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Derivatives (Tables)
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3 Months Ended |
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Mar. 31, 2015
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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: | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | December 31, 2014 | | March 31, 2014 | (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) | $ | 39,521 |
| | $ | — |
| | $ | 79,646 |
| | $ | — |
| | $ | 142,791 |
| | $ | — |
| Fair value of derivatives | 21,327 |
| | — |
| | (10,981 | ) | | — |
| | (88,498 | ) | | — |
| Balance at end of period | $ | 60,848 |
| | $ | — |
| | $ | 68,665 |
| | $ | — |
| | $ | 54,293 |
| | $ | — |
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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: | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | (in thousands) | Commodity derivative assets - current | | Commodity derivative assets - noncurrent | | Commodity derivative liabilities - current | | Commodity derivative liabilities - noncurrent | | Total | Commodity derivative assets | $ | 60,071 |
| | $ | 254 |
| | $ | 1,615 |
| | $ | 29 |
| | $ | 61,969 |
| Commodity derivative liabilities | (12,768 | ) | | (11 | ) | | (57,016 | ) | | (2,113 | ) | | (71,908 | ) | Cash collateral | 39,521 |
| | — |
| | — |
| | — |
| | 39,521 |
| Balance sheet line item totals | $ | 86,824 |
| | $ | 243 |
| | $ | (55,401 | ) | | $ | (2,084 | ) | | $ | 29,582 |
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| | | | | | | | | | | | | | | | | | | | | | 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 |
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| | | | | | | | | | | | | | | | | | | | | | March 31, 2014 | (in thousands) | Commodity derivative assets - current | | Commodity derivative assets - noncurrent | | Commodity derivative liabilities - current | | Commodity derivative liabilities - noncurrent | | Total | Commodity derivative assets | $ | 86,512 |
| | $ | 1,543 |
| | $ | 4,552 |
| | $ | 308 |
| | $ | 92,915 |
| Commodity derivative liabilities | (109,973 | ) | | (178 | ) | | (36,705 | ) | | (1,042 | ) | | (147,898 | ) | Cash collateral | 142,791 |
| | — |
| | — |
| | — |
| | 142,791 |
| Balance sheet line item totals | $ | 119,330 |
| | $ | 1,365 |
| | $ | (32,153 | ) | | $ | (734 | ) | | $ | 87,808 |
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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 months ended March 31, 2015 and 2014 are as follows: | | | | | | | | | | Three months ended
March 31, | (in thousands) | 2015 | | 2014 | Gains (losses) on commodity derivatives included in sales and merchandising revenues | $ | 67,811 |
| | $ | (53,686 | ) |
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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 March 31, 2015, December 31, 2014 and March 31, 2014: | | | | | | | | | | | | | | March 31, 2015 | 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 | 276,158 |
| | — |
| | — |
| | — |
| Soybeans | 29,646 |
| | — |
| | — |
| | — |
| Wheat | 13,232 |
| | — |
| | — |
| | — |
| Oats | 29,883 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 197,961 |
| | — |
| | — |
| Corn oil | — |
| | — |
| | 5,651 |
| | — |
| Other | 339 |
| | — |
| | — |
| | 116 |
| Subtotal | 349,258 |
| | 197,961 |
| | 5,651 |
| | 116 |
| Exchange traded: | | | | | | | | Corn | 143,320 |
| | — |
| | — |
| | — |
| Soybeans | 38,555 |
| | — |
| | — |
| | — |
| Wheat | 26,675 |
| | — |
| | — |
| | — |
| Oats | 6,390 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 26,334 |
| | — |
| | — |
| Bean Oil | — |
| | — |
| | 60,240 |
| | — |
| Other | — |
| | — |
| | — |
| | 10 |
| Subtotal | 214,940 |
| | 26,334 |
| | 60,240 |
| | 10 |
| Total | 564,198 |
| | 224,295 |
| | 65,891 |
| | 126 |
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| | | | | | | | | | | | | | 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 |
| | — |
| | — |
| Bean oil | — |
| | — |
| | 2,700 |
| | — |
| Other | — |
| | — |
| | — |
| | 5 |
| Subtotal | 228,745 |
| | 41,832 |
| | 2,700 |
| | 5 |
| Total | 556,574 |
| | 275,469 |
| | 20,776 |
| | 144 |
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| | | | | | | | | | | | | | March 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 | 274,762 |
| | — |
| | — |
| | — |
| Soybeans | 29,332 |
| | — |
| | — |
| | — |
| Wheat | 12,753 |
| | — |
| | — |
| | — |
| Oats | 31,691 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 278,697 |
| | — |
| | — |
| Corn oil | — |
| | — |
| | 20,790 |
| | — |
| Other | 207 |
| | — |
| | — |
| | 110 |
| Subtotal | 348,745 |
| | 278,697 |
| | 20,790 |
| | 110 |
| Exchange traded: | | | | | | | | Corn | 197,405 |
| | — |
| | — |
| | — |
| Soybeans | 20,810 |
| | — |
| | — |
| | — |
| Wheat | 26,750 |
| | — |
| | — |
| | — |
| Oats | 8,335 |
| | — |
| | — |
| | — |
| Ethanol | — |
| | 82,194 |
| | — |
| | — |
| Subtotal | 253,300 |
| | 82,194 |
| | — |
| | — |
| Total | 602,045 |
| | 360,891 |
| | 20,790 |
| | 110 |
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