RETIREMENT AND PROFIT SHARING PLANS (Tables)
12 Months Ended
Aug. 31, 2011
Schedule of weighted-average assumptions used to determine the fiscal year-end pension benefit

The weighted-average assumptions used to determine the fiscal year-end defined benefit pension obligations are as follows:

 

     August 31,  
     2011     2010  
     U.S. Plans     Non-U.S.
Plans		     U.S. Plans     Non-U.S.
Plans		  

Discount rate

      5.25 %      4.99 %      5.25 %      4.77 % 

Rate of increase in future compensation

      4.00 %      4.03 %      4.00 %      3.68 %
Schedule of changes in benefit obligation, plan assets and funded status

The changes in the defined benefit pension obligations, plan assets and funded status of material defined benefit pension plans for fiscal 2011 and 2010 were as follows:

 

    August 31,  
    2011     2010  
    U.S. Plans     Non-U.S. Plans     U.S. Plans     Non-U.S. Plans  

Reconciliation of benefit obligation

        

Benefit obligation, beginning of year

   $ 1,376,546      $ 904,322      $ 1,125,474      $ 704,036   

Service cost

     12,602        50,817        12,662        44,493   

Interest cost

     71,433        43,976        66,709        37,923   

Termination benefits

     —        —        —        1,066   

Participant contributions

     —        7,143        —        6,320   

Acquisitions/divestitures/transfers

     —        2,616        —        33,172   

Amendments

     —        —        —        (12,260 ) 

Curtailments

     —        (201 )      —        (1,484 ) 

Settlements

     —        (11,793 )      —        (7,133 ) 

Actuarial loss (gain)

     4,642        (20,545 )      199,930        141,944   

Benefits paid

     (31,339 )      (23,563 )      (28,229 )      (17,712 ) 

Exchange rate impact

     —        93,480        —        (26,043 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Benefit obligation, end of year

   $ 1,433,884      $ 1,046,251      $ 1,376,546      $ 904,322   
 

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of fair value of plan assets

        

Fair value of plan assets, beginning of year

   $ 930,126      $ 678,773      $ 853,197      $ 587,032   

Actual return on plan assets

     96,677        19,986        94,633        34,098   

Acquisitions/divestitures/transfers

     —        2,622        —        36,350   

Employer contributions

     11,043        38,286        10,525        44,652   

Participant contributions

     —        7,143        —        6,320   

Settlements

     —        (11,278 )      —        (7,133 ) 

Benefits paid

     (31,339 )      (23,563 )      (28,229 )      (17,712 ) 

Exchange rate impact

     —        67,785        —        (4,834 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Fair value of plan assets, end of year

   $ 1,006,507      $ 779,754      $ 930,126      $ 678,773   
 

 

 

    

 

 

    

 

 

    

 

 

  

Funded status, end of year

   $ (427,377 )    $ (266,497 )    $ (446,420 )    $ (225,549 ) 

Amounts recognized in the Consolidated Balance Sheets:

        

Non-current assets

   $ —      $ 17,750      $ —      $ 27,961   

Current liabilities

     (11,445 )      (6,500 )      (11,043 )      (3,515 ) 

Non-current liabilities

     (415,932 )      (277,747 )      (435,377 )      (249,995 ) 

Accumulated other comprehensive loss, pre-tax

     360,133        142,415        410,260        144,982   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net amount recognized at end of year

   $ (67,244 )    $ (124,082 )    $ (36,160 )    $ (80,567 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Schedule of defined benefit plan in accumulated other comprehensive (loss) income

The pre-tax accumulated net actuarial loss and prior service cost (credit) recognized in Accumulated other comprehensive loss as of August 31, 2011 was as follows:

 

     U.S. Plans      Non-U.S. 
Plans		  

Net actuarial loss

    $ 360,123       $ 161,750   

Prior service cost (credit)

      10         (19,335 ) 
  

 

 

     

 

 

  

Total

    $ 360,133       $ 142,415   
  

 

 

     

 

 

  
Schedule of estimated amounts to be amortized from AOCI

The estimated amounts that will be amortized from Accumulated other comprehensive loss as of August 31, 2011 into net periodic pension expense during fiscal 2012 are as follows:

 

     U.S. Plans      Non-U.S.
Plans		  

Actuarial loss

    $ 21,434       $ 10,531   

Prior service cost (credit)

      10         (2,856 ) 
  

 

 

     

 

 

  

Total

    $ 21,444       $ 7,675   
  

 

 

     

 

