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Fair Value Measurements | 12 Months Ended
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Aug. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 14 – Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 31, 2023 and 2022, respectively:
|  | August 31, 2023 |
($ in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 160,755 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,755 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | — |  |  |  | 4,095 |  |  |  | — |  |  |  | 4,095 |
U.S. treasury securities |  |  | — |  |  |  | 1,461 |  |  |  | — |  |  |  | 1,461 |
Derivative asset |  |  | — |  |  |  | 1,672 |  |  |  | — |  |  |  | 1,672 |
Derivative liability |  |  | — |  |  |  | (457 | ) |  |  | — |  |  |  | (457 | )
|  | August 31, 2022 |
($ in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | 105,048 |  |  | $ | — |  |  | $ | — |  |  | $ | 105,048 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | — |  |  |  | 9,668 |  |  |  | — |  |  |  | 9,668 |
U.S. treasury securities |  |  | — |  |  |  | 1,792 |  |  |  | — |  |  |  | 1,792 |
Derivative asset |  |  | — |  |  |  | 5,505 |  |  |  | — |  |  |  | 5,505 |
The carrying value of long-term debt (including current portion) was $115.7 million and $115.9 million at August 31, 2023 and 2022, respectively. The fair value of this debt was estimated to be $102.0 million and $103.6 million as of August 31, 2023 and 2022, respectively, based on current market rates as of the respective year-ends. The Company enters into derivative instrument agreements, to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit and does not enter into derivative instrument agreements for trading or speculative purposes. The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates. On June 12, 2023, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $25.0 million, or €23.3 million, that is set to mature on June 12, 2026. The Company elected the spot method for designating this contract as a net investment hedge. The decrease in fair value of this contract during the period was $0.3 million, which is net of tax impact of $0.1 million, and is reported in accumulated other comprehensive loss on the condensed consolidated balance sheets. The fair value of this contract as of August 31, 2023, is disclosed in the table above, and is recorded within other noncurrent assets on the consolidated balance sheets. On March 28, 2022, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $50.0 million, or €45.6 million, that is set to mature on March 30, 2027. The Company elected the spot method for designating this contract as a net investment hedge. The decrease in fair value of this contract during the period was $2.9 million, which is net of tax impact of $0.9 million, and is reported in accumulated other comprehensive loss on the consolidated balance sheets. The fair value of this contract as of August 31, 2023, is disclosed in the table above, and is recorded within other noncurrent assets on the consolidated balance sheets. During fiscal 2023, the Company settled foreign currency forward contracts resulting in a net loss of $0.1 million which were recorded in the consolidated statements of earnings. At August 31, 2023 the Company had an outstanding foreign currency forward contract to sell a notional amount of 225.3 million South African rand at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts do not qualify as hedges of a net investment in foreign operations.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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