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Benefit Plans (Tables)
12 Months Ended
Aug. 31, 2020
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status as of August 31, 2020 and 2019, is as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202020192020201920202019
 (Dollars in thousands)
Change in benefit obligation:      
Projected benefit obligation at beginning of period$876,696 $767,184 $19,047 $20,755 $31,098 $29,790 
Service cost42,151 38,592 405 311 1,050 1,053 
Interest cost21,722 28,396 429 747 747 1,094 
Actuarial loss (gain)6,265 (9,606)1,382 76 (2,286)(2,596)
Assumption change40,694 102,441 775 1,841 1,275 3,398 
Plan amendments— 18 — — — — 
Settlements— (615)(2,130)(3,975)— — 
Benefits paid(69,526)(49,714)(725)(708)(1,568)(1,641)
Projected benefit obligation at end of period$918,002 $876,696 $19,183 $19,047 $30,316 $31,098 
Change in plan assets:      
Fair value of plan assets at beginning of period$909,427 $829,616 $— $— $— $— 
Actual gain on plan assets90,241 90,139 — — — — 
Company contributions46,400 40,001 2,855 4,683 1,568 1,641 
Settlements— (615)(2,130)(3,975)— — 
Benefits paid(69,526)(49,714)(725)(708)(1,568)(1,641)
Fair value of plan assets at end of period$976,542 $909,427 $— $— $— $— 
Funded status at end of period$58,540 $32,731 $(19,183)$(19,047)$(30,316)$(31,098)
Amounts recognized on balance sheet:      
Noncurrent assets$58,540 $32,731 $— $— $— $— 
Accrued benefit cost:
Current liabilities— — (1,660)(1,580)(2,090)(2,040)
Noncurrent liabilities— — (17,523)(17,467)(28,226)(29,058)
Ending balance$58,540 $32,731 $(19,183)$(19,047)$(30,316)$(31,098)
Amounts recognized in accumulated other comprehensive loss (pretax):      
Prior service cost (credit)$938 $1,117 $(502)$(616)$(2,715)$(3,160)
Net loss (gain)225,983 244,164 3,813 2,151 (15,064)(15,445)
Ending balance$226,921 $245,281 $3,311 $1,535 $(17,779)$(18,605)
Schedule of information for pensions plans with an accumulated benefit obligation in excess of plan assets Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below:
Years Ended August 31,
20202019
(Dollars in thousands)
Projected benefit obligation$19,183 $19,047 
Accumulated benefit obligation18,172 16,907 
Schedule of net benefit costs of assumptions used Components of net periodic benefit costs for the years ended August 31, 2020, 2019 and 2018, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202020192018202020192018202020192018
 (Dollars in thousands)
Components of net periodic benefit costs:         
Service cost$42,151 $38,592 $39,677 $405 $311 $548 $1,050 $1,053 $943 
Interest cost21,722 28,396 24,007 429 747 711 747 1,094 908 
Expected return on assets(46,684)(44,968)(48,159)— — — — — — 
Settlement of retiree obligations— 51 — — 191 (112)— — — 
Prior service cost (credit) amortization178 190 1,437 (114)(75)30 (445)(556)(565)
Actuarial loss (gain) amortization21,583 12,348 18,073 98 61 (1,392)(1,627)(1,224)
Net periodic benefit cost (benefit)$38,950 $34,609 $35,035 $818 $1,176 $1,238 $(40)$(36)$62 
Weighted-average assumptions to determine the net periodic benefit cost:         
Discount rate3.06 %4.23 %3.80 %2.70 %4.09 %3.53 %2.89 %4.08 %3.56 %
Expected return on plan assets5.50 %5.50 %5.75 %N/AN/AN/AN/AN/AN/A
Rate of compensation increase5.28 %5.14 %5.08 %5.28 %5.14 %5.08 %N/AN/AN/A
Weighted-average assumptions to determine the benefit obligations:         
Discount rate2.67 %3.06 %4.23 %2.15 %2.70 %4.09 %2.43 %2.89 %4.13 %
Rate of compensation increase4.99 %5.28 %5.14 %4.99 %5.28 %5.14 %N/AN/AN/A
