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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Aug. 31, 2021
Accounting Policies [Abstract] |
Allowance for Doubtful Accounts | Accounts receivable - Accounts receivable consists of receivables from customers and receivables from related parties (see Note 16 - Related Party Transactions) and is stated net of allowance for doubtful accounts of $2.4 million and $2.7 million as of August 31, 2021 and 2020, respectively.
|  | As of August 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Allowance for doubtful accounts |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 2,670 |  |  | $ | 2,176 |  |  | $ | 2,701 |
Additions, net of reversals |  |  | 613 |  |  |  | 1,661 |  |  |  | 773 |
Usage |  |  | (835 | ) |  |  | (1,291 | ) |  |  | (1,311 | )
Currency translation effect |  |  | (40 | ) |  |  | 124 |  |  |  | 13 |
Balance at end of period |  | $ | 2,408 |  |  | $ | 2,670 |  |  | $ | 2,176 |
Estimated Useful Lives | Depreciation is provided on the straight-line method over estimated useful lives which primarily are as follows:
|  | Depreciable Life
Buildings and improvements |  | 10 - 30 years
Machinery and equipment |  | 3 - 20 years
Other |  | 3 - 7 years
Components of Accumulated Other Comprehensive Loss, Net of Tax | Accumulated other comprehensive loss – Accumulated other comprehensive loss, net of tax as appropriate, consisted of the following:
(In thousands) |  | Unrealized Gain (Loss) on Derivative Financial Instruments |  |  | Foreign Currency Translation Adjustment |  |  | Other |  |  | Accumulated Other Comprehensive Loss |
Balance, August 31, 2020 |  | $ | (11,970 | ) |  | $ | (39,816 | ) |  | $ | (1,031 | ) |  | $ | (52,817 | )
Other comprehensive income (loss) before reclassifications |  |  | (394 | ) |  |  | 3,995 |  |  |  | 524 |  |  | $ | 4,125 |
Amounts reclassified from accumulated other comprehensive loss |  |  | 4,979 |  |  |  | — |  |  |  | — |  |  | $ | 4,979 |
Balance, August 31, 2021 |  | $ | (7,385 | ) |  | $ | (35,821 | ) |  | $ | (507 | ) |  | $ | (43,713 | )
Amounts Reclassified out of Accumulated Other Comprehensive Loss | The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with the financial statement caption, were as follows:
|  | Year Ended August 31, |  |  |
(In thousands) |  | 2021 |  |  | 2020 |  |  | Financial Statement Caption
(Gain) loss on derivative financial instruments: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1,408 |  |  | $ | 2,984 |  |  | Revenue and Cost of revenue
Interest rate swap contracts |  |  | 5,261 |  |  |  | 2,657 |  |  | Interest and foreign exchange
|  |  | 6,669 |  |  |  | 5,641 |  |  | Total before tax
|  |  | (1,690 | ) |  |  | (1,466 | ) |  | Tax expense
|  | $ | 4,979 |  |  | $ | 4,175 |  |  | Net of tax
Interest and Foreign Exchange | Interest and foreign exchange - Interest and foreign exchange includes foreign exchange transaction gains and losses, amortization of loan fee expense, accretion of debt discounts and external interest expense.
|  | Years ended August 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Interest and foreign exchange: |  |  |  |  |  |  |  |  |  |  |  |
Interest and other expense |  | $ | 44,655 |  |  | $ | 42,386 |  |  | $ | 32,260 |
Foreign exchange (gain) loss |  |  | (1,392 | ) |  |  | 1,233 |  |  |  | (1,348 | )
|  | $ | 43,263 |  |  | $ | 43,619 |  |  | $ | 30,912 |

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