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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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May 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements |
| May 31, 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 | $ | 377,198 |  |  | $ | — |  |  | $ | 48,562 |  |  | $ | 328,636 |
Foreign exchange derivatives | 13,828 |  |  | — |  |  | 11,728 |  |  | 2,100 |
Embedded derivative asset | 18,636 |  |  | — |  |  | — |  |  | 18,636 |
Total | $ | 409,662 |  |  | $ | — |  |  | $ | 60,290 |  |  | $ | 349,372 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 282,505 |  |  | $ | 1,487 |  |  | $ | 95,559 |  |  | $ | 185,459 |
Foreign exchange derivatives | 92,962 |  |  | — |  |  | 11,728 |  |  | 81,234 |
Total | $ | 375,467 |  |  | $ | 1,487 |  |  | $ | 107,287 |  |  | $ | 266,693 |
| 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 nine months ended May 31, 2020, and 2019.
|  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Location of Gain (Loss) |  | 2020 |  | 2019 |  | 2020 |  | 2019
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | 85,259 |  |  | $ | (23,749 | ) |  | $ | 228,201 |  |  | $ | 41,814 |
Foreign exchange derivatives | Cost of goods sold |  | (129,699 | ) |  | (13,040 | ) |  | (177,008 | ) |  | 14,941 |
Foreign exchange derivatives | Marketing, general and administrative expenses |  | (2,553 | ) |  | (7 | ) |  | (615 | ) |  | (1,421 | )
Embedded derivative | Other income |  | 355 |  |  | 399 |  |  | 2,272 |  |  | 2,362 |
Total |  | $ | (46,638 | ) |  | $ | (36,397 | ) |  | $ | 52,850 |  |  | $ | 57,696 |
Schedule of Derivative Instruments, Purchase and Sales Contracts | all outstanding commodity contracts accounted for as derivative instruments.
| May 31, 2020 |  | August 31, 2019
| Long |  | Short |  | Long |  | Short
| (Units in thousands)
Grain and oilseed (bushels) | 673,234 |  |  | 788,434 |  |  | 547,096 |  |  | 717,522 |
Energy products (barrels) | 18,970 |  |  | 9,168 |  |  | 13,895 |  |  | 4,663 |
Processed grain and oilseed (tons) | 858 |  |  | 1,686 |  |  | 597 |  |  | 2,454 |
Crop nutrients (tons) | 144 |  |  | — |  |  | 76 |  |  | 23 |
Ocean freight (metric tons) | 435 |  |  | 250 |  |  | 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 |  | May 31, 2020 |  | August 31, 2019 |  | Balance Sheet Location |  | May 31, 2020 |  | August 31, 2019
|  | (Dollars in thousands) |  |  |  | (Dollars in thousands)
Other current assets |  | $ | 39,620 |  |  | $ | 33,179 |  |  | Other current liabilities |  | $ | 15,945 |  |  | $ | 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 |  | May 31, 2020 |  | August 31, 2019
|  | (Dollars in thousands)
Other assets |  | $ | — |  |  | $ | 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 nine months ended May 31, 2020, and 2019.
|  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
Gain (Loss) on Fair Value Hedging Relationships |  | Location of Gain (Loss) |  | 2020 |  | 2019 |  | 2020 |  | 2019
|  |  |  | (Dollars in thousands)
Interest rate swaps |  | Interest expense |  | $ | (4,705 | ) |  | $ | (8,122 | ) |  | $ | (1,897 | ) |  | $ | (15,129 | )
Hedged item |  | Interest expense |  | 4,705 |  |  | 8,122 |  |  | 1,897 |  |  | 15,129 |
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 May 31, 2020, and August 31, 2019.
|  | May 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | 334,389 |  |  | $ | 30,611 |
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 nine months ended May 31, 2020, and 2019:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (Dollars in thousands)
Commodity derivatives |  | $ | 11,081 |  |  | $ | (21,029 | ) |  | $ | (4,153 | ) |  | $ | (9,323 | )
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 nine months ended May 31, 2020, and 2019:
|  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Location of Gain |  | 2020 |  | 2019 |  | 2020 |  | 2019
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | 884 |  |  | $ | 1,810 |  |  | $ | 7,862 |  |  | $ | 9,812 |

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