Fair Value Measurements (Tables)

6 Months Ended

Feb. 29, 2016

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



	February 29, 2016
	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	$	25,609	$	358,576	$	—	$	384,185
Foreign currency derivatives	—		23,971		—		23,971
Interest rate swap derivatives	—		23,695		—		23,695
Deferred compensation assets	70,710		—		—		70,710
Other assets	10,579		—		—		10,579
Total	$	106,898	$	406,242	$	—	$	513,140
Liabilities:
Commodity and freight derivatives	$	43,705	$	218,005	$	—	$	261,710
Foreign currency derivatives	—		22,041		—		22,041
Interest rate swap derivatives	—		3,737		—		3,737
Crack spread contingent consideration liability	—		—		24,155		24,155
Total	$	43,705	$	243,783	$	24,155	$	311,643



	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 February 29, 2016 (Dollars in thousands)	Valuation Technique	Unobservable Input	Range (Weighted Average)
Crack spread contingent consideration liability	$24,155	Adjusted Black-Scholes option pricing model	Forward crack spread margin quotes on February 29, 2016 ^(a)	$8.54-$13.70 ($10.66)
			Contractual target crack spread margin ^(b)	$17.50
			Expected volatility ^(c)	155.55%
			Risk-free interest rate ^(d)	0.48-0.94% (0.67%)
			Expected life - years ^(e)	0.50-1.50 (0.91)

^(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 February 29, 2016 and February 28, 2015.



	Level 3 Liabilities
	Crack spread contingent consideration liability
	2016			2015
	(Dollars in thousands)
Balances, November 30, 2015 and 2014, respectively	$	43,693		$	86,520
Total (gains) losses included in cost of goods sold	(19,538		)	34,550
Balances, February 29, 2016 and February 28, 2015, respectively	$	24,155		$	121,070

The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended February 29, 2016 and February 28, 2015.



	Level 3 Liabilities
	Crack spread contingent consideration liability
	2016			2015
	(Dollars in thousands)
Balances, August 31, 2015 and 2014, respectively	$	75,982		$	114,917
Total (gains) losses included in cost of goods sold	(51,827		)	6,153
Balances, February 29, 2016 and February 28, 2015, respectively	$	24,155		$	121,070