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DERIVATIVES | 6 Months Ended
--- | ---
Feb. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | NOTE 8. DERIVATIVES At February 28, 2025 and August 31, 2024, the notional values of the Company's commodity contract commitments were $456.3 million and $480.1 million, respectively. At February 28, 2025 and August 31, 2024, the notional values of the Company's foreign currency contract commitments were $259.5 million and $225.1 million, respectively. The following table provides information regarding the Company's commodity contract commitments at February 28, 2025:
Commodity |  | Position |  | Total
Copper |  | Long |  | 408 |  | MT
Copper |  | Short |  | 9,843 |  | MT
Electricity |  | Long |  | 2,990,000 |  | MW(h)
Natural Gas |  | Long |  | 4,762,000 |  | MMBtu
__________________________________ 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 Location |  | February 28, 2025 |  | August 31, 2024
Derivative assets: |  |  |  |  |  |
Commodity |  | Prepaid and other current assets |  | $ | 10,568 |  |  | $ | 9,823 |
Commodity |  | Other noncurrent assets |  | 46,655 |  |  | 30,402 |
Foreign exchange |  | Prepaid and other current assets |  | 3,707 |  |  | 419 |
Derivative liabilities: |  |  |  |  |  |
Commodity |  | Other accrued expenses and payables |  | $ | 4,056 |  |  | $ | 3,445 |
Commodity |  | Other noncurrent liabilities |  | — |  |  | 157 |
Foreign exchange |  | Other accrued expenses and payables |  | 1,187 |  |  | 1,885 |
Foreign exchange |  | Other noncurrent liabilities |  | 63 |  |  | — |
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 |  | Six Months Ended
| Primary Location |  | February 28, 2025 |  | February 29, 2024 |  | February 28, 2025 |  | February 29, 2024
Commodity |  | Cost of goods sold |  | $ | (8,484) |  |  | $ | 782 |  |  | $ | (4,742) |  |  | $ | 710 |
Foreign exchange |  | SG&A expenses |  | 5,186 |  |  | 443 |  |  | 2,014 |  |  | 3,982 |
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 |  | Six Months Ended
| February 28, 2025 |  | February 29, 2024 |  | February 28, 2025 |  | February 29, 2024
Commodity |  | $ | 22,690 |  |  | $ | (47,932) |  |  | $ | 23,102 |  |  | $ | (90,884) |
Foreign exchange |  | 5 |  |  | 8 |  |  | 13 |  |  | 15 |
Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCL into Net Earnings (Loss) (in thousands) |  |  |  | Three Months Ended |  | Six Months Ended
| Primary Location |  | February 28, 2025 |  | February 29, 2024 |  | February 28, 2025 |  | February 29, 2024
Commodity |  | Cost of goods sold |  | $ | 2,998 |  |  | $ | 136 |  |  | $ | 4,571 |  |  | $ | 1,901 |
Foreign exchange |  | SG&A expenses |  | 42 |  |  | 61 |  |  | 107 |  |  | 122 |
The Company's natural gas commodity derivatives accounted for as cash flow hedging instruments have maturities extending to February 2028. The Company's electricity commodity derivatives accounted for as cash flow hedging instruments have maturities extending to December 2034. Included in the AOCL balance as of February 28, 2025 was an estimated net gain of $10.4 million from cash flow hedging instruments that is expected to be reclassified into net earnings (loss) within the twelve months following February 28, 2025. 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.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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