Fair Value Measurements Recurring Fair Value Measurements by Level (Details) (USD $) | 6 Months Ended | | |
In Thousands, unless otherwise specified | Feb. 28, 2014 | Aug. 31, 2013 | Feb. 28, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $621,523 | $499,890 | $501,178 |
Derivative Liability, Fair Value, Gross Liability | 553,693 | 465,066 | 429,975 |
Fair Value Measurements, Recurring and Nonrecurring | ' | ' | ' |
|
| | | | | | | | | | | | | | | |
| 28-Feb-14 |
| Quoted Prices in | | Significant | | Significant | | Total |
Active Markets | Other | Unobservable |
for Identical | Observable | Inputs |
Assets | Inputs | (Level 3) |
(Level 1) | (Level 2) | |
| (Dollars in thousands) |
Assets: | | | | | | | | | | |
|
Readily marketable inventories | | | | $ | 1,318,428 | | | | | $ | 1,318,428 | |
|
Commodity and freight derivatives | $ | 57,638 | | | 557,540 | | | | | 615,178 | |
|
Foreign currency derivatives | 6,345 | | | | | | | | 6,345 | |
|
Other assets | 114,261 | | | | | | | | 114,261 | |
|
Total Assets | $ | 178,244 | | | $ | 1,875,968 | | | | | $ | 2,054,212 | |
|
Liabilities: | | | | | | | | | | |
|
Commodity and freight derivatives | $ | 90,989 | | | $ | 459,881 | | | | | $ | 550,870 | |
|
Interest rate swap derivatives | | | | 194 | | | | | 194 | |
|
Foreign currency derivatives | 2,629 | | | | | | | | 2,629 | |
|
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | | | | | | | $ | 140,631 | | | 140,631 | |
|
Total Liabilities | $ | 93,618 | | | $ | 460,075 | | | $ | 140,631 | | | $ | 694,324 | |
|
|
|
| | | | | | | | | | | | | | | |
| August 31, 2013 |
| Quoted Prices in | | Significant | | Significant | | Total |
Active Markets | Other | Unobservable |
for Identical | Observable | Inputs |
Assets | Inputs | (Level 3) |
(Level 1) | (Level 2) | |
| (Dollars in thousands) |
Assets: | | | | | | | |
Readily marketable inventories | | | $ | 1,203,383 | | | | | $ | 1,203,383 | |
|
Commodity and freight derivatives | $ | 58,441 | | | 410,233 | | | | | 468,674 | |
|
Interest rate swap derivatives | | | | 24,139 | | | | | 24,139 | |
|
Foreign currency derivatives | 6,894 | | | 185 | | | | | 7,079 | |
|
Other assets | 114,084 | | | | | | | 114,084 | |
|
Total Assets | $ | 179,419 | | | $ | 1,637,940 | | | | | $ | 1,817,359 | |
|
Liabilities: | | | | | | | |
Commodity and freight derivatives | $ | 59,184 | | | $ | 399,710 | | | | | $ | 458,894 | |
|
Interest rate swap derivatives | | | 248 | | | | | 248 | |
|
Foreign currency derivatives | 5,925 | | | | | | | 5,925 | |
|
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | | | | | $ | 134,134 | | | 134,134 | |
|
Total Liabilities | $ | 65,109 | | | $ | 399,958 | | | $ | 134,134 | | | $ | 599,201 | |
|
|
|
| | | | | | | | | | | | | | | |
| 28-Feb-13 |
| Quoted Prices in | | Significant | | Significant | | Total |
Active Markets | Other | Unobservable |
for Identical | Observable | Inputs |
Assets | Inputs | (Level 3) |
(Level 1) | (Level 2) | |
| (Dollars in thousands) |
Assets: | | | | | | | | | | |
|
Readily marketable inventories | | | | $ | 1,697,214 | | | | | $ | 1,697,214 | |
|
Commodity and freight derivatives | $ | 38,327 | | | 446,895 | | | | | 485,222 | |
|
Interest rate swap derivatives | | | | 459 | | | | | 459 | |
|
Foreign currency derivatives | 15,497 | | | | | | | | 15,497 | |
|
Other assets | 79,333 | | | | | | | | 79,333 | |
|
Total Assets | $ | 133,157 | | | $ | 2,144,568 | | | | | $ | 2,277,725 | |
|
Liabilities: | | | | | | | | | | |
|
Commodity and freight derivatives | $ | 21,084 | | | $ | 407,782 | | | | | $ | 428,866 | |
|
Interest rate swap derivatives | | | | 418 | | | | | 418 | |
|
Foreign currency derivatives | 691 | | | | | | | | | 691 | |
|
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | | | | | | | $ | 140,987 | | | 140,987 | |
|
Total Liabilities | $ | 21,775 | | | $ | 408,200 | | | $ | 140,987 | | | $ | 570,962 | |
|
Fair Value Inputs, Liabilities, Quantitative Information | ' | ' | ' |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Quantitative Information about Level 3 Fair Value Measurements | | | | | | | | | | | |
| Fair Value | Valuation | | Range | | | | | | | | | | | |
Item | February 28, 2014 | Technique | Unobservable Input | (Weighted Average) | | | | | | | | | | | |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | $140,631 | Adjusted Black-Scholes option pricing model | Forward crack spread margin on February 28, 2014 (a) | $14.81-$22.65 ($18.71) | | | | | | | | | | | |
| | | Contractual target crack spread margin (b) | $17.50 | | | | | | | | | | | |
| | | Expected volatility (c) | 121.03% | | | | | | | | | | | |
