Benefits and Pension Plans (Tables)

12 Months Ended

Aug. 31, 2020


	Year Ended August 31,
	2020		2019		2018
Change in benefit obligation
Projected benefit obligation at beginning of year	$	20,087	$	21,860	$	22,673
Service cost		295		283		283
Interest cost		451		696		629
Actuarial (gain) loss		2,253		995		17
Settlements		—		—		—
Benefits paid		(2,423)		(3,747)		(1,742)
Projected benefit obligation at end of year	$	20,663	$	20,087	$	21,860

Change in plan assets
Fair value of plan assets at beginning of year	$	7,859	$	9,855	$	9,003
Actual return on plan assets		868		181		509
Employer contribution		1,864		1,570		2,085
Settlements		—		—		—
Benefits paid		(2,423)		(3,747)		(1,742)
Fair value of plan assets at end of year	$	8,168	$	7,859	$	9,855

Funded status at end of year	$	(12,495)	$	(12,228)	$	(12,005)


	Year Ended August 31,
	2020		2019		2018
Amounts recognized in consolidated balance sheets
Noncurrent assets	$	—	$	—	$	301
Current liabilities		(1,565)		(1,743)		(1,570)
Noncurrent liabilities		(10,930)		(10,485)		(10,736)
Net amount recognized in consolidated balance sheets	$	(12,495)	$	(12,228)	$	(12,005)

Actuarial present value of benefit obligation and funded status
Accumulated benefit obligations	$	18,307	$	18,244	$	20,075
Projected benefit obligations	$	20,663	$	20,087	$	21,858
Plan assets at fair value	$	8,168	$	7,859	$	9,855

Amounts recognized in accumulated other comprehensive income
Prior service cost	$	44	$	47	$	54
Net actuarial loss		10,595		9,638		9,377
Adjustment to pre-tax accumulated other comprehensive income	$	10,639	$	9,685	$	9,431


	Year Ended August 31,
	2020		2019		2018
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net (gain)/loss	$	711	$	1,863	$	(704)
Amortization of loss		(664)		(472)		(484)
Supplemental plan assumption change		1,065		(620)		676
Amortization of prior service cost		(3)		(3)		(3)
Effect of settlement on accumulated other comprehensive income		(155)		(511)		—
Total recognized in other comprehensive income		954		257		(515)

Net periodic pension cost		1,178		1,537		937

Total recognized in net periodic pension cost and other comprehensive income	$	2,132	$	1,794	$	422

Estimated amounts that will be amortized from accumulated comprehensive income over the next fiscal year
Prior service cost	$	3	$	3	$	3
Net actuarial loss		656		500		475



	2020		2019		2018
Components of net periodic benefit cost
Service cost	$	295	$	283	$	283
Interest cost		451		696		629
Expected return on plan assets		(390)		(428)		(462)
Amortization of prior service cost		3		3		3
Amortization of accumulated loss		664		472		484
Curtailment and settlement loss		155		511		—
Net periodic benefit cost	$	1,178	$	1,537	$	937


	2020		2019		2018
Discount rate
Qualified plan	1.92	%	2.58	%	3.80	%
Supplemental plan	1.65	%	2.37	%	3.57	%
NEPTCO plan	—	%	2.29	%	3.59	%
Rate of compensation increase
Qualified and Supplemental plan	3.50	%	3.50	%	3.50	%
NEPTCO plan	—	%	—	%	—	%


	2020		2019		2018
Discount rate
Qualified plan	2.58	%	3.80	%	3.30	%
Supplemental plan	2.37	%	3.57	%	2.73	%
NEPTCO plan	2.29	%	3.59	%	2.95	%
Expected long-term return on plan assets
Qualified plan	5.60	%	5.40	%	5.40	%
Supplemental plan	—	%	—	%	—	%
NEPTCO plan	5.60	%	5.40	%	5.20	%
Rate of compensation increase
Qualified and Supplemental plan	3.50	%	3.50	%	3.50	%
NEPTCO plan	—	%	—	%	—	%


	Target
	Allocation		Percentage of Plan Assets as of August 31,
Asset Category	Range		2020		2019		2018
Equity securities	10-80	%	49	%	44	%	46	%
Debt securities	20-70	%	51	%	56	%	54	%
Other	0-100	%	—	%	—	%	—	%
Total	100	%	100	%	100	%	100	%


	Target
	Allocation		Percentage of Plan Assets as of August 31,
Asset Category	Range		2020		2019		2018
Equity securities	10-80	%	—	%	44	%	46	%
Debt securities	20-70	%	—	%	56	%	54	%
Other	0-100	%	—	%	—	%	—	%
Total	100	%	—	%	100	%	100	%