Fair Value Measures

3 Months Ended

Nov. 30, 2016

Fair Value Measures

Note 13 – 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 November 30, 2016 were:

(In thousands)	Total		Level 1		Level 2 (1)		Level 3
Assets:
Derivative financial instruments	$	766	$	—	$	766	$	—
Nonqualified savings plan investments		17,161		17,161		—		—
Cash equivalents		5,077		5,077		—		—
	$	23,004	$	22,238	$	766	$	—
Liabilities:
Derivative financial instruments	$	13,341	$	—	$	13,341	$	—

(1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion.

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2016 were:

(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Derivative financial instruments	$	1,595	$	—	$	1,595	$	—
Nonqualified savings plan investments		15,864		15,864		—		—
Cash equivalents		5,077		5,077		—		—
	$	22,536	$	20,941	$	1,595	$	—
Liabilities:
Derivative financial instruments	$	7,466	$	—	$	7,466	$	—