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EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables) | 12 Months Ended
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Aug. 31, 2020
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 and the related amounts recognized in the Company’s consolidated balance sheets as of August 31, 2020 and 2019.
(in thousands) |  | 2020 |  | 2019
Benefit obligation at beginning of year |  | $ | 31,661 |  |  | $ | — |
Acquisition |  | — |  |  | 26,336 |
Service cost |  | 335 |  |  | 354 |
Interest cost |  | 892 |  |  | 926 |
Curtailment loss |  | 1,314 |  |  | — |
Special termination benefits |  | 1,918 |  |  | — |
Actuarial loss |  | 1,280 |  |  | 4,883 |
Benefits paid |  | (1,270) |  |  | (838) |
Benefit obligation at end of year |  | 36,130 |  |  | 31,661 |
Fair value of Plan assets at beginning of year |  | $ | 23,435 |  |  | $ | — |
Acquisition |  | — |  |  | 21,023 |
Actual return on Plan assets |  | 2,248 |  |  | 2,887 |
Administrative expenses |  | (496) |  |  | (69) |
Employer contributions |  | 5,284 |  |  | 432 |
Benefits paid |  | (1,270) |  |  | (838) |
Fair value of Plan assets at end of year |  | 29,201 |  |  | 23,435 |
Funded status at end of year (net liability recognized in balance sheet as of August 31,) |  | $ | (6,929) |  |  | $ | (8,226) |
Amounts recognized in accumulated other comprehensive income as of August 31, |  |  |  |
Net actuarial loss |  | $ | 3,234 |  |  | $ | 2,823 |
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost and other supplemental information are detailed below.
(in thousands) |  | 2020 |  | 2019
Service cost |  | $ | 335 |  |  | $ | 354 |
Expected administrative expenses |  | 450 |  |  | 250 |
Interest cost |  | 892 |  |  | 926 |
Expected return on Plan assets |  | (1,334) |  |  | (1,008) |
Special termination benefits |  | 1,918 |  |  | — |
Settlements, curtailments and other |  | 1,314 |  |  | — |
Total net periodic benefit cost |  | 3,575 |  |  | 522 |
Other changes in Plan assets and benefit obligations recognized in other comprehensive income |  |  |  |
Net actuarial loss arising during measurement period |  | 3,642 |  |  | 2,823 |
Amortization of net actuarial gain |  | (3,232) |  |  | — |
Total recognized in other comprehensive income |  | 410 |  |  | 2,823 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 3,985 |  |  | $ | 3,345 |
Schedule of Weighted-average Assumptions Used | Weighted average assumptions used to determine benefit obligations as of August 31, 2020 and 2019 are detailed below.
|  | 2020 |  | 2019
Effective discount rate for benefit obligations |  | 2.8 | % |  | 3.2 | %
Weighted average assumptions used to determine net periodic benefit cost for 2020 and 2019 are detailed below.
|  | 2020(1) |  | 2019
Effective rate for interest on benefit obligations |  | 2.8 | % |  | 4.3 | %
Effective rate for service cost |  | 3.3 | % |  | 4.7 | %
Expected long-term rate of return |  | 6.0 | % |  | 6.0 | %
__________________________________ (1)Certain weighted average assumptions used to determine net periodic benefit cost for 2020 were remeasured at an interim date. This remeasurement resulted in an effective rate for interest on benefit obligations of 2.9% and an effective rate for service cost of 3.5%.
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 |  |  |  | 2020 |  | 2019
Fixed income securities |  | 45% | — | 50% |  | 48.1% |  | 50.1%
Equity securities: |  |  |  |  |  |  |  |
Domestic |  | 25.0 | — | 30.0 |  | 26.9 |  | 26.0
International |  | 10.0 | — | 15.0 |  | 13.1 |  | 12.7
Mutual funds |  | 5.0 | — | 10.0 |  | 10.1 |  | 9.5
Cash |  | — | — | 5.0 |  | 1.8 |  | 1.7
Total |  |  |  |  |  | 100.0% |  | 100.0%
The following table sets forth the Plan assets by asset class as of August 31, 2020 and 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, 2020 |  | August 31, 2019 |  |  |  |  |  |
Fixed income securities |  | $ | 14,084 |  |  | $ | 11,738 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |
Domestic |  | 7,849 |  |  | 6,090 |  |  |  |  |  |  |
International |  | 3,816 |  |  | 2,981 |  |  |  |  |  |  |
Mutual funds |  | 2,937 |  |  | 2,232 |  |  |  |  |  |  |
Total equity securities |  | 14,602 |  |  | 11,303 |  |  |  |  |  |  |
Cash |  | 553 |  |  | 411 |  |  |  |  |  |  |
Total |  | 29,239 |  |  | 23,452 |  |  |  |  |  |  |
Other |  | (38) |  |  | (17) |  |  |  |  |  |  |
Fair value of Plan assets |  | $ | 29,201 |  |  | $ | 23,435 |  |  |  |  |  |  |
Schedule of Future Pension Benefit Payments | The table provides the estimated pension benefit payments that are payable from the Plan to participants in the following years:
Year Ended August 31, |  | (in thousands)
2021 |  | $ | 2,082 |
2022 |  | 1,856 |
2023 |  | 1,843 |
2024 |  | 1,830 |
2025 |  | 1,790 |
Next five years |  | 8,701 |

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- 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=118255775&loc=d3e1928-114920 + Details
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- 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=118255775&loc=d3e1928-114920 + Details
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