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Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
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Aug. 31, 2020
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 related amounts permitted to be offset in accordance with U.S. GAAP. Although we have certain netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter ("OTC") contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting.
| August 31, 2020
|  |  | 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 | $ | 327,493 |  |  | $ | — |  |  | $ | 2,980 |  |  | $ | 324,513 |
Foreign exchange derivatives | 11,809 |  |  | — |  |  | 9,385 |  |  | 2,424 |
Embedded derivative asset | 18,998 |  |  | — |  |  | — |  |  | 18,998 |
Total | $ | 358,300 |  |  | $ | — |  |  | $ | 12,365 |  |  | $ | 345,935 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 343,343 |  |  | $ | 956 |  |  | $ | 5,578 |  |  | $ | 336,809 |
Foreign exchange derivatives | 69,466 |  |  | — |  |  | 9,385 |  |  | 60,081 |
Total | $ | 412,809 |  |  | $ | 956 |  |  | $ | 14,963 |  |  | $ | 396,890 |
| August 31, 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 | $ | 215,030 |  |  | $ | — |  |  | $ | 58,726 |  |  | $ | 156,304 |
Foreign exchange derivatives | 10,334 |  |  | — |  |  | 7,108 |  |  | 3,226 |
Embedded derivative asset | 21,364 |  |  | — |  |  | — |  |  | 21,364 |
Total | $ | 246,728 |  |  | $ | — |  |  | $ | 65,834 |  |  | $ | 180,894 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 223,410 |  |  | $ | 4,191 |  |  | $ | 41,647 |  |  | $ | 177,572 |
Foreign exchange derivatives | 20,609 |  |  | — |  |  | 7,108 |  |  | 13,501 |
Total | $ | 244,019 |  |  | $ | 4,191 |  |  | $ | 48,755 |  |  | $ | 191,073 |
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, 2020, 2019 and 2018.
Derivative Type | Location of Gain (Loss) |  | 2020 |  | 2019 |  | 2018
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | 89,248 |  |  | $ | 125,323 |  |  | $ | 162,321 |
Foreign exchange derivatives | Cost of goods sold |  | (184,692) |  |  | 4,228 |  |  | (26,010) |
Foreign exchange derivatives | Marketing, general and administrative expenses |  | (2,986) |  |  | (1,229) |  |  | 596 |
Interest rate derivatives | Interest expense |  | (1,226) |  |  | — |  |  | (1) |
Embedded derivative | Other income |  | 2,634 |  |  | 2,769 |  |  | 3,061 |
Total |  |  | $ | (97,022) |  |  | $ | 131,091 |  |  | $ | 139,967 |
Schedule of notional volumes for outstanding commodity contracts | The table below presents the notional volumes for all outstanding commodity contracts.
|  | 2020 |  | 2019
Derivative Type |  | Long |  | Short |  | Long |  | Short
|  | (Units in thousands)
Grain and oilseed (bushels) |  | 664,673 |  |  | 892,303 |  |  | 547,096 |  | 717,522
Energy products (barrels) |  | 10,028 |  |  | 6,570 |  |  | 13,895 |  | 4,663
Processed grain and oilseed (tons) |  | 657 |  |  | 3,304 |  |  | 597 |  | 2,454
Crop nutrients (tons) |  | 74 |  |  | 127 |  |  | 76 |  | 23
Ocean freight (metric tons) |  | 1,140 |  |  | 95 |  |  | 295 |  | 85
Natural gas (MMBtu) |  | — |  |  | — |  |  | 130 |  |  | — |
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, 2020 and 2019.
|  | 2020 |  | 2019 |  |  |  |  |  |
Balance Sheet Location |  | Derivative Assets |  |  |  |
|  | (Dollars in thousands) |  |  |  |
Other assets |  | $ | — |  |  | $ | 9,841 |  |  |  |  |  |  |
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 as of August 31, 2020 and 2019.
|  | Derivative Assets |  |  |  | Derivative Liabilities
Balance Sheet Location |  | 2020 |  | 2019 |  | Balance Sheet Location |  | 2020 |  | 2019
|  | (Dollars in thousands) |  |  |  | (Dollars in thousands)
Other current assets |  | $ | 34,052 |  |  | $ | 33,179 |  |  | Other current liabilities |  | $ | 8,821 |  |  | $ | 5,351 |
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, 2020, 2019 and 2018.
Gain (Loss) on Fair Value Hedging Relationships |  | Location of Gain (Loss) |  | 2020 |  | 2019 |  | 2018
|  |  |  | (Dollars in thousands)
Interest rate swaps |  | Interest expense |  | $ | (1,897) |  |  | $ | 21,158 |  |  | $ | 18,723 |
Hedged item |  | Interest expense |  | 1,897 |  |  | (21,158) |  |  | (18,723) |
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, 2020, 2019 and 2018:
|  | 2020 |  | 2019 |  | 2018
|  | (Dollars in thousands)
Commodity derivatives |  | $ | (2,596) |  |  | $ | 27,650 |  |  | $ | 178 |
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, 2020 and 2019.
|  | August 31, 2020 |  | August 31, 2019
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 |  | $ | — |  |  | $ | — |  |  | $ | 334,389 |  |  | $ | 30,611 |

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