Accounting for Your Marketing Results FBS 2017 USER CONFERENCE
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1 Accounting for Your Marketing Results FBS 2017 USER CONFERENCE
2 Course Outline Types of hedges Tax and GAAP reporting differences Definitions Recommended accounts/centers Hand s on case studies (using FBS software) Crop farm Livestock feeding Incorporating cost analysis by period
3 Purpose of a Hedge Provide a change in value of the hedging instrument in the opposite direction of the hedged item. For tax purposes, the gains or losses on from hedging activities are recognized when hedges are lifted For accounting purposes, hedging gains/losses are recognized in the period the gains or losses occur Hedging is consider normal business operation so should be matched to gross revenue and expense
4 Hedging Types and Treatment Three types of hedges Fair value Cash flow Net investment hedge/foreign currency transactions Financial Statement treatment Income Statement -- depends on the hedging type. May be included in net income or may be excluded from net income. Balance Sheet -- No difference in presentation between the two methods.
5 Definitions Realized gains or losses from hedging are computed based on closed hedging transactions. Realized gains and losses appear in a brokerage statement s closed equity position. Recognized gains or losses from hedging are the amounts that flow through the income statement or statement of comprehensive income whether resulting from realized or unrealized gains or losses.
6 Definitions (Continued) Unrealized gains or losses from hedging are based on the mark-to-market rules and value hedging transactions as of the date of the financial statement. Appear in a brokerage statement s open equity position May be recognized as Other Comprehensive Income but not Net Income in respect to Cash Flow Hedges
7 Definitions (Continued) Other comprehensive income (OCI) is unrecognized income that falls outside the scope of net income, and is considered part of an entity s total comprehensive income. Includes the unrealized gains or losses from cash flow hedges that will at some point in the future be reclassified into net income.
8 Definitions (Continued) Accumulated other comprehensive income (AOCI) is the accumulated amount of OCI until reclassified into retained earnings (via the income statement). Unrealized gains and losses are accumulated here for cash flow hedges until the hedged commodity is either sold or priced (and/or the hedge is lifted).
9 Types of Hedges Fair Value Hedge Used to offset changes in the fair value of items with fixed prices Cash Flow Hedge Used to establish a fixed price when future cash flows could vary due to changes In prices
10 Hedge Flow Chart Fair Value Hedge All gains or losses, whether realized or unrealized flow through net income. Cash Flow Hedge Unrealized gains or losses flow into OCI. When hedge is lifted or converted to fair value, realized gain/loss is reflected in net income. Accumulated unrealized gain or loss is reclassified to net income
11 Rule of Thumb If inventories are valued at market, treat as Fair Value Hedge ( Finished goods inventory) If inventories valued at cost, treat as Cash Flow Hedge ( Work In Process inventory) However, you can elect to treat all Cash Flow Hedges as Fair Value Hedges
12 Applications to Agriculture Fair Value Hedges Stored crop inventories Newly-weaned animals Finished Market Gain & Loss goes straight through Income Statement Cash Flow Hedges Growing crop inventories Growing animals Cost Gain & Loss goes to Other Comprehensive Income Then moved to Income Statement when items are sold
13 Accounts Required Hedging Asset One account for each segregated brokerage account Inventory Asset One account for crops; one for livestock Hedging Gain/Loss Income One account for each product or commodity Unrealized Gain/Loss Income One account for all products or commodities Inventory Market Value Gain/Loss Income One account for each product or commodity
14 Additional Cash Flow Hedge Accounts Other Comprehensive Income For recording unrecognized income One account for each product or commodity Accumulated Other Comprehensive Income Equity account for each product or commodity In farmer terms, unrealized gain Use Quantity field to track balance
15 Account Recap Account Name Type Comments Hedging Equity Asset One account for each trading fund Inventory Asset Asset One account for crops/livestock Stored Crop Inventories Feeder Livestock Inventories Hedging G/L Income One account for each commodity Lean Hog G&L Corn G&L Soybean Meal G&L Unrealized Hedging G/L Income Only one account required Inventory Market Value G/L Income Only one account required Commissions Expense Only one account required
16 Cash Flow Hedge Account Recap Account Name Type Comments Other Comprehensive Income Income (OCI) Accumulated Other Comprehensive Income (AOCI) Equity One account for each commodity Lean Hog OCI Corn OCI Soybean Meal OCI One account for each commodity Lean Hog AOCI Corn AOCI Soybean Meal AOCI
