Pensions and Other Postretirement Benefits

6 Months Ended

Feb. 29, 2020

Pensions and Other Postretirement Benefits

Pensions and Other Postretirement Benefits

Note 11 — Pensions and Other Postretirement Benefits

The components of net periodic benefit cost for the three and six months ended February 29, 2020 and February 28, 2019 were as follows:

	Three Months Ended				Six Months Ended
	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Components of net periodic benefit cost
Service cost	$	74	$	73	$	147	$	146
Interest cost		113		178		226		356
Expected return on plan assets		(98)		(109)		(196)		(221)
Amortization of prior service cost		1		1		2		2
Amortization of accumulated loss		174		119		348		237
Curtailment and settlement loss		—		273		—		473
Net periodic benefit cost	$	264	$	535	$	527	$	993

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 $785 in the six months ended February 29, 2020 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, including conditions related to the coronavirus disease 2019 (COVID-19) pandemic. The Company made contributions of $784 in the six months ended February 28, 2019.