United Refining 10-Q 15 Jul 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2016	Jul. 15, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	UNRF
Entity Registrant Name	UNITED REFINING CO
Entity Central Index Key	101,462
Current Fiscal Year End Date	--08-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2016	Aug. 31, 2015
Current:
Cash and cash equivalents	$ 78,909	$ 117,028
Accounts receivable, net	67,324	81,567
Refundable income taxes	4,200
Inventories, net	164,112	206,066
Prepaid income taxes	5,147
Prepaid expenses and other assets	19,368	28,000
Amounts due from affiliated companies, net	3,315	393
Total current assets	342,375	433,054
Property, plant and equipment, net	393,558	347,757
Deferred financing costs, net	5,379	2,667
Goodwill	1,349	1,349
Trade name	10,500	10,500
Amortizable intangible assets, net	839	869
Deferred integrity and replacement costs, net	116,307	58,634
Deferred turnaround costs and other assets, net	21,404	30,636
Total assets	891,711	885,466
Current:
Current installments of long-term debt	28,103	1,556
Accounts payable	59,276	44,833
Accrued liabilities	16,215	17,911
Income taxes payable		7,397
Sales, use and fuel taxes payable	22,410	23,373
Deferred income taxes	5,822	5,822
Total current liabilities	131,826	100,892
Long term debt: less current installments	266,710	239,111
Deferred income taxes	58,376	55,921
Deferred retirement benefits	67,479	71,800
Total liabilities	524,391	467,724
Commitments and contingencies
Stockholder's equity:
Common stock; $.10 par value per share - shares authorized 100; issued and outstanding 100	0	0
Additional paid-in capital	156,846	156,846
Retained earnings	214,581	263,464
Accumulated other comprehensive loss	(18,223)	(16,684)
Total stockholder's equity	367,320	417,742
Total liabilities and stockholder's equity	891,711	885,466
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	$ 14,116

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2016	Aug. 31, 2015
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
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 Oper

Consolidated Statements of Operations - (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Income Statement [Abstract]
Net sales	$ 497,982	$ 602,877	$ 1,511,297	$ 2,008,478
Costs and expenses:
Costs of goods sold (exclusive of depreciation and amortization)	395,531	485,906	1,320,134	1,741,703
Selling, general and administrative expenses	43,591	42,073	127,690	124,069
Depreciation and amortization expenses	12,175	10,444	36,679	31,321
Total costs and expenses	451,297	538,423	1,484,503	1,897,093
Operating income	46,685	64,454	26,794	111,385
Other expense:
Interest expense, net	(2,383)	(6,639)	(9,795)	(19,929)
Other, net	(254)	(907)	(3,195)	(3,064)
Loss on extinguishment of debt			(19,316)
Total other income(expense)	(2,637)	(7,546)	(32,306)	(22,993)
Income (loss) before income tax expense (benefit)	44,048	56,908	(5,512)	88,392
Income tax expense (benefit)	16,307	22,201	(2,045)	34,468
Net income (loss)	$ 27,741	$ 34,707	$ (3,467)	$ 53,924

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 27,741	$ 34,707	$ (3,467)	$ 53,924
Other comprehensive loss, net of taxes:
Unrecognized post retirement costs, net of taxes of $(304) and $(236) for the three months ended May 31, 2016 and 2015, respectively and $(930) and $(710) for the nine months ended May 31, 2016 and 2015, respectively	(519)	(371)	(1,539)	(1,111)
Other comprehensive loss	(519)	(371)	(1,539)	(1,111)
Total comprehensive income (loss)	$ 27,222	$ 34,336	$ (5,006)	$ 52,813

