Post on 22-Jun-2020
transcript
9/4/2018
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September 5, 2018
COMMODITY RISK MANAGEMENT TECHNIQUES & HEDGE ACCOUNTING
CHANGES
To Receive CPE Credit
• Individuals Participate in entire webinar Answer polls when they are provided
• Groups Group leader is the person who registered & logged on to the
webinar Answer polls when they are provided Complete group attendance form Group leader sign bottom of form Submit group attendance form to training@bkd.com within 24
hours of webinar• If all eligibility requirements are met, each participant will be emailed their CPE
certificate within 15 business days of webinar
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Bryan WrightPartner | BKDIndianapolis I 317.383.5471
Allen DouglassRegional Director | INTL FCStone Financial, Inc.FCM DivisionIndianapolis l 317.732.4660
Disclaimer
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The trading of derivatives such as futures, options, and over-the-counter (OTC) products or “swaps” may not be suitable for allinvestors. Derivatives trading involves substantial risk of loss, and you should fully understand those risks prior to trading. Pastfinancial results are not necessarily indicative of future performance. All references to futures and options on futures trading aremade solely on behalf of the FCM Division of INTL FCStone Financial Inc., a member of the National Futures Association (“NFA”)and registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a futures commission merchant. All referencesto and discussion of OTC products or swaps are made solely on behalf of INTL FCStone Markets, LLC (“IFM”), a member of the NFAand provisionally registered with the CFTC as a swap dealer. IFM’s products are designed only for individuals or firms who qualifyunder CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of IFM.
This material should be construed as the solicitation of trading strategies and/or services provided by the FCM Division of INTLFCStone Financial Inc., or IFM, as noted in this presentation.
Neither the FCM Division of INTL FCStone Financial Inc. nor IFM is responsible for any redistribution of this material by thirdparties or any trading decisions taken by persons not intended to view this material. Information contained herein was obtainedfrom sources believed to be reliable, but is not guaranteed. These materials represent the opinions and viewpoints of the author,and do not necessarily reflect the opinions or viewpoints of the FCM Division of INTL FCStone Financial Inc. or IFM.
All forecasting statements made within this material represent the opinions of the author unless otherwise noted. Factualinformation believed to reliable, was used to formulate these statements of opinion; but we cannot guarantee the accuracy andcompleteness of the information being relied upon. Accordingly, these statements do not necessarily reflect the viewpointsemployed by the FCM Division of INTL FCStone Financial Inc. or IFM. All forecasts of market conditions are inherently subjectiveand speculative, and actual results and subsequent forecasts may vary significantly from these forecasts. No assurance orguarantee is made that these forecasts will be achieved. Any examples given are provided for illustrative purposes only, and norepresentation is being made that any person will or is likely to achieve profits or losses similar to those examples.
Reproduction or use in any format without authorization is forbidden. © Copyright 2018. All rights reserved.
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Risk is ever present…How do we choose to address?
Accept it
Manage it
Conquer it
Don’t Fear it
If you don’t manage risk, you are assuming riskIf you are assuming risk, you are speculating!!!
Normal Business Risks
Insurance
Buildings &
Facilities
Family & Employees
Health & Safety
Equipment, Machinery,
Trucks
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Another Critical Business Risk: PRICE!!!
Grains
Oilseeds
Energy
Interest Rates & FX
Know YourPrice Risk & Manage It!
More Likely
& MoreFrequent!
Livestock
HOWEVER,
Things can get Real UGLY Real fast!
And Bottom Lines & Margins Can Melt Away!
WITHOUT PRICE RISK MANAGEMENT…
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Is Price Risk Management Difficult?
NO! Just remember, complex concepts stated simply
creates opportunity! Success favors the Prepared.
Tools to Manage Price Risk
*OTC products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of IFM.
*
Locked-in Buying & Selling Price Levels
Rights to Buy or Sell at Price Levels with Opportunity to Improve
Creative Financial Products With Pricing Flexibility
Variety of Contracts With Physical Delivery Requirements
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What is Market Risk?
Uncertainty!
Types of Market Risk
Global Futures Price Local Cash Basis
Higher
Lower
No change
Weaker
Stronger
No change
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What is a BUYER’S Market Risks?
