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EMPLOYEES' RETIREMENT PLANS EMPLOYEES' RETIREMENT PLANS (Tables)
 12 Months Ended
Aug. 31, 2022
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 resulting from the U.K. Pension Plan and the U.S. Pension Plan and the related amounts recognized in the Company’s consolidated balance sheets as of August 31, 2022 and 2021:
U.K. Pension PlanU.S. Pension Plan
(in thousands)202220222021
Benefit obligation at beginning of year$— $33,687 $36,130 
Acquisition68,966 — — 
Interest cost635 709 724 
Actuarial gain
(11,107)(6,010)(1,557)
Benefits paid(942)(1,818)(1,610)
Foreign currency translation(5,510)— — 
Benefit obligation at end of year$52,042 $26,568 $33,687 
Fair value of plan assets at beginning of year$— $34,126 $29,201 
Acquisition83,586 — — 
Actual return on plan assets(15,718)(7,407)4,042 
Administrative expenses— (461)(52)
Employer contributions73 — 2,545 
Benefits paid(942)(1,818)(1,610)
Foreign currency translation(6,545)— — 
Fair value of plan assets at end of year$60,454 $24,440 $34,126 
Funded status at end of year (net asset (liability) recognized in the consolidated balance sheets as of August 31,)
$8,412 $(2,128)$439 
Amounts recognized in accumulated other comprehensive income as of August 31,
Net actuarial (gain) loss
$5,666 $2,278 $(1,110)
Schedule of Net Periodic Benefit Costs Components of net periodic benefit cost and other supplemental information are detailed below:
U.K. Pension PlanU.S. Pension Plan
Year Ended August 31,
(in thousands)2022202220212020
Service cost$— $— $— $335 
Expected administrative expenses— 50 290 450 
Interest cost635 709 724 892 
Expected return on plan assets(1,067)(1,579)(1,493)(1,334)
Special termination benefits— — — 1,918 
Settlements, curtailments and other— — — 1,314 
Total net periodic benefit (gain) cost
$(432)$(820)$(479)$3,575 
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss arising during measurement period
$5,666 $3,388 $(4,344)$3,642 
Amortization of net actuarial gain— — — (3,232)
Total (gain) loss recognized in other comprehensive income$5,666 $3,388 $(4,344)$410 
Schedule of Weighted-average Assumptions Used
Weighted average assumptions used to determine benefit obligations are detailed below:
U.K. Pension PlanU.S. Pension Plan
202220222021
Effective discount rate for benefit obligations4.3 %4.7 %2.9 %
Expected long-term rate of return on plan assets4.0 %4.7 %4.8 %
Weighted average assumptions used to determine net periodic benefit cost for 2022, 2021 and 2020 are detailed below:
U.K Pension PlanU.S. Pension Plan
202220222021
2020(1)
Effective rate for interest on benefit obligations2.9 %2.2 %2.1 %2.8 %
Effective rate for service costN/AN/AN/A3.3 %
Expected long-term rate of return4.0 %5.0 %5.0 %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 U.K. Pension Plan's weighted average target allocation ranges 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 Percent2022
Fixed income securities70.0%to75.0%71.4%
Equity securities10.0to15.012.4
Cash and other15.0to20.016.2
Total100%

The U.S. Pension Plan's weighted average target 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 Percent20222021
Fixed income securities95.0%to100.0%98.0%64.1%
Equity securities—to——34.1
Cash and other—to5.02.01.8
Total100.0%100.0%
The following table sets forth the plan assets by asset class for the U.K. Pension Plan as of August 31, 2022. Level 1 assets consist of cash and cash equivalents. Level 2 assets include funds invested in bonds and fixed income securities. Level 3 assets consist primarily of Secured Finance and Multistrategy Funds that invest in debt, loan and structured financial instruments in both public and private secured finance markets. The changes in Level 3 assets related to actual return on plan assets, purchases, sales, settlements and transfers were immaterial from the Acquisition Date to August 31, 2022.
Fair Value at Measurement Date Using
(in thousands)August 31, 2022Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Fixed income securities$43,160 $— $35,849 $7,311 
Equity securities7,514 — 7,514 — 
Cash and other9,780 530 7,676 1,574 
Fair value of U.K. Pension Plan assets$60,454 

The following table sets forth the plan assets by asset class for the U.S. Pension Plan as of August 31, 2022 and 2021. 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, 2022August 31, 2021
Fixed income securities$23,958 $21,890 
Equity securities— 11,641 
Cash and other482 595 
Fair value of U.S. Pension Plan assets$24,440 $34,126 
Schedule of Future Pension Benefit Payments
The following table provides the estimated aggregate pension benefit payments that are payable from the U.K Pension Plan and the U.S. Pension Plan to participants in future years:
(in thousands)U.K. Pension PlanU.S. Pension Plan
2023$2,601 $1,820 
20242,670 1,796 
20252,738 1,771 
20262,809 1,744 
20272,882 1,731 
2028 through 203215,576 8,512