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Fair Value Measurements (Tables) | 12 Months Ended
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Aug. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Derivative Instruments Located on Consolidated Balance Sheets Utilized for Foreign Currency Risk Management Purposes | The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
(in thousands) |  | Fair Value Hierarchy |  | August 31, 2020 |  | August 31, 2019
Assets: |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |
Cash equivalents |  | Level 1 | (1) | $ | 33,869 |  |  | $ | 27,804 |
Prepaid expenses and other current assets: |  |  |  |  |  |
Short-term investments |  | Level 1 |  | 16,556 |  |  | 14,088 |
Forward foreign exchange contracts: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 11) |  | Level 2 | (2) | 11,201 |  |  | 904 |
Derivatives not designated as hedging instruments (Note 11) |  | Level 2 | (2) | 58,893 |  |  | 6,878 |
Other assets: |  |  |  |  |  |
Senior Non-Convertible Preferred Stock |  | Level 3 | (3) | — |  |  | 33,102 |
Liabilities: |  |  |  |  |  |
Accrued expenses: |  |  |  |  |  |
Forward foreign exchange contracts: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 11) |  | Level 2 | (2) | $ | 1,522 |  |  | $ | 15,999 |
Derivatives not designated as hedging instruments (Note 11) |  | Level 2 | (2) | 9,100 |  |  | 55,391 |
Interest rate swaps: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 11) |  | Level 2 | (4) | — |  |  | 5,918 |
Derivatives not designated as hedging instruments (Note 11) |  | Level 2 | (4) | 540 |  |  | — |
Extended interest rate swap not designated as a hedging instrument (Note 11) |  | Level 2 | (5) | 26,492 |  |  | — |
Other liabilities: |  |  |  |  |  |
Interest rate swap: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 11) |  | Level 2 | (4) | — |  |  | 35,045 |
Derivatives not designated as hedging instruments (Note 11) |  | Level 2 | (4) | 329 |  |  | — |
Extended interest rate swap not designated as a hedging instrument (Note 11) |  | Level 2 | (5) | 13,111 |  |  | — |
(1) | Consist of investments that are readily convertible to cash with original maturities of 90 days or less.
(2) | The Company’s forward foreign exchange contracts are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers.
(3) | During the fourth quarter of fiscal year 2020, the Company recognized an impairment on its investment in the Senior Non-Convertible Preferred Stock of iQor Holdings, Inc. (“iQor”) in connection with iQor’s bankruptcy filing. The Company does not expect to recover any of the investment value and recognized the entire remaining investment of $36.4 million as a loss on securities.
(4) | Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads.
(5) The 2020 Extended Interest Rate Swaps are considered a hybrid instrument and the Company elected the fair value option for reporting. Fair value measurements are based on the contractual terms of the contract and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows using observable inputs including interest rate curves and credit spreads.
Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt | The following table presents the assets held for sale (in thousands):
|  | August 31, 2020 |  | August 31, 2019
(in thousands) |  | Carrying Amount |  | Carrying Amount
Assets held for sale (1) |  | $ | 67,380 |  |  | $ | — |
(1) The fair value of assets held for sale exceeds the carrying value for $30.1 million of assets held for sale. For $37.3 million of assets held for sale, the carrying value approximates the fair value with the asset value measured using Level 2 inputs.The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated:
|  |  |  | August 31, 2020 |  | August 31, 2019
(in thousands) |  | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes payable and long-term debt: (Note 7) |  |  |  |  |  |  |  |  |  |
5.625% Senior Notes |  | Level 2 | (1) | $ | — |  |  | $ | — |  |  | $ | 398,886 |  |  | $ | 416,000 |
4.700% Senior Notes |  | Level 2 | (1) | 498,659 |  |  | 537,180 |  |  | 498,004 |  |  | 525,890 |
4.900% Senior Notes |  | Level 3 | (2) | 299,300 |  |  | 329,435 |  |  | 299,057 |  |  | 318,704 |
3.950% Senior Notes |  | Level 2 | (1) | 495,440 |  |  | 551,930 |  |  | 494,825 |  |  | 509,845 |
3.600% Senior Notes |  | Level 2 | (1) | 494,756 |  |  | 536,110 |  |  | — |  |  | — |
3.000% Senior Notes |  | Level 2 | (1) | 590,162 |  |  | 611,616 |  |  | — |  |  | — |
(1) | The fair value estimates are based upon observable market data.
(2) This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.

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