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Derivative Instruments (Tables)
 3 Months Ended
Nov. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of gross notional values of derivative instruments
The following is a summary of the gross notional values of the derivative instruments:

(in thousands)
Gross Notional Value
November 30, 2021August 31, 2021
Foreign currency forward contracts$158,357 $154,728 
Interest rate swap agreement287,500 287,500 
Total cash flow hedges$445,857 $442,228 
Summary of the fair values of derivative instruments The following is a summary of the fair values of the derivative instruments:
Fair Value of Derivative Instruments
(in thousands)Derivative AssetsDerivative Liabilities
Derivatives designated as hedging instrumentsBalance Sheet ClassificationNovember 30, 2021August 31, 2021Balance Sheet ClassificationNovember 30, 2021August 31, 2021
Foreign currency forward contractsPrepaid expenses and other current assets$193 $1,384 Accounts payable and accrued expenses$3,102 $1,201 
Interest rate swap agreementPrepaid expenses and other current assets— — Accounts payable and accrued expenses1,357 1,934 
Other assets1,476 — Other liabilities— 1,045 
Total cash flow hedges$1,669 $1,384 $4,459 $4,181 
Schedule of pre-tax effect of derivative instruments in cash flow hedging relationships The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended November 30, 2021 and November 30, 2020, respectively:
(Loss) Gain Reclassified from AOCL into Income Location of (Loss) Gain Reclassified from AOCL into Income(Loss) Gain Reclassified from AOCL into Income
(in thousands)November 30,November 30,
Derivatives in Cash Flow Hedging Relationships2021202020212020
Foreign currency forward contracts$(3,542)$248 SG&A$(449)$817 
Interest rate swap agreement2,583 (56)Interest expense, net(516)(470)
Total cash flow hedges$(959)$192 $(965)$347