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EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables)

12 Months Ended

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 change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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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.

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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.

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