Cash Surrender Value of Life Insurance

12 Months Ended

Aug. 31, 2017

Cash Surrender Value of Life Insurance.

Note 5—Cash Surrender Value of Life Insurance

Life insurance is provided under split dollar life insurance agreements whereby the Company will recover the premiums paid from the proceeds of the policies.

The Company recognized cash surrender value of life insurance policies, net of loans of $5 at August 31, 2017 and 2016, secured by the policies, with the following carriers as of August 31, 2017 and 2016:


	2017		2016
John Hancock	$	4,450	$	4,450
Metropolitan Life Insurance		—		1,096
Other life insurance carriers		80		80
	$	4,530	$	5,626
Less portion classified as current		—		(1,096)
Cash surrender value of life insurance policies, less current portion	$	4,530	$	4,530

All policies are subject to periodic review. The Company settled the Metropolitan Life Insurance policy within the first quarter of fiscal 2017 and as such had classified this policy within current assets as of August 31, 2016 (included in prepaid expenses and other current assets). The Company currently intends to maintain all other policies through the lives or retirements of the insureds. Please see Note 23 to the Company’s Consolidated Financial Statements for related party information on the cash surrender value of certain life insurance policies held by the Company during fiscal 2017 and 2016.