Global Benchmark Futures Price Buyer’s Cash Basis
Higher Stronger
What is a SELLER’S Market Risks?
Global Benchmark Futures Price Seller’s Cash Basis
Lower Weaker
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Price Volatility
Source: CME Group
What is Volatility?
Example: March 2019 Corn Futures at $4.00Compare Market Volatility: 10%, 20%, 30%
Annualized Volatility 68% Probability Price Range10% $3.60 - $4.4020% $3.20 - $4.8030% $2.80 - $5.20
At what volatility level is your risk the greatest?
At what volatility level is your opportunity the greatest?
Note: 2 Standard Deviations is 95% probability and 3 Standard Deviations = 99% probability
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Price Risk Management – Summary
CreatesOPPORTUNITY
Stated Simply
Price Risk ManagementRemember
what I said earlier ???
Basis & Hedging Theory
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BasisKey to Successful Hedging
Cash Price
Futures Price Basis
Local Supplier
or Buyer Price quote
Q. If you have more than one “cash” quote, how many basis tables are needed?
A. Each cash market supplier represents a different basis.
Global Benchmark Price quote
Local Cash Relative to
Futures
Basis Concepts
BASIS
Seasonal & Historical
Trends
Cash minus
Futures
Locational
& Quality
Differences
Sellers want
Stronger
Less Volatile
Buyers want
Weaker
Merchandisers & Their
Customers should become
Students of Basis!
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Basis Movement & Opportunity
+30
+20
+10
0
-10
-20
-30
Cash Gains Relative* to FuturesMore positive or
Less negativeBenefits Short Hedgers
StrengthenCash Declines Relative* to Futures
Less positive orMore negative
Benefits Long Hedgers
Weaken
*Basis can strengthen or weaken regardless of the price direction
Commodity Buyers Commodity Sellers
Use of Basis in Risk Management
0
20
40
60
80
100
120
140
160
1-Ja
n
15-
Jan
29-
Jan
12-
Feb
26-
Feb
11-
Mar
25-
Mar
8-A
pr
22-
Ap
r
6-M
ay
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May
3-Ju
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Jun
1-Ju
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Jul
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Jul
12-
Au
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Au
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9-S
ep
23-
Se
p
7-O
ct
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Oct
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ov
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Nov
2-D
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16-
Dec
30-
Dec
Ba
sis
(C
en
ts p
er
Bu
sh
el)
Week of the Year
Maximum Minimum Average
Gulf Export Price - Nearby Corn Futures Basis (Sample 10 year period)
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Basis Summary
• Cash price relative to a Futures price
• Usually less volatile than Futures
• Seasonal & Historical trends
• Purchasing & Sales Tool
• Can have a negative or positive value
• Buyers want basis to weaken over time
• Sellers want basis to strengthen over time
• Key to successful Price Risk Management
True Hedge – Consists of Two Parts
LocalCash Market
Futures,Options orOTC Swaps
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Hedge Concepts
Fact: Most cash markets and futures markets move up and down together Not necessarily in equal amounts Relationship between a cash & a futures price: Correlation
Hedge Positions Opposite positions in Cash market and Futures market
Hedge Results Loss in one market is offset by a gain in the other market Regardless of price direction, the result is the same!
The “TRUE” hedge result is the combined results of the cash and futures positions
CashMarket
FuturesMarket
HEDGED RESULTS Loss in One Market is Offset by a Gain in the Other
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Types of Hedgers
• Short hedger• Risk of falling prices• Attempt to cover production costs & profit• Long the basis – wants basis to strengthen
Producer(sell-side)
• Long hedger• Risk of rising prices• Attempt to achieve target prices• Short the basis – wants basis to weaken
Consumer(buy-side)
Futures Industry Foundation
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Futures Contract: Defined
Legally binding agreement to accept
delivery of or make delivery of a
standardized _______ and ______
of a commodity to a standardized _____
during a standardized ____ period for a ____
discovered in an organized futures exchange.
quantity quality
place
time price
Corn5,000 bu. =
127 m.t.
Soybeans: 5,000 bu. =
136 m.t.
Wheat5,000 bu. =
136 m.t.
Soybean Meal100 short tons =
92 m.t.
Economic Functions of Futures
FuturesMarkets
RiskManagement
PriceDiscoveryWhich impacts the greatest
number of people?
