Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
31-May-14 | Jul. 15, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'UNITED REFINING CO | ' |
Entity Central Index Key | '0000101462 | ' |
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 $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Cash and cash equivalents | $46,033 | $158,537 |
Accounts receivable, net | 108,018 | 125,196 |
Refundable income taxes | ' | 20,890 |
Inventories, net | 248,227 | 130,966 |
Prepaid income taxes | 6,532 | ' |
Prepaid expenses and other assets | 57,136 | 42,093 |
Total current assets | 465,946 | 477,682 |
Property, plant and equipment, net | 309,697 | 289,132 |
Deferred financing costs, net | 3,882 | 4,803 |
Goodwill | 1,349 | 1,349 |
Tradename | 10,500 | 10,500 |
Amortizable intangible assets, net | 977 | 1,057 |
Deferred turnaround costs and other assets, net | 37,416 | 11,772 |
Total assets | 829,767 | 796,295 |
Current: | ' | ' |
Current installments of long-term debt | 1,599 | 1,592 |
Accounts payable | 65,269 | 54,170 |
Accrued liabilities | 24,772 | 18,715 |
Income taxes payable | ' | 8,587 |
Sales, use and fuel taxes payable | 23,693 | 19,247 |
Deferred income taxes | 365 | 365 |
Amounts due to affiliated companies, net | 823 | 434 |
Total current liabilities | 116,521 | 103,110 |
Long term debt: less current installments | 238,098 | 237,114 |
Deferred income taxes | 31,060 | 29,193 |
Deferred retirement benefits | 65,396 | 69,675 |
Total liabilities | 451,075 | 439,092 |
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 | 157,251 | 159,844 |
Retained earnings | 214,930 | 190,333 |
Accumulated other comprehensive loss | -7,605 | -7,090 |
Total stockholder's equity | 378,692 | 357,203 |
Total liabilities and stockholder's equity | 829,767 | 796,295 |
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) (USD $) | 31-May-14 | Aug. 31, 2013 |
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_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $784,269 | $883,520 | $2,449,703 | $2,710,691 |
Costs and expenses: | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 722,327 | 752,047 | 2,183,453 | 2,259,321 |
Losses on derivative contracts | ' | ' | ' | 2,319 |
Selling, general and administrative expenses | 41,942 | 41,307 | 124,869 | 122,817 |
Depreciation and amortization expenses | 7,199 | 6,478 | 21,329 | 19,900 |
Total costs and expenses | 771,468 | 799,832 | 2,329,651 | 2,404,357 |
Operating income | 12,801 | 83,688 | 120,052 | 306,334 |
Other expense: | ' | ' | ' | ' |
Interest expense, net | -6,597 | -9,878 | -19,700 | -28,958 |
Other, net | -905 | -738 | -2,302 | -2,326 |
Total other income (expense) | -7,502 | -10,616 | -22,002 | -31,284 |
Income before income tax expense | 5,299 | 73,072 | 98,050 | 275,050 |
Income tax expense | 2,067 | 28,513 | 38,235 | 107,282 |
Net income | $3,232 | $44,559 | $59,815 | $167,768 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $3,232 | $44,559 | $59,815 | $167,768 |
Other comprehensive (loss) income, net of taxes: | ' | ' | ' | ' |
Unrecognized post retirement (loss) income, net of taxes of $(119) and $136 for the three months ended May 31, 2014 and 2013, respectively and $(358) and $410 for the nine months ended May 31, 2014 and 2013, respectively | -172 | 197 | -515 | 590 |
Other comprehensive (loss) income | -172 | 197 | -515 | 590 |
Total comprehensive income | $3,060 | $44,756 | $59,300 | $168,358 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrecognized post retirement (loss) income, taxes | ($119) | $136 | ($358) | $410 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Cash flows from operating activities: | ' | ' |
Net income | $59,815 | $167,768 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 23,074 | 21,490 |
Deferred income taxes | 2,225 | 2,810 |
Loss on asset dispositions | 1,045 | 530 |
Cash used in working capital items | -87,364 | -80,886 |
Change in operating assets and liabilities: | ' | ' |
Other assets, net | 507 | 370 |
Deferred retirement benefits | -5,152 | -2,555 |
Total adjustments | -65,665 | -58,241 |
Net cash (used in) provided by operating activities | -5,850 | 109,527 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -36,608 | -29,466 |
Additions to deferred turnaround costs | -32,219 | -316 |
Proceeds from asset dispositions | 58 | 75 |
Net cash used in investing activities | -68,769 | -29,707 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 1,426 | ' |
Dividends to preferred shareholder and common stockholder | -35,218 | -92,058 |
Principal reductions of long-term debt | -1,500 | -1,210 |
Distribution to parent under the tax sharing agreement | -2,593 | ' |
Net cash used in financing activities | -37,885 | -93,268 |
Net decrease in cash and cash equivalents | -112,504 | -13,448 |
Cash and cash equivalents, beginning of year | 158,537 | 137,540 |
Cash and cash equivalents, end of period | 46,033 | 124,092 |
Cash provided by (used in) working capital items: | ' | ' |
Accounts receivable, net | 17,178 | 16,718 |
Refundable income taxes | 20,890 | ' |
Inventories, net | -117,261 | -70,241 |
Prepaid income taxes | -6,532 | ' |
Prepaid expenses and other assets | -15,043 | -25,249 |
Amounts due to affiliated companies, net | 389 | 833 |
Accounts payable | 11,099 | 17,218 |
Derivative liability | ' | -9,098 |
Accrued liabilities | 6,057 | 7,800 |
Income taxes payable | -8,587 | -17,941 |
Sales, use, and fuel taxes payable | 4,446 | -926 |
Total change | -87,364 | -80,886 |
Cash paid during the period for: | ' | ' |
Interest | 12,954 | 19,368 |
Income taxes | 48,950 | 122,774 |
Non-cash investing activities: | ' | ' |
Property additions & capital leases | $241 | $1,693 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended | |
31-May-14 | ||
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, United Biofuels, Inc. and Kiantone Pipeline Corporation (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® 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., 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, 2014 are not necessarily indicative of the results that may be expected for the year ending August 31, 2014. 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, 2013. |
Inventories
Inventories | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
2 | Inventories | ||||||||
