Fair Value Measures

9 Months Ended

May. 31, 2015

Fair Value Measures

Note 14 – 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 that prioritizes the inputs used in measuring 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 May 31, 2015 were:

(In thousands)	Total		Level 1		Level 2 (1)		Level 3
Assets:
Derivative financial instruments	$	1,527	$	—	$	1,527	$	—
Nonqualified savings plan investments		12,666		12,666		—		—
Cash equivalents		5,068		5,068		—		—
	$	19,261	$	17,734	$	1,527	$	—
Liabilities:
Derivative financial instruments	$	2,702	$	—	$	2,702	$	—

(1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion.

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2014 were:

(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Derivative financial instruments	$	200	$	—	$	200	$	—
Nonqualified savings plan investments		10,223		10,223		—		—
Cash equivalents		35,036		35,036		—		—
	$	45,459	$	45,259	$	200	$	—
Liabilities:
Derivative financial instruments	$	1,995	$	—	$	1,995	$	—