Fair Value Measures

3 Months Ended

Nov. 30, 2019

Fair Value Measures

Note 16 – 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, 2019 were:

(In thousands)	Total		Level 1		Level 2 (1)		Level 3
Assets:
Derivative financial instruments	$	442	$	—	$	442	$	—
Nonqualified savings plan investments		31,248		31,248		—		—
Cash equivalents		58,006		58,006		—		—
	$	89,696	$	89,254	$	442	$	—
Liabilities:
Derivative financial instruments	$	8,174	$	—	$	8,174	$	—

(1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 12 – Derivative Instruments for further discussion.

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2019 were:

(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Derivative financial instruments	$	64	$	—	$	64	$	—
Nonqualified savings plan investments		27,967		27,967		—		—
Cash equivalents		68,100		68,100		—		—
	$	96,131	$	96,067	$	64	$	—
Liabilities:
Derivative financial instruments	$	11,279	$	—	$	11,279	$	—