Fair Value Measurements (Tables)

3 Months Ended

Nov. 30, 2015

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



	November 30, 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	$	25,389	$	379,526	$	—	$	404,915
Foreign currency derivatives	—		24,364		—		24,364
Interest rate swap derivatives	—		14,578		—		14,578
Deferred compensation assets	73,629		—		—		73,629
Other assets	11,745		—		—		11,745
Total	$	110,763	$	418,468	$	—	$	529,231
Liabilities:
Commodity and freight derivatives	$	45,118	$	297,260	$	—	$	342,378
Foreign currency derivatives	—		22,551		—		22,551
Interest rate swap derivatives	—		5,286		—		5,286
Crack spread contingent consideration liability	—		—		43,693		43,693
Total	$	45,118	$	325,097	$	43,693	$	413,908



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

Fair Value Inputs, Liabilities, Quantitative Information



Quantitative Information about Level 3 Fair Value Measurements
Item	Fair Value November 30, 2015 (Dollars in thousands)	Valuation Technique	Unobservable Input	Range (Weighted Average)
Crack spread contingent consideration liability	$43,693	Adjusted Black-Scholes option pricing model	Forward crack spread margin quotes on November 30, 2015 ^(a)	$13.21-$16.37 ($14.51)
			Contractual target crack spread margin ^(b)	$17.50
			Expected volatility ^(c)	147.48%
			Risk-free interest rate ^(d)	0.48-0.94% (0.67%)
			Expected life - years ^(e)	0.75-1.75 (1.16)

^(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 November 30, 2015 and 2014.



	Level 3 Liabilities
	Crack spread contingent consideration liability
	2015			2014
	(Dollars in thousands)
Balances, August 30, 2015 and 2014, respectively	$	75,982		$	114,917
Total (gains) losses included in cost of goods sold	(32,289		)	(28,397		)
Balances, November 30, 2015 and 2014, respectively	$	43,693		$	86,520