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DERIVATIVES | 9 Months Ended
--- | ---
May 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | NOTE 8. DERIVATIVES As of May 31, 2025 and August 31, 2024, the notional values of the Company's commodity contract commitments were $486.1 million and $480.1 million, respectively, and the notional values of the Company's foreign currency contract commitments were $269.6 million and $225.1 million, respectively. The following table provides information regarding the Company's commodity contract commitments as of May 31, 2025:
Commodity |  | Position |  | Total
Copper |  | Long |  | 1,142 |  | MT
Copper |  | Short |  | 9,247 |  | MT
Electricity |  | Long |  | 2,917,000 |  | MW(h)
Natural Gas |  | Long |  | 4,662,000 |  | 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 as reported in the condensed consolidated balance sheets:
(in thousands) |  | Primary Location |  | May 31, 2025 |  | August 31, 2024
Derivative assets: |  |  |  |  |  |
Commodity |  | Prepaid and other current assets |  | $ | 13,621 |  |  | $ | 9,823 |
Commodity |  | Other noncurrent assets |  | 56,691 |  |  | 30,402 |
Foreign exchange |  | Prepaid and other current assets |  | 1,428 |  |  | 419 |
Derivative liabilities: |  |  |  |  |  |
Commodity |  | Other accrued expenses and payables |  | $ | 168 |  |  | $ | 3,445 |
Commodity |  | Other noncurrent liabilities |  | — |  |  | 157 |
Foreign exchange |  | Other accrued expenses and payables |  | 1,323 |  |  | 1,885 |
Foreign exchange |  | Other noncurrent liabilities |  | 13 |  |  | — |
The following table summarizes the effects of derivatives not designated as hedging instruments on 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 May 31, |  | Nine Months Ended May 31,
| Primary Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Commodity |  | Cost of goods sold |  | $ | 943 |  |  | $ | (19,667) |  |  | $ | (3,799) |  |  | $ | (18,957) |
Foreign exchange |  | SG&A expenses |  | 6,108 |  |  | 2,141 |  |  | 8,122 |  |  | 6,123 |
The following tables summarize the effects of derivatives designated as cash flow hedging instruments on 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 May 31, |  | Nine Months Ended May 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Commodity |  | $ | 6,374 |  |  | $ | (29,567) |  |  | $ | 29,476 |  |  | $ | (120,451) |
Foreign exchange |  | 4 |  |  | 8 |  |  | 17 |  |  | 23 |
Gain (Loss) on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCL into Net Earnings (Loss) (in thousands) |  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Primary Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Commodity |  | Cost of goods sold |  | $ | 1,432 |  |  | $ | (797) |  |  | $ | 6,003 |  |  | $ | 1,104 |
Foreign exchange |  | SG&A expenses |  | 31 |  |  | 63 |  |  | 138 |  |  | 185 |
The Company's natural gas and electricity commodity derivatives accounted for as cash flow hedging instruments have maturities extending to May 2028 and December 2034, respectively. Included in the AOCL balance as of May 31, 2025 was an estimated net gain of $11.3 million from cash flow hedging instruments that is expected to be reclassified into net earnings (loss) within the twelve months following May 31, 2025. Cash flows associated with the cash flow hedging instruments are recorded as cash flows from operating activities in the condensed consolidated statements of cash flows. See Note 9, Fair Value, for the fair value of derivative instruments recorded in the condensed consolidated balance sheets.

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