XML 20 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Nov. 30, 2013
Aug. 31, 2013
Nov. 30, 2012
Accounting Policies [Abstract]      
Purchase and Sales Contracts
As of November 30, 2013, August 31, 2013 and November 30, 2012, we had the following outstanding purchase and sales contracts:
 
November 30, 2013
 
August 31, 2013
 
November 30, 2012
 
Purchase
Contracts
 
Sales
Contracts
 
Purchase
Contracts
 
Sales
Contracts
 
Purchase
Contracts
 
Sales
Contracts
 
(Units in thousands)
Grain and oilseed - bushels
671,414
 
944,517
 
521,979
 
806,295
 
674,866
 
1,018,510
Energy products - barrels
27,352
 
33,110
 
12,626
 
21,312
 
7,483
 
19,817
Soy products - tons
12
 
885
 
24
 
847
 
21
 
360
Crop nutrients - tons
986
 
1,204
 
968
 
1,050
 
1,270
 
1,428
Ocean and barge freight - metric tons
2,054
 
295
 
1,225
 
151
 
1,288
 
210
Rail freight - rail cars
201
 
48
 
220
 
43
 
164
 
30
Livestock - pounds

 
12,480
 

 
17,280
 
2,680
 
3,280
   
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements [Table Text Block]
 
November 30, 2013
 
 
 
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting
 
 
 
Gross Amounts Recognized
 
Cash Collateral
 
Derivative Instruments
 
Net Amounts
 
(Dollars in thousands)
Derivative Assets:
 
 
 
 
 
 
 
Commodity and freight derivatives
$
364,454

 
$
268

 
$
41,126

 
$
323,060

Foreign exchange derivatives
6,776

 

 
1,060

 
5,716

Interest rate derivatives - hedge
18,854

 

 

 
18,854

 
$
390,084

 
$
268

 
$
42,186

 
$
347,630

 

 
 
 
 
 
 
Derivative Liabilities:
 
 
 
 
 
 
 
Commodity and freight derivatives
$
405,346

 
$
7,374

 
$
41,126

 
$
356,846

Foreign exchange derivatives
1,647

 

 
1,060

 
587

Interest rate derivatives - non-hedge
245

 

 

 
245

 
$
407,238

 
$
7,374

 
$
42,186

 
$
357,678

 
August 31, 2013
 
 
 
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting
 
 
 
Gross Amounts Recognized
 
Cash Collateral
 
Derivative Instruments
 
Net Amounts
 
(Dollars in thousands)
Derivative Assets:
 
 
 
 
 
 
 
Commodity and freight derivatives
$
468,673

 

 
$
53,107

 
$
415,566

Foreign exchange derivatives
7,079

 

 
957

 
6,122

Interest rate derivatives - hedge
24,135

 

 
 
 
24,135

Interest rate derivatives - non-hedge
3

 

 
3

 

 
$
499,890

 

 
$
54,067

 
$
445,823

 
 
 
 
 
 
 
 
Derivative Liabilities:
 
 
 
 
 
 
 
Commodity and freight derivatives
$
458,893

 
$
1,591

 
$
53,107

 
$
404,195

Foreign exchange derivatives
5,925

 

 
957

 
4,968

Interest rate derivatives - non-hedge
248

 

 
3

 
245

 
$
465,066

 
$
1,591

 
$
54,067

 
$
409,408

 
November 30, 2012
 
 
 
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting
 
 
 
Gross Amounts Recognized
 
Cash Collateral
 
Derivative Instruments
 
Net Amounts
 
(Dollars in thousands)
Derivative Assets:
 
 
 
 
 
 
 
Commodity and freight derivatives
$
632,544

 

 
$
46,578

 
$
585,966

Foreign exchange derivatives
3,140

 

 
1

 
3,139

 
$
635,684

 

 
$
46,579

 
$
589,105

 
 
 
 
 
 
 
 
Derivative Liabilities:
 
 
 
 
 
 
 
Commodity and freight derivatives
$
518,377

 
$
10,087

 
$
46,578

 
$
461,712

Foreign exchange derivatives
6,234

 

 
1

 
6,233

Interest rate derivatives - non-hedge
483

 

 

 
483

 
$
525,094

 
$
10,087

 
$
46,579

 
$
468,428

Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]
Even though we have netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter (OTC) contracts, we report our derivatives on a gross basis on our Consolidated Balance Sheets. Our associated margin deposits are also reported on a gross basis. Many of our derivative contracts with futures and options brokers require us to make both initial margin deposits of cash or other assets and subsequent deposits, depending on changes in commodity prices, in order to comply with applicable regulations. Our margin deposit assets are held by external brokers in segregated accounts and will be used to settle the associated derivative contracts on their specified settlement dates.
   
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Operations
The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three months ended November 30, 2013 and 2012.
 
Location of
Gain (Loss)
 
2013
 
2012
 
 
 
(Dollars in thousands)
Commodity and freight derivatives
Cost of goods sold
 
$
(19,789
)
 
$
(328,284
)
Foreign exchange derivatives
Cost of goods sold
 
(422
)
 
(1,685
)
Interest rate derivatives
Interest, net
 
(1
)
 
(9
)
 
 
 
$
(20,212
)
 
$
(329,978
)
   
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows:

    
 
(Dollars in thousands)

Year 1
$
7,511

Year 2
6,516

Year 3
6,066

Year 4
4,376

Year 5
2,043

Thereafter
9,398

 
$
35,910