Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Aug. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral)

The following tables present the gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) recorded on our Consolidated Balance Sheets along with the related amounts permitted to be offset in accordance with U.S. GAAP. We have elected not to offset derivative assets and liabilities when we have the right of offset under ASC Topic 210-20, Balance Sheet - Offsetting; or when the instruments are subject to master netting arrangements under ASC Topic 815-10-45, Derivatives and Hedging - Overall.



	August 31, 2018
			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 derivatives	$	313,033	$	—	$	26,781	$	286,252
Foreign exchange derivatives	15,401		—		8,703		6,698
Embedded derivative asset	23,595		—		—		23,595
Total	$	352,029	$	—	$	35,484	$	316,545
Derivative Liabilities:
Commodity derivatives	$	421,054	$	12,983	$	26,781	$	381,290
Foreign exchange derivatives	24,701		—		8,703		15,998
Total	$	445,755	$	12,983	$	35,484	$	397,288



	August 31, 2017 (As Restated)
			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 derivatives	$	215,349	$	—	$	34,912	$	180,437
Foreign exchange derivatives	8,779		—		3,636		5,143
Embedded derivative asset	25,533		—		—		25,533
Total	$	249,661	$	—	$	38,548	$	211,113
Derivative Liabilities:
Commodity derivatives	$	293,330	$	3,898	$	34,912	$	254,520
Foreign exchange derivatives	19,931		—		3,636		16,295
Total	$	313,261	$	3,898	$	38,548	$	270,815

Pretax gains (losses) on derivatives not accounted for as hedging instruments

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 years ended August 31, 2018, 2017, and 2016.



	Location of Gain (Loss)	2018			(As Restated) 2017			(As Restated) 2016
		(Dollars in thousands)
Commodity derivatives	Cost of goods sold	$	162,321		$	168,569		$	(67,014	)
Foreign exchange derivatives	Cost of goods sold	(26,010		)	(13,140		)	(10,904		)
Foreign exchange derivatives	Marketing, general and administrative	596			(1,604		)	(97		)
Interest rate derivatives	Interest expense	(1		)	8			(6,292		)
Embedded derivative	Other income (loss)	3,061			30,533			—
Total		$	139,967		$	184,366		$	(84,307	)

Schedule of notional volumes for outstanding commodity contracts

The table below presents the notional volumes for all outstanding commodity contracts accounted for as derivative instruments.



	2018		(As Restated) 2017
	Long	Short	Long	Short
	(Units in thousands)
Grain and oilseed - bushels	715,866	929,873	569,243	767,110
Energy products - barrels	17,011	8,329	15,072	18,252
Processed grain and oilseed - tons	1,064	2,875	299	2,347
Crop nutrients - tons	11	76	9	15
Ocean freight - metric tons	227	45	160	198
Natural gas - MMBtu	610	—	500	—

Schedule of fair value of derivative interest rate swap instruments designated as fair value hedges

The following table presents the fair value of our derivative interest rate swap instruments designated as fair value hedges and the line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2018, and 2017.



	2018		2017			2018		2017
Balance Sheet Location	Derivative Assets				Balance Sheet Location	Derivative Liabilities
	(Dollars in thousands)					(Dollars in thousands)
Derivative assets	$	—	$	—	Derivative liabilities	$	771	$	—
Other assets	—		9,978		Other liabilities	8,681		707
Total	$	—	$	9,978	Total	$	9,452	$	707

Schedule of pretax gains (losses) on derivatives accounted for as hedging instruments

The following table sets forth the pretax gains (losses) on derivatives accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the years ended August 31, 2018, 2017, and 2016.



Gain (Loss) on Fair Value Hedging Relationships:	Location of Gain (Loss)	2018			2017			2016
		(Dollars in thousands)
Interest rate swaps	Interest expense	$	18,723		$	12,806		$	(9,842	)
Hedged item	Interest expense	(18,723		)	(12,806		)	9,842
Total		$	—		$	—		$	—

The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2018, 2017, and 2016:



	2018		2017		2016
	(Dollars in thousands)
Interest rate derivatives	$	178	$	—	$	(10,070	)

The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into income for the years ended August 31, 2018, 2017, and 2016:



	Location of Gain (Loss)	2018			2017			2016
		(Dollars in thousands)
Interest rate derivatives	Interest expense	$	(1,704	)	$	(1,742	)	$	(5,071	)

Schedule of location and carrying amount of hedged liabilities

The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of August 31, 2018, and 2017.



	August 31, 2018				August 31, 2017
Balance Sheet Location	Carrying Amount of Hedged Liabilities		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities		Carrying Amount of Hedged Liabilities		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities
	(Dollars in thousands)
Long-term debt	$	485,548	$	9,452	$	504,271	$	(9,271	)