Fair Value Measures

9 Months Ended

May 31, 2016

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, 2016 were:

(In thousands)	Total		Level 1		Level 2 (1)		Level 3
Assets:
Derivative financial instruments	$	3,640	$	—	$	3,640	$	—
Nonqualified savings plan investments		15,093		15,093		—		—
Cash equivalents		5,076		5,076		—		—
	$	23,809	$	20,169	$	3,640	$	—
Liabilities:
Derivative financial instruments	$	9,029	$	—	$	9,029	$	—

(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, 2015 were:

(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Derivative financial instruments	$	1,913	$	—	$	1,913	$	—
Nonqualified savings plan investments		11,815		11,815		—		—
Cash equivalents		5,071		5,071		—		—
	$	18,799	$	16,886	$	1,913	$	—
Liabilities:
Derivative financial instruments	$	3,206	$	—	$	3,206	$	—