Derivatives (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral

The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within short-term commodity derivative assets (or liabilities) on the Consolidated Balance Sheets:

	December 31, 2012					December 31, 2011
(in thousands)	Net derivative asset position			Net derivative liability position		Net derivative asset position			Net derivative liability position
Collateral paid (received)	$	(13,772	)	$	—	$	66,870		$	—
Fair value of derivatives	61,247			—		(20,480		)	—
Balance at end of period	$	47,475		$	—	$	46,390		$	—

Fair value of the Company's commodity derivatives in the balance sheet

The following table presents the fair value of the Company's commodity derivatives as of December 31, 2012 and 2011, and the balance sheet line item in which they are located:

	December 31,
(in thousands)	2012			2011
Forward commodity contracts included in Commodity derivative assets -current	55,630			37,560
Forward commodity contracts included in Commodity derivative assets - noncurrent	1,906			2,289
Forward commodity contracts included in Commodity derivative liabilities -current	(33,277		)	(15,874		)
Forward commodity contracts included in Commodity derivative liabilities - noncurrent	(1,134		)	(1,519		)
Regulated futures and options contracts included in Commodity derivatives (a)	60,738			(23,367		)
Over-the-counter contracts included in Commodity derivatives (a)	509			2,887
Total estimated fair value of commodity derivatives	$	84,372		$	1,976

(a) The fair value of futures, options and over-the-counter contracts are offset by cash collateral posted or received and included as a net amount in the Consolidated Balance Sheets.

Schedule of Price Risk Derivatives

The following table sets forth the fair value of commodity derivatives as of December 31, 2012 on a gross basis by contract type:

(in thousands)	Total Assets		Total Liabilities
Purchase contracts	$	45,140	$	(44,734	)
Sales contracts	$	103,973	$	(19,165	)

Company's Consolidated Statement of Income gains and location of line items

The gains included in the Company’s Consolidated Statements of Income and the line items in which they are located for the years ended December 31, 2012 and 2011 are as follows:

	December 31,
(in thousands)	2012		2011
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	40,214	$	131,209

Amounts of quantities outstanding included in commodity derivative contracts

At December 31, 2012, the Company had the following volume of commodity derivative contracts outstanding (on a gross basis):

Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	224,019	—	—	—
Soybeans	14,455	—	—	—
Wheat	19,407	—	—	—
Oats	8,113	—	—	—
Ethanol	—	76,099	—	—
Corn oil	—	—	11,082	—
Other	27	—	—	72
Subtotal	266,021	76,099	11,082	72
Exchange traded:
Corn	106,305	—	—	—
Soybeans	8,820	—	—	—
Wheat	41,125	—	—	—
Oats	4,345	—	—	—
Bean oil	—	—	48,000	—
Ethanol	—	3,795	—	—
Other	—	—	—	1
Subtotal	160,595	3,795	48,000	1
Total	426,616	79,894	59,082	73

Open interest rate contracts

The following table presents the open interest rate contracts at December 31, 2012:

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Hedged Item	Interest Rate
Short-term
Caps	2012	2013	$	80.0	Interest rate component of debt - not accounted for as a hedge	0.6% to 1.7%
Long-term
Swap	2006	2016	$	4.0	Interest rate component of an operating lease - not accounted for as a hedge	5.2%
Swap	2006	2016	$	14.0	Interest rate component of debt - accounted for as cash flow hedge	6.0%
Swap	2012	2023	$	23.0	Interest rate component of debt - not accounted for as a hedge	4.4%
Caps	2012	2014	$	40.0	Interest rate component of debt - not accounted for as a hedge	0.8% to 1.4%
Cap	2012	2015	$	10.0	Interest rate component of debt - not accounted for as a hedge	0.9%
Cap	2012	2016	$	10.0	Interest rate component of debt - not accounted for as a hedge	1.5%

Fair value of the Company's interest rate derivatives

At December 31, 2012 and 2011, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:

	December 31,
(in thousands)	2012			2011
Derivatives not designated as hedging instruments
Interest rate contracts included in other assets	23			31
Interest rate contracts included in other long term liabilities	(592		)	(372		)
Total fair value of interest rate derivatives not designated as hedging instruments	$	(569	)	$	(341	)
Derivatives designated as hedging instruments
Interest rate contract included in other long term liabilities	(1,540		)	(1,856		)
Total fair value of interest rate derivatives designated as hedging instruments	$	(1,540	)	$	(1,856	)

The losses included in the Company's Consolidated Statements of Income and the line item in which they are located for interest rate derivatives not designated as hedging instruments are as follows:

	Year ended December 31,
(in thousands)	2012			2011
Interest expense	$	(350	)	$	(232	)

Losses included in the Company's Consolidated Statements of Equity

The losses included in the Company's Consolidated Statements of Equity and the line item in which they are located for interest rate derivatives designated as hedging instruments are as follows:

	Year ended December 31,
(in thousands)	2012		2011
Accumulated other comprehensive loss	$	316	$	(88	)

Gains (losses) included in the Company's Consolidated Statements of Income and interest rate derivatives not designated as hedging instruments

At December 31, 2012 and 2011, the Company had recorded the following amount for the fair value of the Company's swaptions:

	December 31,
(in thousands)	2012		2011
Swaptions included in other assets	$	—	$	19

The losses included in the Company's Consolidated Statements of Income and the line item in which they are located for swaptions are as follows:

	December 31,
(in thousands)	2012			2011
Interest expense	$	(19	)	$	(328	)