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

M.  FAIR VALUE MEASUREMENTS

 

The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 31, 2013 and 2012, respectively:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2013

$ in thousands

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
151,927 

 

$

 -

 

$

 -

 

$
151,927 

Derivative assets

 

$

 -

 

$
229 

 

$

 -

 

$
229 

Derivative liabilities

 

$

 -

 

$
(291)

 

$

 -

 

$
(291)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2012

$ in thousands

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
143,444 

 

$

 -

 

$

 -

 

$
143,444 

Derivative assets

 

$

 -

 

$
12 

 

$

 -

 

$
12 

Derivative liabilities

 

$

 -

 

$
(563)

 

$

 -

 

$
(563)

 

The carrying amount of long-term debt (including current portion), which represented fair value, was zero and $4.3 million as of August 31, 2013 and 2012, respectively.  Fair value of long-term debt (including current portion) is estimated by discounting the future estimated cash flows of each instrument at current market interest rates for similar debt instruments of comparable maturities and credit quality. There were no required fair value adjustments for goodwill, intangible assets and other long-lived assets for the years ended August 31, 2013 and 2012.   No impairment losses were indicated as a result of the annual impairment testing for fiscal years 2013, 2012, and 2011.