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Fair Value Measurements (Tables)

12 Months Ended

Aug. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The following table summarizes balances and the fair value hierarchy level of our financial instruments recorded at fair value on a recurring basis as of the dates presented (in millions):

						August 31,
						2023																								2022
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Cash and cash equivalents						$	397.9					$	—					$	—					$	397.9					$	223.2					$	—					$	—					$	223.2
Other financial instruments						—						0.4						—						0.4						—						—						—						—
Assets in fair value hierarchy						397.9						0.4						—						398.3						223.2						—						—						223.2
Other investments(1)																								7.2																								11.9
Total assets at fair value						$	397.9					$	0.4					$	—					$	405.5					$	223.2					$	—					$	—					$	235.1

____________________________________

(1)Includes strategic investments in privately-held entities over which we do not exercise significant influence or control without readily determinable fair values. Amounts are recorded at cost less any impairment adjusted for observable price changes, if any.

Summary of Information Related to Nonrecurring Fair Value Measurements

The following table summarizes information related to our nonrecurring fair value measurements during the current fiscal year (in millions):

Measurement Date

Fair Value Hierarchy Level

Fair Value

Indefinite-lived trade names

June 1, 2023

Level 3

$

46.5

Right of use operating lease asset group

November 30, 2022

Level 3

3.4

Total assets at nonrecurring fair value

$

49.9

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Topic 820
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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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