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Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

May 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


			May 31, 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			$	762,167					$	—					$	21,015					$	741,152
Foreign exchange derivatives			114,804						—						15,410						99,394
Embedded derivative asset			13,545						—						—						13,545
Total			$	890,516					$	—					$	36,425					$	854,091
Derivative Liabilities
Commodity derivatives			$	609,663					$	239					$	22,590					$	586,834
Foreign exchange derivatives			15,454						—						15,410						44

Total			$	625,117					$	239					$	38,000					$	586,878


			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 nine months ended May 31, 2022 and 2021:


									Three Months Ended May 31,												Nine Months Ended May 31,
			Location of Gain (Loss)						2022						2021						2022						2021
									(Dollars in thousands)
Commodity derivatives			Cost of goods sold						$	(324,965)					$	(552,985)					$	(905,400)					$	(945,631)
Foreign exchange derivatives			Cost of goods sold						18,147						35,567						58,438						27,327
Foreign exchange derivatives			Marketing, general and administrative expenses						1,097						838						1,600						1,011
Embedded derivative			Other income						258						308						2,057						2,174
Total									$	(305,463)					$	(516,272)					$	(843,305)					$	(915,119)

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity contracts:


			May 31, 2022												August 31, 2021
			Long						Short						Long						Short
			(Units in thousands)
Grain and oilseed (bushels)			754,573						1,279,773						666,726						851,582
Energy products (barrels)			13,138						8,778						9,881						7,656
Processed grain and oilseed (tons)			1,050						4,475						559						3,418
Crop nutrients (tons)			74						3						66						12
Ocean freight (metric tons)			45						—						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						May 31, 2022						August 31, 2021						Balance Sheet Location						May 31, 2022						August 31, 2021
						(Dollars in thousands)																		(Dollars in thousands)
Other current assets						$	19,596					$	11,874					Other current liabilities						$	54,150					$	1,001

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

The following table presents the pretax (losses) 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, 2022 and 2021:


									Three Months Ended May 31,												Nine Months Ended May 31,
			Location of Gain						2022						2021						2022						2021
									(Dollars in thousands)
Commodity derivatives			Cost of goods sold						$	(5,482)					$	2,329					$	12,777					$	19,084

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 nine months ended May 31, 2022 and 2021:


						Three Months Ended May 31,												Nine Months Ended May 31,
						2022						2021						2022						2021
						(Dollars in thousands)
Commodity derivatives						$	(36,688)					$	(7,590)					$	(51,961)					$	(7,700)