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) - (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Statement of Comprehensive Income [Abstract]
Unrecognized post retirement loss, taxes	$ (304)	$ (236)	$ (930)	$ (710)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net (loss) income	$ (3,467)	$ 53,924
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	37,780	33,163
Deferred income taxes	3,385	23,604
Noncash portion of loss on extinguishment of debt	5,771
Loss on asset dispositions	840	771
Cash provided by working capital items	56,947	27,631
Change in operating assets and liabilities:
Other assets, net	406	306
Deferred retirement benefits	(6,790)	(6,079)
Total adjustments	98,339	79,396
Net cash provided by operating activities	94,872	133,320
Cash flows from investing activities:
Additions to property, plant and equipment	(64,389)	(31,202)
Additions to amortizable intangible assets	(60)	(100)
Additions to deferred turnaround costs	(1,362)	(3,318)
Additions to deferred integrity and replacement costs	(66,572)	(28,630)
Proceeds from asset dispositions	246	7
Net cash used in investing activities	(132,137)	(63,243)
Cash flows from financing activities:
Dividends to preferred shareholder and stockholder	(45,416)	(21,610)
Proceeds from issuance of long-term debt	301,948
Principal reductions of long-term debt	(251,593)	(1,245)
Deferred financing costs	(5,793)
Net cash used in financing activities	(854)	(22,855)
Net (decrease) increase in cash and cash equivalents	(38,119)	47,222
Cash and cash equivalents, beginning of year	117,028	99,037
Cash and cash equivalents, end of period	78,909	146,259
Cash provided by (used in) working capital items:
Accounts receivable, net	14,243	17,690
Refundable income taxes	(4,200)	(4,912)
Inventories, net	41,954	(37,528)
Prepaid income taxes	(5,147)	13,674
Prepaid expenses and other assets	8,632	45,158
Amounts due from affiliated companies, net	(2,922)	(1,162)
Accounts payable	14,443	(19,486)
Accrued liabilities	(1,696)	3,350
Income taxes payable	(7,397)	7,646
Sales, use, and fuel taxes payable	(963)	3,201
Total change	56,947	27,631
Cash paid during the period for:
Interest	9,160	12,893
Income taxes	$ 11,314	396
Non-cash investing activities:
Property additions & capital leases		$ 285

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	May 31, 2016
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	1. 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 and Kiantone Pipeline Corporation and its subsidiary (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. 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 ® ® ® ® ® The Company is a wholly-owned subsidiary of United Refining, Inc., a wholly-owned subsidiary of United Acquisition Corp., which in turn is a wholly-owned subsidiary of Red Apple Group, Inc. (the “Parent”). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending August 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Form 10-K for the fiscal year ended August 31, 2015.

Inventories

Inventories	9 Months Ended
	May 31, 2016
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories are stated at the lower of cost or market (LCM), 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 the LCM or replacement cost and include various parts for the refinery operations. Inventories consist of the following: May 31, August 31, (in thousands) Crude Oil $ 33,920 $ 60,209 Petroleum Products 72,943 92,452 Total Lower of LIFO Cost or Market 106,863 152,661 Merchandise 23,906 24,277 Supplies 33,343 29,128 Total FIFO 57,249 53,405 Total Inventory $ 164,112 $ 206,066 As of May 31, 2016 and August 31, 2015, the replacement cost of LIFO inventories (FIFO) (was less than) exceeded their LIFO carrying values (LCM) on the balance sheets by approximately $(5,843,000) and $6,201,000, which includes the LCM inventory writedown of $36,455,000 and $0, respectively, and a LIFO increase (decrease) of $42,298,000 and $(6,201,000), respectively.

