FAIR VALUE (Tables)

9 Months Ended

May 31, 2018

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)	May 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Investment deposit accounts ⁽¹⁾	$	522,971	$	522,971	$	—	$	—
Commodity derivative assets ⁽²⁾	901		901				—
Foreign exchange derivative assets ⁽²⁾	1,573		—		1,573		—
Liabilities:
Commodity derivative liabilities ⁽²⁾	80		80		—		—
Foreign exchange derivative liabilities ⁽²⁾	1,550		—		1,550		—



			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Investment deposit accounts ⁽¹⁾	$	43,553	$	43,553	$	—	$	—
Commodity derivative assets ⁽²⁾	767		767		—		—
Foreign exchange derivative assets ⁽²⁾	1,367		—		1,367		—
Liabilities:
Commodity derivative liabilities ⁽²⁾	3,251		3,251		—		—
Foreign exchange derivative liabilities ⁽²⁾	5,259		—		5,259		—

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(1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 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 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 unaudited condensed consolidated balance sheets were as follows:



		May 31, 2018				August 31, 2017
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes ⁽¹⁾	Level 2	$	300,000	$	287,052	$	300,000	$	314,286
2026 Notes ⁽¹⁾	Level 2	350,000		346,966		—		—
2023 Notes ⁽¹⁾	Level 2	330,000		323,430		330,000		340,052
2022 Term Loan ⁽²⁾	Level 2	144,375		144,375		150,000		150,000

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(1) The fair value of the notes was determined based on indicated market values.

(2) The 2022 Term Loan contains variable interest rates and its carrying value approximates fair value.