FAIR VALUE (Tables)

12 Months Ended

Aug. 31, 2015

Financial assets and financial liabilities measured at fair value on a recurring basis

The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis:



			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market investments ⁽¹⁾	$	271,840	$	271,840	$	—	$	—
Commodity derivative assets ⁽²⁾	865		846		19		—
Foreign exchange derivative assets ⁽²⁾	4,588		—		4,588		—
Liabilities:
Commodity derivative liabilities ⁽²⁾	666		537		129		—
Foreign exchange derivative liabilities ⁽²⁾	2,137		—		2,137		—



			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market investments ⁽¹⁾	$	200,487	$	200,487	$	—	$	—
Commodity derivative assets ⁽²⁾	911		911		—		—
Foreign exchange derivative assets ⁽²⁾	1,989		—		1,989		—
Liabilities:
Commodity derivative liabilities ⁽²⁾	168		162		6		—
Foreign exchange derivative liabilities ⁽²⁾	1,335		—		1,335		—

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(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.

(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 12, Derivatives and Risk Management.

Financial assets and liabilities that are not required to be measured at fair value

The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows:



		August 31, 2015				August 31, 2014
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
$400 million notes at 6.50% due July 2017 ⁽¹⁾	Level 2	$	405,573	$	419,400	$	408,546	$	438,200
$500 million notes at 7.35% due August 2018 ⁽¹⁾	Level 2	513,680		530,000		518,305		567,560
$330 million notes at 4.875% due May 2023 ⁽¹⁾	Level 2	330,000		300,630		330,000		325,050

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(1) The fair value of the notes is determined based on indicated market values.