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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2016
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:
| June 30, 2016 |  | December 31, 2015 |  | June 30, 2015
(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) | $ | 38,252 |  |  | $ | (480 | ) |  | $ | 3,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,007 |
Fair value of derivatives | 13,491 |  |  | 1,480 |  |  | 25,356 |  |  | — |  |  | — |  |  | (58,195 | )
Balance at end of period | $ | 51,743 |  |  | $ | 1,000 |  |  | $ | 28,364 |  |  | $ | — |  |  | $ | — |  |  | $ | (9,188 | )
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:
| June 30, 2016
(in thousands) | Commodity derivative assets - current |  | Commodity derivative assets - noncurrent |  | Commodity derivative liabilities - current |  | Commodity derivative liabilities - noncurrent |  | Total
Commodity derivative assets | $ | 134,504 |  |  | $ | 2,095 |  |  | $ | 5,925 |  |  | $ | 84 |  |  | $ | 142,608 |
Commodity derivative liabilities | (56,832 | ) |  | (161 | ) |  | (48,628 | ) |  | (2,266 | ) |  | (107,887 | )
Cash collateral | 38,252 |  |  | — |  |  | (480 | ) |  | — |  |  | 37,772 |
Balance sheet line item totals | $ | 115,924 |  |  | $ | 1,934 |  |  | $ | (43,183 | ) |  | $ | (2,182 | ) |  | $ | 72,493 |
| December 31, 2015
(in thousands) | Commodity derivative assets - current |  | Commodity derivative assets - noncurrent |  | Commodity derivative liabilities - current |  | Commodity derivative liabilities - noncurrent |  | Total
Commodity derivative assets | $ | 51,647 |  |  | $ | 412 |  |  | $ | 371 |  |  | $ | 2 |  |  | $ | 52,432 |
Commodity derivative liabilities | (4,829 | ) |  | — |  |  | (37,758 | ) |  | (1,065 | ) |  | (43,652 | )
Cash collateral | 3,008 |  |  | — |  |  | — |  |  | — |  |  | 3,008 |
Balance sheet line item totals | $ | 49,826 |  |  | $ | 412 |  |  | $ | (37,387 | ) |  | $ | (1,063 | ) |  | $ | 11,788 |
| June 30, 2015
(in thousands) | Commodity derivative assets - current |  | Commodity derivative assets - noncurrent |  | Commodity derivative liabilities - current |  | Commodity derivative liabilities - noncurrent |  | Total
Commodity derivative assets | $ | 52,405 |  |  | $ | 3,072 |  |  | $ | 3,956 |  |  | $ | 43 |  |  | $ | 59,476 |
Commodity derivative liabilities | (61,552 | ) |  | (82 | ) |  | (46,578 | ) |  | (2,220 | ) |  | (110,432 | )
Cash collateral | 49,007 |  |  | — |  |  | — |  |  | — |  |  | 49,007 |
Balance sheet line item totals | $ | 39,860 |  |  | $ | 2,990 |  |  | $ | (42,622 | ) |  | $ | (2,177 | ) |  | $ | (1,949 | )
Company's Condensed Consolidated Statement of Income gains and location of line items | The 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 June 30, |  | Six months ended June 30,
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Foreign currency derivative gains (losses) included in Other income, net | $ | (87 | ) |  | $ | — |  |  | $ | 1,391 |  |  | $ | — |
The 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 June 30, |  | Six months ended June 30,
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Interest expense | $ | (694 | ) |  | $ | — |  |  | $ | (2,294 | ) |  | $ | — |
The gains (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 June 30, |  | Six months ended June 30,
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | 34,800 |  |  | $ | (41,017 | ) |  | $ | 25,941 |  |  | $ | 2,805 |
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 June 30, 2016, December 31, 2015 and June 30, 2015:
| June 30, 2016
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 | 242,269 |  |  | — |  |  | — |  |  | — |
Soybeans | 52,599 |  |  | — |  |  | — |  |  | — |
Wheat | 13,100 |  |  | — |  |  | — |  |  | — |
Oats | 30,722 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 130,464 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 13,800 |  |  | — |
