XML 45 R16.htm IDEA: XBRL DOCUMENT
v3.24.1

Fair Value Measurements | 6 Months Ended
--- | ---
Feb. 29, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction among the market participants on the measurement date. We determine fair values of derivative instruments and certain other assets based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize use of observable inputs and minimize use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are unobservable inputs that are supported by little or no market activity for the assets or liabilities. Categorization within the valuation hierarchy is based on the lowest level of input significant to the fair value measurement. Recurring fair value measurements as of February 29, 2024, and August 31, 2023, are as follows:
| February 29, 2024
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets | (Dollars in thousands)
Commodity derivatives | $ | 4,954 |  |  | $ | 252,001 |  |  | $ | — |  |  | $ | 256,955 |
Foreign exchange derivatives | — |  |  | 16,880 |  |  | — |  |  | 16,880 |
Segregated investments and marketable securities | 150,673 |  |  | — |  |  | — |  |  | 150,673 |
Other assets | 149,236 |  |  | — |  |  | — |  |  | 149,236 |
Total | $ | 304,863 |  |  | $ | 268,881 |  |  | $ | — |  |  | $ | 573,744 |
Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 5,415 |  |  | $ | 269,747 |  |  | $ | — |  |  | $ | 275,162 |
Foreign exchange derivatives | — |  |  | 4,179 |  |  | — |  |  | 4,179 |
Total | $ | 5,415 |  |  | $ | 273,926 |  |  | $ | — |  |  | $ | 279,341 |
| August 31, 2023
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets | (Dollars in thousands)
Commodity derivatives | $ | 5,344 |  |  | $ | 283,491 |  |  | $ | — |  |  | $ | 288,835 |
Foreign exchange derivatives | — |  |  | 32,402 |  |  | — |  |  | 32,402 |
Segregated investments and marketable securities | 225,715 |  |  | — |  |  | — |  |  | 225,715 |
Other assets | 89,592 |  |  | — |  |  | — |  |  | 89,592 |
Total | $ | 320,651 |  |  | $ | 315,893 |  |  | $ | — |  |  | $ | 636,544 |
Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 7,501 |  |  | $ | 346,975 |  |  | $ | — |  |  | $ | 354,476 |
Foreign exchange derivatives | — |  |  | 13,799 |  |  | — |  |  | 13,799 |
Total | $ | 7,501 |  |  | $ | 360,774 |  |  | $ | — |  |  | $ | 368,275 |
Commodity and foreign exchange derivatives. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. Our forward commodity purchase and sales contracts with fixed-price components, select ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange-traded prices and/or recent market bids and offers, including location-specific adjustments, and are classified within Level 2. Location-specific inputs are driven by local market supply and demand and are generally based on broker or dealer quotations or market transactions in either listed or OTC markets. Changes in the fair values of these contracts are recognized in our Condensed Consolidated Statements of Operations as a component of cost of goods sold. Segregated investments and marketable securities and other assets. Our segregated investments and marketable securities and other assets are comprised primarily of investments in various government agencies, U.S. Treasury securities, money market funds and rabbi trust assets, which are valued using quoted market prices and classified within Level 1.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration