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Benefit Plans (Tables)
12 Months Ended
Aug. 31, 2022
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, 2022 and 2021, is as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202220212022202120222021
 (Dollars in thousands)
Change in benefit obligation:      
Projected benefit obligation at beginning of period$925,239 $918,002 $20,604 $19,183 $29,069 $30,316 
Service cost46,275 45,229 926 433 996 1,186 
Interest cost17,167 16,563 281 273 503 493 
Actuarial loss (gain):
Experience study and mortality updates2,941 23,716 43 1,272 19 (317)
Other demographic experience*9,875 11,242 1,313 762 717 (448)
Discount rate change(164,543)(12,847)(2,892)(55)(4,979)(398)
Plan amendments132 113 — — — — 
Settlements— — (1,327)— — — 
Benefits paid(77,913)(76,779)(691)(1,264)(1,801)(1,763)
Projected benefit obligation at end of period$759,173 $925,239 $18,257 $20,604 $24,524 $29,069 
Change in plan assets:      
Fair value of plan assets at beginning of period$993,124 $976,542 $— $— $— $— 
Actual (loss) gain on plan assets(166,789)70,161 — — — — 
Company contributions39,000 23,200 2,018 1,264 1,801 1,763 
Benefits paid(77,913)(76,779)(2,018)(1,264)(1,801)(1,763)
Fair value of plan assets at end of period$787,422 $993,124 $— $— $— $— 
Funded status at end of period$28,249 $67,885 $(18,257)$(20,604)$(24,524)$(29,069)
Amounts recognized on balance sheet:      
Noncurrent assets$28,249 $67,885 $— $— $— $— 
Accrued benefit cost:
Current liabilities— — (2,300)(2,220)(2,290)(1,970)
Noncurrent liabilities— — (15,957)(18,384)(22,234)(27,099)
Ending balance$28,249 $67,885 $(18,257)$(20,604)$(24,524)$(29,069)
Amounts recognized in accumulated other comprehensive loss (pretax):      
Prior service cost (credit)$831 $873 $(274)$(388)$(1,825)$(2,270)
Net loss (gain)235,399 199,785 3,257 5,579 (17,846)(14,862)
Ending balance$236,230 $200,658 $2,983 $5,191 $(19,671)$(17,132)
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,
20222021
(Dollars in thousands)
Projected benefit obligation$18,257 $20,604 
Accumulated benefit obligation18,257 20,513 
Schedule of net benefit costs of assumptions used Components of net periodic benefit costs for the years ended August 31, 2022, 2021 and 2020, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
202220212020202220212020202220212020
(Dollars in thousands)
Components of net periodic benefit costs:
Service cost$46,275 $45,229 $42,151 $926 $433 $405 $996 $1,186 $1,050 
Interest cost17,167 16,563 21,722 281 273 429 503 493 747 
Expected return on assets(43,958)(43,641)(46,684)— — — — — — 
Settlement of retiree obligations— — — — — — — — — 
Prior service cost (credit) amortization174 178 178 (114)(114)(114)(445)(445)(445)
Actuarial loss (gain) amortization23,406 21,790 21,583 478 212 98 (1,259)(1,365)(1,392)
Net periodic benefit cost (benefit)$43,064 $40,119 $38,950 $1,571 $804 $818 $(205)$(131)$(40)
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, 2022, 2021 and 2020, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202220212020202220212020202220212020
 (Dollars in thousands)
Other comprehensive loss (income):         
Prior service cost$132 $113 $— $— $— $— $— $— $— 
Net actuarial loss (gain)59,020 (4,408)3,401 (1,537)1,978 2,157 (4,243)(1,163)(1,011)
Amortization of actuarial (gain) loss(23,406)(21,790)(21,583)(478)(212)(98)1,259 1,365 1,392 
Amortization of prior service (credit) costs(174)(178)(178)114 114 114 445 445 445 
Settlement of retiree obligations (a)— — — (307)— (397)— — — 
Total recognized in other comprehensive loss (income)$35,572 $(26,263)$(18,360)$(2,208)$1,880 $1,776 $(2,539)$647 $826 
(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 2023 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)$149 $(114)$(445)
Amortization of actuarial loss (gain)1,872 245 (1,615)
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$220 $(180)
Effect on postretirement benefit obligation1,900 (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)
2023$69,300 $2,300 $2,290 
202470,500 2,420 2,270 
202570,200 2,520 2,380 
202671,500 2,300 2,310 
202773,800 2,080 2,170 
2028-2032340,400 7,660 8,660 
Schedule of defined benefit plans, fair value disclosure Our pension plans' recurring fair value measurements by asset category as of August 31, 2022 and 2021, are presented in the tables below:
 2022
 Level 1Level 2Level 3Total
 (Dollars in thousands)
Cash and cash equivalents$7,472 $— $— $7,472 
Equities:    
Common/collective trust at net asset value (1)
— — — 142,730 
Fixed income securities:    
Common/collective trust at net asset value (1)
— — — 550,046 
Partnership and joint venture interests measured at net asset value (1)
— — — 87,174 
Total$7,472 $— $— $787,422 
 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 
(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, 2022, 2021 and 2020, is outlined in the table below:
Contributions of CHS
(Dollars in thousands)
Plan NameEIN/Plan Number202220212020Surcharge ImposedExpiration Date of Collective Bargaining Agreement
Co-op Retirement Plan01-0689331 / 001$955 $1,172 $1,455 N/AN/A