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Fair Value Measurements (Tables)

9 Months Ended

May 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

	May 31, 2017
	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	$	25,493			$	338,134			$	—			$	363,627
Foreign currency derivatives	—				10,558				—				10,558
Interest rate swap derivatives	—				9,496				—				9,496
Deferred compensation assets	51,710				—				—				51,710
Embedded derivative asset	—				25,047				—				25,047
Other assets	13,760				—				—				13,760
Total	$	90,963			$	383,235			$	—			$	474,198
Liabilities:
Commodity and freight derivatives	$	31,941			$	239,396			$	—			$	271,337
Foreign currency derivatives	—				11,689				—				11,689
Interest rate swap derivatives	—				1,186				—				1,186
Crack spread contingent consideration liability	—				—				1,778				1,778
Total	$	31,941			$	252,271			$	1,778			$	285,990

	August 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	$	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
Crack spread contingent consideration liability	—				—				15,051				15,051
Total	$	22,331			$	491,268			$	15,051			$	528,650

Fair Value Inputs, Liabilities, Quantitative Information

Quantitative Information about Level 3 Fair Value Measurements
Item		Fair Value May 31, 2017 (Dollars in thousands)		Valuation Technique		Unobservable Input		Input Used
Crack spread contingent consideration liability		$1,778		Adjusted Black-Scholes option pricing model		Forward crack spread margin quotes on May 31, 2017 (a)		$14.56
						Contractual target crack spread margin (b)		$17.50
						Expected volatility (c)		78.71%
						Risk-free interest rate (d)		0.94%
						Expected life - years (e)		0.25

^(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 three months ended May 31, 2017, and 2016.

		Level 3 Liabilities
		Crack spread contingent consideration liability
		2017				2016
		(Dollars in thousands)
Balances, February 28, 2017, and February 29, 2016, respectively		$	2,172			$	24,155
Total (gains) losses included in cost of goods sold		(394		)		506
Balances, May 31, 2017, and 2016, respectively		$	1,778			$	24,661

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, 2017, and 2016.

		Level 3 Liabilities
		Crack spread contingent consideration liability
		2017				2016
		(Dollars in thousands)
Balances, August 31, 2016, and 2015, respectively		$	15,051			$	75,982
Total (gains) losses included in cost of goods sold		(13,273		)		(51,321		)
Balances, May 31, 2017, and 2016, respectively		$	1,778			$	24,661

X

- 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

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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

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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

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