Derivatives (Tables)

12 Months Ended

Dec. 31, 2011

Derivatives (Tables) [Abstract]

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

	December 31, 2011					December 31, 2010
(in thousands)	Net derivative asset position			Net derivative liability position		Net derivative asset position			Net derivative liability position
Collateral paid	$	66,870		$	—	$	166,589		$	—
Collateral received		—			—		—			—
Fair value of derivatives		(20,480	)		—		(146,330	)		—
Balance at end of period	$	46,390		$	—	$	20,259		$	—

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

December 31,
(in thousands)	2011			2010
Forward commodity contracts included in Commodity derivative assets - current	$	37,560		$	226,216
Forward commodity contracts included in Commodity derivative assets - noncurrent		2,289			18,113
Forward commodity contracts included in Commodity derivative liabilities - current		(15,874	)		(57,621	)
Forward commodity contracts included in Commodity derivative liabilities - noncurrent		(1,519	)		(3,279	)
Regulated futures and options contracts included in Commodity derivatives (a)		(23,367	)		(105,030	)
Over-the-counter contracts included in Commodity derivatives (a)		2,887			(41,300	)
Total estimated fair value of commodity derivatives	$	1,976		$	37,099

(a) The fair value of futures, options and over-the-counter contracts are offset by cash collateral posted or received and included as a net amount in the Consolidated Balance Sheets.

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

	December 31,
(in thousands)	2011		2010
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	131,209	$	(53,942	)

Amounts of quantities outstanding included in commodity derivative contracts

Commodity	Number of bushels (in thousands)		Number of tons (in thousands)		Number of gallons (in thousands)
Non-exchange traded:
Corn		200,072
Soybeans		10,568
Wheat		6,593
Oats		11,581
Ethanol						239,240
Other				98
Subtotal		228,814		98		239,240
Exchange traded:
Corn		96,500
Soybeans		16,570
Wheat		46,935
Oats		1,715
Ethanol						29,463
Other						10
Subtotal		161,720				29,473
Total		390,534		98		268,713

Open interest rate contracts

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in  millions)		Hedged Item	Interest Rate
Short-term
Caps	2011	2012	$	80.0	Interest rate component of debt – not accounted for as a hedge	0.60% to 3.42%
Long-term
Swap	2005	2016	$	4.0	Interest rate component of an operating lease – not accounted for as a hedge	5.23%
Swap	2006	2016	$	14.0	Interest rate component of debt – accounted for as cash flow hedge	5.95%
Cap	2011	2014	$	20.0	Interest rate component of debt – not accounted for as a hedge	1.36%
Cap	2011	2013	$	40.0	Interest rate component of debt – not accounted for as a hedge	1.62% to 1.65%

Fair value of the Company's interest rate derivatives

	December 31,
(in thousands)	2011			2010
Derivatives not designated as hedging instruments
Interest rate contracts included in other assets	$	31		$	6
Interest rate contracts included in other long term liabilities		(372	)		(368	)
Total fair value of interest rate derivatives not designated as hedging instruments	$	(341	)	$	(362	)
Derivatives designated as hedging instruments
Interest rate contract included in other long term liabilities	$	(1,856	)	$	(1,768	)
Total fair value of interest rate derivatives designated as hedging instruments	$	(1,856	)	$	(1,768	)

Gains (losses) included in the Company's Consolidated Statements of Income and interest rate derivatives not designated as hedging instruments

	Year ended December 31,
(in thousands)	2011			2010
Interest expense	$	(232	)	$	(133	)

Gains included in the Company's Consolidated Statements of Shareholders' Equity interest rate derivatives designated as hedging instruments

	Year ended December 31,
(in thousands)	2011			2010
Accumulated other comprehensive loss	$	(88	)	$	(229	)

Fair value of foreign currency derivatives

	Year ended December 31,
(in thousands)	2011		2010
Foreign currency contract included in other assets	$	—	$	(26	)

Foreign currency derivatives designated as hedging instruments

	Year ended December 31,
(in thousands)	2011		2010
Accumulated other comprehensive loss	$	26	$	(68	)

Fair value of swaptions

	December 31,
(in thousands)	2011		2010
Swaptions included in other assets	$	19	$	—

Losses located for swaptions

	December 31,
(in thousands)	2011			2010
Interest expense	$	(328	)	$	—