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 the lower of cost or market or replacement cost and include various parts for the refinery operations. | |||||||||
Inventories consist of the following: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Crude Oil | $ | 85,208 | $ | 21,344 | |||||
Petroleum Products | 108,934 | 60,094 | |||||||
Total @ LIFO | 194,142 | 81,438 | |||||||
Merchandise | 24,714 | 24,002 | |||||||
Supplies | 29,371 | 25,526 | |||||||
Total @ FIFO | 54,085 | 49,528 | |||||||
Total Inventory | $ | 248,227 | $ | 130,966 | |||||
As of May 31, 2014 and August 31, 2013, the replacement cost of LIFO inventories exceeded their LIFO carrying values by approximately $93,278,000 and $108,984,000, respectively. |
Segments_of_Business
Segments of Business | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segments of Business | ' | ||||||||||||||||
3 | 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Sales | |||||||||||||||||
Retail | $ | 436,564 | $ | 436,697 | $ | 1,243,048 | $ | 1,269,271 | |||||||||
Wholesale | 347,705 | 446,823 | 1,206,655 | 1,441,420 | |||||||||||||
$ | 784,269 | $ | 883,520 | $ | 2,449,703 | $ | 2,710,691 | ||||||||||
Intersegment Sales | |||||||||||||||||
Wholesale | $ | 240,360 | $ | 229,942 | $ | 657,951 | $ | 672,050 | |||||||||
Operating Income (Loss) | |||||||||||||||||
Retail | $ | 3,238 | $ | 2,678 | $ | (1,292 | ) | $ | (1,985 | ) | |||||||
Wholesale | 9,563 | 81,010 | 121,344 | 308,319 | |||||||||||||
$ | 12,801 | $ | 83,688 | $ | 120,052 | $ | 306,334 | ||||||||||
Depreciation and Amortization | |||||||||||||||||
Retail | $ | 1,610 | $ | 1,453 | $ | 4,749 | $ | 4,378 | |||||||||
Wholesale | 5,589 | 5,025 | 16,580 | 15,522 | |||||||||||||
$ | 7,199 | $ | 6,478 | $ | 21,329 | $ | 19,900 | ||||||||||
May 31, | August 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total Assets | |||||||||||||||||
Retail | $ | 186,717 | $ | 182,662 | |||||||||||||
Wholesale | 643,050 | 613,633 | |||||||||||||||
$ | 829,767 | $ | 796,295 | ||||||||||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 9 Months Ended | ||||||||||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Subsidiary Guarantors | ' | ||||||||||||||||||||||||||||||||
4 | Subsidiary Guarantors | ||||||||||||||||||||||||||||||||
All of 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) | |||||||||||||||||||||||||||||||||
May 31, 2014 | August 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company & | Company | Company & | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 28,881 | $ | 17,152 | $ | — | $ | 46,033 | $ | 141,386 | $ | 17,151 | $ | — | $ | 158,537 | |||||||||||||||||
Accounts receivable, net | 66,844 | 41,174 | — | 108,018 | 83,800 | 41,396 | — | 125,196 | |||||||||||||||||||||||||
Refundable income taxes | — | — | — | — | 21,944 | (1,054 | ) | — | 20,890 | ||||||||||||||||||||||||
Inventories, net | 219,027 | 29,200 | — | 248,227 | 101,891 | 29,075 | — | 130,966 | |||||||||||||||||||||||||
Prepaid income taxes | 5,281 | 1,251 | — | 6,532 | — | — | — | — | |||||||||||||||||||||||||
Prepaid expenses and other assets | 52,945 | 4,191 | — | 57,136 | 37,860 | 4,233 | — | 42,093 | |||||||||||||||||||||||||
Intercompany | 139,286 | 2,529 | (141,815 | ) | — | 133,159 | 6,545 | (139,704 | ) | — | |||||||||||||||||||||||
Total current assets | 512,264 | 95,497 | (141,815 | ) | 465,946 | 520,040 | 97,346 | (139,704 | ) | 477,682 | |||||||||||||||||||||||
Property, plant and equipment, net | 194,602 | 115,095 | — | 309,697 | 179,326 | 109,806 | — | 289,132 | |||||||||||||||||||||||||
Deferred financing costs, net | 3,882 | — | — | 3,882 | 4,803 | — | — | 4,803 | |||||||||||||||||||||||||
Goodwill and other non-amortizable assets | — | 11,849 | — | 11,849 | — | 11,849 | — | 11,849 | |||||||||||||||||||||||||
Amortizable intangible assets, net | — | 977 | — | 977 | — | 1,057 | — | 1,057 | |||||||||||||||||||||||||
Deferred turnaround costs & other assets | 34,848 | 2,568 | — | 37,416 | 9,055 | 2,717 | — | 11,772 | |||||||||||||||||||||||||
Investment in subsidiaries | 25,812 | — | (25,812 | ) | — | 27,503 | — | (27,503 | ) | — | |||||||||||||||||||||||
$ | 771,408 | $ | 225,986 | $ | (167,627 | ) | $ | 829,767 | $ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | ||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||
Current installments of long-term debt | $ | 591 | $ | 1,008 | $ | — | $ | 1,599 | $ | 836 | $ | 756 | $ | — | $ | 1,592 | |||||||||||||||||
Accounts payable | 40,894 | 24,375 | — | 65,269 | 31,625 | 22,545 | — | 54,170 | |||||||||||||||||||||||||
Accrued liabilities | 18,346 | 6,426 | — | 24,772 | 12,399 | 6,316 | — | 18,715 | |||||||||||||||||||||||||
Income taxes payable | — | — | — | — | 8,242 | 345 | — | 8,587 | |||||||||||||||||||||||||
Sales, use and fuel taxes payable | 18,789 | 4,904 | — | 23,693 | 14,933 | 4,314 | — | 19,247 | |||||||||||||||||||||||||
Deferred income taxes | 1,734 | (1,369 | ) | — | 365 | 1,734 | (1,369 | ) | — | 365 | |||||||||||||||||||||||
Amounts due to affiliated companies, net | — | 823 | — | 823 | (169 | ) | 603 | — | 434 | ||||||||||||||||||||||||
Intercompany | — | 141,815 | (141,815 | ) | — | — | 139,704 | (139,704 | ) | — | |||||||||||||||||||||||
Total current liabilities | 80,354 | 177,982 | (141,815 | ) | 116,521 | 69,600 | 173,214 | (139,704 | ) | 103,110 | |||||||||||||||||||||||
Long term debt: less current installments | 232,784 | 5,314 | — | 238,098 | 232,180 | 4,934 | — | 237,114 | |||||||||||||||||||||||||
Deferred income taxes | 16,264 | 14,796 | — | 31,060 | 14,325 | 14,868 | — | 29,193 | |||||||||||||||||||||||||
Deferred retirement benefits | 63,314 | 2,082 | — | 65,396 | 67,419 | 2,256 | — | 69,675 | |||||||||||||||||||||||||
Total liabilities | 392,716 | 200,174 | (141,815 | ) | 451,075 | 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 | ) | — | — | 18 | (18 | ) | — | |||||||||||||||||||||||
Series A Preferred stock; $1,000 par value share – shares authorized 25,000; issued and outstanding 14,116 | 14,116 | — | — | 14,116 | 14,116 | — | — | 14,116 | |||||||||||||||||||||||||
Additional paid-in capital | 157,251 | 16,626 | (16,626 | ) | 157,251 | 159,844 | 16,626 | (16,626 | ) | 159,844 | |||||||||||||||||||||||
Retained earnings | 214,930 | 10,460 | (10,460 | ) | 214,930 | 190,333 | 12,253 | (12,253 | ) | 190,333 | |||||||||||||||||||||||
Accumulated other comprehensive loss | (7,605 | ) | (1,292 | ) | 1,292 | (7,605 | ) | (7,090 | ) | (1,394 | ) | 1,394 | (7,090 | ) | |||||||||||||||||||
