EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables)

12 Months Ended

Aug. 31, 2021

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 and the related amounts recognized in the Company’s consolidated balance sheets as of August 31, 2021 and 2020:

(in thousands)	2021		2020
Benefit obligation at beginning of year	$	36,130	$	31,661
Service cost	—		335
Interest cost	724		892
Curtailment loss	—		1,314
Special termination benefits	—		1,918
Actuarial (gain) loss	(1,557)		1,280
Benefits paid	(1,610)		(1,270)
Benefit obligation at end of year	$	33,687	$	36,130
Fair value of Plan assets at beginning of year	$	29,201	$	23,435
Actual return on Plan assets	4,042		2,248
Administrative expenses	(52)		(496)
Employer contributions	2,545		5,284
Benefits paid	(1,610)		(1,270)
Fair value of Plan assets at end of year	34,126		29,201
Funded status at end of year (net asset (liability) recognized in the consolidated balance sheets as of August 31,)	$	439	$	(6,929)
Amounts recognized in accumulated other comprehensive income as of August 31,
Net actuarial (gain) loss	$	(1,110)	$	3,234

Schedule of Net Periodic Benefit Costs

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

	Year Ended August 31,
(in thousands)	2021		2020		2019
Service cost	$	—	$	335	$	354
Expected administrative expenses	290		450		250
Interest cost	724		892		926
Expected return on Plan assets	(1,493)		(1,334)		(1,008)
Special termination benefits	—		1,918		—
Settlements, curtailments and other	—		1,314		—
Total net periodic benefit (gain) cost	$	(479)	$	3,575	$	522
Other changes in Plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss arising during measurement period	$	(4,344)	$	3,642	$	2,823
Amortization of net actuarial gain	—		(3,232)		—
Total recognized in other comprehensive income	$	(4,344)	$	410	$	2,823

Schedule of Weighted-average Assumptions Used

Weighted average assumptions used to determine benefit obligations as of August 31, 2021 and 2020 are detailed below:

	2021		2020
Effective discount rate for benefit obligations	2.9	%	2.8	%
Expected long-term rate of return on Plan assets	4.8	%	5.0	%

Weighted average assumptions used to determine net periodic benefit cost for 2021, 2020 and 2019 are detailed below:

	2021		2020(1)		2019
Effective rate for interest on benefit obligations	2.1	%	2.8	%	4.3	%
Effective rate for service cost	N/A		3.3	%	4.7	%
Expected long-term rate of return	5.0	%	6.0	%	6.0	%

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(1)Certain weighted average assumptions used to determine net periodic benefit cost for 2020 were remeasured at an interim date. This remeasurement resulted in an effective rate for interest on benefit obligations of 2.9% and an effective rate for service cost of 3.5%.

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			2021	2020
Fixed income securities	60%	—	65%	64.1%	48.1%
Equity securities:
Domestic	15.0	—	20.0	18.5	26.9
International	5.0	—	10.0	9.1	13.1
Mutual funds	5.0	—	10.0	6.5	10.1
Cash and other	—	—	5.0	1.8	1.8
Total				100.0%	100.0%

The following table sets forth the Plan assets by asset class as of August 31, 2021 and 2020. All securities are traded on a national securities exchange and therefore are Level 1 assets in the fair value hierarchy.

	Fair Value at Measurement Date
(in thousands)	August 31, 2021		August 31, 2020
Fixed income securities	$	21,890	$	14,084
Equity securities:
Domestic	6,317		7,849
International	3,094		3,816
Mutual funds	2,230		2,937
Total equity securities	11,641		14,602
Cash and other	595		515
Fair value of Plan assets	$	34,126	$	29,201

Schedule of Future Pension Benefit Payments

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

Year Ended August 31,	(in thousands)
2022	$	1,723
2023	1,736
2024	1,746
2025	1,733
2026	1,717
2027 through 2031	8,581