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, 2014
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:
 
 
 
2014
 
2013
 
2012
 
 
Assumptions for benefit obligations:
 
 
 
 
 
 
 
 
Discount rate
 
4.15
%
 
4.90
%
 
3.90
%
 
 
Assumptions for net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
4.90
%
 
3.90
%
 
5.00
%
 
 
Expected return on plan assets
 
7.65
%
 
7.75
%
 
7.90
%
 
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):
 
 
2014
 
2013
Reconciliation of benefit obligations:
 
 
 
 
Benefit obligation at beginning of year
 
$
45,046

 
$
50,870

Adjustment
 
—

 
(280
)
Interest cost
 
2,146

 
1,928

Actuarial (gain) loss
 
3,769

 
(4,983
)
Benefits paid
 
(3,416
)
 
(2,489
)
Benefit obligation at end of year
 
$
47,545

 
$
45,046

Reconciliation of plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
 
$
34,054

 
$
33,695

Actual return on plan assets
 
5,180

 
2,252

Company contributions
 
8,824

 
596

Benefits paid from plan assets
 
(3,416
)
 
(2,489
)
Fair value of plan assets at end of year
 
44,642

 
34,054

Funded status of the plans (underfunded)
 
$
(2,903
)
 
$
(10,992
)
Net Periodic Benefit Costs
The following table provides detail on the Company’s net periodic benefit costs (in thousands):
 
 
Year ended August 31,
 
 
2014
 
2013
 
2012
Interest cost
 
$
2,146

 
$
1,928

 
$
2,162

Expected return on assets
 
(2,959
)
 
(2,468
)
 
(2,471
)
Amortization of actuarial loss
 
667

 
878

 
675

Net benefit cost (income)
 
$
(146
)
 
$
338

 
$
366

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,
 
 
2014
 
%
 
2013
 
%
Cash and cash equivalents
 
$
—

 
—
%
 
$
348

 
1.0
%
Fixed income securities:
 
 
 
 
 
 
 
 
Corporate bonds
 
9,749

 
21.8

 
8,741

 
25.7

Mutual funds
 
4,474

 
10.0

 
3,464

 
10.2

 
 
14,223

 
31.8

 
12,205

 
35.9

Equity securities:
 
 
 
 
 
 
 
 
Mutual funds
 
30,419

 
68.2

 
21,501

 
63.1

Total plan assets
 
$
44,642

 
100.0
%
 
$
34,054

 
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,
 
 
 
 
2014
 
2013
 
 
Benefit obligation
 
$
18,599

 
$
12,912

 
 
Fair value of plan assets
 
10,312

 
7,790

 
 
Funded status of plans (underfunded)
 
$
(8,287
)
 
$
(5,122
)