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Postretirement and Other Employee Benefits (Tables)
 12 Months Ended
Aug. 31, 2019
Retirement Benefits [Abstract]  
Reconciliation of Change in Benefit Obligations for Plans
The benefit obligations and plan assets, changes to the benefit obligation and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in thousands):
 
Pension
 
2019
 
2018
Change in projected benefit obligation
 
 
 
Beginning projected benefit obligation
$
161,104

 
$
167,714

Service cost
1,437

 
1,063

Interest cost
3,715

 
3,807

Actuarial loss (gain)
19,060

 
(6,019
)
Curtailments gain
—

 
(998
)
Total benefits paid
(6,568
)
 
(6,211
)
Plan participants’ contributions
35

 
31

Amendments
—

 
1,864

Acquisitions
6,040

 
—

Effect of conversion to U.S. dollars
(10,133
)
 
(147
)
Ending projected benefit obligation
$
174,690

 
$
161,104

Change in plan assets
 
 
 
Beginning fair value of plan assets
151,715

 
146,698

Actual return on plan assets
19,784

 
8,146

Employer contributions
1,717

 
1,811

Benefits paid from plan assets
(5,435
)
 
(4,758
)
Plan participants’ contributions
35

 
31

Effect of conversion to U.S. dollars
(9,715
)
 
(213
)
Ending fair value of plan assets
$
158,101

 
$
151,715

Unfunded status
$
(16,589
)
 
$
(9,389
)
Amounts recognized in the Consolidated Balance Sheets
 
 
 
Accrued benefit liability, current
$
368

 
$
428

Accrued benefit liability, noncurrent
$
16,221

 
$
8,961

Accumulated other comprehensive loss(1)
 
 
 
Actuarial loss, before tax
$
24,343

 
$
22,387

Prior service cost, before tax
$
690

 
$
719

 
(1) 
The Company anticipates amortizing $0.8 million and $0.0 million, before tax, of net actuarial loss and prior service costs balances, respectively, to net periodic cost in fiscal year 2020.
Reconciliation of Changes in Pension Plan Assets
The benefit obligations and plan assets, changes to the benefit obligation and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in thousands):
 
Pension
 
2019
 
2018
Change in projected benefit obligation
 
 
 
Beginning projected benefit obligation
$
161,104

 
$
167,714

Service cost
1,437

 
1,063

Interest cost
3,715

 
3,807

Actuarial loss (gain)
19,060

 
(6,019
)
Curtailments gain
—

 
(998
)
Total benefits paid
(6,568
)
 
(6,211
)
Plan participants’ contributions
35

 
31

Amendments
—

 
1,864

Acquisitions
6,040

 
—

Effect of conversion to U.S. dollars
(10,133
)
 
(147
)
Ending projected benefit obligation
$
174,690

 
$
161,104

Change in plan assets
 
 
 
Beginning fair value of plan assets
151,715

 
146,698

Actual return on plan assets
19,784

 
8,146

Employer contributions
1,717

 
1,811

Benefits paid from plan assets
(5,435
)
 
(4,758
)
Plan participants’ contributions
35

 
31

Effect of conversion to U.S. dollars
(9,715
)
 
(213
)
Ending fair value of plan assets
$
158,101

 
$
151,715

Unfunded status
$
(16,589
)
 
$
(9,389
)
Amounts recognized in the Consolidated Balance Sheets
 
 
 
Accrued benefit liability, current
$
368

 
$
428

Accrued benefit liability, noncurrent
$
16,221

 
$
8,961

Accumulated other comprehensive loss(1)
 
 
 
Actuarial loss, before tax
$
24,343

 
$
22,387

Prior service cost, before tax
$
690

 
$
719

 
(1) 
The Company anticipates amortizing $0.8 million and $0.0 million, before tax, of net actuarial loss and prior service costs balances, respectively, to net periodic cost in fiscal year 2020.
Schedule of Amounts Recognized in Balance Sheet
The benefit obligations and plan assets, changes to the benefit obligation and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in thousands):
 
Pension
 
2019
 
2018
Change in projected benefit obligation
 
 
 
Beginning projected benefit obligation
$
161,104

 
$
167,714

Service cost
1,437

 
1,063

Interest cost
3,715

 
3,807

Actuarial loss (gain)
19,060

 
(6,019
)
Curtailments gain
—

 
(998
)
Total benefits paid
(6,568
)
 
(6,211
)
Plan participants’ contributions
35

 
31

Amendments
—

 
1,864

Acquisitions
6,040

 
—

Effect of conversion to U.S. dollars
(10,133
)
 
(147
)
Ending projected benefit obligation
$
174,690

 
$
161,104

Change in plan assets
 
 
 
