Derivative Instruments (Tables)

9 Months Ended

May 31, 2022

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
	May 31, 2022		August 31, 2021
Foreign currency forward contracts	$	156,097	$	154,728
Interest rate swap agreement	700,000		287,500
Total cash flow hedges	$	856,097	$	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 Assets					Derivative Liabilities
Derivatives designated as hedging instruments	Balance Sheet Classification	May 31, 2022		August 31, 2021		Balance Sheet Classification	May 31, 2022		August 31, 2021
Foreign currency forward contracts	Prepaid expenses and other current assets	$	554	$	1,384	Accounts payable and accrued expenses	$	3,963	$	1,201
Interest rate swap agreement	Prepaid expenses and other current assets	5,447		—		Accounts payable and accrued expenses	—		1,934
	Other assets	2,604		—		Other liabilities	—		1,045
Total cash flow hedges		$	8,605	$	1,384		$	3,963	$	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 May 31, 2022 and May 31, 2021, respectively:

	Gain (Loss) Reclassified in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
(in thousands)	May 31,					May 31,
Derivatives in Cash Flow Hedging Relationships	2022		2021			2022		2021
Foreign currency forward contracts	$	(4,114)	$	3,214	SG&A	$	(2,635)	$	1,672
Interest rate swap agreement	5,629		(683)		Interest expense, net	1,990		(502)
Total cash flow hedges	$	1,515	$	2,531		$	(645)	$	1,170

The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the nine months ended May 31, 2022 and May 31, 2021, respectively:
	Gain (Loss) Reclassified in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Gain (Loss) Reclassified from AOCL into Income
(in thousands)	May 31,					May 31,
Derivatives in Cash Flow Hedging Relationships	2022		2021			2022		2021
Foreign currency forward contracts	$	(7,690)	$	5,341	SG&A	$	(4,098)	$	4,558
Interest rate swap agreement	12,007		723		Interest expense, net	976		(1,444)
Total cash flow hedges	$	4,317	$	6,064		$	(3,122)	$	3,114