Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.10.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Aug. 31, 2018
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):
 
2018
 
2017
Reconciliation of benefit obligations:
 
 
 
Benefit obligation at beginning of year
$
46,806

 
$
50,409

Interest cost
1,633

 
1,690

Actuarial gain
(2,330
)
 
(1,997
)
Benefits paid
(2,829
)
 
(3,296
)
Benefit obligation at end of year
$
43,280

 
$
46,806

Reconciliation of plan assets:
 
 
 
Fair value of plan assets at beginning of year
$
40,027

 
$
39,489

Actual return on plan assets
2,938

 
3,599

Company contributions
108

 
235

Benefits paid from plan assets
(2,829
)
 
(3,296
)
Fair value of plan assets at end of year
40,244

 
40,027

Funded status of the plans (underfunded)
$
(3,036
)
 
$
(6,779
)
Net Periodic Benefit Costs
The following table provides detail on the Company’s domestic net periodic benefit expense (income) (in thousands):
 
Year ended August 31,
 
2018
 
2017
 
2016
Interest cost
$
1,633

 
$
1,690

 
$
1,970

Expected return on assets
(2,668
)
 
(2,867
)
 
(2,997
)
Amortization of actuarial loss
1,127

 
1,141

 
837

Net periodic benefit expense (income)
$
92

 
$
(36
)
 
$
(190
)
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:
 
2018
 
2017
 
2016
Assumptions for benefit obligations:
 
 
 
 
 
Discount rate
4.05
%
 
3.60
%
 
3.45
%
Assumptions for net periodic benefit cost:
 
 
 
 
 
Discount rate
3.60
%
 
3.45
%
 
4.45
%
Expected return on plan assets
7.00
%
 
7.15
%
 
7.40
%
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,
 
 
2018
 
%
 
2017
 
%
Cash and cash equivalents
 
$
559

 
1.4
%
 
$
395

 
1.0
%
Fixed income securities:
 
 
 
 
 
 
 
 
Corporate bonds
 
19,107

 
47.5

 
8,475

 
21.2

Mutual funds
 
814

 
2.0

 
3,139

 
7.8

 
 
19,921

 
49.5

 
11,614

 
29.0

Equity securities:
 
 
 
 
 
 
 
 
Mutual funds
 
19,764

 
49.1

 
28,018

 
70.0

Total plan assets
 
$
40,244

 
100.0
%
 
$
40,027

 
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,
 
 
2018
 
2017
Benefit obligation
 
$
13,936

 
$
14,645

Fair value of plan assets
 
7,938

 
7,950

Funded status of plans (underfunded)
 
$
(5,998
)
 
$
(6,695
)