Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Nov. 26, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Aug-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Registrant Name | 'UNITED REFINING CO | ' |
Entity Central Index Key | '0000101462 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 100 |
Entity Public Float | ' | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Cash and cash equivalents | $158,537 | $137,540 |
Accounts receivable, net | 125,196 | 120,599 |
Refundable income taxes | 20,890 | ' |
Inventories, net | 130,966 | 156,220 |
Prepaid expenses and other assets | 42,093 | 19,813 |
Deferred income taxes | ' | 1,048 |
Amounts due from affiliated companies, net | ' | 89 |
Total current assets | 477,682 | 435,309 |
Property, plant and equipment, net | 289,132 | 253,387 |
Deferred financing costs, net | 4,803 | 8,471 |
Goodwill | 1,349 | 1,349 |
Tradename | 10,500 | 10,500 |
Amortizable intangible assets, net | 1,057 | 1,164 |
Deferred turnaround costs and other assets, net | 11,772 | 18,150 |
Total assets | 796,295 | 728,330 |
Current: | ' | ' |
Current installments of long-term debt | 1,592 | 1,318 |
Accounts payable | 54,170 | 42,203 |
Derivative liability | 0 | 9,098 |
Accrued liabilities | 18,715 | 16,916 |
Income taxes payable | 8,587 | 28,931 |
Sales, use and fuel taxes payable | 19,247 | 21,892 |
Deferred income taxes | 365 | ' |
Amounts due to affiliated companies, net | 434 | ' |
Total current liabilities | 103,110 | 120,358 |
Long term debt: less current installments | 237,114 | 358,678 |
Deferred income taxes | 29,193 | 15,022 |
Deferred retirement benefits | 69,675 | 92,996 |
Total liabilities | 439,092 | 587,054 |
Commitments and contingencies | ' | ' |
Stockholder's equity: | ' | ' |
Common stock; $.10 par value per share-shares authorized 100; issued and outstanding 100 | ' | ' |
Series A Preferred stock; $1,000 par value per share-shares authorized 25,000; issued and outstanding 14,116 | 14,116 | ' |
Additional paid-in capital | 159,844 | 24,825 |
Retained earnings | 190,333 | 135,988 |
Accumulated other comprehensive loss | -7,090 | -19,537 |
Total stockholder's equity | 357,203 | 141,276 |
Total liabilities and stockholder's equity | 796,295 | 728,330 |
Series A Preferred Stock [Member] | ' | ' |
Stockholder's equity: | ' | ' |
Series A Preferred stock; $1,000 par value per share-shares authorized 25,000; issued and outstanding 14,116 | $14,116 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Common stock, par value per share | $0.10 | $0.10 |
Common stock, shares authorized | 100 | 100 |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Preferred stock, par value per share | $1,000 | ' |
Preferred stock, shares authorized | 25,000 | ' |
Preferred stock, shares issued | 14,116 | ' |
Preferred stock, shares outstanding | 14,116 | ' |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value per share | $1,000 | $1,000 |
Preferred stock, shares authorized | 25,000 | 25,000 |
Preferred stock, shares issued | 14,116 | 14,116 |
Preferred stock, shares outstanding | 14,116 | 14,116 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $970,562 | $883,520 | $870,109 | $957,062 | $1,002,252 | $935,798 | $848,844 | $944,031 | $3,681,253 | $3,730,925 | $3,166,876 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses (gains) on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | 3,159,575 | 3,198,025 | 2,903,258 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 2,319 | -28,848 | 58,733 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 163,874 | 157,581 | 149,456 |
Depreciation, amortization and asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 26,877 | 45,817 | 22,097 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,352,645 | 3,372,575 | 3,133,544 |
Operating income | 22,274 | 83,688 | 114,823 | 107,823 | 104,926 | 126,913 | 10,561 | 115,950 | 328,608 | 358,350 | 33,332 |
Other expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -39,035 | -40,869 | -40,550 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,819 | -4,711 | -2,564 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,727 | ' | -1,245 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -61,581 | -45,580 | -44,359 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 267,027 | 312,770 | -11,027 |
Income tax expense (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 95,723 | 101,130 | 5,131 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 2,621 | 20,824 | -8,750 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 98,344 | 121,954 | -3,619 |
Net income (loss) | 915 | 44,559 | 63,562 | 59,647 | 60,906 | 68,101 | -237 | 62,046 | 168,683 | 190,816 | -7,408 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 711 |
Net income (loss) attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | $168,683 | $190,816 | ($8,119) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) attributable to United Refining Company's Stockholder | $168,683 | $190,816 | ($8,119) |
Other comprehensive income (loss), net of taxes: | ' | ' | ' |
Unrecognized post-retirement income (costs), net of taxes of $8,003, $(3,745) and $241 for the years ended August 31, 2013, 2012 and 2011, respectively | 12,447 | -5,389 | 346 |
Other comprehensive income (loss) | 12,447 | -5,389 | 346 |
Total comprehensive income (loss) | $181,130 | $185,427 | ($7,773) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Unrecognized post retirement income (costs), taxes | $8,003 | ($3,745) | $241 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Aug. 31, 2010 | $26,237,000 | ' | ' | $22,500,000 | $18,231,000 | ($14,494,000) | ' |
Balance, Shares at Aug. 31, 2010 | ' | 100 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 346,000 | ' | ' | ' | ' | 346,000 | ' |
Contribution from Parent under the Tax Sharing Agreement | 2,289,000 | ' | ' | 2,289,000 | ' | ' | ' |
Net income (loss) | -7,408,000 | ' | ' | ' | -8,119,000 | ' | 711,000 |
Issuance of common stock | 15,000,000 | ' | ' | ' | ' | ' | 15,000,000 |
Dissolution of non-controlling interest | -15,711,000 | ' | ' | ' | ' | ' | -15,711,000 |
Balance at Aug. 31, 2011 | 20,753,000 | ' | ' | 24,789,000 | 10,112,000 | -14,148,000 | ' |
Balance, Shares at Aug. 31, 2011 | ' | 100 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -5,389,000 | ' | ' | ' | ' | -5,389,000 | ' |
Contribution from Parent under the Tax Sharing Agreement | 36,000 | ' | ' | 36,000 | ' | ' | ' |
Net income (loss) | 190,816,000 | ' | ' | ' | 190,816,000 | ' | ' |
Dividends | -64,940,000 | ' | ' | ' | -64,940,000 | ' | ' |
Balance at Aug. 31, 2012 | 141,276,000 | ' | ' | 24,825,000 | 135,988,000 | -19,537,000 | ' |
Balance, Shares at Aug. 31, 2012 | ' | 100 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 12,447,000 | ' | ' | ' | ' | 12,447,000 | ' |
Issuance of preferred stock | 141,164,000 | ' | 14,116,000 | 127,048,000 | ' | ' | ' |
Issuance of preferred stock, shares | ' | ' | 14,116 | ' | ' | ' | ' |
Contribution from Parent under the Tax Sharing Agreement | 1,996,000 | ' | ' | 1,996,000 | ' | ' | ' |
Capital contribution related to purchase of assets | 5,975,000 | ' | ' | 5,975,000 | ' | ' | ' |
Net income (loss) | 168,683,000 | ' | ' | ' | 168,683,000 | ' | ' |
Dividends | -114,338,000 | ' | ' | ' | -114,338,000 | ' | ' |
Balance at Aug. 31, 2013 | $357,203,000 | ' | $14,116,000 | $159,844,000 | $190,333,000 | ($7,090,000) | ' |
Balance, Shares at Aug. 31, 2013 | ' | 100 | 14,116 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $168,683 | $190,816 | ($7,408) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation, amortization and asset impairments | 29,279 | 49,354 | 23,939 |
Unrealized (gain) loss on derivative contracts | ' | -43,826 | 51,414 |
Non cash portion of loss on early extinguishment of debt | 5,313 | ' | 330 |
Deferred income taxes | 2,621 | 20,824 | -8,750 |
Loss (gain) on asset dispositions | 1,119 | -1,496 | 1,484 |
Cash (used in) provided by working capital items | -40,311 | 22,654 | 30,214 |
Net income attributable to non-controlling interest dissolved during the year | ' | ' | -711 |
Change in operating assets and liabilities: | ' | ' | ' |
Other assets, net | 538 | -3,174 | -5 |
Deferred retirement benefits | -2,871 | -3,268 | -3,903 |
Total adjustments | -4,312 | 41,068 | 94,012 |
Net cash provided by operating activities | 164,371 | 231,884 | 86,604 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -41,597 | -19,845 | -27,874 |
Additions to deferred turnaround costs | -1,241 | -3,725 | -18,910 |
Proceeds from asset dispositions | 81 | 2,639 | 729 |
Net cash used in investing activities | -42,757 | -20,931 | -46,055 |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | 1,996 | 36 | 2,289 |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | 15,000 |
Proceeds from sale of preferred stock | 141,164 | ' | ' |
Dividends to stockholder | -114,338 | -64,940 | ' |
Dissolution of non-controlling interest | ' | ' | -15,000 |
Proceeds from issuance of long-term debt | ' | ' | 352,021 |
Principal reductions of long-term debt | -129,439 | -1,169 | -325,076 |
Net payments on revolving credit facility | ' | -24,000 | -59,000 |
Deferred financing costs | ' | ' | -11,293 |
Net cash used in financing activities | -100,617 | -90,073 | -41,059 |
Net increase (decrease) in cash and cash equivalents | 20,997 | 120,880 | -510 |
Cash and cash equivalents, beginning of year | 137,540 | 16,660 | 17,170 |
Cash and cash equivalents, end of year | 158,537 | 137,540 | 16,660 |
Cash provided by (used in) working capital items: | ' | ' | ' |
Accounts receivable, net | -4,597 | -9,173 | -47,234 |
Refundable income taxes | -20,890 | ' | 36,390 |
Inventories | 25,254 | 15,660 | 34,958 |
Prepaid expenses and other assets | -22,280 | 20,574 | -12,446 |
Amounts due from affiliated companies, net | 523 | 3,015 | -132 |
Accounts payable | 11,967 | -37,743 | 14,326 |
Derivative liability | -9,098 | -2,796 | 4,306 |
Accrued liabilities | 1,799 | 1,558 | -211 |
Income taxes payable | -20,344 | 26,304 | 2,075 |
Sales, use and fuel taxes payable | -2,645 | 5,255 | -1,818 |
Total Change | -40,311 | 22,654 | 30,214 |
Cash paid during the period for: | ' | ' | ' |
Interest | 38,806 | 39,293 | 41,205 |
Income taxes | 135,412 | 75,033 | 1,621 |
Non-cash investing and financing activities: | ' | ' | ' |
Property additions and capital leases | $15,037 | $2,224 | $762 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Description of Business and Summary of Significant Accounting Policies | ' | ||||||||||
1 | Description of Business and Summary of Significant Accounting Policies | ||||||||||
Description of Business and Basis of Presentation | |||||||||||
The consolidated financial statements include the accounts of United Refining Company and its subsidiaries, United Refining Company of Pennsylvania and its subsidiaries, United Biofuels, Inc., Kiantone Pipeline Corporation (collectively, the “Company”) and United Refining Asphalt, Inc. (“URA”), a variable interest entity that was created in January 2011 for which the Company was the primary beneficiary. The Company ceased to be the primary beneficiary of URA as of August 31, 2011 and URA was deconsolidated as of that date and URA was dissolved. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||
A variable interest entity (“VIE”) is defined as an entity that either has investor voting rights that are not proportional to their economic interests or has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE is required to be consolidated by a company if that company is the primary beneficiary. The primary beneficiary of the VIE is the company that controls the VIE’s activities and is subject to a majority of the risk of loss from the VIE’s activities or, if no company is subject to a majority of such risk, the company that is entitled to receive a majority of the VIE’s residual returns. | |||||||||||
The Company is a petroleum refiner and marketer in its primary market area of Western New York and Northwestern Pennsylvania. Operations are organized into two business segments: wholesale and retail. | |||||||||||
The wholesale segment is responsible for the acquisition of crude oil, petroleum refining, supplying petroleum products to the retail segment and the marketing of petroleum products to wholesale and industrial customers. The retail segment operates a network of Company operated retail units under the Red Apple Food Mart® and Country Fair® brand names selling petroleum products under the Kwik Fill®, Citgo® and Keystone® brand names, as well as convenience and grocery items. | |||||||||||
The Company is a wholly-owned subsidiary of United Refining, Inc. (“URI”), a wholly-owned subsidiary of United Acquisition Corp., which in turn is a wholly-owned subsidiary of Red Apple Group, Inc. (the “Parent”). | |||||||||||
Cash and Cash Equivalents | |||||||||||
For purposes of the consolidated statements of cash flows, the Company considers all highly liquid investment securities with maturities of three months or less at date of acquisition to be cash equivalents. | |||||||||||
Derivative Instruments | |||||||||||
From time to time the Company uses derivatives to reduce its exposure to fluctuations in crude oil purchase costs and refining margins. Derivative products, historically crude oil option contracts (puts) and crackspread option contracts have been used to hedge the volatility of these items. The Company does not enter such contracts for speculative purposes. The Company accounts for changes in the fair value of its contracts by marking them to market and recognizing any resulting gains or losses in its Statement of Operations. The Company includes the carrying amounts of the contracts in derivative liability in its Consolidated Balance Sheet. | |||||||||||
At August 31, 2013, the Company had no derivative instruments outstanding as part of its risk management strategy. | |||||||||||
The fair value and balance sheet classification of our derivative instruments as of August 31, 2013 and 2012 are as follows: | |||||||||||
August 31, 2013 | |||||||||||
Notional Balance | Maturity Date | Derivative Liability | |||||||||
(in thousands) | |||||||||||
Not designated as hedges under ASC 815 | |||||||||||
Heating oil crackspread swaps | 0 barrels | Not applicable | $ | 0 | |||||||
Total derivative instruments | 0 barrels | $ | 0 | ||||||||
August 31, 2012 | |||||||||||
Notional Balance | Maturity Date | Derivative Liability | |||||||||
(in thousands) | |||||||||||
Not designated as hedges under ASC 815 | |||||||||||
Heating oil crackspread swaps | 780 barrels | Monthly September 2011 through December 2012 | $ | 9,098 | |||||||
Total derivative instruments | 780 barrels | $ | 9,098 | ||||||||
For the fiscal years ended August 31, 2013, 2012 and 2011 the Company recognized $2,319,000, $(28,848,000) and $58,733,000 of losses (gains) in costs and expenses in its Consolidated Statements of Operations. | |||||||||||
Inventories and Exchanges | |||||||||||
Inventories are stated at the lower of cost or market, with cost being determined under the Last-in, First-out (LIFO) method for crude oil and petroleum product inventories and the First-in, First-out (FIFO) method for merchandise. Supply inventories are stated at either lower of cost or market or replacement cost and include various parts for the refinery operations. If the cost of inventories exceeds their market value, provisions are made currently for the difference between the cost and the market value. | |||||||||||
Property, Plant and Equipment | |||||||||||
Property, plant and equipment is stated at cost and depreciated by the straight-line method over the respective estimated useful lives. Routine current maintenance, repairs and replacement costs are charged against income. Expenditures which materially increase values expand capacities or extend useful lives are capitalized. A summary of the principal useful lives used in computing depreciation expense is as follows: | |||||||||||
Estimated Useful | |||||||||||
Lives (Years) | |||||||||||
Refining | 20-30 | ||||||||||
Marketing | 15-30 | ||||||||||
Transportation | 20-30 | ||||||||||
Leases | |||||||||||
The Company leases land, buildings, and equipment under long-term operating and capital leases and accounts for the leases in accordance with ASC 360-10-30-8. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term. The lease term begins on the date the Company has the right to control the use of the leased property pursuant to the terms of the lease. | |||||||||||
Deferred Maintenance Turnarounds | |||||||||||
The cost of maintenance turnarounds, which consist of complete shutdown and inspection of significant units of the refinery at intervals of two or more years for necessary repairs and replacements, are deferred when incurred and amortized on a straight-line basis over the period of benefit, which ranges from 2 to 10 years. As of August 31, 2013 and 2012, deferred turnaround costs included in Deferred Turnaround Costs and Other Assets, amounted to $8,476,000 and $14,316,000, net of accumulated amortization of $32,202,000 and $26,695,000, respectively. Amortization expense included in costs of goods sold for the fiscal years ended August 31, 2013, 2012 and 2011 amounted to $7,082,000, $7,198,000 and $4,350,000, respectively. | |||||||||||
Amortizable Intangible Assets | |||||||||||
The Company amortizes identifiable intangible assets such as brand names, non-compete agreements, leasehold covenants and deed restrictions on a straight line basis over their estimated useful lives which range from 5 to 25 years. | |||||||||||
Revenue Recognition | |||||||||||
Revenues for products sold by the wholesale segment are recorded upon delivery of the products to our customers, at which time title to those products is transferred and when payment has either been received or collection is reasonably assured. At no point do we recognize revenue from the sale of products prior to the transfer of its title. Title to product is transferred to the customer at the shipping point, under pre-determined contracts for sale at agreed upon or posted prices to customers of which collectability is reasonably assured. Revenues for products sold by the retail segment are recognized immediately upon sale to the customer. Included in Net Sales and Costs of Goods Sold are consumer excise taxes of $225,125,000, $225,605,000 and $224,551,000 for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||||||
Cost Classifications | |||||||||||
Our Cost of goods sold (which excludes depreciation and amortization on property, plant and equipment and (gains) or losses on derivative contracts) includes Refining Cost of Products Sold and related Refining Operating expenses. | |||||||||||
Refining Cost of Products Sold includes cost of crude oil, other feedstocks, blendstocks, the cost of purchased finished products, amortization of turnaround costs, transportation costs and distribution costs. Retail cost of products sold includes cost for motor fuels and for merchandise. Motor fuel cost of products sold represents net cost for purchased fuel. Merchandise cost of products sold includes merchandise purchases, net of merchandise rebates and inventory shrinkage. Wholesale cost of products sold includes the cost of fuel and lubricants, transportation and distribution costs and labor. | |||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||
The Company’s results of operations are included in the consolidated Federal Income tax return of the Parent and separately in various state jurisdictions. Income taxes are calculated on a separate return basis with consideration of the Tax Sharing Agreement between the Parent and its subsidiaries. The Company is open to examination for tax years 2002 through 2012, due to the carryback of net operating losses, and there was a federal tax audit for the tax years 2007 through 2010 which has been settled. There are currently state tax audits in process and there are unsettled income tax assessments outstanding in the amount of $45,000. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax positions as a component of interest expense, net and other, net, respectively. No amounts of such expenses are currently accrued. | |||||||||||
Post-Retirement Healthcare and Pension Benefits | |||||||||||
The Company provides post-retirement healthcare benefits to salaried and certain hourly employees that retired prior to September 1, 2010. The benefits provided are hospitalization and medical coverage for the employee and spouse until age 65. Benefits continue until the death of the retiree, which results in the termination of benefits for all dependent coverage. If an employee leaves the Company as a terminated vested member of a pension plan prior to normal retirement age, the person is not entitled to any post-retirement healthcare benefits. Benefits payable under this program are secondary to any benefits provided by Medicare or any other governmental programs. | |||||||||||
In June 2010, the Company announced changes to the healthcare and pension plans provided to salaried employees. Effective September 1, 2010, postretirement medical benefits for new hires and active salaried employees retiring after September 1, 2010 were eliminated. Additionally, effective January 1, 2011, deductibles and co-payments were added to the medical benefits plan for all active and retired employees. For salaried employees meeting certain age and service requirements, the Company contributes a defined dollar amount towards the cost of retiree healthcare based upon the employee’s length of service. Similarly, effective August 31, 2010, benefits under the Company’s defined benefit pension plan were frozen for all salaried employees, including the Company’s Chief Executive Officer and Chief Financial Officer. The Company will provide an enhanced contribution under its defined contribution 401(k) plan as well as a transition contribution for older employees. The changes made for the salary group described above were also incorporated into the collective bargaining agreement reached with the International Union of Operating Engineers, Local No.95 effective February 1, 2012. | |||||||||||
The Company accrues post-retirement benefits other than pensions, during the years that the employee renders the necessary service, of the expected cost of providing those benefits to an employee and the employee’s beneficiaries and covered dependents. | |||||||||||
Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Allowance for Doubtful Accounts | |||||||||||
The Company records an allowance for doubtful accounts based on specifically identified amounts that we believe to be uncollectible. The Company also recorded additional allowances based on historical collection experience and its assessment of the general financial conditions affecting the customer base. Senior management reviews accounts receivable on a weekly basis to determine if any receivables will potentially be uncollectible. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. | |||||||||||
Concentration Risks | |||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. | |||||||||||
The Company places its temporary cash investments with quality financial institutions. At times, such investments were in excess of FDIC insurance limits. The Company has not experienced any losses in such accounts. | |||||||||||
The Company purchased approximately 9% and 10% of its cost of goods sold from one vendor during the fiscal years ended August 31, 2013 and 2012, respectively. The Company is not obligated to purchase from this vendor, and, if necessary, there are other vendors from which the Company can purchase crude oil and other petroleum based products. The Company had approximately $0 and $1,004,000 in accounts payable for the years ended August 31, 2013 and 2012 to this respective vendor. | |||||||||||
Environmental Matters | |||||||||||
The Company expenses environmental expenditures related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Expenditures, which extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company determines its liability on a site by site basis and records a liability at the time when it is probable and can be reasonably estimated. The Company’s estimated liability is reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs. The estimated liability of the Company is not reduced for possible recoveries from insurance carriers and is recorded in accrued liabilities. | |||||||||||
Goodwill and Other Non-Amortizable Assets | |||||||||||
In accordance with ASC 350, goodwill and intangible assets deemed to have indefinite lives are no longer amortized but are subject to annual impairment tests in accordance with ASC 350. Other definite lived intangible assets continue to be amortized over their estimated useful lives. | |||||||||||
The Company performed separate impairment tests for its goodwill and tradename using the discounted cash flow method. The fair value of the goodwill and tradename exceeded their respective carrying values. The Company has noted no subsequent indication that would require testing its goodwill and tradename for impairment. | |||||||||||
Long-Lived Assets | |||||||||||
Whenever events or changes in circumstances indicate that the carrying value of any of these assets (other than goodwill and tradename) may not be recoverable, the Company will assess the recoverability of such assets based upon estimated undiscounted cash flow forecasts. When any such impairment exists, the related assets will be written down to fair value. | |||||||||||
Other Comprehensive (Loss) Income | |||||||||||
The Company reports comprehensive (loss) income in accordance with ASC 220-10. ASC 220-10 establishes guidelines for the reporting and display of comprehensive (loss) income and its components in financial statements. Comprehensive (loss) income includes charges and credits to equity that is not the result of transactions with the shareholder. Included in other comprehensive loss for the Company is a charge for unrecognized post-retirement costs, which is net of taxes in accordance with ASC 715. The accumulated other comprehensive loss balance is made up entirely of unrecognized post-retirement costs. | |||||||||||
Reclassification | |||||||||||
Certain amounts in the prior year’s consolidated financial statements have been reclassified to conform with the presentation in the current year. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |
Aug. 31, 2013 | ||
Receivables [Abstract] | ' | |
Accounts Receivable, Net | ' | |
2 | Accounts Receivable, Net | |
As of August 31, 2013 and 2012, accounts receivable were net of allowance for doubtful accounts of $1,800,000 and $1,800,000, respectively. |
Inventories
