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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Schedule Of Fair Values Of Derivative Financial Instruments


		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 includes $17.0 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 Income (Loss)		2017			2016
Commodity Contracts		$	2,610		$	2,282



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		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)



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		2017			2016
Revenues		$	(133)		$	-
Cost of goods sold			-			-
Net decrease recognized in earnings before tax		$	(133)		$	-



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 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



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		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



Schedule Of Volumes of Open Commodity Derivative Positions [Member]

Schedule Of Open Position Derivative Financial Instruments


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.

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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