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POST EMPLOYMENT PLANS (Tables) | 12 Months Ended
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Aug. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans | The following table summarizes the amount of the funding obligation and the line items in which it is recorded on the consolidated balance sheets as of August 31, 2023 and 2022 and consolidated statements of income for the fiscal years ended August 31, 2023, 2022 and 2021 (in thousands):
| Other Long-Term Liability |  | Accumulated Other Comprehensive Loss |  | Operating Expenses
| August 31, |  | Year Ended August 31,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021
Start of period | $ | (2,976) |  |  | $ | (2,298) |  |  | $ | 1,205 |  | $ | 897 |  | $ | — |  | $ | — |  | $ | —
Service cost | (303) |  |  | (205) |  |  | — |  | — |  | 365 |  | 315 |  | 229
Interest cost | (139) |  |  | (129) |  |  | — |  | — |  | 139 |  | 129 |  | 104
Prior service cost (including amortization) | — |  |  | — |  | (26) |  |  | (36) |  |  | 26 |  | 36 |  | 55
Actuarial gains/(losses) | (2,425) |  |  | (344) |  |  | 2,425 |  | 344 |  | 122 |  | 92 |  | 72
Totals | $ | (5,843) |  |  | $ | (2,976) |  |  | $ | 3,604 |  |  | $ | 1,205 |  | (1) | $ | 652 |  |  | $ | 572 |  |  | $ | 460 |
(1)The Company has recorded a deferred tax asset of $1,106,000 and $377,000 as of August 31, 2023 and 2022, respectively, relating to the unrealized expense on defined benefit plans. The Company also recorded accumulated other comprehensive loss, net of tax, for $(2,500,000) and $(829,000) as of August 31, 2023 and 2022, respectively. The primary driver of the recorded accumulated other comprehensive loss was a change in assumption for our Trinidad and Tobago post-employment benefit plan in which we expect less turnover from our employees.
Schedule of Assumptions Used | The valuation assumptions used to calculate the liability for the defined benefit plans differ based on the country where the plan applies. These assumptions are summarized as follows:
|  | Year Ended August 31,
Valuation Assumptions: |  | 2023 |  | 2022
Discount rate |  | 4.6% to 6.4% |  | 3.5% to 6.4%
Future salary escalation |  | 3.0% to 5.2% |  | 3.0% to 4.5%
Percentage of employees assumed to withdraw from Company without a benefit (“turnover”) |  | 6.7% to 15.0% |  | 6.7% to 15.0%
Percentage of employees assumed to withdraw from Company with a benefit (“disability”) |  | 0.5% to 1.5% |  | 0.5% to 6.6%
Schedule of Net Periodic Benefit Cost | For the fiscal year ending August 31, 2024, the Company expects to recognize, as components of net periodic benefit cost, the following amounts currently recorded in accumulated other comprehensive loss (in thousands):
Prior service cost | $ | 26
Amortization of actuarial loss | 539
| $ | 565
Summary of Other Post-Employment Plans | The following table summarizes the amounts recorded on the balance sheet and amounts expensed on the consolidated statements of income (in thousands):
| Accrued Salaries and Benefits |  | Other Long-Term Liability |  | Restricted Cash Held (1) |  | Operating Expenses
| Years Ended August 31,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021
Other Post Employment Plans | $ | 738 |  |  | $ | 522 |  |  | $ | 5,077 |  |  | $ | 4,567 |  |  | $ | 4,859 |  |  | $ | 4,382 |  |  | $ | 1,754 |  |  | $ | 1,423 |  |  | $ | 1,447 |
(1)With some locations, local statutes require the applicable Company subsidiary to deposit cash in its own name with designated fund managers. The funds earn interest, which the Company recognizes as interest income.

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