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DERIVATIVES (Tables) | 12 Months Ended
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Aug. 31, 2024
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, 2024:
Commodity |  | Position |  | Total
Aluminum |  | Long |  | 1,225 |  |  | MT
Copper |  | Long |  | 624 |  |  | MT
Copper |  | Short |  | 9,321 |  |  | MT
Electricity |  | Long |  | 3,112,000 |  |  | MW(h)
Natural Gas |  | Long |  | 5,190,700 |  |  | MMBtu
__________________________________ 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 hedging instruments recognized in the consolidated statements of earnings. All other activity related to the Company's derivatives not designated as hedging instruments was immaterial for the periods presented.
|  |  |  | Year Ended August 31,
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) |  | Primary Location |  | 2024 |  | 2023 |  | 2022
Commodity |  | Cost of goods sold |  | $ | (10,195) |  |  | $ | (3,028) |  |  | $ | 15,862 |
Foreign exchange |  | SG&A expenses |  | 6,974 |  |  | 12,265 |  |  | (6,547) |
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. Amounts presented do not include the effects of foreign currency translation adjustments.
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Gain (Loss) Recognized in OCI, Net of Income Taxes (in thousands) |  | Year Ended August 31,
| 2024 |  | 2023 |  | 2022
Commodity |  | $ | (129,709) |  |  | $ | 6,367 |  |  | $ | 138,534 |
Foreign exchange |  | 31 |  |  | 28 |  |  | 100 |
Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (in thousands) |  |  |  | Year Ended August 31,
| Primary Location |  | 2024 |  | 2023 |  | 2022
Commodity |  | Cost of goods sold |  | $ | 2,031 |  |  | $ | 11,325 |  |  | $ | 27,267 |
Foreign exchange |  | SG&A expenses |  | 250 |  |  | 244 |  |  | 244 |
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 reported in the consolidated balance sheets:
(in thousands) |  | Primary Location |  | August 31, 2024 |  | August 31, 2023
Derivative assets: |  |  |  |  |  |
Commodity |  | Prepaid and other current assets |  | $ | 9,823 |  |  | $ | 11,427 |
Commodity |  | Other noncurrent assets |  | 30,402 |  |  | 184,261 |
Foreign exchange |  | Prepaid and other current assets |  | 419 |  |  | 1,898 |
Derivative liabilities: |  |  |  |  |  |
Commodity |  | Accrued expenses and other payables |  | $ | 3,445 |  |  | $ | 2,983 |
Commodity |  | Other noncurrent liabilities |  | 157 |  |  | 1,085 |
Foreign exchange |  | Accrued expenses and other payables |  | 1,885 |  |  | 2,566 |

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