Amended, Restated and Consolida

Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement	9 Months Ended
	May 31, 2016
Debt Disclosure [Abstract]
Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement	3. Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement On October 20, 2015, URC, United Refining Company of Pennsylvania, Kiantone Pipeline Corporation (“Kiantone”), United Refining Company of New York Inc., United Biofuels, Inc., Country Fair, Inc. and Kwik-Fill Corporation (collectively, the “Borrowers”) entered into an Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement (“Credit Agreement”) with a group of lenders led by PNC Bank, National Association, as Administrative Agent (the “Agent”), and PNC Capital Markets LLC, as Sole Lead Arranger and Bookrunner. The Credit Agreement amends and restates the Amended and Restated Credit Agreement, dated May 18, 2011 and last amended June 18, 2013, by and between the Company and certain subsidiaries and PNC Bank, National Association, as Administrative Agent (the “Existing Credit Facility”). The Credit Agreement will terminate on October 19, 2020 (the “Expiration Date”). Until the Expiration Date, the Company may borrow on the New Revolving Credit Facility (as defined below) on a borrowing base formula set forth in the Credit Agreement. Pursuant to the Credit Agreement, the Company increased its existing senior secured revolving credit facility from $175,000,000 to $225,000,000. The New Revolving Credit Facility may be increased by an amount not to exceed $50,000,000 without additional approval from the lenders named in the Credit Agreement if existing lenders agree to increase their commitments or additional lenders commit to fund such increase. Interest under the New Revolving Credit Facility is calculated as follows: (a) for domestic rate borrowings, at (i) the greater of the Agent’s prime rate, federal funds rate plus .5% or the daily LIBOR rate plus 1%, plus (ii) an applicable margin of 1.25% to 1.75%, and (b) for euro-rate borrowings, at the LIBOR rate plus an applicable margin of 2.25% to 2.75%. The applicable margin will vary depending on a formula calculating the Company’s average unused availability under the facility. In addition, pursuant to the Credit Agreement, the Company entered into a term loan in the amount of $250,000,000, which was made in a single drawing on the Closing Date (“Term Loan” and, together with the New Revolving Credit Facility, the “Credit Obligations”). Under the Term Loan, interest is calculated as follows: (a) for domestic rate borrowings, at (i) the greater of the Agent’s prime rate, federal funds rate plus .5% or the daily LIBOR rate plus 1%, plus (ii) an applicable margin of 1.75% to 2.25%, and (b) for euro-rate borrowings, at the LIBOR rate plus an applicable margin of 2.75% to 3.25%. The applicable margin will vary depending on a formula calculating the Company’s average unused availability under the facility. The Term Loan is prepayable in whole or in part at any time without premium or penalty. The Term Loan shall be paid in full on or prior to the Expiration Date and shall be paid in equal quarterly amounts based on a ten-year straight line amortization schedule. The Credit Obligations are secured by a first priority security interest in certain cash accounts, accounts receivable, inventory, the refinery, including a related tank farm, and the capital stock of Kiantone. At such time as the Term Loan is repaid in full, and provided no event of default exists, the security interest in the refinery and the equity interest in Kiantone shall be released. The Credit Agreement requires minimum undrawn availability of $15,000,000 at all times prior to the repayment of the Term Loan and the greater of 12.5% of the maximum New Revolving Credit Facility or $25,000,000 after the repayment of the Term Loan. The Company is also required to maintain a consolidated net worth of no less than $100,000,000. The Credit Agreement includes customary mandatory prepayment provisions, including in connection with non-ordinary course asset sales, equity issuances and the incurrence of additional debt. Unless assets sold in non-ordinary course transactions were included in the borrowing base for the New Revolving Credit Facility, mandatory prepayments shall be applied first to the repayment of the Term Loan and then the New Revolving Credit Facility. The Credit Agreement also includes customary affirmative and negative covenants, including, among other things, covenants related to the fixed charge coverage ratio, payment of fees, conduct of business, maintenance of existence and assets, payment of indebtedness and the incurrence of additional indebtedness, intercompany obligations, affiliate transactions, amendments to organizational documents, and financial statements. The proceeds of the Credit Agreement were used to (i) repay and satisfy in full those certain 10.500% senior secured notes due 2018 (the “Senior Secured Notes due 2018”), (ii) provide for the Company’s general corporate needs, including working capital requirements and capital expenditures and (iii) pay the fees and expenses associated with the Credit Agreement. In connection with the redemption of all its Senior Secured Notes due 2018, the Company recorded a loss $19,316,000 on the early extinguishment of debt consisting of a redemption premium of $7,009,000, a consent payment of $6,536,000, a write-off of unamortized net debt discount of $3,600,000 and a write-off of deferred finance costs of $2,171,000.

Other Long Term Debt

Other Long Term Debt	9 Months Ended
	May 31, 2016
Text Block [Abstract]
Other Long Term Debt	4. Other Long Term Debt On December 9, 2015, United Refining Company of New York Inc. (as Borrower) and United Refining Company of Pennsylvania (as Fee Owner), entered into a Loan Agreement with Signature Bank (as Administrative Agent), in the amount of $50,000,000 which matures on December 9, 2022. Pursuant to the Loan Agreement, interest is calculated as follows: (a) for LIBOR Loans, at either the LIBOR plus 2.50% or the Prime Rate, (b) for Reference Rate Loans, the Prime Rate and (c) for Fixed Rate Loans, at the Fixed Rate. Loans are secured by a first lien mortgage on certain convenience store units owned by United Refining Company of Pennsylvania.

