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Derivative Financial Instruments and Hedging Activities (Tables)
3 Months Ended
Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements
November 30, 2023
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
Gross Amount RecognizedCash CollateralDerivative InstrumentsNet Amount
Derivative assets(Dollars in thousands)
Commodity derivatives$216,283 $— $3,005 $213,278 
Foreign exchange derivatives24,252 — 7,169 17,083 
Total$240,535 $— $10,174 $230,361 
Derivative liabilities
Commodity derivatives$275,972 $2,656 $3,905 $269,411 
Foreign exchange derivatives11,671 — 7,169 4,502 
Total$287,643 $2,656 $11,074 $273,913 
August 31, 2023
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
Gross Amount RecognizedCash CollateralDerivative InstrumentsNet Amount
Derivative assets(Dollars in thousands)
Commodity derivatives$280,440 $— $4,866 $275,574 
Foreign exchange derivatives32,402 — 12,330 20,072 
Total$312,842 $— $17,196 $295,646 
Derivative liabilities
Commodity derivatives$349,131 $1,505 $4,866 $342,760 
Foreign exchange derivatives13,799 — 12,330 1,469 
Total$362,930 $1,505 $17,196 $344,229 
Derivatives Not Designated as Hedging Instruments The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Condensed Consolidated Statements of Operations for the three months ended November 30, 2023 and 2022:
Three Months Ended November 30,
Location of Gain (Loss)20232022
(Dollars in thousands)
Commodity derivativesCost of goods sold$8,184 $(135,686)
Foreign exchange derivativesCost of goods sold(4,607)(19,453)
Foreign exchange derivativesMarketing, general and administrative expenses820 237 
Total$4,397 $(154,902)
Schedule of Derivative Instruments, Purchase and Sales Contracts all outstanding commodity contracts:
 November 30, 2023August 31, 2023
LongShortLongShort
 (Units in thousands)
Grain and oilseed (bushels)502,650 719,364 506,654630,803
Energy products (barrels)7,166 6,097 11,8398,085
Processed grain and oilseed (tons)6,594 12,252 7,3809,437
Crop nutrients (tons)61 — 7010
Ocean freight (metric tons)10 — 40
Natural gas (metric million Btu)180 — 460
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the locations on our Condensed Consolidated Balance Sheets in which they are recorded:
Derivative AssetsDerivative Liabilities
Balance Sheet LocationNovember 30,
2023
August 31,
2023
Balance Sheet LocationNovember 30,
2023
August 31,
2023
(Dollars in thousands)(Dollars in thousands)
Other current assets$2,093 $8,395 Other current liabilities$5,352 $5,345 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following table presents the pretax gains (losses) relating to our existing cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three months ended November 30, 2023 and 2022:
Three Months Ended November 30,
Location of Gain (Loss)20232022
  (Dollars in thousands)
Commodity derivativesCost of goods sold$8,082 $(6,929)
Cash flow hedge gain (loss) recorded in other comprehensive income The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the three months ended November 30, 2023 and 2022:
Three Months Ended November 30,
20232022
 (Dollars in thousands)
Commodity derivatives$(6,310)$(29,589)