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Fair Value Measurements (Tables) | 3 Months Ended
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Nov. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value of Derivative Instruments Located on Consolidated Balance Sheets Utilized for Foreign Currency Risk Management Purposes | The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
(in thousands) |  | Fair Value Hierarchy |  | November 30, 2019 |  | August 31, 2019
Assets: |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |
Cash equivalents |  | Level 1 | (1) | $ | 47,257 |  |  | $ | 27,804 |
Prepaid expenses and other current assets: |  |  |  |  |  |
Short-term investments |  | Level 1 |  | 16,350 |  |  | 14,088 |
Forward foreign exchange contracts: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 8) |  | Level 2 | (2) | 1,623 |  |  | 904 |
Derivatives not designated as hedging instruments (Note 8) |  | Level 2 | (2) | 14,240 |  |  | 6,878 |
Other assets: |  |  |  |  |  |
Senior Non-Convertible Preferred Stock |  | Level 3 | (3) | 25,200 |  |  | 33,102 |
Liabilities: |  |  |  |  |  |
Accrued expenses: |  |  |  |  |  |
Forward foreign exchange contracts: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 8) |  | Level 2 | (2) | $ | 3,357 |  |  | $ | 15,999 |
Derivatives not designated as hedging instruments (Note 8) |  | Level 2 | (2) | 13,154 |  |  | 55,391 |
Interest rate swaps: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 8) |  | Level 2 | (4) | 4,319 |  |  | 5,918 |
Other liabilities: |  |  |  |  |  |
Forward interest rate swaps: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 8) |  | Level 2 | (4) | 28,784 |  |  | 35,045 |
(1) | Consist of investments that are readily convertible to cash with original maturities of 90 days or less.
(2) | The Company’s forward foreign exchange contracts are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers.
(3) | The Senior Non-Convertible Preferred Stock is valued each reporting period using unobservable inputs based on a discounted cash flow model and is classified as an available for sale debt security with any unrealized loss recorded to AOCI. As of November 30, 2019 and August 31, 2019, the unobservable inputs have an immaterial impact on the fair value calculation.
(4) Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads.
Carrying Amounts and Fair Values of Notes Payable and Long-term Debt | The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated:
|  |  |  | November 30, 2019 |  | August 31, 2019
(in thousands) |  | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes payable and long-term debt: (Note 5) |  |  |  |  |  |  |  |  |  |
5.625% Senior Notes |  | Level 2 | (1) | $ | 399,109 |  |  | $ | 413,664 |  |  | $ | 398,886 |  |  | $ | 416,000 |
4.700% Senior Notes |  | Level 2 | (1) | 498,169 |  |  | 529,660 |  |  | 498,004 |  |  | 525,890 |
4.900% Senior Notes |  | Level 3 | (2) | 299,118 |  |  | 321,399 |  |  | 299,057 |  |  | 318,704 |
3.950% Senior Notes |  | Level 2 | (1) | 494,978 |  |  | 517,275 |  |  | 494,825 |  |  | 509,845 |
(1) | The fair value estimates are based upon observable market data.
(2) This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.

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