Which is the most important economic function?
For Customers
Price Reference & Cash Contracts
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Price Discovery: Supply & Demand
• Prices are Discovered
• Prices are NOT set by the Exchange
• Closest form of “perfect competition”
• Two-way Price Impact
• Transparent Prices
Types of Traders
Cash Market
Risk Liquidity
SpeculatorHedger
Risk Liquidity
Cash Market
Speculators provide what hedgers need!LIQUIDITY
Merchandisers & Their
Customers
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Speculators’ Impact on HedgersCorn Market Liquidity
Hedgers Only3.80Buyer’s Bid
3.85Seller’s Offer
3.81New Bid
3.84 Better Offer
3.82New Bid
3.83Better Offer
3.82 1/4 Best Bid
3.82 1/2Best Offer
Speculator
Speculators
S
Closing-out a Futures PositionOffset
Offset: Taking a position opposite to your initial position• Initial futures position creates market obligation
• Offset removes market obligation
Initial PositionLong Futures
laterSell Identical
Futures OFFSET
Initial PositionShort Futures
Buy Identical Futures OFFSET
Or
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Closing-out a Futures PositionDelivery
Transfer of a physical commodity or cash-settlement
• Only about 1% of Futures volume ends with delivery• Great majority are “offset”
• Initiated “only” by the Seller (short) • Short must have approved “regular for delivery” status• Assigned to “oldest” long
• Specific Terms & Procedures• Varies by commodity – shipping certificates, warehouse receipts• See Exchange Rule Book for details
• Cash Price & Futures Price Convergence• Due to threat of delivery in futures contract
• Not economically or physically feasible for the Buyer (long)• Seller makes delivery decisions: specific date, quality, location
CBOT Grain & Oilseed Futures Delivery3-Day Process*
First Position Day
First Notice Day
First Delivery Day
• Business day prior to last business day of calendar month prior to delivery month. Example: November for December contract
• Short positions: First day that short positions can initiate the delivery process by notifying CME Clearing. Only shorts that have “regular for delivery” status
• Long positions: Ranked according to the amount of time they have been long. Oldest is ranked first
• Daily price limits are removed for remainder of trading of the delivery contract month
• Last business day of calendar month prior to delivery month. Example: June for July contract.
• CME Clearing notifies “oldest long” by 7:00 a.m. that delivery will take place
• Short invoices the long by 4:00 p.m.
• First business day of the contract month
• Short delivers the shipping certificate to the long
• Long makes payment to the short by 1:00 p.m.
• If delivery day is a bank holiday, payment is made by 9:30 a.m. on the next banking day.
*Note: This 3-day process for first delivery also applies to deliveries up to and including the last delivery day. The last delivery day is the 16th of the contract month
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Financial Integrity of Futures
Clearing ModelsBilateral versus Cleared
BI-LATERAL TRADE:A trade executed between two parties withoutthe benefit of a central clearing house.
CLEARED TRADE:A trade guaranteed by Futures Commission Merchants(FCM) who are members of a clearing house
Source: CME Group
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Exchange Clearing Services
• Eliminates Counter Party Risk Buyer to every Seller and Seller to every Buyer
• Adjust Trading Accounts Daily Marked to Market
• Facilitates Trading Processes Futures Delivery Option Exercise
Central Counterparty Clearing
Source: CME Group
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Daily Settlement ProcessNo Debt System
Exchange Clearing
Losses collected Profits paid out
Types of Margin
Initial• Amount of money required per contract to initiate a futures position
• Required by both buyer and seller
• Different forms of capital accepted
Maintenance• Minimum balance (equity) that must be maintained at all times
• If balance falls below maintenance level, you receive a margin call
Margin Calls must be made with cash
• Hedge initial margin is same as Speculative Maintenance Margin
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Corn Margin Example: (December Traded at $3.90)Initial Margin = $600 per contract ($0.12/bushel)Maintenance Margin $550 per contract ($0.11 bushel)
Day Margin BUYER Account
Deposits Balance
Settlement
Price
Account SELLER Margin
Balance Deposits
1 $600 $600 $3.90/bu $600 $600
2 $600 $550 $3.89/bu $650 $600
3 $600 $350 Margin Call of $250$850 $600
$3.85/bu $850 $600
4 $850 $1350 $4.00/bu $100 $600 Margin Call of $500
$600 $1100
Q. How much does the market have to move against a position before a margin call occurs?
A. The difference between the initial margin and maintenance margin plus 1 tick. Why 1 tick??In this example the difference = $0.01/bu, so the market would need to move $0.0125/bushel
Margin is a cost of trading futures!
