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Derivative Financial Instruments (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Schedule Of Fair Values Of Derivative Financial Instruments |
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Asset Derivatives'
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Liability Derivatives'
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Fair Value
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Fair Value
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June 30,
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December 31,
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June 30,
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December 31,
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2014
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2013
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2014
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2013
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Derivative financial instruments (1)
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$
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(6,723)
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(2)
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$
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(28,466)
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(3)
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$
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-
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$
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-
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Accrued and other liabilities
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-
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-
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12,085
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4,612
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Total
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$
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(6,723)
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$
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(28,466)
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$
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12,085
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$
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4,612
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(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $69.4 million and $77.1 million at June 30, 2014 and December 31, 2013, respectively.
(2) Balance at June 30, 2014 includes $42.2 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.
(3)Balance at December 31, 2013 includes $47.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.
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| Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) |
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Effective Portion of Cash Flow
Hedges Recognized in
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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Other Comprehensive Income (Loss)
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2014
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2013
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2014
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2013
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Commodity Contracts
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$
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32,035
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$
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(25,891)
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$
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(191,267)
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$
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(47,030)
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Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member]
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| Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship |
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Gains (Losses) on Derivative Instruments Not
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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Designated in a Hedging Relationship
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2014
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2013
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2014
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2013
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Revenues
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$
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(4,884)
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$
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(2,815)
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$
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13,366
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$
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(14,482)
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Cost of goods sold
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3,560
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190
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2,398
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11,207
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Net increase (decrease) recognized in earnings before tax
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$
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(1,324)
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$
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(2,625)
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$
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15,764
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$
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(3,275)
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Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member]
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| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
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Gains (Losses) Due to Ineffectiveness
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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of Cash Flow Hedges
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2014
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2013
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2014
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2013
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Revenues
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$
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264
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$
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(20)
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$
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(82)
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$
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(27)
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Cost of goods sold
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(1,610)
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1
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(750)
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(24)
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Net increase (decrease) recognized in earnings before tax
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$
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(1,346)
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$
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(19)
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$
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(832)
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$
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(51)
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Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member]
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| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
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Gains (Losses) Reclassified from Accumulated
Other Comprehensive Income (Loss)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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into Net Income
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2014
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2013
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2014
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2013
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Revenues
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$
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(125,177)
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$
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(23,841)
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$
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(213,323)
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$
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(34,220)
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Cost of goods sold
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30,686
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(6,034)
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34,259
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(6,867)
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Net decrease recognized in earnings before tax
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$
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(94,491)
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$
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(29,875)
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$
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(179,064)
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$
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(41,087)
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Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member]
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| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
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Gains (Losses) from Fair Value
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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Hedges of Inventory
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2014
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2013
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2014
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2013
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Revenues (effect of change in inventory value)
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$
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-
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$
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(301)
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$
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-
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$
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-
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Revenues (effect of fair value hedge)
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-
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301
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-
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-
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Cost of goods sold (effect of change in inventory value)
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(693)
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-
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2,453
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-
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Cost of goods sold (effect of fair value hedge)
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729
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-
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(2,049)
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-
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Ineffectiveness recognized in earnings before tax
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$
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36
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$
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-
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$
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404
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$
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-
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Schedule Of Volumes of Open Commodity Derivative Positions [Member]
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| Schedule Of Open Positition Derivative Financial Instruments |
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June 30, 2014
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Exchange Traded
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Non-Exchange Traded
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Derivative Instruments
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Net Long & (Short) (1)
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Long (2)
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(Short) (2)
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Unit of Measure
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Commodity
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Futures
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(2,095)
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Bushels
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Corn, Soybeans and Wheat
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Futures
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54,550
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(3)
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Bushels
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Corn
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Futures
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11,970
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Gallons
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Ethanol
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Futures
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(282,156)
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(3)
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Gallons
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Ethanol
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Futures
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(150)
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mmBTU
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Natural Gas
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Futures
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(2,092)
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(4)
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mmBTU
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Natural Gas
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Futures
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(1,800)
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Pounds
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Cattle
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Options
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744
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Bushels
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Corn, Soybeans and Wheat
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Options
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17,575
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Gallons
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Ethanol
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Options
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4,893
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Pounds
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Soybean Oil
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Forwards
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8,241
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(4,697)
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Bushels
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Corn and Soybeans
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Forwards
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11,299
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(101,570)
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Gallons
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Ethanol
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Forwards
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76
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(535)
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Tons
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Distillers Grains
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Forwards
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2,496
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(125,472)
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Pounds
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Corn Oil
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(1)
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Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. |
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(2)
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Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
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(3)
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Futures used for cash flow hedges. |
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(4)
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Futures used for fair value hedges. |
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Schedule Of Equity Trading Contracts Not Involving Physical Delivery Revenue And Cost Of Goods Sold [Member]
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| Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship |
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Three Months Ended
June 30,
|
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Six Months Ended
June 30,
|
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2014
|
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2013
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2014
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2013
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Revenues
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$
|
962
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$
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7,779
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$
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4,582
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$
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9,762
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Cost of goods sold
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1,134
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7,636
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5,878
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9,598
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