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Derivative Instruments (Tables)
 12 Months Ended
Aug. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Hedging Position and Corresponding Fair Values
The following is a summary of the gross notional values of the derivative instruments:


(in thousands, in U.S. dollars)
Gross Notional Value
August 31, 2020
August 31, 2019
Foreign currency forward contracts$129,649 $113,700 
Interest rate swap agreement287,500 — 
Total cash flow hedges$417,149 $113,700 
Fair Value Amounts of Derivative Instruments and Gains
The following is a summary of the fair values of the derivative instruments:
Fair Value of Derivative Instruments
Derivatives designated as hedging instrumentsDerivative AssetsDerivative Liabilities
August 31,August 31,
2020201920202019
Balance Sheet ClassificationFair ValueFair ValueBalance Sheet ClassificationFair ValueFair Value
Foreign currency forward contractsPrepaid expenses and other current assets$3,644 $520 Accounts payable and accrued expenses$93 $3,575 
Interest rate swap agreementPrepaid expenses and other current assets— — Accounts payable and accrued expenses1,861 — 
Other assets— — Other non-current liabilities3,819 — 
Total cash flow hedges$3,644 $520 $5,773 $3,575 
Derivatives in Cash Flow Hedging Relationships
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the each of the three fiscal years ended August 31, 2020, 2019 and 2018:

(in thousands)
Gain (Loss) Recognized
in AOCL on Derivatives
(Effective Portion)
Location of (Loss) Gain Reclassified
from AOCL
into Income
(Effective Portion)
(Loss) Gain Reclassified
from AOCL into Income
(Effective Portion)
Derivatives in Cash Flow Hedging Relationships
202020192018202020192018
Foreign currency forward contracts$5,049 $(187)$(7,700)SG&A$(1,556)$(1,794)$3,106 
Interest rate swap agreement$(6,138)$— $— Interest expense, net$(458)$— $— 
Total cash flow hedges$(1,089)$(187)$(7,700)$(2,014)$(1,794)$3,106