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Derivative Instruments (Tables)
 6 Months Ended
Feb. 29, 2024
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 as of:
February 29, 2024August 31, 2023
(in thousands)Local Currency AmountNotional Contract Amount (USD)Local Currency AmountNotional Contract Amount (USD)
British Pound Sterling£42,400 $53,431 £45,000 $56,098 
Indian RupeeRs4,391,942 52,400 Rs3,363,150 40,300 
Euro€43,700 47,960 €39,000 42,646 
Philippine Peso₱1,890,330 33,600 ₱1,888,541 33,600 
Total$187,391 $172,644 
The following is a summary of the gross notional values of our derivative instruments:

(in thousands)
Gross Notional Value
February 29, 2024August 31, 2023
Foreign currency forward contracts$187,391 $172,644 
Interest rate swap agreement— 200,000 
Total cash flow hedges$187,391 $372,644 
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 29, 2024August 31, 2023Balance Sheet ClassificationFebruary 29, 2024August 31, 2023
Foreign currency forward contractsPrepaid expenses and other current assets$418 $1,260 Accounts payable and accrued expenses$490 $608 
Interest rate swap agreementPrepaid expenses and other current assets— 3,123 Accounts payable and accrued expenses— — 
Total cash flow hedges$418 $4,383 $490 $608 
Schedule of pre-tax effect of derivative instruments in cash flow hedging relationships
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended February 29, 2024 and February 28, 2023:
Gain (Loss) Recognized in AOCL on DerivativesLocation of Gain (Loss) Reclassified from AOCL into IncomeGain (Loss) Reclassified from AOCL into Income
(in thousands)February 29,February 28,February 29,February 28,
Derivatives in Cash Flow Hedging Relationships2024202320242023
Foreign currency forward contracts$(623)$(215)SG&A$(47)$(279)
Interest rate swap agreement17 848 Interest expense1,046 3,945 
Total cash flow hedges$(606)$633 $999 $3,666 
The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the six months ended February 29, 2024 and February 28, 2023:
Gain (Loss) Reclassified in AOCL on DerivativesLocation of Gain (Loss) Reclassified from AOCL into IncomeGain (Loss) Reclassified from AOCL into Income
(in thousands)February 29,February 28,February 29,February 28,
Derivatives in Cash Flow Hedging Relationships2024202320242023
Foreign currency forward contracts$(406)$3,108 SG&A$318 $(5,244)
Interest rate swap agreement27 4,276 Interest expense3,150 6,842 
Total cash flow hedges$(379)$7,384 $3,468 $1,598