Inventories | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
3 | Inventories | ||||||||
Inventories consist of the following: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Crude Oil | $ | 21,344 | $ | 40,419 | |||||
Petroleum Products | 60,094 | 66,296 | |||||||
Total @ LIFO | 81,438 | 106,715 | |||||||
Merchandise | 24,002 | 23,707 | |||||||
Supplies | 25,526 | 25,798 | |||||||
Total @ FIFO | 49,528 | 49,505 | |||||||
Total Inventory | $ | 130,966 | $ | 156,220 | |||||
Included in petroleum product inventories are exchange balances either held for or due from other petroleum marketers. These balances are not significant. | |||||||||
The Company does not own sources of crude oil and depends on outside vendors for its needs. | |||||||||
As of August 31, 2013 and 2012, the replacement cost of LIFO inventories exceeded their LIFO carrying values by approximately $108,984,000 and $77,727,000, respectively. For the fiscal years ended August 31, 2013 and 2012, the Company recorded a charge to cost of sales from a LIFO layer liquidation of $6,507,000 and $4,325,000, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
4 | Property, Plant and Equipment | ||||||||
Property, plant and equipment is summarized as follows: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Refinery equipment | $ | 343,918 | $ | 316,489 | |||||
Marketing (i.e. retail outlets) | 121,570 | 111,914 | |||||||
Transportation | 9,883 | 9,665 | |||||||
Construction-in-progress | 30,293 | 15,935 | |||||||
505,664 | 454,003 | ||||||||
Less: Accumulated depreciation | 216,532 | 200,616 | |||||||
$ | 289,132 | $ | 253,387 | ||||||
On March 6, 2013, the Company, through its subsidiary United Biofuels, Inc. (“UBI”), acquired a partially completed 50 million gallon per year biodiesel facility in Brooklyn, New York as part of the acquisition by its parent company, United Refining, Inc., of certain assets of Metro Fuel Oil Corp, and its affiliates. UBI has initiated the project to complete and modify the biodiesel plant. The Company paid $9,800,000 for such biodiesel facility. Due to having a common owner, the Company recorded the facility based on the carrying value of its parent or $20,735,000. The difference between the carrying value and the amount paid by the Company has been recorded as a capital contribution net of the tax effect of $4,960,000. Commissioning the modified biodiesel plant is expected at the end of calendar 2014. The remaining cost of the project is expected to be about $19,000,000. | |||||||||
During the fiscal year ended August 31, 2012, the Company re-evaluated its efforts to construct a Coker Facility and determined that it was necessary to suspend the project indefinitely. As a result, it recorded a charge of $20,122,000 which is included in depreciation, amortization and asset impairments associated with the design of the facility. Management believes that the remainder of the material costs amounting to $6,964,000 will be utilized for other projects within the refinery and the Company will begin depreciating the assets over the estimated remaining life of approximately 20 years. The Company also placed into service $2,700,000 of coker related assets associated with a different project. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||
5 | Goodwill and Intangible Assets | ||||||||||||||||||||
As of August 31, 2013 and 2012, the Company’s trade name, goodwill and amortizable intangible assets, , included in the Company’s retail segment, were as follows: | |||||||||||||||||||||
Weighted | August 31, 2013 | August 31, 2012 | |||||||||||||||||||
Average | |||||||||||||||||||||
Remaining | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||
Deed restrictions | 13 yrs. | $ | 800 | $ | 373 | $ | 800 | $ | 341 | ||||||||||||
Leasehold covenants | 10 yrs. | 1,490 | 860 | 1,490 | 785 | ||||||||||||||||
$ | 2,290 | $ | 1,233 | $ | 2,290 | $ | 1,126 | ||||||||||||||
Non-amortizable assets: | |||||||||||||||||||||
Tradename | $ | 10,500 | $ | — | $ | 10,500 | $ | — | |||||||||||||
Goodwill | $ | 1,349 | $ | — | $ | 1,349 | $ | — | |||||||||||||
Amortization expense for the fiscal years ended August 31, 2013, 2012 and 2011 amounted to $107,000, $106,000 and $106,000, respectively. | |||||||||||||||||||||
Amortization expense for intangible assets subject to amortization for each of the years in the five-year period ending August 31, 2018 is estimated to be $106,000 in each year. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
6 | Accrued Liabilities | ||||||||
Accrued liabilities include the following: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Interest | $ | 106 | $ | 114 | |||||
Payrolls and benefits | 17,012 | 15,241 | |||||||
Other | 1,597 | 1,561 | |||||||
$ | 18,715 | $ | 16,916 | ||||||
Leases
Leases | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
7 | Leases | ||||||||
The Company occupies premises, primarily retail gas stations and convenience stores and office facilities under long-term leases which require minimum annual rents plus, in certain instances, the payment of additional rents based upon sales. The leases generally are renewable for one to three five-year periods. | |||||||||
As of August 31, 2013 and 2012, capitalized lease obligations, included in long-term debt, amounted to $3,124,000 and $822,000, respectively, inclusive of current portion of $102,000 and $64,000, respectively. The related assets (retail gas stations and convenience stores) as of August 31, 2013 and 2012 amounted to $2,805,000 and $541,000, net of accumulated amortization of $684,000 and $538,000, respectively. Lease amortization amounting to $145,000, $89,000 and $139,000 for the years ended August 31, 2013, 2012 and 2011, respectively is included in depreciation and amortization expense. | |||||||||
Future minimum lease payments as of August 31, 2013 are summarized as follows: | |||||||||
Year ended August 31, | Capital | Operating | |||||||
Leases | Leases | ||||||||
(in thousands) | |||||||||
2014 | $ | 534 | $ | 12,653 | |||||
2015 | 526 | 10,981 | |||||||
2016 | 513 | 10,110 | |||||||
2017 | 513 | 8,542 | |||||||
2018 | 513 | 6,375 | |||||||
Thereafter | 5,733 | 21,715 | |||||||
Total minimum lease payments | 8,332 | 70,376 | |||||||
Less: Minimum sublease rents | — | 135 | |||||||
Net minimum lease payments | 8,332 | $ | 70,241 | ||||||
Less: Amount representing interest | 5,208 | ||||||||
Present value of net minimum lease payments | $ | 3,124 | |||||||
Net rent expense for operating leases amounted to $13,135,000, $12,502,000 and $12,137,000 for the years ended August 31, 2013, 2012 and 2011, respectively. |
Credit_Facility
Credit Facility | 12 Months Ended | |
Aug. 31, 2013 | ||
Text Block [Abstract] | ' | |
Credit Facility | ' | |
8 | Credit Facility | |
On June 18, 2013, the Company amended its Revolving Credit Facility (“Amended and Restated Revolving Credit Facility”) with PNC Bank, National Association as Administrator (the “Agent”). The expiration date of the Amended and Restated Revolving Credit Facility was extended to November 29, 2017 and the commitment fee on the unused balance of the facility was reduced to 0.25%. The maximum facility commitment remains at $175,000,000 and interest will now be calculated as follows: for base rate borrowings, at the greater of the Agent’s prime rate, federal funds open rate plus 0.5% or the daily LIBOR rate plus 1.0% plus the applicable margin of .75% to 1.75% and (b) for euro-rate borrowings, at the LIBOR rate plus an applicable margin of 2.25% to 3.25%. The applicable margin will vary depending on a formula calculating the Company’s unused availability under the facility. | ||
The Amended and Restated Revolving Credit Facility continues to be secured primarily by certain cash accounts, accounts receivable and inventory which amounted to $317,207,000 as of August 31, 2013. Until maturity, the Company may borrow on a borrowing base formula as set forth in the facility. The participating banks in the Amended and Restated Revolving Credit Facility are PNC Bank, National Association, Bank of America, N.A., Manufacturers and Traders Trust Company, and Bank Leumi USA. | ||
As of August 31, 2013 and 2012, there were no Base-Rate borrowings nor Euro-Rate borrowings outstanding under the agreement. $6,533,000 of letters of credit were outstanding under the agreement as of August 31, 2013 and 2012, respectively. The weighted average interest rate for Base-Rate borrowing for the years ended August 31, 2013 and 2012 was 0%. The weighted average interest rate for Euro-Rate borrowings for the years ended August 31, 2013 and 2012 was 0%. The Company pays a commitment fee of .25% per annum on the unused balance of the facility. All bank related charges are included in Other, net in its Consolidated Statements of Operations. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
9 | Long-Term Debt | ||||||||
On August 30, 2013 the Company redeemed $127,750,000 aggregate principal amount of its outstanding $365,000,000 Senior Secured Notes due 2018. Funding for the redemption was provided by the Company’s sale of approximately $141,163,750 aggregate principal amount of 6.00% Fixed Rate Cumulative Perpetual Preferred Stock Series A to URI, its parent (see Note 14). In accordance with the indenture governing the Senior Secured Notes due 2018, the Company obtained an opinion concerning the fairness from a financial point of view with the issuance of the Preferred Stock to URI. | |||||||||
The Senior Secured Notes due 2018 were redeemed at a redemption price of 110.50% of the principal amount thereof, plus accrued and unpaid interest to August 30, 2013. In connection with the redemption, a loss of $18,727,000 on the early extinguishment of debt was recorded consisting of a redemption premium of $13,413,000, a write-off of deferred financing costs of $1,999,000 and a write-off of unamortized debt discount of $3,315,000. | |||||||||
On March 8, 2011, the Company sold $365,000,000 of Senior Secured Notes due 2018 for $352,020,600, resulting in original issue discount of $12,979,400, which is being amortized over the life of the Senior Secured Notes due 2018 using the interest method. The net proceeds of the offering of $344,249,000 were used to retire all of its outstanding 10 1/2% Senior Notes due 2012, pay accrued interest of $3,400,000 and a redemption premium related thereto. A loss of $1,245,000 on the early extinguishment of debt was recorded consisting of a redemption premium of $915,000, a write-off of unamortized net debt premium of $1,153,000 and a write-off of deferred financing costs of $1,483,000. The Senior Secured Notes due 2018 are guaranteed on an unsecured basis by all of the Company’s domestic subsidiaries existing at March 8, 2011. The Senior Secured Notes due 2018 are secured on a first-priority basis by the Company’s assets comprising its refinery located in Warren, Pennsylvania and the capital stock of its pipeline subsidiary, subject to permitted liens. The Senior Secured Notes due 2018 will rank equally with all of the Company’s existing and future senior indebtedness that is not subordinate in right of payment to the Senior Secured Notes due 2018. | |||||||||
Both the Indenture of the Senior Secured Notes and the facility (See Note 8 to “Consolidated Financial Statements”) require that the Company maintain certain financial covenants. The facility requires the Company to meet certain financial covenants, as defined in the facility, a minimum Fixed Charge Coverage Ratio and a minimum Consolidated Net Worth. In addition, the facility limits the amount the Company can distribute for capital and operating leases. Both the facility and the Indenture of the Senior Secured Notes restrict the amount of dividends payable and the incurrence of additional Indebtedness. As of August 31, 2013 the Company is in compliance with covenants under the facility and the Indenture. | |||||||||
A summary of long-term debt is as follows: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Long-term debt: | |||||||||
10.50% Senior Secured Notes due February 28, 2018, net of unamortized discount of $6,151 and $10,198, respectively | $ | 231,099 | $ | 354,802 | |||||
Other long-term debt | 7,607 | 5,194 | |||||||
238,706 | 359,996 | ||||||||
Less: Current installments of long-term debt | 1,592 | 1,318 | |||||||
Total long-term debt, less current installments | $ | 237,114 | $ | 358,678 | |||||
The principal amount of long-term debt matures as follows: | |||||||||
Year ended August 31, | |||||||||
(in thousands) | |||||||||
2014 | $ | 1,592 | |||||||
2015 | 1,180 | ||||||||
2016 | 1,566 | ||||||||
2017 | 478 | ||||||||
2018 | 237,439 | ||||||||
Thereafter | 2,602 | ||||||||
244,857 | |||||||||
Unamortized discount | 6,151 | ||||||||
Total | $ | 238,706 | |||||||
The following financing costs have been deferred and are being amortized to expense over the term of the related debt: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | 10,880 | $ | 10,880 | |||||
Current year additions | — | — | |||||||
Total financing costs | 10,880 | 10,880 | |||||||
Less: | |||||||||
Deferred financing costs associated with debt retirement | 1,999 | — | |||||||
Accumulated amortization | 4,078 | 2,409 | |||||||
$ | 4,803 | $ | 8,471 | ||||||
Amortization expense for the fiscal years ended August 31, 2013, 2012 and 2011 amounted to $1,669,000, $1,677,000 and $1,362,000, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
10 | Employee Benefit Plans | ||||||||||||||||||||||||
The Company sponsors three defined benefit plans and seven defined contribution plans covering substantially all its full time employees. The benefits under the defined benefit plans are based on each employee’s years of service and compensation. Effective February 1, 2012 benefits under the Company’s defined benefit pension plan for hourly employees were frozen. Additionally, effective August 31, 2010 benefits under the Company’s defined benefit pension plan were frozen for all salaried employees, including the Company’s Chief Executive Officer and Chief Financial Officer. The Company will provide enhanced contributions under its defined contribution 401(k) plan as well as a transition contribution for older employees. The Company’s policy is to contribute the minimum amounts required by the Employee Retirement Income Security Act of 1974 (ERISA), as amended and any additional amounts for strategic financial purposes or to meet other goals relating to plan funded status. The assets of the plans are invested in an investment trust fund and consist of interest-bearing cash, separately managed accounts and bank common/collective trust funds. | |||||||||||||||||||||||||
In addition to the above, the Company provides certain post-retirement healthcare benefits to salaried and certain hourly employees that retired prior to September 1, 2010. These post-retirement benefit plans are unfunded and the costs are paid by the Company from general assets. | |||||||||||||||||||||||||
Net periodic pension cost and post-retirement healthcare benefit cost consist of the following components for the years ended August 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Service cost | $ | 652 | $ | 993 | $ | 1,800 | $ | 940 | $ | 1,114 | $ | 1,507 | |||||||||||||
Interest cost on benefit obligation | 4,511 | 5,037 | 4,946 | 1,884 | 2,428 | 2,520 | |||||||||||||||||||
Expected return on plan assets | (5,160 | ) | (4,717 | ) | (4,521 | ) | — | — | — | ||||||||||||||||
Curtailment effect | — | 126 | — | — | — | — | |||||||||||||||||||
Amortization of transition obligation | — | 2 | 2 | — | — | — | |||||||||||||||||||
Amortization and deferrals | 1,210 | 599 | 1,468 | 123 | (662 | ) | (1,128 | ) | |||||||||||||||||
Net periodic benefit cost | $ | 1,213 | $ | 2,040 | $ | 3,695 | $ | 2,947 | $ | 2,880 | $ | 2,899 | |||||||||||||
The Company adopted ASC 715-30-25 effective August 31, 2007. ASC 715-30-25 requires an employer to recognize the funded status of each of its defined pension and postretirement benefit plans as a net asset or liability in its statement of financial position with an offsetting amount in accumulated other comprehensive income, and to recognize changes in that funded status in the year in which changes occur through comprehensive income. | |||||||||||||||||||||||||
Other changes in plan assets and benefit obligation recognized in Other Comprehensive Income consist of the following for the fiscal years ended August 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Curtailment | $ | — | $ | (4,698 | ) | $ | — | $ | — | ||||||||||||||||
Current year actuarial (gain) / loss | (11,796 | ) | 20,084 | (7,322 | ) | 7,621 | |||||||||||||||||||
Amortization of actuarial gain / (loss) | (1,209 | ) | (560 | ) | (7,056 | ) | (5,748 | ) | |||||||||||||||||
Current year prior service (credit) / cost | — | — | — | (13,934 | ) | ||||||||||||||||||||
Amortization of prior service credit / (cost) | (1 | ) | (39 | ) | 6,933 | 6,410 | |||||||||||||||||||
Amortization of transition asset / (obligation) | — | (2 | ) | — | — | ||||||||||||||||||||
Total recognized in other comprehensive (income) / loss | $ | (13,006 | ) | $ | 14,785 | $ | (7,445 | ) | $ | (5,651 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income)/loss | $ | (11,793 | ) | $ | 16,825 | $ | (4,498 | ) | $ | (2,769 | ) | ||||||||||||||
The following table summarizes the change in benefit obligations and fair values of plan assets for the years ended August 31, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation @ beginning of year | $ | 116,359 | $ | 99,040 | $ | 52,126 | $ | 57,145 | |||||||||||||||||
Service cost | 652 | 993 | 940 | 1,114 | |||||||||||||||||||||
Interest cost | 4,511 | 5,037 | 1,884 | 2,428 | |||||||||||||||||||||
Plan amendments | — | — | — | (13,934 | ) | ||||||||||||||||||||
Curtailment | — | (4,572 | ) | — | — | ||||||||||||||||||||
Medicare act subsidy effect | — | — | 305 | 51 | |||||||||||||||||||||
Actuarial (gains) / losses | (10,320 | ) | 19,609 | (7,300 | ) | 7,635 | |||||||||||||||||||
Benefits paid | (4,061 | ) | (3,748 | ) | (2,255 | ) | (2,313 | ) | |||||||||||||||||
Projected benefit obligation @ end of year | 107,141 | 116,359 | 45,700 | 52,126 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair values of plan assets @ beginning of year | 72,408 | 66,166 | — | — | |||||||||||||||||||||
Actual return on plan assets | 6,636 | 4,242 | — | — | |||||||||||||||||||||
Company contributions | 5,241 | 5,748 | 1,950 | 2,262 | |||||||||||||||||||||
Benefits paid | (4,061 | ) | (3,748 | ) | (2,255 | ) | (2,313 | ) | |||||||||||||||||
Medicare act subsidy effect | — | — | 305 | 51 | |||||||||||||||||||||
Fair values of plan assets @ end of year | 80,224 | 72,408 | — | — | |||||||||||||||||||||
Unfunded status | $ | 26,917 | $ | 43,951 | $ | 45,700 | $ | 52,126 | |||||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Current liability | $ | — | $ | — | $ | 3,259 | $ | 3,398 | |||||||||||||||||
Noncurrent liability | 26,917 | 43,951 | 42,441 | 48,728 | |||||||||||||||||||||
Net amount recognized | $ | 26,917 | $ | 43,951 | $ | 45,700 | $ | 52,126 | |||||||||||||||||
Note: For plans with assets less than the accumulated benefit obligation (ABO), the aggregate ABO is $107,117,000 and $116,308,000, while the aggregate asset value is $80,224,000 and $72,408,000 for the years ended August 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Income: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accumulated net actuarial loss | $ | (25,406 | ) | $ | (38,411 | ) | $ | (34,376 | ) | $ | (48,752 | ) | |||||||||||||
Accumulated prior service cost | — | (1 | ) | 47,117 | 54,050 | ||||||||||||||||||||
Accumulated transition obligation | — | — | — | — | |||||||||||||||||||||
Net amount recognized, before tax effect | $ | (25,406 | ) | $ | (38,412 | ) | $ | 12,741 | $ | 5,298 | |||||||||||||||
The preceding table presents two measures of benefit obligations for the pension plans. Accumulated benefit obligation (ABO) generally measures the value of benefits earned to date. Projected benefit obligation (PBO) also includes the effect of assumed future compensation increases for plans in which benefits for prior service are affected by compensation changes. Each of the three pension plans, whose information is aggregated above, have asset values less than these measures. Plan funding amounts are calculated pursuant to ERISA and Internal Revenue Code rules. The postretirement benefits are not funded. | |||||||||||||||||||||||||
Weighted average assumptions used to determine year end benefit obligations: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.80% - 5.00% | 3.75% - 4.00% | 4.60% | 3.65% | |||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||||||
Health care cost trend | |||||||||||||||||||||||||
Initial trend | N/A | N/A | 7.00% | 7.25% | |||||||||||||||||||||
Ultimate trend | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||||||
Year ultimate reached | N/A | N/A | 2022 | 2022 | |||||||||||||||||||||
The fiscal year ended August 31, 2012 benefit costs for the hourly pension plan and the post-retirement benefit plan were re-measured at November 30, 2011. The discount rates used for the re-measurement were 5.40% and 5.05% for the pension plan and post-retirement benefit plan, respectively. | |||||||||||||||||||||||||
The discount rate assumptions at August 31, 2013 and 2012 were determined independently for each plan. A yield curve was produced for a universe containing the majority of U.S.-issued Aa-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions). For each plan, the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. | |||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic costs: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 3.75% - 4.00% | 5.00% - 5.45% | 3.65% | 5.20% | |||||||||||||||||||||
Expected return on plan assets | 7.00% | 7.00% | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||||||
Health care cost trend | |||||||||||||||||||||||||
Initial trend | N/A | N/A | 7.25% | 7.50% | |||||||||||||||||||||
Ultimate trend | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||||||
Year ultimate reached | N/A | N/A | 2022 | 2017 | |||||||||||||||||||||
For measurement purposes, the assumed annual rate of increase in the per capita cost of covered medical and dental benefits was 7.25% and 7.50% for 2013 and 2012, respectively. The rates were assumed to decrease gradually to 5% for medical benefits until 2022 and remain at that level thereafter. The healthcare cost trend rate assumption has a significant effect on the amounts reported. To illustrate, a 1 percentage point change in the assumed healthcare cost trend rate would have the following effects: | |||||||||||||||||||||||||
1% Point | 1% Point | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 118 | $ | (102 | ) | ||||||||||||||||||||
Effect on post-retirement benefit obligation | 2,208 | (1,973 | ) | ||||||||||||||||||||||
The expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plans and the allocation strategy currently in place among those classes. | |||||||||||||||||||||||||
A reconciliation of the above accrued benefit costs to the consolidated amounts reported on the Company’s balance sheets follows: | |||||||||||||||||||||||||
August 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accrued pension benefits | $ | 26,917 | $ | 43,951 | |||||||||||||||||||||
Accrued other post-retirement benefits | 45,700 | 52,126 | |||||||||||||||||||||||
72,617 | 96,077 | ||||||||||||||||||||||||
Current portion of above benefits, included in payrolls and benefits in accrued liabilities | (3,259 | ) | (3,398 | ) | |||||||||||||||||||||
Supplemental pension and other deferred compensation benefits | 317 | 317 | |||||||||||||||||||||||
Deferred retirement benefits | $ | 69,675 | $ | 92,996 | |||||||||||||||||||||
Fair Value of Plan Assets | |||||||||||||||||||||||||
Our Defined Benefit plans’ assets fall into any of three fair value classifications as defined in ASC 820-10. Level 1 assets are valued based on observable prices for identical assets in active markets such as national security exchanges. Level 2 assets are valued based on a) quoted prices of similar assets in active markets, b) quoted prices for similar assets in inactive markets, c) other than quoted prices that are observable for the asset, or d) values that are derived principally from or corroborated by observable market data by correlation or other means. There are no Level 3 assets held by the plans as defined by ASC 820-10. The fair value of our plan assets as of August 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Asset Category | August 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash Equivalents | $ | 4,069,000 | $ | 4,069,000 | $ | — | $ | — | |||||||||||||||||
Mutual Funds | 24,646,000 | 24,646,000 | — | — | |||||||||||||||||||||
Equities | 39,699,000 | 39,699,000 | — | — | |||||||||||||||||||||
Fixed Income | 11,810,000 | 9,361,000 | 2,449,000 | — | |||||||||||||||||||||
Total | $ | 80,224,000 | $ | 77,775,000 | $ | 2,449,000 | $ | — | |||||||||||||||||
Asset Category | August 31, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash Equivalents | $ | 3,777,000 | $ | 3,777,000 | $ | — | $ | — | |||||||||||||||||
Mutual Funds | 16,454,000 | 16,454,000 | — | — | |||||||||||||||||||||
Equities | 37,755,000 | 37,712,000 | 43,000 | — | |||||||||||||||||||||
Fixed Income | 14,422,000 | 9,326,000 | 5,096,000 | — | |||||||||||||||||||||
Total | $ | 72,408,000 | $ | 67,269,000 | $ | 5,139,000 | $ | — | |||||||||||||||||
The pension plans weighted-average target allocation for the year ended August 31, 2013 and strategic asset allocation matrix as of August 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
Target | Plan Assets @ 8/31 | ||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||
Asset Category | 2013 | 2013 | 2012 | ||||||||||||||||||||||
Equity Securities | 55 - 75 | % | 61 | % | 63 | % | |||||||||||||||||||
Debt Securities | 20 - 30 | % | 25 | % | 30 | % | |||||||||||||||||||
Alternative Investments | 0 - 12 | % | 9 | % | 2 | % | |||||||||||||||||||
Cash/Cash Equivalents | 0 - 10 | % | 5 | % | 5 | % | |||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||
The investment policy for the plans is formulated by the Company’s Pension Plan Committee (the “Committee”). The Committee is responsible for adopting and maintaining the investment policy, managing the investment of plan assets and ensuring that the plans’ investment program is in compliance with all provisions of ERISA, as well as the appointment of any investment manager who is responsible for implementing the plans’ investment process. | |||||||||||||||||||||||||
