|
Derivative Financial Instruments (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Schedule Of Fair Values Of Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Derivatives'
|
|
Liability Derivatives'
|
|
|
|
Fair Value
|
|
Fair Value
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Derivative financial instruments (1)
|
|
$
|
(93,204)
|
(2)
|
$
|
(28,466)
|
(3)
|
$
|
-
|
|
$
|
-
|
|
Accrued and other liabilities
|
|
|
-
|
|
|
-
|
|
|
37,794
|
|
|
4,612
|
|
Total
|
|
$
|
(93,204)
|
|
$
|
(28,466)
|
|
$
|
37,794
|
|
$
|
4,612
|
(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $130.4 million and $77.1 million at March 31, 2014 and December 31, 2013, respectively.
(2) Balance at March 31, 2014 includes $150.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.
(3)Balance at December 31, 2013 includes $47.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.
|
| Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Portion of Cash Flow
Hedges Recognized in
|
|
Three Months Ended
March 31,
|
|
Other Comprehensive Loss
|
|
2014
|
|
2013
|
|
Commodity Contracts
|
|
$
|
(223,302)
|
|
$
|
(21,139)
|
|
|
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member]
|
|
| Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Derivative Instruments Not
|
|
Three Months Ended
March 31,
|
|
Designated in a Hedging Relationship
|
|
2014
|
|
2013
|
|
Revenues
|
|
$
|
18,250
|
|
$
|
(11,669)
|
|
Cost of goods sold
|
|
|
(1,163)
|
|
|
11,017
|
|
Net increase (decrease) recognized in earnings before tax
|
|
$
|
17,087
|
|
$
|
(652)
|
|
|
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member]
|
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) Due to Ineffectiveness
|
|
Three Months Ended
March 31,
|
|
of Cash Flow Hedges
|
|
2014
|
|
2013
|
|
Revenues
|
|
$
|
(346)
|
|
$
|
(6)
|
|
Cost of goods sold
|
|
|
860
|
|
|
(25)
|
|
Net increase (decrease) recognized in earnings before tax
|
|
$
|
514
|
|
$
|
(31)
|
|
|
Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member]
|
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) Reclassified from Accumulated
Other Comprehensive Loss
|
|
Three Months Ended
March 31,
|
|
into Net Income
|
|
2014
|
|
2013
|
|
Revenues
|
|
$
|
(88,146)
|
|
$
|
(10,379)
|
|
Cost of goods sold
|
|
|
3,573
|
|
|
(833)
|
|
Net decrease recognized in earnings before tax
|
|
$
|
(84,573)
|
|
$
|
(11,212)
|
|
|
Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member]
|
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) from Fair Value
|
|
Three Months Ended
March 31,
|
|
Hedges of Inventory
|
|
2014
|
|
2013
|
|
Revenues (effect of change in inventory value)
|
|
$
|
-
|
|
$
|
301
|
|
Revenues (effect of fair value hedge)
|
|
|
-
|
|
|
(301)
|
|
Cost of goods sold (effect of change in inventory value)
|
|
|
3,146
|
|
|
-
|
|
Cost of goods sold (effect of fair value hedge)
|
|
|
(2,778)
|
|
|
-
|
|
Ineffectiveness recognized in earnings before tax
|
|
$
|
368
|
|
$
|
-
|
|
|
Schedule Of Volumes of Open Commodity Derivative Positions [Member]
|
|
| Schedule Of Open Positition Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2014
|
|
|
|
Exchange Traded
|
|
Non-Exchange Traded
|
|
|
|
|
|
Derivative Instruments
|
|
Net Long & (Short) (1)
|
|
Long (2)
|
|
(Short) (2)
|
|
Unit of Measure
|
|
Commodity
|
|
Futures
|
|
(5,345)
|
|
|
|
|
|
Bushels
|
|
Corn, Soybeans and Wheat
|
|
Futures
|
|
63,950
|
(3)
|
|
|
|
|
Bushels
|
|
Corn
|
|
Futures
|
|
(3,315)
|
(4)
|
|
|
|
|
Bushels
|
|
Corn
|
|
Futures
|
|
54,684
|
|
|
|
|
|
Gallons
|
|
Ethanol
|
|
Futures
|
|
(235,620)
|
(3)
|
|
|
|
|
Gallons
|
|
Ethanol
|
|
Futures
|
|
98
|
|
|
|
|
|
mmBTU
|
|
Natural Gas
|
|
Options
|
|
7,242
|
|
|
|
|
|
Bushels
|
|
Corn, Soybeans and Wheat
|
|
Options
|
|
6,659
|
|
|
|
|
|
Gallons
|
|
Ethanol
|
|
Options
|
|
(42)
|
|
|
|
|
|
mmBTU
|
|
Natural Gas
|
|
Forwards
|
|
|
|
10,127
|
|
(4,709)
|
|
Bushels
|
|
Corn and Soybeans
|
|
Forwards
|
|
|
|
5,386
|
|
(129,584)
|
|
Gallons
|
|
Ethanol
|
|
Forwards
|
|
|
|
91
|
|
(399)
|
|
Tons
|
|
Distillers Grains
|
|
Forwards
|
|
|
|
(37,491)
|
|
3,408
|
|
Pounds
|
|
Corn Oil
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
| |
Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. |
|
(2)
| |
Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
|
(3)
| |
Futures used for cash flow hedges. |
|
(4)
| |
Futures used for fair value hedges. |
|
|
Schedule Of Equity Trading Contracts Not Involving Physical Delivery Revenue And Cost Of Goods Sold [Member]
|
|
| Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2014
|
|
2013
|
|
Revenues
|
$
|
3,620
|
|
$
|
1,982
|
|
Cost of goods sold
|
|
4,744
|
|
|
1,962
|
|