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Fair Value Measurements (Tables) | 12 Months Ended
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Aug. 31, 2012
Fair Value Disclosures [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements at August 31, 2012 and 2011 are as follows:
| 2012
| 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 |  |  |  | $ | 1,702,757 |  |  |  |  | $ | 1,702,757 |
Commodity and freight derivatives | $ | 70,586 |  |  | 778,362 |  |  |  |  | 848,948 |
Foreign currency derivatives | 957 |  |  |  |  |  |  |  | 957 |
Other assets | 75,000 |  |  |  |  |  |  |  | 75,000 |
Total Assets | $ | 146,543 |  |  | $ | 2,481,119 |  |  |  |  | $ | 2,627,662 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 150,049 |  |  | $ | 356,046 |  |  |  |  | $ | 506,095 |
Interest rate swap derivatives |  |  |  | 544 |  |  |  |  | 544 |
Foreign currency derivatives | 2,366 |  |  |  |  |  |  |  | 2,366 |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests |  |  |  |  |  |  | $ | 127,516 |  |  | 127,516 |
Total Liabilities | $ | 152,415 |  |  | $ | 356,590 |  |  | $ | 127,516 |  |  | $ | 636,521 |
| 2011
| 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 |  |  |  | $ | 1,288,049 |  |  |  |  | $ | 1,288,049 |
Commodity and freight derivatives | $ | 85,082 |  |  | 549,056 |  |  |  |  | 634,138 |
Foreign currency derivatives | 1,508 |  |  |  |  |  |  |  | 1,508 |
Other assets | 68,246 |  |  |  |  |  |  |  | 68,246 |
Total Assets | $ | 154,836 |  |  | $ | 1,837,105 |  |  |  |  | $ | 1,991,941 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Commodity and freight derivatives | 191,607 |  |  | 290,256 |  |  |  |  | 481,863 |
Interest rate swap derivatives |  |  |  | 750 |  |  |  |  | 750 |
Total Liabilities | $ | 191,607 |  |  | $ | 291,006 |  |  |  |  | $ | 482,613 |
Fair Value Inputs, Liabilities, Quantitative Information |
Quantitative Information about Level 3 Fair Value Measurements
| Fair Value | Valuation |  | Range
Item | August 31, 2012 | Technique | Unobservable Input | (Weighted Average)
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | $ | 127,516 |  | Adjusted Black Scholes option pricing model | Forward crack spread margin on August 31 (a) | $13.77-$21.62 (16.15)
|  |  | Contractual target crack spread margin (b) | $17.50
|  |  | Expected volatility (c) | 86.11%
|  |  | Risk-free interest rate (d) | 0.16-0.59% (0.38%)
|  |  | Expected life (years) (e) | 1.00-5.00 (3.40)
Mandatorily redeemable noncontrolling interests | $ | 334,707 |  | Discounted cash flows | Own credit risk (f) | 2.16-2.56% (2.40%)
(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 (f) Represents the range of company-specific risk adjustments commensurate with typical long-term borrowing rates available to the Company at inception of the contract
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 year ended August 31, 2012:
|  | Level 3 Liabilities
|  | Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests |  | Mandatorily redeemable noncontrolling interests
Balances, September 1, 2011 |  | $ | — |  |  | $ | — |
Purchases |  | 105,188 |  |  | 328,676 |
Total losses included in cost of goods sold |  | 22,328 |  |  |
Total losses included in interest, net |  |  |  | 6,031 |
Balances, August 31, 2012 |  | $ | 127,516 |  |  | $ | 334,707 |

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- Definition Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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