| | | Risk-free interest rate (d) | 1.80-2.60% (2.23%) | | | | | | | | | | | |
| | | Expected life - years (e) | 0.50-3.50 (2.12) | | | | | | | | | | | |
(a) Represents forward crack spread margin quotes and management estimates based on future settlement dates |
(b) Represents the minimum contractual threshold that would require settlement with the counterparties |
(c) Represents quarterly adjusted volatility estimates derived from daily historical market data |
(d) Represents yield curves for U.S. Treasury securities |
(e) Represents the range in the number of years remaining related to each contingent payment |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' | ' |
The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended February 28, 2014 and 2013, respectively: |
| | | | | | | |
| | | | | | | | | | | | | | | |
| | Level 3 Liabilities | | | | | | | |
| | Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | | | | | | | |
| | 2014 | | 2013 | | | | | | | |
| | (Dollars in thousands) | | | | | | | |
Balances, November 30, 2013 and 2012, respectively | | $ | 150,991 | | | $ | 170,621 | | | | | | | | |
| | | | | | |
Total (gains) losses included in cost of goods sold | | (10,360 | ) | | (29,634 | ) | | | | | | | |
Balances, February 28, 2014 and February 28, 2013, respectively | | $ | 140,631 | | | $ | 140,987 | | | | | | | | |
| | | | | | |
The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended February 28, 2014 and 2013, respectively: |
|
| | | | | | | |
| | | | | | | | | | | | | | | |
| | Level 3 Liabilities | | | | | | | |
| | Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | | | | | | | |
| | 2014 | | 2013 | | | | | | | |
| | (Dollars in thousands) | | | | | | | |
Balances, August 31, 2013 and 2012, respectively | | $ | 134,134 | | | $ | 127,516 | | | | | | | | |
| | | | | | |
Total (gains) losses included in cost of goods sold | | 6,497 | | | 13,471 | | | | | | | | |
| | | | | | |
Balances, February 28, 2014 and February 28, 2013, respectively | | $ | 140,631 | | | $ | 140,987 | | | | | | | | |
| | | | | | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | ' | ' | ' |
Other Assets, Fair Value Disclosure | 114,261 | 114,084 | 79,333 |
Assets, Fair Value Disclosure | 178,244 | 179,419 | 133,157 |
Liabilities, Fair Value Disclosure | 93,618 | 65,109 | 21,775 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 1,318,428 | 1,203,383 | 1,697,214 |
Other Assets, Fair Value Disclosure | ' | ' | ' |
Assets, Fair Value Disclosure | 1,875,968 | 1,637,940 | 2,144,568 |
Liabilities, Fair Value Disclosure | 460,075 | 399,958 | 408,200 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | ' | ' | ' |
Other Assets, Fair Value Disclosure | ' | ' | ' |
Assets, Fair Value Disclosure | ' | ' | ' |
Liabilities, Fair Value Disclosure | 140,631 | 134,134 | 140,987 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 1,318,428 | 1,203,383 | 1,697,214 |
Other Assets, Fair Value Disclosure | 114,261 | 114,084 | 79,333 |
Assets, Fair Value Disclosure | 2,054,212 | 1,817,359 | 2,277,725 |
Liabilities, Fair Value Disclosure | 694,324 | 599,201 | 570,962 |
Commodity and Freight Derivatives [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 615,178 | 468,673 | 485,222 |
Derivative Liability, Fair Value, Gross Liability | 550,870 | 458,893 | 428,866 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 57,638 | 58,441 | 38,327 |
Derivative Liability, Fair Value, Gross Liability | 90,989 | 59,184 | 21,084 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 557,540 | 410,233 | 446,895 |
Derivative Liability, Fair Value, Gross Liability | 459,881 | 399,710 | 407,782 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 615,178 | 468,674 | 485,222 |
Derivative Liability, Fair Value, Gross Liability | 550,870 | 458,894 | 428,866 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 24,139 | 459 |
Derivative Liability, Fair Value, Gross Liability | 194 | 248 | 418 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 24,139 | 459 |
Derivative Liability, Fair Value, Gross Liability | 194 | 248 | 418 |
Foreign Exchange Contract [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 6,345 | 7,079 | 15,497 |
Derivative Liability, Fair Value, Gross Liability | 2,629 | 5,925 | 691 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 6,345 | 6,894 | 15,497 |
Derivative Liability, Fair Value, Gross Liability | 2,629 | 5,925 | 691 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 185 | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 6,345 | 7,079 | 15,497 |
Derivative Liability, Fair Value, Gross Liability | $2,629 | $5,925 | $691 |