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DERIVATIVES
 9 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
NOTE 8. DERIVATIVES

At May 31, 2024 and August 31, 2023, the notional values of the Company's commodity contract commitments were $510.4 million and $456.4 million, respectively. At May 31, 2024 and August 31, 2023, the notional values of the Company's foreign currency contract commitments were $195.2 million and $221.4 million, respectively.

The following table provides information regarding the Company's commodity contract commitments at May 31, 2024:
CommodityPosition   Total
AluminumLong3,350  MT
AluminumShort1,525  MT
CopperLong771  MT
CopperShort11,385  MT
ElectricityLong3,153,000 MW(h)
Natural GasLong5,210,650 MMBtu
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MT = Metric ton
MW(h) = Megawatt hour
MMBtu = Metric Million British thermal unit

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 LocationMay 31, 2024August 31, 2023
Derivative assets:
CommodityPrepaid and other current assets$10,054 $11,427 
CommodityOther noncurrent assets41,044 184,261 
Foreign exchangePrepaid and other current assets1,720 1,898 
Derivative liabilities:
CommodityAccrued expenses and other payables$10,160 $2,983 
CommodityOther noncurrent liabilities528 1,085 
Foreign exchangeAccrued expenses and other payables794 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.

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 Location2024202320242023
CommodityCost of goods sold$(19,667)$7,540 $(18,957)$(1,540)
Foreign exchangeSG&A expenses2,141 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,
2024202320242023
Commodity$(29,567)$(11,855)$(120,451)$80,134 
Foreign exchange8 7 23 20 
Gain (Loss) on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (in thousands)Three Months Ended May 31,Nine Months Ended May 31,
Primary Location2024202320242023
CommodityCost of goods sold$(797)$256 $1,104 $9,872 
Foreign exchangeSG&A expenses63 63 185 183 
The Company's natural gas commodity derivatives accounted for as cash flow hedging instruments have maturities extending to May 2027. The Company's electricity commodity derivatives accounted for as cash flow hedging instruments have maturities extending to December 2034. Included in the AOCI balance as of May 31, 2024 was an estimated net gain of $6.3 million from cash flow hedging instruments that is expected to be reclassified into net earnings within the twelve months following May 31, 2024. Cash flows associated with the cash flow hedging instruments are recorded as a component of cash flows from operating activities in the condensed consolidated statements of cash flows. See Note 9, Fair Value, for the fair value of the Company's derivative instruments recorded in the condensed consolidated balance sheets.