FAIR VALUE (Tables)

6 Months Ended

Feb. 28, 2015

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, 2015		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)	$	200,245	$	200,245	$	—	$	—
Commodity derivative assets (2)	708		698		10		—
Foreign exchange derivative assets (2)	3,947		—		3,947		—
Liabilities:
Commodity derivative liabilities (2)	1,716		1,295		421		—
Foreign exchange derivative liabilities (2)	3,976		—		3,976		—

			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 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)	$	200,487	$	200,487	$	—	$	—
Commodity derivative assets (2)	911		911		—		—
Foreign exchange derivative assets (2)	1,989		—		1,989		—
Liabilities:
Commodity derivative liabilities (2)	168		162		6		—
Foreign exchange derivative liabilities (2)	1,335		—		1,335		—

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(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 Commodity Exchange, Inc. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments 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 were as follows:

		February 28, 2015				August 31, 2014
(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	$	407,059	$	429,240	$	408,546	$	438,200
$500 million notes at 7.35% due August 2018 (1)	Level 2	515,993		547,500		518,305		567,560
$330 million notes at 4.875% due May 2023 (1)	Level 2	330,000		315,150		330,000		325,050

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(1) The fair values of the 2017 Notes, 2018 Notes and 2023 Notes are estimated based on readily available market prices of these notes at February 28, 2015 and August 31, 2014, or similar notes with the same maturities, rating and interest rates.