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FAIR VALUE (Tables)

12 Months Ended

Aug. 31, 2019

Fair Value Disclosures [Abstract]

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, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant  Other Observable Inputs (Level 2)				Significant Unobservable  Inputs (Level 3)
Assets:
Investment deposit accounts (1)		$	66,240			$	66,240			$	—			$	—
Commodity derivative assets (2)		1,269				1,269				—				—
Foreign exchange derivative assets (2)		569				—				569				—
Liabilities:
Commodity derivative liabilities (2)		99				99				—				—
Foreign exchange derivative liabilities (2)		899				—				899				—

						Fair Value Measurements at Reporting Date Using
(in thousands)		August 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant  Other Observable  Inputs (Level 2)				Significant Unobservable  Inputs (Level 3)
Assets:
Investment deposit accounts (1)		$	541,101			$	541,101			$	—			$	—
Commodity derivative assets (2)		1,881				1,881				—				—
Foreign exchange derivative assets (2)		407				—				407				—
Liabilities:
Commodity derivative liabilities (2)		301				301				—				—
Foreign exchange derivative liabilities (2)		1,095				—				1,095				—

_________________ 

(1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 were as follows:

				August 31, 2019								August 31, 2018
(in thousands)		Fair Value Hierarchy		Carrying Value				Fair Value				Carrying Value				Fair Value
2027 Notes (1)		Level 2		$	300,000			$	303,810			$	300,000			$	281,655
2026 Notes (1)		Level 2		350,000				363,444				350,000				339,238
2023 Notes (1)		Level 2		330,000				342,098				330,000				326,090
Short-term borrowings (2)		Level 2		3,929				3,929				—				—
Term Loan (2)		Level 2		210,125				210,125				142,500				142,500

_________________ 

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

(2) The short-term borrowings and Term Loan contain variable interest rates and their carrying value approximates fair value.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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