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DERIVATIVES
 3 Months Ended
Nov. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
NOTE 8. DERIVATIVES

At November 30, 2024 and August 31, 2024, the notional values of the Company's commodity contract commitments were $467.0 million and $480.1 million, respectively. At November 30, 2024 and August 31, 2024, the notional values of the Company's foreign currency contract commitments were $236.0 million and $225.1 million, respectively.

The following table provides information regarding the Company's commodity contract commitments at November 30, 2024:
CommodityPosition   Total
AluminumLong2,775  MT
AluminumShort1,275  MT
CopperLong181  MT
CopperShort9,741  MT
ElectricityLong3,056,000 MW(h)
Natural GasLong5,070,750 MMBtu
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MT = Metric ton
MW(h) = Megawatt hour
MMBtu = 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 LocationNovember 30, 2024August 31, 2024
Derivative assets:
CommodityPrepaid and other current assets$11,254 $9,823 
CommodityOther noncurrent assets26,945 30,402 
Foreign exchangePrepaid and other current assets1,746 419 
Derivative liabilities:
CommodityOther accrued expenses and payables$1,932 $3,445 
CommodityOther noncurrent liabilities38 157 
Foreign exchangeOther accrued expenses and payables441 1,885 

The following table summarizes activities related to the Company's derivatives not designated as hedging instruments recognized in the condensed consolidated statements of earnings (loss). 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 November 30,
Primary Location20242023
CommodityCost of goods sold$3,742 $(72)
Foreign exchangeSG&A expenses(3,172)3,539 

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 (loss) and condensed consolidated statements of earnings (loss). 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 November 30,
20242023
Commodity$412 $(42,952)
Foreign exchange8 7 
Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (Loss) (in thousands)
Three Months Ended November 30,
Primary Location20242023
CommodityCost of goods sold$1,573 $1,765 
Foreign exchangeSG&A expenses65 61 
The Company's natural gas commodity derivatives accounted for as cash flow hedging instruments have maturities extending to November 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 November 30, 2024 was an estimated net gain of $5.9 million from cash flow hedging instruments that is expected to be reclassified into net earnings (loss) within the twelve months following November 30, 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.