XML 40 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Tables)
9 Months Ended 12 Months Ended
May 31, 2013
Aug. 31, 2013
Accounting Policies [Abstract]    
Schedule of Derivative Instruments [Table Text Block]
the gross fair values of derivative assets and liabilities as cash flow hedging instruments were as follows:
 
2013
 
2012
 
(Dollars in thousands)
Derivative Assets:
 
 
 
    Interest rate swaps
$
24,135

 

 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]  
During the year ended August 31, 2013, we entered into derivative contracts designated as cash flow hedging instruments which expire during fiscal 2014, with $0.9 million expected to be included in earnings during the next 12 months. As of August 31, 2013 and 2012, the unrealized gains deferred to accumulated other comprehensive loss were as follows:
 
2013
 
2012
 
(Dollars in thousands)
Gains included in accumulated other comprehensive loss, net of tax expense of
   $9.2 million in 2013
$
14,930

 

Purchase and Sales Contracts  
As of August 31, 2013 and 2012, we had the following outstanding purchase and sale contracts:
 
2013
 
2012
 
Purchase
Contracts
 
Sale
Contracts
 
Purchase
Contracts
 
Sale
Contracts
 
(Units in thousands)
Grain and oilseed - bushels
521,979
 
806,295
 
722,895
 
1,074,535
Energy products - barrels
12,626
 
21,312
 
9,047
 
19,561
Soy products - tons
24
 
847
 
15
 
215
Crop nutrients - tons
968
 
1,050
 
600
 
725
Ocean and barge freight - metric tons
1,225
 
151
 
1,018
 
183
Rail freight - rail cars
220
 
43
 
184
 
34
Livestock - pounds
 
 
17,280
 
2,560
 
3,440
Schedule of Derivative Assets and Liabilities Not Designated as Hedging Instruments  
As of August 31, 2013 and 2012, with the exception of our interest rate swaps described below, our derivative assets and liabilities are not designated as hedging instruments.
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Operations  
The following table sets forth the pretax gains (losses) on derivatives not designated as hedging instruments that have been included in our Consolidated Statements of Operations during fiscal 2013 and 2012.
 
Location of
Gain (Loss)
 
2013
 
2012
 
2011
 
 
 
(Dollars in thousands)
Commodity and freight derivatives
Cost of goods sold
 
$
(482,352
)
 
$
311,167

 
$
186,265

Foreign exchange derivatives
Cost of goods sold
 
(452
)
 
(5,219
)
 
3,363

Interest rate derivatives
Interest, net
 
300

 
206

 
522

 
 
 
$
(482,504
)
 
$
306,154

 
$
190,150