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Fair Value Measurements (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: 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=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: 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=66048111&loc=SL7498348-110258 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=66048111&loc=d3e19190-110258 + 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=66048111&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 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: 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=66048111&loc=d3e19207-110258 + Details
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