In drafting a strategic asset allocation policy, the primary objective is to invest assets in a prudent manner to meet the obligations of the plans to the Company’s employees, their spouses and other beneficiaries, when the obligations come due. The stability and improvement of the plans’ funded status is based on the various reasons for which money is funded. Other factors that are considered include the characteristics of the plans’ liabilities and risk-taking preferences. | |||||||||||||||||||||||||
The asset classes used by the plan are the United States equity market, the international equity market, the United States fixed income or bond market and cash or cash equivalents. Plan assets are diversified to minimize the risk of large losses. Cash flow requirements are coordinated with the custodian trustees and the investment manager to minimize market timing effects. The asset allocation guidelines call for a maximum and minimum range for each broad asset class as noted above. | |||||||||||||||||||||||||
The target strategic asset allocation and ranges established under the asset allocation represents a long-term perspective. The Committee will rebalance assets to ensure that divergences outside of the permissible allocation ranges are minimal and brief as possible. | |||||||||||||||||||||||||
The net of investment manager fee asset return objective is to achieve a return earned by passively managed market index funds, weighted in the proportions identified in the strategic asset allocation matrix. Each investment manager is expected to perform in the top one-third of funds having similar objectives over a full market cycle. | |||||||||||||||||||||||||
The investment policy is reviewed by the Committee at least annually and confirmed or amended as needed. | |||||||||||||||||||||||||
Under ASC 715-30-25, the transition obligation, prior service costs, and actuarial (gains)/losses are recognized in Accumulated Other Comprehensive Income each August 31 or any interim measurement date, while amortization of these amounts through net periodic benefit cost will occur in accordance with ASC 715-30 and ASC 715-60. The estimated amounts that will be amortized in 2014 are as follow: | |||||||||||||||||||||||||
Estimated 2014 Amortization | Pension | Other | |||||||||||||||||||||||
Benefits | Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Prior service cost (credit) amortization | $ | — | $ | (6,933 | ) | ||||||||||||||||||||
Net loss amortization | 698 | 5,073 | |||||||||||||||||||||||
Total | $ | 698 | $ | (1,860 | ) | ||||||||||||||||||||
The following contributions and benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Other Post-Retirement Benefits | ||||||||||||||||||||||||
Employer Contributions | Benefits | Gross | (Subsidy receipts) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
FYE 8/31/2014 (expected) | $ | 5,888 | $ | 3,301 | $ | (281 | ) | ||||||||||||||||||
Expected Benefit Payments for FYE 8/31 | |||||||||||||||||||||||||
2014 | $ | 5,220 | $ | 3,540 | $ | (281 | ) | ||||||||||||||||||
2015 | 5,456 | 3,951 | (318 | ) | |||||||||||||||||||||
2016 | 5,532 | 4,268 | (358 | ) | |||||||||||||||||||||
2017 | 5,873 | 4,558 | (399 | ) | |||||||||||||||||||||
2018 | 6,259 | 4,871 | (446 | ) | |||||||||||||||||||||
2019 - 2023 | 35,268 | 30,922 | (3,009 | ) | |||||||||||||||||||||
The pension plan contributions are deposited into a trust, and the pension plan benefit payments are made from trust assets. For the postretirement benefit plan, the contributions and the benefit payments are the same and represent expected benefit amounts, which are paid from general assets. | |||||||||||||||||||||||||
The Company’s postretirement benefit plan is affected by The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”). Beginning in 2006, the Act provides a Federal subsidy payment to companies providing benefit plans that meet certain criteria regarding their generosity. The Company expects to receive those subsidy payments. The Company has accounted for the Act in accordance with ASC 715-60-05-8, which requires, in the Company’s case, recognition on August 31, 2004. The benefit obligation as of that date reflects the effect of the federal subsidy, and this amount is identified in the table reconciling the change in benefit obligation above. The estimated effect of the subsidy on cash flow is shown in the accompanying table of expected benefit payments above. The expected subsidy reduced net periodic postretirement benefit cost by $4,811,000, as compared with the amount calculated without considering the effects of the subsidy. | |||||||||||||||||||||||||
The Company also contributes to voluntary employee savings plans through regular monthly contributions equal to various percentages of the amounts invested by the participants. The Company’s contributions to these plans amounted to $2,604,000, $1,839,000 and $1,565,000 for the years ended August 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
11 | Income Taxes | ||||||||||||
Income tax expense (benefit) consists of: | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Federal: | |||||||||||||
Current | $ | 78,569 | $ | 83,571 | $ | 2,568 | |||||||
Deferred | 4,154 | 13,806 | (5,475 | ) | |||||||||
82,723 | 97,377 | (2,907 | ) | ||||||||||
State: | |||||||||||||
Current | 17,154 | 17,559 | 2,563 | ||||||||||
Deferred | (1,533 | ) | 7,018 | (3,275 | ) | ||||||||
15,621 | 24,577 | (712 | ) | ||||||||||
$ | 98,344 | $ | 121,954 | $ | (3,619 | ) | |||||||
Reconciliation of the differences between income taxes computed at the Federal statutory rate and the provision for income taxes attributable to income before income tax expense (benefit) is as follows: | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
U. S. federal income taxes (benefits) at the statutory rate | $ | 93,465 | $ | 109,486 | $ | (3,871 | ) | ||||||
State income taxes (benefits), net of Federal benefit | 10,113 | 16,012 | (460 | ) | |||||||||
Domestic production activity deduction | (5,391 | ) | (3,500 | ) | (105 | ) | |||||||
Permanent items | 863 | 458 | 405 | ||||||||||
Employment credits | (722 | ) | (616 | ) | (714 | ) | |||||||
Other | 16 | 114 | (61 | ) | |||||||||
Disallowance of prior period domestic production activity deduction | — | — | 1,187 | ||||||||||
Income tax expense (benefit) | $ | 98,344 | $ | 121,954 | $ | (3,619 | ) | ||||||
Deferred income tax liabilities (assets) are comprised of the following: | |||||||||||||
August 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred income tax liabilities (assets): | |||||||||||||
Inventory valuation | $ | 5,681 | $ | 5,668 | |||||||||
Accounts receivable allowance | (895 | ) | (713 | ) | |||||||||
Accrued liabilities | (4,560 | ) | (3,191 | ) | |||||||||
Unrealized loss on derivative instruments | — | (2,891 | ) | ||||||||||
Other | 139 | 79 | |||||||||||
365 | (1,048 | ) | |||||||||||
Deferred income tax liabilities (assets): | |||||||||||||
Property, plant and equipment | 58,694 | 53,148 | |||||||||||
Accrued liabilities | (27,386 | ) | (37,420 | ) | |||||||||
State net operating loss carryforwards | (8,605 | ) | (11,118 | ) | |||||||||
Valuation allowance | 3,030 | 7,548 | |||||||||||
Other | 3,460 | 2,864 | |||||||||||
29,193 | 15,022 | ||||||||||||
Net deferred income tax liability | $ | 29,558 | $ | 13,974 | |||||||||
The Company’s results of operations are included in the consolidated Federal tax return of the Parent, See Note 13 to “Consolidated Financial Statements”. The Company has no Federal net operating loss carryforwards for regular tax purposes. For state purposes, two entities have Pennsylvania net operating loss carry forwards of $83,000,000 and $47,000,000, respectively, which will expire between fiscal year 2019 and 2028. Pennsylvania limits the amount of net operating loss carry forwards which can be used to offset Pennsylvania taxable income to the greater of $3,000,000 or 20% of Pennsylvania taxable income prior to the net operating loss deduction. Due to these limitations, the Company has recognized valuation allowances, net of a federal benefit, of $3,030,000 and $7,548,000 at August 31, 2013 and 2012, respectively, for Pennsylvania net operating loss carry forwards not anticipated to be realized before expiration. |
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Disclosures About Fair Value of Financial Instruments | ' | ||||||||||||||||
12 | Disclosures About Fair Value of Financial Instruments | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value. | |||||||||||||||||
The carrying amount of cash and cash equivalents, trade accounts receivable, the revolving credit facility and current liabilities approximate fair value because of the short maturity of these instruments. Derivative financial instruments are recorded at fair value using significant other observable inputs (Level 2). | |||||||||||||||||
The fair value of long-term debt (See Note 9 to “Consolidated Financial Statements”) was determined using the fair market value of the individual debt instruments. As of August 31, 2013, the carrying amount and estimated fair value of these debt instruments approximated $238,706,000 and $265,348,000, respectively. | |||||||||||||||||
The following tables list the assets or liabilities measured and recorded at fair value within the fair value hierarchy as of August 31, 2013 and 2012. | |||||||||||||||||
August 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities | |||||||||||||||||
Commodity OTC Sweep Contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
August 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities | |||||||||||||||||
Commodity OTC Sweep Contracts | $ | 9,098 | $ | — | $ | 9,098 | $ | — | |||||||||
Stockholders_Equity
Stockholder's Equity | 12 Months Ended | |||
Aug. 31, 2013 | ||||
Equity [Abstract] | ' | |||
Stockholder's Equity | ' | |||
13 | Stockholder’s Equity | |||
On July 26, 2013, the Board of Directors of the Company and the Company’s sole stockholder, URI, approved, and the Company filed with the Secretary of State of the Commonwealth of Pennsylvania, an Amended and Restated Articles of Incorporation of the Company (the “Amendment”). Pursuant to the Amendment, the capital stock of the Company was increased from 100 to 50,100, of which 50,000 were designated as preferred stock. | ||||
Out of the preferred stock, the Board of Directors created the 6% Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) and the Amendment included the designations of the rights and preferences of such series. Among other things, the Series A Preferred Stock, of which the Company is authorized to issue a maximum of 25,000, carry the following rights: | ||||
• | The Series A Preferred Stock rank: (i) senior to the Company’s common stock; (ii) senior to all other classes of equity securities other than preferred stock which by their terms do not rank senior to the Series A Preferred Stock; and (iii) on parity with any other series of the Company’s preferred stock that does not provide it ranks junior to the Series A Preferred Stock; | |||
• | The Series A Preferred Stock shall receive dividends at a rate of 6.00% of the Stated Value, which is $10,000, per annum; | |||
• | The Series A Preferred Stock shall have no voting rights unless otherwise required by law; | |||
• | In the event dividends have not been paid in the aggregate amount payable for six or more Dividends Periods, holders of the Series A Preferred Stock shall be entitled to elect two directors to the Board of Directors, who shall remain directors until all accumulated and unpaid dividends on the Series A Preferred Stock have been paid in full or set aside for payment. Upon the payment or set aside of such dividends, the term of office of the directors appointed by the holders of the Series A Preferred Stock shall terminate and the size of the Board of Directors shall automatically decrease by two; and | |||
• | The Series A Preferred Stock are perpetual and have no maturity date. However, the Company may, at its option, redeem shares of the Series A Preferred Stock, in whole or in part, on any Dividend Repayment Date on or after July 26, 2023 at a price of $10,000 per share plus accrued and unpaid dividends. | |||
On July 26, 2013, the Company issued 14,116.375 shares of Series A $1,000 par value per share to United Refining, Inc., its parent. The proceeds from the issuance in the amount of $141,163,750 were used to redeem $127,750,000 of the Company’s Senior Secured Notes due 2018, which redemption occurred on August 30, 2013. In accordance with the Indenture governing the Senior Secured Notes due 2018, the Company obtained an opinion concerning the fairness from a financial point of view of the issuance of the Series A Preferred Stock to URI. |
Transactions_with_Affiliated_C
Transactions with Affiliated Companies | 12 Months Ended | |
Aug. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Transactions with Affiliated Companies | ' | |
14 | Transactions with Affiliated Companies | |
On December 21, 2001, the Company acquired the operations and working capital assets of Country Fair. The fixed assets of Country Fair were acquired by related entities controlled by John A. Catsimatidis, the indirect sole shareholder of the Company. These assets are being leased to the Company at an annual aggregate rental fee which management, based on an independent third party valuation believes is fair, over a period ranging from 10 to 20 years. During the fiscal years ended August 31, 2013, 2012 and 2011, $5,319,000, $5,049,000 and $5,102,000 of rent payments were made to these related entities. The Company is not a guarantor on the underlying mortgages on the properties. | ||
Concurrent with the above acquisition of Country Fair, the Company entered into a management agreement with a non-subsidiary affiliate to operate and manage 10 of the retail units owned by the non-subsidiary affiliate on a turn-key basis. For the years ended August 31, 2013, 2012 and 2011, the Company billed the affiliate $1,289,000, $1,289,000 and $1,266,000 for management fees and overhead expenses incurred in the management and operation of the retail units which amount was deducted from expenses. As of August 31, 2013 and 2012, the Company had a receivable (payable) to the affiliate of $32,000 and $(15,000), respectively, under the terms of the agreement, which is included in Amounts Due from Affiliated Companies, Net. | ||
On September 29, 2000, the Company sold 42 retail units to an affiliate for $23,870,000. Concurrent with this asset sale, the Company terminated the leases on 8 additional retail locations which it had previously leased from a non-subsidiary affiliate. The Company has entered into a management agreement with the non-subsidiary affiliate to operate and manage the retail units owned by the non-subsidiary affiliate on a turnkey basis. For the years ended August 31, 2013, 2012 and 2011, the Company billed the affiliate $2,219,000, $2,250,000 and $2,032,000, respectively, for management fees and overhead expenses incurred in the management and operation of the 51 retail units, which amount was deducted from expenses. For the fiscal years ended August 31, 2013, 2012 and 2011, net sales to the affiliate amounted to $207,104,000, $198,785,000 and $184,749,000, respectively. As of August 31, 2013 and 2012, the Company had a payable to the affiliate of $635,000 and $241,000, respectively, under the terms of the agreement, which is included in Amounts Due To/From Affiliated Companies, net. | ||
The Company paid a service fee relating to certain costs incurred by its Parent for the Company’s New York office. During the years ended August 31, 2013, 2012 and 2011, such fees amounted to approximately $2,000,000, $2,000,000, and $2,000,000, respectively, which is included in Selling, General and Administrative Expenses. | ||
The Company joins with the Parent and the Parent’s other subsidiaries in filing a Federal income tax return on a consolidated basis. Income taxes are calculated on a separate return basis with consideration of the Tax Sharing Agreement between the Parent and its subsidiaries. Amounts related to the Tax Sharing Agreement for the utilization by the Company of certain tax attributes of the Parent and other subsidiaries related to the tax years ended August 31, 2013, 2012 and 2011 amounted to $1,996,000, $36,000 and $2,289,000, respectively and have been recorded as a capital contribution. As of August 31, 2013 and 2012, the Company had a receivable from the Parent of $169,000 and $344,000, respectively, under the terms of the Tax Sharing Agreement. | ||
During the years ended August 31, 2013, 2012 and 2011, the Company incurred $420,000, $357,000 and $372,000, respectively, as its share of occupancy expenses for its offices in New York that it shares with affiliates of the Company. Such offices are located in a building owned by John Catsimatidis. | ||
On July 26, 2013, the Company issued and sold to URI, its sole stockholder and parent, 14,116.375 shares of the Series A Preferred Stock for an aggregate purchase price of $141,163,750 in accordance with the terms and provisions of a Subscription Agreement by and between the Company and URI. The Subscription Agreement contained customary representations and warranties concerning the acquisition of the Series A Preferred Stock by URI and restrictions on the transfer of the Series A Preferred Stock. See Note 13, Stockholders’ Equity, for a description of the terms of the Series A Preferred Stock. | ||
During the year ended August 31, 2013, the Company made $152,000 of rent payments to a related entity for the lease of a convenience store. |
Environmental_Matters_and_Othe
Environmental Matters and Other Contingencies | 12 Months Ended | |
Aug. 31, 2013 | ||
Environmental Remediation Obligations [Abstract] | ' | |
Environmental Matters and Other Contingencies | ' | |
15 | Environmental Matters and Other Contingencies | |
The Company is subject to federal, state and local laws and regulations relating to pollution and protection of the environment such as those governing releases of certain materials into the environment and the storage, treatment, transportation, disposal and clean-up of wastes, including, but not limited to, the Federal Clean Water Act, as amended, the Clean Air Act, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and analogous state and local laws and regulations. | ||
Due to the nature of the Company’s business, the Company is and will continue to be subject to various environmental claims, legal actions and actions by regulatory authorities. In the opinion of management, all current matters are without merit or are of such kind or involve such amounts that an unfavorable disposition would not have a material adverse effect on the consolidated financial condition or operations of the Company. | ||
The management of the Company believes that remediation and related environmental response costs incurred during the normal course of business, including contractual obligations as well as activities required under applicable law and regulation, will not have a material adverse effect on its consolidated financial condition or operations. | ||
In addition to the foregoing proceedings, the Company and its subsidiaries are parties to various legal proceedings that arise in the ordinary course of their respective business operations. In the opinion of management, all such matters are adequately covered by insurance, or if not so covered, are without merit or are of such kind, or involve such amounts that unfavorable dispositions would not have a material adverse effect on the consolidated financial position or results of operations of the Company. | ||
The Company also closely monitors all climate change and Greenhouse Gas (“GHG”) legislation, better known as Cap and Trade as well as fuels mandates requiring the increased use of renewable resources in motor fuel. The Company believes, however, that implementation of reasonable, incremental changes over time will not have a material adverse effect on the Company’s consolidated financial position or operations. The ultimate cost of GHG reduction mandates and their effect on our business are, however, unknown until implementing regulations are available. Similarly, the costs of compliance with renewable fuels mandates in the future remains unknown until a final regulatory structure has been adopted. |
Segments_of_Business
Segments of Business | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segments of Business | ' | ||||||||||||
16 | Segments of Business | ||||||||||||
The Company is a petroleum refiner and marketer in its primary market area of Western New York and Northwestern Pennsylvania. Operations are organized into two business segments: wholesale and retail. | |||||||||||||
The wholesale segment is responsible for the acquisition of crude oil, petroleum refining, supplying petroleum products to the retail segment and the marketing of petroleum products to wholesale and industrial customers. The retail segment operates a network of Company operated retail units under the Red Apple Food Mart® and Country Fair® brand names selling petroleum products under the Kwik Fill®, Citgo® and Keystone® brand names, as well as convenience and grocery items. | |||||||||||||
The accounting policies of the reportable segments are the same as those described in Footnote 1 to Consolidated Financial Statements. Intersegment revenues are calculated using market prices and are eliminated upon consolidation. Summarized financial information regarding the Company’s reportable segments is presented in the following table. | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Net Sales | |||||||||||||
Retail | $ | 1,721,625 | $ | 1,726,047 | $ | 1,623,768 | |||||||
Wholesale | 1,959,628 | 2,004,878 | 1,543,108 | ||||||||||
$ | 3,681,253 | $ | 3,730,925 | $ | 3,166,876 | ||||||||
Intersegment Sales | |||||||||||||
Wholesale | $ | 904,526 | $ | 901,472 | $ | 848,262 | |||||||
Operating Income | |||||||||||||
Retail | $ | 7,520 | $ | 13,474 | $ | 689 | |||||||
Wholesale | 321,088 | 344,876 | 32,643 | ||||||||||
$ | 328,608 | $ | 358,350 | $ | 33,332 | ||||||||
Depreciation, Amortization and Asset Impairments | |||||||||||||
Retail | $ | 6,153 | $ | 5,691 | $ | 5,340 | |||||||
Wholesale | 20,724 | 40,126 | 16,757 | ||||||||||
$ | 26,877 | $ | 45,817 | $ | 22,097 | ||||||||
Capital Expenditures (including non-cash portion) | |||||||||||||
Retail | $ | 17,065 | $ | 8,433 | $ | 4,172 | |||||||
Wholesale | 39,569 | 13,636 | 24,464 | ||||||||||
$ | 56,634 | $ | 22,069 | $ | 28,636 | ||||||||
August 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total Assets | |||||||||||||
Retail | $ | 182,662 | $ | 169,935 | |||||||||
Wholesale | 613,633 | 558,395 | |||||||||||
$ | 796,295 | $ | 728,330 | ||||||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 12 Months Ended | ||||||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Subsidiary Guarantors | ' | ||||||||||||||||||||||||||||
17 | Subsidiary Guarantors | ||||||||||||||||||||||||||||
All the Company’s wholly-owned subsidiaries fully and unconditionally guarantee on an unsecured basis, on a joint and several basis, the Company’s 10.50% Senior Secured Notes due 2018. There are no restrictions within the consolidated group on the ability of the Company or any of its subsidiaries to obtain loans from or pay dividends to other members of the consolidated group. Financial information of the Company’s wholly-owned subsidiary guarantors is as follows: | |||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
August 31, 2013 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 141,386 | $ | 17,151 | $ | — | $ | 158,537 | |||||||||||||||||||||
Accounts receivable, net | 83,800 | 41,396 | — | 125,196 | |||||||||||||||||||||||||
Refundable income taxes | 21,944 | (1,054 | ) | — | 20,890 | ||||||||||||||||||||||||
Inventories, net | 101,891 | 29,075 | — | 130,966 | |||||||||||||||||||||||||
Prepaid expenses and other assets | 37,860 | 4,233 | — | 42,093 | |||||||||||||||||||||||||
Intercompany | 133,159 | 6,545 | (139,704 | ) | — | ||||||||||||||||||||||||
Total current assets | 520,040 | 97,346 | (139,704 | ) | 477,682 | ||||||||||||||||||||||||
Property, plant and equipment, net | 179,326 | 109,806 | — | 289,132 | |||||||||||||||||||||||||
Deferred financing costs, net | 4,803 | — | — | 4,803 | |||||||||||||||||||||||||
Goodwill and other non-amortizable assets | — | 11,849 | — | 11,849 | |||||||||||||||||||||||||
Amortizable intangible assets, net | — | 1,057 | — | 1,057 | |||||||||||||||||||||||||
Deferred turnaround costs & other assets | 9,055 | 2,717 | — | 11,772 | |||||||||||||||||||||||||
Investment in subsidiaries | 27,503 | — | (27,503 | ) | — | ||||||||||||||||||||||||
$ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | |||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Current installments of long-term debt | $ | 836 | $ | 756 | $ | — | $ | 1,592 | |||||||||||||||||||||
Accounts payable | 31,625 | 22,545 | — | 54,170 | |||||||||||||||||||||||||
Accrued liabilities | 12,399 | 6,316 | — | 18,715 | |||||||||||||||||||||||||
Income taxes payable | 8,242 | 345 | — | 8,587 | |||||||||||||||||||||||||
Sales, use and fuel taxes payable | 14,933 | 4,314 | — | 19,247 | |||||||||||||||||||||||||
Deferred income taxes | 1,734 | (1,369 | ) | — | 365 | ||||||||||||||||||||||||
Amounts due to affiliated companies, net | (169 | ) | 603 | — | 434 | ||||||||||||||||||||||||
Intercompany | — | 139,704 | (139,704 | ) | — | ||||||||||||||||||||||||
Total current liabilities | 69,600 | 173,214 | (139,704 | ) | 103,110 | ||||||||||||||||||||||||
Long term debt: less current installments | 232,180 | 4,934 | — | 237,114 | |||||||||||||||||||||||||
Deferred income taxes | 14,325 | 14,868 | — | 29,193 | |||||||||||||||||||||||||
Deferred retirement benefits | 67,419 | 2,256 | — | 69,675 | |||||||||||||||||||||||||
Total liabilities | 383,524 | 195,272 | (139,704 | ) | 439,092 | ||||||||||||||||||||||||
Commitment and contingencies | |||||||||||||||||||||||||||||
Stockholder’s equity | |||||||||||||||||||||||||||||
Common stock, $.10 par value per share—shares authorized 100; issued and outstanding 100 | — | 18 | (18 | ) | — | ||||||||||||||||||||||||
Preferred stock; $1,000 par value per share—shares authorized 25,000; issued and outstanding 14,116 | 14,116 | — | — | 14,116 | |||||||||||||||||||||||||
Additional paid-in capital | 159,844 | 16,626 | (16,626 | ) | 159,844 | ||||||||||||||||||||||||
Retained earnings | 190,333 | 12,253 | (12,253 | ) | 190,333 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (7,090 | ) | (1,394 | ) | 1,394 | (7,090 | ) | ||||||||||||||||||||||
Total stockholder’s equity | 357,203 | 27,503 | (27,503 | ) | 357,203 | ||||||||||||||||||||||||
$ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
August 31, 2012 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 122,219 | $ | 15,321 | $ | — | $ | 137,540 | |||||||||||||||||||||
Accounts receivable, net | 79,870 | 40,729 | — | 120,599 | |||||||||||||||||||||||||
Inventories, net | 127,469 | 28,751 | — | 156,220 | |||||||||||||||||||||||||
Prepaid expenses and other assets | 16,311 | 3,502 | — | 19,813 | |||||||||||||||||||||||||
Deferred income taxes | (114 | ) | 1,162 | — | 1,048 | ||||||||||||||||||||||||
Amounts due from affiliated companies | 344 | (255 | ) | — | 89 | ||||||||||||||||||||||||
Intercompany | 117,992 | 16,703 | (134,695 | ) | — | ||||||||||||||||||||||||
Total current assets | 464,091 | 105,913 | (134,695 | ) | 435,309 | ||||||||||||||||||||||||
Property, plant and equipment, net | 176,282 | 77,105 | — | 253,387 | |||||||||||||||||||||||||
Deferred financing costs, net | 8,471 | — | — | 8,471 | |||||||||||||||||||||||||
Goodwill and other non-amortizable assets | — | 11,849 | — | 11,849 | |||||||||||||||||||||||||
Amortizable intangible assets, net | — | 1,164 | — | 1,164 | |||||||||||||||||||||||||
Deferred turnaround costs & other assets | 15,173 | 2,977 | — | 18,150 | |||||||||||||||||||||||||
Investment in subsidiaries | 17,018 | — | (17,018 | ) | — | ||||||||||||||||||||||||
$ | 681,035 | $ | 199,008 | $ | (151,713 | ) | $ | 728,330 | |||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Current installments of long-term debt | $ | 939 | $ | 379 | $ | — | $ | 1,318 | |||||||||||||||||||||
Accounts payable | 22,528 | 19,675 | — | 42,203 | |||||||||||||||||||||||||
Derivative liability | 9,098 | — | — | 9,098 | |||||||||||||||||||||||||
Accrued liabilities | 11,147 | 5,769 | — | 16,916 | |||||||||||||||||||||||||
Income taxes payable | 25,866 | 3,065 | — | 28,931 | |||||||||||||||||||||||||
Sales, use and fuel taxes payable | 17,622 | 4,270 | — | 21,892 | |||||||||||||||||||||||||
Intercompany | — | 134,695 | (134,695 | ) | — | ||||||||||||||||||||||||
Total current liabilities | 87,200 | 167,853 | (134,695 | ) | 120,358 | ||||||||||||||||||||||||
Long term debt: less current installments | 356,448 | 2,230 | — | 358,678 | |||||||||||||||||||||||||
Deferred income taxes | 5,753 | 9,269 | — | 15,022 | |||||||||||||||||||||||||
Deferred retirement benefits | 90,358 | 2,638 | — | 92,996 | |||||||||||||||||||||||||
Total liabilities | 539,759 | 181,990 | (134,695 | ) | 587,054 | ||||||||||||||||||||||||
Commitment and contingencies | |||||||||||||||||||||||||||||
Stockholder’s equity | |||||||||||||||||||||||||||||
Common stock, $.10 par value per share—shares authorized 100; issued and outstanding 100 | — | 18 | (18 | ) | — | ||||||||||||||||||||||||
Additional paid-in capital | 24,825 | 10,651 | (10,651 | ) | 24,825 | ||||||||||||||||||||||||
Retained earnings | 135,988 | 8,123 | (8,123 | ) | 135,988 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (19,537 | ) | (1,774 | ) | 1,774 | (19,537 | ) | ||||||||||||||||||||||
Total stockholder’s equity | 141,276 | 17,018 | (17,018 | ) | 141,276 | ||||||||||||||||||||||||
$ | 681,035 | $ | 199,008 | $ | (151,713 | ) | $ | 728,330 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Net sales | $ | 2,864,154 | $ | 1,726,422 | $ | (909,323 | ) | $ | 3,681,253 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 2,495,478 | 1,573,420 | (909,323 | ) | 3,159,575 | ||||||||||||||||||||||||
Losses on derivative contracts | 2,319 | — | — | 2,319 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 24,562 | 139,312 | — | 163,874 | |||||||||||||||||||||||||
Depreciation and amortization expense | 19,883 | 6,994 | — | 26,877 | |||||||||||||||||||||||||
2,542,242 | 1,719,726 | (909,323 | ) | 3,352,645 | |||||||||||||||||||||||||
Operating income | 321,912 | 6,696 | — | 328,608 | |||||||||||||||||||||||||
Other expense: | |||||||||||||||||||||||||||||
Interest expense, net | (38,292 | ) | (743 | ) | — | (39,035 | ) | ||||||||||||||||||||||
Other, net | (3,743 | ) | (76 | ) | — | (3,819 | ) | ||||||||||||||||||||||
Loss on early extinguishment of debt | (18,727 | ) | — | — | (18,727 | ) | |||||||||||||||||||||||
Equity in net loss of subsidiaries | 4,130 | — | (4,130 | ) | — | ||||||||||||||||||||||||
(56,632 | ) | (819 | ) | (4,130 | ) | (61,581 | ) | ||||||||||||||||||||||
Income before income tax expense | 265,280 | 5,877 | (4,130 | ) | 267,027 | ||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Current | 94,154 | 1,569 | — | 95,723 | |||||||||||||||||||||||||
Deferred | 2,443 | 178 | — | 2,621 | |||||||||||||||||||||||||
96,597 | 1,747 | — | 98,344 | ||||||||||||||||||||||||||
Net income | $ | 168,683 | $ | 4,130 | $ | (4,130 | ) | $ | 168,683 | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | ||||||||||||||||||||||||||||
Company | Company & | ||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||
Net sales | $ | 2,906,350 | $ | 1,730,984 | $ | (906,409 | ) | $ | 3,730,925 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization, and gains on derivative contracts) | 2,526,351 | 1,578,083 | (906,409 | ) | 3,198,025 | ||||||||||||||||||||||||
Gains on derivative contracts | (28,848 | ) | — | — | (28,848 | ) | |||||||||||||||||||||||
Selling, general and administrative expenses | 24,723 | 132,858 | — | 157,581 | |||||||||||||||||||||||||
Depreciation, amortization and asset impairments | 39,422 | 6,395 | — | 45,817 | |||||||||||||||||||||||||
2,561,648 | 1,717,336 | (906,409 | ) | 3,372,575 | |||||||||||||||||||||||||
Operating income | 344,702 | 13,648 | — | 358,350 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense, net | (40,384 | ) | (485 | ) | — | (40,869 | ) | ||||||||||||||||||||||
Other, net | (5,643 | ) | 932 | — | (4,711 | ) | |||||||||||||||||||||||
Equity in net income of subsidiaries | 8,477 | — | (8,477 | ) | — | ||||||||||||||||||||||||
(37,550 | ) | 447 | (8,477 | ) | (45,580 | ) | |||||||||||||||||||||||
Income before income tax expense benefit | 307,152 | 14,095 | (8,477 | ) | 312,770 | ||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Current | 97,355 | 3,775 | — | 101,130 | |||||||||||||||||||||||||
Deferred | 18,981 | 1,843 | — | 20,824 | |||||||||||||||||||||||||
116,336 | 5,618 | — | 121,954 | ||||||||||||||||||||||||||
Net income | $ | 190,816 | $ | 8,477 | $ | (8,477 | ) | $ | 190,816 | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | United | Eliminations | United Refining | |||||||||||||||||||||||
Refining | Company & | Refining | Company | ||||||||||||||||||||||||||
Company | Subsidiaries | Asphalt, Inc. | Consolidated | ||||||||||||||||||||||||||
Net sales | $ | 2,407,819 | $ | 1,627,733 | $ | (852,227 | ) | $ | 3,183,325 | $ | 45,034 | $ | (61,483 | ) | $ | 3,166,876 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 2,285,146 | 1,488,595 | (852,227 | ) | 2,921,514 | 43,227 | (61,483 | ) | 2,903,258 | ||||||||||||||||||||
Losses on derivative contracts | 58,733 | — | — | 58,733 | — | — | 58,733 | ||||||||||||||||||||||
Selling, general and administrative expenses | 16,555 | 132,895 | — | 149,450 | 6 | — | 149,456 | ||||||||||||||||||||||
Depreciation and amortization expenses | 15,663 | 6,019 | — | 21,682 | 415 | — | 22,097 | ||||||||||||||||||||||
2,376,097 | 1,627,509 | (852,227 | ) | 3,151,379 | 43,648 | (61,483 | ) | 3,133,544 | |||||||||||||||||||||
Operating income | 31,722 | 224 | — | 31,946 | 1,386 | — | 33,332 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense, net | (39,467 | ) | (889 | ) | — | (40,356 | ) | (194 | ) | — | (40,550 | ) | |||||||||||||||||
Other, net | (3,514 | ) | 950 | — | (2,564 | ) | — | — | (2,564 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | (1,245 | ) | — | — | (1,245 | ) | — | — | (1,245 | ) | |||||||||||||||||||
Equity in net loss of subsidiaries | (214 | ) | — | 214 | — | — | — | — | |||||||||||||||||||||
(44,440 | ) | 61 | 214 | (44,165 | ) | (194 | ) | — | (44,359 | ) | |||||||||||||||||||
(Loss) income before income tax (benefit) expense | (12,718 | ) | 285 | 214 | (12,219 | ) | 1,192 | — | (11,027 | ) | |||||||||||||||||||
Income tax (benefit) expense | |||||||||||||||||||||||||||||
Current | 4,504 | 146 | — | 4,650 | 481 | — | 5,131 | ||||||||||||||||||||||
Deferred | (9,103 | ) | 353 | — | (8,750 | ) | — | — | (8,750 | ) | |||||||||||||||||||
(4,599 | ) | 499 | — | (4,100 | ) | 481 | — | (3,619 | ) | ||||||||||||||||||||
Net (loss) income | (8,119 | ) | (214 | ) | 214 | (8,119 | ) | 711 | — | (7,408 | ) | ||||||||||||||||||
Less net income attributable to non-controlling interest | — | — | — | — | — | 711 | 711 | ||||||||||||||||||||||
Net (loss) income attributable to United Refining Company’s Stockholder | $ | (8,119 | ) | $ | (214 | ) | $ | 214 | $ | (8,119 | ) | $ | 711 | $ | (711 | ) | $ | (8,119 | ) | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 136,168 | $ | 28,203 | $ | — | $ | 164,371 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Additions to property, plant and equipment | (15,921 | ) | (25,676 | ) | — | (41,597 | ) | ||||||||||||||||||||||
Additions to deferred turnaround costs | (1,170 | ) | (71 | ) | — | (1,241 | ) | ||||||||||||||||||||||
Proceeds from asset dispositions | 70 | 11 | — | 81 | |||||||||||||||||||||||||
Net cash used in investing activities | (17,021 | ) | (25,736 | ) | — | (42,757 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Distribution from Parent under the Tax Sharing Agreement | 1,996 | — | — | 1,996 | |||||||||||||||||||||||||
Proceeds from sale of preferred stock | 141,164 | — | — | 141,164 | |||||||||||||||||||||||||
Dividends to stockholder | (114,338 | ) | — | — | (114,338 | ) | |||||||||||||||||||||||
Principal reductions of long-term debt | (128,802 | ) | (637 | ) | — | (129,439 | ) | ||||||||||||||||||||||
Net cash used in financing activities | (99,980 | ) | (637 | ) | — | (100,617 | ) | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 19,167 | 1,830 | — | 20,997 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 122,219 | 15,321 | — | 137,540 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 141,386 | $ | 17,151 | $ | — | $ | 158,537 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 218,688 | $ | 13,156 | $ | — | $ | 231,844 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Additions to property, plant and equipment | (11,324 | ) | (8,521 | ) | — | (19,845 | ) | ||||||||||||||||||||||
Additions to deferred turnaround costs and other assets | (1,385 | ) | (2,340 | ) | — | (3,725 | ) | ||||||||||||||||||||||
Proceeds from asset dispositions | 40 | 2,599 | — | 2,639 | |||||||||||||||||||||||||
Net cash used in investing activities | (12,669 | ) | (8,262 | ) | — | (20,931 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Distribution from Parent under the Tax Sharing Agreement | 36 | — | — | 36 | |||||||||||||||||||||||||
Dividends to stockholder | (64,940 | ) | — | — | (64,940 | ) | |||||||||||||||||||||||
Principal reductions of long-term debt | (823 | ) | (346 | ) | — | (1,169 | ) | ||||||||||||||||||||||
Net reductions on revolving credit facility | (24,000 | ) | — | — | (24,000 | ) | |||||||||||||||||||||||
Net cash used in financing activities | (89,727 | ) | (346 | ) | — | (90,073 | ) | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 116,292 | 4,588 | — | 120,880 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 5,927 | 10,733 | — | 16,660 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 122,219 | $ | 15,321 | $ | — | $ | 137,540 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | United | Eliminations | United Refining | |||||||||||||||||||||||
Refining | Company & | Refining | Company | ||||||||||||||||||||||||||
Company | Subsidiaries | Asphalt, Inc | Consolidated | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 80,165 | $ | 6,024 | $ | — | $ | 86,189 | $ | 415 | $ | — | $ | 86,604 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Additions to property, plant and equipment | (23,245 | ) | (4,629 | ) | — | (27,874 | ) | — | — | (27,874 | ) | ||||||||||||||||||
Additions to deferred turnaround costs and other assets | (18,673 | ) | (237 | ) | — | (18,910 | ) | — | — | (18,910 | ) | ||||||||||||||||||
Proceeds from asset dispositions | 57 | 672 | — | 729 | — | — | 729 | ||||||||||||||||||||||
Net cash used in investing activities | (41,861 | ) | (4,194 | ) | — | (46,055 | ) | — | — | (46,055 | ) | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Distribution from Parent under the Tax Sharing Agreement | 2,289 | — | — | 2,289 | — | — | 2,289 | ||||||||||||||||||||||
Net reductions on revolving credit facilities | (59,000 | ) | — | — | (59,000 | ) | — | — | (59,000 | ) | |||||||||||||||||||
Proceeds from issuance of common stock of non-controlling interest | — | — | — | — | 15,000 | — | 15,000 | ||||||||||||||||||||||
Dissolution of non-controlling interest | — | — | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||||||||||||
Proceeds from issuance of long term debt | 352,021 | — | — | 352,021 | — | — | 352,021 | ||||||||||||||||||||||
Principal reductions of long-term debt | (324,574 | ) | (502 | ) | — | (325,076 | ) | — | — | (325,076 | ) | ||||||||||||||||||
Deferred financing costs | (10,878 | ) | — | — | (10,878 | ) | (415 | ) | — | (11,293 | ) | ||||||||||||||||||
Net cash used in financing activities | (40,142 | ) | (502 | ) | — | (40,644 | ) | (415 | ) | — | (41,059 | ) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (1,838 | ) | 1,328 | — | (510 | ) | — | — | (510 | ) | |||||||||||||||||||
Cash and cash equivalents, beginning of year | 7,765 | 9,405 | — | 17,170 | — | — | 17,170 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5,927 | $ | 10,733 | $ | — | $ | 16,660 | $ | — | $ | — | $ | 16,660 | |||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||
18 | Quarterly Financial Data (unaudited) | ||||||||||||
Net Sales | Operating | Net | |||||||||||
Profit | Income | ||||||||||||
(Loss) | |||||||||||||
(in thousands) | |||||||||||||
2013 | |||||||||||||
First Quarter | $ | 957,062 | $ | 107,823 | $ | 59,647 | |||||||
Second Quarter | 870,109 | 114,823 | 63,562 | ||||||||||
Third Quarter | 883,520 | 83,688 | 44,559 | ||||||||||
Fourth Quarter | 970,562 | 22,274 | 915 | ||||||||||
2012 | |||||||||||||
First Quarter | $ | 944,031 | $ | 115,950 | $ | 62,046 | |||||||
Second Quarter | 848,844 | 10,561 | (237 | ) | |||||||||
Third Quarter | 935,798 | 126,913 | 68,101 | ||||||||||
Fourth Quarter | 1,002,252 | 104,926 | 60,906 | ||||||||||
Operating profit for the fourth quarter of 2012 is net of a $20,221,000 charge resulting from the write-off of certain design costs associated with the Company’s Coker Facility. See Note 4. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended | |
Aug. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Legal Proceedings | ' | |
19 | Legal Proceedings. | |
The Company and its subsidiaries are from time to time parties to various legal proceedings that arise in the ordinary course of their respective business operations. These proceedings include various administrative actions relating to federal, state and local environmental laws and regulations as well as civil matters before various courts seeking money damages. The Company believes that if the legal proceedings in which it is currently involved were determined against the Company, there would be no material adverse effect on the Company’s operations or its consolidated financial condition. In the opinion of management, all such matters are adequately covered by insurance, or if not so covered, are without merit or are of such kind, or involve such amounts that an unfavorable disposition would not have a material adverse effect on the consolidated operations or financial position of the Company. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
UNITED REFINING COMPANY AND SUBSIDIARIES | |||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance at | Charged to | Deductions | Balance at End | |||||||||||||
Beginning | Costs and | Of Period | |||||||||||||||
of Period | Expenses | ||||||||||||||||
Year ended August 31, 2011: | |||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||
Allowance for uncollectible Accounts | $ | 2,050 | $ | 1,347 | $ | (1,597 | ) | $ | 1,800 | ||||||||
Year ended August 31, 2012: | |||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||
Allowance for uncollectible Accounts | $ | 1,800 | $ | 1,015 | $ | (1,015 | ) | $ | 1,800 | ||||||||
Year ended August 31, 2013: | |||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||
Allowance for uncollectible Accounts | $ | 1,800 | $ | 1,680 | $ | (1,680 | ) | $ | 1,800 | ||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Description of Business and Basis of Presentation | ' | ||||||||||
Description of Business and Basis of Presentation | |||||||||||
The consolidated financial statements include the accounts of United Refining Company and its subsidiaries, United Refining Company of Pennsylvania and its subsidiaries, United Biofuels, Inc., Kiantone Pipeline Corporation (collectively, the “Company”) and United Refining Asphalt, Inc. (“URA”), a variable interest entity that was created in January 2011 for which the Company was the primary beneficiary. The Company ceased to be the primary beneficiary of URA as of August 31, 2011 and URA was deconsolidated as of that date and URA was dissolved. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||
A variable interest entity (“VIE”) is defined as an entity that either has investor voting rights that are not proportional to their economic interests or has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE is required to be consolidated by a company if that company is the primary beneficiary. The primary beneficiary of the VIE is the company that controls the VIE’s activities and is subject to a majority of the risk of loss from the VIE’s activities or, if no company is subject to a majority of such risk, the company that is entitled to receive a majority of the VIE’s residual returns. | |||||||||||
The Company is a petroleum refiner and marketer in its primary market area of Western New York and Northwestern Pennsylvania. Operations are organized into two business segments: wholesale and retail. | |||||||||||
The wholesale segment is responsible for the acquisition of crude oil, petroleum refining, supplying petroleum products to the retail segment and the marketing of petroleum products to wholesale and industrial customers. The retail segment operates a network of Company operated retail units under the Red Apple Food Mart® and Country Fair® brand names selling petroleum products under the Kwik Fill®, Citgo® and Keystone® brand names, as well as convenience and grocery items. | |||||||||||
The Company is a wholly-owned subsidiary of United Refining, Inc. (“URI”), a wholly-owned subsidiary of United Acquisition Corp., which in turn is a wholly-owned subsidiary of Red Apple Group, Inc. (the “Parent”). | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
For purposes of the consolidated statements of cash flows, the Company considers all highly liquid investment securities with maturities of three months or less at date of acquisition to be cash equivalents. | |||||||||||
Derivative Instruments | ' | ||||||||||
Derivative Instruments | |||||||||||
From time to time the Company uses derivatives to reduce its exposure to fluctuations in crude oil purchase costs and refining margins. Derivative products, historically crude oil option contracts (puts) and crackspread option contracts have been used to hedge the volatility of these items. The Company does not enter such contracts for speculative purposes. The Company accounts for changes in the fair value of its contracts by marking them to market and recognizing any resulting gains or losses in its Statement of Operations. The Company includes the carrying amounts of the contracts in derivative liability in its Consolidated Balance Sheet. | |||||||||||
At August 31, 2013, the Company had no derivative instruments outstanding as part of its risk management strategy. | |||||||||||
The fair value and balance sheet classification of our derivative instruments as of August 31, 2013 and 2012 are as follows: | |||||||||||
August 31, 2013 | |||||||||||
Notional Balance | Maturity Date | Derivative Liability | |||||||||
(in thousands) | |||||||||||
Not designated as hedges under ASC 815 | |||||||||||
Heating oil crackspread swaps | 0 barrels | Not applicable | $ | 0 | |||||||
Total derivative instruments | 0 barrels | $ | 0 | ||||||||
August 31, 2012 | |||||||||||
Notional Balance | Maturity Date | Derivative Liability | |||||||||
(in thousands) | |||||||||||
Not designated as hedges under ASC 815 | |||||||||||
Heating oil crackspread swaps | 780 barrels | Monthly September 2011 through December 2012 | $ | 9,098 | |||||||
Total derivative instruments | 780 barrels | $ | 9,098 | ||||||||
For the fiscal years ended August 31, 2013, 2012 and 2011 the Company recognized $2,319,000, $(28,848,000) and $58,733,000 of losses (gains) in costs and expenses in its Consolidated Statements of Operations. | |||||||||||
Inventories and Exchanges | ' | ||||||||||
Inventories and Exchanges | |||||||||||
Inventories are stated at the lower of cost or market, with cost being determined under the Last-in, First-out (LIFO) method for crude oil and petroleum product inventories and the First-in, First-out (FIFO) method for merchandise. Supply inventories are stated at either lower of cost or market or replacement cost and include various parts for the refinery operations. If the cost of inventories exceeds their market value, provisions are made currently for the difference between the cost and the market value. | |||||||||||
Property, Plant and Equipment | ' | ||||||||||
Property, Plant and Equipment | |||||||||||
Property, plant and equipment is stated at cost and depreciated by the straight-line method over the respective estimated useful lives. Routine current maintenance, repairs and replacement costs are charged against income. Expenditures which materially increase values expand capacities or extend useful lives are capitalized. A summary of the principal useful lives used in computing depreciation expense is as follows: | |||||||||||
Estimated Useful | |||||||||||
Lives (Years) | |||||||||||
Refining | 20-30 | ||||||||||
Marketing | 15-30 | ||||||||||
Transportation | 20-30 | ||||||||||
Leases | ' | ||||||||||
Leases | |||||||||||
The Company leases land, buildings, and equipment under long-term operating and capital leases and accounts for the leases in accordance with ASC 360-10-30-8. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term. The lease term begins on the date the Company has the right to control the use of the leased property pursuant to the terms of the lease. | |||||||||||
Deferred Maintenance Turnarounds | ' | ||||||||||
Deferred Maintenance Turnarounds | |||||||||||
The cost of maintenance turnarounds, which consist of complete shutdown and inspection of significant units of the refinery at intervals of two or more years for necessary repairs and replacements, are deferred when incurred and amortized on a straight-line basis over the period of benefit, which ranges from 2 to 10 years. As of August 31, 2013 and 2012, deferred turnaround costs included in Deferred Turnaround Costs and Other Assets, amounted to $8,476,000 and $14,316,000, net of accumulated amortization of $32,202,000 and $26,695,000, respectively. Amortization expense included in costs of goods sold for the fiscal years ended August 31, 2013, 2012 and 2011 amounted to $7,082,000, $7,198,000 and $4,350,000, respectively. | |||||||||||
Amortizable Intangible Assets | ' | ||||||||||
Amortizable Intangible Assets | |||||||||||
The Company amortizes identifiable intangible assets such as brand names, non-compete agreements, leasehold covenants and deed restrictions on a straight line basis over their estimated useful lives which range from 5 to 25 years. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
Revenues for products sold by the wholesale segment are recorded upon delivery of the products to our customers, at which time title to those products is transferred and when payment has either been received or collection is reasonably assured. At no point do we recognize revenue from the sale of products prior to the transfer of its title. Title to product is transferred to the customer at the shipping point, under pre-determined contracts for sale at agreed upon or posted prices to customers of which collectability is reasonably assured. Revenues for products sold by the retail segment are recognized immediately upon sale to the customer. Included in Net Sales and Costs of Goods Sold are consumer excise taxes of $225,125,000, $225,605,000 and $224,551,000 for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||||||
Cost Classifications | ' | ||||||||||
Cost Classifications | |||||||||||
Our Cost of goods sold (which excludes depreciation and amortization on property, plant and equipment and (gains) or losses on derivative contracts) includes Refining Cost of Products Sold and related Refining Operating expenses. | |||||||||||
Refining Cost of Products Sold includes cost of crude oil, other feedstocks, blendstocks, the cost of purchased finished products, amortization of turnaround costs, transportation costs and distribution costs. Retail cost of products sold includes cost for motor fuels and for merchandise. Motor fuel cost of products sold represents net cost for purchased fuel. Merchandise cost of products sold includes merchandise purchases, net of merchandise rebates and inventory shrinkage. Wholesale cost of products sold includes the cost of fuel and lubricants, transportation and distribution costs and labor. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||
The Company’s results of operations are included in the consolidated Federal Income tax return of the Parent and separately in various state jurisdictions. Income taxes are calculated on a separate return basis with consideration of the Tax Sharing Agreement between the Parent and its subsidiaries. The Company is open to examination for tax years 2002 through 2012, due to the carryback of net operating losses, and there was a federal tax audit for the tax years 2007 through 2010 which has been settled. There are currently state tax audits in process and there are unsettled income tax assessments outstanding in the amount of $45,000. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax positions as a component of interest expense, net and other, net, respectively. No amounts of such expenses are currently accrued. | |||||||||||
Post-Retirement Healthcare and Pension Benefits | ' | ||||||||||
Post-Retirement Healthcare and Pension Benefits | |||||||||||
