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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 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 following table presents at December 31, 2016 and 2015, 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, 2016 |  | December 31, 2015
(in thousands) | Net Derivative Asset Position |  | Net Derivative Liability Position |  | Net Derivative Asset Position |  | Net Derivative Liability Position
Collateral paid | $ | 28,273 |  |  | $ | — |  |  | $ | 3,008 |  |  | $ | — |
Fair value of derivatives | 1,599 |  |  | — |  |  | 25,356 |  |  | — |
Balance at end of period | $ | 29,872 |  |  | $ | — |  |  | $ | 28,364 |  |  | $ | — |
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, 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 |
| 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 |
Company's Consolidated Statement of Income gains and location of line items | The gains (losses) included in the Company’s Consolidated Statements of Operations and the line items in which they are located are as follows:
| Year Ended December 31,
(in thousands) | 2016 |  | 2015 |  | 2014
Gains on commodity derivatives included in sales and merchandising revenues | $ | — |  |  | — |  |  | 67,579 |
Gains (Losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | (15,012 | ) |  | 62,541 |  |  | — |
Amounts of quantities outstanding included in commodity derivative contracts | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) as of December 31, 2016 and 2015:
| 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 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Subtotal | 151,710 |  |  | 78,120 |  |  | — |  |  | — |
Total | 391,161 |  |  | 294,345 |  |  | 9,358 |  |  | 110 |
| December 31, 2015
Commodity (in thousands) | Number of Bushels |  | Number of Gallons |  | Number of Pounds |  | Number of Tons
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 |
Open interest rate contracts | The following table presents the open interest rate contracts at December 31, 2016:
Interest Rate Hedging Instrument |  | Year Entered |  | Year of Maturity |  | Initial Notional Amount (in millions) |  | Hedged Item |  | Interest Rate
Long-term |  |  |  |  |  |  |  |  |  |
Swap |  | 2012 |  | 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%
Fair value of the Company's interest rate derivatives | At December 31, 2016 and 2015, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:
| December 31,
(in thousands) | 2016 |  | 2015
Derivatives not designated as hedging instruments |  |  |
Interest rate contracts included in other long term liabilities | $ | (2,530 | ) |  | $ | (3,133 | )
Total fair value of interest rate derivatives not designated as hedging instruments | $ | (2,530 | ) |  | $ | (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 | )
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:
| Year ended December 31,
(in thousands) | 2016 |  | 2015
Interest expense | $ | 603 |  |  | $ | (1,065 | )
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 December 31, 2016 and 2015, the Company had recorded the following amounts for the fair value of the Company's foreign currency derivatives:
| December 31, |  | December 31,
(in thousands) | 2016 |  | 2015
Derivatives not designated as hedging instruments |  |  |
Foreign currency contracts included in short term assets | $ | (112 | ) |  | $ | — |
Total fair value of foreign currency contract derivatives not designated as hedging instruments | $ | (112 | ) |  | $ | — |
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:
| Year ended December 31,
(in thousands) | 2016 |  | 2015
Foreign currency derivative gains (losses) included in Other income, net | $ | (112 | ) |  | $ | — |

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