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Fair Value Measures
 12 Months Ended
Aug. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measures

Note 21 – Fair Value Measures

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value 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 which prioritizes the inputs used in measuring a 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 August 31, 2025 are:

(In millions)

 

Total

 

 

Level 1

 

 

Level 2(1)

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

19.0

 

 

$

—

 

 

$

19.0

 

 

$

—

 

Nonqualified savings plan investments

 

 

59.4

 

 

 

59.4

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

134.0

 

 

 

134.0

 

 

 

—

 

 

 

—

 

 

$

212.4

 

 

$

193.4

 

 

$

19.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

3.6

 

 

$

—

 

 

$

3.6

 

 

$

—

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2024 are:

(In millions)

 

Total

 

 

Level 1

 

 

Level 2(1)

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

24.0

 

 

$

—

 

 

$

24.0

 

 

$

—

 

Nonqualified savings plan investments

 

 

54.5

 

 

 

54.5

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

195.3

 

 

 

195.3

 

 

 

—

 

 

 

—

 

 

$

273.8

 

 

$

249.8

 

 

$

24.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

1.4

 

 

$

—

 

 

$

1.4

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 12 - Derivative Instruments to the Consolidated Financial Statements for further discussion.