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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2016
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 current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:
 
March 31, 2016
 
December 31, 2015
 
March 31, 2015
(in thousands)
Net
derivative
asset
position
 
Net
derivative
liability
position
 
Net
derivative
asset
position
 
Net
derivative
liability
position
 
Net
derivative
asset
position
 
Net
derivative
liability
position
Collateral paid (received)
$
27,498

 
$
—

 
$
3,008

 
$
—

 
$
39,521

 
$
—

Fair value of derivatives
11,389

 
—

 
25,356

 
—

 
21,327

 
—

Balance at end of period
$
38,887

 
$
—

 
$
28,364

 
$
—

 
$
60,848

 
$
—
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:
 
March 31, 2016
(in thousands)
Commodity derivative assets - current
 
Commodity derivative assets - noncurrent
 
Commodity derivative liabilities - current
 
Commodity derivative liabilities - noncurrent
 
Total
Commodity derivative assets
$
46,999

 
$
382

 
$
1,219

 
$
5

 
$
48,605

Commodity derivative liabilities
(13,181
)
 
(11
)
 
(34,613
)
 
(879
)
 
(48,684
)
Cash collateral
27,498

 
—

 
—

 
—

 
27,498

Balance sheet line item totals
$
61,316

 
$
371

 
$
(33,394
)
 
$
(874
)
 
$
27,419

 
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

 
March 31, 2015
(in thousands)
Commodity derivative assets - current
 
Commodity derivative assets - noncurrent
 
Commodity derivative liabilities - current
 
Commodity derivative liabilities - noncurrent
 
Total
Commodity derivative assets
$
60,071

 
$
254

 
$
1,615

 
$
29

 
$
61,969

Commodity derivative liabilities
(12,768
)
 
(11
)
 
(57,016
)
 
(2,113
)
 
(71,908
)
Cash collateral
39,521

 
—

 
—

 
—

 
39,521

Balance sheet line item totals
$
86,824

 
$
243

 
$
(55,401
)
 
$
(2,084
)
 
$
29,582
Company's Condensed Consolidated Statement of Income gains and location of line items
The losses included in the Company's Consolidated Statements of Operations and the line item in which they are located for foreign currency contract derivatives not designated as hedging instruments are as follows:
 
Three months ended March 31,
(in thousands)
2016
 
2015
Foreign currency derivative gains included in Other income, net
$
1,478

 
$
—

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:
 
Three months ended March 31,
(in thousands)
2016
 
2015
Interest expense
$
(1,600
)
 
$
—

The gains (losses) included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three months ended March 31, 2016 and 2015 are as follows:
 
Three months ended
March 31,
(in thousands)
2016
 
2015
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues
$
(8,859
)
 
$
43,822
Amounts of quantities outstanding included in commodity derivative contracts
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2016, December 31, 2015 and March 31, 2015:
 
March 31, 2016
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
235,426

 
—

 
—

 
—

Soybeans
21,509

 
—

 
—

 
—

Wheat
12,654

 
—

 
—

 
—

Oats
32,136

 
—

 
—

 
—

Ethanol
—

 
149,374

 
—

 
—

Corn oil
—

 
—

 
3,850

 
—

Other
18

 
—

 
6,234

 
85

Subtotal
301,743

 
149,374

 
10,084

 
85

Exchange traded:
 
 
 
 
 
 
 
Corn
129,465

 
—

 
—

 
—

Soybeans
34,315

 
—

 
—

 
—

Wheat
20,950

 
—

 
—

 
—

Oats
3,225

 
—

 
—

 
—

Ethanol
—

 
1,470

 
—

 
—

Other
—

 
—

 
—

 
—

Subtotal
187,955

 
1,470

 
—

 
—

Total
489,698

 
150,844

 
10,084

 
85


 
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

 
March 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
276,158

 
—

 
—

 
—

Soybeans
29,646

 
—

 
—

 
—

Wheat
13,232

 
—

 
—

 
—

Oats
29,883

 
—

 
—

 
—

Ethanol
—

 
197,961

 
—

 
—

Corn oil
—

 
—

 
5,651

 
—

Other
339

 
—

 
—

 
116

Subtotal
349,258

 
197,961

 
5,651

 
116

Exchange traded:
 
 
 
 
 
 
 
Corn
143,320

 
—

 
—

 
—

Soybeans
38,555

 
—

 
—

 
—

Wheat
26,675

 
—

 
—

 
—

Oats
6,390

 
—

 
—

 
—

Ethanol
—

 
26,334

 
—

 
—

Bean Oil
—

 
—

 
60,240

 
—

Other
—

 
—

 
—

 
10

Subtotal
214,940

 
26,334

 
60,240

 
10

Total
564,198

 
224,295

 
65,891

 
126
Schedule of Fair Value of Interest Rate Derivative Liabilities
The Company also has foreign currency derivatives which are considered effective economic hedges of specified economic risks but which are not designated as accounting hedges. At March 31, 2016, December 31, 2015 and March 31, 2015, the Company had recorded the following amounts for the fair value of the Company's foreign currency derivatives:
 
March 31,
 
December 31,
 
March 31,
(in thousands)
2016
 
2015
 
2015
Derivatives not designated as hedging instruments
 
 
 
 
 
Foreign currency contracts included in short term assets
1,478

 
—

 
—

Total fair value of foreign currency contract derivatives not designated as hedging instruments
$
1,478

 
$
—

 
$
—

At March 31, 2016, December 31, 2015 and March 31, 2015, the Company had recorded the following amounts for the fair value of the Company's interest rate derivates:
 
March 31,
 
December 31,
 
March 31,
(in thousands)
2016
 
2015
 
2015
Derivatives not designated as hedging instruments
 
 
 
 
 
Interest rate contracts included in other long term liabilities
(4,618
)
 
(3,133
)
 
—

Total fair value of interest rate derivatives not designated as hedging instruments
$
(4,618
)
 
$
(3,133
)
 
$
—

Derivatives designated as hedging instruments
 
 
 
 
 
Interest rate contract included in other short term liabilities
(96
)
 
(191
)
 
—

Total fair value of interest rate derivatives designated as hedging instruments
$
(96
)
 
$
(191
)
 
$
—