Fair Value Measurements (Tables)

12 Months Ended

Aug. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

air value measurements at August 31, 2016 and 2015 are as follows:

	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	$	62,538	$	437,654	$	—	$	500,192
Foreign currency derivatives	—		21,551		—		21,551
Interest rate swap derivatives	—		22,078		—		22,078
Deferred compensation assets	50,099		—		—		50,099
Other assets	12,678		—		—		12,678
Total	$	125,315	$	481,283	$	—	$	606,598
Liabilities:
Commodity and freight derivatives	$	22,331	$	468,971	$	—	$	491,302
Foreign currency derivatives	—		22,289		—		22,289
Interest rate swap derivatives	—		8		—		8
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	—		—		15,051		15,051
Total	$	22,331	$	491,268	$	15,051	$	528,650

	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
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	—		—		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
	Fair Value
Item	August 31, 2016	Valuation Technique	Unobservable Input	Input Used
(Dollars in thousands)
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests	$15,051	Adjusted Black-Scholes option pricing model	Forward crack spread margin on August 31, 2016 (a)	$16.43
			Contractual target crack spread margin (b)	$17.50
			Expected volatility (c)	152.65%
			Risk-free interest rate (d)	0.94%
			Expected life - years (e)	1.00

^(a) Represents forward crack spread margin quotes and management estimates based on the future settlement date.

^(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 number of years remaining related to the final 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, 2016 and 2015:

	Level 3 Liabilities
	Accrued Liability for Contingent Crack Spread Payments Related to Purchase of Noncontrolling Interests
	2016			2015
	(Dollars in thousands)
Balance - beginning of year	$	75,982		$	114,917
Amounts currently payable	—			(2,625		)
Total (gains) losses included in cost of goods sold	(60,931		)	(36,310		)
Balance - end of year	$	15,051		$	75,982