The Company provides post-retirement healthcare benefits to salaried and certain hourly employees that retired prior to September 1, 2010. The benefits provided are hospitalization and medical coverage for the employee and spouse until age 65. Benefits continue until the death of the retiree, which results in the termination of benefits for all dependent coverage. If an employee leaves the Company as a terminated vested member of a pension plan prior to normal retirement age, the person is not entitled to any post-retirement healthcare benefits. Benefits payable under this program are secondary to any benefits provided by Medicare or any other governmental programs. | |||||||||||
In June 2010, the Company announced changes to the healthcare and pension plans provided to salaried employees. Effective September 1, 2010, postretirement medical benefits for new hires and active salaried employees retiring after September 1, 2010 were eliminated. Additionally, effective January 1, 2011, deductibles and co-payments were added to the medical benefits plan for all active and retired employees. For salaried employees meeting certain age and service requirements, the Company contributes a defined dollar amount towards the cost of retiree healthcare based upon the employee’s length of service. Similarly, effective August 31, 2010, benefits under the Company’s defined benefit pension plan were frozen for all salaried employees, including the Company’s Chief Executive Officer and Chief Financial Officer. The Company will provide an enhanced contribution under its defined contribution 401(k) plan as well as a transition contribution for older employees. The changes made for the salary group described above were also incorporated into the collective bargaining agreement reached with the International Union of Operating Engineers, Local No.95 effective February 1, 2012. | |||||||||||
The Company accrues post-retirement benefits other than pensions, during the years that the employee renders the necessary service, of the expected cost of providing those benefits to an employee and the employee’s beneficiaries and covered dependents. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||
Allowance for Doubtful Accounts | |||||||||||
The Company records an allowance for doubtful accounts based on specifically identified amounts that we believe to be uncollectible. The Company also recorded additional allowances based on historical collection experience and its assessment of the general financial conditions affecting the customer base. Senior management reviews accounts receivable on a weekly basis to determine if any receivables will potentially be uncollectible. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. | |||||||||||
Concentration Risks | ' | ||||||||||
Concentration Risks | |||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. | |||||||||||
The Company places its temporary cash investments with quality financial institutions. At times, such investments were in excess of FDIC insurance limits. The Company has not experienced any losses in such accounts. | |||||||||||
The Company purchased approximately 9% and 10% of its cost of goods sold from one vendor during the fiscal years ended August 31, 2013 and 2012, respectively. The Company is not obligated to purchase from this vendor, and, if necessary, there are other vendors from which the Company can purchase crude oil and other petroleum based products. The Company had approximately $0 and $1,004,000 in accounts payable for the years ended August 31, 2013 and 2012 to this respective vendor. | |||||||||||
Environmental Matters | ' | ||||||||||
Environmental Matters | |||||||||||
The Company expenses environmental expenditures related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Expenditures, which extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company determines its liability on a site by site basis and records a liability at the time when it is probable and can be reasonably estimated. The Company’s estimated liability is reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs. The estimated liability of the Company is not reduced for possible recoveries from insurance carriers and is recorded in accrued liabilities. | |||||||||||
Goodwill and Other Non-Amortizable Assets | ' | ||||||||||
Goodwill and Other Non-Amortizable Assets | |||||||||||
In accordance with ASC 350, goodwill and intangible assets deemed to have indefinite lives are no longer amortized but are subject to annual impairment tests in accordance with ASC 350. Other definite lived intangible assets continue to be amortized over their estimated useful lives. | |||||||||||
The Company performed separate impairment tests for its goodwill and tradename using the discounted cash flow method. The fair value of the goodwill and tradename exceeded their respective carrying values. The Company has noted no subsequent indication that would require testing its goodwill and tradename for impairment. | |||||||||||
Long-Lived Assets | ' | ||||||||||
Long-Lived Assets | |||||||||||
Whenever events or changes in circumstances indicate that the carrying value of any of these assets (other than goodwill and tradename) may not be recoverable, the Company will assess the recoverability of such assets based upon estimated undiscounted cash flow forecasts. When any such impairment exists, the related assets will be written down to fair value. | |||||||||||
Other Comprehensive (Loss) Income | ' | ||||||||||
Other Comprehensive (Loss) Income | |||||||||||
The Company reports comprehensive (loss) income in accordance with ASC 220-10. ASC 220-10 establishes guidelines for the reporting and display of comprehensive (loss) income and its components in financial statements. Comprehensive (loss) income includes charges and credits to equity that is not the result of transactions with the shareholder. Included in other comprehensive loss for the Company is a charge for unrecognized post-retirement costs, which is net of taxes in accordance with ASC 715. The accumulated other comprehensive loss balance is made up entirely of unrecognized post-retirement costs. | |||||||||||
Reclassification | ' | ||||||||||
Reclassification | |||||||||||
Certain amounts in the prior year’s consolidated financial statements have been reclassified to conform with the presentation in the current year. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Fair Value and Balance Sheet Classification of Derivative Instruments | ' | ||||||||||
The fair value and balance sheet classification of our derivative instruments as of August 31, 2013 and 2012 are as follows: | |||||||||||
August 31, 2013 | |||||||||||
Notional Balance | Maturity Date | Derivative Liability | |||||||||
(in thousands) | |||||||||||
Not designated as hedges under ASC 815 | |||||||||||
Heating oil crackspread swaps | 0 barrels | Not applicable | $ | 0 | |||||||
Total derivative instruments | 0 barrels | $ | 0 | ||||||||
August 31, 2012 | |||||||||||
Notional Balance | Maturity Date | Derivative Liability | |||||||||
(in thousands) | |||||||||||
Not designated as hedges under ASC 815 | |||||||||||
Heating oil crackspread swaps | 780 barrels | Monthly September 2011 through December 2012 | $ | 9,098 | |||||||
Total derivative instruments | 780 barrels | $ | 9,098 | ||||||||
Summary of Principal Useful Lives Used in Computing Depreciation Expense | ' | ||||||||||
A summary of the principal useful lives used in computing depreciation expense is as follows: | |||||||||||
Estimated Useful | |||||||||||
Lives (Years) | |||||||||||
Refining | 20-30 | ||||||||||
Marketing | 15-30 | ||||||||||
Transportation | 20-30 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Crude Oil | $ | 21,344 | $ | 40,419 | |||||
Petroleum Products | 60,094 | 66,296 | |||||||
Total @ LIFO | 81,438 | 106,715 | |||||||
Merchandise | 24,002 | 23,707 | |||||||
Supplies | 25,526 | 25,798 | |||||||
Total @ FIFO | 49,528 | 49,505 | |||||||
Total Inventory | $ | 130,966 | $ | 156,220 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment is summarized as follows: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Refinery equipment | $ | 343,918 | $ | 316,489 | |||||
Marketing (i.e. retail outlets) | 121,570 | 111,914 | |||||||
Transportation | 9,883 | 9,665 | |||||||
Construction-in-progress | 30,293 | 15,935 | |||||||
505,664 | 454,003 | ||||||||
Less: Accumulated depreciation | 216,532 | 200,616 | |||||||
$ | 289,132 | $ | 253,387 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | ||||||||||||||||||||
As of August 31, 2013 and 2012, the Company’s trade name, goodwill and amortizable intangible assets, , included in the Company’s retail segment, were as follows: | |||||||||||||||||||||
Weighted | August 31, 2013 | August 31, 2012 | |||||||||||||||||||
Average | |||||||||||||||||||||
Remaining | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||
Deed restrictions | 13 yrs. | $ | 800 | $ | 373 | $ | 800 | $ | 341 | ||||||||||||
Leasehold covenants | 10 yrs. | 1,490 | 860 | 1,490 | 785 | ||||||||||||||||
$ | 2,290 | $ | 1,233 | $ | 2,290 | $ | 1,126 | ||||||||||||||
Non-amortizable assets: | |||||||||||||||||||||
Tradename | $ | 10,500 | $ | — | $ | 10,500 | $ | — | |||||||||||||
Goodwill | $ | 1,349 | $ | — | $ | 1,349 | $ | — |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
Accrued liabilities include the following: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Interest | $ | 106 | $ | 114 | |||||
Payrolls and benefits | 17,012 | 15,241 | |||||||
Other | 1,597 | 1,561 | |||||||
$ | 18,715 | $ | 16,916 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Future Minimum Lease Payments | ' | ||||||||
Future minimum lease payments as of August 31, 2013 are summarized as follows: | |||||||||
Year ended August 31, | Capital | Operating | |||||||
Leases | Leases | ||||||||
(in thousands) | |||||||||
2014 | $ | 534 | $ | 12,653 | |||||
2015 | 526 | 10,981 | |||||||
2016 | 513 | 10,110 | |||||||
2017 | 513 | 8,542 | |||||||
2018 | 513 | 6,375 | |||||||
Thereafter | 5,733 | 21,715 | |||||||
Total minimum lease payments | 8,332 | 70,376 | |||||||
Less: Minimum sublease rents | — | 135 | |||||||
Net minimum lease payments | 8,332 | $ | 70,241 | ||||||
Less: Amount representing interest | 5,208 | ||||||||
Present value of net minimum lease payments | $ | 3,124 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
A summary of long-term debt is as follows: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Long-term debt: | |||||||||
10.50% Senior Secured Notes due February 28, 2018, net of unamortized discount of $6,151 and $10,198, respectively | $ | 231,099 | $ | 354,802 | |||||
Other long-term debt | 7,607 | 5,194 | |||||||
238,706 | 359,996 | ||||||||
Less: Current installments of long-term debt | 1,592 | 1,318 | |||||||
Total long-term debt, less current installments | $ | 237,114 | $ | 358,678 | |||||
Principal Amount of Long-Term Debt Maturity | ' | ||||||||
The principal amount of long-term debt matures as follows: | |||||||||
Year ended August 31, | |||||||||
(in thousands) | |||||||||
2014 | $ | 1,592 | |||||||
2015 | 1,180 | ||||||||
2016 | 1,566 | ||||||||
2017 | 478 | ||||||||
2018 | 237,439 | ||||||||
Thereafter | 2,602 | ||||||||
244,857 | |||||||||
Unamortized discount | 6,151 | ||||||||
Total | $ | 238,706 | |||||||
Schedule of Deferred Financing Costs Amortized to Expense | ' | ||||||||
The following financing costs have been deferred and are being amortized to expense over the term of the related debt: | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | 10,880 | $ | 10,880 | |||||
Current year additions | — | — | |||||||
Total financing costs | 10,880 | 10,880 | |||||||
Less: | |||||||||
Deferred financing costs associated with debt retirement | 1,999 | — | |||||||
Accumulated amortization | 4,078 | 2,409 | |||||||
$ | 4,803 | $ | 8,471 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Net Periodic Pension Cost and Post-Retirement Healthcare Benefit Cost | ' | ||||||||||||||||||||||||
Net periodic pension cost and post-retirement healthcare benefit cost consist of the following components for the years ended August 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Service cost | $ | 652 | $ | 993 | $ | 1,800 | $ | 940 | $ | 1,114 | $ | 1,507 | |||||||||||||
Interest cost on benefit obligation | 4,511 | 5,037 | 4,946 | 1,884 | 2,428 | 2,520 | |||||||||||||||||||
Expected return on plan assets | (5,160 | ) | (4,717 | ) | (4,521 | ) | — | — | — | ||||||||||||||||
Curtailment effect | — | 126 | — | — | — | — | |||||||||||||||||||
Amortization of transition obligation | — | 2 | 2 | — | — | — | |||||||||||||||||||
Amortization and deferrals | 1,210 | 599 | 1,468 | 123 | (662 | ) | (1,128 | ) | |||||||||||||||||
Net periodic benefit cost | $ | 1,213 | $ | 2,040 | $ | 3,695 | $ | 2,947 | $ | 2,880 | $ | 2,899 | |||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income | ' | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligation recognized in Other Comprehensive Income consist of the following for the fiscal years ended August 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Curtailment | $ | — | $ | (4,698 | ) | $ | — | $ | — | ||||||||||||||||
Current year actuarial (gain) / loss | (11,796 | ) | 20,084 | (7,322 | ) | 7,621 | |||||||||||||||||||
Amortization of actuarial gain / (loss) | (1,209 | ) | (560 | ) | (7,056 | ) | (5,748 | ) | |||||||||||||||||
Current year prior service (credit) / cost | — | — | — | (13,934 | ) | ||||||||||||||||||||
Amortization of prior service credit / (cost) | (1 | ) | (39 | ) | 6,933 | 6,410 | |||||||||||||||||||
Amortization of transition asset / (obligation) | — | (2 | ) | — | — | ||||||||||||||||||||
Total recognized in other comprehensive (income) / loss | $ | (13,006 | ) | $ | 14,785 | $ | (7,445 | ) | $ | (5,651 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income)/loss | $ | (11,793 | ) | $ | 16,825 | $ | (4,498 | ) | $ | (2,769 | ) | ||||||||||||||
Summary of Change in Benefit Obligations and Fair Values of Plan Assets | ' | ||||||||||||||||||||||||
The following table summarizes the change in benefit obligations and fair values of plan assets for the years ended August 31, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation @ beginning of year | $ | 116,359 | $ | 99,040 | $ | 52,126 | $ | 57,145 | |||||||||||||||||
Service cost | 652 | 993 | 940 | 1,114 | |||||||||||||||||||||
Interest cost | 4,511 | 5,037 | 1,884 | 2,428 | |||||||||||||||||||||
Plan amendments | — | — | — | (13,934 | ) | ||||||||||||||||||||
Curtailment | — | (4,572 | ) | — | — | ||||||||||||||||||||
Medicare act subsidy effect | — | — | 305 | 51 | |||||||||||||||||||||
Actuarial (gains) / losses | (10,320 | ) | 19,609 | (7,300 | ) | 7,635 | |||||||||||||||||||
Benefits paid | (4,061 | ) | (3,748 | ) | (2,255 | ) | (2,313 | ) | |||||||||||||||||
Projected benefit obligation @ end of year | 107,141 | 116,359 | 45,700 | 52,126 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair values of plan assets @ beginning of year | 72,408 | 66,166 | — | — | |||||||||||||||||||||
Actual return on plan assets | 6,636 | 4,242 | — | — | |||||||||||||||||||||
Company contributions | 5,241 | 5,748 | 1,950 | 2,262 | |||||||||||||||||||||
Benefits paid | (4,061 | ) | (3,748 | ) | (2,255 | ) | (2,313 | ) | |||||||||||||||||
Medicare act subsidy effect | — | — | 305 | 51 | |||||||||||||||||||||
Fair values of plan assets @ end of year | 80,224 | 72,408 | — | — | |||||||||||||||||||||
Unfunded status | $ | 26,917 | $ | 43,951 | $ | 45,700 | $ | 52,126 | |||||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Current liability | $ | — | $ | — | $ | 3,259 | $ | 3,398 | |||||||||||||||||
Noncurrent liability | 26,917 | 43,951 | 42,441 | 48,728 | |||||||||||||||||||||
Net amount recognized | $ | 26,917 | $ | 43,951 | $ | 45,700 | $ | 52,126 | |||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Income: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accumulated net actuarial loss | $ | (25,406 | ) | $ | (38,411 | ) | $ | (34,376 | ) | $ | (48,752 | ) | |||||||||||||
Accumulated prior service cost | — | (1 | ) | 47,117 | 54,050 | ||||||||||||||||||||
Accumulated transition obligation | — | — | — | — | |||||||||||||||||||||
Net amount recognized, before tax effect | $ | (25,406 | ) | $ | (38,412 | ) | $ | 12,741 | $ | 5,298 | |||||||||||||||
Weighted Average Assumptions Used to Determine Year End Benefit Obligations | ' | ||||||||||||||||||||||||
Weighted average assumptions used to determine year end benefit obligations: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.80% - 5.00% | 3.75% - 4.00% | 4.60% | 3.65% | |||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||||||
Health care cost trend | |||||||||||||||||||||||||
Initial trend | N/A | N/A | 7.00% | 7.25% | |||||||||||||||||||||
Ultimate trend | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||||||
Year ultimate reached | N/A | N/A | 2022 | 2022 | |||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Costs | ' | ||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic costs: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 3.75% - 4.00% | 5.00% - 5.45% | 3.65% | 5.20% | |||||||||||||||||||||
Expected return on plan assets | 7.00% | 7.00% | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||||||
Health care cost trend | |||||||||||||||||||||||||
Initial trend | N/A | N/A | 7.25% | 7.50% | |||||||||||||||||||||
Ultimate trend | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||||||
Year ultimate reached | N/A | N/A | 2022 | 2017 | |||||||||||||||||||||
One Percentage Point Changes in Assumed Healthcare Cost Trend Rate | ' | ||||||||||||||||||||||||
The healthcare cost trend rate assumption has a significant effect on the amounts reported. To illustrate, a 1 percentage point change in the assumed healthcare cost trend rate would have the following effects: | |||||||||||||||||||||||||
1% Point | 1% Point | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 118 | $ | (102 | ) | ||||||||||||||||||||
Effect on post-retirement benefit obligation | 2,208 | (1,973 | ) | ||||||||||||||||||||||
Reconciliation of Above Accrued Benefit Costs to Consolidated Amounts Reported on Balance Sheets | ' | ||||||||||||||||||||||||
A reconciliation of the above accrued benefit costs to the consolidated amounts reported on the Company’s balance sheets follows: | |||||||||||||||||||||||||
August 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Accrued pension benefits | $ | 26,917 | $ | 43,951 | |||||||||||||||||||||
Accrued other post-retirement benefits | 45,700 | 52,126 | |||||||||||||||||||||||
72,617 | 96,077 | ||||||||||||||||||||||||
Current portion of above benefits, included in payrolls and benefits in accrued liabilities | (3,259 | ) | (3,398 | ) | |||||||||||||||||||||
Supplemental pension and other deferred compensation benefits | 317 | 317 | |||||||||||||||||||||||
Deferred retirement benefits | $ | 69,675 | $ | 92,996 | |||||||||||||||||||||
Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
The fair value of our plan assets as of August 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Asset Category | August 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash Equivalents | $ | 4,069,000 | $ | 4,069,000 | $ | — | $ | — | |||||||||||||||||
Mutual Funds | 24,646,000 | 24,646,000 | — | — | |||||||||||||||||||||
Equities | 39,699,000 | 39,699,000 | — | — | |||||||||||||||||||||
Fixed Income | 11,810,000 | 9,361,000 | 2,449,000 | — | |||||||||||||||||||||
Total | $ | 80,224,000 | $ | 77,775,000 | $ | 2,449,000 | $ | — | |||||||||||||||||
Asset Category | August 31, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash Equivalents | $ | 3,777,000 | $ | 3,777,000 | $ | — | $ | — | |||||||||||||||||
Mutual Funds | 16,454,000 | 16,454,000 | — | — | |||||||||||||||||||||
Equities | 37,755,000 | 37,712,000 | 43,000 | — | |||||||||||||||||||||
Fixed Income | 14,422,000 | 9,326,000 | 5,096,000 | — | |||||||||||||||||||||
Total | $ | 72,408,000 | $ | 67,269,000 | $ | 5,139,000 | $ | — | |||||||||||||||||
Weighted Average Target and Strategic Assets Allocation of Pension Plans | ' | ||||||||||||||||||||||||
The pension plans weighted-average target allocation for the year ended August 31, 2013 and strategic asset allocation matrix as of August 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
Target | Plan Assets @ 8/31 | ||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||
Asset Category | 2013 | 2013 | 2012 | ||||||||||||||||||||||
Equity Securities | 55 - 75 | % | 61 | % | 63 | % | |||||||||||||||||||
Debt Securities | 20 - 30 | % | 25 | % | 30 | % | |||||||||||||||||||
Alternative Investments | 0 - 12 | % | 9 | % | 2 | % | |||||||||||||||||||
Cash/Cash Equivalents | 0 - 10 | % | 5 | % | 5 | % | |||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||
Estimated 2014 Amortization | ' | ||||||||||||||||||||||||
The estimated amounts that will be amortized in 2014 are as follow: | |||||||||||||||||||||||||
Estimated 2014 Amortization | Pension | Other | |||||||||||||||||||||||
Benefits | Post-Retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Prior service cost (credit) amortization | $ | — | $ | (6,933 | ) | ||||||||||||||||||||
Net loss amortization | 698 | 5,073 | |||||||||||||||||||||||
Total | $ | 698 | $ | (1,860 | ) | ||||||||||||||||||||
Employer Contributions and Benefit Payments which Reflect in Future Service | ' | ||||||||||||||||||||||||
The following contributions and benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Other Post-Retirement Benefits | ||||||||||||||||||||||||
Employer Contributions | Benefits | Gross | (Subsidy receipts) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
FYE 8/31/2014 (expected) | $ | 5,888 | $ | 3,301 | $ | (281 | ) | ||||||||||||||||||
Expected Benefit Payments for FYE 8/31 | |||||||||||||||||||||||||
2014 | $ | 5,220 | $ | 3,540 | $ | (281 | ) | ||||||||||||||||||
2015 | 5,456 | 3,951 | (318 | ) | |||||||||||||||||||||
2016 | 5,532 | 4,268 | (358 | ) | |||||||||||||||||||||
2017 | 5,873 | 4,558 | (399 | ) | |||||||||||||||||||||
2018 | 6,259 | 4,871 | (446 | ) | |||||||||||||||||||||
2019 - 2023 | 35,268 | 30,922 | (3,009 | ) | |||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense (benefit) consists of: | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Federal: | |||||||||||||
Current | $ | 78,569 | $ | 83,571 | $ | 2,568 | |||||||
Deferred | 4,154 | 13,806 | (5,475 | ) | |||||||||
82,723 | 97,377 | (2,907 | ) | ||||||||||
State: | |||||||||||||
Current | 17,154 | 17,559 | 2,563 | ||||||||||
Deferred | (1,533 | ) | 7,018 | (3,275 | ) | ||||||||
15,621 | 24,577 | (712 | ) | ||||||||||
$ | 98,344 | $ | 121,954 | $ | (3,619 | ) | |||||||
Reconciliation of Income Tax Expense (Benefit) | ' | ||||||||||||
Reconciliation of the differences between income taxes computed at the Federal statutory rate and the provision for income taxes attributable to income before income tax expense (benefit) is as follows: | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
U. S. federal income taxes (benefits) at the statutory rate | $ | 93,465 | $ | 109,486 | $ | (3,871 | ) | ||||||
State income taxes (benefits), net of Federal benefit | 10,113 | 16,012 | (460 | ) | |||||||||
Domestic production activity deduction | (5,391 | ) | (3,500 | ) | (105 | ) | |||||||
Permanent items | 863 | 458 | 405 | ||||||||||
Employment credits | (722 | ) | (616 | ) | (714 | ) | |||||||
Other | 16 | 114 | (61 | ) | |||||||||
Disallowance of prior period domestic production activity deduction | — | — | 1,187 | ||||||||||
Income tax expense (benefit) | $ | 98,344 | $ | 121,954 | $ | (3,619 | ) | ||||||
Summary of Deferred Income Tax Liabilities (Assets) | ' | ||||||||||||
Deferred income tax liabilities (assets) are comprised of the following: | |||||||||||||
August 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred income tax liabilities (assets): | |||||||||||||
Inventory valuation | $ | 5,681 | $ | 5,668 | |||||||||
Accounts receivable allowance | (895 | ) | (713 | ) | |||||||||
Accrued liabilities | (4,560 | ) | (3,191 | ) | |||||||||
Unrealized loss on derivative instruments | — | (2,891 | ) | ||||||||||
Other | 139 | 79 | |||||||||||
365 | (1,048 | ) | |||||||||||
Deferred income tax liabilities (assets): | |||||||||||||
Property, plant and equipment | 58,694 | 53,148 | |||||||||||
Accrued liabilities | (27,386 | ) | (37,420 | ) | |||||||||
State net operating loss carryforwards | (8,605 | ) | (11,118 | ) | |||||||||
Valuation allowance | 3,030 | 7,548 | |||||||||||
Other | 3,460 | 2,864 | |||||||||||
29,193 | 15,022 | ||||||||||||
Net deferred income tax liability | $ | 29,558 | $ | 13,974 | |||||||||
Disclosures_About_Fair_Value_o1
Disclosures About Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Assets or Liabilities Measured and Recorded at Fair Value within Fair Value Hierarchy | ' | ||||||||||||||||
The following tables list the assets or liabilities measured and recorded at fair value within the fair value hierarchy as of August 31, 2013 and 2012. | |||||||||||||||||
August 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities | |||||||||||||||||
Commodity OTC Sweep Contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
August 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities | |||||||||||||||||
Commodity OTC Sweep Contracts | $ | 9,098 | $ | — | $ | 9,098 | $ | — | |||||||||
Segments_of_Business_Tables
Segments of Business (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summarized Financial Information of Company's Reportable Segments | ' | ||||||||||||
Summarized financial information regarding the Company’s reportable segments is presented in the following table. | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Net Sales | |||||||||||||
Retail | $ | 1,721,625 | $ | 1,726,047 | $ | 1,623,768 | |||||||
Wholesale | 1,959,628 | 2,004,878 | 1,543,108 | ||||||||||
$ | 3,681,253 | $ | 3,730,925 | $ | 3,166,876 | ||||||||
Intersegment Sales | |||||||||||||
Wholesale | $ | 904,526 | $ | 901,472 | $ | 848,262 | |||||||
Operating Income | |||||||||||||
Retail | $ | 7,520 | $ | 13,474 | $ | 689 | |||||||
Wholesale | 321,088 | 344,876 | 32,643 | ||||||||||
$ | 328,608 | $ | 358,350 | $ | 33,332 | ||||||||
Depreciation, Amortization and Asset Impairments | |||||||||||||
Retail | $ | 6,153 | $ | 5,691 | $ | 5,340 | |||||||
Wholesale | 20,724 | 40,126 | 16,757 | ||||||||||
$ | 26,877 | $ | 45,817 | $ | 22,097 | ||||||||
Capital Expenditures (including non-cash portion) | |||||||||||||
Retail | $ | 17,065 | $ | 8,433 | $ | 4,172 | |||||||
Wholesale | 39,569 | 13,636 | 24,464 | ||||||||||
$ | 56,634 | $ | 22,069 | $ | 28,636 | ||||||||
August 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total Assets | |||||||||||||
Retail | $ | 182,662 | $ | 169,935 | |||||||||
