XML 123 R47.htm IDEA: XBRL DOCUMENT
v3.19.3

EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables) | 12 Months Ended
--- | ---
Aug. 31, 2019
Retirement Benefits [Abstract] |
Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables include a reconciliation of the beginning and ending balances of pension benefit obligation and the fair value of plan assets as well as a summary of the related amounts recognized in the Company’s consolidated balance sheet as of August 31, 2019. No information is presented for prior periods as the Plan was acquired in 2019.
(in thousands) |  | 2019
Benefit obligation at beginning of year |  | $ | — |
Acquisition |  | 26,336 |
Service cost |  | 354 |
Interest cost |  | 926 |
Actuarial loss |  | 4,883 |
Benefits paid |  | (838 | )
Benefit obligation at end of year |  | $ | 31,661 |
Fair value of plan assets at beginning of year |  | $ | — |
Acquisition |  | 21,023 |
Actual return on plan assets |  | 2,887 |
Administrative expenses |  | (69 | )
Employer contributions |  | 432 |
Benefits paid |  | (838 | )
Fair value of plan assets at end of year |  | 23,435 |
Funded status at end of year (net liability recognized in balance sheet as of August 31) |  | $ | (8,226 | )
Amounts recognized in accumulated other comprehensive income as of August 31 |  |
Net actuarial loss |  | $ | 2,823 |
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost and other supplemental information are detailed below.
(in thousands) |  | 2019
Service cost |  | $ | 354 |
Expected administrative expenses |  | 250 |
Interest cost |  | 926 |
Expected return on plan assets |  | (1,008 | )
Total net periodic benefit cost |  | 522 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |
Net actuarial loss arising during measurement period |  | 2,823 |
Total recognized in other comprehensive income |  | 2,823 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 3,345 |
Schedule of Weighted-average Assumptions Used | Weighted-average assumptions used to determine benefit obligations as of August 31, 2019 are detailed below.
|  | 2019
Effective discount rate for benefit obligations |  | 3.2 | %
Weighted-average assumptions used to determine net periodic benefit cost for 2019 are detailed below.
|  | 2019
Effective rate for interest on benefit obligations |  | 4.3 | %
Effective rate for service cost |  | 4.7 | %
Expected long-term rate of return |  | 6.0 | %
Schedule of Allocation of Plan Assets | The plan's weighted-average asset targets and actual allocations as a percentage of plan assets, including the notional exposure of future contracts by asset categories, are detailed below.
|  | Pension Assets
|  | Target Percent |  | 2019
Fixed income securities |  | 50% | — | 55% |  | 50.1%
Equity securities: |  |  |  |  |  |
Domestic |  | 25.0 | — | 30.0 |  | 26.0
International |  | 10.0 | — | 15.0 |  | 12.7
Mutual funds |  | 5.0 | — | 10.0 |  | 9.5
Cash |  | — | — | 5.0 |  | 1.7
Total |  |  |  |  |  | 100.0%
The following table sets forth the plan assets by asset class as of August 31, 2019. All securities are traded on a national securities exchange and therefore are Level 1 assets in the fair value hierarchy.
(in thousands) |  | Fair Value at Measurement Date
Asset Class |  | August 31, 2019
Fixed income securities |  | $ | 11,738 |
Equity securities: |  |
Domestic |  | 6,090 |
International |  | 2,981 |
Mutual funds |  | 2,232 |
Total equity securities |  | 11,303 |
Cash |  | 411 |
Total |  | 23,452 |
Other |  | (17 | )
Fair value of plan assets |  | $ | 23,435 |
Schedule of Future Pension Benefit Payments | The table provides the estimated pension benefit payments that are payable from the plans to participants in the following years:
Year Ended August 31, |  | (in thousands)
2020 |  | $ | 1,265 |
2021 |  | 1,343 |
2022 |  | 1,408 |
2023 |  | 1,464 |
2024 |  | 1,515 |
Next five years |  | 8,146 |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration