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Derivative Instruments (Tables)
 6 Months Ended
Feb. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments

Fair Values of Derivative Instruments

(in millions)

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

 

 

February 28,
2023

 

 

August 31,
2022

 

 

 

 

February 28,
2023

 

 

August 31,
2022

 

 

 

Balance sheet location

 

Fair Value

 

 

Fair Value

 

 

Balance sheet location

 

Fair Value

 

 

Fair Value

 

Derivatives designated
   as hedging
   instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign forward
   exchange contracts

 

Accounts receivable,
net

 

$

1.5

 

 

$

0.6

 

 

Accounts payable and
accrued liabilities

 

$

0.4

 

 

$

2.9

 

Interest rate swap
contracts

 

Accounts receivable,
net

 

 

36.4

 

 

 

20.8

 

 

Accounts payable and
accrued liabilities

 

 

—

 

 

 

-

 

 

 

 

$

37.9

 

 

$

21.4

 

 

 

 

$

0.4

 

 

$

2.9

 

Derivatives not
   designated as
   hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign forward
  exchange contracts

 

Accounts receivable,
  net

 

$

—

 

 

$

—

 

 

Accounts payable and
accrued liabilities

 

$

—

 

 

$

0.1

 
Effect of Derivative Instruments on the Statements of Income

The Effect of Derivative Instruments on the Statements of Income

(in millions)

 

Three Months Ended February 28, 2023 and 2022

 

Derivatives in cash flow hedging relationships

 

Location of gain (loss)
recognized in income
on derivatives

 

Gain (loss) recognized in income on
derivatives three months ended February 28,

 

 

 

 

 

2023

 

 

2022

 

Foreign forward exchange contract

 

Interest and foreign exchange

 

$

(0.3

)

 

$

(0.1

)

 

Derivatives in
cash flow hedging
relationships

Gain (loss) recognized
in OCI on derivatives
three months ended February 28,

 

Location of gain
(loss) reclassified
from accumulated
OCI into income

Gain (loss) reclassified
from accumulated OCI
into income three months
ended February 28,

 

Location of gain
(loss) on derivative
(amount
excluded from
effectiveness
testing)

Gain (loss) recognized
on derivative
(amount excluded from
effectiveness testing)
three months ended February 28,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Foreign
   forward
   exchange
   contracts

$

0.5

 

 

$

(0.4

)

Revenue

$

(0.5

)

 

$

(0.2

)

Revenue

$

0.5

 

 

$

0.3

 

Foreign
   forward
   exchange
   contracts

 

0.8

 

 

 

1.4

 

Cost of
revenue

 

0.4

 

 

 

—

 

Cost of
   revenue

 

0.3

 

 

 

0.3

 

Interest rate
   swap
   contracts

 

8.6

 

 

 

0.6

 

Interest and
foreign
exchange

 

2.4

 

 

 

(1.3

)

Interest and
   foreign
   exchange

 

—

 

 

 

—

 

 

$

9.9

 

 

$

1.6

 

 

$

2.3

 

 

$

(1.5

)

 

$

0.8

 

 

$

0.6

 

Six Months Ended February 28, 2023 and 2022

 

Derivatives in cash flow hedging relationships

 

Location of gain (loss)
recognized in income
on derivatives

 

Gain (loss) recognized in income on
derivatives six months ended February 28,

 

 

 

 

 

2023

 

 

2022

 

Foreign forward exchange contract

 

Interest and foreign exchange

 

$

(0.3

)

 

$

(0.4

)

 

Derivatives in
cash flow hedging
relationships

 

Gain (loss) recognized
in OCI on derivatives
six months ended February 28,

 

 

Location of gain
(loss) reclassified
from accumulated
OCI into income

 

Gain (loss) reclassified
from accumulated OCI
into income six months
ended February 28,

 

 

Location of gain
(loss) on derivative
(amount
excluded from
effectiveness
testing)

 

Gain (loss) recognized
on derivative
(amount excluded from
effectiveness testing)
six months ended February 28,

 

 

 

2023

 

 

2022

 

 

 

 

2023

 

 

2022

 

 

 

 

2023

 

 

2022

 

Foreign
   forward
   exchange
   contracts

 

$

2.0

 

 

$

(5.0

)

 

Revenue

 

$

(0.9

)

 

$

(0.4

)

 

Revenue

 

$

0.8

 

 

$

0.5

 

Foreign
   forward
   exchange
   contracts

 

 

1.1

 

 

 

0.1

 

 

Cost of
revenue

 

 

0.6

 

 

 

—

 

 

Cost of
   revenue

 

 

0.4

 

 

 

0.4

 

Interest rate
   swap
   contracts

 

 

19.0

 

 

 

2.3

 

 

Interest and
foreign
exchange

 

 

3.4

 

 

 

(2.6

)

 

Interest and
   foreign
   exchange

 

 

—

 

 

 

—

 

 

 

$

22.1

 

 

$

(2.6

)

 

 

 

$

3.1

 

 

$

(3.0

)

 

 

 

$

1.2

 

 

$

0.9

 
Effects of Cash Flow Hedges Included in Statements of Income

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded and the effects of the cash flow hedge activity on these line items for the three months ended February 28, 2023 and 2022:

 

 

 

For The Three Months Ended February 28,

 

 

 

2023

 

 

2022

 

 

 

Total

 

 

Amount of gain
(loss) on cash
flow hedge
activity

 

 

Total

 

 

Amount of gain
(loss) on cash
flow hedge
activity

 

Revenue

 

$

1,122.0

 

 

$

(0.5

)

 

$

682.8

 

 

$

(0.2

)

Cost of revenue

 

$

1,005.2

 

 

$

0.4

 

 

$

628.0

 

 

$

—

 

Interest and foreign exchange

 

$

21.6

 

 

$

2.4

 

 

$

11.8

 

 

$

(1.3

)

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded and the effects of the cash flow hedge activity on these line items for the six months ended February 28, 2023 and 2022:

 

 

 

For The Six Months Ended February 28,

 

 

 

2023

 

 

2022

 

 

 

Total

 

 

Amount of gain
(loss) on cash
flow hedge
activity

 

 

Total

 

 

Amount of gain
(loss) on cash
flow hedge
activity

 

Revenue

 

$

1,888.5

 

 

$

(0.9

)

 

$

1,233.5

 

 

$

(0.4

)

Cost of revenue

 

$

1,702.2

 

 

$

0.6

 

 

$

1,131.1

 

 

$

—

 

Interest and foreign exchange

 

$

41.2

 

 

$

3.4

 

 

$

24.4

 

 

$

(2.6

)