Wholesale | 613,633 | 558,395 | |||||||||||
$ | 796,295 | $ | 728,330 | ||||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
August 31, 2013 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 141,386 | $ | 17,151 | $ | — | $ | 158,537 | |||||||||||||||||||||
Accounts receivable, net | 83,800 | 41,396 | — | 125,196 | |||||||||||||||||||||||||
Refundable income taxes | 21,944 | (1,054 | ) | — | 20,890 | ||||||||||||||||||||||||
Inventories, net | 101,891 | 29,075 | — | 130,966 | |||||||||||||||||||||||||
Prepaid expenses and other assets | 37,860 | 4,233 | — | 42,093 | |||||||||||||||||||||||||
Intercompany | 133,159 | 6,545 | (139,704 | ) | — | ||||||||||||||||||||||||
Total current assets | 520,040 | 97,346 | (139,704 | ) | 477,682 | ||||||||||||||||||||||||
Property, plant and equipment, net | 179,326 | 109,806 | — | 289,132 | |||||||||||||||||||||||||
Deferred financing costs, net | 4,803 | — | — | 4,803 | |||||||||||||||||||||||||
Goodwill and other non-amortizable assets | — | 11,849 | — | 11,849 | |||||||||||||||||||||||||
Amortizable intangible assets, net | — | 1,057 | — | 1,057 | |||||||||||||||||||||||||
Deferred turnaround costs & other assets | 9,055 | 2,717 | — | 11,772 | |||||||||||||||||||||||||
Investment in subsidiaries | 27,503 | — | (27,503 | ) | — | ||||||||||||||||||||||||
$ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | |||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Current installments of long-term debt | $ | 836 | $ | 756 | $ | — | $ | 1,592 | |||||||||||||||||||||
Accounts payable | 31,625 | 22,545 | — | 54,170 | |||||||||||||||||||||||||
Accrued liabilities | 12,399 | 6,316 | — | 18,715 | |||||||||||||||||||||||||
Income taxes payable | 8,242 | 345 | — | 8,587 | |||||||||||||||||||||||||
Sales, use and fuel taxes payable | 14,933 | 4,314 | — | 19,247 | |||||||||||||||||||||||||
Deferred income taxes | 1,734 | (1,369 | ) | — | 365 | ||||||||||||||||||||||||
Amounts due to affiliated companies, net | (169 | ) | 603 | — | 434 | ||||||||||||||||||||||||
Intercompany | — | 139,704 | (139,704 | ) | — | ||||||||||||||||||||||||
Total current liabilities | 69,600 | 173,214 | (139,704 | ) | 103,110 | ||||||||||||||||||||||||
Long term debt: less current installments | 232,180 | 4,934 | — | 237,114 | |||||||||||||||||||||||||
Deferred income taxes | 14,325 | 14,868 | — | 29,193 | |||||||||||||||||||||||||
Deferred retirement benefits | 67,419 | 2,256 | — | 69,675 | |||||||||||||||||||||||||
Total liabilities | 383,524 | 195,272 | (139,704 | ) | 439,092 | ||||||||||||||||||||||||
Commitment and contingencies | |||||||||||||||||||||||||||||
Stockholder’s equity | |||||||||||||||||||||||||||||
Common stock, $.10 par value per share—shares authorized 100; issued and outstanding 100 | — | 18 | (18 | ) | — | ||||||||||||||||||||||||
Preferred stock; $1,000 par value per share—shares authorized 25,000; issued and outstanding 14,116 | 14,116 | — | — | 14,116 | |||||||||||||||||||||||||
Additional paid-in capital | 159,844 | 16,626 | (16,626 | ) | 159,844 | ||||||||||||||||||||||||
Retained earnings | 190,333 | 12,253 | (12,253 | ) | 190,333 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (7,090 | ) | (1,394 | ) | 1,394 | (7,090 | ) | ||||||||||||||||||||||
Total stockholder’s equity | 357,203 | 27,503 | (27,503 | ) | 357,203 | ||||||||||||||||||||||||
$ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
August 31, 2012 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 122,219 | $ | 15,321 | $ | — | $ | 137,540 | |||||||||||||||||||||
Accounts receivable, net | 79,870 | 40,729 | — | 120,599 | |||||||||||||||||||||||||
Inventories, net | 127,469 | 28,751 | — | 156,220 | |||||||||||||||||||||||||
Prepaid expenses and other assets | 16,311 | 3,502 | — | 19,813 | |||||||||||||||||||||||||
Deferred income taxes | (114 | ) | 1,162 | — | 1,048 | ||||||||||||||||||||||||
Amounts due from affiliated companies | 344 | (255 | ) | — | 89 | ||||||||||||||||||||||||
Intercompany | 117,992 | 16,703 | (134,695 | ) | — | ||||||||||||||||||||||||
Total current assets | 464,091 | 105,913 | (134,695 | ) | 435,309 | ||||||||||||||||||||||||
Property, plant and equipment, net | 176,282 | 77,105 | — | 253,387 | |||||||||||||||||||||||||
Deferred financing costs, net | 8,471 | — | — | 8,471 | |||||||||||||||||||||||||
Goodwill and other non-amortizable assets | — | 11,849 | — | 11,849 | |||||||||||||||||||||||||
Amortizable intangible assets, net | — | 1,164 | — | 1,164 | |||||||||||||||||||||||||
Deferred turnaround costs & other assets | 15,173 | 2,977 | — | 18,150 | |||||||||||||||||||||||||
Investment in subsidiaries | 17,018 | — | (17,018 | ) | — | ||||||||||||||||||||||||
$ | 681,035 | $ | 199,008 | $ | (151,713 | ) | $ | 728,330 | |||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Current installments of long-term debt | $ | 939 | $ | 379 | $ | — | $ | 1,318 | |||||||||||||||||||||
Accounts payable | 22,528 | 19,675 | — | 42,203 | |||||||||||||||||||||||||
Derivative liability | 9,098 | — | — | 9,098 | |||||||||||||||||||||||||
Accrued liabilities | 11,147 | 5,769 | — | 16,916 | |||||||||||||||||||||||||
Income taxes payable | 25,866 | 3,065 | — | 28,931 | |||||||||||||||||||||||||
Sales, use and fuel taxes payable | 17,622 | 4,270 | — | 21,892 | |||||||||||||||||||||||||
Intercompany | — | 134,695 | (134,695 | ) | — | ||||||||||||||||||||||||
Total current liabilities | 87,200 | 167,853 | (134,695 | ) | 120,358 | ||||||||||||||||||||||||
Long term debt: less current installments | 356,448 | 2,230 | — | 358,678 | |||||||||||||||||||||||||
Deferred income taxes | 5,753 | 9,269 | — | 15,022 | |||||||||||||||||||||||||
Deferred retirement benefits | 90,358 | 2,638 | — | 92,996 | |||||||||||||||||||||||||
Total liabilities | 539,759 | 181,990 | (134,695 | ) | 587,054 | ||||||||||||||||||||||||
Commitment and contingencies | |||||||||||||||||||||||||||||
Stockholder’s equity | |||||||||||||||||||||||||||||
Common stock, $.10 par value per share—shares authorized 100; issued and outstanding 100 | — | 18 | (18 | ) | — | ||||||||||||||||||||||||
Additional paid-in capital | 24,825 | 10,651 | (10,651 | ) | 24,825 | ||||||||||||||||||||||||
Retained earnings | 135,988 | 8,123 | (8,123 | ) | 135,988 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (19,537 | ) | (1,774 | ) | 1,774 | (19,537 | ) | ||||||||||||||||||||||
Total stockholder’s equity | 141,276 | 17,018 | (17,018 | ) | 141,276 | ||||||||||||||||||||||||
$ | 681,035 | $ | 199,008 | $ | (151,713 | ) | $ | 728,330 | |||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Net sales | $ | 2,864,154 | $ | 1,726,422 | $ | (909,323 | ) | $ | 3,681,253 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 2,495,478 | 1,573,420 | (909,323 | ) | 3,159,575 | ||||||||||||||||||||||||
Losses on derivative contracts | 2,319 | — | — | 2,319 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 24,562 | 139,312 | — | 163,874 | |||||||||||||||||||||||||
Depreciation and amortization expense | 19,883 | 6,994 | — | 26,877 | |||||||||||||||||||||||||
2,542,242 | 1,719,726 | (909,323 | ) | 3,352,645 | |||||||||||||||||||||||||
Operating income | 321,912 | 6,696 | — | 328,608 | |||||||||||||||||||||||||
Other expense: | |||||||||||||||||||||||||||||
Interest expense, net | (38,292 | ) | (743 | ) | — | (39,035 | ) | ||||||||||||||||||||||
Other, net | (3,743 | ) | (76 | ) | — | (3,819 | ) | ||||||||||||||||||||||
Loss on early extinguishment of debt | (18,727 | ) | — | — | (18,727 | ) | |||||||||||||||||||||||
Equity in net loss of subsidiaries | 4,130 | — | (4,130 | ) | — | ||||||||||||||||||||||||
(56,632 | ) | (819 | ) | (4,130 | ) | (61,581 | ) | ||||||||||||||||||||||
Income before income tax expense | 265,280 | 5,877 | (4,130 | ) | 267,027 | ||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Current | 94,154 | 1,569 | — | 95,723 | |||||||||||||||||||||||||
Deferred | 2,443 | 178 | — | 2,621 | |||||||||||||||||||||||||
96,597 | 1,747 | — | 98,344 | ||||||||||||||||||||||||||
Net income | $ | 168,683 | $ | 4,130 | $ | (4,130 | ) | $ | 168,683 | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | ||||||||||||||||||||||||||||
Company | Company & | ||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||
Net sales | $ | 2,906,350 | $ | 1,730,984 | $ | (906,409 | ) | $ | 3,730,925 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization, and gains on derivative contracts) | 2,526,351 | 1,578,083 | (906,409 | ) | 3,198,025 | ||||||||||||||||||||||||
Gains on derivative contracts | (28,848 | ) | — | — | (28,848 | ) | |||||||||||||||||||||||
Selling, general and administrative expenses | 24,723 | 132,858 | — | 157,581 | |||||||||||||||||||||||||
Depreciation, amortization and asset impairments | 39,422 | 6,395 | — | 45,817 | |||||||||||||||||||||||||
2,561,648 | 1,717,336 | (906,409 | ) | 3,372,575 | |||||||||||||||||||||||||
Operating income | 344,702 | 13,648 | — | 358,350 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense, net | (40,384 | ) | (485 | ) | — | (40,869 | ) | ||||||||||||||||||||||
Other, net | (5,643 | ) | 932 | — | (4,711 | ) | |||||||||||||||||||||||
Equity in net income of subsidiaries | 8,477 | — | (8,477 | ) | — | ||||||||||||||||||||||||
(37,550 | ) | 447 | (8,477 | ) | (45,580 | ) | |||||||||||||||||||||||
Income before income tax expense benefit | 307,152 | 14,095 | (8,477 | ) | 312,770 | ||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Current | 97,355 | 3,775 | — | 101,130 | |||||||||||||||||||||||||
Deferred | 18,981 | 1,843 | — | 20,824 | |||||||||||||||||||||||||
116,336 | 5,618 | — | 121,954 | ||||||||||||||||||||||||||
Net income | $ | 190,816 | $ | 8,477 | $ | (8,477 | ) | $ | 190,816 | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | United | Eliminations | United Refining | |||||||||||||||||||||||
Refining | Company & | Refining | Company | ||||||||||||||||||||||||||
Company | Subsidiaries | Asphalt, Inc. | Consolidated | ||||||||||||||||||||||||||
Net sales | $ | 2,407,819 | $ | 1,627,733 | $ | (852,227 | ) | $ | 3,183,325 | $ | 45,034 | $ | (61,483 | ) | $ | 3,166,876 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 2,285,146 | 1,488,595 | (852,227 | ) | 2,921,514 | 43,227 | (61,483 | ) | 2,903,258 | ||||||||||||||||||||
Losses on derivative contracts | 58,733 | — | — | 58,733 | — | — | 58,733 | ||||||||||||||||||||||
Selling, general and administrative expenses | 16,555 | 132,895 | — | 149,450 | 6 | — | 149,456 | ||||||||||||||||||||||
Depreciation and amortization expenses | 15,663 | 6,019 | — | 21,682 | 415 | — | 22,097 | ||||||||||||||||||||||
2,376,097 | 1,627,509 | (852,227 | ) | 3,151,379 | 43,648 | (61,483 | ) | 3,133,544 | |||||||||||||||||||||
Operating income | 31,722 | 224 | — | 31,946 | 1,386 | — | 33,332 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense, net | (39,467 | ) | (889 | ) | — | (40,356 | ) | (194 | ) | — | (40,550 | ) | |||||||||||||||||
Other, net | (3,514 | ) | 950 | — | (2,564 | ) | — | — | (2,564 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | (1,245 | ) | — | — | (1,245 | ) | — | — | (1,245 | ) | |||||||||||||||||||
Equity in net loss of subsidiaries | (214 | ) | — | 214 | — | — | — | — | |||||||||||||||||||||
(44,440 | ) | 61 | 214 | (44,165 | ) | (194 | ) | — | (44,359 | ) | |||||||||||||||||||
(Loss) income before income tax (benefit) expense | (12,718 | ) | 285 | 214 | (12,219 | ) | 1,192 | — | (11,027 | ) | |||||||||||||||||||
Income tax (benefit) expense | |||||||||||||||||||||||||||||
Current | 4,504 | 146 | — | 4,650 | 481 | — | 5,131 | ||||||||||||||||||||||
Deferred | (9,103 | ) | 353 | — | (8,750 | ) | — | — | (8,750 | ) | |||||||||||||||||||
(4,599 | ) | 499 | — | (4,100 | ) | 481 | — | (3,619 | ) | ||||||||||||||||||||
Net (loss) income | (8,119 | ) | (214 | ) | 214 | (8,119 | ) | 711 | — | (7,408 | ) | ||||||||||||||||||
Less net income attributable to non-controlling interest | — | — | — | — | — | 711 | 711 | ||||||||||||||||||||||
Net (loss) income attributable to United Refining Company’s Stockholder | $ | (8,119 | ) | $ | (214 | ) | $ | 214 | $ | (8,119 | ) | $ | 711 | $ | (711 | ) | $ | (8,119 | ) | ||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 136,168 | $ | 28,203 | $ | — | $ | 164,371 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Additions to property, plant and equipment | (15,921 | ) | (25,676 | ) | — | (41,597 | ) | ||||||||||||||||||||||
Additions to deferred turnaround costs | (1,170 | ) | (71 | ) | — | (1,241 | ) | ||||||||||||||||||||||
Proceeds from asset dispositions | 70 | 11 | — | 81 | |||||||||||||||||||||||||
Net cash used in investing activities | (17,021 | ) | (25,736 | ) | — | (42,757 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Distribution from Parent under the Tax Sharing Agreement | 1,996 | — | — | 1,996 | |||||||||||||||||||||||||
Proceeds from sale of preferred stock | 141,164 | — | — | 141,164 | |||||||||||||||||||||||||
Dividends to stockholder | (114,338 | ) | — | — | (114,338 | ) | |||||||||||||||||||||||
Principal reductions of long-term debt | (128,802 | ) | (637 | ) | — | (129,439 | ) | ||||||||||||||||||||||
Net cash used in financing activities | (99,980 | ) | (637 | ) | — | (100,617 | ) | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 19,167 | 1,830 | — | 20,997 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 122,219 | 15,321 | — | 137,540 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 141,386 | $ | 17,151 | $ | — | $ | 158,537 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | ||||||||||||||||||||||||||
Refining | Company & | ||||||||||||||||||||||||||||
Company | Subsidiaries | ||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 218,688 | $ | 13,156 | $ | — | $ | 231,844 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Additions to property, plant and equipment | (11,324 | ) | (8,521 | ) | — | (19,845 | ) | ||||||||||||||||||||||
Additions to deferred turnaround costs and other assets | (1,385 | ) | (2,340 | ) | — | (3,725 | ) | ||||||||||||||||||||||
Proceeds from asset dispositions | 40 | 2,599 | — | 2,639 | |||||||||||||||||||||||||
Net cash used in investing activities | (12,669 | ) | (8,262 | ) | — | (20,931 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Distribution from Parent under the Tax Sharing Agreement | 36 | — | — | 36 | |||||||||||||||||||||||||
Dividends to stockholder | (64,940 | ) | — | — | (64,940 | ) | |||||||||||||||||||||||
Principal reductions of long-term debt | (823 | ) | (346 | ) | — | (1,169 | ) | ||||||||||||||||||||||
Net reductions on revolving credit facility | (24,000 | ) | — | — | (24,000 | ) | |||||||||||||||||||||||
Net cash used in financing activities | (89,727 | ) | (346 | ) | — | (90,073 | ) | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 116,292 | 4,588 | — | 120,880 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 5,927 | 10,733 | — | 16,660 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 122,219 | $ | 15,321 | $ | — | $ | 137,540 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Year Ended August 31, 2011 | |||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United Refining | United | Eliminations | United Refining | |||||||||||||||||||||||
Refining | Company & | Refining | Company | ||||||||||||||||||||||||||
Company | Subsidiaries | Asphalt, Inc | Consolidated | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 80,165 | $ | 6,024 | $ | — | $ | 86,189 | $ | 415 | $ | — | $ | 86,604 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Additions to property, plant and equipment | (23,245 | ) | (4,629 | ) | — | (27,874 | ) | — | — | (27,874 | ) | ||||||||||||||||||
Additions to deferred turnaround costs and other assets | (18,673 | ) | (237 | ) | — | (18,910 | ) | — | — | (18,910 | ) | ||||||||||||||||||
Proceeds from asset dispositions | 57 | 672 | — | 729 | — | — | 729 | ||||||||||||||||||||||
Net cash used in investing activities | (41,861 | ) | (4,194 | ) | — | (46,055 | ) | — | — | (46,055 | ) | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Distribution from Parent under the Tax Sharing Agreement | 2,289 | — | — | 2,289 | — | — | 2,289 | ||||||||||||||||||||||
Net reductions on revolving credit facilities | (59,000 | ) | — | — | (59,000 | ) | — | — | (59,000 | ) | |||||||||||||||||||
Proceeds from issuance of common stock of non-controlling interest | — | — | — | — | 15,000 | — | 15,000 | ||||||||||||||||||||||
Dissolution of non-controlling interest | — | — | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||||||||||||
Proceeds from issuance of long term debt | 352,021 | — | — | 352,021 | — | — | 352,021 | ||||||||||||||||||||||
Principal reductions of long-term debt | (324,574 | ) | (502 | ) | — | (325,076 | ) | — | — | (325,076 | ) | ||||||||||||||||||
Deferred financing costs | (10,878 | ) | — | — | (10,878 | ) | (415 | ) | — | (11,293 | ) | ||||||||||||||||||
Net cash used in financing activities | (40,142 | ) | (502 | ) | — | (40,644 | ) | (415 | ) | — | (41,059 | ) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (1,838 | ) | 1,328 | — | (510 | ) | — | — | (510 | ) | |||||||||||||||||||
Cash and cash equivalents, beginning of year | 7,765 | 9,405 | — | 17,170 | — | — | 17,170 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5,927 | $ | 10,733 | $ | — | $ | 16,660 | $ | — | $ | — | $ | 16,660 | |||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Schedule of Quarterly Financial Data | ' | ||||||||||||
Net Sales | Operating | Net | |||||||||||
Profit | Income | ||||||||||||
(Loss) | |||||||||||||
(in thousands) | |||||||||||||
2013 | |||||||||||||
First Quarter | $ | 957,062 | $ | 107,823 | $ | 59,647 | |||||||
Second Quarter | 870,109 | 114,823 | 63,562 | ||||||||||
Third Quarter | 883,520 | 83,688 | 44,559 | ||||||||||
Fourth Quarter | 970,562 | 22,274 | 915 | ||||||||||
2012 | |||||||||||||
First Quarter | $ | 944,031 | $ | 115,950 | $ | 62,046 | |||||||
Second Quarter | 848,844 | 10,561 | (237 | ) | |||||||||
Third Quarter | 935,798 | 126,913 | 68,101 | ||||||||||
Fourth Quarter | 1,002,252 | 104,926 | 60,906 |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Segment | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of business segments | 2 | ' | ' |
Losses (gains) on derivative contracts | $2,319,000 | ($28,848,000) | $58,733,000 |
Deferred turnaround costs | 8,476,000 | 14,316,000 | ' |
Deferred Turnaround Costs and Other Assets, net of accumulated amortization | 32,202,000 | 26,695,000 | ' |
Amortization expense included in costs of goods sold | 7,082,000 | 7,198,000 | 4,350,000 |
Consumer excise tax included in net sales and costs of goods sold | 225,125,000 | 225,605,000 | 224,551,000 |
Company's open to examination for tax years | '2002 through 2012 | ' | ' |
Income tax assessments outstanding | 45,000,000 | ' | ' |
One Vendor [Member] | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of cost of good sold purchased from vendor | 9.00% | 10.00% | ' |
One Vendor [Member] | Accounts Payable [Member] | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration of risks amount | $0 | $1,004,000 | ' |
Minimum [Member] | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Interval period for deferred maintenance turnarounds | 2 | ' | ' |
Estimated useful lives of identifiable intangible assets | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Interval period for deferred maintenance turnarounds | 10 | ' | ' |
Estimated useful lives of identifiable intangible assets | '25 years | ' | ' |
Maximum [Member] | Hospitalization and medical coverage for employee and spouse [Member] | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Maximum age of limitation to utilize post-retirement healthcare and pension benefits | 65 | ' | ' |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies - Fair Value and Balance Sheet Classification of Derivative Instruments (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Boe | Boe | |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' |
Total derivative instruments, Notional Balance | 0 | 780,000 |
Total derivative instruments, Derivative Liability | $0 | $9,098 |
Not Designated as Hedges Under ASC 815 [Member] | Heating Oil Crackspread Swaps [Member] | ' | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' |
Total derivative instruments, Notional Balance | 0 | 780,000 |
Derivative instruments, Maturity Date | ' | 'Monthly September 2011 through December 2012 |
Total derivative instruments, Derivative Liability | $0 | $9,098 |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies - Summary of Principal Useful Lives Used in Computing Depreciation Expense (Detail) | 12 Months Ended | ||||||
Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Refining [Member] | Marketing [Member] | Transportation [Member] | Refining [Member] | Marketing [Member] | Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Lives (Years) | '20 years | '20 years | '15 years | '20 years | '30 years | '30 years | '30 years |
Accounts_Receivable_Net_Additi
Accounts Receivable, Net - Additional Information (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Receivables [Abstract] | ' | ' |
Allowance for doubtful accounts | $1,800,000 | $1,800,000 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Crude Oil | $21,344 | $40,419 |
Petroleum Products | 60,094 | 66,296 |
Total @ LIFO | 81,438 | 106,715 |
Merchandise | 24,002 | 23,707 |
Supplies | 25,526 | 25,798 |
Total @ FIFO | 49,528 | 49,505 |
Total Inventory | $130,966 | $156,220 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Inventory Disclosure [Abstract] | ' | ' |
Replacement cost of LIFO, over LIFO carrying values | $108,984,000 | $77,727,000 |
LIFO layer liquidation, charge to cost of sales | $6,507,000 | $4,325,000 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' |
Refinery equipment | $343,918 | $316,489 |
Marketing (i.e. retail outlets) | 121,570 | 111,914 |
Transportation | 9,883 | 9,665 |
Construction-in-progress | 30,293 | 15,935 |
Property, plant and equipment, gross | 505,664 | 454,003 |
Less: Accumulated depreciation | 216,532 | 200,616 |
Property, plant and equipment, net | $289,132 | $253,387 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
Aug. 31, 2012 | Aug. 31, 2013 | Mar. 06, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | |
Bio-diesel [Member] | Bio-diesel [Member] | Coker Facility [Member] | |||
gal | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Annual capacity of facility acquired | ' | ' | 50,000,000 | ' | ' |
Acquisition of assets for cash | ' | ' | $9,800,000 | ' | ' |
Fair value of assets acquired | ' | ' | 20,735,000 | ' | ' |
Deferred taxes related to acquisition | ' | ' | 4,960,000 | ' | ' |
Remaining cost of project for facility acquired | ' | ' | ' | 19,000,000 | ' |
Design costs | 20,122,000 | ' | ' | ' | ' |
Material costs | 6,964,000 | ' | ' | ' | ' |
Property, plant and equipment, net | $253,387,000 | $289,132,000 | ' | ' | $2,700,000 |
Estimated Useful Lives (Years) | '20 years | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Accumulated Amortization | $1,233 | $1,126 |
Amortizable intangible assets, Gross Carrying Amount | 2,290 | 2,290 |
Non-amortizable assets, Tradename | 10,500 | 10,500 |
Non-amortizable assets, Goodwill | 1,349 | 1,349 |
Deed Restrictions [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Accumulated Amortization | 373 | 341 |
Amortizable intangible assets, Weighted Average Remaining Life | '13 years | ' |
Amortizable intangible assets, Gross Carrying Amount | 800 | 800 |
Leasehold Covenants [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Amortizable intangible assets, Accumulated Amortization | 860 | 785 |
Amortizable intangible assets, Weighted Average Remaining Life | '10 years | ' |
Amortizable intangible assets, Gross Carrying Amount | $1,490 | $1,490 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $107,000 | $106,000 | $106,000 |
2014 | 106,000 | ' | ' |
2015 | 106,000 | ' | ' |
2016 | 106,000 | ' | ' |
2017 | 106,000 | ' | ' |
2018 | $106,000 | ' | ' |
Accrued_Liabilities_Schedule_o
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Interest | $106 | $114 |
Payrolls and benefits | 17,012 | 15,241 |
Other | 1,597 | 1,561 |
Accrued liabilities | $18,715 | $16,916 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Amount of long-term capital lease obligation | $3,124,000 | $822,000 | ' |
Current portion of Long-term capital lease | 102,000 | 64,000 | ' |
Accumulated amortization of assets under capital leases | 2,805,000 | 541,000 | ' |
Net amount of accumulated amortization | 684,000 | 538,000 | ' |
Lease amortization amount including depreciation and amortization expenses | 145,000 | 89,000 | 139,000 |
Net rental expense for operating leases | $13,135,000 | $12,502,000 | $12,137,000 |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments (Detail) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $534 |
2015 | 526 |
2016 | 513 |
2017 | 513 |
2018 | 513 |
Thereafter | 5,733 |
Total minimum lease payments | 8,332 |
Less: Minimum sublease rents | ' |
Net minimum lease payments | 8,332 |
Less: Amount representing interest | 5,208 |
Present value of net minimum lease payments | 3,124 |
2014 | 12,653 |
2015 | 10,981 |
2016 | 10,110 |
2017 | 8,542 |
2018 | 6,375 |
Thereafter | 21,715 |
Total minimum lease payments | 70,376 |
Less: Minimum sublease rents | 135 |
Net minimum lease payments | $70,241 |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Credit Facilities [Line Items] | ' | ' |
Credit Facility extended date | '2017-11-29 | ' |
Payment of commitment fee | 0.25% | ' |
Credit facility commitment amount | $175,000,000 | ' |
Letter of credit outstanding under credit facility agreement | 6,533,000 | 6,533,000 |
Cash Accounts, Accounts Receivable And Inventory [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Secured credit facility | 317,207,000 | ' |
Minimum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Percentage of applicable margin of credit facility | 0.75% | ' |
Maximum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Percentage of applicable margin of credit facility | 1.75% | ' |
Base-Rate Borrowings [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Credit borrowings outstanding under the agreement | 0 | 0 |
Weighted average interest rate | 0.00% | 0.00% |
Euro-Rate Borrowings [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Credit borrowings outstanding under the agreement | $0 | $0 |
Weighted average interest rate | 0.00% | 0.00% |
Federal Funds Open Rate [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Revolving credit facility base rate borrowings | 0.50% | ' |
Libor Plus Rate [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Revolving credit facility base rate borrowings | 1.00% | ' |
Libor Plus Rate [Member] | Minimum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Revolving credit facility Euro-rate borrowings | 2.25% | ' |
