Derivatives (Tables)

3 Months Ended

Mar. 31, 2017

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 current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

	March 31, 2017					December 31, 2016				March 31, 2016
(in thousands)	Net derivative asset position			Net derivative liability position		Net derivative asset position		Net derivative liability position		Net derivative asset position		Net derivative liability position
Collateral paid (received)	$	(2,769	)	$	—	$	28,273	$	—	$	27,498	$	—
Fair value of derivatives	32,310			—		1,599		—		11,389		—
Balance at end of period	$	29,541		$	—	$	29,872	$	—	$	38,887	$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

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

	March 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	57,499		$	341		$	554		$	3		$	58,397
Commodity derivative liabilities	(6,681		)	(2		)	(30,468		)	(453		)	(37,604		)
Cash collateral	(2,769		)	—			—			—			(2,769		)
Balance sheet line item totals	$	48,049		$	339		$	(29,914	)	$	(450	)	$	18,024

	December 31, 2016
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,146		$	140		$	1,447		$	6		$	37,739
Commodity derivative liabilities	(18,972		)	(40		)	(24,614		)	(345		)	(43,971		)
Cash collateral	28,273			—			—			—			28,273
Balance sheet line item totals	$	45,447		$	100		$	(23,167	)	$	(339	)	$	22,041

	March 31, 2016
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	46,999		$	382		$	1,219		$	5		$	48,605
Commodity derivative liabilities	(13,181		)	(11		)	(34,613		)	(879		)	(48,684		)
Cash collateral	27,498			—			—			—			27,498
Balance sheet line item totals	$	61,316		$	371		$	(33,394	)	$	(874	)	$	27,419

Amounts of quantities outstanding included in commodity derivative contracts

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2017, December 31, 2016 and March 31, 2016:

	March 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	201,200	—	—	—
Soybeans	29,015	—	—	—
Wheat	7,956	—	—	—
Oats	46,861	—	—	—
Ethanol	—	178,040	—	—
Corn oil	—	—	6,279	—
Other	100	1,000	—	239
Subtotal	285,132	179,040	6,279	239
Exchange traded:
Corn	104,790	—	—	—
Soybeans	47,605	—	—	—
Wheat	40,855	—	—	—
Oats	1,660	—	—	—
Ethanol	—	16,590	—	—
Other	—	—	—	15
Subtotal	194,910	16,590	—	15
Total	480,042	195,630	6,279	254

	December 31, 2016
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	175,549	—	—	—
Soybeans	20,592	—	—	—
Wheat	7,177	—	—	—
Oats	36,025	—	—	—
Ethanol	—	215,081	—	—
Corn oil	—	—	9,358	—
Other	108	1,144	—	110
Subtotal	239,451	216,225	9,358	110
Exchange traded:
Corn	63,225	—	—	—
Soybeans	39,005	—	—	—
Wheat	45,360	—	—	—
Oats	4,120	—	—	—
Ethanol	—	78,120	—	—
Subtotal	151,710	78,120	—	—
Total	391,161	294,345	9,358	110

	March 31, 2016
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	235,426	—	—	—
Soybeans	21,509	—	—	—
Wheat	12,654	—	—	—
Oats	32,136	—	—	—
Ethanol	—	149,374	—	—
Corn oil	—	—	3,850	—
Other	18	—	6,234	85
Subtotal	301,743	149,374	10,084	85
Exchange traded:
Corn	129,465	—	—	—
Soybeans	34,315	—	—	—
Wheat	20,950	—	—	—
Oats	3,225	—	—	—
Ethanol	—	1,470	—	—
Subtotal	187,955	1,470	—	—
Total	489,698	150,844	10,084	85

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

The gains and losses included in the Company's Consolidated Statements of Operations and the line item in which they are located for foreign currency contract derivatives not designated as hedging instruments are as follows:

	Three months ended March 31,
(in thousands)	2017		2016
Foreign currency derivative gains included in Other income, net	$	98	$	1,478

The gains and losses included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located are as follows:

	Three months ended March 31,
(in thousands)	2017		2016
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	27,025	$	(8,859	)

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

	Three months ended March 31,
(in thousands)	2017		2016
Interest income (expense)	$	389	$	(1,600	)

Schedule of Fair Value of Interest Rate Derivative Liabilities

t March 31, 2017, December 31, 2016 and March 31, 2016, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:

	March 31, 2017			December 31, 2016			March 31, 2016
(in thousands)
Derivatives not designated as hedging instruments
Interest rate contracts included in other long term liabilities	$	(2,141	)	$	(2,530	)	$	(4,618	)
Total fair value of interest rate derivatives not designated as hedging instruments	$	(2,141	)	$	(2,530	)	$	(4,618	)
Derivatives designated as hedging instruments
Interest rate contract included in other short term liabilities	$	—		$	—		$	(96	)
Total fair value of interest rate derivatives designated as hedging instruments	$	—		$	—		$	(96	)

The Company also has foreign currency derivatives which are considered effective economic hedges of specified economic risks but which are not designated as accounting hedges. At March 31, 2017, December 31, 2016 and March 31, 2016, the Company had recorded the following amounts for the fair value of the Company's foreign currency derivatives:

	March 31, 2017			December 31, 2016			March 31, 2016
(in thousands)
Derivatives not designated as hedging instruments
Foreign currency contracts included in short term assets	$	(14	)	$	(112	)	$	1,478
Total fair value of foreign currency contract derivatives not designated as hedging instruments	$	(14	)	$	(112	)	$	1,478