Fair Value Measurements (Tables)

3 Months Ended

Nov. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

	November 30, 2016
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(Dollars in thousands)
Assets:
Commodity and freight derivatives	$	31,545	$	332,673	$	—	$	364,218
Foreign currency derivatives	—		20,335		—		20,335
Interest rate swap derivatives	—		10,444		—		10,444
Deferred compensation assets	48,986		—		—		48,986
Embedded derivative asset	—		24,106		—		24,106
Other assets	13,303		—		—		13,303
Total	$	93,834	$	387,558	$	—	$	481,392
Liabilities:
Commodity and freight derivatives	$	22,444	$	277,723	$	—	$	300,167
Foreign currency derivatives	—		15,690		—		15,690
Interest rate swap derivatives	—		1,648		—		1,648
Crack spread contingent consideration liability	—		—		8,281		8,281
Total	$	22,444	$	295,061	$	8,281	$	325,786

	August 31, 2016
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(Dollars in thousands)
Assets:
Commodity and freight derivatives	$	62,538	$	437,654	$	—	$	500,192
Foreign currency derivatives	—		21,551		—		21,551
Interest rate swap derivatives	—		22,078		—		22,078
Deferred compensation assets	50,099		—		—		50,099
Other assets	12,678		—		—		12,678
Total	$	125,315	$	481,283	$	—	$	606,598
Liabilities:
Commodity and freight derivatives	$	22,331	$	468,971	$	—	$	491,302
Foreign currency derivatives	—		22,289		—		22,289
Interest rate swap derivatives	—		8		—		8
Crack spread contingent consideration liability	—		—		15,051		15,051
Total	$	22,331	$	491,268	$	15,051	$	528,650

Fair Value Inputs, Liabilities, Quantitative Information

Quantitative Information about Level 3 Fair Value Measurements
Item	Fair Value November 30, 2016 (Dollars in thousands)	Valuation Technique	Unobservable Input	Input Used
Crack spread contingent consideration liability	$8,281	Adjusted Black-Scholes option pricing model	Forward crack spread margin quotes on November 30, 2016 (a)	$9.32
			Contractual target crack spread margin (b)	$17.50
			Expected volatility (c)	143.31%
			Risk-free interest rate (d)	0.94%
			Expected life - years (e)	0.75

^(a) Represents forward crack spread margin quotes and management estimates based on the future settlement date.

^(b) Represents the minimum contractual threshold that would require settlement with the counterparties.

^(c) Represents quarterly adjusted volatility estimates derived from daily historical market data.

^(d) Represents yield curves for U.S. Treasury securities.

^(e) Represents the number of years remaining related to the final contingent payment.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months endedNovember 30, 2016, and 2015.

	Level 3 Liabilities
	Crack spread contingent consideration liability
	2016			2015
	(Dollars in thousands)
Balances, August 31, 2016, and 2015, respectively	$	15,051		$	78,982
Total (gains) losses included in cost of goods sold	(6,770		)	(32,289		)
Balances, November 30, 2016, and 2015, respectively	$	8,281		$	46,693