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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Fair value measurements at August 31, 2013 and 2012 are as follows:
2013
QUOTED PRICES IN SIGNIFICANT
ACTIVE MARKETS FOR SIGNIFICANT OTHER UNOBSERVABLE
IDENTICAL ASSETS OBSERVABLE INPUTS INPUTS
(DOLLARS IN THOUSANDS) (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
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
$ 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
$ 65,109 $ 399,958 $ 134,134 $ 599,201
2012
QUOTED PRICES IN SIGNIFICANT
ACTIVE MARKETS FOR SIGNIFICANT OTHER UNOBSERVABLE
IDENTICAL ASSETS OBSERVABLE INPUTS INPUTS
(DOLLARS IN THOUSANDS) (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
Assets:
Readily marketable inventories $ 1,702,757 $ 1,702,757
Commodity and freight derivatives $ 122,013 948,787 1,070,800
Foreign currency derivatives 978 978
Other assets 75,000 75,000
$ 197,991 $ 2,651,544 $ 2,849,535
Liabilities:
Commodity and freight derivatives $ 201,475 $ 645,452 $ 846,927
Interest rate swap derivatives 544 544
Foreign currency derivatives 2,388 2,388
Accrued liability for contingent crack spread payments related
to purchase of noncontrolling interests $ 127,516 127,516
$ 203,863 $ 645,996 $ 127,516 $ 977,375
CHS 2013 59