Derivatives (Tables)

12 Months Ended

Dec. 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 following table presents at December 31, 2016 and 2015, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received 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 Consolidated Balance Sheets:

	December 31, 2016				December 31, 2015
(in thousands)	Net Derivative Asset Position		Net Derivative Liability Position		Net Derivative Asset Position		Net Derivative Liability Position
Collateral paid	$	28,273	$	—	$	3,008	$	—
Fair value of derivatives	1,599		—		25,356		—
Balance at end of period	$	29,872	$	—	$	28,364	$	—

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, 2016
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,146		$	140		$	1,447		$	6		$	37,739
Commodity derivative liabilities	(18,972		)	(40		)	(24,614		)	(345		)	(43,971		)
Cash collateral	28,273			—			—			—			28,273
Balance sheet line item totals	$	45,447		$	100		$	(23,167	)	$	(339	)	$	22,041

	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

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

The gains (losses) included in the Company’s Consolidated Statements of Operations and the line items in which they are located are as follows:

	Year Ended December 31,
(in thousands)	2016			2015	2014
Gains on commodity derivatives included in sales and merchandising revenues	$	—		—	67,579
Gains (Losses) on commodity derivatives included in cost of sales and merchandising revenues	$	(15,012	)	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, 2016 and 2015:

	December 31, 2016
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	175,549	—	—	—
Soybeans	20,592	—	—	—
Wheat	7,177	—	—	—
Oats	36,025	—	—	—
Ethanol	—	215,081	—	—
Corn oil	—	—	9,358	—
Other	108	1,144	—	110
Subtotal	239,451	216,225	9,358	110
Exchange traded:
Corn	63,225	—	—	—
Soybeans	39,005	—	—	—
Wheat	45,360	—	—	—
Oats	4,120	—	—	—
Ethanol	—	78,120	—	—
Other	—	—	—	—
Subtotal	151,710	78,120	—	—
Total	391,161	294,345	9,358	110

	December 31, 2015
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
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

Open interest rate contracts

The following table presents the open interest rate contracts at December 31, 2016:

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Hedged Item	Interest Rate
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, 2016 and 2015, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:

	December 31,
(in thousands)	2016			2015
Derivatives not designated as hedging instruments
Interest rate contracts included in other long term liabilities	$	(2,530	)	$	(3,133	)
Total fair value of interest rate derivatives not designated as hedging instruments	$	(2,530	)	$	(3,133	)
Derivatives designated as hedging instruments
Interest rate contract included in other short term liabilities	$	—		$	(191	)
Total fair value of interest rate derivatives designated as hedging instruments	$	—		$	(191	)

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)	2016		2015
Interest expense	$	603	$	(1,065	)

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 December 31, 2016 and 2015, the Company had recorded the following amounts for the fair value of the Company's foreign currency derivatives:

	December 31,			December 31,
(in thousands)	2016			2015
Derivatives not designated as hedging instruments
Foreign currency contracts included in short term assets	$	(112	)	$	—
Total fair value of foreign currency contract derivatives not designated as hedging instruments	$	(112	)	$	—

The gains and 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:

	Year ended December 31,
(in thousands)	2016			2015
Foreign currency derivative gains (losses) included in Other income, net	$	(112	)	$	—