Segments of Business

Segments of Business	9 Months Ended
	May 31, 2016
Segment Reporting [Abstract]
Segments of Business	5. Segments of Business 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 tables (in thousands): Three Months Ended Nine Months Ended May 31, May 31, 2016 2015 2016 2015 Net Sales Retail $ 275,638 $ 320,740 $ 810,847 $ 998,562 Wholesale 222,344 282,137 700,450 1,009,916 $ 497,982 $ 602,877 $ 1,511,297 $ 2,008,478 Intersegment Sales Wholesale $ 99,092 $ 134,881 $ 281,762 $ 431,487 Operating (Loss) Income Retail $ (6,356 ) $ (1,249 ) $ (5,067 ) $ 16,550 Wholesale 53,041 65,703 31,861 94,835 $ 46,685 $ 64,454 $ 26,794 $ 111,385 Depreciation and Amortization Retail $ 2,132 $ 1,821 $ 6,367 $ 5,377 Wholesale 10,043 8,623 30,312 25,944 $ 12,175 $ 10,444 $ 36,679 $ 31,321 May 31, August 31, Total Assets Retail $ 191,809 $ 178,200 Wholesale 699,902 707,266 $ 891,711 $ 885,466

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	May 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	6. Employee Benefit Plans For the periods ended May 31, 2016 and 2015, net pension and other postretirement benefit costs (income) were comprised of the following: Pension Benefits Three Months Ended Nine Months Ended May 31, May 31, 2016 2015 2016 2015 (in thousands) Service cost $ 168 $ 157 $ 505 $ 470 Interest cost on benefit obligation 1,356 1,213 4,068 3,638 Expected return on plan assets (1,508 ) (1,588 ) (4,525 ) (4,763 ) Amortization and deferral of net loss 318 180 953 541 Net periodic benefit cost (income) $ 334 $ (38 ) $ 1,001 $ (114 ) Other Post-Retirement Benefits Three Months Ended Nine Months Ended May 31, May 31, 2016 2015 2016 2015 (in thousands) Service cost $ 109 $ 151 $ 327 $ 453 Interest cost on benefit obligation 386 413 1,156 1,239 Amortization and deferral of net income (1,137 ) (786 ) (3,409 ) (2,358 ) Net periodic benefit income $ (642 ) $ (222 ) $ (1,926 ) $ (666 ) As of May 31, 2016, $3,592,000 of contributions have been made to the Company pension plans for the fiscal year ending August 31, 2016. The Company accrues post-retirement benefits other than pensions, during the years that the employees render the necessary service, of the expected cost of providing those benefits to an employee and the employee’s beneficiaries and covered dependents.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	May 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The carrying values of all financial instruments classified as a current asset or a current liability approximate fair value because of the short maturity of these instruments. The fair value of marketable securities is determined by available market prices. The fair value (was less than) exceeded the carrying value of the long term debt at May 31, 2016 and August 31, 2015 by $(775,000) and $16,636,000, respectively.

