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Derivatives (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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: | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2014 | | December 31, 2013 | | September 30, 2013 | (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) | $ | (79,711 | ) | | $ | — |
| | $ | 15,480 |
| | $ | — |
| | $ | 27,101 |
| | $ | — |
| Fair value of derivatives | 147,983 |
| | — |
| | 31,055 |
| | — |
| | 38,352 |
| | — |
| Balance at end of period | $ | 68,272 |
| | $ | — |
| | $ | 46,535 |
| | $ | — |
| | $ | 65,453 |
| | $ | — |
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| 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: | | | | | | | | | | | | | | | | | | | | | | September 30, 2014 | (in thousands) | Commodity derivative assets - current | | Commodity derivative assets - noncurrent | | Commodity derivative liabilities - current | | Commodity derivative liabilities - noncurrent | | Total | Commodity derivative assets | $ | 212,760 |
| | $ | 2,383 |
| | $ | 2,897 |
| | $ | 196 |
| | $ | 218,236 |
| Commodity derivative liabilities | (6,653 | ) | | — |
| | (232,162 | ) | | (26,399 | ) | | (265,214 | ) | Cash collateral | (79,711 | ) | | — |
| | — |
| | — |
| | (79,711 | ) | Balance sheet line item totals | $ | 126,396 |
| | $ | 2,383 |
| | $ | (229,265 | ) | | $ | (26,203 | ) | | $ | (126,689 | ) |
| | | | | | | | | | | | | | | | | | | | | | 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 |
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| | | | | | | | | | | | | | | | | | | | | | September 30, 2013 | (in thousands) | Commodity derivative assets - current | | Commodity derivative assets - noncurrent | | Commodity derivative liabilities - current | | Commodity derivative liabilities - noncurrent | | Total | Commodity derivative assets | $ | 89,540 |
| | $ | 5 |
| | $ | 2,933 |
| | $ | 41 |
| | $ | 92,519 |
| Commodity derivative liabilities | (11,251 | ) | | — |
| | (91,167 | ) | | (9,677 | ) | | (112,095 | ) | Cash collateral | 27,101 |
| | — |
| | — |
| | — |
| | 27,101 |
| Balance sheet line item totals | $ | 105,390 |
| | $ | 5 |
| | $ | (88,234 | ) | | $ | (9,636 | ) | | $ | 7,525 |
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| Company's Condensed Consolidated Statement of Income gains and location of line items |
The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three and nine months ended September 30, 2014 and 2013 are as follows: | | | | | | | | | | | | | | | | | | Three months ended
September 30, | | Nine months ended
September 30, | (in thousands) | 2014 | | 2013 | | 2014 | | 2013 | Gains on commodity derivatives included in sales and merchandising revenues | $ | 86,558 |
| | $ | 30,894 |
| | $ | 106,389 |
| | $ | 99,896 |
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| 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 September 30, 2014, December 31, 2013 and September 30, 2013: | | | | | | | | | | | | | | September 30, 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 | 293,592 |
| | — |
| | — |
| | — |
| Soybeans | 68,486 |
| | — |
| | — |
| | — |
| Wheat | 11,370 |
| | — |
| | — |
| | — |
| Oats | 26,687 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 209,264 |
| | — |
| | — |
| Corn oil | — |
| | — |
| | 68,799 |
| | — |
| Other | 140 |
| | — |
| | — |
| | 115 |
| Subtotal | 400,275 |
| | 209,264 |
| | 68,799 |
| | 115 |
| Exchange traded: | | | | | | | | Corn | 117,175 |
| | — |
| | — |
| | — |
| Soybeans | 34,760 |
| | — |
| | — |
| | — |
| Wheat | 35,635 |
| | — |
| | — |
| | — |
| Oats | 9,195 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 104,286 |
| | — |
| | — |
| Other | — |
| | — |
| | 5,400 |
| | 11 |
| Subtotal | 196,765 |
| | 104,286 |
| | 5,400 |
| | 11 |
| Total | 597,040 |
| | 313,550 |
| | 74,199 |
| | 126 |
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| | | | | | | | | | | | | | 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 |
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| | | | | | | | | | | | | | September 30, 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 | 214,500 |
| | — |
| | — |
| | — |
| Soybeans | 46,325 |
| | — |
| | — |
| | — |
| Wheat | 8,450 |
| | — |
| | — |
| | — |
| Oats | 14,555 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 144,339 |
| | — |
| | — |
| Corn oil | — |
| | — |
| | 12,921 |
| | — |
| Other | 255 |
| | — |
| | — |
| | 88 |
| Subtotal | 284,085 |
| | 144,339 |
| | 12,921 |
| | 88 |
| Exchange traded: | | | | | | | | Corn | 92,120 |
| | — |
| | — |
| | — |
| Soybeans | 19,110 |
| | — |
| | — |
| | — |
| Wheat | 30,725 |
| | — |
| | — |
| | — |
| Oats | 3,890 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 15,540 |
| | — |
| | — |
| Other | — |
| | — |
| | — |
| | 1 |
| Subtotal | 145,845 |
| | 15,540 |
| | — |
| | 1 |
| Total | 429,930 |
| | 159,879 |
| | 12,921 |
| | 89 |
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