Fair Value Measurements (Tables)

9 Months Ended

May 31, 2016

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



	May 31, 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	$	45,704	$	507,344	$	—	$	553,048
Foreign currency derivatives	—		14,088		—		14,088
Interest rate swap derivatives	—		19,877		—		19,877
Deferred compensation assets	74,274		—		—		74,274
Other assets	11,288		—		—		11,288
Total	$	131,266	$	541,309	$	—	$	672,575
Liabilities:
Commodity and freight derivatives	$	54,705	$	417,635	$	—	$	472,340
Foreign currency derivatives	—		14,276		—		14,276
Interest rate swap derivatives	—		15		—		15
Crack spread contingent consideration liability	—		—		24,661		24,661
Total	$	54,705	$	431,926	$	24,661	$	511,292



	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 May 31, 2016 (Dollars in thousands)	Valuation Technique	Unobservable Input	Range (Weighted Average)
Crack spread contingent consideration liability	$24,661	Adjusted Black-Scholes option pricing model	Forward crack spread margin quotes on May 31, 2016 ^(a)	$12.96-$14.81 ($13.72)
			Contractual target crack spread margin ^(b)	$17.50
			Expected volatility ^(c)	159.91%
			Risk-free interest rate ^(d)	0.48-0.94% (0.67)
			Expected life - years ^(e)	0.25-1.25 (0.66)

^(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 May 31, 2016, and 2015.



	Level 3 Liabilities
	Crack spread contingent consideration liability
	2016		2015
	(Dollars in thousands)
Balances, February 29, 2016, and February 28, 2015, respectively	$	24,155	$	121,070
Total (gains) losses included in cost of goods sold	506		(11,850		)
Balances, May 31, 2016, and 2015, respectively	$	24,661	$	109,220

The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended May 31, 2016, and 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	(51,321		)	(5,697		)
Balances, May 31, 2016, and 2015, respectively	$	24,661		$	109,220