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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:
CommodityPosition   Total
CopperLong1,142  MT
CopperShort9,247  MT
ElectricityLong2,917,000 MW(h)
Natural GasLong4,662,000 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 as reported in the condensed consolidated balance sheets:
(in thousands)Primary LocationMay 31, 2025August 31, 2024
Derivative assets:
CommodityPrepaid and other current assets$13,621 $9,823 
CommodityOther noncurrent assets56,691 30,402 
Foreign exchangePrepaid and other current assets1,428 419 
Derivative liabilities:
CommodityOther accrued expenses and payables$168 $3,445 
CommodityOther noncurrent liabilities— 157 
Foreign exchangeOther accrued expenses and payables1,323 1,885 
Foreign exchangeOther noncurrent liabilities13 — 

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 Location2025202420252024
CommodityCost of goods sold$943 $(19,667)$(3,799)$(18,957)
Foreign exchangeSG&A expenses6,108 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,
2025202420252024
Commodity$6,374 $(29,567)$29,476 $(120,451)
Foreign exchange4 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 Location2025202420252024
CommodityCost of goods sold$1,432 $(797)$6,003 $1,104 
Foreign exchangeSG&A expenses31 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.