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Derivatives (Tables)
 6 Months Ended
Jun. 30, 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:
 June 30, 2020December 31, 2019June 30, 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$799  $—  $56,005  $—  $109,346  $—  
Fair value of derivatives21,363  —  (10,323) —  (5,996) —  
Balance at end of period$22,162  $—  $45,682  $—  $103,350  $—  
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:
June 30, 2020
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$142,110  $2,916  $5,511  $124  $150,661  
Commodity derivative liabilities(30,820) (214) (70,697) (3,813) (105,544) 
Cash collateral paid799  —  —  —  799  
Balance sheet line item totals$112,089  $2,702  $(65,186) $(3,689) $45,916  

December 31, 2019
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
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 paid56,005  —  —  —  56,005  
Balance sheet line item totals$107,863  $949  $(46,942) $(505) $61,365  

June 30, 2019
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$166,652  $6,748  $3,360  $57  $176,817  
Commodity derivative liabilities(42,983) (587) (72,729) (4,042) (120,341) 
Cash collateral paid109,346  —  —  —  109,346  
Balance sheet line item totals$233,015  $6,161  $(69,369) $(3,985) $165,822  
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 June 30, 2020, December 31, 2019 and June 30, 2019:
June 30, 2020
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn437,275  —  —  —  
Soybeans50,012  —  —  —  
Wheat95,133  —  —  —  
Oats49,053  —  —  —  
Ethanol—  141,549  —  —  
Corn oil—  —  8,098  —  
Other25,005  5,000  415  2,370  
Subtotal656,478  146,549  8,513  2,370  
Exchange traded:
Corn287,840  —  —  —  
Soybeans36,970  —  —  —  
Wheat67,040  —  —  —  
Oats685  —  —  —  
Ethanol—  27,300  —  —  
Propane—  28,602  —  —  
Other—  13,650  340  208  
Subtotal392,535  69,552  340  208  
Total1,049,013  216,101  8,853  2,578  
December 31, 2019
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn552,359  —  —  —  
Soybeans34,912  —  —  —  
Wheat100,996  —  —  —  
Oats24,700  —  —  —  
Ethanol—  116,448  —  —  
Corn oil—  —  14,568  —  
Other11,363  4,000  305  2,263  
Subtotal724,330  120,448  14,873  2,263  
Exchange traded:
Corn221,740  —  —  —  
Soybeans39,145  —  —  —  
Wheat68,171  —  —  —  
Oats2,090  —  —  —  
Ethanol—  175,353  —  —  
Propane—  5,166  —  —  
Other—  15  —  232  
Subtotal331,146  180,534  —  232  
Total1,055,476  300,982  14,873  2,495  

June 30, 2019
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn648,434  —  —  —  
Soybeans59,594  —  —  —  
Wheat93,621  —  —  —  
Oats40,582  —  —  —  
Ethanol—  211,352  —  —  
Corn oil—  —  8,809  —  
Other23,875  2,532  —  3,179  
Subtotal866,106  213,884  8,809  3,179  
Exchange traded:
Corn317,405  —  —  —  
Soybeans52,762  —  —  —  
Wheat55,150  —  —  —  
Oats1,045  —  —  —  
Ethanol—  82,988  —  —  
Propane—  13,230  —  —  
Other—  35  —  180  
Subtotal426,362  96,253  —  180  
Total1,292,468  310,137  8,809  3,359  
Company's Condensed Consolidated Statement of Income gains and location of line items
The net pre-tax 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 six months ended June 30, 2020 and 2019 are as follows:
 Three months ended June 30,Six months ended June 30, 2020
(in thousands)2020201920202019
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues$8,797  $(13,364) $39,757  $57,291  
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2020201920202019
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense), net$186  $(1,065) $(720) $(2,055) 
Foreign currency derivative losses included in Other income (loss), net—  (366) —  (1,833) 
Derivatives designated as hedging instruments
Interest rate derivative losses included in Other Comprehensive Income (Loss)(2,475) (7,926) (20,657) (12,917) 
Interest rate derivatives gains (losses) included in Interest income (expense), net$(1,917) $—  $(2,700) $165  
Schedule of Fair Value of Interest Rate Derivative Liabilities
At June 30, 2020, December 31, 2019 and June 30, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)June 30, 2020December 31, 2019June 30, 2019
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$(1,174) $—  $—  
Interest rate contracts included in Other long-term liabilities(553) (1,007) (10,750) 
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)791  2,742  (22) 
Derivatives designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities(8,806) (3,118) —  
Interest rate contracts included in Other long-term liabilities$(24,388) $(9,382) $(10,587) 
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of June 30, 2020, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20142023$23.0  Interest rate component of debt - not accounted for as a hedge1.9%
Collar20162021$40.0  Interest rate component of debt - not accounted for as a hedge
3.5% to 4.8%
Swap20172022$20.0  Interest rate component of debt - accounted for as a hedge1.8%
Swap20182023$10.0  Interest rate component of debt - accounted for as a hedge2.6%
Swap20182025$20.0  Interest rate component of debt - accounted for as a hedge2.7%
Swap20182021$40.0  Interest rate component of debt - accounted for as a hedge2.6%
Swap20182021$25.0  Interest rate component of debt - accounted for as a hedge2.5%
Swap20192021$50.0  Interest rate component of debt - accounted for as a hedge2.5%
Swap20192025$100.0  Interest rate component of debt - accounted for as a hedge2.5%
Swap20192025$50.0  Interest rate component of debt - accounted for as a hedge2.5%
Swap20192025$50.0  Interest rate component of debt - accounted for as a hedge2.5%
Swap20202023$50.0  Interest rate component of debt - accounted for as a hedge0.8%
Swap20202023$50.0  Interest rate component of debt - accounted for as a hedge0.7%
Swap20202030$50.0  Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%
Swap20202030$50.0  Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%