Libor Plus Rate [Member] | Maximum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Revolving credit facility Euro-rate borrowings | 3.25% | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Mar. 08, 2011 | Aug. 30, 2013 | Mar. 08, 2012 | Jul. 26, 2013 | Aug. 30, 2013 | |
Senior Secured Notes Due 2018 [Member] | Senior Secured Notes Due 2018 [Member] | 10 1/2% Senior Notes Due 2012 [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of notes | ' | ' | ' | ' | $127,750,000 | ' | ' | ' |
Principal amount of Notes outstanding | ' | ' | ' | ' | 365,000,000 | ' | ' | ' |
Proceeds from sale of preferred stock | 141,164,000 | ' | ' | ' | ' | ' | ' | 141,163,750 |
Dividend Rate on preferred stock | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% |
Redemption price of Senior Secured Notes | ' | ' | ' | ' | 110.50% | ' | ' | ' |
Loss on early extinguishment of debt | -18,727,000 | ' | -1,245,000 | ' | 18,727,000 | ' | ' | ' |
Redemption premium on note | ' | ' | ' | ' | 13,414,000 | ' | ' | ' |
Deferred financing costs of Senior Secured Notes | ' | ' | ' | ' | 1,998,000 | ' | ' | ' |
Unamortized debt discount of Senior Secured Notes | ' | ' | ' | ' | 3,315,000 | ' | ' | ' |
Value of Senior Secured Notes sold | ' | ' | ' | 365,000,000 | ' | ' | ' | ' |
Senior Secured Notes sold for consideration | ' | ' | ' | 352,020,600 | ' | ' | ' | ' |
Unamortized discount | 6,151,000 | ' | ' | 12,979,400 | ' | ' | ' | ' |
Senior Secured Notes , maturity period | ' | ' | ' | '2018 | ' | '2012 | ' | ' |
Net proceeds from sale of Senior Secured Notes | ' | ' | ' | ' | ' | 344,249,000 | ' | ' |
Interest rate of Senior Secured Notes | ' | ' | ' | ' | ' | 10.50% | ' | ' |
Accrued interest paid | ' | ' | ' | ' | ' | 3,400,000 | ' | ' |
Redemption premium | 915,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt premium net | 1,153,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs write off | 1,483,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | $1,669,000 | $1,677,000 | $1,362,000 | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term debt: | ' | ' |
Long-term debt | $238,706 | $359,996 |
Less: Current installments of long-term debt | 1,592 | 1,318 |
Total long-term debt, less current installments | 237,114 | 358,678 |
Senior Notes [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt | 231,099 | 354,802 |
Other Long Term Debt [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt | $7,607 | $5,194 |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Unamortized discount | $6,151,000 | ' |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unamortized discount | $6,151,000 | $10,198,000 |
LongTerm_Debt_Principal_Amount
Long-Term Debt - Principal Amount of Long-Term Debt Maturity (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $1,592 | ' |
2015 | 1,180 | ' |
2016 | 1,566 | ' |
2017 | 478 | ' |
2018 | 237,439 | ' |
Thereafter | 2,602 | ' |
Long-term Debt, Gross, Total | 244,857 | ' |
Unamortized discount | 6,151 | ' |
Total | $238,706 | $359,996 |
LongTerm_Debt_Schedule_of_Defe
Long-Term Debt - Schedule of Deferred Financing Costs Amortized to Expense (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Beginning balance | $10,880 | $10,880 |
Current year additions | ' | ' |
Total financing costs | 10,880 | 10,880 |
Less: Deferred financing costs associated with debt retirement | 1,999 | ' |
Accumulated amortization | 4,078 | 2,409 |
Deferred financing costs, net | $4,803 | $8,471 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Pension Cost and Post-Retirement Healthcare Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $652 | $993 | $1,800 |
Interest cost on benefit obligation | 4,511 | 5,037 | 4,946 |
Expected return on plan assets | -5,160 | -4,717 | -4,521 |
Curtailment effect | ' | 126 | ' |
Amortization of transition obligation | ' | 2 | 2 |
Amortization and deferrals | 1,210 | 599 | 1,468 |
Net periodic benefit cost | 1,213 | 2,040 | 3,695 |
Other Post-Retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 940 | 1,114 | 1,507 |
Interest cost on benefit obligation | 1,884 | 2,428 | 2,520 |
Expected return on plan assets | ' | ' | ' |
Curtailment effect | ' | ' | ' |
Amortization of transition obligation | ' | ' | ' |
Amortization and deferrals | 123 | -662 | -1,128 |
Net periodic benefit cost | $2,947 | $2,880 | $2,899 |
Employee_Benefit_Plans_Other_C
Employee Benefit Plans - Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Curtailment | ' | ($4,698) |
Current year actuarial (gain) / loss | -11,796 | 20,084 |
Amortization of actuarial gain / (loss) | -1,209 | -560 |
Current year prior service (credit) / cost | ' | ' |
Amortization of prior service credit / (cost) | -1 | -39 |
Amortization of transition asset / (obligation) | ' | -2 |
Total recognized in other comprehensive (income) / loss | -13,006 | 14,785 |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss | -11,793 | 16,825 |
Other Post-Retirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Curtailment | ' | ' |
Current year actuarial (gain) / loss | -7,322 | 7,621 |
Amortization of actuarial gain / (loss) | -7,056 | -5,748 |
Current year prior service (credit) / cost | ' | -13,934 |
Amortization of prior service credit / (cost) | 6,933 | 6,410 |
Amortization of transition asset / (obligation) | ' | ' |
Total recognized in other comprehensive (income) / loss | -7,445 | -5,651 |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss | ($4,498) | ($2,769) |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Change in Benefit Obligations and Fair Values of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Change in plan assets: | ' | ' | ' |
Fair values of plan assets @ end of year | $80,224,000 | $72,408,000 | ' |
Amounts recognized in the balance sheet consist of: | ' | ' | ' |
Noncurrent liability | 69,675,000 | 92,996,000 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation @ beginning of year | 116,359,000 | 99,040,000 | ' |
Service cost | 652,000 | 993,000 | 1,800,000 |
Interest cost | 4,511,000 | 5,037,000 | 4,946,000 |
Plan amendments | ' | ' | ' |
Curtailment | ' | -4,572,000 | ' |
Medicare act subsidy effect | ' | ' | ' |
Actuarial (gains) / losses | -10,320,000 | 19,609,000 | ' |
Benefits paid | -4,061,000 | -3,748,000 | ' |
Projected benefit obligation @ end of year | 107,141,000 | 116,359,000 | 99,040,000 |
Change in plan assets: | ' | ' | ' |
Fair values of plan assets @ beginning of year | 72,408,000 | 66,166,000 | ' |
Actual return on plan assets | 6,636,000 | 4,242,000 | ' |
Company contributions | 5,241,000 | 5,748,000 | ' |
Benefits paid | -4,061,000 | -3,748,000 | ' |
Medicare act subsidy effect | ' | ' | ' |
Fair values of plan assets @ end of year | 80,224,000 | 72,408,000 | 66,166,000 |
Unfunded status | 26,917,000 | 43,951,000 | ' |
Amounts recognized in the balance sheet consist of: | ' | ' | ' |
Current liability | ' | ' | ' |
Noncurrent liability | 26,917,000 | 43,951,000 | ' |
Net amount recognized | 26,917,000 | 43,951,000 | ' |
Other Post-Retirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation @ beginning of year | 52,126,000 | 57,145,000 | ' |
Service cost | 940,000 | 1,114,000 | 1,507,000 |
Interest cost | 1,884,000 | 2,428,000 | 2,520,000 |
Plan amendments | ' | -13,934,000 | ' |
Curtailment | ' | ' | ' |
Medicare act subsidy effect | 305,000 | 51,000 | ' |
Actuarial (gains) / losses | -7,300,000 | 7,635,000 | ' |
Benefits paid | -2,255,000 | -2,313,000 | ' |
Projected benefit obligation @ end of year | 45,700,000 | 52,126,000 | 57,145,000 |
Change in plan assets: | ' | ' | ' |
Fair values of plan assets @ beginning of year | ' | ' | ' |
Actual return on plan assets | ' | ' | ' |
Company contributions | 1,950,000 | 2,262,000 | ' |
Benefits paid | -2,255,000 | -2,313,000 | ' |
Medicare act subsidy effect | 305,000 | 51,000 | ' |
Fair values of plan assets @ end of year | ' | ' | ' |
Unfunded status | 45,700,000 | 52,126,000 | ' |
Amounts recognized in the balance sheet consist of: | ' | ' | ' |
Current liability | 3,259,000 | 3,398,000 | ' |
Noncurrent liability | 42,441,000 | 48,728,000 | ' |
Net amount recognized | $45,700,000 | $52,126,000 | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2011 | |
Pension Benefits [Member] | Other Post-Retirement Benefits [Member] | Other Post-Retirement Benefits [Member] | Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Aggregate Accumulated benefit obligation | $107,117,000 | $116,308,000 | ' | ' | ' | ' | ' |
Aggregate asset value | 80,224,000 | 72,408,000 | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 5.40% | 4.60% | 3.65% | 5.05% |
Assumed annual rate of increase in the per capita cost of covered medical and dental benefits | 7.25% | 7.50% | ' | ' | ' | ' | ' |
Assumed annual rate decrease gradually for medical benefits until 2022 | 5.00% | ' | ' | ' | ' | ' | ' |
Decrease in net periodic benefit cost | 4,811,000 | ' | ' | ' | ' | ' | ' |
Company's contribution to the voluntary employee savings plans | $2,604,000 | $1,839,000 | $1,565,000 | ' | ' | ' | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated net actuarial loss | ($25,406) | ($38,411) |
Accumulated prior service cost | ' | -1 |
Accumulated transition obligation | ' | ' |
Net amount recognized, before tax effect | -25,406 | -38,412 |
Other Post-Retirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated net actuarial loss | -34,376 | -48,752 |
Accumulated prior service cost | 47,117 | 54,050 |
Accumulated transition obligation | ' | ' |
Net amount recognized, before tax effect | $12,741 | $5,298 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans - Weighted Average Assumptions Used to Determine Year End Benefit Obligations (Detail) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | ' | ' | 5.40% |
Rate of compensation increase | 3.00% | 3.00% | ' |
Pension Benefits [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.80% | 3.75% | ' |
Pension Benefits [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 5.00% | 4.00% | ' |
Other Post-Retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.60% | 3.65% | 5.05% |
Health care cost trend | ' | ' | ' |
Initial trend | 7.00% | 7.25% | ' |
Ultimate trend | 5.00% | 5.00% | ' |
Year ultimate reached | '2022 | '2022 | ' |
Employee_Benefit_Plans_Weighte1
Employee Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Costs (Detail) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Expected return on plan assets | 7.00% | 7.00% |
Rate of compensation increase | 3.00% | 3.00% |
Pension Benefits [Member] | Minimum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 3.75% | 5.00% |
Pension Benefits [Member] | Maximum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.00% | 5.45% |
Other Post-Retirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 3.65% | 5.20% |
Health care cost trend | ' | ' |
Initial trend | 7.25% | 7.50% |
Ultimate trend | 5.00% | 5.00% |
Year ultimate reached | '2022 | '2017 |
Employee_Benefit_Plans_One_Per
Employee Benefit Plans - One Percentage Point Changes in Assumed Healthcare Cost Trend Rate (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' |
1% Point Increase, Effect on total of service and interest cost components | $118 |
1% Point Increase, Effect on post-retirement benefit obligation | 2,208 |
1% Point Decrease, Effect on total of service and interest cost components | -102 |
1% Point Decrease, Effect on post-retirement benefit obligation | ($1,973) |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of Above Accrued Benefit Costs to Consolidated Amounts Reported on Balance Sheets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan accrued benefit cost | $72,617 | $96,077 |
Current portion of above benefits, included in payrolls and benefits in accrued liabilities | -3,259 | -3,398 |
Supplemental pension and other deferred compensation benefits | 317 | 317 |
Deferred retirement benefits | 69,675 | 92,996 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Accrued benefits | 26,917 | 43,951 |
Deferred retirement benefits | 26,917 | 43,951 |
Other Post-Retirement Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Accrued benefits | 45,700 | 52,126 |
Deferred retirement benefits | $42,441 | $48,728 |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Plan Assets (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | $80,224,000 | $72,408,000 |
Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 4,069,000 | 3,777,000 |
Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 24,646,000 | 16,454,000 |
Equities [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 39,699,000 | 37,755,000 |
Fixed Income [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 11,810,000 | 14,422,000 |
Level 1 [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 77,775,000 | 67,269,000 |
Level 1 [Member] | Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 4,069,000 | 3,777,000 |
Level 1 [Member] | Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 24,646,000 | 16,454,000 |
Level 1 [Member] | Equities [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 39,699,000 | 37,712,000 |
Level 1 [Member] | Fixed Income [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 9,361,000 | 9,326,000 |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 2,449,000 | 5,139,000 |
Level 2 [Member] | Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Level 2 [Member] | Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Level 2 [Member] | Equities [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | 43,000 |
Level 2 [Member] | Fixed Income [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | 2,449,000 | 5,096,000 |
Level 3 [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Level 3 [Member] | Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Level 3 [Member] | Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Level 3 [Member] | Equities [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Level 3 [Member] | Fixed Income [Member] | ' | ' |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Line Items] | ' | ' |
Total Fair Value of Plan Assets | ' | ' |
Employee_Benefit_Plans_Weighte2
Employee Benefit Plans - Weighted Average Target and Strategic Assets Allocation of Pension Plans (Detail) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Strategic asset allocation | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average target allocation, minimum | 55.00% | ' |
Weighted average target allocation, maximum | 75.00% | ' |
Strategic asset allocation | 61.00% | 63.00% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average target allocation, minimum | 20.00% | ' |
Weighted average target allocation, maximum | 30.00% | ' |
Strategic asset allocation | 25.00% | 30.00% |
Alternative Investments [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average target allocation, minimum | 0.00% | ' |
Weighted average target allocation, maximum | 12.00% | ' |
Strategic asset allocation | 9.00% | 2.00% |
Cash/Cash Equivalents [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Weighted average target allocation, minimum | 0.00% | ' |
Weighted average target allocation, maximum | 10.00% | ' |
Strategic asset allocation | 5.00% | 5.00% |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated 2014 Amortization (Detail) (Estimated 2014 Amortization [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Pension Benefits [Member] | ' |
Estimated Amortization Expense [Line Items] | ' |
Prior service cost (credit) amortization | ' |
Net loss amortization | 698 |
Total | 698 |
Other Post-Retirement Benefits [Member] | ' |
Estimated Amortization Expense [Line Items] | ' |
Prior service cost (credit) amortization | -6,933 |
Net loss amortization | 5,073 |
Total | ($1,860) |
Employee_Benefit_Plans_Employe
Employee Benefit Plans - Employer Contributions and Benefit Payments which Reflect in Future Service (Detail) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
FYE 8/31/2014 (expected) | $5,888 |
2014 | 5,220 |
2015 | 5,456 |
2016 | 5,532 |
2017 | 5,873 |
2018 | 6,259 |
2019 - 2023 | 35,268 |
Other Post-Retirement Benefits Gross [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
FYE 8/31/2014 (expected) | 3,301 |
2014 | 3,540 |
2015 | 3,951 |
2016 | 4,268 |
2017 | 4,558 |
2018 | 4,871 |
2019 - 2023 | 30,922 |
Other Post-Retirement Benefits (Subsidy Receipts) [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
FYE 8/31/2014 (expected) | -281 |
2014 | -281 |
2015 | -318 |
2016 | -358 |
2017 | -399 |
2018 | -446 |
2019 - 2023 | ($3,009) |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $78,569 | $83,571 | $2,568 |
Deferred | 4,154 | 13,806 | -5,475 |
Federal Income tax (benefit) expense | 82,723 | 97,377 | -2,907 |
Current | 17,154 | 17,559 | 2,563 |
Deferred | -1,533 | 7,018 | -3,275 |
State Income tax (benefit) expense | 15,621 | 24,577 | -712 |
Income tax (benefit) expense | $98,344 | $121,954 | ($3,619) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U. S. federal income taxes (benefits) at the statutory rate | $93,465 | $109,486 | ($3,871) |
State income taxes (benefits), net of Federal benefit | 10,113 | 16,012 | -460 |
Domestic production activity deduction | -5,391 | -3,500 | -105 |
Permanent items | 863 | 458 | 405 |
Employment credits | -722 | -616 | -714 |
Other | 16 | 114 | -61 |
Disallowance of prior period domestic production activity deduction | ' | ' | 1,187 |
Income tax expense (benefit) | $98,344 | $121,954 | ($3,619) |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Income Tax Liabilities (Assets) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Inventory valuation | $5,681 | $5,668 |
Accounts receivable allowance | -895 | -713 |
Accrued liabilities | -4,560 | -3,191 |
Unrealized loss on derivative instruments | ' | -2,891 |
Other | 139 | 79 |
Current deferred income tax liabilities (assets) | 365 | -1,048 |
Property, plant and equipment | 58,694 | 53,148 |
Accrued liabilities | -27,386 | -37,420 |
State net operating loss carryforwards | -8,605 | -11,118 |
Valuation allowance | 3,030 | 7,548 |
Other | 3,460 | 2,864 |
Deferred income tax liabilities (assets) | 29,193 | 15,022 |
Net deferred income tax liability | $29,558 | $13,974 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Taxable income prior to net operating loss deduction | $3,000,000 | ' |
Percentage of taxable income prior to net operating loss deduction | 20.00% | ' |
Recognized valuation allowance, net of federal benefit | 3,030,000 | 7,548,000 |
Pennsylvania [Member] | Minimum [Member] | ' | ' |
Net operating loss carry forwards expiration year | '2019 | ' |
Pennsylvania [Member] | Maximum [Member] | ' | ' |
Net operating loss carry forwards expiration year | '2028 | ' |
Pennsylvania [Member] | Entity One [Member] | ' | ' |
Net operating loss carry forwards | 83,000,000 | ' |
Pennsylvania [Member] | Entity Two [Member] | ' | ' |
Net operating loss carry forwards | $47,000,000 | ' |
Disclosures_About_Fair_Value_o2
Disclosures About Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Carrying amount of debt instruments | $238,706,000 | $359,996,000 |
Estimated fair value of debt instruments | $265,348,000 | ' |
Disclosures_About_Fair_Value_o3
Disclosures About Fair Value of Financial Instruments - Summary of Assets or Liabilities Measured and Recorded at Fair Value within Fair Value Hierarchy (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | $0 | $9,098 |
Commodity OTC Sweep Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | ' | 9,098 |
Level 1 [Member] | Commodity OTC Sweep Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | ' | ' |
Level 2 [Member] | Commodity OTC Sweep Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | ' | 9,098 |
Level 3 [Member] | Commodity OTC Sweep Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | ' | ' |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2013 | Jul. 26, 2013 | Aug. 30, 2013 | Jul. 31, 2013 | Jul. 26, 2013 | Aug. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | |
First Priority Senior Secured Notes Due Two Thousand Eighteen [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | |||
Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital stock of the company, before amendment | ' | 100 | ' | ' | ' | ' | ' | ' |
Capital stock of the company, after amendment | ' | 50,100 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 25,000 | 50,000 | ' | ' | 25,000 | ' | 25,000 | 25,000 |
Fixed rate cumulative perpetual preferred stock | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' |
Preferred stock, par value | $1,000 | ' | ' | $1,000 | $10,000 | ' | $1,000 | $1,000 |
Preferred stock, par value | ' | ' | ' | ' | $10,000 | ' | ' | ' |
Issue of fixed rate cumulative preferred stock | ' | ' | ' | 14,116.38 | 14,116.38 | ' | ' | ' |
Proceeds from sale of preferred stock | $141,164,000 | ' | ' | ' | ' | $141,163,750 | ' | ' |
Redemption of senior notes | ' | ' | $127,750,000 | ' | ' | ' | ' | ' |
Transactions_with_Affiliated_C1
Transactions with Affiliated Companies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Jul. 31, 2013 | Jul. 26, 2013 | Sep. 29, 2000 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Store | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | 42 Retail Units [Member] | Fifty One Retail Units [Member] | Fifty One Retail Units [Member] | Fifty One Retail Units [Member] | Affiliate [Member] | Affiliate [Member] | Tax Sharing Agreement [Member] | Tax Sharing Agreement [Member] | Tax Sharing Agreement [Member] | |||
Store | Store | Store | Store | |||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent payments made to related entities | $5,319,000 | $5,049,000 | $5,102,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum annual aggregate rental period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum annual aggregate rental period | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail units owned by the non-subsidiary | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees and overhead expenses incurred in the management and operation of the retail units | 1,289,000 | 1,289,000 | 1,266,000 | ' | ' | ' | 2,219,000 | 2,250,000 | 2,032,000 | ' | ' | ' | ' | ' |
(Payables) receivables to affiliate | 32,000 | -15,000 | ' | ' | ' | ' | ' | ' | ' | 635,000 | 241,000 | ' | ' | ' |
Number of retails units sold | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' |
Retail units sold to affiliate | ' | ' | ' | ' | ' | 23,870,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional retail units terminated | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail units for which company billed affiliates for management fees and overhead expenses | ' | ' | ' | ' | ' | ' | 51 | 51 | 51 | ' | ' | ' | ' | ' |
Net sales | 207,104,000 | 198,785,000 | 184,749,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service fee paid | 2,000,000 | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,996,000 | 36,000 | 2,289,000 |
Receivables from parent under tax sharing agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,000 | 344,000 | ' |
Related party transaction, share of occupancy expenses with affiliates | 420,000 | 357,000 | 372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued by the company | ' | ' | ' | 14,116.38 | 14,116.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | 141,164,000 | ' | ' | ' | 141,163,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent paid | $152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segments_of_Business_Additiona
Segments of Business - Additional Information (Detail) | 12 Months Ended |
Aug. 31, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of business segments | 2 |
Segments_of_Business_Summarize
Segments of Business - Summarized Financial Information of Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales, Net | $970,562 | $883,520 | $870,109 | $957,062 | $1,002,252 | $935,798 | $848,844 | $944,031 | $3,681,253 | $3,730,925 | $3,166,876 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | 22,274 | 83,688 | 114,823 | 107,823 | 104,926 | 126,913 | 10,561 | 115,950 | 328,608 | 358,350 | 33,332 |
Depreciation, Amortization and Asset Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, amortization and asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 26,877 | 45,817 | 22,097 |
Capital Expenditures (including non-cash portion) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 56,634 | 22,069 | 28,636 |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Total | 796,295 | ' | ' | ' | 728,330 | ' | ' | ' | 796,295 | 728,330 | ' |
Operating Segments [Member] | Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,721,625 | 1,726,047 | 1,623,768 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 7,520 | 13,474 | 689 |
Depreciation, Amortization and Asset Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, amortization and asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 6,153 | 5,691 | 5,340 |
Capital Expenditures (including non-cash portion) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 17,065 | 8,433 | 4,172 |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Total | 182,662 | ' | ' | ' | 169,935 | ' | ' | ' | 182,662 | 169,935 | ' |
Operating Segments [Member] | Wholesale [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,959,628 | 2,004,878 | 1,543,108 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 321,088 | 344,876 | 32,643 |
Depreciation, Amortization and Asset Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, amortization and asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 20,724 | 40,126 | 16,757 |
Capital Expenditures (including non-cash portion) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 39,569 | 13,636 | 24,464 |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Total | 613,633 | ' | ' | ' | 558,395 | ' | ' | ' | 613,633 | 558,395 | ' |
Intersegment Eliminations [Member] | Wholesale [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intersegment Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intersegment Sales | ' | ' | ' | ' | ' | ' | ' | ' | $904,526 | $901,472 | $848,262 |
Subsidiary_Guarantors_Addition
Subsidiary Guarantors - Additional Information (Detail) (10.50% Senior Secured Notes [Member]) | Aug. 31, 2013 |
10.50% Senior Secured Notes [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Senior Secured Notes, interest rate | 10.50% |
Subsidiary_Guarantors_Schedule
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheets (Detail) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current: | ' | ' | ' | ' |
Cash and cash equivalents | $158,537 | $137,540 | $16,660 | $17,170 |
Accounts receivable, net | 125,196 | 120,599 | ' | ' |
Refundable income taxes | 20,890 | ' | ' | ' |
Inventories, net | 130,966 | 156,220 | ' | ' |
Prepaid expenses and other assets | 42,093 | 19,813 | ' | ' |
Deferred income taxes | ' | 1,048 | ' | ' |
