v3.20.4

FINANCIAL INSTRUMENTS | 6 Months Ended
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Feb. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
FINANCIAL INSTRUMENTS | 8. Financial Instruments Derivatives In the normal course of business, we use derivative financial instruments to manage foreign currency exchange rate risk. Our derivative financial instruments consist of deliverable and non-deliverable foreign currency forward contracts. Cash Flow Hedges For a cash flow hedge, the effective portion of the change in estimated fair value of a hedging instrument is recorded in Accumulated other comprehensive loss as a separate component of Shareholders’ Equity and is reclassified into Cost of services in the Consolidated Income Statements during the period in which the hedged transaction is recognized. For information related to derivatives designated as cash flow hedges that were reclassified into Cost of services during the three and six months ended February 28, 2021 and February 29, 2020, as well as those expected to be reclassified into Cost of services in the next 12 months, see Note 4 (Accumulated Other Comprehensive Loss) to these Consolidated Financial Statements. Other Derivatives Realized gains or losses and changes in the estimated fair value of foreign currency forward contracts that have not been designated as hedges were net losses of $3,789 and net gains $24,535 for the three and six months ended February 28, 2021, respectively, and net gains of $1,461 and net losses of $55,158 for the three and six months ended February 29, 2020, respectively. Gains and losses on these contracts are recorded in Other income (expense), net in the Consolidated Income Statements and are offset by gains and losses on the related hedged items. Fair Value of Derivative Instruments The notional and fair values of all derivative instruments are as follows:
| February 28, 2021 |  | August 31, 2020
Assets |  |  |
Cash Flow Hedges |  |  |
Other current assets | $ | 73,478 |  |  | $ | 75,871 |
Other non-current assets | 31,365 |  |  | 50,914 |
Other Derivatives |  |  |
Other current assets | 14,244 |  |  | 27,964 |
Total assets | $ | 119,087 |  |  | $ | 154,749 |
Liabilities |  |  |
Cash Flow Hedges |  |  |
Other accrued liabilities | $ | 22,391 |  |  | $ | 13,614 |
Other non-current liabilities | 28,335 |  |  | 13,576 |
Other Derivatives |  |  |
Other accrued liabilities | 36,320 |  |  | 11,828 |
Total liabilities | $ | 87,046 |  |  | $ | 39,018 |
Total fair value | $ | 32,041 |  |  | $ | 115,731 |
Total notional value | $ | 9,804,987 |  |  | $ | 9,600,691 |
We utilize standard counterparty master agreements containing provisions for the netting of certain foreign currency transaction obligations and for the set-off of certain obligations in the event of an insolvency of one of the parties to the transaction. In the Consolidated Balance Sheets, we record derivative assets and liabilities at gross fair value. The potential effect of netting derivative assets against liabilities under the counterparty master agreements is as follows:
| February 28, 2021 |  | August 31, 2020
Net derivative assets | $ | 82,515 |  |  | $ | 129,520 |
Net derivative liabilities | 50,474 |  |  | 13,789 |
Total fair value | $ | 32,041 |  |  | $ | 115,731 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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