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Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended
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Feb. 28, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements |
| February 28, 2022
|  |  | 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 | $ | 804,483 |  |  | $ | — |  |  | $ | 11,232 |  |  | $ | 793,251 |
Foreign exchange derivatives | 67,239 |  |  | — |  |  | 6,102 |  |  | 61,137 |
Embedded derivative asset | 13,287 |  |  | — |  |  | — |  |  | 13,287 |
Total | $ | 885,009 |  |  | $ | — |  |  | $ | 17,334 |  |  | $ | 867,675 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 566,818 |  |  | $ | 1,219 |  |  | $ | 11,691 |  |  | $ | 553,908 |
Foreign exchange derivatives | 6,231 |  |  | — |  |  | 6,102 |  |  | 129 |
Total | $ | 573,049 |  |  | $ | 1,219 |  |  | $ | 17,793 |  |  | $ | 554,037 |
| August 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 | $ | 532,832 |  |  | $ | — |  |  | $ | 4,174 |  |  | $ | 528,658 |
Foreign exchange derivatives | 19,429 |  |  | — |  |  | 5,582 |  |  | 13,847 |
Embedded derivative asset | 16,488 |  |  | — |  |  | — |  |  | 16,488 |
Total | $ | 568,749 |  |  | $ | — |  |  | $ | 9,756 |  |  | $ | 558,993 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity derivatives | $ | 444,861 |  |  | $ | 2,485 |  |  | $ | 4,174 |  |  | $ | 438,202 |
Foreign exchange derivatives | 8,506 |  |  | — |  |  | 5,582 |  |  | 2,924 |
Total | $ | 453,367 |  |  | $ | 2,485 |  |  | $ | 9,756 |  |  | $ | 441,126 |
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 28, 2022 and 2021:
|  |  | Three Months Ended February 28, |  | Six Months Ended February 28,
| Location of Gain (Loss) |  | 2022 |  | 2021 |  | 2022 |  | 2021
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | (612,033) |  |  | $ | (191,284) |  |  | $ | (580,435) |  |  | $ | (392,646) |
Foreign exchange derivatives | Cost of goods sold |  | 72,785 |  |  | (30,881) |  |  | 40,291 |  |  | (8,240) |
Foreign exchange derivatives | Marketing, general and administrative expenses |  | 1,697 |  |  | (435) |  |  | 503 |  |  | 173 |
Embedded derivative | Other income |  | 253 |  |  | 302 |  |  | 1,799 |  |  | 1,866 |
Total |  | $ | (537,298) |  |  | $ | (222,298) |  |  | $ | (537,842) |  |  | $ | (398,847) |
Schedule of Derivative Instruments, Purchase and Sales Contracts | all outstanding commodity contracts:
| February 28, 2022 |  | August 31, 2021
| Long |  | Short |  | Long |  | Short
| (Units in thousands)
Grain and oilseed (bushels) | 758,887 |  |  | 1,128,403 |  |  | 666,726 |  | 851,582
Energy products (barrels) | 7,661 |  |  | 8,612 |  |  | 9,881 |  | 7,656
Processed grain and oilseed (tons) | 1,517 |  |  | 4,787 |  |  | 559 |  | 3,418
Crop nutrients (tons) | 53 |  |  | 27 |  |  | 66 |  | 12
Ocean freight (metric tons) | 60 |  |  | — |  |  | 210 |  | —
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 28, 2022 |  | August 31, 2021 |  | Balance Sheet Location |  | February 28, 2022 |  | August 31, 2021
|  | (Dollars in thousands) |  |  |  | (Dollars in thousands)
Other current assets |  | $ | 4,296 |  |  | $ | 11,874 |  |  | Other current liabilities |  | $ | 2,162 |  |  | $ | 1,001 |
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 six months ended February 28, 2022 and 2021:
|  |  | Three Months Ended February 28, |  | Six Months Ended February 28,
| Location of Gain |  | 2022 |  | 2021 |  | 2022 |  | 2021
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | 5,005 |  |  | $ | 4,082 |  |  | $ | 18,259 |  |  | $ | 16,755 |
Cash flow hedge gain (loss) recorded in other comprehensive income | 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 28, 2022 and 2021:
|  | Three Months Ended February 28, |  | Six Months Ended February 28,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (Dollars in thousands)
Commodity derivatives |  | $ | (1,977) |  |  | $ | (2,084) |  |  | $ | (15,273) |  |  | $ | (110) |

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