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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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May 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements |
| May 31, 2021
|  |  | 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 | $ | 843,728 |  |  | $ | — |  |  | $ | 8,226 |  |  | $ | 835,502 |
Foreign exchange derivatives | 29,332 |  |  | — |  |  | 7,386 |  |  | 21,946 |
Embedded derivative asset | 16,173 |  |  | — |  |  | — |  |  | 16,173 |
Total | $ | 889,233 |  |  | $ | — |  |  | $ | 15,612 |  |  | $ | 873,621 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 585,658 |  |  | $ | 2,809 |  |  | $ | 8,226 |  |  | $ | 574,623 |
Foreign exchange derivatives | 9,907 |  |  | — |  |  | 7,386 |  |  | 2,521 |
Total | $ | 595,565 |  |  | $ | 2,809 |  |  | $ | 15,612 |  |  | $ | 577,144 |
| August 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 | $ | 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 |
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, 2021 and 2020.
|  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Location of Gain (Loss) |  | 2021 |  | 2020 |  | 2021 |  | 2020
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | (552,985) |  |  | $ | 85,259 |  |  | $ | (945,631) |  |  | $ | 228,201 |
Foreign exchange derivatives | Cost of goods sold |  | 35,567 |  |  | (129,699) |  |  | 27,327 |  |  | (177,008) |
Foreign exchange derivatives | Marketing, general and administrative expenses |  | 838 |  |  | (2,553) |  |  | 1,011 |  |  | (615) |
Embedded derivative | Other income |  | 308 |  |  | 355 |  |  | 2,174 |  |  | 2,272 |
Total |  | $ | (516,272) |  |  | $ | (46,638) |  |  | $ | (915,119) |  |  | $ | 52,850 |
Schedule of Derivative Instruments, Purchase and Sales Contracts | all outstanding commodity contracts.
| May 31, 2021 |  | August 31, 2020
| Long |  | Short |  | Long |  | Short
| (Units in thousands)
Grain and oilseed (bushels) | 808,152 |  |  | 1,008,593 |  |  | 664,673 |  | 892,303
Energy products (barrels) | 10,346 |  |  | 9,211 |  |  | 10,028 |  | 6,570
Processed grain and oilseed (tons) | 579 |  |  | 2,468 |  |  | 657 |  | 3,304
Crop nutrients (tons) | 36 |  |  | 32 |  |  | 74 |  | 127
Ocean freight (metric tons) | 225 |  |  | — |  |  | 1,140 |  | 95
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, 2021 |  | August 31, 2020 |  | Balance Sheet Location |  | May 31, 2021 |  | August 31, 2020
|  | (Dollars in thousands) |  |  |  | (Dollars in thousands)
Other current assets |  | $ | 11,243 |  |  | $ | 34,052 |  |  | Other current liabilities |  | $ | 6,761 |  |  | $ | 8,821 |
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, 2021 and 2020:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (Dollars in thousands)
Commodity derivatives |  | $ | (7,590) |  |  | $ | 11,081 |  |  | $ | (7,700) |  |  | $ | (4,153) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the pretax gains relating to our existing 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, 2021 and 2020:
|  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Location of Gain |  | 2021 |  | 2020 |  | 2021 |  | 2020
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | 2,329 |  |  | $ | 884 |  |  | $ | 19,084 |  |  | $ | 7,862 |

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