Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral

The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

	March 31, 2020				December 31, 2019					March 31, 2019
(in thousands)	Net derivative asset position		Net derivative liability position		Net derivative asset position			Net derivative liability position		Net derivative asset position		Net derivative liability position
Cash collateral paid	$	22,855	$	—	$	56,005		$	—	$	21,751	$	—
Fair value of derivatives	20,977		—		(10,323		)	—		38,580		—
Balance at end of period	$	43,832	$	—	$	45,682		$	—	$	60,331	$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	March 31, 2020
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	164,700		$	3,240		$	9,648		$	142		$	177,730
Commodity derivative liabilities	(38,485		)	(119		)	(100,139		)	(2,667		)	(141,410		)
Cash collateral paid	22,855			—			—			—			22,855
Balance sheet line item totals	$	149,070		$	3,121		$	(90,491	)	$	(2,525	)	$	59,175

	December 31, 2019
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	92,429		$	1,045		$	7,439		$	18		$	100,931
Commodity derivative liabilities	(40,571		)	(96		)	(54,381		)	(523		)	(95,571		)
Cash collateral paid	56,005			—			—			—			56,005
Balance sheet line item totals	$	107,863		$	949		$	(46,942	)	$	(505	)	$	61,365

	March 31, 2019
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	142,262		$	3,781		$	665		$	93		$	146,801
Commodity derivative liabilities	(5,736		)	(24		)	(67,288		)	(3,914		)	(76,962		)
Cash collateral paid	21,751			—			—			—			21,751
Balance sheet line item totals	$	158,277		$	3,757		$	(66,623	)	$	(3,821	)	$	91,590

Amounts of quantities outstanding included in commodity derivative contracts

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2020, December 31, 2019 and March 31, 2019:

	March 31, 2020
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	555,782	—	—	—
Soybeans	33,950	—	—	—
Wheat	92,374	—	—	—
Oats	56,582	—	—	—
Ethanol	—	103,252	—	—
Corn oil	—	—	6,275	—
Other	18,734	1,500	296	2,010
Subtotal	757,422	104,752	6,571	2,010
Exchange traded:
Corn	165,295	—	—	—
Soybeans	37,875	—	—	—
Wheat	59,135	—	—	—
Oats	1,490	—	—	—
Ethanol	—	44,440	—	—
Propane	—	11,760	—	—
Other	—	11,970	—	213
Subtotal	263,795	68,170	—	213
Total	1,021,217	172,922	6,571	2,223

	December 31, 2019
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	552,359	—	—	—
Soybeans	34,912	—	—	—
Wheat	100,996	—	—	—
Oats	24,700	—	—	—
Ethanol	—	116,448	—	—
Corn oil	—	—	14,568	—
Other	11,363	4,000	305	2,263
Subtotal	724,330	120,448	14,873	2,263
Exchange traded:
Corn	221,740	—	—	—
Soybeans	39,145	—	—	—
Wheat	68,171	—	—	—
Oats	2,090	—	—	—
Ethanol	—	175,353	—	—
Propane	—	5,166	—	—
Other	—	15	—	232
Subtotal	331,146	180,534	—	232
Total	1,055,476	300,982	14,873	2,495

	March 31, 2019
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	624,612	—	—	—
Soybeans	42,859	—	—	—
Wheat	118,909	—	—	—
Oats	26,361	—	—	—
Ethanol	—	233,420	—	—
Corn oil	—	—	6,733	—
Other	5,574	2,032	6	2,508
Subtotal	818,315	235,452	6,739	2,508
Exchange traded:
Corn	197,210	—	—	—
Soybeans	47,860	—	—	—
Wheat	103,955	—	—	—
Oats	770	—	—	—
Ethanol	—	110,758	—	—
Gasoline	—	12,936	—	—
Propane	—	14,784	—	—
Other	2	—	—	205
Subtotal	349,797	138,478	—	205
Total	1,168,112	373,930	6,739	2,713

Company's Condensed Consolidated Statement of Income gains and location of line items

The net pretax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three and three months ended March 31, 2020 and 2019 are as follows:

	Three months ended March 31,
(in thousands)	2020		2019
Gains on commodity derivatives included in cost of sales and merchandising revenues	$	30,960	$	66,419

The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:

	Three months ended March 31,
(in thousands)	2020			2019
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense), net	$	(784	)	$	(990	)
Foreign currency derivative gains (losses) included in Other income (loss), net	$	—		$	(1,467	)
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other Comprehensive Income (Loss)	$	(18,182	)	$	(4,991	)
Interest rate derivatives gains (losses) included in Interest income (expense), net	$	(1,290	)	$	165

Schedule of Fair Value of Interest Rate Derivative Liabilities

At March 31, 2020, December 31, 2019 and March 31, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives:

(in thousands)	March 31, 2020			December 31, 2019			March 31, 2019
Derivatives not designated as hedging instruments
Interest rate contracts included in Other long-term liabilities	$	(1,913	)	$	(1,007	)	$	(4,494	)
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)	$	440		$	2,742		$	(344	)
Derivatives designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities	$	(8,081	)	$	(3,118	)	$	—
Interest rate contracts included in Other long-term assets (Other long-term liabilities)	$	(22,620	)	$	(9,382	)	$	(4,552	)

Schedule of Outstanding Interest Rate Derivatives

Outstanding interest rate derivatives, as of March 31, 2020, are as follows:

Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Description	Interest Rate
Long-term
Swap	2014	2023	$	23.0	Interest rate component of debt - not accounted for as a hedge	1.9%
Collar	2016	2021	$	40.0	Interest rate component of debt - not accounted for as a hedge	3.5% to 4.8%
Swap	2017	2022	$	20.0	Interest rate component of debt - accounted for as a hedge	1.8%
Swap	2018	2023	$	10.0	Interest rate component of debt - accounted for as a hedge	2.6%
Swap	2018	2025	$	20.0	Interest rate component of debt - accounted for as a hedge	2.7%
Swap	2018	2021	$	40.0	Interest rate component of debt - accounted for as a hedge	2.6%
Swap	2019	2021	$	25.0	Interest rate component of debt - accounted for as a hedge	2.5%
Swap	2019	2021	$	50.0	Interest rate component of debt - accounted for as a hedge	2.5%
Swap	2019	2025	$	100.0	Interest rate component of debt - accounted for as a hedge	2.5%
Swap	2019	2025	$	50.0	Interest rate component of debt - accounted for as a hedge	2.5%
Swap	2019	2025	$	50.0	Interest rate component of debt - accounted for as a hedge	2.5%
Swap	2020	2023	$	50.0	Interest rate component of debt - accounted for as a hedge	0.8%
Swap	2020	2023	$	50.0	Interest rate component of debt - accounted for as a hedge	0.7%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%