Derivatives (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, 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, 2017				December 31, 2016
(in thousands)	Net Derivative Asset Position		Net Derivative Liability Position		Net Derivative Asset Position		Net Derivative Liability Position
Collateral paid	$	1,351	$	—	$	28,273	$	—
Fair value of derivatives	17,252		—		1,599		—
Balance at end of period	$	18,603	$	—	$	29,872	$	—

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, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,929		$	311		$	489		$	1		$	37,730
Commodity derivative liabilities	(7,578		)	(1		)	(30,140		)	(826		)	(38,545		)
Cash collateral	1,351			—			—			—			1,351
Balance sheet line item totals	$	30,702		$	310		$	(29,651	)	$	(825	)	$	536

	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

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

	Year Ended December 31,
(in thousands)	2017		2016		2015
Gains (Losses) on commodity derivatives included in cost of sales and merchandising revenues	$	5,417	(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, 2017 and 2016:

	December 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	218,391			—
Soybeans	18,127	—	—	—
Wheat	14,577	—	—	—
Oats	25,953	—	—	—
Ethanol	—	197,607	—	—
Corn oil	—	—	6,074	—
Other	47	—	—	97
Subtotal	277,095	197,607	6,074	97
Exchange traded:
Corn	82,835	—	—	—
Soybeans	37,170	—	—	—
Wheat	65,640	—	—	—
Oats	1,345	—	—	—
Ethanol	—	39,438	—	—
Other	—	840	—	—
Subtotal	186,990	40,278	—	—
Total	464,085	237,885	6,074	97

	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	—	—
Subtotal	151,710	78,120	—	—
Total	391,161	294,345	9,358	110

Open interest rate contracts

The following table presents the open interest rate contracts at December 31, 2017:

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%
Total			$	63.0

Fair value of the Company's interest rate derivatives

At December 31, 2017 and 2016, the Company had recorded the following amounts for the fair value of the Company's other derivatives not designated as hedging instruments:

	December 31,
(in thousands)	2017			2016
Interest rate contracts included in Other long term liabilities	$	(1,244	)	$	(2,530	)
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)	$	426		$	(112	)

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

	Year ended December 31,
(in thousands)	2017		2016
Interest rate derivative gains (losses) included in Interest expense	$	1,286	$	603
Foreign currency contracts included in Other income	$	539	$	(112	)