Total stockholder’s equity | 378,692 | 25,812 | (25,812 | ) | 378,692 | 357,203 | 27,503 | (27,503 | ) | 357,203 | |||||||||||||||||||||||
$ | 771,408 | $ | 225,986 | $ | (167,627 | ) | $ | 829,767 | $ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | ||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended May 31, 2014 | Three Months Ended May 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company & | Company | Company & | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net sales | $ | 588,065 | $ | 437,393 | $ | (241,189 | ) | $ | 784,269 | $ | 676,765 | $ | 437,885 | $ | (231,130 | ) | $ | 883,520 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation and amortization) | 566,498 | 397,018 | (241,189 | ) | 722,327 | 584,966 | 398,211 | (231,130 | ) | 752,047 | |||||||||||||||||||||||
Selling, general and administrative expenses | 6,201 | 35,741 | — | 41,942 | 5,900 | 35,407 | — | 41,307 | |||||||||||||||||||||||||
Depreciation and amortization expenses | 5,333 | 1,866 | — | 7,199 | 4,813 | 1,665 | — | 6,478 | |||||||||||||||||||||||||
578,032 | 434,625 | (241,189 | ) | 771,468 | 595,679 | 435,283 | (231,130 | ) | 799,832 | ||||||||||||||||||||||||
Operating income | 10,033 | 2,768 | — | 12,801 | 81,086 | 2,602 | — | 83,688 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Interest expense, net | (6,347 | ) | (250 | ) | — | (6,597 | ) | (9,751 | ) | (127 | ) | — | (9,878 | ) | |||||||||||||||||||
Other, net | (818 | ) | (87 | ) | — | (905 | ) | (895 | ) | 157 | — | (738 | ) | ||||||||||||||||||||
Equity in net income of subsidiaries | 1,283 | — | (1,283 | ) | — | 1,666 | — | (1,666 | ) | — | |||||||||||||||||||||||
(5,882 | ) | (337 | ) | (1,283 | ) | (7,502 | ) | (8,980 | ) | 30 | (1,666 | ) | (10,616 | ) | |||||||||||||||||||
Income before income tax expense | 4,151 | 2,431 | (1,283 | ) | 5,299 | 72,106 | 2,632 | (1,666 | ) | 73,072 | |||||||||||||||||||||||
Income tax expense | 919 | 1,148 | — | 2,067 | 27,547 | 966 | — | 28,513 | |||||||||||||||||||||||||
Net income | $ | 3,232 | $ | 1,283 | $ | (1,283 | ) | $ | 3,232 | $ | 44,559 | $ | 1,666 | $ | (1,666 | ) | $ | 44,559 | |||||||||||||||
Nine Months Ended May 31, 2014 | Nine Months Ended May 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company & | Company | Company & | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net sales | $ | 1,864,606 | $ | 1,246,280 | $ | (661,183 | ) | $ | 2,449,703 | $ | 2,113,470 | $ | 1,272,938 | $ | (675,717 | ) | $ | 2,710,691 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 1,707,098 | 1,137,538 | (661,183 | ) | 2,183,453 | 1,768,975 | 1,166,063 | (675,717 | ) | 2,259,321 | |||||||||||||||||||||||
Losses on derivative contracts | — | — | — | — | 2,319 | — | — | 2,319 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 19,205 | 105,664 | — | 124,869 | 18,384 | 104,433 | — | 122,817 | |||||||||||||||||||||||||
Depreciation and amortization expenses | 15,812 | 5,517 | — | 21,329 | 14,887 | 5,013 | — | 19,900 | |||||||||||||||||||||||||
1,742,115 | 1,248,719 | (661,183 | ) | 2,329,651 | 1,804,565 | 1,275,509 | (675,717 | ) | 2,404,357 | ||||||||||||||||||||||||
Operating income (loss) | 122,491 | (2,439 | ) | — | 120,052 | 308,905 | (2,571 | ) | — | 306,334 | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Interest expense, net | (18,976 | ) | (724 | ) | — | (19,700 | ) | (28,584 | ) | (374 | ) | — | (28,958 | ) | |||||||||||||||||||
Other, net | (2,538 | ) | 236 | — | (2,302 | ) | (2,805 | ) | 479 | — | (2,326 | ) | |||||||||||||||||||||
Equity in net loss of subsidiaries | (1,793 | ) | — | 1,793 | — | (1,863 | ) | — | 1,863 | — | |||||||||||||||||||||||
(23,307 | ) | (488 | ) | 1,793 | (22,002 | ) | (33,252 | ) | 105 | 1,863 | (31,284 | ) | |||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 99,184 | (2,927 | ) | 1,793 | 98,050 | 275,653 | (2,466 | ) | 1,863 | 275,050 | |||||||||||||||||||||||
Income tax expense (benefit) | 39,369 | (1,134 | ) | — | 38,235 | 107,885 | (603 | ) | — | 107,282 | |||||||||||||||||||||||
Net income (loss) | $ | 59,815 | $ | (1,793 | ) | $ | 1,793 | $ | 59,815 | $ | 167,768 | $ | (1,863 | ) | $ | 1,863 | $ | 167,768 | |||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2014 | Nine Months Ended May 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company | Company | Company | ||||||||||||||||||||||||||||||
and | and | ||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (16,866 | ) | $ | 11,016 | $ | — | $ | (5,850 | ) | $ | 90,216 | $ | 19,311 | $ | — | $ | 109,527 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | (25,150 | ) | (11,458 | ) | — | (36,608 | ) | (8,641 | ) | (20,825 | ) | — | (29,466 | ) | |||||||||||||||||||
Additions to deferred turnaround costs | (32,028 | ) | (191 | ) | — | (32,219 | ) | (268 | ) | (48 | ) | — | (316 | ) | |||||||||||||||||||
Proceeds from asset dispositions | 56 | 2 | — | 58 | 65 | 10 | — | 75 | |||||||||||||||||||||||||
Net cash used in investing activities | (57,122 | ) | (11,647 | ) | — | (68,769 | ) | (8,844 | ) | (20,863 | ) | — | (29,707 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 1,426 | — | 1,426 | — | — | — | — | |||||||||||||||||||||||||
Dividends to preferred shareholder and common stockholder | (35,218 | ) | — | — | (35,218 | ) | (92,058 | ) | — | — | (92,058 | ) | |||||||||||||||||||||
Principal reductions of long-term debt | (706 | ) | (794 | ) | — | (1,500 | ) | (782 | ) | (428 | ) | — | (1,210 | ) | |||||||||||||||||||
Distribution to parent under the tax sharing agreement | (2,593 | ) | — | — | (2,593 | ) | — | — | — | — | |||||||||||||||||||||||
Net cash (used in) provided by financing activities | (38,517 | ) | 632 | — | (37,885 | ) | (92,840 | ) | (428 | ) | — | (93,268 | ) | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (112,505 | ) | 1 | — | (112,504 | ) | (11,468 | ) | (1,980 | ) | — | (13,448 | ) | ||||||||||||||||||||
Cash and cash equivalents, beginning of year | 141,386 | 17,151 | — | 158,537 | 122,219 | 15,321 | — | 137,540 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 28,881 | $ | 17,152 | $ | — | $ | 46,033 | $ | 110,751 | $ | 13,341 | $ | — | $ | 124,092 | |||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
5 | Employee Benefit Plans | ||||||||||||||||
For the periods ended May 31, 2014 and 2013, net pension and other postretirement benefit costs were comprised of the following: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 149 | $ | 163 | $ | 447 | $ | 491 | |||||||||