Enbridge Agreements

Enbridge Agreements	9 Months Ended
	May 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Enbridge Agreements	8. Enbridge Agreements On July 31, 2014, URC and Kiantone Pipeline Corporation (together the “Company Parties”), on the one hand, and Enbridge Energy Limited Partnership (“EEPL”) and Enbridge Pipelines Inc. (“EPI” and, together with EEPL, the “Carriers”), on the other hand, entered into a letter agreement (the “Letter Agreement”) with respect to approximately 88.85 miles of pipeline owned by the Carriers, which transports crude oil from Canada to the Company’s Kiantone Pipeline in West Seneca, New York and serves the Company’s refinery in Warren, Pennsylvania (“Line 10”). Pursuant to the Letter Agreement, the Company agreed to fund certain integrity costs necessary to maintain Line 10 (the “Integrity Costs”). Pursuant to the Letter Agreement the Carriers agreed to reconcile their actual expenses for the integrity maintenance and refund any excess payments made by the Company. The parties agreed to apply any credit to the Company as a result of such reconciliation to amounts owed by the Company for Subsequent Year Pipe Replacement Costs (as defined below). For each subsequent calendar year through the earlier of the expiration or closing of the purchase rights granted to the Company pursuant to the Put and Call Agreement (which is defined and discussed below), the Carriers will provide the Company with an invoice for the Integrity Costs for such calendar year (“Subsequent Year Integrity Costs”). The Carriers’ actual expenses with respect to the integrity maintenance and pipe replacement will be reconciled against the Subsequent Year Integrity and Pipe Replacement Costs for each fiscal year. In addition, the Company agreed to pay for half the cost of replacing certain portions of Line 10 in accordance with a plan agreed to between the Company Parties and the Carriers. The Company will pay 50% of the estimated expenses of the replacement project for each segment of Line 10 to be replaced (the “Replacement Costs”) within 30 days of its receipt of an invoice for the same, along with a project management fee of 2 1/4%. Each Carrier will initially fund the remaining 50% of the Replacement Costs during construction, provided that the Company will reimburse the Carriers for their actual cost of funds during the construction process. Once construction is complete and each replaced segment of Line 10 is put into service, and assuming the Company has not exercised its rights to purchase Line 10 pursuant to the Put and Call Agreement, the Company will repay the Carriers the 50% of the Replacement Costs they funded over a 10 year period. Pursuant to the Letter Agreement, the Company and the Carriers agreed to negotiate the terms and conditions of a put and call option agreement for Line 10 (the “Put and Call Option Agreement” and, together with the Letter Agreement, the “Enbridge Agreement”). On July 8, 2015 (the “Execution Date”), the Company entered into the Put and Call Option Agreement with the Carriers as called for in the Letter Agreement. The Put and Call Option Agreement entered into with Enbridge LP (the “U.S. Agreement”) is substantially similar to the Put and Call Option Agreement entered into with Enbridge Inc. (the “Canadian Agreement” and, together with the U.S. Agreement, the “Put and Call Agreement”). The Carriers own Line 10, including real property interests through and under which Line 10 passes, the Carriers’ assignable permits related to the ownership and operation of Line 10, as well as personal property, contract rights, records and incidental rights held solely in connection with Line 10 (collectively, the “Assets”). Pursuant to the Put and Call Agreement, the Carriers granted the Company a right (the “Call Option”) to purchase all of the Assets and the Company granted the Carriers the right to put all the Assets to the Company (the “Put Option” and, together with the Call Option, the “Purchase Options”) subject to the terms and conditions of the Put and Call Agreement. The Put and Call Agreement may be terminated by the mutual consent of the Company and the Carriers and shall automatically terminate if neither Purchase Option is exercised prior to the expiration dates identified in the Put and Call Agreement. Moreover, either the Company or a Carrier may terminate the Put and Call Agreement if a closing of the Asset sale shall not have occurred on or before December 31, 2028 assuming the terminating party is not then in breach of the Put and Call Agreement and if a party has breached a representation, such breach has not been cured within the time periods allotted by the Put and Call Agreement. Finally, the Company may terminate the Put and Call Agreement by notifying the Carriers to cease the replacement work contemplated in the Letter Agreement. The Company has assessed the accounting impact of the Put and Call Agreement and determined there is no impact until the time when it becomes probable that the Put or Call will be exercised.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: May 31, August 31, (in thousands) Crude Oil $ 33,920 $ 60,209 Petroleum Products 72,943 92,452 Total Lower of LIFO Cost or Market 106,863 152,661 Merchandise 23,906 24,277 Supplies 33,343 29,128 Total FIFO 57,249 53,405 Total Inventory $ 164,112 $ 206,066

Segments of Business (Tables)

