XML 61 R27.htm IDEA: XBRL DOCUMENT v3.24.2
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements
May 31, 2024
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
Gross Amount RecognizedCash CollateralDerivative InstrumentsNet Amount
Derivative assets(Dollars in thousands)
Commodity derivatives$194,035 $— $1,094 $192,941 
Foreign exchange derivatives13,858 — 10,124 3,734 
Total$207,893 $— $11,218 $196,675 
Derivative liabilities
Commodity derivatives$180,016 $1,588 $2,662 $175,766 
Foreign exchange derivatives22,592 — 10,124 12,468 
Total$202,608 $1,588 $12,786 $188,234 
August 31, 2023
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
Gross Amount RecognizedCash CollateralDerivative InstrumentsNet Amount
Derivative assets(Dollars in thousands)
Commodity derivatives$280,440 $— $4,866 $275,574 
Foreign exchange derivatives32,402 — 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 derivatives13,799 — 12,330 1,469 
Total$362,930 $1,505 $17,196 $344,229 
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 nine months ended May 31, 2024 and 2023:
Three Months Ended May 31,Nine Months Ended May 31,
Location of Gain (Loss)2024202320242023
(Dollars in thousands)
Commodity derivativesCost of goods sold$35,591 $(59,177)$74,478 $(194,832)
Foreign exchange derivativesCost of goods sold(19,803)(21,753)(25,411)(23,792)
Foreign exchange derivativesMarketing, general and administrative expenses(1,555)556 (1,584)804 
Total$14,233 $(80,374)$47,483 $(217,820)
Schedule of Derivative Instruments, Purchase and Sales Contracts all outstanding commodity contracts:
 May 31, 2024August 31, 2023
LongShortLongShort
 (Units in thousands)
Grain and oilseed (bushels)428,843 631,359 506,654630,803
Energy products (barrels)9,216 8,940 11,8398,085
Processed grain and oilseed (tons)2,791 5,603 7,3809,437
Crop nutrients (tons)16 34 7010
Ocean freight (metric tons)— — 40—
Natural gas (metric million Btu)2,050 500 460—
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 AssetsDerivative Liabilities
Balance Sheet LocationMay 31,
2024		August 31,
2023		Balance Sheet LocationMay 31,
2024		August 31,
2023
(Dollars in thousands)(Dollars in thousands)
Other current assets$4,399 $8,395 Other current liabilities$400 $5,345 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following table presents the pretax gains (losses) 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 nine months ended May 31, 2024 and 2023:
Three Months Ended May 31,Nine Months Ended May 31,
Location of Gain (Loss)2024202320242023
  (Dollars in thousands)
Commodity derivativesCost of goods sold$3,403 $2,590 $14,070 $(13,468)
Cash flow hedge gain (loss) recorded in other comprehensive income The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three and nine months ended May 31, 2024 and 2023:
Three Months Ended May 31,Nine Months Ended May 31,
2024202320242023
 (Dollars in thousands)
Commodity derivatives$(674)$(3,430)$948 $(12,189)