Pensions and Other Postretirement Benefits

3 Months Ended

Nov. 30, 2019

Pensions and Other Postretirement Benefits

Benefits and Pension Plans

Note 11 — Pensions and Other Postretirement Benefits

The components of net periodic benefit cost for the three months ended November 30, 2019 and 2018 were as follows:

	Three Months Ended November 30,
	2019		2018
Components of net periodic benefit cost
Service cost	$	73	$	73
Interest cost		113		178
Expected return on plan assets		(98)		(112)
Amortization of prior service cost		1		1
Amortization of accumulated loss		174		118
Curtailment and settlement loss		—		200
Net periodic benefit cost	$	263	$	458

When funding is required, the Company’s policy is to contribute amounts that are deductible for federal income tax purposes.  The Company has made contributions of $392 in the three months ended November 30, 2019 to fund its obligations under its pension plans, and plans to make the necessary contributions over the remainder of fiscal 2020 to ensure the qualified plans continue to be adequately funded given the current market conditions. The Company made contributions of $389 in the three months ended November 30, 2018.