Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.8.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Aug. 31, 2017
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 respective August 31 measurement date (in thousands):
 
2017
 
2016
Reconciliation of benefit obligations:
 
 
 
Benefit obligation at beginning of year
$
50,409

 
$
45,612

Interest cost
1,690

 
1,970

Actuarial (gain) loss
(1,997
)
 
5,604

Benefits paid
(3,296
)
 
(2,777
)
Benefit obligation at end of year
$
46,806

 
$
50,409

Reconciliation of plan assets:
 
 
 
Fair value of plan assets at beginning of year
$
39,489

 
$
39,181

Actual return on plan assets
3,599

 
2,687

Company contributions
235

 
398

Benefits paid from plan assets
(3,296
)
 
(2,777
)
Fair value of plan assets at end of year
40,027

 
39,489

Funded status of the plans (underfunded)
$
(6,779
)
 
$
(10,920
)
Net Periodic Benefit Costs
The following table provides detail on the Company’s domestic net periodic benefit income (in thousands):
 
Year ended August 31,
 
2017
 
2016
 
2015
Interest cost
$
1,690

 
$
1,970

 
$
1,920

Expected return on assets
(2,867
)
 
(2,997
)
 
(3,143
)
Amortization of actuarial loss
1,141

 
837

 
828

Net periodic benefit income
$
(36
)
 
$
(190
)
 
$
(395
)
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:
 
2017
 
2016
 
2015
Assumptions for benefit obligations:
 
 
 
 
 
Discount rate
3.60
%
 
3.45
%
 
4.45
%
Assumptions for net periodic benefit cost:
 
 
 
 
 
Discount rate
3.45
%
 
4.45
%
 
4.15
%
Expected return on plan assets
7.15
%
 
7.40
%
 
7.50
%
U.S. Pension Plan Investment Allocations by Asset Category
The fair value of all U.S. pension plan assets is determined based on quoted market prices and therefore all plan assets are determined based on Level 1 inputs, except for fixed income securities which are valued based on Level 2 inputs, as defined in Note 8, “Fair Value Measurements.” The U.S. pension plan investment allocations by asset category were as follows (in thousands):
 
 
Year Ended August 31,
 
 
2017
 
%
 
2016
 
%
Cash and cash equivalents
 
$
395

 
1.0
%
 
$
347

 
0.9
%
Fixed income securities:
 
 
 
 
 
 
 
 
Corporate bonds
 
8,475

 
21.2

 
8,372

 
21.2

Mutual funds
 
3,139

 
7.8

 
3,351

 
8.5

 
 
11,614

 
29.0

 
11,723

 
29.7

Equity securities:
 
 
 
 
 
 
 
 
Mutual funds
 
28,018

 
70.0

 
27,419

 
69.4

Total plan assets
 
$
40,027

 
100.0
%
 
$
39,489

 
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 funded status of these plans is summarized as follows (in thousands):
 
 
 
August 31,
 
 
2017
 
2016
Benefit obligation
 
$
14,645

 
$
16,808

Fair value of plan assets
 
7,950

 
8,502

Funded status of plans (underfunded)
 
$
(6,695
)
 
$
(8,306
)