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EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables) | 12 Months Ended
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Aug. 31, 2022
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 resulting from the U.K. Pension Plan and the U.S. Pension Plan and the related amounts recognized in the Company’s consolidated balance sheets as of August 31, 2022 and 2021:
|  | U.K. Pension Plan | U.S. Pension Plan
(in thousands) |  | 2022 |  |  | 2022 |  | 2021
Benefit obligation at beginning of year |  | $ | — |  |  |  | $ | 33,687 |  |  | $ | 36,130 |
Acquisition |  | 68,966 |  |  |  | — |  |  | — |
Interest cost |  | 635 |  |  |  | 709 |  |  | 724 |
Actuarial gain |  | (11,107) |  |  |  | (6,010) |  |  | (1,557) |
Benefits paid |  | (942) |  |  |  | (1,818) |  |  | (1,610) |
Foreign currency translation |  | (5,510) |  |  |  | — |  |  | — |
Benefit obligation at end of year |  | $ | 52,042 |  |  |  | $ | 26,568 |  |  | $ | 33,687 |
Fair value of plan assets at beginning of year |  | $ | — |  |  |  | $ | 34,126 |  |  | $ | 29,201 |
Acquisition |  | 83,586 |  |  |  | — |  |  | — |
Actual return on plan assets |  | (15,718) |  |  |  | (7,407) |  |  | 4,042 |
Administrative expenses |  | — |  |  |  | (461) |  |  | (52) |
Employer contributions |  | 73 |  |  |  | — |  |  | 2,545 |
Benefits paid |  | (942) |  |  |  | (1,818) |  |  | (1,610) |
Foreign currency translation |  | (6,545) |  |  |  | — |  |  | — |
Fair value of plan assets at end of year |  | $ | 60,454 |  |  |  | $ | 24,440 |  |  | $ | 34,126 |
Funded status at end of year (net asset (liability) recognized in the consolidated balance sheets as of August 31,) |  | $ | 8,412 |  |  |  | $ | (2,128) |  |  | $ | 439 |
Amounts recognized in accumulated other comprehensive income as of August 31, |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 5,666 |  |  |  | $ | 2,278 |  |  | $ | (1,110) |
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost and other supplemental information are detailed below:
|  | U.K. Pension Plan |  | U.S. Pension Plan
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2022 |  | 2021 |  | 2020
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 335 |
Expected administrative expenses |  | — |  |  | 50 |  |  | 290 |  |  | 450 |
Interest cost |  | 635 |  |  | 709 |  |  | 724 |  |  | 892 |
Expected return on plan assets |  | (1,067) |  |  | (1,579) |  |  | (1,493) |  |  | (1,334) |
Special termination benefits |  | — |  |  | — |  |  | — |  |  | 1,918 |
Settlements, curtailments and other |  | — |  |  | — |  |  | — |  |  | 1,314 |
Total net periodic benefit (gain) cost |  | $ | (432) |  |  | $ | (820) |  |  | $ | (479) |  |  | $ | 3,575 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |
Net actuarial (gain) loss arising during measurement period |  | $ | 5,666 |  |  | $ | 3,388 |  |  | $ | (4,344) |  |  | $ | 3,642 |
Amortization of net actuarial gain |  | — |  |  | — |  |  | — |  |  | (3,232) |
Total (gain) loss recognized in other comprehensive income |  | $ | 5,666 |  |  | $ | 3,388 |  |  | $ | (4,344) |  |  | $ | 410 |
Schedule of Weighted-average Assumptions Used | Weighted average assumptions used to determine benefit obligations are detailed below:
|  | U.K. Pension Plan |  | U.S. Pension Plan
|  | 2022 |  | 2022 |  | 2021
Effective discount rate for benefit obligations |  | 4.3 | % |  | 4.7 | % |  | 2.9 | %
Expected long-term rate of return on plan assets |  | 4.0 | % |  | 4.7 | % |  | 4.8 | %