Margin Questions & Misconceptions
Is Margin a Cost of Trading Futures?
No, Only the Interest Rate On Margin Is A Cost.
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Margin is a BAD concept!
Margin Misconceptions
Is Margin Good Or Bad For Risk Management?
Definitely A Good Concept – It Protects Your Risk Management Positions.
Margin Changes Don’t Impact Existing
Positions!
Margin Misconceptions
If Margin Levels Change, Does That Impact Existing Positions?
Margin changes impact new and existing positions.
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Efficient Hedge Requirements
CorrelationCorrelation
LiquidityLiquidity
Efficient Hedge
Efficient Hedge
Practical Hedge Considerations
Solutions: Cross Hedges or OTC Markets
Cross Hedge Defined: Use of one Commodity Futures Contract to protect the price of a different commodity
The other commodity is usually not traded on a futures exchange.
Examples: Millfeed – Corn futures, Soybean Meal futures or a combination of the two Vegetable oils – Soybean Oil futures - most common; also Palm Oil futures or Canola Futures Grain Sorghum – Corn futures HRW Wheat – SRW Wheat futures
OTC Markets Provides unique & creative solutions for some products not traded on Exchanges
Notes: All cross hedges and OTC strategies should involve products with a strong price correlation Effectiveness of the cross hedge should be calculated prior to use Should also be monitored after initiation of the hedge.
Concern: Not all commodities are traded on Exchanges
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Hedging With Futures – Summary Notes
Take advantage of current purchase and sale prices
Protect against adverse prices
Basis may improve purchase or sale price
Assists with planning & budgets
Protects inventory value
Not tied to a specific cash market participant (buyer or seller)
Financial integrity of Exchange Clearing
HedgingSummary
It is all about your “BOTTOM LINE”
Protecting and/or Improving
Your Cash Market Position
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Protection
And
Opportunity?
Wouldn’t it be great to have…
OPTIONS
Against What? Adverse
Price Levels
What?For
What?Better Price
Levels
Futures versus Options
Futures
• Conveys Obligations
Options
• Conveys Rights
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Option Contract: Defined
Contract between two parties
that conveys a
but not an obligation
to buy or sell
a specific commodity
at a specific price
within a specific time period
for a premium.
RIGHT
Option Types
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CALL Option Positions
Buyer of CALL has rights to buy futures
Seller of CALL has obligation to sell futures
Long CALL and Short (an Identical) CALL are offsetting positions
CALL
Option
Call seller fulfills rights
(Sell futures)
Call buyer receives
rights (Buy futures)
PUT Option Positions
Buyer of PUT has right to sell futures
Seller of PUT has obligation to buy futures
Long PUT & Short (an identical) PUT are offsetting
positions
PUT
Option
PUT seller fulfills rights
(Buy Futures)
PUT buyerreceives
rights (Sell Futures)
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Option Components
Buyer – holder
Seller – writer or grantor
Underlying Commodity – a futures contract
Strike Price – exercise price
Expiration Date – rights expire
Premium – price, cost, or value of rights
Option Contract: Defined
Contract between two parties
that conveys a
but not an obligation
to buy or sell
a specific commodity
at a specific price
within a specific time period
for a premium.
RIGHT
Legally binding
To the Option Buyer
To the Option Seller Put
Option
Call Option
Option Expiration
Strike Price
Futures Contract
g
Price, cost or value of the
rights
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Option Pricing
Is it Difficult?