Interest cost on benefit obligation | 1,312 | 1,280 | 3,934 | 3,845 | |||||||||||||
Expected return on plan assets | (1,404 | ) | (1,463 | ) | (4,210 | ) | (4,395 | ) | |||||||||
Amortization and deferral of net loss | 175 | 335 | 526 | 1,005 | |||||||||||||
Net periodic benefit cost | $ | 232 | $ | 315 | $ | 697 | $ | 946 | |||||||||
Other Post-Retirement Benefits | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 194 | $ | 235 | $ | 581 | $ | 708 | |||||||||
Interest cost on benefit obligation | 518 | 471 | 1,554 | 1,418 | |||||||||||||
Amortization and deferral of net loss | (465 | ) | 31 | (1,395 | ) | 93 | |||||||||||
Net periodic benefit cost | $ | 247 | $ | 737 | $ | 740 | $ | 2,219 | |||||||||
As of May 31, 2014, $4,642,000 of contributions have been made to the Company pension plans for the fiscal year ending August 31, 2014. | |||||||||||||||||
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 | |
31-May-14 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Measurements | ' | |
6 | 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 exceeded the carrying value of the long term debt at May 31, 2014 and August 31, 2013 by $18,645,000 and $26,642,000, respectively. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Crude Oil | $ | 85,208 | $ | 21,344 | |||||
Petroleum Products | 108,934 | 60,094 | |||||||
Total @ LIFO | 194,142 | 81,438 | |||||||
Merchandise | 24,714 | 24,002 | |||||||
Supplies | 29,371 | 25,526 | |||||||
Total @ FIFO | 54,085 | 49,528 | |||||||
Total Inventory | $ | 248,227 | $ | 130,966 | |||||
Segments_of_Business_Tables
Segments of Business (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summarized Financial Information of Company's Reportable Segments | ' | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Sales | |||||||||||||||||
Retail | $ | 436,564 | $ | 436,697 | $ | 1,243,048 | $ | 1,269,271 | |||||||||
Wholesale | 347,705 | 446,823 | 1,206,655 | 1,441,420 | |||||||||||||
$ | 784,269 | $ | 883,520 | $ | 2,449,703 | $ | 2,710,691 | ||||||||||
Intersegment Sales | |||||||||||||||||
Wholesale | $ | 240,360 | $ | 229,942 | $ | 657,951 | $ | 672,050 | |||||||||
Operating Income (Loss) | |||||||||||||||||
Retail | $ | 3,238 | $ | 2,678 | $ | (1,292 | ) | $ | (1,985 | ) | |||||||
Wholesale | 9,563 | 81,010 | 121,344 | 308,319 | |||||||||||||
$ | 12,801 | $ | 83,688 | $ | 120,052 | $ | 306,334 | ||||||||||
Depreciation and Amortization | |||||||||||||||||
Retail | $ | 1,610 | $ | 1,453 | $ | 4,749 | $ | 4,378 | |||||||||
Wholesale | 5,589 | 5,025 | 16,580 | 15,522 | |||||||||||||
$ | 7,199 | $ | 6,478 | $ | 21,329 | $ | 19,900 | ||||||||||
May 31, | August 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total Assets | |||||||||||||||||
Retail | $ | 186,717 | $ | 182,662 | |||||||||||||
Wholesale | 643,050 | 613,633 | |||||||||||||||
$ | 829,767 | $ | 796,295 | ||||||||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
May 31, 2014 | August 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company & | Company | Company & | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 28,881 | $ | 17,152 | $ | — | $ | 46,033 | $ | 141,386 | $ | 17,151 | $ | — | $ | 158,537 | |||||||||||||||||
Accounts receivable, net | 66,844 | 41,174 | — | 108,018 | 83,800 | 41,396 | — | 125,196 | |||||||||||||||||||||||||
Refundable income taxes | — | — | — | — | 21,944 | (1,054 | ) | — | 20,890 | ||||||||||||||||||||||||
Inventories, net | 219,027 | 29,200 | — | 248,227 | 101,891 | 29,075 | — | 130,966 | |||||||||||||||||||||||||
Prepaid income taxes | 5,281 | 1,251 | — | 6,532 | — | — | — | — | |||||||||||||||||||||||||
Prepaid expenses and other assets | 52,945 | 4,191 | — | 57,136 | 37,860 | 4,233 | — | 42,093 | |||||||||||||||||||||||||
Intercompany | 139,286 | 2,529 | (141,815 | ) | — | 133,159 | 6,545 | (139,704 | ) | — | |||||||||||||||||||||||
Total current assets | 512,264 | 95,497 | (141,815 | ) | 465,946 | 520,040 | 97,346 | (139,704 | ) | 477,682 | |||||||||||||||||||||||
Property, plant and equipment, net | 194,602 | 115,095 | — | 309,697 | 179,326 | 109,806 | — | 289,132 | |||||||||||||||||||||||||
Deferred financing costs, net | 3,882 | — | — | 3,882 | 4,803 | — | — | 4,803 | |||||||||||||||||||||||||
Goodwill and other non-amortizable assets | — | 11,849 | — | 11,849 | — | 11,849 | — | 11,849 | |||||||||||||||||||||||||
Amortizable intangible assets, net | — | 977 | — | 977 | — | 1,057 | — | 1,057 | |||||||||||||||||||||||||
Deferred turnaround costs & other assets | 34,848 | 2,568 | — | 37,416 | 9,055 | 2,717 | — | 11,772 | |||||||||||||||||||||||||
Investment in subsidiaries | 25,812 | — | (25,812 | ) | — | 27,503 | — | (27,503 | ) | — | |||||||||||||||||||||||
$ | 771,408 | $ | 225,986 | $ | (167,627 | ) | $ | 829,767 | $ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | ||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||
Current installments of long-term debt | $ | 591 | $ | 1,008 | $ | — | $ | 1,599 | $ | 836 | $ | 756 | $ | — | $ | 1,592 | |||||||||||||||||
Accounts payable | 40,894 | 24,375 | — | 65,269 | 31,625 | 22,545 | — | 54,170 | |||||||||||||||||||||||||
Accrued liabilities | 18,346 | 6,426 | — | 24,772 | 12,399 | 6,316 | — | 18,715 | |||||||||||||||||||||||||
Income taxes payable | — | — | — | — | 8,242 | 345 | — | 8,587 | |||||||||||||||||||||||||
Sales, use and fuel taxes payable | 18,789 | 4,904 | — | 23,693 | 14,933 | 4,314 | — | 19,247 | |||||||||||||||||||||||||
Deferred income taxes | 1,734 | (1,369 | ) | — | 365 | 1,734 | (1,369 | ) | — | 365 | |||||||||||||||||||||||
Amounts due to affiliated companies, net | — | 823 | — | 823 | (169 | ) | 603 | — | 434 | ||||||||||||||||||||||||
Intercompany | — | 141,815 | (141,815 | ) | — | — | 139,704 | (139,704 | ) | — | |||||||||||||||||||||||
Total current liabilities | 80,354 | 177,982 | (141,815 | ) | 116,521 | 69,600 | 173,214 | (139,704 | ) | 103,110 | |||||||||||||||||||||||
Long term debt: less current installments | 232,784 | 5,314 | — | 238,098 | 232,180 | 4,934 | — | 237,114 | |||||||||||||||||||||||||
Deferred income taxes | 16,264 | 14,796 | — | 31,060 | 14,325 | 14,868 | — | 29,193 | |||||||||||||||||||||||||
Deferred retirement benefits | 63,314 | 2,082 | — | 65,396 | 67,419 | 2,256 | — | 69,675 | |||||||||||||||||||||||||
