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Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Estimated Fair Value of Company's Commodity Derivative Instruments that Require Cash Collateral

The following table presents at December 31, 2020 and 2019, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received 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 non-current commodity derivative assets (or liabilities) on the Consolidated Balance Sheets:


(in thousands)	December 31, 2020		December 31, 2019
Cash collateral paid	$	208,670	$	56,005
Fair value of derivatives	(157,301)		(10,323)
Net derivative asset position	$	51,369	$	45,682

Schedule of Fair Value of the Company's Commodity Derivatives in the Balance Sheet

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


	December 31, 2020
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	304,533	$	4,328	$	19,386	$	14	$	328,261
Commodity derivative liabilities	(192,023)		(348)		(166,850)		(243)		(359,464)
Cash collateral paid	208,196		—		474		—		208,670
Balance sheet line item totals	$	320,706	$	3,980	$	(146,990)	$	(229)	$	177,467


	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

Schedule of Company's 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 Consolidated Statements of Operations and the line items in which they are located for the years ended December 31, 2020, 2019 and 2018 are as follows:


	Year Ended December 31,
(in thousands)	2020		2019		2018
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues	$	(36,563)	$	1,939	$	4,236

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


	Year ended December 31,
(in thousands)	2020		2019
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense)	$	(11)	$	(718)
Foreign currency derivative gains (losses) included in Other income, net	—		(437)
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income	(11,497)		(12,398)
Interest rate derivative gains (losses) included in Interest income (expense)	$	(7,982)	$	(761)

Schedule of Volume of Commodity Derivative Contracts Outstanding

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


	December 31, 2020
(in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	684,654	—	—	—
Soybeans	73,521	—	—	—
Wheat	109,661	—	—	—
Oats	27,482	—	—	—
Ethanol	—	124,795	—	—
Corn oil	—	—	36,015	—
Soybean oil	—	—	26,510	—
Other	4,371	2,058	740	1,859
Subtotal	899,689	126,853	63,265	1,859
Exchange traded:
Corn	267,792	—	—	—
Soybeans	53,730	—	—	—
Wheat	80,733	—	—	—
Oats	1,800	—	—	—
Ethanol	—	73,584	—	—
Propane	—	17,094	—	—
Other	—	2,898	14	149
Subtotal	404,055	93,576	14	149
Total	1,303,744	220,429	63,279	2,008


	December 31, 2019
(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

Schedule of Fair Value of the Company's Interest Rate Derivatives

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


	December 31,
(in thousands)	2020		2019
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and Other current liabilities	$	(589)	$	—
Interest rate contracts included in Other long-term liabilities	(430)		(1,007)
Foreign currency contracts included in Other current assets	2,753		2,742
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets	164		—
Interest rate contracts included in Accrued expenses and other current liabilities	(6,664)		(3,118)
Interest rate contracts included in Other long-term liabilities	$	(18,539)	$	(9,382)

Schedule of Open Interest Rate Contracts

The following table presents the open interest rate contracts at December 31, 2020:


Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Initial Notional Amount (in millions)		Hedged Item	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	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	0.0% to 0.8%
Swap	2020	2023	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 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%

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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