Derivatives (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014					December 31, 2013
(in thousands)	Net derivative asset position			Net derivative liability position		Net derivative asset position		Net derivative liability position
Collateral paid	$	79,646		$	—	$	15,480	$	—
Fair value of derivatives	(10,981		)	—		31,055		—
Balance at end of period	$	68,665		$	—	$	46,535	$	—

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

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	December 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	49,847		$	545		$	6,123		$	118		$	56,633
Commodity derivative liabilities	(36,722		)	(38		)	(70,198		)	(3,436		)	(110,394		)
Cash collateral	79,646			—			—			—			79,646
Balance sheet line item totals	$	92,771		$	507		$	(64,075	)	$	(3,318	)	$	25,885

	December 31, 2013
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent		Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	69,289		$	246	$	1,286		$	49		$	70,870
Commodity derivative liabilities	(13,450		)	—		(65,240		)	(6,693		)	(85,383		)
Cash collateral	15,480			—		—			—			15,480
Balance sheet line item totals	$	71,319		$	246	$	(63,954	)	$	(6,644	)	$	967

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, 2014 and 2013 are as follows:

	December 31,
(in thousands)	2014		2013
Gains on commodity derivatives included in sales and merchandising revenues	$	67,579	$	138,787

Amounts of quantities outstanding included in commodity derivative contracts

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) for the years ended December 31, 2014 and 2013:

	December 31, 2014
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	265,574	—	—	—
Soybeans	23,820	—	—	—
Wheat	14,967	—	—	—
Oats	23,440	—	—	—
Ethanol	—	233,637	—	—
Corn oil	—	—	18,076	—
Other	28	—	—	139
Subtotal	327,829	233,637	18,076	139
Exchange traded:
Corn	159,575	—	—	—
Soybeans	31,265	—	—	—
Wheat	30,360	—	—	—
Oats	7,545	—	—	—
Ethanol	—	41,832	—	—
Other	—	—	2,700	5
Subtotal	228,745	41,832	2,700	5
Total	556,574	275,469	20,776	144

	December 31, 2013
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	185,978	—	—	—
Soybeans	18,047	—	—	—
Wheat	11,485	—	—	—
Oats	27,939	—	—	—
Ethanol	—	179,212	—	—
Corn oil	—	—	25,911	—
Other	81	—	—	89
Subtotal	243,530	179,212	25,911	89
Exchange traded:
Corn	124,420	—	—	—
Soybeans	11,030	—	—	—
Wheat	23,980	—	—	—
Oats	6,820	—	—	—
Ethanol	—	21,630	—	—
Subtotal	166,250	21,630	—	—
Total	409,780	200,842	25,911	89

Open interest rate contracts

The following table presents the open interest rate contracts at December 31, 2014:

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Hedged Item	Interest Rate
Short-term
Caps	2012	2015	$	10.0	Interest rate component of debt - not accounted for as a hedge	0.9%
Caps	2013	2015	$	20.0	Interest rate component of debt - not accounted for as a hedge	0.8%
Long-term
Swap	2005	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	5.7%
Swap	2012	2023	$	23.0	Interest rate component of debt - not accounted for as a hedge	1.9%
Cap	2012	2016	$	10.0	Interest rate component of debt - not accounted for as a hedge	1.5%
Collar	2013	2021	$	40.0	Interest rate component of debt - not accounted for as a hedge	2.9% to 4.8%

Fair value of the Company's interest rate derivatives

At December 31, 2014 and 2013, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:

	December 31,
(in thousands)	2014			2013
Derivatives not designated as hedging instruments
Interest rate contracts included in other assets	$	3		$	1,179
Interest rate contracts included in other long term liabilities	(2,071		)	(302		)
Total fair value of interest rate derivatives not designated as hedging instruments	$	(2,068	)	$	877
Derivatives designated as hedging instruments
Interest rate contract included in other long term liabilities	(597		)	(1,036		)
Total fair value of interest rate derivatives designated as hedging instruments	$	(597	)	$	(1,036	)

The gains (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)	2014			2013
Interest income (expense)	$	(2,945	)	$	1,409