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Derivative Instruments (Tables) | 9 Months Ended
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May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments (in millions)
|  | Asset Derivatives |  |  | Liability Derivatives |
|  |  |  | May 31, 2024 |  |  | August 31, 2023 |  |  |  |  | May 31, 2024 |  |  | August 31, 2023 |
|  | Balance sheet location |  | Fair Value |  |  | Fair Value |  |  | Balance sheet location |  | Fair Value |  |  | Fair Value |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign forward exchange contracts |  | Accounts receivable, net |  | $ | 5.4 |  |  | $ | 2.5 |  |  | Accounts payable and accrued liabilities |  | $ | 0.1 |  |  | $ | 0.1 |
Interest rate swap contracts |  | Accounts receivable, net |  |  | 34.8 |  |  |  | 34.9 |  |  | Accounts payable and accrued liabilities |  |  | 0.1 |  |  |  | 0.1 |
|  |  |  | $ | 40.2 |  |  | $ | 37.4 |  |  |  |  | $ | 0.2 |  |  | $ | 0.2 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign forward exchange contracts |  | Accounts receivable, net |  | $ | 0.2 |  |  | $ | 0.5 |  |  | Accounts payable and accrued liabilities |  | $ | — |  |  | $ | — |
Effect of Derivative Instruments on the Statements of Operations | The Effect of Derivative Instruments on the Statements of Income (in millions) Three months ended May 31, 2024 and May 31, 2023
Derivatives in cash flow hedging relationships |  | Location of gain (loss) recognized in income on derivatives |  | Gain (loss) recognized in income on derivatives three months ended |
|  |  |  | May 31, 2024 |  |  | May 31, 2023 |
Foreign forward exchange contract |  | Interest and foreign exchange |  | $ | — |  |  | $ | 0.1 |
Derivatives in cash flow hedging relationships | Gain (loss) recognized in OCI on derivatives three months ended May 31, |  | Location of gain (loss) reclassified from accumulated OCI into income | Gain (loss) reclassified from accumulated OCI into income three months ended May 31, |  | Location of gain (loss) on derivatives (amount excluded from effectiveness testing) | Gain (loss) recognized on derivatives (amount excluded from effectiveness testing) three months ended May 31, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Foreign forward exchange contracts | $ | 0.9 |  |  | $ | 2.7 |  | Revenue | $ | 0.9 |  |  | $ | — |  | Revenue | $ | 0.6 |  |  | $ | 0.6 |
Foreign forward exchange contracts |  | 0.3 |  |  |  | 0.6 |  | Cost of revenue |  | 0.2 |  |  |  | 0.5 |  | Cost of revenue |  | 0.2 |  |  |  | 0.1 |
Interest rate swap contracts |  | 6.9 |  |  |  | (7.2 | ) | Interest and foreign exchange |  | 4.3 |  |  |  | 3.4 |  | Interest and foreign exchange |  | — |  |  |  | — |
| $ | 8.1 |  |  | $ | (3.9 | ) |  | $ | 5.4 |  |  | $ | 3.9 |  |  | $ | 0.8 |  |  | $ | 0.7 |
The Effect of Derivative Instruments on the Statements of Income (in millions) Nine months ended May 31, 2024 and May 31, 2023
Derivatives in cash flow hedging relationships |  | Location of gain (loss) recognized in income on derivatives |  | Gain (loss) recognized in income on derivatives nine months ended May 31, |
|  |  |  | 2024 |  |  | 2023 |
Foreign forward exchange contract |  | Interest and foreign exchange |  | $ | 0.2 |  |  | $ | (0.2 | )
Derivatives in cash flow hedging relationships |  | Gain (loss) recognized in OCI on derivatives nine months ended May 31, |  |  | Location of gain (loss) reclassified from accumulated OCI into income |  | Gain (loss) reclassified from accumulated OCI into income nine months ended May 31, |  |  | Location of gain (loss) on derivatives (amount excluded from effectiveness testing) |  | Gain (loss) recognized on derivatives (amount excluded from effectiveness testing) nine months ended May 31, |
|  | 2024 |  |  | 2023 |  |  |  |  | 2024 |  |  | 2023 |  |  |  |  | 2024 |  |  | 2023 |
Foreign forward exchange contracts |  | $ | 3.8 |  |  | $ | 4.7 |  |  | Revenue |  | $ | 1.9 |  |  | $ | (0.9 | ) |  | Revenue |  | $ | 1.8 |  |  | $ | 1.4 |
Foreign forward exchange contracts |  |  | 0.3 |  |  |  | 1.7 |  |  | Cost of revenue |  |  | 0.1 |  |  |  | 1.1 |  |  | Cost of revenue |  |  | 0.8 |  |  |  | 0.5 |
Interest rate swap contracts |  |  | 12.9 |  |  |  | 11.8 |  |  | Interest and foreign exchange |  |  | 12.8 |  |  |  | 6.8 |  |  | Interest and foreign exchange |  |  | — |  |  |  | — |
|  | $ | 17.0 |  |  | $ | 18.2 |  |  |  |  | $ | 14.8 |  |  | $ | 7.0 |  |  |  |  | $ | 2.6 |  |  | $ | 1.9 |
Effects of Cash Flow Hedges Included in Statements of Operations | The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded and the effects of the cash flow hedge activity on these line items for the three months ended May 31, 2024 and May 31, 2023:
|  | Three months ended May 31, |
|  | 2024 |  |  | 2023 |
|  | Total |  |  | Amount of gain (loss) on cash flow hedge activity |  |  | Total |  |  | Amount of gain (loss) on cash flow hedge activity |
Revenue |  | $ | 820.2 |  |  | $ | 0.9 |  |  | $ | 1,038.1 |  |  | $ | — |
Cost of revenue |  | $ | 696.4 |  |  | $ | 0.2 |  |  | $ | 910.0 |  |  | $ | 0.5 |
Interest and foreign exchange |  | $ | 24.7 |  |  | $ | 4.3 |  |  | $ | 22.8 |  |  | $ | 3.4 |
The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded and the effects of the cash flow hedge activity on these line items for the nine months ended May 31, 2024 and May 31, 2023:
|  | Nine months ended May 31, |
|  | 2024 |  |  | 2023 |
|  | Total |  |  | Amount of gain (loss) on cash flow hedge activity |  |  | Total |  |  | Amount of gain (loss) on cash flow hedge activity |
Revenue |  | $ | 2,491.7 |  |  | $ | 1.9 |  |  | $ | 2,926.6 |  |  | $ | (0.9 | )
Cost of revenue |  | $ | 2,124.4 |  |  | $ | 0.1 |  |  | $ | 2,612.2 |  |  | $ | 1.1 |
Interest and foreign exchange |  | $ | 72.5 |  |  | $ | 12.8 |  |  | $ | 64.0 |  |  | $ | 6.8 |

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