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5NOV201416072485
We have international sales, which are predominantly in our Ag segment. The following table represents our product
sales, based on the geographic locations in which the sales originated, for the years ended August 31, 2014, 2013 and
2012:
(DOLLARS IN MILLIONS) 2014 2013 2012
North America $37,947 $ 39,918 $37,503
South America 2,119 2,511 1,444
Europe, the Middle East and Africa (EMEA) 1,594 1,040 1,064
Asia Pacific (APAC) 642 680 290
$42,302 $44,149 $40,301
Derivative Financial Instruments and Hedging Activities
Our derivative instruments primarily consist of com- The following tables present the gross amounts of deriv-
modity and freight futures and forward contracts and, to ative assets, derivative liabilities, and margin deposits
a minor degree, may include foreign currency and interest (cash collateral) recorded on our Consolidated Balance
rate swap contracts. These contracts are economic Sheets along with the related amounts permitted to
hedges of price risk, but are not designated or accounted be offset in accordance with U.S. GAAP. We have elected
for as hedging instruments for accounting purposes, with not to offset derivative assets and liabilities when
the exception of certain interest rate swap contracts we have the right of offset under ASC Topic 210-20, Bal-
which are accounted for as cash flow or fair value hedges ance Sheet—Offsetting; or when the instruments are
as described below. Derivative instruments are recorded subject to master netting arrangements under ASC
on our Consolidated Balance Sheets at their fair values as Topic 815-10-45, Derivatives and Hedging—Overall.
described in Note 13, Fair Value Measurements.
AUGUST 31, 2014
AMOUNTS NOT OFFSET ON OUR CONSOLIDATED BALANCE
SHEET BUT ELIGIBLE FOR OFFSETTING
GROSS AMOUNTS CASH DERIVATIVE NET
(DOLLARS IN THOUSANDS) RECOGNIZED COLLATERAL INSTRUMENTS AMOUNTS
Derivative Assets:
Commodity and freight derivatives $ 597,210 $ — $ 42,229 $ 554,981
Foreign exchange derivatives 2,523 — 1,174 1,349
Interest rate derivatives—hedge 4,200 — — 4,200
Total $ 603,933 $ — $43,403 $ 560,530
Derivative Liabilities:
Commodity and freight derivatives $ 597,612 $2,504 $ 42,229 $ 552,879
Foreign exchange derivatives 2,248 — 1,174 1,074
Interest rate derivatives—non-hedge 130 — — 130
Total $ 599,990 $2,504 $43,403 $ 554,083
54 CHS 2014
ELEVEN: Segment Reporting, continued