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EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables) | 12 Months Ended
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Aug. 31, 2024
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 the 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, 2024 and 2023:
|  | U.K. Pension Plan |  | U.S. Pension Plan |  |
(in thousands) |  | 2024 |  |  | 2023 |  | 2023 |  |  |  |
Benefit obligation at beginning of year |  | $ | 50,900 |  |  |  | $ | 52,042 |  |  | $ | 26,568 |  |  |  |  |
Interest cost |  | 2,615 |  |  |  | 2,261 |  |  | — |  |  |  |  |
Actuarial loss (gain) |  | 794 |  |  |  | (5,354) |  |  | (47) |  |  |  |  |
Benefits paid |  | (2,958) |  |  |  | (2,529) |  |  | (466) |  |  |  |  |
Foreign currency translation |  | 1,841 |  |  |  | 4,480 |  |  | — |  |  |  |  |
Settlement |  | — |  |  |  | — |  |  | (26,055) |  |  |  |  |
Benefit obligation at end of year |  | $ | 53,192 |  |  |  | $ | 50,900 |  |  | $ | — |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 49,522 |  |  |  | $ | 60,454 |  |  | $ | 24,440 |  |  |  |  |
Actuarial gain |  | — |  |  |  | — |  |  | (47) |  |  |  |  |
Actual return (loss) on plan assets |  | 2,733 |  |  |  | (13,533) |  |  | (1,966) |  |  |  |  |
Employer contributions |  | 339 |  |  |  | 297 |  |  | 4,094 |  |  |  |  |
Benefits paid |  | (2,958) |  |  |  | (2,529) |  |  | (466) |  |  |  |  |
Foreign currency translation |  | 1,779 |  |  |  | 4,833 |  |  | — |  |  |  |  |
Settlement |  | — |  |  |  | — |  |  | (26,055) |  |  |  |  |
Fair value of plan assets at end of year |  | $ | 51,415 |  |  |  | $ | 49,522 |  |  | $ | — |  |  |  |  |
Funded status at end of year liability recognized in the consolidated balance sheets as of August 31, |  | $ | (1,777) |  |  |  | $ | (1,378) |  |  | $ | — |  |  |  |  |
Amounts recognized in AOCI as of August 31, |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 15,981 |  |  |  | $ | 16,477 |  |  | $ | — |  |  |  |  |
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit costs (gains) and other supplemental information are detailed below:
|  | U.K. Pension Plan |  |  |  |
|  | Year Ended August 31, |  |  |  |
(in thousands) |  | 2024 |  | 2023 |  | 2022 |  |  |  |
Interest cost |  | $ | 2,615 |  |  | $ | 2,261 |  |  | $ | 635 |  |  |  |  |
Expected return on plan assets |  | (2,065) |  |  | (2,589) |  |  | (1,067) |  |  |  |  |
Amortization of unrecognized net actuarial loss |  | 622 |  |  | — |  |  | — |  |  |  |  |
Total net periodic benefit costs (gains) |  | $ | 1,172 |  |  | $ | (328) |  |  | $ | (432) |  |  |  |  |
Other changes in plan assets and benefit obligations recognized in OCI |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss arising during measurement period |  | $ | (496) |  |  | $ | 10,811 |  |  | $ | 5,666 |  |  |  |  |
Schedule of Weighted-average Assumptions Used | Weighted average assumptions used to determine benefit obligations are detailed below:
|  | U.K. Pension Plan
|  | 2024 |  | 2023
Effective discount rate for benefit obligations |  | 5.0 | % |  | 5.3 | %
Weighted average assumptions used to determine net periodic benefit costs (gains) are detailed below:
|  | U.K. Pension Plan |  |
|  | 2024 |  | 2023 |  | 2022 |  |  |  |
Effective rate for interest on benefit obligations |  | 5.3 | % |  | 4.3 | % |  | 2.9 | % |  |  |  |
Expected long-term rate of return |  | 5.0 | % |  | 4.6 | % |  | 4.0 | % |  |  |  |
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 |  | 2024 |  | 2023
Fixed income securities |  | 95.0% | to | 100% |  | 99.6% |  | 88.2%
Cash and other |  | — | to | 5.0 |  | 0.4 |  | 11.8
Total |  |  |  |  |  | 100% |  | 100%
The following table sets forth the fair value of the plan assets by asset class for the U.K. Pension Plan as of August 31, 2024 and 2023. Level 1 assets consist of cash and cash equivalents. Level 2 assets include funds invested in bonds and fixed income securities. Level 3 assets are measured at fair value using significant unobservable inputs and 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.
|  |  |  | Fair Value at Measurement Date Using |  |  |  |  |  |
(in thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  |  |  |
As of August 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 51,194 |  |  | $ | — |  |  | $ | 51,194 |  |  | $ | — |  |  |  |  |  |  |
Cash and other |  | 221 |  |  | — |  |  | 221 |  |  | — |  |  |  |  |  |  |
Fair value of U.K. Pension Plan assets |  | $ | 51,415 |  |  |  |  |  |  |  |  |  |  |  |  |
As of August 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 43,654 |  |  | $ | — |  |  | $ | 40,497 |  |  | $ | 3,157 |  |  |  |  |  |  |
Cash and other |  | 5,868 |  |  | 376 |  |  | 5,356 |  |  | 136 |  |  |  |  |  |  |
Fair value of U.K. Pension Plan assets |  | $ | 49,522 |  |  |  |  |  |  |  |  |  |  |  |  |
The following table provides a reconciliation of the beginning and ending balances of U.K. Pension Plan Level 3 assets recognized in the consolidated balance sheets:
(in thousands) |  | Level 3 Plan Assets
Balance at August 31, 2022 |  | $ | 8,885 |
Sales |  | (4,997) |
Actual return on plan assets: |  |
Assets held as of the reporting date |  | 134 |
Assets sold during the year |  | 256 |
Transfers out of Level 3 |  | (1,541) |
Foreign currency translation |  | 556 |
Balance at August 31, 2023 |  | $ | 3,293 |
Sales |  | (3,139) |
Actual return on plan assets sold during the year |  | (139) |
Foreign currency translation |  | (15) |
Balance at August 31, 2024 |  | $ | — |
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 to participants in future years:
(in thousands) |  | U.K. Pension Plan
2025 |  | $ | 3,150 |
2026 |  | 3,225 |
2027 |  | 3,300 |
2028 |  | 3,379 |
2029 |  | 3,458 |
2030 through 2034 |  | 18,548 |

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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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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