Derivatives (Tables)

6 Months Ended

Jun. 30, 2018

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:

	June 30, 2018					December 31, 2017				June 30, 2017
(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)	$	(52,888	)	$	—	$	1,351	$	—	$	15,452		$	—
Fair value of derivatives	68,244			—		17,252		—		(12,835		)	—
Balance at end of period	$	15,356		$	—	$	18,603	$	—	$	2,617		$	—

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:

	June 30, 2018
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	123,917		$	1,022		$	626		$	36		$	125,601
Commodity derivative liabilities	(16,770		)	(14		)	(85,786		)	(3,238		)	(105,808		)
Cash collateral	(52,888		)	—			—			—			(52,888		)
Balance sheet line item totals	$	54,259		$	1,008		$	(85,160	)	$	(3,202	)	$	(33,095	)

	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

	June 30, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	26,101		$	1,201		$	4,404		$	2		$	31,708
Commodity derivative liabilities	(29,934		)	(10		)	(22,508		)	(336		)	(52,788		)
Cash collateral	15,452			—			—			—			15,452
Balance sheet line item totals	$	11,619		$	1,191		$	(18,104	)	$	(334	)	$	(5,628	)

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 June 30, 2018, December 31, 2017 and June 30, 2017:

	June 30, 2018
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	272,979	—	—	—
Soybeans	49,208	—	—	—
Wheat	11,163	—	—	—
Oats	36,612	—	—	—
Ethanol	—	332,761		—
Corn oil	—	—	6,158	—
Other	82	1,500	—	77
Subtotal	370,044	334,261	6,158	77
Exchange traded:
Corn	133,730	—	—	—
Soybeans	45,775	—	—	—
Wheat	48,105	—	—	—
Oats	1,190	—	—	—
Ethanol	—	140,364	—	—
Subtotal	228,800	140,364	—	—
Total	598,844	474,625	6,158	77

	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

	June 30, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	184,197	—	—	—
Soybeans	31,532	—	—	—
Wheat	7,340	—	—	—
Oats	41,526	—	—	—
Ethanol	—	256,518	—	—
Corn oil	—	—	4,658	—
Other	90	500	—	100
Subtotal	264,685	257,018	4,658	100
Exchange traded:
Corn	94,895	—	—	—
Soybeans	27,470	—	—	—
Wheat	43,925	—	—	—
Oats	2,290	—	—	—
Ethanol	—	3,990	—	—
Other	—	840	—	60
Subtotal	168,580	4,830	—	60
Total	433,265	261,848	4,658	160

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

The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three and six months ended June 30, 2018 and 2017 are as follows:

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2018		2017			2018		2017
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	45,844	$	(41,873	)	$	20,608	$	(14,848	)

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2018			2017			2018			2017
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense)	$	351		$	(17	)	$	1,141		$	372
Foreign currency derivative gains (losses) included in Other income, net	(413		)	669			(1,535		)	767
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in OCI	67			—			67			—

Schedule of Fair Value of Interest Rate Derivative Liabilities

t June 30, 2018, December 31, 2017 and June 30, 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives:

	June 30, 2018			December 31, 2017			June 30, 2017
(in thousands)
Derivatives not designated as hedging instruments
Interest rate contracts included in Other long-term liabilities	$	(37	)	$	(1,244	)	$	(2,158	)
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)	(1,109		)	426			654
Derivatives designated as hedging instruments
Interest rate contract included in Accrued expenses and other current liabilities	(88		)	—			—
Interest rate contract included in Other assets	155			—			—