Fair Value Measurements (Tables)

9 Months Ended

May 31, 2013

Fair Value Measurements, Recurring and Nonrecurring

Fair value measurements at May 31, 2013, August 31, 2012 and May 31, 2012 are as follows:



	May 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Readily marketable inventories			$	1,433,639			$	1,433,639
Commodity and freight derivatives	$	16,230	258,086				274,316
Interest rate swap derivatives			9,160				9,160
Foreign currency derivatives	4,188						4,188
Other assets	131,901						131,901
Total Assets	$	152,319	$	1,700,885			$	1,853,204
Liabilities:
Commodity and freight derivatives	$	61,998	$	154,349			$	216,347
Interest rate swap derivatives			304				304
Foreign currency derivatives	3,028						3,028
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests					$	146,245	146,245
Total Liabilities	$	65,026	$	154,653	$	146,245	$	365,924



	August 31, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Readily marketable inventories			$	1,702,757			$	1,702,757
Commodity and freight derivatives	$	70,586	778,362				848,948
Foreign currency derivatives	957						957
Other assets	75,000						75,000
Total Assets	$	146,543	$	2,481,119			$	2,627,662
Liabilities:
Commodity and freight derivatives	$	150,049	$	356,046			$	506,095
Interest rate swap derivatives			544				544
Foreign currency derivatives	2,366						2,366
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests					$	127,516	127,516
Total Liabilities	$	152,415	$	356,590	$	127,516	$	636,521



	May 31, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Readily marketable inventories			$	1,324,367			$	1,324,367
Commodity and freight derivatives	$	74,982	280,277				355,259
Foreign currency derivatives	3,843						3,843
Other assets	72,439						72,439
Total Assets	$	151,264	$	1,604,644			$	1,755,908
Liabilities:
Commodity and freight derivatives	$	32,222	$	260,906			$	293,128
Interest rate swap derivatives			535				535
Foreign currency derivatives	3,379						3,379
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests					$	98,447	98,447
Total Liabilities	$	35,601	$	261,441	$	98,447	$	395,489

Fair Value Inputs, Liabilities, Quantitative Information



Quantitative Information about Level 3 Fair Value Measurements

	Fair Value		Valuation		Range
Item	May 31, 2013		Technique	Unobservable Input	(Weighted Average)
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	$	146,245	Adjusted Black Scholes option pricing model	Adjusted forward crack spread margin on May 31 (a)	$23.94-$35.50 (27.99)
				Contractual target crack spread margin (b)	$17.50
				Expected volatility (c)	75.09%
				Own credit risk (d)	1.80-2.80% (2.42%)
				Expected life (years) (e)	0.25-4.25 (2.64)

(a) Represents adjusted forward crack spread margin quotes and management estimates based on future settlement dates

(b) Represents the minimum contractual threshold that would require settlement with the counterparties

(d) Represents the range of company-specific risk adjustments commensurate with typical long-term borrowing rates available to us at measurement date

(e) Represents the range in the number of years remaining related to each contingent payment

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended May 31, 2013 and 2012, respectively:



	Level 3 Liabilities
	Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
	2013		2012
Balances, September 1, 2012 and 2011, respectively	$	127,516	$	—
Purchases			105,188
Total losses (gains) included in cost of goods sold	18,729		(6,741		)
Balances, May 31, 2013 and 2012, respectively	$	146,245	$	98,447

The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended May 31, 2013 and 2012, respectively:



	Level 3 Liabilities
	Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
	2013		2012
Balances, March 1, 2013 and 2012, respectively	$	140,987	$	101,003
Total losses (gains) included in cost of goods sold	5,258		(2,556		)
Balances, May 31, 2013 and 2012, respectively	$	146,245	$	98,447

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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