Notes Payable And Long-Term Debt

3 Months Ended

Nov. 30, 2011

Notes Payable And Long-Term Debt [Abstract]

Notes Payable And Long-Term Debt

6. Notes Payable and Long-Term Debt

Notes payable and long-term debt outstanding at November 30, 2011 and August 31, 2011, are summarized below (in thousands):

	November 30, 2011		August 31, 2011
7.750% Senior Notes due 2016	$	303,931	$	303,501
8.250% Senior Notes due 2018		397,617		397,521
5.625% Senior Notes due 2020		400,000		400,000
Borrowings under credit facilities		82,132		72,100
Borrowings under loans		1,728		2,062
Fair value adjustment		10,977		11,570
Total notes payable and long-term debt		1,196,385		1,186,754
Less current installments of notes payable and long-term debt		83,859		74,160
Notes payable and long-term debt, less current installments	$	1,112,526	$	1,112,594

The $312.0 million of 7.750% senior unsecured notes, $400.0 million of 8.250% senior unsecured notes and $400.0 million of 5.625% senior unsecured notes outstanding are carried at the principal amount of each note, less any unamortized discount. The estimated fair value of these senior notes was approximately $349.4 million, $452.0 million and $400.8 million, respectively, at November 30, 2011. The fair value estimates are based upon observable market data (Level 2 criteria).