Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Nov. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

	November 30, 2021
			Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
	Gross Amount Recognized		Cash Collateral		Derivative Instruments		Net Amount
	(Dollars in thousands)
Derivative Assets
Commodity derivatives	$	445,798	$	—	$	3,629	$	442,169
Foreign exchange derivatives	8,483		—		4,045		4,438
Embedded derivative asset	13,034		—		—		13,034
Total	$	467,315	$	—	$	7,674	$	459,641
Derivative Liabilities
Commodity derivatives	$	293,629	$	1,478	$	4,297	$	287,854
Foreign exchange derivatives	27,463		—		4,045		23,418
Total	$	321,092	$	1,478	$	8,342	$	311,272

	August 31, 2021
			Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
	Gross Amount Recognized		Cash Collateral		Derivative Instruments		Net Amount
	(Dollars in thousands)
Derivative Assets
Commodity derivatives	$	532,832	$	—	$	4,174	$	528,658
Foreign exchange derivatives	19,429		—		5,582		13,847
Embedded derivative asset	16,488		—		—		16,488
Total	$	568,749	$	—	$	9,756	$	558,993
Derivative Liabilities
Commodity derivatives	$	444,861	$	2,485	$	4,174	$	438,202
Foreign exchange derivatives	8,506		—		5,582		2,924
Total	$	453,367	$	2,485	$	9,756	$	441,126

Derivatives Not Designated as Hedging Instruments

The majority of our derivative instruments have not been 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 Condensed Consolidated Statements of Operations for the three months ended November 30, 2021 and 2020:

		Three Months Ended November 30,
	Location of Gain (Loss)	2021		2020
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	31,598	$	(201,362)
Foreign exchange derivatives	Cost of goods sold	(32,494)		22,641
Foreign exchange derivatives	Marketing, general and administrative expenses	(1,194)		608
Embedded derivative	Other income	1,546		1,564
Total		$	(544)	$	(176,549)

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity contracts:

	November 30, 2021		August 31, 2021
	Long	Short	Long	Short
	(Units in thousands)
Grain and oilseed (bushels)	884,816	961,591	666,726	851,582
Energy products (barrels)	6,585	6,234	9,881	7,656
Processed grain and oilseed (tons)	1,550	4,299	559	3,418
Crop nutrients (tons)	52	35	66	12
Ocean freight (metric tons)	155	—	210	—

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 Condensed Consolidated Balance Sheets in which they are recorded:

	Derivative Assets					Derivative Liabilities
Balance Sheet Location	November 30, 2021		August 31, 2021		Balance Sheet Location	November 30, 2021		August 31, 2021
	(Dollars in thousands)					(Dollars in thousands)
Other current assets	$	6,571	$	11,874	Other current liabilities	$	3,836	$	1,001

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

The following table presents the pretax gains relating to our existing cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three months ended November 30, 2021 and 2020:

		Three Months Ended November 30,
	Location of Gain	2021		2020
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	13,254	$	12,673

Cash flow hedge gain (loss) recorded in other comprehensive income

The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three months ended November 30, 2021 and 2020:

	Three Months Ended November 30,
	2021		2020
	(Dollars in thousands)
Commodity derivatives	$	(13,296)	$	1,974