Total liabilities | 392,716 | 200,174 | (141,815 | ) | 451,075 | 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 | ) | — | — | 18 | (18 | ) | — | |||||||||||||||||||||||
Series A Preferred stock; $1,000 par value share – shares authorized 25,000; issued and outstanding 14,116 | 14,116 | — | — | 14,116 | 14,116 | — | — | 14,116 | |||||||||||||||||||||||||
Additional paid-in capital | 157,251 | 16,626 | (16,626 | ) | 157,251 | 159,844 | 16,626 | (16,626 | ) | 159,844 | |||||||||||||||||||||||
Retained earnings | 214,930 | 10,460 | (10,460 | ) | 214,930 | 190,333 | 12,253 | (12,253 | ) | 190,333 | |||||||||||||||||||||||
Accumulated other comprehensive loss | (7,605 | ) | (1,292 | ) | 1,292 | (7,605 | ) | (7,090 | ) | (1,394 | ) | 1,394 | (7,090 | ) | |||||||||||||||||||
Total stockholder’s equity | 378,692 | 25,812 | (25,812 | ) | 378,692 | 357,203 | 27,503 | (27,503 | ) | 357,203 | |||||||||||||||||||||||
$ | 771,408 | $ | 225,986 | $ | (167,627 | ) | $ | 829,767 | $ | 740,727 | $ | 222,775 | $ | (167,207 | ) | $ | 796,295 | ||||||||||||||||
Schedule of Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended May 31, 2014 | Three Months Ended May 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company & | Company | Company & | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net sales | $ | 588,065 | $ | 437,393 | $ | (241,189 | ) | $ | 784,269 | $ | 676,765 | $ | 437,885 | $ | (231,130 | ) | $ | 883,520 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation and amortization) | 566,498 | 397,018 | (241,189 | ) | 722,327 | 584,966 | 398,211 | (231,130 | ) | 752,047 | |||||||||||||||||||||||
Selling, general and administrative expenses | 6,201 | 35,741 | — | 41,942 | 5,900 | 35,407 | — | 41,307 | |||||||||||||||||||||||||
Depreciation and amortization expenses | 5,333 | 1,866 | — | 7,199 | 4,813 | 1,665 | — | 6,478 | |||||||||||||||||||||||||
578,032 | 434,625 | (241,189 | ) | 771,468 | 595,679 | 435,283 | (231,130 | ) | 799,832 | ||||||||||||||||||||||||
Operating income | 10,033 | 2,768 | — | 12,801 | 81,086 | 2,602 | — | 83,688 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Interest expense, net | (6,347 | ) | (250 | ) | — | (6,597 | ) | (9,751 | ) | (127 | ) | — | (9,878 | ) | |||||||||||||||||||
Other, net | (818 | ) | (87 | ) | — | (905 | ) | (895 | ) | 157 | — | (738 | ) | ||||||||||||||||||||
Equity in net income of subsidiaries | 1,283 | — | (1,283 | ) | — | 1,666 | — | (1,666 | ) | — | |||||||||||||||||||||||
(5,882 | ) | (337 | ) | (1,283 | ) | (7,502 | ) | (8,980 | ) | 30 | (1,666 | ) | (10,616 | ) | |||||||||||||||||||
Income before income tax expense | 4,151 | 2,431 | (1,283 | ) | 5,299 | 72,106 | 2,632 | (1,666 | ) | 73,072 | |||||||||||||||||||||||
Income tax expense | 919 | 1,148 | — | 2,067 | 27,547 | 966 | — | 28,513 | |||||||||||||||||||||||||
Net income | $ | 3,232 | $ | 1,283 | $ | (1,283 | ) | $ | 3,232 | $ | 44,559 | $ | 1,666 | $ | (1,666 | ) | $ | 44,559 | |||||||||||||||
Nine Months Ended May 31, 2014 | Nine Months Ended May 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company & | Company | Company & | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net sales | $ | 1,864,606 | $ | 1,246,280 | $ | (661,183 | ) | $ | 2,449,703 | $ | 2,113,470 | $ | 1,272,938 | $ | (675,717 | ) | $ | 2,710,691 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Costs of goods sold (exclusive of depreciation, amortization and losses on derivative contracts) | 1,707,098 | 1,137,538 | (661,183 | ) | 2,183,453 | 1,768,975 | 1,166,063 | (675,717 | ) | 2,259,321 | |||||||||||||||||||||||
Losses on derivative contracts | — | — | — | — | 2,319 | — | — | 2,319 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 19,205 | 105,664 | — | 124,869 | 18,384 | 104,433 | — | 122,817 | |||||||||||||||||||||||||
Depreciation and amortization expenses | 15,812 | 5,517 | — | 21,329 | 14,887 | 5,013 | — | 19,900 | |||||||||||||||||||||||||
1,742,115 | 1,248,719 | (661,183 | ) | 2,329,651 | 1,804,565 | 1,275,509 | (675,717 | ) | 2,404,357 | ||||||||||||||||||||||||
Operating income (loss) | 122,491 | (2,439 | ) | — | 120,052 | 308,905 | (2,571 | ) | — | 306,334 | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Interest expense, net | (18,976 | ) | (724 | ) | — | (19,700 | ) | (28,584 | ) | (374 | ) | — | (28,958 | ) | |||||||||||||||||||
Other, net | (2,538 | ) | 236 | — | (2,302 | ) | (2,805 | ) | 479 | — | (2,326 | ) | |||||||||||||||||||||
Equity in net loss of subsidiaries | (1,793 | ) | — | 1,793 | — | (1,863 | ) | — | 1,863 | — | |||||||||||||||||||||||
(23,307 | ) | (488 | ) | 1,793 | (22,002 | ) | (33,252 | ) | 105 | 1,863 | (31,284 | ) | |||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 99,184 | (2,927 | ) | 1,793 | 98,050 | 275,653 | (2,466 | ) | 1,863 | 275,050 | |||||||||||||||||||||||
Income tax expense (benefit) | 39,369 | (1,134 | ) | — | 38,235 | 107,885 | (603 | ) | — | 107,282 | |||||||||||||||||||||||
Net income (loss) | $ | 59,815 | $ | (1,793 | ) | $ | 1,793 | $ | 59,815 | $ | 167,768 | $ | (1,863 | ) | $ | 1,863 | $ | 167,768 | |||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2014 | Nine Months Ended May 31, 2013 | ||||||||||||||||||||||||||||||||
United | Guarantors | Eliminations | United | United | Guarantors | Eliminations | United | ||||||||||||||||||||||||||
Refining | Refining | Refining | Refining | ||||||||||||||||||||||||||||||
Company | Company | Company | Company | ||||||||||||||||||||||||||||||
and | and | ||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (16,866 | ) | $ | 11,016 | $ | — | $ | (5,850 | ) | $ | 90,216 | $ | 19,311 | $ | — | $ | 109,527 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Additions to property, plant and equipment | (25,150 | ) | (11,458 | ) | — | (36,608 | ) | (8,641 | ) | (20,825 | ) | — | (29,466 | ) | |||||||||||||||||||
Additions to deferred turnaround costs | (32,028 | ) | (191 | ) | — | (32,219 | ) | (268 | ) | (48 | ) | — | (316 | ) | |||||||||||||||||||
Proceeds from asset dispositions | 56 | 2 | — | 58 | 65 | 10 | — | 75 | |||||||||||||||||||||||||
Net cash used in investing activities | (57,122 | ) | (11,647 | ) | — | (68,769 | ) | (8,844 | ) | (20,863 | ) | — | (29,707 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 1,426 | — | 1,426 | — | — | — | — | |||||||||||||||||||||||||
Dividends to preferred shareholder and common stockholder | (35,218 | ) | — | — | (35,218 | ) | (92,058 | ) | — | — | (92,058 | ) | |||||||||||||||||||||
