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DERIVATIVES (Tables) | 3 Months Ended | 9 Months Ended
--- | --- | ---
May 31, 2023 | May 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |  |
Commodity contract commitments |  | The following table provides information regarding the Company's commodity contract commitments at May 31, 2023:
Commodity |  | Position |  | Total
Aluminum |  | Long |  | 3,675 |  | MT
Aluminum |  | Short |  | 1,775 |  | MT
Copper |  | Long |  | 828 |  | MT
Copper |  | Short |  | 7,564 |  | MT
Electricity |  | Long |  | 3,354,000 |  | MW(h)
Natural Gas |  | Long |  | 4,790,450 |  | MMBtu
__________________________________ MT = Metric Ton MW(h) = Megawatt hour MMBtu = Metric Million British thermal unit
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table summarizes the location and amounts of the fair value of the Company's derivative instruments and hedged items recognized in the condensed consolidated balance sheets:
(in thousands) |  | Primary Location |  | May 31, 2023 |  | August 31, 2022
Derivative assets: |  |  |  |  |  |
Commodity |  | Prepaid and other current assets |  | $ | 17,924 |  |  | $ | 26,180 |
Commodity |  | Other noncurrent assets |  | 267,224 |  |  | 134,667 |
Foreign exchange |  | Prepaid and other current assets |  | 4,275 |  |  | 1,296 |
Derivative liabilities: |  |  |  |  |  |
Commodity |  | Accrued expenses and other payables |  | $ | 3,885 |  |  | $ | 1,110 |
Commodity |  | Other noncurrent liabilities |  | 1,606 |  |  | 150 |
Foreign exchange |  | Accrued expenses and other payables |  | 6,730 |  |  | 3,126 |
Derivative instruments, gain (loss) |  | The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the condensed consolidated statements of earnings. All other activity related to the Company's derivative instruments and hedged items was immaterial for the periods presented.
|  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) |  | Primary Location |  | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity |  | Cost of goods sold |  | $ | 7,540 |  |  | $ | 2,042 |  |  | $ | (1,540) |  |  | $ | 2,574 |
Foreign exchange |  | SG&A expenses |  | 3,686 |  |  | 6,157 |  |  | 10,095 |  |  | (2,886) |
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity(1) |  | $ | (11,855) |  |  | $ | 25,920 |  |  | $ | 80,134 |  |  | $ | 81,285 |
__________________________________ (1) Amounts presented do not include the effects of foreign currency translation adjustments. See Note 3, Accumulated Other Comprehensive Income (Loss), for separate presentation of foreign currency translation adjustments.

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