Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.3.0.814
Employee Benefit Plans (Tables)
 12 Months Ended
Aug. 31, 2015
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):
 
2015
 
2014
Reconciliation of benefit obligations:
 
 
 
Benefit obligation at beginning of year
$
47,545

 
$
45,046

Interest cost
1,920

 
2,146

Actuarial (gain) loss
(170
)
 
3,769

Benefits paid
(3,683
)
 
(3,416
)
Benefit obligation at end of year
$
45,612

 
$
47,545

Reconciliation of plan assets:
 
 
 
Fair value of plan assets at beginning of year
$
44,642

 
$
34,054

Actual return on plan assets
(2,088
)
 
5,180

Company contributions
310

 
8,824

Benefits paid from plan assets
(3,683
)
 
(3,416
)
Fair value of plan assets at end of year
39,181

 
44,642

Funded status of the plans (underfunded)
$
(6,431
)
 
$
(2,903
)
Net Periodic Benefit Costs
The following table provides detail on the Company’s net periodic benefit costs (in thousands):
 
Year ended August 31,
 
2015
 
2014
 
2013
Interest cost
$
1,920

 
$
2,146

 
$
1,928

Expected return on assets
(3,143
)
 
(2,959
)
 
(2,468
)
Amortization of actuarial loss
828

 
667

 
878

Net benefit cost (income)
$
(395
)
 
$
(146
)
 
$
338

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:
 
2015
 
2014
 
2013
Assumptions for benefit obligations:
 
 
 
 
 
Discount rate
4.45
%
 
4.15
%
 
4.90
%
Assumptions for net periodic benefit cost:
 
 
 
 
 
Discount rate
4.15
%
 
4.90
%
 
3.90
%
Expected return on plan assets
7.50
%
 
7.65
%
 
7.75
%
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,
 
 
2015
 
%
 
2014
 
%
Cash and cash equivalents
 
$
314

 
0.8
%
 
$
—

 
—
%
Fixed income securities:
 
 
 
 
 
 
 
 
Corporate bonds
 
9,481

 
24.2

 
9,749

 
21.8

Mutual funds
 
3,100

 
7.9

 
4,474

 
10.0

 
 
12,581

 
32.1

 
14,223

 
31.8

Equity securities:
 
 
 
 
 
 
 
 
Mutual funds
 
26,286

 
67.1

 
30,419

 
68.2

Total plan assets
 
$
39,181

 
100.0
%
 
$
44,642

 
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 participants in 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,
 
 
2015
 
2014
Benefit obligation
 
$
14,255

 
$
18,599

Fair value of plan assets
 
8,675

 
10,312

Funded status of plans (underfunded)
 
$
(5,580
)
 
$
(8,287
)