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Fair Value Measurements
 3 Months Ended
Nov. 30, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 8 – 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 November 30, 2012 and 2011 and August 31, 2012, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30, 2012

($ in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
152,173 

 

$

 -

 

$

 -

 

$
152,173 

Derivative assets

 

 

 -

 

 
128 

 

 

 -

 

 
128 

Derivative liabilities

 

 

 -

 

 
(404)

 

 

 -

 

 
(404)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30, 2011

($ in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
108,731 

 

$

 -

 

$

 -

 

$
108,731 

Derivative assets

 

 

 -

 

 
282 

 

 

 -

 

 
282 

Derivative liabilities

 

 

 -

 

 
(311)

 

 

 -

 

 
(311)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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) was $3.2 million, $7.5 million and $4.3 million as of November 30, 2012 and 2011 and August 31, 2012, respectively.  The fair value of this debt was estimated at $3.2 million, $7.4 million, and $4.3 million as of November 30, 2012 and 2011 and August 31, 2012, respectively. Fair value of long-term debt (including current portion) is estimated (using level 2 inputs) 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.  The Company also measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include fixed assets, goodwill, and other intangible assets. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2012 or 2011.