Principal reductions of long-term debt | (706 | ) | (794 | ) | — | (1,500 | ) | (782 | ) | (428 | ) | — | (1,210 | ) | |||||||||||||||||||
Distribution to parent under the tax sharing agreement | (2,593 | ) | — | — | (2,593 | ) | — | — | — | — | |||||||||||||||||||||||
Net cash (used in) provided by financing activities | (38,517 | ) | 632 | — | (37,885 | ) | (92,840 | ) | (428 | ) | — | (93,268 | ) | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (112,505 | ) | 1 | — | (112,504 | ) | (11,468 | ) | (1,980 | ) | — | (13,448 | ) | ||||||||||||||||||||
Cash and cash equivalents, beginning of year | 141,386 | 17,151 | — | 158,537 | 122,219 | 15,321 | — | 137,540 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 28,881 | $ | 17,152 | $ | — | $ | 46,033 | $ | 110,751 | $ | 13,341 | $ | — | $ | 124,092 | |||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Pension and Other Postretirement Benefit Costs | ' | ||||||||||||||||
For the periods ended May 31, 2014 and 2013, net pension and other postretirement benefit costs were comprised of the following: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 149 | $ | 163 | $ | 447 | $ | 491 | |||||||||
Interest cost on benefit obligation | 1,312 | 1,280 | 3,934 | 3,845 | |||||||||||||
Expected return on plan assets | (1,404 | ) | (1,463 | ) | (4,210 | ) | (4,395 | ) | |||||||||
Amortization and deferral of net loss | 175 | 335 | 526 | 1,005 | |||||||||||||
Net periodic benefit cost | $ | 232 | $ | 315 | $ | 697 | $ | 946 | |||||||||
Other Post-Retirement Benefits | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 194 | $ | 235 | $ | 581 | $ | 708 | |||||||||
Interest cost on benefit obligation | 518 | 471 | 1,554 | 1,418 | |||||||||||||
Amortization and deferral of net loss | (465 | ) | 31 | (1,395 | ) | 93 | |||||||||||
Net periodic benefit cost | $ | 247 | $ | 737 | $ | 740 | $ | 2,219 | |||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
31-May-14 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of business segments | 2 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Crude Oil | $85,208 | $21,344 |
Petroleum Products | 108,934 | 60,094 |
Total @ LIFO | 194,142 | 81,438 |
Merchandise | 24,714 | 24,002 |
Supplies | 29,371 | 25,526 |
Total @ FIFO | 54,085 | 49,528 |
Total Inventory | $248,227 | $130,966 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Replacement cost of LIFO, over LIFO carrying values | $93,278,000 | $108,984,000 |
Segments_of_Business_Summarize
Segments of Business - Summarized Financial Information of Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 |
Net Sales | ' | ' | ' | ' | ' |
Sales, Net | $784,269 | $883,520 | $2,449,703 | $2,710,691 | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' |
Operating income | 12,801 | 83,688 | 120,052 | 306,334 | ' |
Depreciation and Amortization | ' | ' | ' | ' | ' |
Depreciation and Amortization | 7,199 | 6,478 | 21,329 | 19,900 | ' |
Total Assets | ' | ' | ' | ' | ' |
Assets, Total | 829,767 | ' | 829,767 | ' | 796,295 |
Operating Segments [Member] | Retail [Member] | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' |
Sales, Net | 436,564 | 436,697 | 1,243,048 | 1,269,271 | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' |
Operating income | 3,238 | 2,678 | -1,292 | ' | ' |
Depreciation and Amortization | ' | ' | ' | ' | ' |
Depreciation and Amortization | 1,610 | 1,453 | 4,749 | 4,378 | ' |
Total Assets | ' | ' | ' | ' | ' |
Assets, Total | 186,717 | ' | 186,717 | ' | 182,662 |
Operating Segments [Member] | Wholesale [Member] | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' |
Sales, Net | 347,705 | 446,823 | 1,206,655 | 1,441,420 | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' |
Operating income | 9,563 | 81,010 | 121,344 | 308,319 | ' |
Depreciation and Amortization | ' | ' | ' | ' | ' |
Depreciation and Amortization | 5,589 | 5,025 | 16,580 | 15,522 | ' |
Total Assets | ' | ' | ' | ' | ' |
Assets, Total | 643,050 | ' | 643,050 | ' | 613,633 |
Intersegment Eliminations [Member] | Wholesale [Member] | ' | ' | ' | ' | ' |
Intersegment Sales | ' | ' | ' | ' | ' |
Intersegment Sales | $240,360 | $229,942 | $657,951 | $672,050 | ' |
Subsidiary_Guarantors_Addition
Subsidiary Guarantors - Additional Information (Detail) (10.50% Senior Secured Notes [Member]) | 9 Months Ended |
31-May-14 | |
10.50% Senior Secured Notes [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Senior Secured Notes, interest rate | 10.50% |
Senior Secured Notes, maturity year | '2018 |
Subsidiary_Guarantors_Schedule
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheets (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current: | ' | ' | ' | ' |
Cash and cash equivalents | $46,033 | $158,537 | $124,092 | $137,540 |
Accounts receivable, net | 108,018 | 125,196 | ' | ' |
Refundable income taxes | ' | 20,890 | ' | ' |
Inventories, net | 248,227 | 130,966 | ' | ' |
Prepaid income taxes | 6,532 | ' | ' | ' |
Prepaid expenses and other assets | 57,136 | 42,093 | ' | ' |
Total current assets | 465,946 | 477,682 | ' | ' |
Property, plant and equipment, net | 309,697 | 289,132 | ' | ' |
Deferred financing costs, net | 3,882 | 4,803 | ' | ' |
Goodwill and other non-amortizable assets | 11,849 | 11,849 | ' | ' |
Amortizable intangible assets, net | 977 | 1,057 | ' | ' |
Deferred turnaround costs & other assets | 37,416 | 11,772 | ' | ' |
Total assets | 829,767 | 796,295 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | 1,599 | 1,592 | ' | ' |
Accounts payable | 65,269 | 54,170 | ' | ' |
Accrued liabilities | 24,772 | 18,715 | ' | ' |
Income taxes payable | ' | 8,587 | ' | ' |
Sales, use and fuel taxes payable | 23,693 | 19,247 | ' | ' |
Deferred income taxes | 365 | 365 | ' | ' |
Amounts due to affiliated companies, net | 823 | 434 | ' | ' |
Total current liabilities | 116,521 | 103,110 | ' | ' |
Long term debt: less current installments | 238,098 | 237,114 | ' | ' |
Deferred income taxes | 31,060 | 29,193 | ' | ' |
Deferred retirement benefits | 65,396 | 69,675 | ' | ' |
Total liabilities | 451,075 | 439,092 | ' | ' |
Commitment 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 | 157,251 | 159,844 | ' | ' |
Retained earnings | 214,930 | 190,333 | ' | ' |
Accumulated other comprehensive loss | -7,605 | -7,090 | ' | ' |
Total stockholder's equity | 378,692 | 357,203 | ' | ' |
