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DERIVATIVES (Tables)
 12 Months Ended
Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Contract Commitments
The following table provides information regarding the Company's commodity contract commitments as of August 31, 2023:
CommodityPositionTotal
AluminumLong2,850  MT
AluminumShort1,400  MT
CopperLong147  MT
CopperShort8,459  MT
ElectricityLong3,312,000 MW(h)
Natural GasLong5,270,500 MMBtu
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MT = Metric ton
MW(h) = Megawatt hour
MMBtu = Metric Million British thermal unit
The following table summarizes activities related to the Company's derivatives not designated as cash flow hedging instruments recognized in the consolidated statements of earnings. All other activity related to the Company's derivatives not designated as cash flow hedging instruments was immaterial for the periods presented.

Year Ended August 31,
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands)Primary Location202320222021
CommodityCost of goods sold$(3,028)$15,862 $(18,035)
Foreign exchangeSG&A expenses12,265 (6,547)(3,674)

The following table summarizes activities related to the Company's derivatives designated as cash flow hedging instruments recognized in the consolidated statements of comprehensive income and consolidated statements of earnings, respectively. Amounts presented do not include the effects of foreign currency translation adjustments.

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Other Comprehensive Income, Net of Income Taxes (in thousands)Amount of Gain Reclassified from AOCI into Earnings on Derivatives (in thousands)
Year Ended August 31,Year Ended August 31,
202320222021Primary Location202320222021
Commodity$6,367 $138,534 $35,392 Cost of goods sold$11,325 $27,267 $2,378 
Foreign exchange28 100 100 SG&A expenses244 244 555 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table summarizes the location and fair value amounts of the Company's derivative instruments reported in the consolidated balance sheets:

(in thousands)Primary LocationAugust 31, 2023August 31, 2022
Derivative assets:
CommodityPrepaid and other current assets$11,427 $26,180 
CommodityOther noncurrent assets184,261 134,667 
Foreign exchangePrepaid and other current assets1,898 1,296 
Derivative liabilities:
CommodityAccrued expenses and other payables$2,983 $1,110 
CommodityOther noncurrent liabilities1,085 150 
Foreign exchangeAccrued expenses and other payables2,566 3,126