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Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Aug. 31, 2020
Accounting Policies [Abstract] |
Components of Property, Plant and Equipment | Estimated useful lives for major classes of depreciable assets are as follows:
Asset Class | Estimated Useful Life
Buildings | Up to 35 years
Leasehold improvements | Shorter of lease term or useful life of the improvement
Machinery and equipment | 2 to 10 years
Furniture, fixtures and office equipment | 5 years
Computer hardware and software | 3 to 7 years
Transportation equipment | 3 years
Property, plant and equipment consists of the following (in thousands):
| August 31, 2020 |  | August 31, 2019
Land and improvements | $ | 141,715 |  |  | $ | 146,719 |
Buildings | 1,152,204 |  |  | 962,559 |
Leasehold improvements | 1,144,238 |  |  | 1,092,787 |
Machinery and equipment | 4,685,611 |  |  | 4,262,015 |
Furniture, fixtures and office equipment | 221,709 |  |  | 209,257 |
Computer hardware and software | 760,195 |  |  | 671,252 |
Transportation equipment | 9,061 |  |  | 16,423 |
Construction in progress | 76,337 |  |  | 83,234 |
| 8,191,070 |  |  | 7,444,246 |
Less accumulated depreciation and amortization | 4,525,758 |  |  | 4,110,496 |
| $ | 3,665,312 |  |  | $ | 3,333,750 |
Summary of Changes in AOCI | The following table sets forth the changes in AOCI, net of tax, by component during the fiscal year ended August 31, 2020 (in thousands):
| Foreign Currency Translation Adjustment |  | Derivative Instruments |  | Actuarial (Loss) Gain |  | Prior Service Cost |  | Available for Sale Securities |  | Total
Balance as of August 31, 2019 | $ | (14,298 | ) |  | $ | (39,398 | ) |  | $ | (28,033 | ) |  | $ | (608 | ) |  | $ | (457 | ) |  | $ | (82,794 | )
Other comprehensive (loss) income before reclassifications | (22,297 | ) |  | (6,004 | ) |  | 66,285 |  |  | (17 | ) |  | (35,963 | ) |  | 2,004 |
Amounts reclassified from AOCI | — |  |  | 14,406 |  |  | (4,159 | ) |  | (45 | ) |  | 36,420 |  |  | 46,622 |
Other comprehensive (loss) income(1) | (22,297 | ) |  | 8,402 |  |  | 62,126 |  |  | (62 | ) |  | 457 |  |  | 48,626 |
Balance as of August 31, 2020 | $ | (36,595 | ) |  | $ | (30,996 | ) |  | $ | 34,093 |  |  | $ | (670 | ) |  | $ | — |  |  | $ | (34,168 | )
(1) Actuarial (loss) gain is net of tax of $(12.0) million. Amounts for other components of AOCI are net of tax, which are immaterial.
Reclassification out of Accumulated Other Comprehensive Income | The following table sets forth the amounts reclassified from AOCI into the Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in thousands):
|  |  |  | Fiscal Year Ended August 31,
Comprehensive Income Components |  | Financial Statement Line Item |  | 2020 |  | 2019 |  | 2018
Realized losses (gains) on derivative instruments:(1) |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Cost of revenue |  | $ | 15,507 |  |  | $ | 21,982 |  |  | $ | (9,379 | )
Interest rate contracts |  | Interest expense |  | (1,101 | ) |  | (1,723 | ) |  | (13,697 | )
Actuarial (gain) loss |  | (2) |  | (4,159 | ) |  | 741 |  |  | 1,127 |
Prior service credit |  | (2) |  | (45 | ) |  | (44 | ) |  | (88 | )
Available for sale securities |  | Loss on securities |  | 36,420 |  |  | 33,333 |  |  | — |
Total amounts reclassified from AOCI(3) |  |  |  | $ | 46,622 |  |  | $ | 54,289 |  |  | $ | (22,037 | )
(1) | The Company expects to reclassify $4.7 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue.
(2) | Amounts are included in the computation of net periodic benefit pension cost. Refer to Note 10 – “Postretirement and Other Employee Benefits” for additional information.
(3) Amounts are net of tax, which are immaterial for the fiscal years ended August 31, 2020 and 2019. The amount for the fiscal year ended August 31, 2018 includes a reduction to income tax expense related to derivative instruments of $14.8 million.
Schedule of Dilutive Shares Outstanding Not Included in the Computation of Earnings Per Share | Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands):
| Fiscal Year Ended August 31,
| 2020 |  | 2019 |  | 2018
Restricted stock units | 728 |  |  | 796 |  |  | 2,426 |

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