Total liabilities and stockholder's equity | 829,767 | 796,295 | ' | ' |
United Refining Company [Member] | ' | ' | ' | ' |
Current: | ' | ' | ' | ' |
Cash and cash equivalents | 28,881 | 141,386 | 110,751 | 122,219 |
Accounts receivable, net | 66,844 | 83,800 | ' | ' |
Refundable income taxes | ' | 21,944 | ' | ' |
Inventories, net | 219,027 | 101,891 | ' | ' |
Prepaid income taxes | 5,281 | ' | ' | ' |
Prepaid expenses and other assets | 52,945 | 37,860 | ' | ' |
Intercompany | 139,286 | 133,159 | ' | ' |
Total current assets | 512,264 | 520,040 | ' | ' |
Property, plant and equipment, net | 194,602 | 179,326 | ' | ' |
Deferred financing costs, net | 3,882 | 4,803 | ' | ' |
Deferred turnaround costs & other assets | 34,848 | 9,055 | ' | ' |
Investment in subsidiaries | 25,812 | 27,503 | ' | ' |
Total assets | 771,408 | 740,727 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | 591 | 836 | ' | ' |
Accounts payable | 40,894 | 31,625 | ' | ' |
Accrued liabilities | 18,346 | 12,399 | ' | ' |
Income taxes payable | ' | 8,242 | ' | ' |
Sales, use and fuel taxes payable | 18,789 | 14,933 | ' | ' |
Deferred income taxes | 1,734 | 1,734 | ' | ' |
Amounts due to affiliated companies, net | ' | -169 | ' | ' |
Total current liabilities | 80,354 | 69,600 | ' | ' |
Long term debt: less current installments | 232,784 | 232,180 | ' | ' |
Deferred income taxes | 16,264 | 14,325 | ' | ' |
Deferred retirement benefits | 63,314 | 67,419 | ' | ' |
Total liabilities | 392,716 | 383,524 | ' | ' |
Commitment and contingencies | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Additional paid-in capital | 157,251 | 159,844 | ' | ' |
Retained earnings | 214,930 | 190,333 | ' | ' |
Accumulated other comprehensive loss | -7,605 | -7,090 | ' | ' |
Total stockholder's equity | 378,692 | 357,203 | ' | ' |
Total liabilities and stockholder's equity | 771,408 | 740,727 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Current: | ' | ' | ' | ' |
Cash and cash equivalents | 17,152 | 17,151 | 13,341 | 15,321 |
Accounts receivable, net | 41,174 | 41,396 | ' | ' |
Refundable income taxes | ' | -1,054 | ' | ' |
Inventories, net | 29,200 | 29,075 | ' | ' |
Prepaid income taxes | 1,251 | ' | ' | ' |
Prepaid expenses and other assets | 4,191 | 4,233 | ' | ' |
Intercompany | 2,529 | 6,545 | ' | ' |
Total current assets | 95,497 | 97,346 | ' | ' |
Property, plant and equipment, net | 115,095 | 109,806 | ' | ' |
Goodwill and other non-amortizable assets | 11,849 | 11,849 | ' | ' |
Amortizable intangible assets, net | 977 | 1,057 | ' | ' |
Deferred turnaround costs & other assets | 2,568 | 2,717 | ' | ' |
Total assets | 225,986 | 222,775 | ' | ' |
Current: | ' | ' | ' | ' |
Current installments of long-term debt | 1,008 | 756 | ' | ' |
Accounts payable | 24,375 | 22,545 | ' | ' |
Accrued liabilities | 6,426 | 6,316 | ' | ' |
Income taxes payable | ' | 345 | ' | ' |
Sales, use and fuel taxes payable | 4,904 | 4,314 | ' | ' |
Deferred income taxes | -1,369 | -1,369 | ' | ' |
Amounts due to affiliated companies, net | 823 | 603 | ' | ' |
Intercompany | 141,815 | 139,704 | ' | ' |
Total current liabilities | 177,982 | 173,214 | ' | ' |
Long term debt: less current installments | 5,314 | 4,934 | ' | ' |
Deferred income taxes | 14,796 | 14,868 | ' | ' |
Deferred retirement benefits | 2,082 | 2,256 | ' | ' |
Total liabilities | 200,174 | 195,272 | ' | ' |
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 | 16,626 | 16,626 | ' | ' |
Retained earnings | 10,460 | 12,253 | ' | ' |
Accumulated other comprehensive loss | -1,292 | -1,394 | ' | ' |
Total stockholder's equity | 25,812 | 27,503 | ' | ' |
Total liabilities and stockholder's equity | 225,986 | 222,775 | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Series A Preferred stock; $1,000 par value share - shares authorized 25,000; issued and outstanding 14,116 | 14,116 | 14,116 | ' | ' |
Series A Preferred Stock [Member] | United Refining Company [Member] | ' | ' | ' | ' |
Stockholder's equity | ' | ' | ' | ' |
Series A Preferred stock; $1,000 par value share - shares authorized 25,000; issued and outstanding 14,116 | 14,116 | 14,116 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current: | ' | ' | ' | ' |
Intercompany | -141,815 | -139,704 | ' | ' |
Total current assets | -141,815 | -139,704 | ' | ' |
Investment in subsidiaries | -25,812 | -27,503 | ' | ' |
Total assets | -167,627 | -167,207 | ' | ' |
Current: | ' | ' | ' | ' |
Intercompany | -141,815 | -139,704 | ' | ' |
Total current liabilities | -141,815 | -139,704 | ' | ' |
Total liabilities | -141,815 | -139,704 | ' | ' |
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 | -16,626 | -16,626 | ' | ' |
Retained earnings | -10,460 | -12,253 | ' | ' |
Accumulated other comprehensive loss | 1,292 | 1,394 | ' | ' |
Total stockholder's equity | -25,812 | -27,503 | ' | ' |
Total liabilities and stockholder's equity | ($167,627) | ($167,207) | ' | ' |
Subsidiary_Guarantors_Schedule1
Subsidiary Guarantors - Schedule of Condensed Consolidating Balance Sheets (Parenthetical) (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
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 |
Series A Preferred Stock [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
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 |
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 |
United Refining Company [Member] | Series A Preferred Stock [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
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 |
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 |
Subsidiary_Guarantors_Schedule2
Subsidiary Guarantors - Schedule of Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $784,269 | $883,520 | $2,449,703 | $2,710,691 |
Costs and expenses: | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation and amortization and losses on derivative contracts) | 722,327 | 752,047 | 2,183,453 | 2,259,321 |
Losses on derivative contracts | ' | ' | ' | 2,319 |
Selling, general and administrative expenses | 41,942 | 41,307 | 124,869 | 122,817 |
Depreciation and amortization expenses | 7,199 | 6,478 | 21,329 | 19,900 |
Total Expenses | 771,468 | 799,832 | 2,329,651 | 2,404,357 |
Operating income (loss) | 12,801 | 83,688 | 120,052 | 306,334 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -6,597 | -9,878 | -19,700 | -28,958 |
Other, net | -905 | -738 | -2,302 | -2,326 |
