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Fair Value Measurements (Tables)
 6 Months Ended
Feb. 28, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
Fair value measurements at February 28, 2013, August 31, 2012 and February 29, 2012 are as follows:
 
February 28, 2013
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Assets:
 

 
 

 
 
 
 

Readily marketable inventories


 
$
1,697,214

 

 
$
1,697,214

Commodity and freight derivatives
$
29,346

 
243,171

 

 
272,517

Interest rate swaps


 
459

 

 
459

Foreign currency derivatives
15,497

 


 

 
15,497

Other assets
79,333

 


 

 
79,333

Total Assets
$
124,176

 
$
1,940,844

 

 
$
2,065,020

Liabilities:
 

 
 

 
 
 
 

Commodity and freight derivatives
$
15,661

 
$
200,222

 

 
$
215,883

Interest rate swap derivatives


 
418

 

 
418

Foreign currency derivatives
969

 


 

 
969

Accrued liability for contingent
crack spread payments related
to purchase of noncontrolling
interests


 


 
$
140,987

 
140,987

Total Liabilities
$
16,630

 
$
200,640

 
$
140,987

 
$
358,257


 
August 31, 2012
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
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


 
February 29, 2012
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Assets:
 

 
 

 
 
 
 

Readily marketable inventories


 
$
1,406,976

 

 
$
1,406,976

Commodity and freight derivatives
$
17,043

 
191,226

 

 
208,269

Other assets
74,537

 


 

 
74,537

Total Assets
$
91,580

 
$
1,598,202

 

 
$
1,689,782

Liabilities:
 

 
 

 
 
 
 

Commodity and freight derivatives
$
51,975

 
$
243,609

 
 
 
$
295,584

Interest rate swap derivatives
 
 
586

 
 
 
586

Foreign currency derivatives
72

 
 
 
 
 
72

Accrued liability for contingent
crack spread payments related
to purchase of noncontrolling
interests
 
 
 
 
$
101,003

 
101,003

Total Liabilities
$
52,047

 
$
244,195

 
$
101,003

 
$
397,245
Fair Value Inputs, Liabilities, Quantitative Information
Quantitative Information about Level 3 Fair Value Measurements
 
 
 
 
 
 
Fair Value
Valuation
 
Range
Item
February 28, 2013
Technique
Unobservable Input
(Weighted Average)
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
$
140,987

Adjusted Black Scholes option pricing model
Adjusted forward crack spread margin on February 28 (a)
$24.74-$39.23 (30.24)
 
 
 
Contractual target crack spread margin (b)
$17.50
 
 
 
Expected volatility (c)
71.36%
 
 
 
Own credit risk (d)
1.80-2.80% (2.42%)
 
 
 
Expected life (years) (e)
0.50-4.51 (2.90)
(a) Represents adjusted 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 the range of company-specific risk adjustments commensurate with typical long-term borrowing rates available to us at measurement date
(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 six months ended February 28, 2013 and February 29, 2012, respectively:

 
 
Level 3 Liabilities
 
 
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
 
 
2013
 
2012
Balances, September 1, 2012 and 2011, respectively
 
$
127,516

 
$
—

Purchases
 
 
 
105,188

Total (gains) losses included in cost of goods sold
 
13,471

 
(4,185
)
Balances, February 28, 2013 and February 29, 2012, respectively
 
$
140,987

 
$
101,003



The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended February 28, 2013 and February 29, 2012, respectively:

 
 
Level 3 Liabilities
 
 
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests
 
 
2013
 
2012
Balances, December 1, 2012 and 2011, respectively
 
$
170,621

 
$
105,188

Total (gains) losses included in cost of goods sold
 
(29,634
)
 
(4,185
)
Balances, February 28, 2013 and February 29, 2012, respectively
 
$
140,987

 
$
101,003