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Postretirement and Other Employee Benefits (Tables)
 12 Months Ended
Aug. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Reconciliation of Change in Benefit Obligations for Plans

The following table provides a reconciliation of the change in the benefit obligations for the plans for fiscal years 2013 and 2012 (in thousands):

 

     Pension Benefits  
     2013      2012  

Beginning projected benefit obligation

    $ 190,320       $ 137,874   

Service cost

      1,759         1,224   

Interest cost

      7,202         7,494   

Actuarial loss

      8,167         26,748   
     Pension Benefits  
     2013     2012  

Curtailment gain

      (87 )      —     

Total benefits paid

      (5,196 )      (6,264 ) 

Plan participants’ contributions

      12        213   

Amendments

      (1,730 )      —     

Acquisitions

      —          28,122   

Effect of conversion to U.S. dollars

      (7,939 )      (5,091 ) 
  

 

 

    

 

 

  

Ending projected benefit obligation

    $ 192,508      $ 190,320   
  

 

 

    

 

 

  
Fair Values of Plan Assets by Asset Category

The fair values of the plan assets held by the Company by asset category for fiscal years 2013 and 2012 are as follows (in thousands):

 

                  Fair Value Measurements Using Inputs Considered as:  
     Fair Value at
August 31, 2013		      Asset Allocation     Level 1      Level 2      Level 3  

Asset Category

              

Cash and cash equivalents

    $ 4,686         3 %    $ 4,686       $ —           —     

Equity Securities:

              

Global equity securities(a)

      26,110         18 %      —           26,110         —     

U.K. equity securities(b)

      20,923         15 %      —           20,923         —     

Canadian equity securities(c)

      8,935         6 %      —           8,935         —     

Debt Securities:

              

U.K. corporate bonds(d)

      43,949         31 %      —           43,949         —     

U.K. government bonds(e)

      14,257         10 %      —           14,257         —     

Canadian government bonds(f)

      7,934         6 %      —           7,934         —     

Other Investments:

              

Insurance contracts(g)

      12,114         9 %      —           —           12,114   

Commercial real estate(h)

      1,956         1 %      —           —           1,956   

Commercial mortgages(i)

      1,190         1 %      —           —           1,190   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Fair value of plan assets

    $ 142,054         100 %    $ 4,686       $ 122,108       $ 15,260   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  
                  Fair Value Measurements Using Inputs Considered as:  
     Fair Value at
August 31, 2012		      Asset Allocation     Level 1      Level 2      Level 3  

Asset Category

              

Cash and cash equivalents

    $ 4,370         3 %    $ 4,370       $ —           —     

Equity Securities:

              

Global equity securities(a)

      22,649         17 %      —           22,649         —     

U.K. equity securities(b)

      18,544         14 %      —           18,544         —     

Canadian equity securities(c)

      8,247         6 %      —           8,247         —     

Debt Securities:

              

U.K. corporate bonds(d)

      42,983         32 %      —           42,983         —     

U.K. government bonds(e)

      13,562         10 %      —           13,562         —     

Canadian government bonds(f)

      8,757         7 %      —           8,757         —     

Insurance Contracts:

              

Insurance contracts(g)

      11,046         8 %      —           —           11,046   

Commercial real estate(h)

      1,987         2 %      —           —           1,987   

Commercial mortgages(i)

      1,285         1 %      —           —           1,285   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Fair value of plan assets

    $ 133,430         100 %    $ 4,370       $ 114,742       $ 14,318   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

 

(a)  Global equity securities are categorized as Level 2 and include investments that aim to capture global equity market returns by tracking the Financial Times (London) Stock Exchange (“FTSE”) AW-World (ex-UK) Index and other similar indexes in Canada.
(b) U.K. equity securities are categorized as Level 2 and include investments in a diversified portfolio that aims to capture the returns of the U.K. equity market. The portfolio tracks the FTSE All-Share Index and invests only in U.K. securities.
(c)  Canadian equity securities are categorized as Level 2 and include investments in diversified portfolios that aim to capture the returns of Canadian small capitalization and dividend paying equities. The portfolios track the BMO Small Cap Index and the S&P/TSX Capped Equity Index and invest only in Canadian securities.
(d) U.K. corporate bonds are categorized as Level 2 and include U.K. corporate issued fixed income investments which are managed and tracked to the respective benchmark (AAA-AA-A Bonds-Over 15Y Index).
(e)  U.K. government bonds are categorized as Level 2 and include U.K. government-issued fixed income investments which are managed and tracked to the respective benchmark (FTSE U.K. Over 15 Years Gilts Index and FTSE U.K. Over 5 Years Index-Linked).
(f) Canadian government bonds are categorized as Level 2 and include Canadian government-issued fixed income investments which are managed and tracked to the respective benchmark (DEX Universe Bond Index).
(g)  The assets related to The Netherlands plan consist of an insurance contract that guarantees the payment of the funded pension entitlements, as well as provides a profit share to the Company. The profit share in this contract is not based on actual investments, but, instead on a notional investment portfolio that is expected to return a pre-defined rate. Insurance contract assets are recorded at fair value, which is determined based on the cash surrender value of the insured benefits which is the present value of the guaranteed funded benefits. Insurance contracts are valued using unobservable inputs (Level 3 inputs), primarily by discounting expected future cash flows relating to benefits paid from a notional investment portfolio in order to determine the cash surrender value of the policy. The unobservable inputs consist of estimated future benefits to be paid throughout the duration of the policy and estimated discount rates, which both have an immaterial impact on the fair value estimate of the contract.
(h) Commercial real estate investments are categorized as Level 3 and primarily consist of commercial properties located throughout the various provinces of Canada. The portfolio tracks the IPD Canadian Property Index and invests only in Canadian properties. These investments are recorded at their estimated fair value and are valued using unobservable inputs (Level 3 inputs), primarily by obtaining quarterly independent market appraisals. The unobservable inputs consist of estimated unrealized gains and losses due to changes in real estate market conditions, which have an immaterial impact on the fair value calculations of the real estate investments held.
(i) Commercial mortgage investments are categorized as Level 3 and primarily consist of mortgages on commercial properties located throughout the various provinces of Canada. The portfolio tracks the DEX Conventional Residential Mortgage Index and invests only in Canadian mortgages. These investments are recorded at their estimated fair value and are valued using unobservable inputs (Level 3 inputs), primarily by calculating expected future cash flows at interest rates applicable to new mortgages of similar types and terms. The unobservable inputs consist of estimated unrealized gains and losses due to defaults and other real estate market events and estimated interest rates, which both have an immaterial impact on the fair value calculations of the mortgage investments held.
Reconciliation of Changes in Pension Plan Assets

The following table provides a reconciliation of the changes in the pension plan assets for the year between measurement dates for fiscal years 2013 and 2012 (in thousands):

 

     Pension Benefits  
     2013     2012  

Beginning fair value of plan assets

    $ 133,430      $ 99,237   

Actual return on plan assets

      11,440        13,980   

Acquisitions

      —          22,772   

Employer contributions

      4,478        4,546   

Benefits paid from plan assets

      (4,843 )      (4,718 ) 

Plan participants’ contributions

      12        213   

Effect of conversion to U.S. dollars

      (2,463 )      (2,600 ) 
  

 

 

    

 

 

  

Ending fair value of plan assets

    $ 142,054      $ 133,430   
  

 

 

    

 

 

  
Reconciliation of Funded Status of Plans to Consolidated Balance Sheets

The following table provides a reconciliation of the funded status of the plans to the Consolidated Balance Sheets for fiscal years 2013 and 2012 (in thousands):

 

     Pension Benefits  
     2013     2012  

Funded Status

     

Ending fair value of plan assets

    $ 142,054      $ 133,430   

Ending projected benefit obligation

      (192,508 )      (190,320 ) 
  

 

 

    

 

 

  

Under or unfunded status

    $ (50,454 )    $ (56,890 ) 
  

 

 

    

 

 

  

Consolidated Balance Sheet Information

     

Accrued benefit liability, current

    $ (117 )    $ (126 ) 

Accrued benefit liability, noncurrent

      (50,337 )      (56,764 ) 
  

 

 

    

 

 

  

Net liability recorded at August 31

    $ (50,454 )    $ (56,890 ) 
  

 

 

    

 

 

  

Amounts recognized in accumulated other comprehensive loss consist of:

     

Net actuarial loss

    $ 47,125      $ 41,977   

Prior service cost

      (1,698 )      (127 ) 
  

 

 

    

 

 

  

Accumulated other comprehensive loss, before taxes

    $ 45,427      $ 41,850   
  

 

 

    

 

 

  
Estimated Amount that will be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Benefit Cost

The following table provides the estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal year 2013 (in thousands):

 

     Pension Benefits  

Recognized net actuarial loss

    $ 2,542   

Amortization of prior service cost

      (239 ) 
  

 

 

  

Total

    $ 2,303   
  

 

 

  
Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information for the plans with an accumulated benefit obligation in excess of plan assets for fiscal years 2013 and 2012 (in thousands):

 

     August 31,  
     2013      2012  

Projected benefit obligation

    $ 192,508       $ 190,320   

Accumulated benefit obligation

      179,920         177,056   

Fair value of plan assets

      142,054         133,430   
Information about Net Periodic Benefit Cost for Plans

The following table provides information about net periodic benefit cost for the plans for fiscal years 2013, 2012 and 2011 (in thousands):

 

     Pension Benefits  
     2013     2012     2011  

Service cost

    $ 1,759      $ 1,224      $ 1,494   

Interest cost

      7,202        7,494        5,715   

Expected long-term return on plan assets

      (6,952 )      (6,104 )      (4,474 ) 

Recognized actuarial loss

      2,474        1,207        2,073   

Net curtailment gain

      (3,401 )      —          (1,903 ) 

Amortization of prior service cost

      (184 )      (26 )      (27 ) 
  

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 898      $ 3,795      $ 2,878   
  

 

 

    

 

 

    

 

 

  
Estimated Future Benefit Payments

The estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):

 

Fiscal Year Ending August 31,

    Pension
Benefits		  

2014

    $ 5,357   

2015

    $ 5,662   

2016

    $ 6,134   

2017

    $ 6,332   

2018

    $ 6,792   

Years 2019 through 2023

    $ 44,671   
Benefit Obligations
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-Average Actuarial Assumptions

Weighted-average actuarial assumptions used to determine the benefit obligations for the plans for fiscal years 2013 and 2012 were as follows:

 

     Pension Benefits  
     2013     2012  

Expected long-term return on plan assets

      5.1 %      4.2 % 

Rate of compensation increase

      3.9 %      3.3 % 

Discount rate

      4.1 %      3.2 % 
Net Periodic Benefit Cost
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-Average Actuarial Assumptions

Weighted-average actuarial assumptions used to determine net periodic benefit cost for the plans for fiscal years 2013, 2012 and 2011 were as follows:

 

     Pension Benefits  
     2013     2012     2011  

Expected long-term return on plan assets

      5.1 %      4.2 %      4.2 % 

Rate of compensation increase

      3.9 %      3.3 %      4.2 % 

Discount rate

      4.1 %      3.2 %      4.9 %