Black-Scholes Option Pricing Model
Call Option Formula
Stay Calm Don’t Panic
Proceed to the next
slides
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Premium Components
Premium
IntrinsicValue
TimeValue
Intrinsic Value Components
Intrinsic Value
Strike Price
Futures Price
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Time Value Components
Time Value Curve
• Decreases at an increasing rate• Time value is zero at option expiration
Days to expiration 0
Time valueCents/bushel
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What Can Happen to Options
Exercise“Only” the Option Buyer
Closing Out an Option Position
Offset: Close-out option with position opposite to initial position
Exercise: Close-out options position and assume futures position
Expire: All options expire worthless at expiration
Recover Current Full
Premium
Recover “ONLY” Current
Intrinsic Value
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Results of Exercise
Calls
Puts
Call buyer receives a Long Futures position
Call seller is assigned a Short Futures position
Put buyer receives a Short Futures position
Put seller is assigned a Long Futures position
Let Options Expire or Not?
Notes about Expiration
Premiums consist of Intrinsic & Time value
Look for potential to recover some time value
Recovered time value lowers the cost of the strategy
Don’t ever forget your option positions
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Introduction to OTC Markets
Bi-Lateral Contracts
Financial Contracts
OTC Swaps & Structured Products Bi-Lateral Financial Contracts
Two Party Confidential Transaction(Customer & Swap Dealer)
Financial Integrity: The Two Parties
IFM: 1st Non-bank Swap Dealer*IFM: Experience, Expertise & Service
IFM: Financial Stability
Cash-Settled Products
Traded separately or
Embedded in Physical market contracts
*IFM is provisionally registered with the CFTC as a swap dealer
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Benefits of OTC Swaps
OTC Markets
Price Risk Management
Creative & Tailor-made
FlexibilityBi-Lateral Financial Contracts
Margin Liquidity
Flexibility
OTC Swaps & Structured ProductsFlexibility
High Price Markets
Flat Markets
High Volatility Markets
Low Volatility Markets
Low Price Markets
WhipsawMarkets
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OTC Swaps & Structured Products
Every Customeris Different
Every Market is Different
Every Risk Tolerance
is Different
OTC Swaps & Structures:“Creative &
Unique” Solutions
YES! YES! YES!YES!
OTC Market Introduction
Over-the-Counter Market Off exchange Bi-lateral contracts All product complexes Financially settled contracts
Participants CFTC Provisionally Registered OTC Swap Dealer - IFM Customers: Individuals or Firms Participants must qualify under CFTC Regulations
• Eligible Contract Participant (ECP)• Must be accepted by Swap Dealer (IFM)• Producers, Consumers or Merchandisers
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OTC Market Introduction
OTC Contract Types – Basic to Advanced Hierarchy
Swaps – a futures or forward look-alike
Vanilla Option – an option look-alike
Customized Option – a flex option look-alike • Adjust dates and strikes
Strips – a series of options over a period of time• Same strikes but different expirations• Traded as a package - usually more cost efficient
Barrier Option• Knock-in – option rights/obligations are activated• Knock-out – initial optionality ends
Structures• Combination of the above OTC products – in one line item
Hedge Accounting ChangesPRESENT E D BY: BRYAN WRIGHT
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Hedge Accounting – U.S. GAAP
1. Is hedge accounting complicated?
2. Are the hedge accounting guidance, rules & interpretations complicated?
NO
Highly complicated
Types of Accounting Hedges
Cash Flow Hedge
Hedging Instrument Mark to Fair Value (Asset/Liability & OCI)
Hedged Item (FloatingPrice Transaction/
Contract)No Accounting
Fair Value Hedge
Hedging Instrument Mark to Fair Value (Asset/Liability & P&L)
Hedged Item (Fixed Price Transaction/
Contract)
Change in Fair Value (Asset/Liability & P&L)
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Types of Accounting Hedges
• Hedge ineffectiveness is always reported currently in earnings
• Modified by new guidance issued in 2017 for cash flow hedges
• Cash flow hedge changes in fair value deferred in OCI until hedged transaction affects earnings
• If forecasted transaction no longer probable, immediately recognize in earnings
Accounting Example – Cash Flow Hedge
• Assume the following
1. Copper has been purchased at a fixed price – Inventory
2. Forecasted sale of copper has been identified for February & designated as the hedged item in a cash flow hedge
3. March copper futures (short) contract used to hedge sale – deemed highly effective (assume 100%)
4. Subsequent to hedge, prices increase in both spot & futures market
• Futures now valued at $(100,000) – Loss
5. What does the cash flow hedge accounting look like?
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Cash Flow Hedge Example
Balance Sheet BeforeHedge
AccountingAfter
AssetsInventory 1,000,000$ 1,000,000$ Equipment 5,000,000$ 5,000,000$
Total Assets 6,000,000$ 6,000,000$
Liabilities & Equity
Accounts Payable (1,000,000)$ (1,000,000)$
Futures Contract Liability (100,000)$ (100,000)$
Equity/OCI (5,000,000)$ $ 100,000* (4,900,000)$
Total Liabilities & Equity (6,000,000)$ (6,000,000)$
*Loss on future reclassified to earnings once the forecasted sale is recorded.
