Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

May 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements

	May 31, 2019
			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 derivatives	$	251,236	$	—	$	25,753	$	225,483
Foreign exchange derivatives	9,685		—		4,477		5,208
Embedded derivative asset	20,957		—		—		20,957
Total	$	281,878	$	—	$	30,230	$	251,648
Derivative Liabilities:
Commodity derivatives	$	300,763	$	4,363	$	25,753	$	270,647
Foreign exchange derivatives	7,324		—		4,477		2,847
Total	$	308,087	$	4,363	$	30,230	$	273,494

	August 31, 2018
			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 derivatives	$	313,033	$	—	$	26,781	$	286,252
Foreign exchange derivatives	15,401		—		8,703		6,698
Embedded derivative asset	23,595		—		—		23,595
Total	$	352,029	$	—	$	35,484	$	316,545
Derivative Liabilities:
Commodity derivatives	$	421,054	$	12,983	$	26,781	$	381,290
Foreign exchange derivatives	24,701		—		8,703		15,998
Total	$	445,755	$	12,983	$	35,484	$	397,288

Derivatives Not Designated as Hedging Instruments

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 and nine months endedMay 31, 2019, and 2018.

		For the Three Months Ended May 31,						For the Nine Months Ended May 31,
	Location of Gain (Loss)	2019			(As Restated) 2018			2019			(As Restated) 2018
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	(23,749	)	$	32,289		$	41,814		$	(48,756	)
Foreign exchange derivatives	Cost of goods sold	(13,040		)	(16,549		)	14,941			(15,600		)
Foreign exchange derivatives	Marketing, general and administrative	(7		)	(1,109		)	(1,421		)	(1,260		)
Interest rate derivatives	Interest expense	—			(2		)	—			(3		)
Embedded derivative	Other income	399			441			2,362			2,612
Total		$	(36,397	)	$	15,070		$	57,696		$	(63,007	)

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity and freight contracts accounted for as derivative instruments.

	May 31, 2019		August 31, 2018
	Long	Short	Long	Short
	(Units in thousands)
Grain and oilseed - bushels	693,978	865,956	715,866	929,873
Energy products - barrels	16,223	5,930	17,011	8,329
Processed grain and oilseed - tons	406	2,208	1,064	2,875
Crop nutrients - tons	19	72	11	76
Ocean freight - metric tons	125	95	227	45
Natural gas - MMBtu	—	—	610	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the line items on our Consolidated Balance Sheets in which they are recorded.

	Derivative Assets					Derivative Liabilities
Balance Sheet Location	May 31, 2019		August 31, 2018		Balance Sheet Location	May 31, 2019		August 31, 2018
	(Dollars in thousands)					(Dollars in thousands)
Derivative assets	$	5,547	$	812	Derivative liabilities	$	14,692	$	634

The following table presents the fair value of our derivative interest rate swap instruments designated as fair value hedges and the line items on our Consolidated Balance Sheets in which they are recorded.

	Derivative Assets					Derivative Liabilities
Balance Sheet Location	May 31, 2019		August 31, 2018		Balance Sheet Location	May 31, 2019		August 31, 2018
	(Dollars in thousands)					(Dollars in thousands)
Derivative assets	$	—	$	—	Derivative liabilities	$	45	$	771
Other assets	4,479		—		Other liabilities	668		8,681
Total	$	4,479	$	—	Total	$	713	$	9,452

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table sets forth the pretax gains (losses) on derivatives accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months endedMay 31, 2019, and 2018.

		For the Three Months Ended May 31,						For the Nine Months Ended May 31,
Gain (Loss) on Fair Value Hedging Relationships:	Location of Gain (Loss)	2019			2018			2019			2018
		(Dollars in thousands)
Interest rate swaps	Interest expense	$	(8,122	)	$	(231	)	$	(15,129	)	$	(18,118	)
Hedged item	Interest expense	8,122			231			15,129			18,118
Total		$	—		$	—		$	—		$	—

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of May 31, 2019, and August 31, 2018.

	May 31, 2019				August 31, 2018
Balance Sheet Location	Carrying Amount of Hedged Liabilities		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities		Carrying Amount of Hedged Liabilities		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities
	(Dollars in thousands)
Long-term debt	$	470,419	$	24,581	$	485,548	$	9,452

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three and nine months ended May 31, 2019, and 2018:

	For the Three Months Ended May 31,					For the Nine Months Ended May 31,
	2019			2018		2019			2018
	(Dollars in thousands)
Commodity derivatives	$	(21,029	)	$	—	$	(9,323	)	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into our Consolidated Statements of Operations for the three and nine months ended May 31, 2019, and 2018:

		For the Three Months Ended May 31,				For the Nine Months Ended May 31,
	Location of Gain (Loss)	2019		2018		2019		2018
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	1,810	$	—	$	9,812	$	—