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Derivative Financial Instruments | 3 Months Ended
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Mar. 31, 2017
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | 7. DERIVATIVE FINANCIAL INSTRUMENTS ﻿ At March 31, 2017, the company’s consolidated balance sheet reflected unrealized losses of $5.6 million, net of tax, in accumulated other comprehensive income (loss). The company expects these losses will be reclassified in operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change. ﻿ Fair Values of Derivative Instruments ﻿ The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Asset Derivatives' |  | Liability Derivatives'
﻿ |  | Fair Value |  | Fair Value
﻿ |  | March 31, |  | December 31, |  | March 31, |  | December 31,
﻿ |  | 2017 |  | 2016 |  | 2017 |  | 2016
﻿Derivative financial instruments (1) |  | $ | 5,040 | (2) | $ | 14,818 | (3) | $ | - |  | $ | -
﻿Other assets |  |  | 1 |  |  | - |  |  | - |  |  | -
﻿Accrued and other liabilities |  |  | - |  |  | - |  |  | 7,131 |  |  | 27,099
﻿Other liabilities |  |  | - |  |  | - |  |  | 59 |  |  | 81
﻿Total |  | $ | 5,041 |  | $ | 14,818 |  | $ | 7,190 |  | $ | 27,180
﻿ (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.9 million and $50.6 million at March 31, 2017 and December 31, 2016, respectively. (2) Balance at March 31, 2017 includes $6.8 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. (3)Balance at December 31, 2016 includ es $17.0 million of net unrealized losses on deri vative financial instruments designated as cash flow hedging instruments. ﻿ ﻿ Refer to Note 3 - Fair Value Disclosures, which 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 gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): ﻿
﻿ |  |  |  |  |  |
﻿Gains (Losses) on Derivative Instruments Not |  | Three Months Ended March 31,
﻿ Designated in a Hedging Relationship |  | 2017 |  | 2016
﻿Revenues |  | $ | (5,048) |  | $ | (2,794)
﻿Cost of goods sold |  |  | 11,936 |  |  | (5,846)
﻿Net increase (decrease) recognized in earnings before tax |  | $ | 6,888 |  | $ | (8,640)
﻿ ﻿
﻿ |  |  |  |  |  |
﻿Gains (Losses) Due to Ineffectiveness |  | Three Months Ended March 31,
﻿of Cash Flow Hedges |  | 2017 |  | 2016
﻿Revenues |  | $ | (133) |  | $ | -
﻿Cost of goods sold |  |  | - |  |  | -
﻿Net decrease recognized in earnings before tax |  | $ | (133) |  | $ | -
﻿ ﻿
﻿ |  |  |  |  |  |
﻿Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) |  | Three Months Ended March 31,
﻿into Net Income |  | 2017 |  | 2016
﻿Revenues |  | $ | 4,152 |  | $ | 245
﻿Cost of goods sold |  |  | 830 |  |  | 1,889
﻿Net increase recognized in earnings before tax |  | $ | 4,982 |  | $ | 2,134
﻿ ﻿
﻿ |  |  |  |  |  |
﻿Effective Portion of Cash Flow Hedges Recognized in |  | Three Months Ended March 31,
﻿Other Comprehensive Income (Loss) |  | 2017 |  | 2016
﻿Commodity Contracts |  | $ | 2,610 |  | $ | 2,282
﻿ ﻿
﻿ |  |  |  |  |  |
﻿Gains (Losses) from Fair Value |  | Three Months Ended March 31,
﻿Hedges of Inventory |  | 2017 |  | 2016
﻿Revenues (effect of change in inventory value) |  | $ | 1,421 |  | $ | 1,760
﻿Cost of goods sold (effect of change in inventory value) |  |  | (1,928) |  |  | (4,898)
﻿Revenues (effect of fair value hedge) |  |  | (1,095) |  |  | (1,760)
﻿Cost of goods sold (effect of fair value hedge) |  |  | 3,039 |  |  | 5,808
﻿Ineffectiveness recognized in earnings before tax |  | $ | 1,437 |  | $ | 910
﻿ There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the three months ended March 31, 2017 and 2016. ﻿ The open commodity derivative positions as of March 31, 2017, are as follows (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿March 31, 2017
﻿ |  | Exchange Traded |  | Non-Exchange Traded |  |  |  |
