Notes Payable, Long-Term Debt and Capital Lease Obligations

9 Months Ended

May 31, 2017

Notes Payable, Long-Term Debt and Capital Lease Obligations [Abstract]

Notes Payable, Long-Term Debt and Capital Lease Obligations

6. Notes Payable, Long-Term Debt and Capital Lease Obligations

	Notes payable, long-term debt and capital lease obligations outstanding at May 31, 2017 and August 31, 2016 are
summarized below (in thousands):
			May 31,		August 31,
			2017		2016
	8.250% Senior Notes due 2018		$	399,268	$	398,552
	5.625% Senior Notes due 2020			396,881		396,212
	4.700% Senior Notes due 2022			496,532		496,041
	4.900% Senior Notes due 2023			298,511		298,329
	Borrowings under credit facilities			100,000		―
	Borrowings under loans			464,674		502,210
	Capital lease obligations			27,709		28,478
	Total notes payable, long-term debt and capital lease obligations			2,183,575		2,119,822
	Less current installments of notes payable, long-term debt and
		capital lease obligations		538,985		45,810
	Notes payable, long-term debt and capital lease obligations, less
		current installments	$	1,644,590	$	2,074,012

The $400.0 million of 8.250% senior unsecured notes, $400.0 million of 5.625% senior unsecured notes, $500.0 million of 4.700% senior unsecured notes and $300.0 million of 4.900% senior unsecured notes outstanding are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs. The estimated fair values of the Company's publicly traded debt, including the 8.250%, 5.625% and 4.700% senior notes, were approximately $419.1 million, $433.9 million and $531.9 million respectively, at May 31,2017. The fair value estimates are based upon observable market data (Level 2 criteria). The estimated fair value of the Company's private debt, the 4.900% senior notes, was approximately $313.1 million, atMay 31,2017. This fair value estimate is based on the Company's indicative borrowing cost derived from discounted cash flows (Level 3 criteria). The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates.