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Derivative Instruments (Tables)
 6 Months Ended
Feb. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of gross notional values of derivative instruments
The following table summarizes the gross notional value of foreign currency forward contracts to purchase British Pound Sterling, Euros, Indian Rupees and Philippine Pesos with U.S. dollars as of February 28, 2023 and August 31, 2022.
February 28, 2023August 31, 2022
(in thousands)Local CurrencyUSDLocal CurrencyUSD
British Pound Sterling£46,000 $55,491 £44,200 $55,567 
Euro€37,500 39,877 €37,500 40,679 
Indian RupeeRs2,987,143 36,200 Rs2,667,928 33,600 
Philippine Peso₱1,767,455 31,600 ₱1,462,060 27,000 
Total$163,168 $156,846 
The following is a summary of the gross notional values of the derivative instruments:

(in thousands)
Gross Notional Value
February 28, 2023August 31, 2022
Foreign currency forward contracts$163,168 $156,846 
Interest rate swap agreement400,000 600,000 
Total cash flow hedges$563,168 $756,846 
Summary of the fair values of derivative instruments The following is a summary of the fair values of our derivative instruments:
Fair Value of Derivative Instruments
(in thousands)Derivative AssetsDerivative Liabilities
Derivatives designated as hedging instrumentsBalance Sheet ClassificationFebruary 28, 2023August 31, 2022Balance Sheet ClassificationFebruary 28, 2023August 31, 2022
Foreign currency forward contractsPrepaid expenses and other current assets$1,738 $— Accounts payable and accrued expenses$1,692 $8,307 
Interest rate swap agreementPrepaid expenses and other current assets9,845 10,621 Accounts payable and accrued expenses— — 
Other assets— 1,791 Other liabilities— — 
Total cash flow hedges$11,583 $12,412 $1,692 $8,307 
Schedule of pre-tax effect of derivative instruments in cash flow hedging relationships
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended February 28, 2023 and February 28, 2022, respectively:
Gain (Loss) Recognized in AOCL on DerivativesLocation of Gain (Loss) Reclassified from AOCL into IncomeGain (Loss) Reclassified from AOCL into Income
(in thousands)February 28,February 28,
Derivatives in Cash Flow Hedging Relationships2023202220232022
Foreign currency forward contracts$(215)$(34)SG&A$(279)$(1,014)
Interest rate swap agreement848 3,795 Interest expense, net3,945 (498)
Total cash flow hedges$633 $3,761 $3,666 $(1,512)
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the six months ended February 28, 2023 and February 28, 2022, respectively:
Gain (Loss) Reclassified in AOCL on DerivativesLocation of Gain (Loss) Reclassified from AOCL into IncomeGain (Loss) Reclassified from AOCL into Income
(in thousands)February 28,February 28,
Derivatives in Cash Flow Hedging Relationships2023202220232022
Foreign currency forward contracts$3,108 $(3,576)SG&A$(5,244)$(1,463)
Interest rate swap agreement4,276 6,378 Interest expense, net6,842 (1,014)
Total cash flow hedges$7,384 $2,802 $1,598 $(2,477)