Amounts due from affiliated companies | ' | 89 | ' | ' |
Intercompany | ' | ' | ' | ' |
Total current assets | 477,682 | 435,309 | ' | ' |
Property, plant and equipment, net | 289,132 | 253,387 | ' | ' |
Deferred financing costs, net | 4,803 | 8,471 | ' | ' |
Goodwill and other non-amortizable assets | 11,849 | 11,849 | ' | ' |
Amortizable intangible assets, net | 1,057 | 1,164 | ' | ' |
Deferred turnaround costs & other assets | 11,772 | 18,150 | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Total assets | 796,295 | 728,330 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | 1,592 | 1,318 | ' | ' |
Accounts payable | 54,170 | 42,203 | ' | ' |
Derivative liability | 0 | 9,098 | ' | ' |
Accrued liabilities | 18,715 | 16,916 | ' | ' |
Income taxes payable | 8,587 | 28,931 | ' | ' |
Sales, use and fuel taxes payable | 19,247 | 21,892 | ' | ' |
Deferred income taxes | 365 | ' | ' | ' |
Amounts due to affiliated companies, net | 434 | ' | ' | ' |
Intercompany | ' | ' | ' | ' |
Total current liabilities | 103,110 | 120,358 | ' | ' |
Long term debt: less current installments | 237,114 | 358,678 | ' | ' |
Deferred income taxes | 29,193 | 15,022 | ' | ' |
Deferred retirement benefits | 69,675 | 92,996 | ' | ' |
Total liabilities | 439,092 | 587,054 | ' | ' |
Commitment and contingencies | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Common stock, $.10 par value per share-shares authorized 100; issued and outstanding 100 | ' | ' | ' | ' |
Preferred stock; $1,000 par value per share-shares authorized 25,000; issued and outstanding 14,116 | 14,116 | ' | ' | ' |
Additional paid-in capital | 159,844 | 24,825 | ' | ' |
Retained earnings | 190,333 | 135,988 | ' | ' |
Accumulated other comprehensive loss | -7,090 | -19,537 | ' | ' |
Total stockholder's equity | 357,203 | 141,276 | ' | ' |
Total liabilities and stockholder's equity | 796,295 | 728,330 | ' | ' |
United Refining Company [Member] | ' | ' | ' | ' |
Current: | ' | ' | ' | ' |
Cash and cash equivalents | 141,386 | 122,219 | 5,927 | 7,765 |
Accounts receivable, net | 83,800 | 79,870 | ' | ' |
Refundable income taxes | 21,944 | ' | ' | ' |
Inventories, net | 101,891 | 127,469 | ' | ' |
Prepaid expenses and other assets | 37,860 | 16,311 | ' | ' |
Deferred income taxes | ' | -114 | ' | ' |
Amounts due from affiliated companies | ' | 344 | ' | ' |
Intercompany | 133,159 | 117,992 | ' | ' |
Total current assets | 520,040 | 464,091 | ' | ' |
Property, plant and equipment, net | 179,326 | 176,282 | ' | ' |
Deferred financing costs, net | 4,803 | 8,471 | ' | ' |
Goodwill and other non-amortizable assets | ' | ' | ' | ' |
Amortizable intangible assets, net | ' | ' | ' | ' |
Deferred turnaround costs & other assets | 9,055 | 15,173 | ' | ' |
Investment in subsidiaries | 27,503 | 17,018 | ' | ' |
Total assets | 740,727 | 681,035 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | 836 | 939 | ' | ' |
Accounts payable | 31,625 | 22,528 | ' | ' |
Derivative liability | ' | 9,098 | ' | ' |
Accrued liabilities | 12,399 | 11,147 | ' | ' |
Income taxes payable | 8,242 | 25,866 | ' | ' |
Sales, use and fuel taxes payable | 14,933 | 17,622 | ' | ' |
Deferred income taxes | 1,734 | ' | ' | ' |
Amounts due to affiliated companies, net | -169 | ' | ' | ' |
Intercompany | ' | ' | ' | ' |
Total current liabilities | 69,600 | 87,200 | ' | ' |
Long term debt: less current installments | 232,180 | 356,448 | ' | ' |
Deferred income taxes | 14,325 | 5,753 | ' | ' |
Deferred retirement benefits | 67,419 | 90,358 | ' | ' |
Total liabilities | 383,524 | 539,759 | ' | ' |
Commitment and contingencies | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Common stock, $.10 par value per share-shares authorized 100; issued and outstanding 100 | ' | ' | ' | ' |
Preferred stock; $1,000 par value per share-shares authorized 25,000; issued and outstanding 14,116 | 14,116 | ' | ' | ' |
Additional paid-in capital | 159,844 | 24,825 | ' | ' |
Retained earnings | 190,333 | 135,988 | ' | ' |
Accumulated other comprehensive loss | -7,090 | -19,537 | ' | ' |
Total stockholder's equity | 357,203 | 141,276 | ' | ' |
Total liabilities and stockholder's equity | 740,727 | 681,035 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Current: | ' | ' | ' | ' |
Cash and cash equivalents | 17,151 | 15,321 | 10,733 | 9,405 |
Accounts receivable, net | 41,396 | 40,729 | ' | ' |
Refundable income taxes | -1,054 | ' | ' | ' |
Inventories, net | 29,075 | 28,751 | ' | ' |
Prepaid expenses and other assets | 4,233 | 3,502 | ' | ' |
Deferred income taxes | ' | 1,162 | ' | ' |
Amounts due from affiliated companies | ' | -255 | ' | ' |
Intercompany | 6,545 | 16,703 | ' | ' |
Total current assets | 97,346 | 105,913 | ' | ' |
Property, plant and equipment, net | 109,806 | 77,105 | ' | ' |
Deferred financing costs, net | ' | ' | ' | ' |
Goodwill and other non-amortizable assets | 11,849 | 11,849 | ' | ' |
Amortizable intangible assets, net | 1,057 | 1,164 | ' | ' |
Deferred turnaround costs & other assets | 2,717 | 2,977 | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Total assets | 222,775 | 199,008 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | 756 | 379 | ' | ' |
Accounts payable | 22,545 | 19,675 | ' | ' |
Derivative liability | ' | ' | ' | ' |
Accrued liabilities | 6,316 | 5,769 | ' | ' |
Income taxes payable | 345 | 3,065 | ' | ' |
Sales, use and fuel taxes payable | 4,314 | 4,270 | ' | ' |
Deferred income taxes | -1,369 | ' | ' | ' |
Amounts due to affiliated companies, net | 603 | ' | ' | ' |
Intercompany | 139,704 | 134,695 | ' | ' |
Total current liabilities | 173,214 | 167,853 | ' | ' |
Long term debt: less current installments | 4,934 | 2,230 | ' | ' |
Deferred income taxes | 14,868 | 9,269 | ' | ' |
Deferred retirement benefits | 2,256 | 2,638 | ' | ' |
Total liabilities | 195,272 | 181,990 | ' | ' |
Commitment and contingencies | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Common stock, $.10 par value per share-shares authorized 100; issued and outstanding 100 | 18 | 18 | ' | ' |
Preferred stock; $1,000 par value per share-shares authorized 25,000; issued and outstanding 14,116 | ' | ' | ' | ' |
Additional paid-in capital | 16,626 | 10,651 | ' | ' |
Retained earnings | 12,253 | 8,123 | ' | ' |
Accumulated other comprehensive loss | -1,394 | -1,774 | ' | ' |
Total stockholder's equity | 27,503 | 17,018 | ' | ' |
Total liabilities and stockholder's equity | 222,775 | 199,008 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current: | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' |
Refundable income taxes | ' | ' | ' | ' |
Inventories, net | ' | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Amounts due from affiliated companies | ' | ' | ' | ' |
Intercompany | -139,704 | -134,695 | ' | ' |
Total current assets | -139,704 | -134,695 | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Deferred financing costs, net | ' | ' | ' | ' |
Goodwill and other non-amortizable assets | ' | ' | ' | ' |
Amortizable intangible assets, net | ' | ' | ' | ' |
Deferred turnaround costs & other assets | ' | ' | ' | ' |
Investment in subsidiaries | -27,503 | -17,018 | ' | ' |
Total assets | -167,207 | -151,713 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Derivative liability | ' | ' | ' | ' |
Accrued liabilities | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Sales, use and fuel taxes payable | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Amounts due to affiliated companies, net | ' | ' | ' | ' |
Intercompany | -139,704 | -134,695 | ' | ' |
Total current liabilities | -139,704 | -134,695 | ' | ' |
Long term debt: less current installments | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Deferred retirement benefits | ' | ' | ' | ' |
Total liabilities | -139,704 | -134,695 | ' | ' |
Commitment and contingencies | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Common stock, $.10 par value per share-shares authorized 100; issued and outstanding 100 | -18 | -18 | ' | ' |
Preferred stock; $1,000 par value per share-shares authorized 25,000; issued and outstanding 14,116 | ' | ' | ' | ' |
Additional paid-in capital | -16,626 | -10,651 | ' | ' |
Retained earnings | -12,253 | -8,123 | ' | ' |
Accumulated other comprehensive loss | 1,394 | 1,774 | ' | ' |
Total stockholder's equity | -27,503 | -17,018 | ' | ' |
Total liabilities and stockholder's equity | ($167,207) | ($151,713) | ' | ' |
Subsidiary_Guarantors_Schedule1
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheets (Parenthetical) (Detail) (USD $) | Aug. 31, 2013 | Jul. 26, 2013 | Aug. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common stock, par value per share | $0.10 | ' | $0.10 |
Common stock, shares authorized | 100 | ' | 100 |
Common stock, shares issued | 100 | ' | 100 |
Common stock, shares outstanding | 100 | ' | 100 |
Preferred stock, par value per share | $1,000 | ' | ' |
Preferred stock, shares authorized | 25,000 | 50,000 | ' |
Preferred stock, shares issued | 14,116 | ' | ' |
Preferred stock, shares outstanding | 14,116 | ' | ' |
United Refining Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Preferred stock, par value per share | $1,000 | ' | ' |
Preferred stock, shares authorized | 25,000 | ' | ' |
Preferred stock, shares issued | 14,116 | ' | ' |
Preferred stock, shares outstanding | 14,116 | ' | ' |
Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common stock, par value per share | $0.10 | ' | $0.10 |
Common stock, shares authorized | 100 | ' | 100 |
Common stock, shares issued | 100 | ' | 100 |
Common stock, shares outstanding | 100 | ' | 100 |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common stock, par value per share | $0.10 | ' | $0.10 |
Common stock, shares authorized | 100 | ' | 100 |
Common stock, shares issued | 100 | ' | 100 |
Common stock, shares outstanding | 100 | ' | 100 |
Subsidiary_Guarantors_Schedule2
Subsidiary Guarantors - Schedule of Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $970,562,000 | $883,520,000 | $870,109,000 | $957,062,000 | $1,002,252,000 | $935,798,000 | $848,844,000 | $944,031,000 | $3,681,253,000 | $3,730,925,000 | $3,166,876,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | 3,159,575,000 | 3,198,025,000 | 2,903,258,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 2,319,000 | -28,848,000 | 58,733,000 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 163,874,000 | 157,581,000 | 149,456,000 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 26,877,000 | 45,817,000 | 22,097,000 |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,352,645,000 | 3,372,575,000 | 3,133,544,000 |
Operating income | 22,274,000 | 83,688,000 | 114,823,000 | 107,823,000 | 104,926,000 | 126,913,000 | 10,561,000 | 115,950,000 | 328,608,000 | 358,350,000 | 33,332,000 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -39,035,000 | -40,869,000 | -40,550,000 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,819,000 | -4,711,000 | -2,564,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,727,000 | ' | -1,245,000 |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -61,581,000 | -45,580,000 | -44,359,000 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 267,027,000 | 312,770,000 | -11,027,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 95,723,000 | 101,130,000 | 5,131,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 2,621,000 | 20,824,000 | -8,750,000 |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 98,344,000 | 121,954,000 | -3,619,000 |
Net income | 915,000 | 44,559,000 | 63,562,000 | 59,647,000 | 60,906,000 | 68,101,000 | -237,000 | 62,046,000 | 168,683,000 | 190,816,000 | -7,408,000 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 711,000 |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | 168,683,000 | 190,816,000 | -8,119,000 |
United Refining Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,864,154,000 | 2,906,350,000 | 2,407,819,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | 2,495,478,000 | 2,526,351,000 | 2,285,146,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 2,319,000 | -28,848,000 | 58,733,000 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 24,562,000 | 24,723,000 | 16,555,000 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 19,883,000 | 39,422,000 | 15,663,000 |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,542,242,000 | 2,561,648,000 | 2,376,097,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 321,912,000 | 344,702,000 | 31,722,000 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -38,292,000 | -40,384,000 | -39,467,000 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,743,000 | -5,643,000 | -3,514,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,727,000 | ' | -1,245,000 |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 4,130,000 | 8,477,000 | -214,000 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -56,632,000 | -37,550,000 | -44,440,000 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 265,280,000 | 307,152,000 | -12,718,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 94,154,000 | 97,355,000 | 4,504,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 2,443,000 | 18,981,000 | -9,103,000 |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 96,597,000 | 116,336,000 | -4,599,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 168,683,000 | 190,816,000 | -8,119,000 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,119,000 |
Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,726,422,000 | 1,730,984,000 | 1,627,733,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | 1,573,420,000 | 1,578,083,000 | 1,488,595,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 139,312,000 | 132,858,000 | 132,895,000 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,994,000 | 6,395,000 | 6,019,000 |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,719,726,000 | 1,717,336,000 | 1,627,509,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 6,696,000 | 13,648,000 | 224,000 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -743,000 | -485,000 | -889,000 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -76,000 | 932,000 | 950,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -819,000 | 447,000 | 61,000 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 5,877,000 | 14,095,000 | 285,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 1,569,000 | 3,775,000 | 146,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 178,000 | 1,843,000 | 353,000 |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,747,000 | 5,618,000 | 499,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,130,000 | 8,477,000 | -214,000 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -214,000 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -909,323,000 | -906,409,000 | -852,227,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | -909,323,000 | -906,409,000 | -852,227,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -909,323,000 | -906,409,000 | -852,227,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -4,130,000 | -8,477,000 | 214,000 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -4,130,000 | -8,477,000 | 214,000 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -4,130,000 | -8,477,000 | 214,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -4,130,000 | -8,477,000 | 214,000 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,000 |
United Refining Company & Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,681,253,000 | 3,730,925,000 | 3,183,325,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | 3,159,575,000 | 3,198,025,000 | 2,921,514,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 2,319,000 | -28,848,000 | 58,733,000 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 163,874,000 | 157,581,000 | 149,450,000 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 26,877,000 | 45,817,000 | 21,682,000 |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,352,645,000 | 3,372,575,000 | 3,151,379,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 328,608,000 | 358,350,000 | 31,946,000 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -39,035,000 | -40,869,000 | -40,356,000 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,819,000 | -4,711,000 | -2,564,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,727,000 | ' | -1,245,000 |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -61,581,000 | -45,580,000 | -44,165,000 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 267,027,000 | 312,770,000 | -12,219,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 95,723,000 | 101,130,000 | 4,650,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 2,621,000 | 20,824,000 | -8,750,000 |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 98,344,000 | 121,954,000 | -4,100,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 168,683,000 | 190,816,000 | -8,119,000 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,119,000 |
United Refining Asphalt, Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,034,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,227,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 415,000 |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,648,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,386,000 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -194,000 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -194,000 |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,192,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 481,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 481,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 711,000 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 711,000 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,483,000 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,483,000 |
Losses (gains) on derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,483,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net (loss) income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 711,000 |
Net (loss) income attributable to United Refining Company's Stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($711,000) |
Subsidiary_Guarantors_Schedule3
Subsidiary Guarantors - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | $164,371,000 | $231,884,000 | $86,604,000 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -41,597,000 | -19,845,000 | -27,874,000 |
Additions to deferred turnaround costs | -1,241,000 | -3,725,000 | -18,910,000 |
Proceeds from asset dispositions | 81,000 | 2,639,000 | 729,000 |
Net cash used in investing activities | -42,757,000 | -20,931,000 | -46,055,000 |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | ' | ' | 2,289,000 |
Net reductions on revolving credit facility | ' | -24,000,000 | -59,000,000 |
Proceeds from sale of preferred stock | 141,164,000 | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | 15,000,000 |
Dividends to stockholder | -114,338,000 | -64,940,000 | ' |
Dissolution of non-controlling interest | ' | ' | -15,000,000 |
Proceeds from issuance of long term debt | ' | ' | 352,021,000 |
Principal reductions of long-term debt | -129,439,000 | -1,169,000 | -325,076,000 |
Deferred financing costs | ' | ' | -11,293,000 |
Net cash used in financing activities | -100,617,000 | -90,073,000 | -41,059,000 |
Net (decrease) increase in cash and cash equivalents | 20,997,000 | 120,880,000 | -510,000 |
Cash and cash equivalents, beginning of year | 137,540,000 | 16,660,000 | 17,170,000 |
Cash and cash equivalents, end of year | 158,537,000 | 137,540,000 | 16,660,000 |
United Refining Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 136,168,000 | 218,688,000 | 80,165,000 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -15,921,000 | -11,324,000 | -23,245,000 |
Additions to deferred turnaround costs | -1,170,000 | -1,385,000 | -18,673,000 |
Proceeds from asset dispositions | 70,000 | 40,000 | 57,000 |
Net cash used in investing activities | -17,021,000 | -12,669,000 | -41,861,000 |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | 1,996,000 | 36,000 | 2,289,000 |
Net reductions on revolving credit facility | ' | -24,000,000 | -59,000,000 |
Proceeds from sale of preferred stock | 141,164,000 | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | ' |
Dividends to stockholder | -114,338,000 | -64,940,000 | ' |
Proceeds from issuance of long term debt | ' | ' | 352,021,000 |
Principal reductions of long-term debt | -128,802,000 | -823,000 | -324,574,000 |
Deferred financing costs | ' | ' | -10,878,000 |
Net cash used in financing activities | -99,980,000 | -89,727,000 | -40,142,000 |
Net (decrease) increase in cash and cash equivalents | 19,167,000 | 116,292,000 | -1,838,000 |
Cash and cash equivalents, beginning of year | 122,219,000 | 5,927,000 | 7,765,000 |
Cash and cash equivalents, end of year | 141,386,000 | 122,219,000 | 5,927,000 |
Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 28,203,000 | 13,156,000 | 6,024,000 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -25,676,000 | -8,521,000 | -4,629,000 |
Additions to deferred turnaround costs | -71,000 | -2,340,000 | -237,000 |
Proceeds from asset dispositions | 11,000 | 2,599,000 | 672,000 |
Net cash used in investing activities | -25,736,000 | -8,262,000 | -4,194,000 |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | ' | ' | ' |
Net reductions on revolving credit facility | ' | ' | ' |
Proceeds from sale of preferred stock | ' | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | ' |
Dividends to stockholder | ' | ' | ' |
Dissolution of non-controlling interest | ' | ' | ' |
Proceeds from issuance of long term debt | ' | ' | ' |
Principal reductions of long-term debt | -637,000 | -346,000 | -502,000 |
Deferred financing costs | ' | ' | ' |
Net cash used in financing activities | -637,000 | -346,000 | -502,000 |
Net (decrease) increase in cash and cash equivalents | 1,830,000 | 4,588,000 | 1,328,000 |
Cash and cash equivalents, beginning of year | 15,321,000 | 10,733,000 | 9,405,000 |
Cash and cash equivalents, end of year | 17,151,000 | 15,321,000 | 10,733,000 |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | ' | ' | ' |
Additions to deferred turnaround costs | ' | ' | ' |
Proceeds from asset dispositions | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | ' | ' | ' |
Net reductions on revolving credit facility | ' | ' | ' |
Proceeds from sale of preferred stock | ' | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | ' |
Dividends to stockholder | ' | ' | ' |
Dissolution of non-controlling interest | ' | ' | ' |
Proceeds from issuance of long term debt | ' | ' | ' |
Principal reductions of long-term debt | ' | ' | ' |
Deferred financing costs | ' | ' | ' |
Net cash used in financing activities | ' | ' | ' |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents, beginning of year | ' | ' | ' |
Cash and cash equivalents, end of year | ' | ' | ' |
United Refining Company & Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 164,371,000 | 231,844,000 | 86,189,000 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -41,597,000 | -19,845,000 | -27,874,000 |
Additions to deferred turnaround costs | -1,241,000 | -3,725,000 | -18,910,000 |
Proceeds from asset dispositions | 81,000 | 2,639,000 | 729,000 |
Net cash used in investing activities | -42,757,000 | -20,931,000 | -46,055,000 |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | 1,996,000 | 36,000 | 2,289,000 |
Net reductions on revolving credit facility | ' | -24,000,000 | -59,000,000 |
Proceeds from sale of preferred stock | 141,164,000 | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | ' |
Dividends to stockholder | -114,338,000 | -64,940,000 | ' |
Dissolution of non-controlling interest | ' | ' | ' |
Proceeds from issuance of long term debt | ' | ' | 352,021,000 |
Principal reductions of long-term debt | -129,439,000 | -1,169,000 | -325,076,000 |
Deferred financing costs | ' | ' | -10,878,000 |
Net cash used in financing activities | -100,617,000 | -90,073,000 | -40,644,000 |
Net (decrease) increase in cash and cash equivalents | 20,997,000 | 120,880,000 | -510,000 |
Cash and cash equivalents, beginning of year | 137,540,000 | 16,660,000 | 17,170,000 |
Cash and cash equivalents, end of year | 158,537,000 | 137,540,000 | 16,660,000 |
United Refining Asphalt, Inc [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 415,000 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | ' | ' | ' |
Additions to deferred turnaround costs | ' | ' | ' |
Proceeds from asset dispositions | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | ' | ' | ' |
Net reductions on revolving credit facility | ' | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | 15,000,000 |
Dissolution of non-controlling interest | ' | ' | -15,000,000 |
Proceeds from issuance of long term debt | ' | ' | ' |
Principal reductions of long-term debt | ' | ' | ' |
Deferred financing costs | ' | ' | -415,000 |
Net cash used in financing activities | ' | ' | -415,000 |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents, beginning of year | ' | ' | ' |
Cash and cash equivalents, end of year | ' | ' | ' |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | ' | ' | ' |
Additions to deferred turnaround costs | ' | ' | ' |
Proceeds from asset dispositions | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Distribution from Parent under the Tax Sharing Agreement | ' | ' | ' |
Net reductions on revolving credit facility | ' | ' | ' |
Proceeds from issuance of common stock of non-controlling interest | ' | ' | ' |
Dissolution of non-controlling interest | ' | ' | ' |
Proceeds from issuance of long term debt | ' | ' | ' |
Principal reductions of long-term debt | ' | ' | ' |
Deferred financing costs | ' | ' | ' |
Net cash used in financing activities | ' | ' | ' |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents, beginning of year | ' | ' | ' |
Cash and cash equivalents, end of year | ' | ' | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Text Block [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $970,562 | $883,520 | $870,109 | $957,062 | $1,002,252 | $935,798 | $848,844 | $944,031 | $3,681,253 | $3,730,925 | $3,166,876 |
Operating Profit | 22,274 | 83,688 | 114,823 | 107,823 | 104,926 | 126,913 | 10,561 | 115,950 | 328,608 | 358,350 | 33,332 |
Net income (loss) | $915 | $44,559 | $63,562 | $59,647 | $60,906 | $68,101 | ($237) | $62,046 | $168,683 | $190,816 | ($7,408) |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended |
Aug. 31, 2012 | |
Text Block [Abstract] | ' |
Write-off of facility | $20,221,000 |
Schedule_Valuation_and_Qualify
Schedule - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' |
Balance at Beginning of Period | $1,800 | $1,800 | $2,050 |
Charged to Costs and Expenses | 1,680 | 1,015 | 1,347 |
Deductions | -1,680 | -1,015 | -1,597 |
Balance at End Of Period | $1,800 | $1,800 | $1,800 |