6)						(5.2)						(11.6)
Employer contributions			3.7						7.8						7.9						3.0
Benefits paid			(11.2)						(15.3)						(1.9)						(2.1)
Other			—						—						2.8						(3.0)
Fair value of plan assets at end of year			132.7						141.5						32.1						28.5
Funded status at the end of year			$	(27.1)					$	(34.5)					$	(2.5)					$	(3.0)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets			$	10.1					$	7.6					$	2.3					$	0.4
Current liabilities			(3.4)						(3.9)						(0.2)						(0.2)
Non-current liabilities			(33.8)						(38.2)						(4.6)						(3.2)
Net amount recognized in consolidated balance sheets			$	(27.1)					$	(34.5)					$	(2.5)					$	(3.0)
Accumulated benefit obligation			$	158.9					$	175.3					$	31.9					$	31.3
Pre-tax amounts in accumulated other comprehensive loss:
Prior service cost			$	(0.1)					$	(2.7)					$	(0.1)					$	(0.1)
Net actuarial loss			(44.3)						(54.2)						(13.4)						(6.5)
Amounts in accumulated other comprehensive loss			$	(44.4)					$	(56.9)					$	(13.5)					$	(6.6)
Pensions plans in which benefit obligation exceeds plan assets:
Projected benefit obligation			$	37.2					$	42.1					$	5.6					$	3.4
Accumulated benefit obligation			36.3						41.4						3.5						2.3
Plan assets			—						—						0.8						—
Pensions plans in which plan assets exceed benefit obligation:
Projected benefit obligation			$	122.6					$	133.9					$	29.0					$	28.1
Accumulated benefit obligation			122.6						133.9						28.4						29.0
Plan assets			132.7						141.5						31.3						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
			2023						2022						2021						2023						2022						2021
Service cost			$	3.8					$	4.4					$	4.6					$	0.8					$	0.4					$	0.3
Interest cost			7.4						5.3						5.3						1.6						0.9						0.9
Expected return on plan assets			(7.5)						(11.2)						(11.0)						(2.1)						(2.6)						(2.3)
Amortization of prior service cost			2.6						2.9						2.9						—						—						—
Settlement			—						0.4						3.9						—						—						—
Recognized actuarial loss			2.4						2.4						4.1						0.6						0.9						1.4
Net periodic pension cost			$	8.7					$	4.2					$	9.8					$	0.9					$	(0.4)					$	0.3

Schedule of Weighted Average Assumptions Used

Weighted average assumptions used in computing the benefit obligation are as follows:

			Domestic Plans												International Plans
			2023						2022						2023						2022
Discount rate			5.1		%				4.4		%				5.9		%				4.9		%
Rate of compensation increase			5.0		%				5.0		%				3.5		%				3.5		%

Weighted average assumptions used in computing net periodic pension cost are as follows:

			Domestic Plans																		International Plans
			2023						2022						2021						2023						2022						2021
Discount rate			4.4		%				2.4		%				2.2		%				4.9		%				1.9		%				1.9		%
Expected return on plan assets			5.5		%				6.3		%				6.8		%				6.4		%				6.4		%				6.5		%
Rate of compensation increase			5.0		%				5.0		%				5.0		%				3.5		%				3.4		%				3.4		%

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
			2023						2022						2023						2022
Equity securities			18.3		%				31.6		%				17.6		%				16.8		%
Fixed income securities			75.0		%				61.2		%				53.3		%				22.8		%
Multi-strategy investments			—		%				—		%				29.1		%				60.4		%
Real estate			6.7		%				7.2		%				—		%				—		%
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, 2023						(Level 1)						(Level 2)						(Level 3)
Assets included in the fair value hierarchy:
Fixed-income investments			$	58.2					$	—					$	58.2					$	—
US Treasury investments			36.9						—						36.9						—
Mutual funds:
Domestic large cap equity fund			13.0						13.0						—						—
Foreign equity fund			6.5						6.5						—						—
Collective trust: Domestic small cap equities			4.8						—						4.8						—
Short-term fixed income investments			4.4						4.4						—						—
Total assets in the fair value hierarchy			123.8
Assets calculated at net asset value:
Real estate fund			8.9
Total assets at net asset value			8.9
Total assets at fair value			$	132.7

									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, 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

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, 2023						(Level 1)						(Level 2)						(Level 3)
Assets included in the fair value hierarchy:
Equity securities			$	5.2					$	—					$	5.2					$	—
Short-term fixed income investments			7.1						7.1						—						—
Multi-strategy investments			11.0						—						11.0						—
Fixed-income investments			8.8						—						8.8						—
Total assets at fair value			$	32.1

									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, 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

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
2024			$	11.7					$	1.7
2025			12.5						1.8
2026			14.2						1.9
2027			13.2						2.1
2028			12.4						2.3
2029-2033			62.3						15.0

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