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Benefit Plans (Tables)
12 Months Ended
Aug. 31, 2023
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, 2023 and 2022, is as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202320222023202220232022
 (Dollars in thousands)
Change in benefit obligation:      
Projected benefit obligation at beginning of period$759,173 $925,239 $18,257 $20,604 $24,524 $29,069 
Service cost38,579 46,275 1,840 926 670 996 
Interest cost30,588 17,167 741 281 1,035 503 
Actuarial loss (gain):
Experience study and mortality updates2,573 2,941 159 43 — 19 
Other demographic experience*5,181 9,875 1,999 1,313 (553)717 
Discount rate change(45,216)(164,543)(876)(2,892)(1,312)(4,979)
Plan amendments490 132 — — — — 
Settlements— — — (1,327)— — 
Benefits paid(82,857)(77,913)(1,140)(691)(1,792)(1,801)
Projected benefit obligation at end of period$708,511 $759,173 $20,980 $18,257 $22,572 $24,524 
Change in plan assets:      
Fair value of plan assets at beginning of period$787,422 $993,124 $— $— $— $— 
Actual (loss) gain on plan assets(8,415)(166,789)— — — — 
Company contributions40,000 39,000 1,140 2,018 1,792 1,801 
Benefits paid(82,857)(77,913)(1,140)(2,018)(1,792)(1,801)
Fair value of plan assets at end of period$736,150 $787,422 $— $— $— $— 
Funded status at end of period$27,639 $28,249 $(20,980)$(18,257)$(22,572)$(24,524)
Amounts recognized on balance sheet:      
Noncurrent assets$27,639 $28,249 $— $— $— $— 
Accrued benefit cost:
Current liabilities— — (2,880)(2,300)(2,170)(2,290)
Noncurrent liabilities— — (18,100)(15,957)(20,402)(22,234)
Ending balance$27,639 $28,249 $(20,980)$(18,257)$(22,572)$(24,524)
Amounts recognized in accumulated other comprehensive loss (pretax):      
Prior service cost (credit)$1,172 $831 $(160)$(274)$(1,380)$(1,825)
Net loss (gain)247,609 235,399 4,294 3,257 (18,096)(17,846)
Ending balance$248,781 $236,230 $4,134 $2,983 $(19,476)$(19,671)
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,
20232022
(Dollars in thousands)
Projected benefit obligation$20,980 $18,257 
Accumulated benefit obligation20,908 18,257 
Schedule of net benefit costs of assumptions used Components of net periodic benefit costs for the years ended August 31, 2023, 2022 and 2021, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
202320222021202320222021202320222021
(Dollars in thousands)
Components of net periodic benefit costs:
Service cost$38,579 $46,275 $45,229 $1,840 $926 $433 $670 $996 $1,186 
Interest cost30,588 17,167 16,563 741 281 273 1,035 503 493 
Expected return on assets(43,129)(43,958)(43,641)— — — — — — 
Prior service cost (credit) amortization149 174 178 (114)(114)(114)(445)(445)(445)
Actuarial loss (gain) amortization1,872 23,406 21,790 245 478 212 (1,615)(1,259)(1,365)
Net periodic benefit cost (benefit)$28,059 $43,064 $40,119 $2,712 $1,571 $804 $(355)$(205)$(131)
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, 2023, 2022 and 2021, are as follows:
Qualified
Pension Benefits
Nonqualified
Pension Benefits
Other Benefits
 202320222021202320222021202320222021
 (Dollars in thousands)
Other comprehensive loss (income):         
Prior service cost$490 $132 $113 $— $— $— $— $— $— 
Net actuarial loss (gain)14,082 59,020 (4,408)1,282 (1,537)1,978 (1,865)(4,243)(1,163)
Amortization of actuarial (gain) loss(1,872)(23,406)(21,790)(245)(478)(212)1,615 1,259 1,365 
Amortization of prior service (credit) costs(149)(174)(178)114 114 114 445 445 445 
Settlement of retiree obligations (a)— — — — (307)— — — — 
Total recognized in other comprehensive loss (income)$12,551 $35,572 $(26,263)$1,151 $(2,208)$1,880 $195 $(2,539)$647 
(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 2024 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 costs (credit)$178 $(114)$(445)
Amortization of actuarial loss (gain)1,796 380 (1,616)
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$170 $140 
Effect on postretirement benefit obligation1,400 1,300 
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)
2024$69,100 $2,880 $2,170 
202569,600 3,020 2,280 
202669,800 2,800 2,220 
202771,200 2,480 2,180 
202874,200 2,160 2,060 
2029-2033339,800 8,380 8,570 
Schedule of defined benefit plans, fair value disclosure Our pension plans' recurring fair value measurements by asset category as of August 31, 2023 and 2022, are presented in the tables below:
 2023
 Level 1Level 2Level 3Total
 (Dollars in thousands)
Cash and cash equivalents$12,505 $— $— $12,505 
Equities:    
Common/collective trust at net asset value (1)
— — — 127,225 
Fixed income securities:    
   Other investments25,143 86,315 — 111,458 
Common/collective trust at net asset value (1)
— — — 425,180 
Partnership and joint venture interests measured at net asset value (1)
— — — 59,782 
Total$37,648 $86,315 $— $736,150 
 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 
(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, 2023, 2022 and 2021, is outlined in the table below:
Contributions of CHS
(Dollars in thousands)
Plan NameEIN/Plan Number202320222021Surcharge ImposedExpiration Date of Collective Bargaining Agreement
Co-op Retirement Plan01-0689331 / 001$1,017 $955 $1,172 N/AN/A