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Derivative Financial Instruments and Hedging Activities | 6 Months Ended
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Feb. 28, 2014
Derivative Financial Instruments and Hedging Activities [Abstract] |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments and Hedging Activities Our derivative instruments primarily consist of commodity and freight futures and forward contracts and, to a minor degree, may include foreign currency and interest rate swap contracts. These contracts are economic hedges of price risk, but are not designated or accounted for as hedging instruments for accounting purposes, with the exception of certain interest rate swap contracts which are accounted for as cash flow hedges. Derivative instruments are recorded on our Consolidated Balance Sheets at fair values as discussed in Note 10, Fair Value Measurements. Even though we have netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter (OTC) contracts, we report our derivatives on a gross basis on our Consolidated Balance Sheets. Our associated margin deposits are also reported on a gross basis. Many of our derivative contracts with futures and options brokers require us to make both initial margin deposits of cash or other assets and subsequent deposits, depending on changes in commodity prices, in order to comply with applicable regulations. Our margin deposit assets are held by external brokers in segregated accounts and will be used to settle the associated derivative contracts on their specified settlement dates. As of February 28, 2014, August 31, 2013 and February 28, 2013, we had the following outstanding purchase and sales contracts:
| February 28, 2014 |  | August 31, 2013 |  | February 28, 2013
| Purchase Contracts |  | Sales Contracts |  | Purchase Contracts |  | Sales Contracts |  | Purchase Contracts |  | Sales Contracts
| (Units in thousands)
Grain and oilseed - bushels | 651,998 |  | 1,009,946 |  | 521,979 |  | 806,295 |  | 605,309 |  | 906,758
Energy products - barrels | 29,067 |  | 32,897 |  | 12,626 |  | 21,312 |  | 12,103 |  | 21,575
Soy products - tons | 16 |  | 784 |  | 24 |  | 847 |  | 32 |  | 333
Crop nutrients - tons | 2,067 |  | 2,535 |  | 968 |  | 1,050 |  | 1,553 |  | 2,128
Ocean and barge freight - metric tons | 1,520 |  | 234 |  | 1,225 |  | 151 |  | 933 |  | 125
Rail freight - rail cars | 298 |  | 157 |  | 220 |  | 43 |  | 153 |  | 41
Livestock - pounds |  |  | 10,800 |  |  |  | 17,280 |  | 2,920 |  | 2,520
The following tables present the gross amounts of derivative assets, derivative liabilities, and margin deposits (cash collateral) recorded on the Consolidated Balance Sheets along with the related amounts permitted to be offset in accordance with GAAP. We have elected not to offset derivative assets and liabilities when we have the right of offset under ASC 210-10 or when the instruments are subject to master netting arrangements under ASC 815-10-45.
| February 28, 2014
|  |  | Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting |  |
| Gross Amounts Recognized |  | Cash Collateral |  | Derivative Instruments |  | Net Amounts
| (Dollars in thousands)
Derivative Assets: |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 615,178 |  |  |  |  | $ | 53,153 |  |  | $ | 562,025 |
Foreign exchange derivatives | 6,345 |  |  |  |  | 1,941 |  |  | 4,404 |
Total Derivative Assets | $ | 621,523 |  |  |  |  | $ | 55,094 |  |  | $ | 566,429 |
Derivative Liabilities: |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 550,870 |  |  | $ | 26,329 |  |  | $ | 53,152 |  |  | $ | 471,389 |
Foreign exchange derivatives | 2,629 |  |  |  |  | 1,941 |  |  | 688 |
Interest rate derivatives - non-hedge | 194 |  |  |  |  |  |  | 194 |
Total Derivative Liabilities | $ | 553,693 |  |  | $ | 26,329 |  |  | $ | 55,093 |  |  | $ | 472,271 |
| August 31, 2013