Other | 17 |  |  | — |  |  | — |  |  | 128 |
Subtotal | 338,707 |  |  | 130,464 |  |  | 13,800 |  |  | 128 |
Exchange traded: |  |  |  |  |  |  |
Corn | 148,665 |  |  | — |  |  | — |  |  | — |
Soybeans | 46,570 |  |  | — |  |  | — |  |  | — |
Wheat | 22,790 |  |  | — |  |  | — |  |  | — |
Oats | 2,820 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 36,540 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Subtotal | 220,845 |  |  | 36,540 |  |  | — |  |  | — |
Total | 559,552 |  |  | 167,004 |  |  | 13,800 |  |  | 128 |
| December 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 | 227,248 |  |  | — |  |  | — |  |  | — |
Soybeans | 13,357 |  |  | — |  |  | — |  |  | — |
Wheat | 13,710 |  |  | — |  |  | — |  |  | — |
Oats | 15,019 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 138,660 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 11,532 |  |  | — |
Other | 297 |  |  | — |  |  | — |  |  | 116 |
Subtotal | 269,631 |  |  | 138,660 |  |  | 11,532 |  |  | 116 |
Exchange traded: |  |  |  |  |  |  |
Corn | 106,260 |  |  | — |  |  | — |  |  | — |
Soybeans | 17,255 |  |  | — |  |  | — |  |  | — |
Wheat | 28,135 |  |  | — |  |  | — |  |  | — |
Oats | 3,480 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 840 |  |  | — |  |  | — |
Other | — |  |  | 840 |  |  | — |  |  | — |
Subtotal | 155,130 |  |  | 1,680 |  |  | — |  |  | — |
Total | 424,761 |  |  | 140,340 |  |  | 11,532 |  |  | 116 |
| June 30, 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 | 233,812 |  |  | — |  |  | — |  |  | — |
Soybeans | 29,823 |  |  | — |  |  | — |  |  | — |
Wheat | 8,809 |  |  | — |  |  | — |  |  | — |
Oats | 24,180 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 139,789 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 6,394 |  |  | — |
Other | 350 |  |  | — |  |  | — |  |  | 118 |
Subtotal | 296,974 |  |  | 139,789 |  |  | 6,394 |  |  | 118 |
Exchange traded: |  |  |  |  |  |  |
Corn | 139,965 |  |  | — |  |  | — |  |  | — |
Soybeans | 30,945 |  |  | — |  |  | — |  |  | — |
Wheat | 22,585 |  |  | — |  |  | — |  |  | — |
Oats | 4,690 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 25,620 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Subtotal | 198,185 |  |  | 25,620 |  |  | — |  |  | — |
Total | 495,159 |  |  | 165,409 |  |  | 6,394 |  |  | 118 |
Schedule of Fair Value of Interest Rate Derivative Liabilities | 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 June 30, 2016, December 31, 2015 and June 30, 2015, the Company had recorded the following amounts for the fair value of the Company's foreign currency derivatives:
| June 30, |  | December 31, |  | June 30,
(in thousands) | 2016 |  | 2015 |  | 2015
Derivatives not designated as hedging instruments |  |  |  |  |
Foreign currency contracts included in short term assets | 1,391 |  |  | — |  |  | — |
Total fair value of foreign currency contract derivatives not designated as hedging instruments | $ | 1,391 |  |  | $ | — |  |  | $ | — |
At June 30, 2016, December 31, 2015 and June 30, 2015, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:
| June 30, |  | December 31, |  | June 30,
(in thousands) | 2016 |  | 2015 |  | 2015
Derivatives not designated as hedging instruments |  |  |  |  |
Interest rate contracts included in other long term liabilities | (5,422 | ) |  | (3,133 | ) |  | — |
Total fair value of interest rate derivatives not designated as hedging instruments | $ | (5,422 | ) |  | $ | (3,133 | ) |  | $ | — |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate contract included in other short term liabilities | — |  |  | (191 | ) |  | — |
Total fair value of interest rate derivatives designated as hedging instruments | $ | — |  |  | $ | (191 | ) |  | $ | — |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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