Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

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 non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

(in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Cash collateral paid	$	95,533	$	208,670	$	22,855
Fair value of derivatives	(76,388)		(157,301)		20,977
Net derivative asset position	$	19,145	$	51,369	$	43,832

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

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

	March 31, 2021
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	357,802	$	6,762	$	20,752	$	16	$	385,332
Commodity derivative liabilities	(123,480)		(925)		(124,116)		(1,029)		(249,550)
Cash collateral paid	83,617		—		11,916		—		95,533
Balance sheet line item totals	$	317,939	$	5,837	$	(91,448)	$	(1,013)	$	231,315

	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

	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

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 months ended March 31, 2021 and 2020 are as follows:

	Three months ended March 31,
(in thousands)	2021		2020
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	166,985	$	30,960

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)	2021		2020
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense), net	$	354	$	(784)
Derivatives designated as hedging instruments
Interest rate derivative losses included in Other comprehensive income (loss)	$	(12,947)	$	(18,182)
Interest rate derivatives losses included in Interest income (expense), net	(1,618)		(1,290)

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, 2021, December 31, 2020 and March 31, 2020:

	March 31, 2021
(in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	745,248	—	—	—
Soybeans	64,698	—	—	—
Wheat	110,930	—	—	—
Oats	48,066	—	—	—
Ethanol	—	200,232	—	—
Corn oil	—	—	43,010	—
Soybean Oil	—	—	28,573	—
Other	4,645	1,834	440	1,859
Subtotal	973,587	202,066	72,023	1,859
Exchange traded:
Corn	262,920	—	—	—
Soybeans	62,020	—	—	—
Wheat	76,164	—	—	—
Oats	310	—	—	—
Ethanol	—	96,978	—	—
Propane	—	12,894	—	—
Other	—	423	2,434	264
Subtotal	401,414	110,295	2,434	264
Total	1,375,001	312,361	74,457	2,123

	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

	March 31, 2020
(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

Schedule of Fair Value of Interest Rate Derivative Liabilities

At March 31, 2021, December 31, 2020 and March 31, 2020, the Company had recorded the following amounts for the fair value of the Company's other derivatives:

(in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities	$	(300)	$	(589)	$	—
Interest rate contracts included in Other long-term liabilities	(364)		(430)		(1,913)
Foreign currency contracts included in Other current assets	2,107		2,753		440
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets	$	6,622	$	164	$	—
Interest rate contracts included in Accrued expenses and other current liabilities	(6,773)		(6,664)		(8,081)
Interest rate contracts included in Other long-term liabilities	(11,959)		(18,539)		(22,620)

Schedule of Outstanding Interest Rate Derivatives

Outstanding interest rate derivatives, as of March 31, 2021, 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	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%