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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Schedule Of Fair Values Of Derivative Financial Instruments


		Asset Derivatives'						Liability Derivatives'
		Fair Value						Fair Value
		September 30,			December 31,			September 30,			December 31,
		2016			2015			2016			2015
Derivative financial instruments (1)		$	29,785	(2)	$	22,882	(3)	$	-		$	-
Accrued and other liabilities			-			-			20,831			8,245
Other liabilities			-			-			15			-
Total		$	29,785		$	22,882		$	20,846		$	8,245



(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $8.8 million and $7.7 million at September 30, 2016 and December 31, 2015, respectively.

(2) Balance at September 30, 2016 includes $4.2 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments.

(3) Balance at December 31, 2015 includes $2.3 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 September 30,						Nine Months Ended September 30,
Other Comprehensive Income (Loss)		2016			2015			2016			2015
Commodity Contracts		$	3,250		$	5,914		$	(2,157)		$	14,799



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 September 30,						Nine Months Ended September 30,
 Designated in a Hedging Relationship		2016			2015			2016			2015
Revenues		$	(1,084)		$	(9,431)		$	6,187		$	(9,597)
Cost of goods sold			(39)			20,992			(8,740)			2,783
Net increase (decrease) recognized in earnings before tax		$	(1,123)		$	11,561		$	(2,553)		$	(6,814)



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 September 30,						Nine Months Ended September 30,
of Cash Flow Hedges		2016			2015			2016			2015
Revenues		$	34		$	14		$	(5)		$	(45)
Cost of goods sold			96			(23)			(65)			-
Net increase (decrease) recognized in earnings before tax		$	130		$	(9)		$	(70)		$	(45)



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 Income (Loss)		Three Months Ended September 30,						Nine Months Ended September 30,
into Net Income		2016			2015			2016			2015
Revenues		$	25,254		$	935		$	12,029		$	4,643
Cost of goods sold			(28,548)			515			(15,904)			(5,763)
Net increase (decrease) recognized in earnings before tax		$	(3,294)		$	1,450		$	(3,875)		$	(1,120)



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 September 30,						Nine Months Ended September 30,
Hedges of Inventory		2016			2015			2016			2015
Revenues (effect of change in inventory value)		$	(40)		$	-		$	1,379		$	-
Cost of goods sold (effect of change in inventory value)			(470)			376			7,712			(1,994)
Revenues (effect of fair value hedge)			40			-			(1,379)			-
Cost of goods sold (effect of fair value hedge)			918			842			(7,648)			4,742
Ineffectiveness recognized in earnings before tax		$	448		$	1,218		$	64		$	2,748



Schedule Of Volumes of Open Commodity Derivative Positions [Member]

Schedule Of Open Position Derivative Financial Instruments


September 30, 2016
		Exchange Traded		Non-Exchange Traded
Derivative Instruments		Net Long & (Short) (1)		Long (2)		(Short) (2)		Unit of Measure		Commodity

Futures		(30,405)						Bushels		Corn, Soybeans and Wheat
Futures		18,905	(3)					Bushels		Corn
Futures		(7,950)	(4)					Bushels		Corn
Futures		13,986						Gallons		Ethanol
Futures		(95,760)	(3)					Gallons		Ethanol
Futures		(7,773)						mmBTU		Natural Gas
Futures		(8,730)	(4)					mmBTU		Natural Gas
Futures		(200)						Pounds		Livestock
Futures		(80,440)	(3)					Pounds		Livestock
Futures		(966)						Barrels		Crude Oil
Futures		7,560						Pounds		Soybean Oil
Futures		6,342						Gallons		Denaturant
Options		(488)						Bushels		Corn, Soybeans and Wheat
Options		(23,798)						Gallons		Ethanol
Options		(1,838)						Pounds		Livestock
Options		96						Barrels		Crude Oil
Options		56						mmBTU		Natural Gas
Options		340						Pounds		Sugar
Forwards				40,871		(1,405)		Bushels		Corn and Soybeans
Forwards				5,594		(107,750)		Gallons		Ethanol
Forwards				143		(343)		Tons		Distillers Grains
Forwards				41,648		(79,215)		Pounds		Corn Oil
Forwards (4)				-		(26,993)		Pounds		Corn Oil
Forwards				15,827		(806)		mmBTU		Natural Gas
Forwards				1,532		(614)		Barrels		Crude 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 or non-exchange traded forwards used for fair value hedges.

X

- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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