Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Estimated Fair Value of Company's Commodity Derivative Instruments that Require Cash Collateral

The following table presents at December 31, 2018 and 2017, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received 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 Consolidated Balance Sheets:

	December 31, 2018				December 31, 2017
(in thousands)	Net Derivative Asset Position		Net Derivative Liability Position		Net Derivative Asset Position		Net Derivative Liability Position
Collateral paid	$	14,944	$	—	$	1,351	$	—
Fair value of derivatives	22,285		—		17,252		—
Balance at end of period	$	37,229	$	—	$	18,603	$	—

Schedule of 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, 2018
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	43,463		$	484		$	706		$	5		$	44,658
Commodity derivative liabilities	(6,986		)	(4		)	(33,353		)	(894		)	(41,237		)
Cash collateral	14,944			—			—			—			14,944
Balance sheet line item totals	$	51,421		$	480		$	(32,647	)	$	(889	)	$	18,365

	December 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,929		$	311		$	489		$	1		$	37,730
Commodity derivative liabilities	(7,578		)	(1		)	(30,140		)	(826		)	(38,545		)
Cash collateral	1,351			—			—			—			1,351
Balance sheet line item totals	$	30,702		$	310		$	(29,651	)	$	(825	)	$	536

Schedule of Company's Consolidated Statement of Income Gains and Location of Line Items

The recording of derivatives gains and losses and the financial statement line item in which they are located are as follows:

	Year ended December 31,
(in thousands)	2018			2017
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense)	$	1,115		$	1,286
Foreign currency derivative gains (losses) included in Other income, net	$	(1,548	)	$	539
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in OCI	$	(168	)	$	—
Interest rate derivative gains (losses) included in Interest income (expense)	$	158		$	—

The net pre-tax gains on commodity derivatives not designated as hedging instruments included in the Company’s Consolidated Statements of Operations and the line items in which they are located for the years ended December 31, 2018, 2017, and 2016 are as follows:

	Year Ended December 31,
(in thousands)	2018		2017	2016
Gains (Losses) on commodity derivatives included in cost of sales and merchandising revenues	$	4,236	5,417	(15,012	)

Schedule of Volume of Commodity Derivative Contracts Outstanding

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) as of December 31, 2018 and 2017:

 

	December 31, 2018
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	250,408			—
Soybeans	22,463	—	—	—
Wheat	14,017	—	—	—
Oats	26,230	—	—	—
Ethanol	—	244,863	—	—
Corn oil	—	—	2,920	—
Other	494	2,000	—	66
Subtotal	313,612	246,863	2,920	66
Exchange traded:
Corn	130,585	—	—	—
Soybeans	26,985	—	—	—
Wheat	33,760	—	—	—
Oats	1,475	—	—	—
Ethanol	—	77,112	—	—
Subtotal	192,805	77,112	—	—
Total	506,417	323,975	2,920	66

	December 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	218,391			—
Soybeans	18,127	—	—	—
Wheat	14,577	—	—	—
Oats	25,953	—	—	—
Ethanol	—	197,607	—	—
Corn oil	—	—	6,074	—
Other	47	—	—	97
Subtotal	277,095	197,607	6,074	97
Exchange traded:
Corn	82,835	—	—	—
Soybeans	37,170	—	—	—
Wheat	65,640	—	—	—
Oats	1,345	—	—	—
Ethanol	—	39,438	—	—
Other	—	840	—	—
Subtotal	186,990	40,278	—	—
Total	464,085	237,885	6,074	97

Schedule of Open Interest Rate Contracts

The following table presents the open interest rate contracts at December 31, 2018:

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Hedged Item	Interest Rate
Long-term
Swap	2014	2023	$	23.0	Interest rate component of debt - not accounted for as a hedge	1.9%
Collar	2013	2021	$	40.0	Interest rate component of debt - not accounted for as a hedge	2.9% to 4.8%
Swap	2018	2021	$	40.0	Interest rate component of debt - accounted for as cash flow hedge	2.6%
Swap	2018	2021	$	25.0	Interest rate component of debt - accounted for as cash flow hedge	2.5%

Schedule of Fair Value of the Company's Interest Rate Derivatives

At December 31, 2018 and 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives:

	December 31,
(in thousands)	2018			2017
Derivatives not designated as hedging instruments
Interest rate contracts included in Other long-term assets (Other long-term liabilities)	$	(353	)	$	(1,244	)
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)	$	(1,122	)	$	426
Derivatives designated as hedging instruments
Interest rate contract included in Other assets (Other long-term liabilities)	$	(168	)	$	—