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DERIVATIVES (Tables)

3 Months Ended

6 Months Ended

Feb. 29, 2024

Feb. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity contract commitments

The following table provides information regarding the Company's commodity contract commitments at February 29, 2024:

Commodity

Position

Total

Aluminum

Long

2,750

MT

Aluminum

Short

1,550

MT

Copper

Long

442

MT

Copper

Short

10,455

MT

Electricity

Long

3,204,000

MW(h)

Natural Gas

Long

4,830,600

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 reported in the condensed consolidated balance sheets:

(in thousands)						Primary Location						February 29, 2024						August 31, 2023
Derivative assets:
Commodity						Prepaid and other current assets						$	7,410					$	11,427
Commodity						Other noncurrent assets						79,859						184,261
Foreign exchange						Prepaid and other current assets						951						1,898
Derivative liabilities:
Commodity						Accrued expenses and other payables						$	5,124					$	2,983
Commodity						Other noncurrent liabilities						1,055						1,085
Foreign exchange						Accrued expenses and other payables						2,199						2,566

The decrease in fair value of the Company's commodity derivatives reported within other noncurrent assets is primarily due to the decrease in the value of a significant input used to measure the fair value of the Company's Level 3 commodity derivatives at February 29, 2024 as compared to August 31, 2023. See Note 9, Fair Value, for further discussion of the measurement of the fair value of the Company's Level 3 commodity derivatives.

Derivative instruments, gain (loss)

The following table summarizes activities related to the Company's derivatives not designated as hedging instruments recognized in the condensed consolidated statements of earnings. All other activity related to the Company's derivatives not designated as hedging instruments was immaterial for the periods presented.

												Three Months Ended												Six Months Ended
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands)						Primary Location						February 29, 2024						February 28, 2023						February 29, 2024						February 28, 2023
Commodity						Cost of goods sold						$	782					$	(5,995)					$	710					$	(9,080)
Foreign exchange						SG&A expenses						443						2,947						3,982						6,409

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

						Three Months Ended												Six Months Ended
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in OCI, Net of Income Taxes (in thousands)						February 29, 2024						February 28, 2023						February 29, 2024						February 28, 2023
Commodity						$	(47,932)					$	23,950					$	(90,884)					$	91,989
Foreign exchange						8						7						15						13

												Three Months Ended												Six Months Ended
Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (in thousands)						Primary Location						February 29, 2024						February 28, 2023						February 29, 2024						February 28, 2023
Commodity						Cost of goods sold						$	136					$	1,011					$	1,901					$	9,616
Foreign exchange						SG&A expenses						61						59						122						120

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