FAIR VALUE (Tables)

3 Months Ended

Nov. 30, 2016

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)	November 30, 2016		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⁾	$	385,371	$	385,371	$	—	$	—
Commodity derivative assets ⁽²⁾	197		108		89		—
Foreign exchange derivative assets ⁽²⁾	4,650		—		4,650		—
Liabilities:
Commodity derivative liabilities ⁽²⁾	3,211		3,211		—		—
Foreign exchange derivative liabilities ⁽²⁾	1,858		—		1,858		—



			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2016		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⁾	$	278,759	$	278,759	$	—	$	—
Commodity derivative assets ⁽²⁾	588		584		4		—
Foreign exchange derivative assets ⁽²⁾	2,148		—		2,148		—
Liabilities:
Commodity derivative liabilities ⁽²⁾	122		117		5		—
Foreign exchange derivative liabilities ⁽²⁾	2,063		—		2,063		—

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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 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 9, Derivatives and Risk Management.

Financial assets and liabilities 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 condensed consolidated balance sheets were as follows:



		November 30, 2016				August 31, 2016
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2023 Notes ⁽¹⁾	Level 2	$	330,000	$	334,643	$	330,000	$	332,010
2018 Notes ⁽¹⁾	Level 2	407,718		428,805		408,874		432,303
2017 Notes ⁽¹⁾	Level 2	301,858		303,093		302,601		311,250

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