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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2024
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 to the Consolidated Financial Statements) and is stated net of allowance for doubtful accounts of $3.6 million and $2.8 million as of August 31, 2024 and 2023, respectively.

 

 

 

As of August 31,

 

(In millions)

 

2024

 

 

2023

 

 

2022

 

Allowance for doubtful accounts

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

2.8

 

 

$

2.3

 

 

$

2.4

 

Additions, net of reversals

 

 

0.8

 

 

 

0.5

 

 

 

0.4

 

Usage

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.3

)

Currency translation effect

 

 

0.1

 

 

 

0.2

 

 

 

(0.2

)

Balance at end of period

 

$

3.6

 

 

$

2.8

 

 

$

2.3

 

 

 

 

 

 

 

 

 

 

 
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

 

15 - 25 years

Machinery and equipment

 

3 - 15 years

Other

 

3 - 10 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, 2023

 

$

27.0

 

 

$

(32.1

)

 

$

(2.2

)

 

$

(7.3

)

Other comprehensive income (loss) before reclassifications

 

 

2.9

 

 

 

(14.9

)

 

 

—

 

 

 

(12.0

)

Amounts reclassified from accumulated other comprehensive loss

 

 

(14.7

)

 

 

—

 

 

 

—

 

 

 

(14.7

)

Balance, August 31, 2024

 

$

15.2

 

 

$

(47.0

)

 

$

(2.2

)

 

$

(34.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 
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)

 

2024

 

 

2023

 

 

2022

 

 

Financial Statement Caption

(Gain) loss on derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

(2.0

)

 

$

(2.0

)

 

$

1.2

 

 

Revenue and Cost of revenue

Interest rate swap contracts

 

 

(16.7

)

 

 

(10.8

)

 

 

4.9

 

 

Interest and foreign exchange

 

 

(18.7

)

 

 

(12.8

)

 

 

6.1

 

 

Total before tax

 

 

4.0

 

 

 

3.7

 

 

 

(1.4

)

 

Tax expense (benefit)

 

$

(14.7

)

 

$

(9.1

)

 

$

4.7

 

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 
Interest and Foreign Exchange

Interest and foreign exchange - Interest includes amortization of debt issuance costs and external interest expense. Foreign exchange gains and losses includes the effects of remeasuring monetary assets and liabilities denominated in a currency other than the functional currency of the respective subsidiary.

 

 

 

Year Ended August 31,

 

(In millions)

 

2024

 

 

2023

 

 

2022

 

Interest and foreign exchange:

 

 

 

 

 

 

 

 

 

Interest and other expense

 

$

93.9

 

 

$

79.2

 

 

$

55.7

 

Foreign exchange loss, net

 

 

6.9

 

 

 

6.2

 

 

 

1.7

 

 

 

$

100.8

 

 

$

85.4

 

 

$

57.4