EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables)

12 Months Ended

Aug. 31, 2019

Retirement Benefits [Abstract]

Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables include a reconciliation of the beginning and ending balances of pension benefit obligation and the fair value of plan assets as well as a summary of the related amounts recognized in the Company’s consolidated balance sheet as of August 31, 2019. No information is presented for prior periods as the Plan was acquired in 2019.

(in thousands)	2019
Benefit obligation at beginning of year	$	—
Acquisition	26,336
Service cost	354
Interest cost	926
Actuarial loss	4,883
Benefits paid	(838		)
Benefit obligation at end of year	$	31,661
Fair value of plan assets at beginning of year	$	—
Acquisition	21,023
Actual return on plan assets	2,887
Administrative expenses	(69		)
Employer contributions	432
Benefits paid	(838		)
Fair value of plan assets at end of year	23,435
Funded status at end of year (net liability recognized in balance sheet as of August 31)	$	(8,226	)
Amounts recognized in accumulated other comprehensive income as of August 31
Net actuarial loss	$	2,823

Schedule of Net Periodic Benefit Costs

Components of net periodic benefit cost and other supplemental information are detailed below.

(in thousands)	2019
Service cost	$	354
Expected administrative expenses	250
Interest cost	926
Expected return on plan assets	(1,008		)
Total net periodic benefit cost	522
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss arising during measurement period	2,823
Total recognized in other comprehensive income	2,823
Total recognized in net periodic benefit cost and other comprehensive income	$	3,345

Schedule of Weighted-average Assumptions Used

Weighted-average assumptions used to determine benefit obligations as of August 31, 2019 are detailed below.

	2019
Effective discount rate for benefit obligations	3.2	%

Weighted-average assumptions used to determine net periodic benefit cost for 2019 are detailed below.

	2019
Effective rate for interest on benefit obligations	4.3	%
Effective rate for service cost	4.7	%
Expected long-term rate of return	6.0	%

Schedule of Allocation of Plan Assets

The plan's weighted-average asset targets and actual allocations as a percentage of plan assets, including the notional exposure of future contracts by asset categories, are detailed below.

	Pension Assets
	Target Percent			2019
Fixed income securities	50%	—	55%	50.1%
Equity securities:
Domestic	25.0	—	30.0	26.0
International	10.0	—	15.0	12.7
Mutual funds	5.0	—	10.0	9.5
Cash	—	—	5.0	1.7
Total				100.0%

The following table sets forth the plan assets by asset class as of August 31, 2019. All securities are traded on a national securities exchange and therefore are Level 1 assets in the fair value hierarchy.

(in thousands)	Fair Value at Measurement Date
Asset Class	August 31, 2019
Fixed income securities	$	11,738
Equity securities:
Domestic	6,090
International	2,981
Mutual funds	2,232
Total equity securities	11,303
Cash	411
Total	23,452
Other	(17		)
Fair value of plan assets	$	23,435

Schedule of Future Pension Benefit Payments

The table provides the estimated pension benefit payments that are payable from the plans to participants in the following years:

Year Ended August 31,	(in thousands)
2020	$	1,265
2021	1,343
2022	1,408
2023	1,464
2024	1,515
Next five years	8,146