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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:
CommodityPosition   Total
CopperLong408  MT
CopperShort9,843  MT
ElectricityLong2,990,000 MW(h)
Natural GasLong4,762,000 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 LocationFebruary 28, 2025August 31, 2024
Derivative assets:
CommodityPrepaid and other current assets$10,568 $9,823 
CommodityOther noncurrent assets46,655 30,402 
Foreign exchangePrepaid and other current assets3,707 419 
Derivative liabilities:
CommodityOther accrued expenses and payables$4,056 $3,445 
CommodityOther noncurrent liabilities— 157 
Foreign exchangeOther accrued expenses and payables1,187 1,885 
Foreign exchangeOther noncurrent liabilities63 — 
The following table summarizes activities related to the Company's derivatives not designated as hedging instruments recognized in the condensed consolidated statements of earnings (loss). All other activity related to the Company's derivatives not designated as hedging instruments was immaterial for the periods presented.
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands)Three Months EndedSix Months Ended
Primary LocationFebruary 28, 2025February 29, 2024February 28, 2025February 29, 2024
CommodityCost of goods sold$(8,484)$782 $(4,742)$710 
Foreign exchangeSG&A expenses5,186 443 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 EndedSix Months Ended
February 28, 2025February 29, 2024February 28, 2025February 29, 2024
Commodity$22,690 $(47,932)$23,102 $(90,884)
Foreign exchange5 8 13 15 

Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCL into Net Earnings (Loss) (in thousands)
Three Months EndedSix Months Ended
Primary LocationFebruary 28, 2025February 29, 2024February 28, 2025February 29, 2024
CommodityCost of goods sold$2,998 $136 $4,571 $1,901 
Foreign exchangeSG&A expenses42 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.