Derivatives (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral

The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within short-term commodity derivative assets (or liabilities) on the Consolidated Balance Sheets:

	December 31, 2015				December 31, 2014
(in thousands)	Net derivative asset position		Net derivative liability position		Net derivative asset position			Net derivative liability position
Collateral paid	$	3,008	$	—	$	79,646		$	—
Fair value of derivatives	25,356		—		(10,981		)	—
Balance at end of period	$	28,364	$	—	$	68,665		$	—

Fair value of the Company's commodity derivatives in the balance sheet

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	December 31, 2015
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent		Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	51,647		$	412	$	371		$	2		$	52,432
Commodity derivative liabilities	(4,829		)	—		(37,758		)	(1,065		)	(43,652		)
Cash collateral	3,008			—		—			—			3,008
Balance sheet line item totals	$	49,826		$	412	$	(37,387	)	$	(1,063	)	$	11,788

	December 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	49,847		$	545		$	6,123		$	118		$	56,633
Commodity derivative liabilities	(36,722		)	(38		)	(70,198		)	(3,436		)	(110,394		)
Cash collateral	79,646			—			—			—			79,646
Balance sheet line item totals	$	92,771		$	507		$	(64,075	)	$	(3,318	)	$	25,885

Company's Consolidated Statement of Income gains and location of line items

The net pre-tax gains on commodity derivatives not designated as hedging instruments included in the Company’s Consolidated Statements of Operations and the line items in which they are located for the years ended December 31, 2015, 2014, and 2013 are as follows:

	December 31,
(in thousands)	2015		2014		2013
Gains on commodity derivatives included in sales and merchandising revenues	$	—	$	67,579	$	138,787
Gains on commodity derivatives included in cost of sales and merchandising revenues	$	62,541	$	—	$	—

Amounts of quantities outstanding included in commodity derivative contracts

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) as of December 31, 2015 and 2014:

	December 31, 2015
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	227,248	—	—	—
Soybeans	13,357	—	—	—
Wheat	13,710	—	—	—
Oats	15,019	—	—	—
Ethanol	—	138,660	—	—
Corn oil	—	—	11,532	—
Other	297	—	—	116
Subtotal	269,631	138,660	11,532	116
Exchange traded:
Corn	106,260	—	—	—
Soybeans	17,255	—	—	—
Wheat	28,135	—	—	—
Oats	3,480	—	—	—
Ethanol	—	840	—	—
Other	—	840	—	—
Subtotal	155,130	1,680	—	—
Total	424,761	140,340	11,532	116

	December 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	265,574	—	—	—
Soybeans	23,820	—	—	—
Wheat	14,967	—	—	—
Oats	23,440	—	—	—
Ethanol	—	233,637	—	—
Corn oil	—	—	18,076	—
Other	28	—	—	139
Subtotal	327,829	233,637	18,076	139
Exchange traded:
Corn	159,575	—	—	—
Soybeans	31,265	—	—	—
Wheat	30,360	—	—	—
Oats	7,545	—	—	—
Ethanol	—	41,832	—	—
Other	—	—	2,700	5
Subtotal	228,745	41,832	2,700	5
Total	556,574	275,469	20,776	144

Open interest rate contracts

The following table presents the open interest rate contracts at December 31, 2015:

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Hedged Item	Interest Rate
Short-term
Swap	2005	2016	$	4.0	Interest rate component of an operating lease - not accounted for as a hedge	5.2%
Cap	2012	2016	$	10.0	Interest rate component of debt - not accounted for as a hedge	1.5%
Swap	2006	2016	$	14.0	Interest rate component of debt - accounted for as cash flow hedge	5.7%
Long-term
Swap	2012	2023	$	23.0	Interest rate component of debt - not accounted for as a hedge	1.9%
Collar	2013	2021	$	40.0	Interest rate component of debt - not accounted for as a hedge	2.9% to 4.8%

Fair value of the Company's interest rate derivatives

At December 31, 2015 and 2014, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:

	December 31,
(in thousands)	2015			2014
Derivatives not designated as hedging instruments
Interest rate contracts included in other assets, net	$	—		$	3
Interest rate contracts included in other long term liabilities	(3,133		)	(2,071		)
Total fair value of interest rate derivatives not designated as hedging instruments	$	(3,133	)	$	(2,068	)
Derivatives designated as hedging instruments
Interest rate contract included in other short term liabilities	(191		)	—
Interest rate contract included in other long term liabilities	—			(597		)
Total fair value of interest rate derivatives designated as hedging instruments	$	(191	)	$	(597	)

The losses included in the Company's Consolidated Statements of Operations and the line item in which they are located for interest rate derivatives not designated as hedging instruments are as follows:

	Year ended December 31,
(in thousands)	2015			2014
Interest expense	$	(1,065	)	$	(2,945	)