|  |  | Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting |  |
| Gross Amounts Recognized |  | Cash Collateral |  | Derivative Instruments |  | Net Amounts
| (Dollars in thousands)
Derivative Assets: |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 468,673 |  |  |  |  | $ | 53,107 |  |  | $ | 415,566 |
Foreign exchange derivatives | 7,079 |  |  |  |  | 957 |  |  | 6,122 |
Interest rate derivatives - hedge | 24,135 |  |  |  |  |  |  | 24,135 |
Interest rate derivatives - non-hedge | 3 |  |  |  |  | 3 |  |  |
Total Derivative Assets | $ | 499,890 |  |  |  |  | $ | 54,067 |  |  | $ | 445,823 |
Derivative Liabilities: |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 458,893 |  |  | $ | 1,591 |  |  | $ | 53,107 |  |  | $ | 404,195 |
Foreign exchange derivatives | 5,925 |  |  |  |  | 957 |  |  | 4,968 |
Interest rate derivatives - non-hedge | 248 |  |  |  |  | 3 |  |  | 245 |
Total Derivative Liabilities | $ | 465,066 |  |  | $ | 1,591 |  |  | $ | 54,067 |  |  | $ | 409,408 |
| February 28, 2013
|  |  | Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting |  |
| Gross Amounts Recognized |  | Cash Collateral |  | Derivative Instruments |  | Net Amounts
| (Dollars in thousands)
Derivative Assets: |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 485,222 |  |  | $ | 12,555 |  |  | $ | 45,653 |  |  | $ | 427,014 |
Foreign exchange derivatives | 15,497 |  |  |  |  |  |  | 15,497 |
Interest rate derivatives - hedge | 459 |  |  |  |  |  |  | 459 |
Total Derivative Assets | $ | 501,178 |  |  | $ | 12,555 |  |  | $ | 45,653 |  |  | $ | 442,970 |
Derivative Liabilities: |  |  |  |  |  |  |
Commodity and freight derivatives | $ | 428,866 |  |  | $ | 8,867 |  |  | $ | 45,653 |  |  | $ | 374,346 |
Foreign exchange derivatives | 691 |  |  |  |  |  |  | 691 |
Interest rate derivatives - non-hedge | 418 |  |  |  |  |  |  | 418 |
Total Derivative Liabilities | $ | 429,975 |  |  | $ | 8,867 |  |  | $ | 45,653 |  |  | $ | 375,455 |
In fiscal 2013, we entered into derivative contracts designated as cash flow hedging instruments that were terminated in February 2014 as the issuance of the underlying debt was no longer probable. As a result, a $13.5 million gain was reclassified from accumulated other comprehensive loss into net income. This pre-tax gain is included as a component of interest, net in the consolidated statements of operations for the three and six months ended February 28, 2014. As of February 28, 2014, August 31, 2013 and February 28, 2013, the unrealized gains deferred to accumulated other comprehensive loss were as follows:
| February 28, 2014 |  | August 31, 2013 |  | February 28, 2013
| (Dollars in thousands)
Unrealized gains (losses) included in accumulated other comprehensive loss, net of tax expense of $9.2 million and $0.2 million, respectively |  |  | $ | 14,930 |  |  | $ | 284 |
The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and six months ended February 28, 2014 and 2013.
|  |  | For the Three Months Ended |  | For the Six Months Ended
| Location of Gain (Loss) |  | February 28, 2014 |  | February 28, 2013 |  | February 28, 2014 |  | February 28, 2013
|  |  | (Dollars in thousands)
Commodity and freight derivatives | Cost of goods sold |  | $ | 81,210 |  |  | $ | (102,006 | ) |  | $ | 61,421 |  |  | $ | (430,290 | )
Foreign exchange derivatives | Cost of goods sold |  | (1,581 | ) |  | 17,903 |  |  | (2,003 | ) |  | 16,218 |
Interest rate derivatives | Interest, net |  | 52 |  |  | 64 |  |  | 51 |  |  | 126 |
Total |  |  | $ | 79,681 |  |  | $ | (84,039 | ) |  | $ | 59,469 |  |  | $ | (413,946 | )

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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 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 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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