XML 43 R32.htm IDEA: XBRL DOCUMENT v3.23.2
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:
CommodityPosition   Total
AluminumLong3,675  MT
AluminumShort1,775  MT
CopperLong828  MT
CopperShort7,564  MT
ElectricityLong3,354,000 MW(h)
Natural GasLong4,790,450 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 LocationMay 31, 2023August 31, 2022
Derivative assets:
CommodityPrepaid and other current assets$17,924 $26,180 
CommodityOther noncurrent assets267,224 134,667 
Foreign exchangePrepaid and other current assets4,275 1,296 
Derivative liabilities:
CommodityAccrued expenses and other payables$3,885 $1,110 
CommodityOther noncurrent liabilities1,606 150 
Foreign exchangeAccrued expenses and other payables6,730 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 Location2023202220232022
CommodityCost of goods sold$7,540 $2,042 $(1,540)$2,574 
Foreign exchangeSG&A expenses3,686 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,
2023202220232022
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.