Fair Value

12 Months Ended

Aug. 31, 2011

Fair Value [Abstract]

FAIR VALUE

NOTE 11. FAIR VALUE

The Company has established a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement.

The following table summarizes information regarding the Company’s financial assets and financial liabilities that were measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	August 31,		Identical Assets		Observable Inputs		Unobservable Inputs
(in thousands)	2011		(Level 1)		(Level 2)		(Level 3)
Money market investments	$	153,839	$	153,839	$	—	$	—
Derivative assets		52,858		2,329		50,529		—
Nonqualified benefit plan assets *		49,357		49,357		—		—
Derivative liabilities		5,688		2,625		3,063		—
Nonqualified benefit plan liabilities *		81,167		—		81,167		—
	August 31,
(in thousands)	2010
Money market investments	$	352,881	$	352,881	$	—	$	—
Derivative assets		35,052		911		34,141		—
Nonqualified benefit plan assets *		43,681		43,681		—		—
Derivative liabilities		5,758		2,817		2,941		—
Nonqualified benefit plan liabilities *		86,043		—		86,043		—

* The Company provides a nonqualified benefit restoration plan to certain eligible executives equal to amounts that would have been available under tax qualified ERISA plans but for limitations of ERISA, tax laws and regulations. Though under no obligation to fund this plan, the Company has segregated assets in a trust. The plan assets and liabilities consist of securities included in various mutual funds.

The following table summarizes information regarding the Company’s nonfinancial assets measured at fair value on a non-recurring basis:

			Fair Value Measurements Using
	Year		Quoted Prices in
	Ended		Active Markets for		Significant Other		Significant
	August 31,		Identical Assets		Observable Inputs		Unobservable Inputs		Recognized
(in thousands)	2011		(Level 1)		(Level 2)		(Level 3)		Loss
Plant, property and equipment	$	56,795	$	—	$	—	$	56,795	$	89,448
Other assets		2,472		—		—		2,472		18,557
Intangible assets		3,271		—		—		3,271		12,140

See Note 7, Impairment and Facility Closure Costs for additional details.

			Fair Value Measurements Using
	Year		Quoted Prices in
	Ended		Active Markets for		Significant Other		Significant
	August 31,		Identical Assets		Observable Inputs		Unobservable Inputs		Recognized
(in thousands)	2010		(Level 1)		(Level 2)		(Level 3)		Loss
Plant, property and equipment	$	27,045	$	—	$	—	$	27,045	$	24,243

During the second quarter of 2010, the Company recorded an impairment on property, plant and equipment relating to our joist and deck business which was classified as held for sale. The fair value was based on appraised values less costs to sell. See Note 8, Discontinued Operations for additional details.

The Company’s long-term debt is predominantly publicly held. The fair value was approximately $1.24 billion and $1.29 billion at August 31, 2011 and 2010, respectively. Fair value was determined by indicated market values.