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DERIVATIVES (Tables) | 3 Months Ended | 9 Months Ended
--- | --- | ---
May 31, 2024 | May 31, 2024
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, 2024:
Commodity |  | Position |  | Total
Aluminum |  | Long |  | 3,350 |  | MT
Aluminum |  | Short |  | 1,525 |  | MT
Copper |  | Long |  | 771 |  | MT
Copper |  | Short |  | 11,385 |  | MT
Electricity |  | Long |  | 3,153,000 |  | MW(h)
Natural Gas |  | Long |  | 5,210,650 |  | 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 |  | May 31, 2024 |  | August 31, 2023
Derivative assets: |  |  |  |  |  |
Commodity |  | Prepaid and other current assets |  | $ | 10,054 |  |  | $ | 11,427 |
Commodity |  | Other noncurrent assets |  | 41,044 |  |  | 184,261 |
Foreign exchange |  | Prepaid and other current assets |  | 1,720 |  |  | 1,898 |
Derivative liabilities: |  |  |  |  |  |
Commodity |  | Accrued expenses and other payables |  | $ | 10,160 |  |  | $ | 2,983 |
Commodity |  | Other noncurrent liabilities |  | 528 |  |  | 1,085 |
Foreign exchange |  | Accrued expenses and other payables |  | 794 |  |  | 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 May 31, 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.
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) |  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Primary Location |  | 2024 |  | 2023 |  | 2024 |  | 2023
Commodity |  | Cost of goods sold |  | $ | (19,667) |  |  | $ | 7,540 |  |  | $ | (18,957) |  |  | $ | (1,540) |
Foreign exchange |  | SG&A expenses |  | 2,141 |  |  | 3,686 |  |  | 6,123 |  |  | 10,095 |
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.
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Gain (Loss) Recognized in OCI, Net of Income Taxes (in thousands) |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Commodity |  | $ | (29,567) |  |  | $ | (11,855) |  |  | $ | (120,451) |  |  | $ | 80,134 |
Foreign exchange |  | 8 |  |  | 7 |  |  | 23 |  |  | 20 |
Gain (Loss) on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (in thousands) |  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Primary Location |  | 2024 |  | 2023 |  | 2024 |  | 2023
Commodity |  | Cost of goods sold |  | $ | (797) |  |  | $ | 256 |  |  | $ | 1,104 |  |  | $ | 9,872 |
Foreign exchange |  | SG&A expenses |  | 63 |  |  | 63 |  |  | 185 |  |  | 183 |

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