Fair Value Measurements (Tables)

12 Months Ended

Aug. 31, 2015

Fair Value Measurements, Recurring and Nonrecurring

air value measurements at August 31, 2015 and 2014 are as follows:



	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:
Commodity and freight derivatives	$	46,976	$	429,094	$	—	$	476,070
Interest rate swap derivatives	—		14,216		—		14,216
Foreign currency derivatives	—		23,155		—		23,155
Deferred compensation assets	72,571		—		—		72,571
Other assets	10,905		—		—		10,905
	$	130,452	$	466,465	$	—	$	596,917
Liabilities:
Commodity and freight derivatives	$	58,873	$	368,179	$	—	$	427,052
Interest rate swap derivatives	—		6,119		—		6,119
Foreign currency derivatives	—		37,598		—		37,598
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	—		—		75,982		75,982
	$	58,873	$	411,896	$	75,982	$	546,751



	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:
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
	$	173,108	$	522,820	$	—	$	695,928
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
	$	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	August 31, 2015	Valuation Technique	Unobservable Input	(Weighted Average)
(Dollars in thousands)
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	$75,982	Adjusted Black-Scholes option pricing model	Forward crack spread margin on August 31, 2015 ^(a)	$12.99-$24.33 ($19.67)
			Contractual target crack spread margin ^(b)	$17.50
			Expected volatility ^(c)	159.05%
			Risk-free interest rate ^(d)	0.48-0.94% (0.67%)
			Expected life - years ^(e)	1.00-2.00 (1.41)

^(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 years ended August 31, 2015 and 2014:



	Level 3 Liabilities
	Accrued Liability for Contingent Crack Spread Payments Related to Purchase of Noncontrolling Interests
	2015			2014
	(Dollars in thousands)
Balance - beginning of year	$	114,917		$	134,134
Amounts currently payable	(2,625		)	—
Total (gains) losses included in cost of goods sold	(36,310		)	(19,217		)
Balance - end of year	$	75,982		$	114,917