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Fair Value Measures
 12 Months Ended
Aug. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measures

Note 22 – Fair Value Measures

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring a fair value as follows:

Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments;

Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and

Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions.

 

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2022 are:

 

(In millions)

 

Total

 

 

Level 1

 

 

Level 2(1)

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

21.4

 

 

$

—

 

 

$

21.4

 

 

$

—

 

Nonqualified savings plan investments

 

 

40.3

 

 

 

40.3

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

119.4

 

 

 

119.4

 

 

 

—

 

 

 

—

 

 

 

$

181.1

 

 

$

159.7

 

 

$

21.4

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

3.0

 

 

$

—

 

 

$

3.0

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets and liabilities measured at fair value on a recurring basis as of August 31, 2021 are:

 

(In millions)

 

Total

 

 

Level 1

 

 

Level 2(1)

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

$

—

 

Nonqualified savings plan investments

 

 

47.7

 

 

 

47.7

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

228.9

 

 

 

228.9

 

 

 

—

 

 

 

—

 

 

 

$

276.7

 

 

$

276.6

 

 

$

0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

10.4

 

 

$

—

 

 

$

10.4

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 13 - Derivative Instruments for further discussion.