Schedule of components of net periodic benefit costs and amounts recognized in other comprehensive income (loss) Components of net periodic benefit costs and amounts recognized in other comprehensive loss (income) for the years ended August 31, 2020, 2019 and 2018, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202020192018202020192018202020192018
 (Dollars in thousands)
Other comprehensive loss (income):         
Prior service cost$— $18 $244 $— $— $— $— $— $— 
Net actuarial loss (gain)3,401 47,556 (8,553)2,157 1,917 (578)(1,011)801 (2,234)
Amortization of actuarial (gain) loss(21,583)(12,307)(18,073)(98)(2)(61)1,392 1,627 1,224 
Amortization of prior service (credit) costs(178)(190)(1,437)114 75 (30)445 556 565 
Settlement of retiree obligations (a)— — — (397)(191)112 — — — 
Total recognized in other comprehensive loss (income)$(18,360)$35,077 $(27,819)$1,776 $1,799 $(557)$826 $2,984 $(445)
(a) Reflects amounts reclassified from accumulated other comprehensive loss (income) to net earnings
Schedule of amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year stimated amortization in fiscal 2021 from accumulated other comprehensive loss into net periodic benefit cost is as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other
Benefits
 (Dollars in thousands)
Amortization of prior service cost (credit)$178 $(114)$(445)
Amortization of actuarial loss (gain)21,790 212 (1,365)
Schedule of effect of one-percentage-point change in assumed health care cost trend rates A one-percentage-point change in the assumed health care cost trend rates would have the following effects:
1% Increase1% Decrease
 (Dollars in thousands)
Effect on total of service and interest cost components$200 $(170)
Effect on postretirement benefit obligation2,100 (1,800)
Schedule of expected benefit payments Our retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:
 Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 (Dollars in thousands)
2021$75,700 $1,660 $2,090 
202265,900 1,840 2,280 
202363,500 1,840 2,470 
202464,700 1,620 2,450 
202565,300 1,820 2,450 
2026-2030326,700 8,010 9,790 
Schedule of defined benefit plans, fair value disclosure Our pension plans' recurring fair value measurements by asset category at August 31, 2020 and 2019, are presented in the tables below:
 2020
 Level 1Level 2Level 3Total
 (Dollars in thousands)
Cash and cash equivalents$57,801 $— $— $57,801 
Equities:    
Common/collective trust at net asset value (1)
— — — 219,050 
Fixed income securities:    
Common/collective trust at net asset value (1)
— — — 603,250 
Partnership and joint venture interests measured at net asset value (1)
— — — 94,400 
Other assets measured at net asset value (1)
— — — 2,041 
Total$57,801 $— $— $976,542 

 2019
 Level 1Level 2Level 3Total
 (Dollars in thousands)
Cash and cash equivalents$7,938 $— $— $7,938 
Equities:    
Common/collective trust at net asset value (1)
— — — 209,860 
Fixed income securities:    
Common/collective trust at net asset value (1)
— — — 574,296 
Partnership and joint venture interests measured at net asset value (1)
— — — 101,641 
Other assets measured at net asset value (1)
— — — 15,692 
Total$7,938 $— $— $909,427 
(1) In accordance with ASC Topic 820-10, Fair Value Measurement, certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of net assets.
Schedule of multiemployer plans Our participation in the Co-op Plan for the years ended August 31, 2020, 2019 and 2018, is outlined in the table below:
Contributions of CHS
(Dollars in thousands)
Plan NameEIN/Plan Number202020192018Surcharge ImposedExpiration Date of Collective Bargaining Agreement
Co-op Retirement Plan01-0689331 / 001$1,455 $1,712 $1,662 N/AN/A