Fair Value Measures

12 Months Ended

Aug. 31, 2012

Fair Value Measures

Note 25 - Fair Value Measures

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring a fair value as follows:

Level 1 -	observable inputs such as unadjusted quoted prices in active markets for identical instruments;
Level 2 -	inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and
Level 3 -	unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2012 are:

(In thousands)	Total		Level 1		Level 2(1)		Level 3
Assets:
Derivative financial instruments	$	2,844	$	–	$	2,844	$	–
Nonqualified savings plan investments		6,667		6,667		–		–
Cash equivalents		1,002		1,002		–		–
	$	10,513	$	7,669	$	2,844	$	–
Liabilities:
Derivative financial instruments	$	3,145	$	–	$	3,145	$	–

⁽¹⁾  Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 15 Derivative Instruments for further discussion.

Assets or liabilities measured at fair value on a nonrecurring basis as of August 31, 2012 are:

(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Goodwill	$	137,066	$	–	$	–	$	137,066

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2011 are:

(In thousands)	Total		Level 1		Level 2(1)		Level 3
Assets:
Derivative financial instruments	$	–	$	–	$	–	$	–
Nonqualified savings plan investments		6,326		6,326		–		–
Cash equivalents		4,561		4,561		–		–
	$	10,887	$	10,887	$	–	$	–
Liabilities:
Derivative financial instruments	$	7,759	$	–	$	7,759	$	–

⁽²⁾  Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 15 Derivative Instruments for further discussion.

Assets or liabilities measured at fair value on a nonrecurring basis as of August 31, 2011 are:

(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Goodwill	$	137,066	$	–	$	–	$	137,066