Fair Value (Tables)

6 Months Ended

Feb. 28, 2014

Fair Value Disclosures [Abstract]

Financial assets and financial liabilities measured at fair value on a recurring basis

The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
(in thousands)	February 28, 2014		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	201,753	$	201,753	$	—	$	—
Commodity derivative assets (2)	930		930		—		—
Foreign exchange derivative assets (2)	1,103		—		1,103		—
Liabilities:
Commodity derivative liabilities (2)	84		84		—		—
Foreign exchange derivative liabilities (2)	3,466		—		3,466		—

			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2013		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	236,727	$	236,727	$	—	$	—
Commodity derivative assets (2)	1,066		1,066		—		—
Foreign exchange derivative assets (2)	2,864		—		2,864		—
Liabilities:
Commodity derivative liabilities (2)	1,397		1,268		129		—
Foreign exchange derivative liabilities (2)	2,170		—		2,170		—

 _________________ 

(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.

(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 8, Derivatives and Risk Management.

Financial assets and liabilities not required to be measured at fair value

The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows:

		February 28, 2014				August 31, 2013
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
$400 million notes at 6.50% due July 2017 (1)	Level 2	$	410,032	$	446,800	$	411,518	$	443,646
$500 million notes at 7.35% due August 2018 (1)	Level 2	520,617		570,190		522,930		570,429
$330 million notes at 4.875% due May 2023 (1)	Level 2	330,000		323,400		330,000		298,650

(1) The fair value of the notes is calculated based on indicated market values.