Fair Value of Financial Instruments

12 Months Ended

Aug. 31, 2017

Fair Value of Financial Instruments

Note 23 - Fair Value of Financial Instruments

The estimated fair values of financial instruments and the methods and assumptions used to estimate such fair values are as follows:

(In thousands)	Carrying Amount 1		Estimated Fair Value (Level 2)
Notes payable as of August 31, 2017	$	597,604	$	644,708
Notes payable as of August 31, 2016	$	303,969	$	314,687

¹ Carrying amount disclosed in this table excludes debt discount and debt issuance costs.

The carrying amount of cash and cash equivalents, accounts and notes receivable, revolving notes, accounts payable and accrued liabilities, foreign currency forward contracts and interest rate swaps is a reasonable estimate of fair value of these financial instruments. Estimated rates currently available to the Company for debt with similar terms and remaining maturities and current market data are used to estimate the fair value of notes payable.