Employee Benefit Plans (Tables)
|
12 Months Ended |
Aug. 31, 2019 |
|---|
| 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):
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Reconciliation of benefit obligations: |
|
|
|
Benefit obligation at beginning of year |
$ |
43,280 |
|
|
$ |
46,806 |
|
Interest cost |
1,694 |
|
|
1,633 |
|
Actuarial loss/(gain) |
5,339 |
|
|
(2,330 |
) |
Benefits paid |
(2,913 |
) |
|
(2,829 |
) |
Benefit obligation at end of year |
$ |
47,400 |
|
|
$ |
43,280 |
|
Reconciliation of plan assets: |
|
|
|
Fair value of plan assets at beginning of year |
$ |
40,244 |
|
|
$ |
40,027 |
|
Actual return on plan assets |
2,972 |
|
|
2,938 |
|
Company contributions |
108 |
|
|
108 |
|
Benefits paid from plan assets |
(2,912 |
) |
|
(2,829 |
) |
Fair value of plan assets at end of year |
40,412 |
|
|
40,244 |
|
Funded status of the plans (underfunded) |
$ |
(6,988 |
) |
|
$ |
(3,036 |
) |
|
| 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, |
|
2019 |
|
2018 |
|
2017 |
Interest cost |
$ |
1,694 |
|
|
$ |
1,633 |
|
|
$ |
1,690 |
|
Expected return on assets |
(2,208 |
) |
|
(2,668 |
) |
|
(2,867 |
) |
Amortization of actuarial loss |
990 |
|
|
1,127 |
|
|
1,141 |
|
Net periodic benefit expense (income) |
$ |
476 |
|
|
$ |
92 |
|
|
$ |
(36 |
) |
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Assumptions for benefit obligations: |
|
|
|
|
|
Discount rate |
2.90 |
% |
|
4.05 |
% |
|
3.60 |
% |
Assumptions for net periodic benefit cost: |
|
|
|
|
|
Discount rate |
4.05 |
% |
|
3.60 |
% |
|
3.45 |
% |
Expected return on plan assets |
5.75 |
% |
|
7.00 |
% |
|
7.15 |
% |
|
| 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, |
|
|
2019 |
|
% |
|
2018 |
|
% |
Cash and cash equivalents |
|
$ |
304 |
|
|
0.8 |
% |
|
$ |
559 |
|
|
1.4 |
% |
Fixed income securities: |
|
|
|
|
|
|
|
|
Corporate bonds |
|
5,127 |
|
|
12.7 |
|
|
19,107 |
|
|
47.5 |
|
Mutual funds |
|
23,206 |
|
|
57.4 |
|
|
814 |
|
|
2.0 |
|
|
|
28,333 |
|
|
70.1 |
|
|
19,921 |
|
|
49.5 |
|
Equity securities: |
|
|
|
|
|
|
|
|
Mutual funds |
|
11,775 |
|
|
29.1 |
|
|
19,764 |
|
|
49.1 |
|
Total plan assets |
|
$ |
40,412 |
|
|
100.0 |
% |
|
$ |
40,244 |
|
|
100.0 |
% |
|
| Foreign Plan [Member] |
|
| 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 foreign defined benefit pension plans as of the respective August 31 measurement date (in thousands):
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Reconciliation of benefit obligations: |
|
|
|
Benefit obligation at beginning of year |
$ |
13,056 |
|
|
$ |
13,423 |
|
Employer Service Costs |
450 |
|
|
440 |
|
Interest cost |
257 |
|
|
278 |
|
Actuarial loss/(gain) |
2,594 |
|
|
(337 |
) |
Benefits paid |
(421 |
) |
|
(555 |
) |
Plan amendments |
89 |
|
|
— |
|
Curtailments |
(107 |
) |
|
— |
|
Currency impact |
(815 |
) |
|
(193 |
) |
Benefit obligation at end of year |
$ |
15,103 |
|
|
$ |
13,056 |
|
Reconciliation of plan assets: |
|
|
|
Fair value of plan assets at beginning of year |
$ |
7,902 |
|
|
$ |
7,904 |
|
Actual return on plan assets |
752 |
|
|
32 |
|
Company contributions |
374 |
|
|
588 |
|
Benefits paid from plan assets |
(421 |
) |
|
(555 |
) |
Currency impact |
(489 |
) |
|
(67 |
) |
Fair value of plan assets at end of year |
8,118 |
|
|
7,902 |
|
Funded status of the plans (underfunded) |
$ |
(6,985 |
) |
|
$ |
(5,154 |
) |
|
| Net Periodic Benefit Costs |
The following table provides detail on the Company’s foreign net periodic benefit expense (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended August 31, |
|
2019 |
|
2018 |
|
2017 |
Employer service costs |
$ |
450 |
|
|
$ |
440 |
|
|
$ |
413 |
|
Interest cost |
257 |
|
|
278 |
|
|
239 |
|
Expected return on assets |
(345 |
) |
|
(366 |
) |
|
(379 |
) |
Amortization of net prior service credit |
(65 |
) |
|
(69 |
) |
|
(61 |
) |
Amortization of net loss |
263 |
|
|
306 |
|
|
438 |
|
(Income) or cost of special events |
(56 |
) |
|
18 |
|
|
268 |
|
Net periodic benefit expense |
$ |
504 |
|
|
$ |
607 |
|
|
$ |
918 |
|
|