Fair Value Measures

12 Months Ended

Aug. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measures

Note 22 – 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, 2021 are:

(In thousands)	Total		Level 1		Level 2(1)		Level 3
Assets:
Derivative financial instruments	$	118	$	—	$	118	$	—
Nonqualified savings plan investments		47,653		47,653		—		—
Cash equivalents		228,905		228,905		—		—
	$	276,676	$	276,558	$	118	$	—
Liabilities:
Derivative financial instruments	$	10,451	$	—	$	10,451	$	—

(1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 13 - Derivative Instruments for further discussion.

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2020 are:

(In thousands)	Total		Level 1		Level 2(1)		Level 3
Assets:
Derivative financial instruments	$	582	$	—	$	582	$	—
Nonqualified savings plan investments		35,744		35,744		—		—
Cash equivalents		203,509		203,509		—		—
	$	239,835	$	239,253	$	582	$	—
Liabilities:
Derivative financial instruments	$	15,907	$	—	$	15,907	$	—