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Fair Value Measures | 9 Months Ended
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May 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measures | Note 17 – Fair Value Measures Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments; Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of May 31, 2023 were:
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 (1) |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 29.8 |  |  | $ | — |  |  | $ | 29.8 |  |  | $ | — |
Nonqualified savings plan investments |  |  | 43.8 |  |  |  | 43.8 |  |  |  | — |  |  |  | — |
Cash equivalents |  |  | 60.7 |  |  |  | 60.7 |  |  |  | — |  |  |  | — |
|  | $ | 134.3 |  |  | $ | 104.5 |  |  | $ | 29.8 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Assets and liabilities measured at fair value on a recurring basis as of August 31, 2022 were:
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 (1) |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 21.4 |  |  | $ | — |  |  | $ | 21.4 |  |  | $ | — |
Nonqualified savings plan investments |  |  | 40.3 |  |  |  | 40.3 |  |  |  | — |  |  |  | — |
Cash equivalents |  |  | 119.4 |  |  |  | 119.4 |  |  |  | — |  |  |  | — |
|  | $ | 181.1 |  |  | $ | 159.7 |  |  | $ | 21.4 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 3.0 |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | — |
(1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 13 - Derivative Instruments for further discussion.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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