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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Feb. 29, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

	February 29, 2020
					Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
	Gross Amount Recognized				Cash Collateral				Derivative Instruments				Net Amount
	(Dollars in thousands)
Derivative Assets
Commodity derivatives	$	253,320			$	—			$	39,276			$	214,044
Foreign exchange derivatives	6,274				—				5,635				639
Embedded derivative asset	18,281				—				—				18,281
Total	$	277,875			$	—			$	44,911			$	232,964
Derivative Liabilities
Commodity derivatives	$	207,978			$	4,300			$	72,867			$	130,811
Foreign exchange derivatives	52,817				—				5,635				47,182
Total	$	260,795			$	4,300			$	78,502			$	177,993

	August 31, 2019
					Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
	Gross Amount Recognized				Cash Collateral				Derivative Instruments				Net Amount
	(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

Derivatives Not Designated as Hedging Instruments

The majority of our derivative instruments have not been 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 Condensed Consolidated Statements of Operations for the three and six months ended February 29, 2020, and February 28, 2019.

			Three Months Ended								Six Months Ended
	Location of Gain (Loss)		February 29, 2020				February 28, 2019				February 29, 2020				February 28, 2019
			(Dollars in thousands)
Commodity derivatives	Cost of goods sold		$	100,268			$	72,010			$	142,942			$	65,563
Foreign exchange derivatives	Cost of goods sold		(37,148		)		8,284				(47,309		)		27,981
Foreign exchange derivatives	Marketing, general and administrative expenses		195				(583		)		1,938				(1,414		)
Embedded derivative	Other income		348				392				1,917				1,963
Total			$	63,663			$	80,103			$	99,488			$	94,093

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity contracts accounted for as derivative instruments.

	February 29, 2020						August 31, 2019
	Long			Short			Long			Short
	(Units in thousands)
Grain and oilseed (bushels)	525,334			730,285			547,096			717,522
Energy products (barrels)	13,197			8,940			13,895			4,663
Processed grain and oilseed (tons)	414			2,283			597			2,454
Crop nutrients (tons)	32			23			76			23
Ocean freight (metric tons)	90			90			295			85
Natural gas (MMBtu)	—			—			130			—

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 Condensed Consolidated Balance Sheets in which they are recorded.

		Derivative Assets										Derivative Liabilities
Balance Sheet Location		February 29, 2020				August 31, 2019				Balance Sheet Location		February 29, 2020				August 31, 2019
		(Dollars in thousands)										(Dollars in thousands)
Other current assets		$	25,861			$	33,179			Other current liabilities		$	13,267			$	5,351

The following table presents the fair value of our derivative interest rate swap instruments designated as fair value hedges and the line item on our Condensed Consolidated Balance Sheets in which they are recorded.

Balance Sheet Location		February 29, 2020				August 31, 2019
		(Dollars in thousands)
Other assets		$	12,649			$	9,841

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 Condensed Consolidated Statements of Operations for the three and six months ended February 29, 2020, and February 28, 2019.

				Three Months Ended								Six Months Ended
Gain (Loss) on Fair Value Hedging Relationships		Location of Gain (Loss)		February 29, 2020				February 28, 2019				February 29, 2020				February 28, 2019
				(Dollars in thousands)
Interest rate swaps		Interest expense		$	5,763			$	(6,052	)		$	2,808			$	(7,007	)
Hedged item		Interest expense		(5,763		)		6,052				(2,808		)		7,007
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 Condensed Consolidated Balance Sheets as of February 29, 2020, and August 31, 2019.

		February 29, 2020								August 31, 2019
Balance Sheet Location		Carrying Amount of Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustments Included in Carrying Amount of Hedged Liabilities				Carrying Amount of Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustments Included in Carrying Amount of Hedged Liabilities
		(Dollars in thousands)
Long-term debt		$	337,197			$	27,803			$	334,389			$	30,611

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

The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the three and six months ended February 29, 2020, and February 28, 2019:

		Three Months Ended								Six Months Ended
		February 29, 2020				February 28, 2019				February 29, 2020				February 28, 2019
		(Dollars in thousands)
Commodity derivatives		$	(8,130	)		$	14,170			$	(15,233	)		$	11,707

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

The following table presents the pretax gains relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three and six months ended February 29, 2020, and February 28, 2019:

			Three Months Ended								Six Months Ended
	Location of Gain		February 29, 2020				February 28, 2019				February 29, 2020				February 28, 2019
			(Dollars in thousands)
Commodity derivatives	Cost of goods sold		$	2,126			$	6,102			$	6,978			$	8,002

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