Fair Value of Financial Instruments

12 Months Ended

Aug. 31, 2023

Fair Value Of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 24 – Fair Value of Financial Instruments

The estimated fair values of financial instruments and the methods and assumptions used to estimate such fair values are as follows:

(In millions)	Carrying Amount 1		Estimated Fair Value (Level 2)
Notes payable as of August 31, 2023	$	1,328.1	$	1,314.3
Notes payable as of August 31, 2022	$	1,289.0	$	1,231.2

1 Carrying amount disclosed in this table excludes other notes payable and debt discount and issuance costs.

The carrying amount of cash and cash equivalents, accounts receivable, revolving notes and accounts payable and accrued liabilities is a reasonable estimate of fair value of these financial instruments. Estimated rates currently available to the Company for debt with similar terms and remaining maturities and current market data are used to estimate the fair value of notes payable.