Weighted average assumptions used to determine net periodic benefit cost for 2022, 2021 and 2020 are detailed below:
|  | U.K Pension Plan |  | U.S. Pension Plan
|  | 2022 |  | 2022 |  | 2021 |  | 2020(1)
Effective rate for interest on benefit obligations |  | 2.9 | % |  | 2.2 | % |  | 2.1 | % |  | 2.8 | %
Effective rate for service cost |  | N/A |  | N/A |  | N/A |  | 3.3 | %
Expected long-term rate of return |  | 4.0 | % |  | 5.0 | % |  | 5.0 | % |  | 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 U.K. Pension Plan's weighted average target allocation ranges 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 |  | 2022
Fixed income securities |  | 70.0% | to | 75.0% |  | 71.4%
Equity securities |  | 10.0 | to | 15.0 |  | 12.4
Cash and other |  | 15.0 | to | 20.0 |  | 16.2
Total |  |  |  |  |  | 100%
The U.S. Pension Plan's weighted average target 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 |  |  |  | 2022 |  | 2021
Fixed income securities |  | 95.0% | to | 100.0% |  |  |  | 98.0% |  | 64.1%
Equity securities |  | — | to | — |  |  |  | — |  | 34.1
Cash and other |  | — | to | 5.0 |  |  |  | 2.0 |  | 1.8
Total |  |  |  |  |  |  |  | 100.0% |  | 100.0%
The following table sets forth the plan assets by asset class for the U.K. Pension Plan as of August 31, 2022. Level 1 assets consist of cash and cash equivalents. Level 2 assets include funds invested in bonds and fixed income securities. Level 3 assets consist primarily of Secured Finance and Multistrategy Funds that invest in debt, loan and structured financial instruments in both public and private secured finance markets. The changes in Level 3 assets related to actual return on plan assets, purchases, sales, settlements and transfers were immaterial from the Acquisition Date to August 31, 2022.
|  |  |  | Fair Value at Measurement Date Using |  |  |  |  |  |
(in thousands) |  | August 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  |  |  |
Fixed income securities |  | $ | 43,160 |  |  | $ | — |  |  | $ | 35,849 |  |  | $ | 7,311 |  |  |  |  |  |  |
Equity securities |  | 7,514 |  |  | — |  |  | 7,514 |  |  | — |  |  |  |  |  |  |
Cash and other |  | 9,780 |  |  | 530 |  |  | 7,676 |  |  | 1,574 |  |  |  |  |  |  |
Fair value of U.K. Pension Plan assets |  | $ | 60,454 |  |  |  |  |  |  |  |  |  |  |  |  |
The following table sets forth the plan assets by asset class for the U.S. Pension Plan as of August 31, 2022 and 2021. All securities are traded on a national securities exchange and therefore are Level 1 assets in the fair value hierarchy.
|  | Fair Value at Measurement Date
(in thousands) |  | August 31, 2022 |  | August 31, 2021
Fixed income securities |  | $ | 23,958 |  |  | $ | 21,890 |
Equity securities |  | — |  |  | 11,641 |
Cash and other |  | 482 |  |  | 595 |
Fair value of U.S. Pension Plan assets |  | $ | 24,440 |  |  | $ | 34,126 |
Schedule of Future Pension Benefit Payments | The following table provides the estimated aggregate pension benefit payments that are payable from the U.K Pension Plan and the U.S. Pension Plan to participants in future years:
(in thousands) |  | U.K. Pension Plan |  | U.S. Pension Plan
2023 |  | $ | 2,601 |  |  | $ | 1,820 |
2024 |  | 2,670 |  |  | 1,796 |
2025 |  | 2,738 |  |  | 1,771 |
2026 |  | 2,809 |  |  | 1,744 |
2027 |  | 2,882 |  |  | 1,731 |
2028 through 2032 |  | 15,576 |  |  | 8,512 |

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