Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v2.4.0.8
Employee Benefit Plans (Tables)
 12 Months Ended
Aug. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted Average Assumption used to Determine Benefit Obligations and Net Periodic Benefit Cost
Weighted-average assumptions used to determine U.S. pension plan obligations as of August 31 and weighted-average assumptions used to determine net periodic benefit cost for the years ended August 31 are as follows:
 
 
 
2013
 
2012
 
2011
 
 
Assumptions for benefit obligations:
 
 
 
 
 
 
 
 
Discount rate
 
4.90
%
 
3.90
%
 
5.00
%
 
 
Assumptions for net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
3.90
%
 
5.00
%
 
4.60
%
 
 
Expected return on plan assets
 
7.75
%
 
7.90
%
 
8.00
%
 
Pension Plans, Defined Benefit
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets
The following table provides detail of changes in the projected benefit obligations, the fair value of plan assets and the funded status of the Company’s U.S. defined benefit pension plans as of the August 31 measurement date (in thousands):
 
 
2013
 
2012
Reconciliation of benefit obligations:
 
 
 
 
Benefit obligation at beginning of year
 
$
50,870

 
$
44,430

Adjustment
 
(280
)
 
—

Interest cost
 
1,928

 
2,162

Actuarial (gain) loss
 
(4,983
)
 
6,855

Benefits paid
 
(2,489
)
 
(2,577
)
Benefit obligation at end of year
 
$
45,046

 
$
50,870

Reconciliation of plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
 
$
33,695

 
$
32,412

Actual return on plan assets
 
2,252

 
2,911

Company contributions
 
596

 
949

Benefits paid from plan assets
 
(2,489
)
 
(2,577
)
Fair value of plan assets at end of year
 
34,054

 
33,695

Funded status of the plans (underfunded)
 
$
(10,992
)
 
$
(17,175
)
Net Periodic Benefit Costs
The following table provides detail on the Company’s net periodic benefit costs (in thousands):
 
 
Year ended August 31,
 
 
2013
 
2012
 
2011
Interest cost
 
$
1,928

 
$
2,162

 
$
2,108

Expected return on assets
 
(2,468
)
 
(2,471
)
 
(2,221
)
Amortization of actuarial loss
 
878

 
675

 
669

Net benefit cost
 
$
338

 
$
366

 
$
556

U.S. Pension Plan Investment Allocations by Asset Category
The U.S. pension plan investment allocations by asset category were as follows (in thousands):
 
 
Year Ended August 31,
 
 
2013
 
%
 
2012
 
%
Cash and cash equivalents
 
$
348

 
1.0
%
 
$
250

 
0.7
%
Fixed income securities:
 
 
 
 
 
 
 
 
Government bonds
 
—

 
—

 
310

 
0.9

Corporate bonds
 
8,741

 
25.7

 
7,489

 
22.2

Mutual funds
 
3,464

 
10.2

 
2,678

 
8.0

 
 
12,205

 
35.9

 
10,477

 
31.1

Equity securities:
 
 
 
 
 
 
 
 
Mutual funds
 
21,501

 
63.1

 
22,968

 
68.2

Total plan assets
 
$
34,054

 
100.0
%
 
$
33,695

 
100.0
%
Other Pension Plans, Defined Benefit
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets
The Company has several non-U.S. defined benefit pension plans which cover certain existing and former employees of businesses outside the U.S. Most of the non-U.S. defined benefit pension plans continue to earn additional benefits. The funded status of these plans is summarized as follows (in thousands):
 
 
 
 
August 31,
 
 
 
 
2013
 
2012
 
 
Benefit obligation
 
$
12,912

 
$
12,227

 
 
Fair value of plan assets
 
7,790

 
7,440

 
 
Funded status of plans (underfunded)
 
$
(5,122
)
 
$
(4,787
)