Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Aug. 31, 2023

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 related margin deposits (cash collateral) recorded on our Consolidated Balance Sheets, along with related amounts permitted to be offset in accordance with U.S. GAAP. Although we have certain netting arrangements for our exchange-traded futures and options contracts and certain OTC contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting.

	August 31, 2023
			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	$	280,440	$	—	$	4,866	$	275,574
Foreign exchange derivatives	32,402		—		12,330		20,072
Total	$	312,842	$	—	$	17,196	$	295,646
Derivative liabilities
Commodity derivatives	$	349,131	$	1,505	$	4,866	$	342,760
Foreign exchange derivatives	13,799		—		12,330		1,469
Total	$	362,930	$	1,505	$	17,196	$	344,229

	August 31, 2022
			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	$	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

Pretax gains (losses) on derivatives not accounted for as hedging instruments

The following table sets forth the pretax (losses) gains on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the years ended August 31, 2023, 2022 and 2021:

Derivative Type	Location of (Loss) Gain	2023		2022		2021
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	(360,937)	$	(568,877)	$	(971,581)
Foreign exchange derivatives	Cost of goods sold	(30,898)		9,587		25,277
Foreign exchange derivatives	Marketing, general and administrative expenses	(530)		577		1,105
Other derivatives	Other income	—		2,057		2,489
Total		$	(392,365)	$	(556,656)	$	(942,710)

Schedule of notional volumes for outstanding commodity contracts

The table below presents the notional volumes for all outstanding commodity contracts:

	2023		2022
Derivative Type	Long	Short	Long	Short
	(Units in thousands)
Grain and oilseed (bushels)	506,654	630,803	609,300	773,239
Energy products (barrels)	11,839	8,085	10,541	5,706
Processed grain and oilseed (tons)	7,380	9,437	1,191	4,182
Crop nutrients (tons)	70	10	23	22
Ocean freight (metric tons)	40	—	60	—
Natural gas (MMBtu)	460	—	420	—

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 as of August 31, 2023 and 2022:

	Derivative Assets					Derivative Liabilities
Balance Sheet Location	2023		2022		Balance Sheet Location	2023		2022
	(Dollars in thousands)					(Dollars in thousands)
Other current assets	$	8,395	$	27,154	Other current liabilities	$	5,345	$	11,818

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

The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2023, 2022 and 2021:

	2023		2022		2021
	(Dollars in thousands)
Commodity derivatives	$	(12,285)	$	(2,071)	$	(7,824)