Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Aug. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral)

The following tables present the gross fair values of derivative assets, derivative liabilities and margin deposits (cash collateral) recorded on our Consolidated Balance Sheets, along with related amounts permitted to be offset in accordance with U.S. GAAP. We have elected not to offset derivative assets and liabilities when we have the right of offset under ASC Topic 210-20, Balance Sheet - Offsetting, or when the instruments are subject to master netting arrangements under ASC Topic 815-10-45, Derivatives and Hedging - Overall.

	August 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	$	215,030	$	—	$	58,726	$	156,304
Foreign exchange derivatives	10,334		—		7,108		3,226
Embedded derivative asset	21,364		—		—		21,364
Total	$	246,728	$	—	$	65,834	$	180,894
Derivative Liabilities
Commodity derivatives	$	223,410	$	4,191	$	41,647	$	177,572
Foreign exchange derivatives	20,609		—		7,108		13,501
Total	$	244,019	$	4,191	$	48,755	$	191,073

	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

Pretax gains (losses) on derivatives not accounted for 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 years ended August 31, 2019, 2018 and 2017.

Derivative Type	Location of Gain (Loss)	2019			2018			2017
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	125,323		$	162,321		$	168,569
Foreign exchange derivatives	Cost of goods sold	4,228			(26,010		)	(13,140		)
Foreign exchange derivatives	Marketing, general and administrative expenses	(1,229		)	596			(1,604		)
Interest rate derivatives	Interest expense	—			(1		)	8
Embedded derivative	Other income (loss)	2,769			3,061			30,533
Total		$	131,091		$	139,967		$	184,366

Schedule of notional volumes for outstanding commodity contracts

The table below presents the notional volumes for all outstanding commodity contracts accounted for as derivative instruments.

	2019		2018
Derivative Type	Long	Short	Long	Short
	(Units in thousands)
Grain and oilseed (bushels)	547,096	717,522	715,866	929,873
Energy products (barrels)	13,895	4,663	17,011	8,329
Processed grain and oilseed (tons)	597	2,454	1,064	2,875
Crop nutrients (tons)	76	23	11	76
Ocean freight (metric tons)	295	85	227	45
Natural gas (MMBtu)	130	—	610	—

Schedule of fair value of derivative interest rate swap instruments designated as fair value hedges

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	August 31, 2019		August 31, 2018		Balance Sheet Location	August 31, 2019		August 31, 2018
	(Dollars in thousands)					(Dollars in thousands)
Derivative assets	$	33,179	$	812	Derivative liabilities	$	5,351	$	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 as of August 31, 2019 and 2018.

	2019		2018			2019		2018
Balance Sheet Location	Derivative Assets				Balance Sheet Location	Derivative Liabilities
	(Dollars in thousands)					(Dollars in thousands)
Derivative assets	$	—	$	—	Derivative liabilities	$	—	$	771
Other assets	9,841		—		Other liabilities	—		8,681
Total	$	9,841	$	—	Total	$	—	$	9,452

Schedule of pretax gains (losses) on derivatives accounted for as hedging instruments

The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2019, 2018 and 2017:

	2019		2018		2017
	(Dollars in thousands)
Commodity derivatives	$	27,650	$	178	$	—

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 years ended August 31, 2019, 2018 and 2017.

Gain (Loss) on Fair Value Hedging Relationships:	Location of Gain (Loss)	2019			2018			2017
		(Dollars in thousands)
Interest rate swaps	Interest expense	$	21,158		$	18,723		$	12,806
Hedged item	Interest expense	(21,158		)	(18,723		)	(12,806		)
Total		$	—		$	—		$	—

Schedule of location and carrying amount of hedged liabilities

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

	August 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	$	334,389	$	30,611	$	485,548	$	9,452