17 Centers Required Profit Center Type F/C Farm Financial Standards Managerial Accounting concept Used to post final G&L Alternative to allocating G&L to specific production centers or groups Or Crop Marketing (M) Center for Crops Delivery Period Centers for Livestock Type F By Year / Quarter or Month Used to segregate and park G&L on the balance sheet by delivery period
18 Delivery Period Centers Fair Value Hedges Post directly to the product s Profit or Marketing Center Cash Flow Hedges Post to F Centers corresponding to delivery period Center can used for all commodities matched to sales in delivery period Examples (single flow): Delivery Period Examples By Year HH18 for hog hedges in 2018 By Quarter for first quarter of 2018 By Month for January 2019
19 Delivery Period Centers Cash Flow Hedges Examples (multiple flows): Delivery Period Examples By Quarter (Cattle) C191 for first quarter of 2019 By Quarter (Hogs) H191 for first quarter of 2019 By Month (Cattle) C1901 for January 2019 By Month (Hogs) H1901 for January 2019
20 Marked-To-Market Fair Value Hedges Hedging Gains (Auto-reversing) Accrual (or MV) journal entry Fair Value Hedging Gains Category Debit Credit Hedge Hedging Asset Unrealized Hedging G/L Income Inventories Inventory Market Value G/L Income Crop Inventory Asset
21 Marked-To-Market Fair Value Hedges Hedging Losses (Auto-reversing) Accrual (or MV) journal entry Fair Value Hedging Losses Category Debit Credit Hedge Hedging Gain/Loss Income Hedging Asset Inventories Crop Inventory Asset Inventory Market Value G/L Income
22 Accruing Closed Cash Trades Should be done monthly Management journal entries Reverse cash/tax entries for closed positions Record positive quantity* in Other Comprehensive Income account Delivery Period Delivery Period *Optional Center Debit Credit Hedging Gain Other Comprehensive Income Other Comprehensive Income Hedging Loss
23 Matching Hedging Gain With Animals Sold Should be done monthly Management journal entries Record negative quantity* in Accumulated Other Comprehensive Income account * Optional Center Debit Credit Delivery Period Accumulated Other Comprehensive Income Profit Center Other Comprehensive Income
24 Matching Hedging Loss With Animals Sold Should be done monthly Management journal entries Record negative quantity in Accumulated Other Comprehensive Income account Center Debit Credit Delivery Period Profit Center Other Comprehensive Income Accumulated Other Comprehensive Income
25 December 2019 July 2020 Reverse Tax Hedging G&L July 2020 Delivery Period Center Accumulated Other Comprehensive Income Equity Accounts Hog AOCI Corn AOCI SBM AOCI Hogs 20,000 Head Corn 140,000 Bushels SBM 1,200 Tons Close Out to Other Comprehensive Income Accounts Hog OCI Corn OCI SBM OCI
26 Feed OCI Entries Closing position Zeroes out hedged feed balance Realizes hedging G/L Parks G/L in Delivery Period Center
27 Feed OCI Entries Reversing entry Management level (one level higher than last entry) Reverse Hedging Realized G/L account Record to OCI Unrealized G/L account
28 Cash Flow Hedge OCI Entries For trades to be recognized/allocated to another time period User-Defined Accounting Report for G/L Account Recap by Center Accrual level Note balance for each combination of AOCI Account/ Delivery Period Center not in the current month
29 Cash Flow Hedge OCI Entries Reverse to Accumulated OCI Management level Reverse accumulated amount original G/L Income account to the Unrealized G/L Income account Use the Delivery Period Center from original entry Offset to AOCI Equity account
30 Cash Flow Hedge OCI Entries Allocate to Delivery Period Management level Reverse Accumulated OCI Equity Account Use the Delivery Period Center from original entry Post to OCI Income account
31 Cash Flow Hedge OCI Entries Transaction Recap
32 Cost Analysis Example
33 Analysis Alternatives By ledger account/delivery period center Through contracts / delivery period center Through contracts / specific group/project Through contracts / specific ingredient/input Through contracts / specific ingredient / input / DTN Flow feed hedges through cost of goods Flow feed hedges & livestock hedges through closeouts
34 Feed / Fuel Contracts Ignore center Match on product
35 Crop Hedges Placed through crop marketing center Can be matched against crop project
36 Livestock Hedges Placed through delivery center or profit center
37 Account Settings for Contracts Note Integration types
38 Options On open or close of position? For long puts and calls use positive quantity For short puts and calls use negative quantity
39 Short Options Entry
40 Contract option Matching against feed
41 Lower of Cost/Market Entries Updates from DTN
42 What s Missing? Groups / Projects Automated managerial accounting/wip adjustments and overhead allocations Commissions Reversing MTM journal entries? Contract module Integrated inventories
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