Current Marketable Securities

9 Months Ended

May 31, 2013

Marketable Securities [Abstract]

Current Marketable Securities

Current Marketable Securities

We invest our excess cash balances in instruments that may include tax-exempt municipal bonds, corporate bonds, time deposits, commercial paper, agency bonds and other marketable securities. We classify instruments with original maturities greater than three months as marketable securities on our Condensed Consolidated Balance Sheets.

As of May 31, 2013, our $114.3 million of current marketable securities includes $71.6 million of tax-exempt municipal bonds and $27.7 million of corporate bonds. The remaining amount principally consists of commercial paper and certificates of deposit. We have classified these investments as held-to-maturity because we have the intent and ability to hold them until maturity. Accordingly, our current marketable securities are reported at amortized cost, which approximates fair value due to the short-term nature of the investments. We have not recorded gains or losses on our held-to-maturity investments.