Derivatives And Risk Management (Tables)

12 Months Ended

Aug. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives not designated as hedging instruments

The following tables summarize activities related to the Company’s derivative instruments and hedged (underlying) items recognized within the statements of operations (in thousands) for the years ended August 31:

Derivatives Not Designated as Hedging Instruments	Location	2012			2011			2010
Commodity	Cost of goods sold	$	4,496		$	(10,857	)	$	(5,745	)
Foreign exchange	Net sales	(199		)	38			(898		)
Foreign exchange	Cost of goods sold	(537		)	1,412			(1,153		)
Foreign exchange	SG&A expenses	(872		)	(8,025		)	32
Gain (loss) before taxes		$	2,888		$	(17,432	)	$	(7,764	)

Derivatives designated as fair value hedging instruments

Hedged (underlying) items relate to firm commitments on commercial sales and purchases and capital expenditures. As of August 31, 2011, fair value hedge accounting for interest rate swap contracts increased the carrying value of debt instruments by $48.6 million.

Derivatives Designated as Fair Value Hedging Instruments		August 31,
	Location	2012		2011			2010
Foreign exchange	SG&A expenses	$	383	$	(15,053	)	(4,194	)
Interest rate	Interest expense	10,561		33,485			32,438
Gain before taxes		$	10,944	$	18,432		28,244

Hedged (underlying) items designated as fair value hedging instruments

Hedged (Underlying) Items Designated as Fair Value Hedging Instruments		August 31,
	Location	2012			2011			2010
Foreign exchange	Net sales	$	—		$	91		39
Foreign exchange	SG&A expenses	(383		)	14,955			4,147
Interest rate	Interest expense	(10,561		)	(33,485		)	(32,438	)
Loss before taxes		$	(10,944	)	$	(18,439	)	(28,252	)

Effective portion of derivatives designated as cash flow hedging instruments recognized In accumulated other comprehensive income (loss)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)	August 31,
	2012			2011		2010
Commodity	$	—		$	26	27
Foreign exchange	(1,545		)	797		264
Gain (loss), net of taxes	$	(1,545	)	$	823	291

Effective portion of derivatives designated as cash flow hedging instruments reclassified from accumulated other comprehensive income (loss)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss)		August 31,
	Location	2012			2011		2010
Commodity	Cost of  goods sold	$	27		$	195	(7	)
Foreign exchange	Net sales	(826		)	—		—
Foreign exchange	SG&A expenses	(300		)	365		(81	)
Interest rate	Interest expense	521			458		458
Gain (loss), net of taxes		$	(578	)	$	1,018	370

Derivative assets

The Company’s derivative instruments were recorded at their respective fair values as follows on the consolidated balance sheets (in thousands) for the year ended August 31:

Derivative Assets	2012		2011
Commodity — designated	$	—	$	17
Commodity — not designated	407		2,329
Foreign exchange — designated	670		893
Foreign exchange — not designated	798		970
Current interest rate — designated	—		19,134
Long-term interest rate — designated	—		29,515
Derivative assets (other current assets and other assets)*	$	1,875	$	52,858

Derivative liabilities

Derivative Liabilities	2012		2011
Commodity — designated	$	2	$	—
Commodity — not designated	993		2,625
Foreign exchange — designated	1,272		805
Foreign exchange — not designated	1,248		2,258
Other — not designated	32		—
Derivative liabilities (accrued expenses, other payables and long-term liabilities)*	$	3,547	$	5,688

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* Derivative assets and liabilities do not include the hedged (underlying) items designated as fair value hedges.