﻿Derivative Instruments |  | Net Long & (Short) (1) |  | Long (2) |  | (Short) (2) |  | Unit of Measure |  | Commodity
﻿ |  |  |  |  |  |  |  |  |  |
﻿Futures |  | (72,350) |  |  |  |  |  | Bushels |  | Corn, Soybeans and Wheat
﻿Futures |  | 340 | (3) |  |  |  |  | Bushels |  | Corn
﻿Futures |  | 21,915 | (4) |  |  |  |  | Bushels |  | Corn
﻿Futures |  | 164,112 |  |  |  |  |  | Gallons |  | Ethanol
﻿Futures |  | (5,880) | (3) |  |  |  |  | Gallons |  | Ethanol
﻿Futures |  | (12,390) | (4) |  |  |  |  | Gallons |  | Ethanol
﻿Futures |  | (1,470) |  |  |  |  |  | MmBTU |  | Natural Gas
﻿Futures |  | (6,660) | (4) |  |  |  |  | MmBTU |  | Natural Gas
﻿Futures |  | 6,800 |  |  |  |  |  | Pounds |  | Livestock
﻿Futures |  | (123,240) | (3) |  |  |  |  | Pounds |  | Livestock
﻿Futures |  | (229) |  |  |  |  |  | Barrels |  | Crude Oil
﻿Futures |  | (43) | (4) |  |  |  |  | Barrels |  | Crude Oil
﻿Futures |  | 3,444 | (3) |  |  |  |  | Gallons |  | Natural Gasoline
﻿Options |  | 1,414 |  |  |  |  |  | Bushels |  | Corn, Soybeans and Wheat
﻿Options |  | (22,203) |  |  |  |  |  | Gallons |  | Ethanol
﻿Options |  | (4,718) |  |  |  |  |  | Pounds |  | Livestock
﻿Options |  | 120 |  |  |  |  |  | Barrels |  | Crude Oil
﻿Forwards |  |  |  | 18,298 |  | (1,751) |  | Bushels |  | Corn and Soybeans
﻿Forwards |  |  |  | 34,105 |  | (337,535) |  | Gallons |  | Ethanol
﻿Forwards |  |  |  | 105 |  | (323) |  | Tons |  | Distillers Grains
﻿Forwards |  |  |  | 30,437 |  | (152,923) |  | Pounds |  | Corn Oil
﻿Forwards |  |  |  | 18,246 |  | (1,599) |  | MmBTU |  | Natural Gas
﻿Forwards |  |  |  | 873 |  | (670) |  | 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.
﻿ ﻿ 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 on energy trading contracts of $8.2 million and $3.4 million for the three months ended March 31, 2017, and 2016, respectively.

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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 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: 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=64837297&loc=SL5624171-113959 Reference 3: 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=64837297&loc=d3e41620-113959 Reference 4: 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=64837297&loc=SL5624163-113959 Reference 5: 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=64837297&loc=SL5579240-113959 Reference 6: 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=64837297&loc=SL5624177-113959 Reference 7: 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=35736893&loc=d3e80784-113994 Reference 8: 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=64837297&loc=d3e41641-113959 Reference 9: 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=64837297&loc=SL5579245-113959 Reference 10: 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=64837297&loc=SL5624258-113959 Reference 11: 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=35736893&loc=d3e80748-113994 Reference 12: 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=64837297&loc=SL5708775-113959 Reference 13: 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=64837297&loc=SL5708773-113959 Reference 14: 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=64837297&loc=SL5618551-113959 Reference 15: 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=64837297&loc=SL5580258-113959 Reference 16: 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=64837297&loc=SL5624181-113959 Reference 17: 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 18: 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=64837297&loc=d3e41638-113959 Reference 19: 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 + Details
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