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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recurring fair value measurements at August 31, 2014 and 2013 are as follows:
2014
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 $ — $ 921,554 $ — $ 921,554
Commodity and freight derivatives 78,590 518,620 — 597,210
Interest rate swap derivatives — 4,200 — 4,200
Foreign currency derivatives 2,523 — — 2,523
Deferred compensation assets 83,217 — — 83,217
Other assets 8,778 — — 8,778
$ 173,108 $ 1,444,374 $ — $ 1,617,482
Liabilities:
Commodity and freight derivatives $ 117,690 $ 479,922 $ — $ 597,612
Interest rate swap derivatives — 130 — 130
Foreign currency derivatives 2,248 — — 2,248
Accrued liability for contingent crack spread payments related
to purchase of noncontrolling interests — — 114,917 114,917
$ 119,938 $ 480,052 $ 114,917 $ 714,907
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
Deferred compensation assets 105,936 — — 105,936
Other assets 8,148 — — 8,148
$ 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
CHS 2014 59