Fair Value Measurements (Tables)

9 Months Ended

May. 31, 2015

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]



	May 31, 2015
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(Dollars in thousands)
Assets:
Readily marketable inventories	$	—	$	1,227,368	$	—	$	1,227,368
Commodity and freight derivatives	72,412		501,180		—		573,592
Foreign currency derivatives	—		16,783		—		16,783
Interest rate swap derivatives	—		14,649		—		14,649
Deferred compensation assets	75,723		—		—		75,723
Other assets	11,150		—		—		11,150
Total	$	159,285	$	1,759,980	$	—	$	1,919,265
Liabilities:
Commodity and freight derivatives	$	131,312	$	368,825	$	—	$	500,137
Interest rate swap derivatives	—		6,148		—		6,148
Foreign currency derivatives	—		22,887		—		22,887
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	—		—		109,220		109,220
Total	$	131,312	$	397,860	$	109,220	$	638,392



	August 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(Dollars in thousands)
Assets:
Readily marketable inventories	$	—	$	921,554	$	—	$	921,554
Commodity and freight derivatives	78,590		518,620		—		597,210
Interest rate swap derivatives	—		4,200		—		4,200
Foreign currency derivatives	2,523		—		—		2,523
Deferred compensation assets	83,217		—		—		83,217
Other assets	8,778		—		—		8,778
Total	$	173,108	$	1,444,374	$	—	$	1,617,482
Liabilities:
Commodity and freight derivatives	$	117,690	$	479,922	$	—	$	597,612
Interest rate swap derivatives	—		130		—		130
Foreign currency derivatives	2,248		—		—		2,248
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	—		—		114,917		114,917
Total	$	119,938	$	480,052	$	114,917	$	714,907

Fair Value Inputs, Liabilities, Quantitative Information



Quantitative Information about Level 3 Fair Value Measurements
	Fair Value			Range
Item	May 31, 2015 (Dollars in thousands)	Valuation Technique	Unobservable Input	(Weighted Average)
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	$109,220	Adjusted Black-Scholes option pricing model	Forward crack spread margin on May 31, 2015 ^(a)	$20.27-$25.30 ($24.16)
			Contractual target crack spread margin ^(b)	$17.50
			Expected volatility ^(c)	157.34%
			Risk-free interest rate ^(d)	0.09-0.94% (0.54%)
			Expected life - years ^(e)	0.25-2.25 (1.34)

^(a) Represents 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

^(c) Represents quarterly adjusted volatility estimates derived from daily historical market data

^(d) Represents yield curves for U.S. Treasury securities

^(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 three months ended May 31, 2015 and 2014, respectively:



	Level 3 Liabilities
	Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
	2015			2014
	(Dollars in thousands)
Balances, February 28, 2015 and 2014, respectively	$	121,070		$	140,631
Total (gains) losses included in cost of goods sold	(11,850		)	(10,472		)
Balances, May 31, 2015 and 2014, respectively	$	109,220		$	130,159

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, 2015 and 2014, respectively:



	Level 3 Liabilities
	Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
	2015			2014
	(Dollars in thousands)
Balances, August 31, 2014 and 2013, respectively	$	114,917		$	134,134
Total (gains) losses included in cost of goods sold	(5,697		)	(3,975		)
Balances, May 31, 2015 and 2014, respectively	$	109,220		$	130,159