Segments of Business (Tables)	9 Months Ended
	May 31, 2016
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 tables (in thousands): Three Months Ended Nine Months Ended May 31, May 31, 2016 2015 2016 2015 Net Sales Retail $ 275,638 $ 320,740 $ 810,847 $ 998,562 Wholesale 222,344 282,137 700,450 1,009,916 $ 497,982 $ 602,877 $ 1,511,297 $ 2,008,478 Intersegment Sales Wholesale $ 99,092 $ 134,881 $ 281,762 $ 431,487 Operating (Loss) Income Retail $ (6,356 ) $ (1,249 ) $ (5,067 ) $ 16,550 Wholesale 53,041 65,703 31,861 94,835 $ 46,685 $ 64,454 $ 26,794 $ 111,385 Depreciation and Amortization Retail $ 2,132 $ 1,821 $ 6,367 $ 5,377 Wholesale 10,043 8,623 30,312 25,944 $ 12,175 $ 10,444 $ 36,679 $ 31,321 May 31, August 31, Total Assets Retail $ 191,809 $ 178,200 Wholesale 699,902 707,266 $ 891,711 $ 885,466

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	May 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Pension and Other Post-Retirement Benefit Cost (Income)	For the periods ended May 31, 2016 and 2015, net pension and other postretirement benefit costs (income) were comprised of the following: Pension Benefits Three Months Ended Nine Months Ended May 31, May 31, 2016 2015 2016 2015 (in thousands) Service cost $ 168 $ 157 $ 505 $ 470 Interest cost on benefit obligation 1,356 1,213 4,068 3,638 Expected return on plan assets (1,508 ) (1,588 ) (4,525 ) (4,763 ) Amortization and deferral of net loss 318 180 953 541 Net periodic benefit cost (income) $ 334 $ (38 ) $ 1,001 $ (114 ) Other Post-Retirement Benefits Three Months Ended Nine Months Ended May 31, May 31, 2016 2015 2016 2015 (in thousands) Service cost $ 109 $ 151 $ 327 $ 453 Interest cost on benefit obligation 386 413 1,156 1,239 Amortization and deferral of net income (1,137 ) (786 ) (3,409 ) (2,358 ) Net periodic benefit income $ (642 ) $ (222 ) $ (1,926 ) $ (666 )

Description of Business and B19

Description of Business and Basis of Presentation - Additional Information (Detail)	9 Months Ended
	May 31, 2016Segment
Accounting Policies [Abstract]
Number of business segments	2

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	May 31, 2016	Aug. 31, 2015
Inventory Disclosure [Abstract]
Crude Oil	$ 33,920	$ 60,209
Petroleum Products	72,943	92,452
Total @ Lower of LIFO Cost or Market	106,863	152,661
Merchandise	23,906	24,277
Supplies	33,343	29,128
Total @ FIFO	57,249	53,405
Total Inventory	$ 164,112	$ 206,066

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	May 31, 2016	Aug. 31, 2015
Inventory Disclosure [Abstract]
Replacement cost of LIFO, over LIFO carrying values		$ 6,201,000
Replacement cost of LIFO, under LIFO carrying values	$ 5,843,000
LCM inventory write-down	36,455,000	0
LIFO increase (decrease)	$ 42,298,000	$ (6,201,000)

Amended, Restated and Consoli22

Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement - Additional Information (Detail) - USD ($)	Dec. 09, 2015	Oct. 20, 2015	May 31, 2016	Oct. 19, 2015
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ (19,316,000)
Senior Secured Notes Due 2018 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Secured Notes		10.50%
Loss on early extinguishment of debt			(19,316,000)
Redemption premium on note			7,009,000
Debt instrument consent payment			6,536,000
Deferred financing costs of Senior Secured Notes			2,171,000
Unamortized debt discount of Senior Secured Notes			$ 3,600,000
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under new credit agreement		$ 225,000,000		$ 175,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under new credit agreement	$ 50,000,000	$ 50,000,000
Revolving credit facility expiration date	Dec. 9, 2022	Oct. 19, 2020
Line of credit undrawn availability required		$ 15,000,000
Line of credit borrowing capacity maximum percentage		12.50%
Line of credit facility maximum repayment amount		$ 25,000,000
Line of credit minimum amount required to be maintained		$ 100,000,000
Revolving Credit Facility [Member] | Minimum [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		1.25%
Revolving Credit Facility [Member] | Maximum [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		1.75%
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		0.50%
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument interest rates	2.50%
Revolving Credit Facility [Member] | LIBOR [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		1.00%
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | Euro Currency Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		2.25%
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | Euro Currency Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		2.75%
Term Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under new credit agreement		$ 250,000,000
Debt instrument term		10 years
Term Loan [Member] | Minimum [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		1.75%
Term Loan [Member] | Maximum [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		2.25%
Term Loan [Member] | Federal Funds Rate [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		0.50%
Term Loan [Member] | LIBOR [Member] | Domestic Bank Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		1.00%
Term Loan [Member] | LIBOR [Member] | Minimum [Member] | Euro Currency Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		2.75%
Term Loan [Member] | LIBOR [Member] | Maximum [Member] | Euro Currency Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rates		3.25%