Hedging Criteria & Requirements
• To qualify for hedge accounting, the company must
• Contemporaneously document at inception specific qualifying criteria
• Establish effectiveness of hedging relationship as HIGHLY EFFECTIVE (80% to 125%)
• Eligibility of hedged item & hedging instrument
• Prove & monitor probability of forecasted transaction (cash flow hedge)
• No documentation = no hedge accounting
• Uncertainty &/or nonoccurring forecasted transaction = discontinue hedge accounting (cash flow hedge)
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New Hedge Accounting Guidance –ASU 2017-12• Issued August 2017
• Key changes include
1. Provides for hedging contractually specified components as hedged risk (cash flow hedge)
2. Entire changes in fair value of cash flow hedge reported in OCI—no longer measure & report ineffectiveness
3. Allows for qualitative hedge effectiveness assessment after initial assessment of quantitative effectiveness is determined
4. Initial quantitative effectiveness testing can be completed after hedge designation until first quarterly measurement (public entities) or date before the financial statements are available for issuance (private entities)
New Hedge Accounting Guidance –ASU 2017-12
• Effective date
• Years beginning after
• December 15, 2018 (public)
• December 15, 2019 (private)
• Early adoption permitted as of beginning of fiscal year of adoption
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Component Hedging – Cash Flow Hedge
• ASU 2017-12 – Provides for hedging contractually specified components as hedged risk (cash flow hedge)
• Variability in cash flows attributable to changes in specified component designated as the hedged risk
• Example
• Tasty Treats, Inc. purchases bourbon whiskey from a local distiller as a key ingredient
• Contract with supplier calls for variable pricing per unit based on a distiller charge plus beginning of month spot corn prices (CBOT) x QTY required
• Tasty’s February bourbon order requires 20,000 bushels of corn & will be priced February 1 (CBOT)
• Tasty’s enters into a forward purchase contract for corn (CBOT) maturing February 1 to purchase 20,000 bushels – Settlement based on contract price & February 1 spot price
Component Hedge Example
• What is the risk being hedged?
• Variability in the purchase price of bourbon attributable to the changes in the corn price index—“contractually specified”
• What is the hedging instrument?
• Forward contract
• What is the hedged item?
• Forecasted purchase of bourbon
• What type of hedge?
• (fair value or cash flow)
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Component Hedging (ASU 2017-12)
Component Hedging (ASU 2017-12) (Interest Rate SWAPs)
• Cash flow hedges of interest rate risk. The update permits the variability in cash flows attributable to the contractually specified interest rate as the hedged interest rate risk
• The ability to hedge the variability of the contractually specified rate, such as prime rate, permits more hedging strategies to be effective & when combined with the qualitative ongoing assessment of effectiveness simplifies hedge accounting
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Component Hedging (ASU 2017-12) (Interest Rate Hedges)
Pitfalls – Why Companies Fail to Qualify
• Lack of documentation at inception
• Risk being hedged does not qualify
• Failure of hedge effectiveness testing
• Poor transaction records reflecting hedging result & risk management –Lack of detail
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Questions?
CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT
BKD, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The information contained in these slides is presented by professionals for your information only & is not to be considered as legal advice. Applying specific information to your situation requires careful consideration of facts & circumstances. Consult your BKD advisor or legal counsel before acting on any matters covered.
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CPE CREDIT
• CPE credit may be awarded upon verification of participant attendance
• For questions, concerns or comments regarding CPE credit, please email the BKD Learning & Development Department at training@bkd.com
Thank You!Bryan J. Wright, CPA Partner, BKD, LLP317.383.5471 bwright@bkd.com
Allen DouglassRegional Director, INTL FCStone317.732.4660 allen.douglass@intlfcstone.com