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v3.24.3

Pension and Defined Contribution Plans (Tables) | 12 Months Ended
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Aug. 31, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 159.8 |  |  | $ | 176.0 |  |  | $ | 34.6 |  |  | $ | 31.5 |
Service cost | 3.6 |  |  | 3.8 |  |  | 0.9 |  |  | 0.8 |
Interest cost | 7.8 |  |  | 7.4 |  |  | 2.0 |  |  | 1.6 |
Actuarial losses (gains) | 3.7 |  |  | (16.2) |  |  | (0.1) |  |  | (1.2) |
Benefits paid | (11.1) |  |  | (11.2) |  |  | (1.9) |  |  | (1.9) |
Other | — |  |  | — |  |  | (1.5) |  |  | 3.8 |
Benefit obligation at end of year | 163.8 |  |  | 159.8 |  |  | 34.0 |  |  | 34.6 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 132.7 |  |  | 141.5 |  |  | 32.1 |  |  | 28.5 |
Actual return (loss) on plan assets | 9.5 |  |  | (1.3) |  |  | 3.2 |  |  | (5.2) |
Employer contributions | 3.4 |  |  | 3.7 |  |  | — |  |  | 7.9 |
Benefits paid | (11.1) |  |  | (11.2) |  |  | (1.3) |  |  | (1.9) |
Other | — |  |  | — |  |  | 0.6 |  |  | 2.8 |
Fair value of plan assets at end of year | 134.5 |  |  | 132.7 |  |  | 34.6 |  |  | 32.1 |
Funded status at the end of year | $ | (29.3) |  |  | $ | (27.1) |  |  | $ | 0.6 |  |  | $ | (2.5) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Non-current assets | $ | 8.4 |  |  | $ | 10.1 |  |  | $ | 4.9 |  |  | $ | 2.3 |
Current liabilities | (4.2) |  |  | (3.4) |  |  | (0.3) |  |  | (0.2) |
Non-current liabilities | (33.5) |  |  | (33.8) |  |  | (4.0) |  |  | (4.6) |
Net amount recognized in consolidated balance sheets | $ | (29.3) |  |  | $ | (27.1) |  |  | $ | 0.6 |  |  | $ | (2.5) |
Accumulated benefit obligation | $ | 162.5 |  |  | $ | 158.9 |  |  | $ | 31.8 |  |  | $ | 31.9 |
Pre-tax amounts in accumulated other comprehensive loss: |  |  |  |  |  |  |
Prior service cost | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | (0.1) |
Net actuarial loss | (43.5) |  |  | (44.3) |  |  | (8.8) |  |  | (13.4) |
Amounts in accumulated other comprehensive loss | $ | (43.6) |  |  | $ | (44.4) |  |  | $ | (8.8) |  |  | $ | (13.5) |
Pensions plans in which benefit obligation exceeds plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 37.7 |  |  | $ | 37.2 |  |  | $ | 4.3 |  |  | $ | 5.6 |
Accumulated benefit obligation | 36.4 |  |  | 36.3 |  |  | 2.9 |  |  | 3.5 |
Plan assets | — |  |  | — |  |  | — |  |  | 0.8 |
Pensions plans in which plan assets exceed benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation | $ | 126.1 |  |  | $ | 122.6 |  |  | $ | 29.7 |  |  | $ | 29.0 |
Accumulated benefit obligation | 126.1 |  |  | 122.6 |  |  | 28.9 |  |  | 28.4 |
Plan assets | 134.5 |  |  | 132.7 |  |  | 34.6 |  |  | 31.3 |
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
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | 3.6 |  |  | $ | 3.8 |  |  | $ | 4.4 |  |  | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | 0.4 |
Interest cost | 7.8 |  |  | 7.4 |  |  | 5.3 |  |  | 2.0 |  |  | 1.6 |  |  | 0.9 |
Expected return on plan assets | (6.7) |  |  | (7.5) |  |  | (11.2) |  |  | (2.0) |  |  | (2.1) |  |  | (2.6) |
Amortization of prior service cost | 0.1 |  |  | 2.6 |  |  | 2.9 |  |  | — |  |  | — |  |  | — |
Settlement | — |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 1.7 |  |  | 2.4 |  |  | 2.4 |  |  | 1.6 |  |  | 0.6 |  |  | 0.9 |
Net periodic pension cost | $ | 6.5 |  |  | $ | 8.7 |  |  | $ | 4.2 |  |  | $ | 2.5 |  |  | $ | 0.9 |  |  | $ | (0.4) |
Schedule of Weighted Average Assumptions Used | Weighted average assumptions used in computing the benefit obligation are as follows:
| Domestic Plans |  | International Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 4.9 | % |  | 5.1 | % |  | 5.9 | % |  | 5.9 | %
Rate of compensation increase | 5.0 | % |  | 5.0 | % |  | 3.4 | % |  | 3.5 | %
Weighted average assumptions used in computing net periodic pension cost are as follows:
| Domestic Plans |  | International Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 5.1 | % |  | 4.4 | % |  | 2.4 | % |  | 5.9 | % |  | 4.9 | % |  | 1.9 | %
Expected return on plan assets | 5.3 | % |  | 5.5 | % |  | 6.3 | % |  | 4.7 | % |  | 6.4 | % |  | 6.4 | %
Rate of compensation increase | 5.0 | % |  | 5.0 | % |  | 5.0 | % |  | 3.5 | % |  | 3.5 | % |  | 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
| 2024 |  | 2023 |  | 2024 |  | 2023
Equity securities | 17.2 | % |  | 18.3 | % |  | — | % |  | 17.6 | %
Fixed income securities | 77.3 | % |  | 75.0 | % |  | 93.2 | % |  | 53.3 | %
Multi-strategy investments | — | % |  | — | % |  | 6.8 | % |  | 29.1 | %
Real estate | 5.5 | % |  | 6.7 | % |  | — | % |  | — | %
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, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Fixed-income investments | $ | 63.8 |  |  | $ | — |  |  | $ | 63.8 |  |  | $ | — |
US Treasury investments | 34.4 |  |  | — |  |  | 34.4 |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Domestic large cap equity fund | 11.5 |  |  | 11.5 |  |  | — |  |  | — |
Foreign equity fund | 6.7 |  |  | 6.7 |  |  | — |  |  | — |
Collective trust: Domestic small cap equities | 4.9 |  |  | — |  |  | 4.9 |  |  | — |
Short-term fixed income investments | 5.8 |  |  | 5.8 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | 127.1 |  |  |  |  |  |  |
Assets calculated at net asset value: |  |  |  |  |  |  |
Real estate fund | 7.4 |  |  |  |  |  |  |
Total assets at net asset value | 7.4 |  |  |  |  |  |  |
Total assets at fair value | $ | 134.5 |  |  |  |  |  |  |
|  |  | 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, 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 |  |  |  |  |  |  |
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, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets included in the fair value hierarchy: |  |  |  |  |  |  |
Short-term fixed income investments | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Multi-strategy investments | 2.3 |  |  | — |  |  | 2.3 |  |  | — |
Fixed-income investments | 32.1 |  |  | — |  |  | 32.1 |  |  | — |
Total assets at fair value | $ | 34.6 |  |  |  |  |  |  |
|  |  | 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, 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 |  |  |  |  |  |  |
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
2025 | $ | 12.7 |  |  | $ | 1.8 |
2026 | 12.3 |  |  | 1.8 |
2027 | 12.0 |  |  | 1.9 |
2028 | 14.8 |  |  | 2.1 |
2029 | 13.8 |  |  | 2.2 |
2030-2034 | 62.6 |  |  | 14.6 |

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