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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Aug. 31, 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 our foreign currency forward contracts to purchase the respective local currency with U.S. dollars:
August 31, 2023August 31, 2022
(in thousands)Local CurrencyUSDLocal CurrencyUSD
British Pound Sterling£45,000 $56,098 £44,200 $55,567 
Euro€39,000 42,646 €37,500 40,679 
Indian RupeeRs3,363,150 40,300 Rs2,667,928 33,600 
Philippine Peso₱1,888,541 33,600 ₱1,462,060 27,000 
Total$172,644 $156,846 
The following is a summary of the gross notional values of our derivative instruments:

(in thousands)
Gross Notional Value
August 31, 2023August 31, 2022
Foreign currency forward contracts$172,644 $156,846 
Interest rate swap agreement200,000 600,000 
Total cash flow hedges$372,644 $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 ClassificationAugust 31, 2023August 31, 2022Balance Sheet ClassificationAugust 31, 2023August 31, 2022
Foreign currency forward contractsPrepaid expenses and other current assets$1,260 $— Accounts payable and accrued expenses$608 $8,307 
Interest rate swap agreementPrepaid expenses and other current assets3,123 10,621 Accounts payable and accrued expenses— — 
Other assets— 1,791 Other liabilities— — 
Total cash flow hedges$4,383 $12,412 $608 $8,307 
Schedule of Derivative Recognition
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the years ended August 31, 2023, 2022 and 2021:
(in thousands)
Gain (Loss) Recognized in AOCL on DerivativesLocation of Gain (Loss) Reclassified from AOCL into IncomeGain (Loss) Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships
202320222021202320222021
Foreign currency forward contracts$5,783 $(16,356)$1,660 SG&A$(3,176)$(7,867)$5,027 
Interest rate swap agreement4,368 17,245 745 Interest expense13,657 1,854 (1,956)
Total cash flow hedges$10,151 $889 $2,405 $10,481 $(6,013)$3,071