Fair Value Measures

6 Months Ended

Feb. 28, 2018

Fair Value Measures

Note 15 – 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 February 28, 2018 were:

(In thousands)	Total		Level 1		Level 2 (1)		Level 3
Assets:
Derivative financial instruments	$	4,478	$	—	$	4,478	$	—
Nonqualified savings plan investments		24,710		24,710		—		—
Cash equivalents		105,791		105,791		—		—
	$	134,979	$	130,501	$	4,478	$	—
Liabilities:
Derivative financial instruments	$	716	$	—	$	716	$	—

(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, 2017 were:

(In thousands)	Total		Level 1		Level 2		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	$	—