Beginning fair value of plan assets
151,715

 
146,698

Actual return on plan assets
19,784

 
8,146

Employer contributions
1,717

 
1,811

Benefits paid from plan assets
(5,435
)
 
(4,758
)
Plan participants’ contributions
35

 
31

Effect of conversion to U.S. dollars
(9,715
)
 
(213
)
Ending fair value of plan assets
$
158,101

 
$
151,715

Unfunded status
$
(16,589
)
 
$
(9,389
)
Amounts recognized in the Consolidated Balance Sheets
 
 
 
Accrued benefit liability, current
$
368

 
$
428

Accrued benefit liability, noncurrent
$
16,221

 
$
8,961

Accumulated other comprehensive loss(1)
 
 
 
Actuarial loss, before tax
$
24,343

 
$
22,387

Prior service cost, before tax
$
690

 
$
719

 
(1) 
The Company anticipates amortizing $0.8 million and $0.0 million, before tax, of net actuarial loss and prior service costs balances, respectively, to net periodic cost in fiscal year 2020.
Information about Net Periodic Benefit Cost for Plans
The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands):
 
Pension
 
2019
 
2018
 
2017
Service cost
$
1,437

 
$
1,063

 
$
1,068

Interest cost
3,715

 
3,807

 
2,942

Expected long-term return on plan assets
(5,291
)
 
(5,954
)
 
(4,206
)
Recognized actuarial loss
741

 
1,127

 
1,929

Amortization of prior service credit
(44
)
 
(88
)
 
(138
)
Net settlement loss
634

 
116

 
1,472

Net periodic benefit cost
$
1,192

 
$
71

 
$
3,067
Weighted-Average Actuarial Assumptions
Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows:
 
Pension
 
2019
 
2018
 
2017
Net periodic benefit cost:
 
 
 
 
 
Expected long-term return on plan assets(1)
3.6
%
 
3.8
%
 
3.3
%
Rate of compensation increase
4.4
%
 
3.3
%
 
2.7
%
Discount rate
2.2
%
 
2.1
%
 
1.9
%
Projected benefit obligation:
 
 
 
 
 
Expected long-term return on plan assets
2.0
%
 
3.6
%
 
4.0
%
Rate of compensation increase
4.3
%
 
4.4
%
 
4.4
%
Discount rate(2)
1.7
%
 
2.2
%
 
2.3
%
 
(1) 
The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.
(2) 
The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.
Fair Values of Plan Assets by Asset Category
The fair values of the plan assets held by the Company by asset category are as follows (in thousands):
 
 
 
August 31, 2019
 
August 31, 2018
 
Fair Value
Hierarchy
 
Fair Value
 
Asset
Allocation
 
Fair Value
 
Asset
Allocation
Asset Category
 
 
 
 
 
 
 
 
 
Cash and cash equivalents(1)
Level 1
 
$
7,705

 
5
%
 
$
6,682

 
4
%
Equity Securities:
 
 
 
 
 
 
 
 
 
Global equity securities(2)(3)
Level 2
 
20,215

 
13
%
 
35,932

 
24
%
Debt Securities:
 
 
 
 
 
 
 
 
 
Corporate bonds(3)
Level 2
 
42,522

 
27
%
 
41,088

 
27
%
Government bonds(3)
Level 2
 
69,880

 
44
%
 
51,597

 
34
%
Other Investments:
 
 
 
 
 
 
 
 
 
Insurance contracts(4)
Level 3
 
17,779

 
11
%
 
16,416

 
11
%
Fair value of plan assets
 
 
$
158,101

 
100
%
 
$
151,715

 
100
%
 
 
(1) 
Carrying value approximates fair value.
(2) 
Investments in equity securities by companies incorporated, listed or domiciled in developed and/or emerging market countries.
(3) 
Investments in global equity securities, corporate bonds, government securities and government bonds are valued using the quoted prices of securities with similar characteristics.
(4) 
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 and 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.
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 for fiscal years 2019 and 2018 (in thousands):
 
August 31,
 
2019
 
2018
Projected benefit obligation
$
174,690

 
$
161,104

Accumulated benefit obligation
$
161,729

 
$
152,380

Fair value of plan assets
$
158,101

 
$
151,715
Estimated Future Benefit Payments
The Company expects to make cash contributions between $0.4 million and $0.6 million to its funded pension plans during fiscal year 2020. The estimated future benefit payments, which reflect expected future service, are as follows (in thousands):
Fiscal Year Ended August 31,
Amount
2020
$
5,017

2021
4,788

2022
5,365

2023
5,877

2024
6,274

2025 through 2029
40,828