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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2017
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:
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
(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) | $ | (2,769 | ) |  | $ | — |  |  | $ | 28,273 |  |  | $ | — |  |  | $ | 27,498 |  |  | $ | — |
Fair value of derivatives | 32,310 |  |  | — |  |  | 1,599 |  |  | — |  |  | 11,389 |  |  | — |
Balance at end of period | $ | 29,541 |  |  | $ | — |  |  | $ | 29,872 |  |  | $ | — |  |  | $ | 38,887 |  |  | $ | — |
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, 2017
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 57,499 |  |  | $ | 341 |  |  | $ | 554 |  |  | $ | 3 |  |  | $ | 58,397 |
Commodity derivative liabilities | (6,681 | ) |  | (2 | ) |  | (30,468 | ) |  | (453 | ) |  | (37,604 | )
Cash collateral | (2,769 | ) |  | — |  |  | — |  |  | — |  |  | (2,769 | )
Balance sheet line item totals | $ | 48,049 |  |  | $ | 339 |  |  | $ | (29,914 | ) |  | $ | (450 | ) |  | $ | 18,024 |
| 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 |
| March 31, 2016
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 46,999 |  |  | $ | 382 |  |  | $ | 1,219 |  |  | $ | 5 |  |  | $ | 48,605 |
Commodity derivative liabilities | (13,181 | ) |  | (11 | ) |  | (34,613 | ) |  | (879 | ) |  | (48,684 | )
Cash collateral | 27,498 |  |  | — |  |  | — |  |  | — |  |  | 27,498 |
Balance sheet line item totals | $ | 61,316 |  |  | $ | 371 |  |  | $ | (33,394 | ) |  | $ | (874 | ) |  | $ | 27,419 |
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, 2017, December 31, 2016 and March 31, 2016:
| March 31, 2017
Commodity (in thousands) | Number of Bushels |  | Number of Gallons |  | Number of Pounds |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 201,200 |  |  | — |  |  | — |  |  | — |
Soybeans | 29,015 |  |  | — |  |  | — |  |  | — |
Wheat | 7,956 |  |  | — |  |  | — |  |  | — |
Oats | 46,861 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 178,040 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 6,279 |  |  | — |
Other | 100 |  |  | 1,000 |  |  | — |  |  | 239 |
Subtotal | 285,132 |  |  | 179,040 |  |  | 6,279 |  |  | 239 |
Exchange traded: |  |  |  |  |  |  |
Corn | 104,790 |  |  | — |  |  | — |  |  | — |
Soybeans | 47,605 |  |  | — |  |  | — |  |  | — |
Wheat | 40,855 |  |  | — |  |  | — |  |  | — |
Oats | 1,660 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 16,590 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 15 |
Subtotal | 194,910 |  |  | 16,590 |  |  | — |  |  | 15 |
Total | 480,042 |  |  | 195,630 |  |  | 6,279 |  |  | 254 |
| 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 |  |  | — |  |  | — |
Subtotal | 151,710 |  |  | 78,120 |  |  | — |  |  | — |
Total | 391,161 |  |  | 294,345 |  |  | 9,358 |  |  | 110 |
| March 31, 2016
Commodity (in thousands) | Number of Bushels |  | Number of Gallons |  | Number of Pounds |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 235,426 |  |  | — |  |  | — |  |  | — |
Soybeans | 21,509 |  |  | — |  |  | — |  |  | — |
Wheat | 12,654 |  |  | — |  |  | — |  |  | — |
Oats | 32,136 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 149,374 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 3,850 |  |  | — |
Other | 18 |  |  | — |  |  | 6,234 |  |  | 85 |
Subtotal | 301,743 |  |  | 149,374 |  |  | 10,084 |  |  | 85 |
Exchange traded: |  |  |  |  |  |  |
Corn | 129,465 |  |  | — |  |  | — |  |  | — |
Soybeans | 34,315 |  |  | — |  |  | — |  |  | — |
Wheat | 20,950 |  |  | — |  |  | — |  |  | — |
Oats | 3,225 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 1,470 |  |  | — |  |  | — |
Subtotal | 187,955 |  |  | 1,470 |  |  | — |  |  | — |
Total | 489,698 |  |  | 150,844 |  |  | 10,084 |  |  | 85 |
Company's Condensed Consolidated Statement of Income gains and location of line items | 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:
| Three months ended March 31,
(in thousands) | 2017 |  | 2016
Foreign currency derivative gains included in Other income, net | $ | 98 |  |  | $ | 1,478 |
The gains and 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 March 31,
(in thousands) | 2017 |  | 2016
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | 27,025 |  |  | $ | (8,859 | )
The gains and 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 March 31,
(in thousands) | 2017 |  | 2016
Interest income (expense) | $ | 389 |  |  | $ | (1,600 | )
Schedule of Fair Value of Interest Rate Derivative Liabilities | t March 31, 2017, December 31, 2016 and March 31, 2016, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives:
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
(in thousands) |  |
Derivatives not designated as hedging instruments |  |  |  |  |
Interest rate contracts included in other long term liabilities | $ | (2,141 | ) |  | $ | (2,530 | ) |  | $ | (4,618 | )
Total fair value of interest rate derivatives not designated as hedging instruments | $ | (2,141 | ) |  | $ | (2,530 | ) |  | $ | (4,618 | )
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate contract included in other short term liabilities | $ | — |  |  | $ | — |  |  | $ | (96 | )
Total fair value of interest rate derivatives designated as hedging instruments | $ | — |  |  | $ | — |  |  | $ | (96 | )
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 March 31, 2017, December 31, 2016 and March 31, 2016, the Company had recorded the following amounts for the fair value of the Company's foreign currency derivatives:
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
(in thousands) |  |
Derivatives not designated as hedging instruments |  |  |  |  |
Foreign currency contracts included in short term assets | $ | (14 | ) |  | $ | (112 | ) |  | $ | 1,478 |
Total fair value of foreign currency contract derivatives not designated as hedging instruments | $ | (14 | ) |  | $ | (112 | ) |  | $ | 1,478 |

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