Fair Value Measures

12 Months Ended

Aug. 31, 2017

Fair Value Measures

Note 24 - 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, 2017 are:

(In thousands)	Total		Level 1		Level 2(1)		Level 3
Assets:
Derivative financial instruments	$	3,814	$	–	$	3,814	$	–
Nonqualified savings plan investments		20,974		20,974		–		–
Cash equivalents		105,337		105,337		–		–
	$	130,125	$	126,311	$	3,814	$	–
Liabilities:
Derivative financial instruments	$	2,886	$	–	$	2,886	$	–

(1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion.

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

(In thousands)	Total		Level 1		Level 2(1)		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	$	–

(1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion.