Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Feb. 28, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

	February 28, 2023
			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	$	391,602	$	—	$	8,480	$	383,122
Foreign exchange derivatives	56,962		—		7,274		49,688
Total	$	448,564	$	—	$	15,754	$	432,810
Derivative liabilities
Commodity derivatives	$	288,612	$	1,476	$	8,480	$	278,656
Foreign exchange derivatives	11,256		—		7,274		3,982
Total	$	299,868	$	1,476	$	15,754	$	282,638

	August 31, 2022
			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	$	464,167	$	—	$	3,834	$	460,333
Foreign exchange derivatives	52,923		—		8,901		44,022
Total	$	517,090	$	—	$	12,735	$	504,355
Derivative liabilities
Commodity derivatives	$	378,291	$	1,424	$	12,574	$	364,293
Foreign exchange derivatives	12,649		—		8,901		3,748
Total	$	390,940	$	1,424	$	21,475	$	368,041

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 Condensed Consolidated Statements of Operations for the three and six months ended February 28, 2023 and 2022:

		Three Months Ended February 28,				Six Months Ended February 28,
	Location of Gain (Loss)	2023		2022		2023		2022
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	31	$	(612,033)	$	(135,655)	$	(580,435)
Foreign exchange derivatives	Cost of goods sold	17,414		72,785		(2,039)		40,291
Foreign exchange derivatives	Marketing, general and administrative expenses	11		1,697		248		503
Other derivatives	Other income	—		253		—		1,799
Total		$	17,456	$	(537,298)	$	(137,446)	$	(537,842)

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity contracts:

	February 28, 2023		August 31, 2022
	Long	Short	Long	Short
	(Units in thousands)
Grain and oilseed (bushels)	660,728	742,227	609,300	773,239
Energy products (barrels)	15,502	11,088	10,541	5,706
Processed grain and oilseed (tons)	2,885	7,114	1,191	4,182
Crop nutrients (tons)	69	25	23	22
Ocean freight (metric tons)	—	—	60	—
Natural gas (metric million Btu)	1,420	—	420	—

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 locations on our Condensed Consolidated Balance Sheets in which they are recorded:

	Derivative Assets					Derivative Liabilities
Balance Sheet Location	February 28, 2023		August 31, 2022		Balance Sheet Location	February 28, 2023		August 31, 2022
	(Dollars in thousands)					(Dollars in thousands)
Other current assets	$	7,167	$	27,154	Other current liabilities	$	590	$	11,818

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

The following table presents the pretax (losses) 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 and six months ended February 28, 2023 and 2022:

		Three Months Ended February 28,				Six Months Ended February 28,
	Location of Gain (Loss)	2023		2022		2023		2022
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	(9,129)	$	5,005	$	(16,058)	$	18,259

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 and six months ended February 28, 2023 and 2022:

	Three Months Ended February 28,				Six Months Ended February 28,
	2023		2022		2023		2022
	(Dollars in thousands)
Commodity derivatives	$	20,830	$	(1,977)	$	(8,759)	$	(15,273)