Total other income (expense) | -7,502 | -10,616 | -22,002 | -31,284 |
Income (loss) before income tax expense (benefit) | 5,299 | 73,072 | 98,050 | 275,050 |
Income tax expense (benefit) | 2,067 | 28,513 | 38,235 | 107,282 |
Net income (loss) | 3,232 | 44,559 | 59,815 | 167,768 |
United Refining Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 588,065 | 676,765 | 1,864,606 | 2,113,470 |
Costs and expenses: | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation and amortization and losses on derivative contracts) | 566,498 | 584,966 | 1,707,098 | 1,768,975 |
Losses on derivative contracts | ' | ' | ' | 2,319 |
Selling, general and administrative expenses | 6,201 | 5,900 | 19,205 | 18,384 |
Depreciation and amortization expenses | 5,333 | 4,813 | 15,812 | 14,887 |
Total Expenses | 578,032 | 595,679 | 1,742,115 | 1,804,565 |
Operating income (loss) | 10,033 | 81,086 | 122,491 | 308,905 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -6,347 | -9,751 | -18,976 | -28,584 |
Other, net | -818 | -895 | -2,538 | -2,805 |
Equity in net income (loss) of subsidiaries | 1,283 | 1,666 | -1,793 | -1,863 |
Total other income (expense) | -5,882 | -8,980 | -23,307 | -33,252 |
Income (loss) before income tax expense (benefit) | 4,151 | 72,106 | 99,184 | 275,653 |
Income tax expense (benefit) | 919 | 27,547 | 39,369 | 107,885 |
Net income (loss) | 3,232 | 44,559 | 59,815 | 167,768 |
Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 437,393 | 437,885 | 1,246,280 | 1,272,938 |
Costs and expenses: | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation and amortization and losses on derivative contracts) | 397,018 | 398,211 | 1,137,538 | 1,166,063 |
Selling, general and administrative expenses | 35,741 | 35,407 | 105,664 | 104,433 |
Depreciation and amortization expenses | 1,866 | 1,665 | 5,517 | 5,013 |
Total Expenses | 434,625 | 435,283 | 1,248,719 | 1,275,509 |
Operating income (loss) | 2,768 | 2,602 | -2,439 | -2,571 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -250 | -127 | -724 | -374 |
Other, net | -87 | 157 | 236 | 479 |
Total other income (expense) | -337 | 30 | -488 | 105 |
Income (loss) before income tax expense (benefit) | 2,431 | 2,632 | -2,927 | -2,466 |
Income tax expense (benefit) | 1,148 | 966 | -1,134 | -603 |
Net income (loss) | 1,283 | 1,666 | -1,793 | -1,863 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -241,189 | -231,130 | -661,183 | -675,717 |
Costs and expenses: | ' | ' | ' | ' |
Costs of goods sold (exclusive of depreciation and amortization and losses on derivative contracts) | -241,189 | -231,130 | -661,183 | -675,717 |
Total Expenses | -241,189 | -231,130 | -661,183 | -675,717 |
Other income (expense): | ' | ' | ' | ' |
Equity in net income (loss) of subsidiaries | -1,283 | -1,666 | 1,793 | 1,863 |
Total other income (expense) | -1,283 | -1,666 | 1,793 | 1,863 |
Income (loss) before income tax expense (benefit) | -1,283 | -1,666 | 1,793 | 1,863 |
Net income (loss) | ($1,283) | ($1,666) | $1,793 | $1,863 |
Subsidiary_Guarantors_Schedule3
Subsidiary Guarantors - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | ($5,850) | $109,527 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -36,608 | -29,466 |
Additions to deferred turnaround costs | -32,219 | -316 |
Proceeds from asset dispositions | 58 | 75 |
Net cash used in investing activities | -68,769 | -29,707 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 1,426 | ' |
Dividends to preferred shareholder and common stockholder | -35,218 | -92,058 |
Principal reductions of long-term debt | -1,500 | -1,210 |
Distribution to parent under the tax sharing agreement | -2,593 | ' |
Net cash (used in) provided by financing activities | -37,885 | -93,268 |
Net (decrease) increase in cash and cash equivalents | -112,504 | -13,448 |
Cash and cash equivalents, beginning of year | 158,537 | 137,540 |
Cash and cash equivalents, end of period | 46,033 | 124,092 |
United Refining Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | -16,866 | 90,216 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -25,150 | -8,641 |
Additions to deferred turnaround costs | -32,028 | -268 |
Proceeds from asset dispositions | 56 | 65 |
Net cash used in investing activities | -57,122 | -8,844 |
Cash flows from financing activities: | ' | ' |
Dividends to preferred shareholder and common stockholder | -35,218 | -92,058 |
Principal reductions of long-term debt | -706 | -782 |
Distribution to parent under the tax sharing agreement | -2,593 | ' |
Net cash (used in) provided by financing activities | -38,517 | -92,840 |
Net (decrease) increase in cash and cash equivalents | -112,505 | -11,468 |
Cash and cash equivalents, beginning of year | 141,386 | 122,219 |
Cash and cash equivalents, end of period | 28,881 | 110,751 |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 11,016 | 19,311 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -11,458 | -20,825 |
Additions to deferred turnaround costs | -191 | -48 |
Proceeds from asset dispositions | 2 | 10 |
Net cash used in investing activities | -11,647 | -20,863 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 1,426 | ' |
Principal reductions of long-term debt | -794 | -428 |
Net cash (used in) provided by financing activities | 632 | -428 |
Net (decrease) increase in cash and cash equivalents | 1 | -1,980 |
Cash and cash equivalents, beginning of year | 17,151 | 15,321 |
Cash and cash equivalents, end of period | $17,152 | $13,341 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Pension and Other Postretirement Benefit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $149 | $163 | $447 | $491 |
Interest cost on benefit obligation | 1,312 | 1,280 | 3,934 | 3,845 |
Expected return on plan assets | -1,404 | -1,463 | -4,210 | -4,395 |
Amortization and deferral of net loss | 175 | 335 | 526 | 1,005 |
Net periodic benefit cost | 232 | 315 | 697 | 946 |
Other Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 194 | 235 | 581 | 708 |
Interest cost on benefit obligation | 518 | 471 | 1,554 | 1,418 |
Amortization and deferral of net loss | -465 | 31 | -1,395 | 93 |
Net periodic benefit cost | $247 | $737 | $740 | $2,219 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
31-May-14 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Defined pension plan contributions | $4,642,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of long term debt | $18,645,000 | $26,642,000 |