 

  
Schedule of accumulated benefit obligation

The accumulated benefit obligation for material defined benefit pension plans as of August 31, 2011 and 2010 was as follows:

 

     August 31,  
     2011      2010  
     U.S. Plans      Non-U.S.
Plans		      U.S. Plans      Non-U.S.
Plans		  

Accumulated benefit obligation

    $ 1,421,917       $ 944,287       $ 1,363,544       $ 822,372
Schedule of projected benefit obligation in excess of plan assets

The following information is provided for material defined benefit pension plans with projected benefit obligations in excess of plan assets and for plans with accumulated benefit obligations in excess of plan assets as of August 31, 2011 and 2010:

 

     August 31,  
     2011      2010  
     U.S. Plans      Non-U.S.
Plans		      U.S. Plans      Non-U.S.
Plans		  

Projected benefit obligation in excess of plan assets:

            

Projected benefit obligation

    $ 1,433,884       $ 879,298       $ 1,376,546       $ 765,565   

Fair value of plan assets

      1,006,507         595,051         930,126         512,056
Schedule of accumulated benefit obligation in excess of plan assets
     August 31,  
     2011      2010  
     U.S. Plans      Non-U.S.
Plans		      U.S. Plans      Non-U.S.
Plans		  

Accumulated benefit obligation in excess of plan assets:

            

Accumulated benefit obligation

    $ 1,421,917       $ 656,196       $ 1,363,544       $ 543,459   

Fair value of plan assets

      1,006,507         443,412         930,126         347,799
Schedule of target allocation for fiscal 2012 and weighted-average plan assets allocation

The Company’s target allocation for fiscal 2012 and weighted-average plan assets allocations as of August 31, 2011 and 2010 by asset category, for material defined benefit pension plans are as follows:

 

     2012 Target
Allocation		     2011     2010  
     U.S.
Plans		     Non-U.S.
Plans		     U.S.
Plans		     Non-U.S.
Plans		     U.S.
Plans		      Non-U.S.
Plans		  

Asset Category

              

Equity securities

      60 %      35-40 %      59 %      34 %      57 %       33 % 

Debt securities

      40        45-50        40        47        42         39   

Cash and short-term investments

      —        0-5        1        5        1         14   

Insurance contracts

      —        0-5        0        11        —         11   

Other

      —        10-15        0        3        —         3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total

      100 %      100 %      100 %      100 %      100 %       100 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  
Schedule of fair value of plan assets

The fair values of the material U.S. and non-U.S. defined benefit pension plans assets as of August 31, 2011 are as follows:

 

U.S. Plans

            
     Level 1      Level 2      Level 3      Total  

Equity

            

U.S. equity securities

    $ —       $ 357,437       $ —       $ 357,437   

Non-U.S. equity securities

      —         232,842         —         232,842   

Fixed Income

            

U.S. government, state and local debt securities

      —         332,332         —         332,332   

Non-U.S. government debt securities

      —         4,411         —         4,411   

U.S. corporate debt securities

      —         61,318         —         61,318   

Non-U.S. corporate debt securities

      —         9,359         —         9,359   

Cash and short-term investments

      —         4,800         —         4,800   

Other

      —         4,008         —         4,008   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ —       $ 1,006,507       $ —       $ 1,006,507   
  

 

 

     

 

 

     

 

 

     

 

 

  

Non-U.S. Plans

            
     Level 1      Level 2      Level 3      Total  

Equity

            

U.S. equity securities

    $ —         42,062       $ —       $ 42,062   

Non-U.S. equity securities

      —         195,418         —         195,418   

Mutual fund equity securities

      —         31,395         —         31,395   

Fixed Income

      —            

Non-U.S. government debt securities

      —         248,888         —         248,888   

Non-U.S. corporate debt securities

      —         58,537         —         58,537   

Mutual fund debt securities

      —         56,073         —         56,073   

Cash and short-term investments

      30,490         8,169         —         38,659   

Insurance contracts

      —         87,654         —         87,654   

Other

      —         21,068         —         21,068   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 30,490       $ 749,264       $ —       $ 779,754   
  

 

 

     

 

 

     

 

 

     

 

 

  
Estimated Future Benefit Payments

Benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:

 

     U.S. Plans      Non-U.S.
Plans		  

2012

    $ 30,785       $ 30,695   

2013

      34,607         31,180   

2014

      36,949         33,868   

2015

      39,513         36,590   

2016

      42,432         40,418   

2017-2021

      268,775         246,911