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 | | 2020 | | 2019 | | 2020 | | 2019 | | 2020 | | 2019 | | (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 cost | 42,151 | | | 38,592 | | | 405 | | | 311 | | | 1,050 | | | 1,053 | | Interest cost | 21,722 | | | 28,396 | | | 429 | | | 747 | | | 747 | | | 1,094 | | Actuarial loss (gain) | 6,265 | | | (9,606) | | | 1,382 | | | 76 | | | (2,286) | | | (2,596) | | Assumption change | 40,694 | | | 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 assets | 90,241 | | | 90,139 | | | — | | | — | | | — | | | — | | Company contributions | 46,400 | | | 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, | | 2020 | | 2019 | | (Dollars in thousands) | Projected benefit obligation | $ | 19,183 | | | $ | 19,047 | | Accumulated benefit obligation | 18,172 | | | 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 | | 2020 | | 2019 | | 2018 | | 2020 | | 2019 | | 2018 | | 2020 | | 2019 | | 2018 | | (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 cost | 21,722 | | | 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) amortization | 178 | | | 190 | | | 1,437 | | | (114) | | | (75) | | | 30 | | | (445) | | | (556) | | | (565) | | Actuarial loss (gain) amortization | 21,583 | | | 12,348 | | | 18,073 | | | 98 | | | 2 | | | 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 rate | 3.06 | % | | 4.23 | % | | 3.80 | % | | 2.70 | % | | 4.09 | % | | 3.53 | % | | 2.89 | % | | 4.08 | % | | 3.56 | % | Expected return on plan assets | 5.50 | % | | 5.50 | % | | 5.75 | % | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | Rate of compensation increase | 5.28 | % | | 5.14 | % | | 5.08 | % | | 5.28 | % | | 5.14 | % | | 5.08 | % | | N/A | | N/A | | N/A | Weighted-average assumptions to determine the benefit obligations: | | | | | | | | | | | | | | | | | | Discount rate | 2.67 | % | | 3.06 | % | | 4.23 | % | | 2.15 | % | | 2.70 | % | | 4.09 | % | | 2.43 | % | | 2.89 | % | | 4.13 | % | Rate of compensation increase | 4.99 | % | | 5.28 | % | | 5.14 | % | | 4.99 | % | | 5.28 | % | | 5.14 | % | | N/A | | N/A | | N/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 | | 2020 | | 2019 | | 2018 | | 2020 | | 2019 | | 2018 | | 2020 | | 2019 | | 2018 | | (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% Increase | | 1% Decrease | | (Dollars in thousands) | Effect on total of service and interest cost components | $ | 200 | | | $ | (170) | | Effect on postretirement benefit obligation | 2,100 | | | (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 | | | | 2022 | 65,900 | | | 1,840 | | | 2,280 | | | | 2023 | 63,500 | | | 1,840 | | | 2,470 | | | | 2024 | 64,700 | | | 1,620 | | | 2,450 | | | | 2025 | 65,300 | | | 1,820 | | | 2,450 | | | | 2026-2030 | 326,700 | | | 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 1 | | Level 2 | | Level 3 | | Total | | (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 1 | | Level 2 | | Level 3 | | Total | | (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 Name | | EIN/Plan Number | | 2020 | | 2019 | | 2018 | | Surcharge Imposed | | Expiration Date of Collective Bargaining Agreement | Co-op Retirement Plan | | 01-0689331 / 001 | | $ | 1,455 | | | $ | 1,712 | | | $ | 1,662 | | | N/A | | N/A |
|