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Fair Value Measurements
 12 Months Ended
Aug. 31, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 3.  Fair Value Measurements

 

Financial Assets and Liabilities

 

The Company categorizes its financial assets and liabilities measured at fair value into a hierarchy that categorizes fair value measurements into the following three levels based on the types of inputs used in measuring their fair value: 

 

Level 1:  Observable inputs such as quoted market prices in active markets for identical assets or liabilities;

Level 2:  Observable market-based inputs or observable inputs that are corroborated by market data; and

Level 3:  Unobservable inputs reflecting the Company’s own assumptions.

 

The Company’s financial assets are summarized below, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2013

 

Total

 

Level 1

 

Level 2

 

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

Time deposits

$
17,203 

 

$

 -

 

$
17,203 

 

$

 -

Term deposits

 
894 

 

 

 -

 

 
894 

 

 

 -

Callable time deposits

 
36,622 

 

 

 -

 

 
36,622 

 

 

 -

Total

$
54,719 

 

$

 -

 

$
54,719 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2012

 

Total

 

Level 1

 

Level 2

 

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$
4,025 

 

$

 -

 

$
4,025 

 

$

 -

Term deposits

 
1,033 

 

 

 -

 

 
1,033 

 

 

 -

Total

$
5,058 

 

$

 -

 

$
5,058 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds and time deposits are highly liquid investments classified as cash equivalents and term deposits and callable time deposits are classified as short-term investments in the Company’s consolidated balance sheets at August 31, 2013 and 2012.

 

The carrying values of term deposits, time deposits and callable time deposits are recorded at cost, which approximates fair value that is based on third party quotations of similar assets in active markets, and are thus classified as Level 2 within the fair value hierarchy.

 

The carrying values of trade accounts receivable, accounts payable and the revolving line of credit approximate their fair values due to their short-term maturities.

 

Nonfinancial Assets and Liabilities

 

The Company’s nonfinancial assets and liabilities are recognized at fair value subsequent to initial recognition when they are deemed to be impaired. There were no nonfinancial assets and liabilities deemed to be impaired and measured at fair value on a nonrecurring basis as of August 31, 2013 and 2012, with the exception of the 2000 Flushes trade name, for which an impairment charge of $1.1 million  was recorded to in the fourth quarter of fiscal year 2013. For additional details, refer to the information set forth in Note 6 – Goodwill and Other Intangible Assets.