NOTE 10 — 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:
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Fair Value Measurements at Reporting Date Using |
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Quoted Prices in |
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Active Markets for |
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Significant Other |
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Significant |
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May 31, |
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Identical Assets |
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Observable Inputs |
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Unobservable Inputs |
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2011 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Money market investments
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$ |
205,425 |
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$ |
205,425 |
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$ |
— |
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$ |
— |
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Derivative assets
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27,348 |
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1,967 |
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25,381 |
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— |
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Nonqualified benefit plan assets *
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55,444 |
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55,444 |
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— |
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— |
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Derivative liabilities
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14,285 |
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2,353 |
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11,932 |
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— |
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Nonqualified benefit plan liabilities *
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87,859 |
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— |
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87,859 |
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— |
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August 31, |
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2010 |
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Money market investments
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$ |
352,881 |
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$ |
352,881 |
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$ |
— |
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$ |
— |
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Derivative assets
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35,052 |
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911 |
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34,141 |
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— |
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Nonqualified benefit plan assets *
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43,681 |
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43,681 |
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— |
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— |
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Derivative liabilities
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5,758 |
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2,817 |
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2,941 |
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— |
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Nonqualified benefit plan liabilities *
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86,043 |
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— |
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86,043 |
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— |
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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 Company’s long-term debt is predominantly publicly held. The fair value was approximately $1.25
billion at May 31, 2011 and $1.29 billion at August 31, 2010. Fair value was determined by
indicated market values.
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