Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Financial Instruments [Abstract]

Schedule Of Fair Values Of Derivative Financial Instruments

	Asset Derivatives'					Liability Derivatives'
	Fair Value					Fair Value
	March 31, ‎2021		December 31, ‎2020			March 31, ‎2021			December 31, ‎2020
Derivative financial instruments	$	19,365	$	21,956	(1)	$	6,313	(2)	$	10,997	(3)
Other assets		42		29			-			-
Total	$	19,407	$	21,985		$	6,313		$	10,997

(1)At December 31, 2020, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $3.3 million, which include $2.8 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments.

(2)At March 31, 2021, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $34.8 million, which included $24.8 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

(3)At December 31, 2020, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $9.3 million, none of which were designated as cash flow hedging instruments.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income

The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):

	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other	Three Months Ended March 31,
Comprehensive Income into Income	2021		2020
Revenues	$	(15,188)	$	8,818
Cost of goods sold		16,999		(2,901)
Net gain recognized in loss before income taxes	$	1,811	$	5,917

	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on	Three Months Ended March 31,
Derivatives	2021		2020
Commodity contracts	$	(6,376)	$	5,979

		Amount of Gain (Loss)
	Location of Gain (Loss)	Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income	Three Months Ended March 31,
as Hedging Instruments	on Derivatives	2021		2020
Commodity contracts	Revenues	$	(40,794)	$	45,407
Commodity contracts	Costs of goods sold		8,563		(2,679)
Net gain (loss) recognized in loss before income taxes		$	(32,231)	$	42,728

‎

The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):

	March 31, 2021				December 31, 2020
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Inventories	$	45,378	$	12,825	$	53,963	$	9,041

Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations

The effect of cash flow and fair value hedges and the line items on the consolidated statements of operations where they are reported are as follows (in thousands):

	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31,
		2021				2020
	Revenue		Cost of ‎Goods Sold			Revenue	Cost of ‎Goods Sold
Gain (loss) on cash flow hedging relationships:
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into income	$	(15,188)	$	16,999	$	8,818	$	(2,901)
Gain (loss) on fair value hedging relationships:
Commodity contracts:
Hedged item		-		7,967		-		(7,594)
Derivatives designated as hedging instruments		-		(7,108)		-		8,114
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	(15,188)	$	17,858	$	8,818	$	(2,381)

Schedule Of Open Position Derivative Financial Instruments

	Exchange Traded (1)		Non-Exchange Traded (2)
Derivative ‎Instruments	Net Long & ‎(Short)		Long	(Short)	Unit of ‎Measure	Commodity
Futures	(22,300)				Bushels	Corn and Soybeans
Futures	28,965	(3)			Bushels	Corn
Futures	(7,255)	(4)			Bushels	Corn
Futures	(119,490)				Gallons	Ethanol
Futures	(80,346)	(3)			Gallons	Ethanol
Futures	15,238				MmBTU	Natural Gas
Futures	(848)	(4)			MmBTU	Natural Gas
Futures	425				Tons	Soybean Meal
Futures	(24,000)				Pounds	Soybean Oil
Options	109				Tons	Soybean Meal
Options	63,159				Pounds	Soybean Oil
Options	10,995				Bushels	Corn
Options	(10,719)				Gallons	Ethanol
Options	76				MmBTU	Natural Gas
Forwards			49,595	(62)	Bushels	Corn and Soybeans
Forwards			-	(155,333)	Gallons	Ethanol
Forwards			126	(398)	Tons	Distillers Grains
Forwards			24,816	(18,000)	Pounds	Corn Oil
Forwards			15,658	(1,029)	MmBTU	Natural Gas

(1)Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2)Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.

(3)Futures used for cash flow hedges.

(4)Futures used for fair value hedges.