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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Feb. 28, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements

	February 28, 2019
					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	$	223,133			$	—			$	27,357			$	195,776
Foreign exchange derivatives	18,814				—				3,792				15,022
Embedded derivative asset	20,557				—				—				20,557
Total	$	262,504			$	—			$	31,149			$	231,355
Derivative Liabilities:
Commodity derivatives	$	212,028			$	5,446			$	27,357			$	179,225
Foreign exchange derivatives	4,582				—				3,792				790
Total	$	216,610			$	5,446			$	31,149			$	180,015

	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

Derivatives Not Designated 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 three and six months ended February 28, 2019, and 2018.

			For the Three Months Ended February 28,								For the Six Months Ended February 28,
	Location of Gain (Loss)		2019				(As Restated) 2018				2019				(As Restated) 2018
			(Dollars in thousands)
Commodity derivatives	Cost of goods sold		$	72,010			$	(113,961	)		$	65,563			$	(81,045	)
Foreign exchange derivatives	Cost of goods sold		8,284				(5,818		)		27,981				948
Foreign exchange derivatives	Marketing, general and administrative		(583		)		344				(1,414		)		(151		)
Interest rate derivatives	Interest expense		—				(1		)		—				(1		)
Embedded derivative	Other income		392				433				1,963				2,171
Total			$	80,103			$	(119,003	)		$	94,093			$	(78,078	)

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity and freight contracts accounted for as derivative instruments.

	February 28, 2019						August 31, 2018
	Long			Short			Long			Short
	(Units in thousands)
Grain and oilseed - bushels	584,349			776,597			715,866			929,873
Energy products - barrels	18,674			8,884			17,011			8,329
Processed grain and oilseed - tons	1,676			1,593			1,064			2,875
Crop nutrients - tons	12			58			11			76
Ocean freight - metric tons	85			90			227			45
Natural gas - MMBtu	—			—			610			—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the line items on our Consolidated Balance Sheets in which they are recorded.

		Derivative Assets										Derivative Liabilities
Balance Sheet Location		February 28, 2019				August 31, 2018				Balance Sheet Location		February 28, 2019				August 31, 2018
		(Dollars in thousands)										(Dollars in thousands)
Derivative assets		$	13,822			$	812			Derivative liabilities		$	1,937			$	634

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.

		Derivative Assets										Derivative Liabilities
Balance Sheet Location		February 28, 2019				August 31, 2018				Balance Sheet Location		February 28, 2019				August 31, 2018
		(Dollars in thousands)										(Dollars in thousands)
Derivative assets		$	—			$	—			Derivative liabilities		$	332			$	771
Other assets		377				—				Other liabilities		4,401				8,681
Total		$	377			$	—			Total		$	4,733			$	9,452

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

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 three and six months ended February 28, 2019, and 2018.

				For the Three Months Ended February 28,								For the Six Months Ended February 28,
Gain (Loss) on Fair Value Hedging Relationships:		Location of Gain (Loss)		2019				2018				2019				2018
				(Dollars in thousands)
Interest rate swaps		Interest expense		$	(6,052	)		$	(9,571	)		$	(7,007	)		$	(17,888	)
Hedged item		Interest expense		6,052				9,571				7,007				17,888
Total				$	—			$	—			$	—			$	—

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of February 28, 2019, and August 31, 2018.

		February 28, 2019								August 31, 2018
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		$	478,541			$	16,459			$	485,548			$	9,452

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three and six months ended February 28, 2019, and 2018:

		For the Three Months Ended February 28,								For the Six Months Ended February 28,
		2019				2018				2019				2018
		(Dollars in thousands)
Commodity derivatives		$	14,170			$	—			$	11,707			$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into our Consolidated Statements of Operations for the three and six months ended February 28, 2019, and 2018:

			For the Three Months Ended February 28,								For the Six Months Ended February 28,
	Location of Gain (Loss)		2019				2018				2019				2018
			(Dollars in thousands)
Commodity derivatives	Cost of goods sold		$	6,102			$	—			$	8,002			$	—

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