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Fair Value Measurements
 6 Months Ended
Feb. 28, 2013
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 February 28, 2013, February 29, 2012 and August 31, 2012, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 28, 2013

($ in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
159,583 

 

$

 -

 

$

 -

 

$
159,583 

Derivative assets

 

 

 -

 

 
953 

 

 

 -

 

 
953 

Derivative liabilities

 

 

 -

 

 
(355)

 

 

 -

 

 
(355)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 29, 2012

($ in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
104,953 

 

$

 -

 

$

 -

 

$
104,953 

Derivative assets

 

 

 -

 

 
4 

 

 

 -

 

 
4 

Derivative liabilities

 

 

 -

 

 
(898)

 

 

 -

 

 
(898)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 and estimated fair value of long-term debt (including current portion) were $2.1 million, $6.4 million and $4.3 million as of February 28, 2013, February 29, 2012 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 and six months ended February 28, 2013 and February 29, 2012.