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v3.22.2.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Aug. 31, 2022
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 $2.3 million and $2.4 million as of August 31, 2022 and 2021, respectively.
|  | As of August 31, |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Allowance for doubtful accounts |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 2.4 |  |  | $ | 2.7 |  |  | $ | 2.2 |
Additions, net of reversals |  |  | 0.4 |  |  |  | 0.6 |  |  |  | 1.7 |
Usage |  |  | (0.3 | ) |  |  | (0.8 | ) |  |  | (1.3 | )
Currency translation effect |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | 0.1 |
Balance at end of period |  | $ | 2.3 |  |  | $ | 2.4 |  |  | $ | 2.7 |
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 millions) |  | Unrealized Gain (Loss) on Derivative Financial Instruments |  |  | Foreign Currency Translation Adjustment |  |  | Other |  |  | Accumulated Other Comprehensive Loss |
Balance, August 31, 2021 |  | $ | (7.4 | ) |  | $ | (35.8 | ) |  | $ | (0.5 | ) |  | $ | (43.7 | )
Other comprehensive income (loss) before reclassifications |  |  | 15.7 |  |  |  | (21.6 | ) |  |  | (0.7 | ) |  | $ | (6.6 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | 4.7 |  |  |  | — |  |  |  | — |  |  | $ | 4.7 |
Balance, August 31, 2022 |  | $ | 13.0 |  |  | $ | (57.4 | ) |  | $ | (1.2 | ) |  | $ | (45.6 | )
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 millions) |  | 2022 |  |  | 2021 |  |  | Financial Statement Caption
(Gain) loss on derivative financial instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1.2 |  |  | $ | 1.4 |  |  | Revenue and Cost of revenue
Interest rate swap contracts |  |  | 4.9 |  |  |  | 5.3 |  |  | Interest and foreign exchange
|  |  | 6.1 |  |  |  | 6.7 |  |  | Total before tax
|  |  | (1.4 | ) |  |  | (1.7 | ) |  | Tax expense
|  | $ | 4.7 |  |  | $ | 5.0 |  |  | Net of tax
Interest and Foreign Exchange | Interest and foreign exchange - Interest and foreign exchange includes foreign exchange transaction gains and losses, amortization of debt issuance costs, and external interest expense.
|  | Year Ended August 31, |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Interest and foreign exchange: |  |  |  |  |  |  |  |  |
Interest and other expense |  | $ | 55.7 |  |  | $ | 44.7 |  |  | $ | 42.4 |
Foreign exchange (gain) loss |  |  | 1.7 |  |  |  | (1.4 | ) |  |  | 1.2 |
|  | $ | 57.4 |  |  | $ | 43.3 |  |  | $ | 43.6 |

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