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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2014
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS At December 31, 2014, the consolidated balance sheets reflect unrealized losses, net of tax, of $5.3 million in accumulated other comprehensive loss. The Company expects all of the unrealized losses at December 31, 2014 will be reclassified into operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount ultimately realized in operating income, however, will differ as commodity prices change. Fair Values of Derivative Instruments The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the consolidated balance sheets in which the fair values are reflected (in thousands):
| Asset Derivatives' |  | Liability Derivatives'
| Fair Value at December 31, |  | Fair Value at December 31,
| 2014 |  | 2013 |  | 2014 |  | 2013
Derivative financial instruments (1) | $ | 11,859 | (2) | $ | (28,466) | (3) | $ | - |  | $ | -
Other assets |  | 3 |  |  | - |  |  | - |  |  | -
Accrued and other liabilities |  | - |  |  | - |  |  | 28,082 |  |  | 4,612
Total | $ | 11,862 |  | $ | (28,466) |  | $ | 28,082 |  | $ | 4,612
(1) Derivative financial instruments as reflected on the balance sheet include a margin dep osit assets of $24.5 million and $77.1 million at December 31, 2014 and 2013, respectively. (2) Balance at December 31, 201 4, includes $0.6 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. Refer to Note 4 - Fair Value Disclosures, which also contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income The following tables provide information about gains or losses recognized in income and other comprehensive income on the Company’s derivative financial instruments and the line items in the consolidated financial statements in which such gains and losses are reflected (in thousands):
Gains (Losses) on Derivative Instruments Not |  | Year Ended December 31,
Designated in a Hedging Relationship |  | 2014 |  | 2013 |  | 2012
Revenues |  | $ | 13,369 |  | $ | (10,855) |  | $ | (6,206)
Cost of goods sold |  |  | 165 |  |  | 12,701 |  |  | (12,050)
Net increase (decrease) recognized in earnings before tax |  | $ | 13,534 |  | $ | 1,846 |  | $ | (18,256)
Gains (Losses) Due to Ineffectiveness |  | Year Ended December 31,
of Cash Flow Hedges |  | 2014 |  | 2013 |  | 2012
Revenues |  | $ | (326) |  | $ | (84) |  | $ | (10)
Cost of goods sold |  |  | 481 |  |  | (490) |  |  | -
Net increase (decrease) recognized in earnings before tax |  | $ | 155 |  | $ | (574) |  | $ | (10)
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) |  | Year Ended December 31,
into Net Income |  | 2014 |  | 2013 |  | 2012
Revenues |  | $ | (257,730) |  | $ | (96,736) |  | $ | (17,318)
Cost of goods sold |  |  | (43,853) |  |  | (25,852) |  |  | 56,848
Net increase (decrease) recognized in earnings before tax |  | $ | (301,583) |  | $ | (122,588) |  | $ | 39,530
Effective Portion of Cash Flow Hedges Recognized in |  | Year Ended December 31,
Other Comprehensive Income (Loss) |  | 2014 |  | 2013 |  | 2012
Commodity Contracts |  | $ | (299,684) |  | $ | (138,589) |  | $ | 49,999
Gains (Losses) from Fair Value |  | Year Ended December 31,
Hedges of Inventory |  | 2014 |  | 2013 |  | 2012
Cost of goods sold (effect of change in inventory value) |  | $ | 304 |  | $ | 102 |  | $ | -
Cost of goods sold (effect of fair value hedge) |  |  | 2,612 |  |  | 674 |  |  | -
Ineffectiveness recognized in earnings before tax |  | $ | 2,916 |  | $ | 776 |  | $ | -
There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the years ended December 31, 2014, 2013 and 2012. The following table summarizes volumes of open commodity derivative positions as of December 31, 2014 (in thousands):
December 31, 2014
|  | Exchange Traded |  | Non-Exchange Traded |  |  |  |
Derivative Instruments |  | Net Long & (Short) (1) |  | Long (2) |  | (Short) (2) |  | Unit of Measure |  | Commodity
Futures |  | (4,410) |  |  |  |  |  | Bushels |  | Corn, Soybeans and Wheat
Futures |  | 3,675 | (3) |  |  |  |  | Bushels |  | Corn
Futures |  | (9,010) | (4) |  |  |  |  | Bushels |  | Corn
Futures |  | 46,410 |  |  |  |  |  | Gallons |  | Ethanol
Futures |  | (82,950) | (3) |  |  |  |  | Gallons |  | Ethanol
Futures |  | 958 |  |  |  |  |  | mmBTU |  | Natural Gas
Futures |  | (4,318) | (4) |  |  |  |  | mmBTU |  | Natural Gas
Futures |  | 1,320 |  |  |  |  |  | Pounds |  | Cattle
Futures |  | (37,040) | (3) |  |  |  |  | Pounds |  | Cattle
Futures |  | (2,700) |  |  |  |  |  | Pounds |  | Soybean Oil
Options |  | (2,461) |  |  |  |  |  | Bushels |  | Corn, Soybeans and Wheat
Options |  | (15,095) |  |  |  |  |  | Gallons |  | Ethanol
Options |  | (30) |  |  |  |  |  | mmBTU |  | Natural Gas
Forwards |  |  |  | 19,041 |  | (16,251) |  | Bushels |  | Corn and Soybeans
Forwards |  |  |  | 8,046 |  | (160,901) |  | Gallons |  | Ethanol
Forwards |  |  |  | 104 |  | (461) |  | Tons |  | Distillers Grains
Forwards |  |  |  | 3,744 |  | (60,490) |  | Pounds |  | Corn Oil
Forwards |  |  |  | 9,310 |  | (876) |  | mmBTU |  | Natural Gas
| (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
Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $8.0 million, net losses of $1.2 million, and net gains of $0.5 million for the years ende d December 31, 2014, 2013 and 2012, respectively, on energy trading contracts.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 20: 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=7476318&loc=SL5624171-113959 + Details
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