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Fair Value Measurements
 9 Months Ended
May 31, 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 May 31, 2013 and 2012 and August 31, 2012, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 31, 2013

($ in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
170,215 

 

$

 -

 

$

 -

 

$
170,215 

Derivative assets

 

 

 -

 

 
600 

 

 

 -

 

 
600 

Derivative liabilities

 

 

 -

 

 
(473)

 

 

 -

 

 
(473)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 31, 2012

($ in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Cash and cash equivalents

 

$
119,785 

 

$

 -

 

$

 -

 

$
119,785 

Derivative assets

 

 

 -

 

 
1,914 

 

 

 -

 

 
1,914 

Derivative liabilities

 

 

 -

 

 
(148)

 

 

 -

 

 
(148)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $1.1 million, $5.4 million and $4.3 million as of May 31, 2013 and 2012 and August 31, 2012, respectively.  The fair value of long-term debt (including current portion) was  $1.1 million, $5.3 million and $4.3 million as of May 31, 2013 and 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 nine months ended May 31, 2013 and 2012. While the Company currently expects improvement in the infrastructure segment’s revenues and operating income, the increases involve certain matters that are outside of the Company’s control. To the extent that forecasted cash flows are not realized, the Company may be subject to further considerations of impairment exposures.