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Benefit Plans (Tables)
12 Months Ended
Aug. 31, 2021
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, 2021 and 2020, is as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202120202021202020212020
 (Dollars in thousands)
Change in benefit obligation:      
Projected benefit obligation at beginning of period$918,002 $876,696 $19,183 $19,047 $30,316 $31,098 
Service cost45,229 42,151 433 405 1,186 1,050 
Interest cost16,563 21,722 273 429 493 747 
Actuarial loss (gain)34,958 6,265 2,034 1,382 (765)(2,286)
Assumption change(12,847)40,694 (55)775 (398)1,275 
Plan amendments113 — — — — — 
Settlements— — — (2,130)— — 
Benefits paid(76,779)(69,526)(1,264)(725)(1,763)(1,568)
Projected benefit obligation at end of period$925,239 $918,002 $20,604 $19,183 $29,069 $30,316 
Change in plan assets:      
Fair value of plan assets at beginning of period$976,542 $909,427 $— $— $— $— 
Actual gain on plan assets70,161 90,241 — — — — 
Company contributions23,200 46,400 1,264 2,855 1,763 1,568 
Settlements— — — (2,130)— — 
Benefits paid(76,779)(69,526)(1,264)(725)(1,763)(1,568)
Fair value of plan assets at end of period$993,124 $976,542 $— $— $— $— 
Funded status at end of period$67,885 $58,540 $(20,604)$(19,183)$(29,069)$(30,316)
Amounts recognized on balance sheet:      
Noncurrent assets$67,885 $58,540 $— $— $— $— 
Accrued benefit cost:
Current liabilities— — (2,220)(1,660)(1,970)(2,090)
Noncurrent liabilities— — (18,384)(17,523)(27,099)(28,226)
Ending balance$67,885 $58,540 $(20,604)$(19,183)$(29,069)$(30,316)
Amounts recognized in accumulated other comprehensive loss (pretax):      
Prior service cost (credit)$873 $938 $(388)$(502)$(2,270)$(2,715)
Net loss (gain)199,785 225,983 5,579 3,813 (14,862)(15,064)
Ending balance$200,658 $226,921 $5,191 $3,311 $(17,132)$(17,779)
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,
20212020
(Dollars in thousands)
Projected benefit obligation$20,604 $19,183 
Accumulated benefit obligation20,513 18,172 
Schedule of net benefit costs of assumptions used Components of net periodic benefit costs for the years ended August 31, 2021, 2020 and 2019, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
202120202019202120202019202120202019
(Dollars in thousands)
Components of net periodic benefit costs:
Service cost$45,229 $42,151 $38,592 $433 $405 $311 $1,186 $1,050 $1,053 
Interest cost16,563 21,722 28,396 273 429 747 493 747 1,094 
Expected return on assets(43,641)(46,684)(44,968)— — — — — — 
Settlement of retiree obligations— — 51 — — 191 — — — 
Prior service cost (credit) amortization178 178 190 (114)(114)(75)(445)(445)(556)
Actuarial loss (gain) amortization21,790 21,583 12,348 212 98 (1,365)(1,392)(1,627)
Net periodic benefit cost (benefit)$40,119 $38,950 $34,609 $804 $818 $1,176 $(131)$(40)$(36)
    
Plan assumptions for the years ended August 31, 2021, 2020 and 2019, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
202120202019202120202019202120202019
Weighted-average assumptions to determine the net periodic benefit cost:
Interest credit rate for cash balance plans4.65 %4.65 %4.65 %4.65 %4.65 %4.65 %N/AN/AN/A
Discount rate2.65 %3.06 %4.23 %2.07 %2.70 %4.09 %2.43 %2.89 %4.08 %
Expected return on plan assets4.90 %5.50 %5.50 %N/AN/AN/AN/AN/AN/A
Rate of compensation increase4.99 %5.28 %5.14 %4.99 %5.28 %5.14 %N/AN/AN/A
Weighted-average assumptions to determine the benefit obligations:
Discount rate2.78 %2.67 %3.06 %2.08 %2.15 %2.70 %2.57 %2.43 %2.89 %
Rate of compensation increase4.79 %4.99 %5.28 %4.79 %4.99 %5.28 %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, 2021, 2020 and 2019, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202120202019202120202019202120202019
 (Dollars in thousands)
Other comprehensive loss (income):         
Prior service cost$113 $— $18 $— $— $— $— $— $— 
Net actuarial loss (gain)(4,408)3,401 47,556 1,978 2,157 1,917 (1,163)(1,011)801 
Amortization of actuarial (gain) loss(21,790)(21,583)(12,307)(212)(98)(2)1,365 1,392 1,627 
Amortization of prior service (credit) costs(178)(178)(190)114 114 75 445 445 556 
Settlement of retiree obligations (a)— — — — (397)(191)— — — 
Total recognized in other comprehensive loss (income)$(26,263)$(18,360)$35,077 $1,880 $1,776 $1,799 $647 $826 $2,984 
(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 2022 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)23,343 478 (1,259)
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$180 $(150)
Effect on postretirement benefit obligation2,000 (1,700)
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)
2022$70,100 $2,220 $1,970 
202370,900 2,490 2,260 
202470,300 2,210 2,340 
202571,400 2,110 2,340 
202673,900 2,100 2,290 
2027-2031342,700 7,930 8,920 
Schedule of defined benefit plans, fair value disclosure Our pension plans' recurring fair value measurements by asset category at August 31, 2021 and 2020, are presented in the tables below:
 2021
 Level 1Level 2Level 3Total
 (Dollars in thousands)
Cash and cash equivalents$11,383 $— $— $11,383 
Equities:    
Common/collective trust at net asset value (1)
— — — 180,766 
Fixed income securities:    
Common/collective trust at net asset value (1)
— — — 707,831 
Partnership and joint venture interests measured at net asset value (1)
— — — 93,144 
Total$11,383 $— $— $993,124 

 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 
(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 "Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status" table above.
Schedule of multiemployer plans Our participation in the Co-op Plan for the years ended August 31, 2021, 2020 and 2019, is outlined in the table below:
Contributions of CHS
(Dollars in thousands)
Plan NameEIN/Plan Number202120202019Surcharge ImposedExpiration Date of Collective Bargaining Agreement
Co-op Retirement Plan01-0689331 / 001$1,172 $1,455 $1,712 N/AN/A