Other Long Term Debt - Addition

Other Long Term Debt - Additional Information (Detail) - Revolving Credit Facility [Member] - USD ($)	Dec. 09, 2015	Oct. 20, 2015
Debt Instrument [Line Items]
Maximum borrowing capacity under new credit agreement	$ 50,000,000	$ 50,000,000
Revolving credit facility expiration date	Dec. 9, 2022	Oct. 19, 2020
Debt instrument interest rate term	(a) for LIBOR Loans, at either the LIBOR plus 2.50% or the Prime Rate, (b) for Reference Rate Loans, the Prime Rate and (c) for Fixed Rate Loans, at the Fixed Rate
LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument interest rates	2.50%

Segments of Business - Summariz

Segments of Business - Summarized Financial Information of Company's Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Aug. 31, 2015
Net Sales
Sales, Net	$ 497,982	$ 602,877	$ 1,511,297	$ 2,008,478
Operating (Loss) Income
Operating Income	46,685	64,454	26,794	111,385
Depreciation and Amortization
Depreciation and Amortization	12,175	10,444	36,679	31,321
Total Assets
Assets, Total	891,711		891,711		$ 885,466
Operating Segments [Member] | Retail [Member]
Net Sales
Sales, Net	275,638	320,740	810,847	998,562
Operating (Loss) Income
Operating Income	(6,356)	(1,249)	(5,067)	16,550
Depreciation and Amortization
Depreciation and Amortization	2,132	1,821	6,367	5,377
Total Assets
Assets, Total	191,809		191,809		178,200
Operating Segments [Member] | Wholesale [Member]
Net Sales
Sales, Net	222,344	282,137	700,450	1,009,916
Operating (Loss) Income
Operating Income	53,041	65,703	31,861	94,835
Depreciation and Amortization
Depreciation and Amortization	10,043	8,623	30,312	25,944
Total Assets
Assets, Total	699,902		699,902		$ 707,266
Intersegment Eliminations [Member] | Wholesale [Member]
Intersegment Sales
Intersegment Sales	$ 99,092	$ 134,881	$ 281,762	$ 431,487

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Pension and Other Post-Retirement Benefit Cost (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 168	$ 157	$ 505	$ 470
Interest cost on benefit obligation	1,356	1,213	4,068	3,638
Expected return on plan assets	(1,508)	(1,588)	(4,525)	(4,763)
Amortization and deferral of net (income) loss	318	180	953	541
Net periodic benefit cost (income)	334	(38)	1,001	(114)
Other Post-Retirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	109	151	327	453
Interest cost on benefit obligation	386	413	1,156	1,239
Amortization and deferral of net (income) loss	(1,137)	(786)	(3,409)	(2,358)
Net periodic benefit cost (income)	$ (642)	$ (222)	$ (1,926)	$ (666)

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail)	9 Months Ended
	May 31, 2016USD ($)
Compensation and Retirement Disclosure [Abstract]
Defined pension plan contributions	$ 3,592,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	May 31, 2016	Aug. 31, 2015
Debt Instrument Fair Value Carrying Value [Abstract]
Fair value of long term debt	$ (775,000)	$ 16,636,000

Enbridge Agreements - Additiona

Enbridge Agreements - Additional Information (Detail)	Jul. 31, 2014mi
Schedule of Investments [Abstract]
Miles of pipeline	88.85
Initial payment percentage of replacement cost	50.00%
Initial payment period of replacement cost	30 days
Percentage of construction management fees paid	2.25%
Remaining payment percentage of replacement cost	50.00%
Funding period of remaining replacement cost	10 years