XML 39 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 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)June 30, 2021December 31, 2020June 30, 2020
Cash collateral paid$219,469 $208,670 $799 
Fair value of derivatives(180,842)(157,301)21,363 
Net derivative asset position$38,627 $51,369 $22,162 
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:
June 30, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$547,186 $16,480 $34,327 $423 $598,416 
Commodity derivative liabilities(259,507)(873)(124,693)(3,874)(388,947)
Cash collateral paid219,469 — — — 219,469 
Balance sheet line item totals$507,148 $15,607 $(90,366)$(3,451)$428,938 
December 31, 2020
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
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 paid208,196 — 474 — 208,670 
Balance sheet line item totals$320,706 $3,980 $(146,990)$(229)$177,467 

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 
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, 2021 and 2020 are as follows:

 Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Gains on commodity derivatives included in cost of sales and merchandising revenues$73,688 $8,797 $240,673 $39,757 
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)2021202020212020
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense), net$355 $186 $709 $(720)
Derivatives designated as hedging instruments
Interest rate derivative losses included in Other comprehensive income (loss)2,471 (2,475)$(10,476)$(20,657)
Interest rate derivatives losses included in Interest income (expense), net$(1,656)$(1,917)(3,273)(2,700)
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, 2021, December 31, 2020 and June 30, 2020:
June 30, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn696,674 — — — 
Soybeans75,507 — — — 
Wheat129,264 — — — 
Oats45,810 — — — 
Ethanol— 198,316 — — 
Corn oil— — 70,637 — 
Soybean Oil— — 23,952 — 
Other7,803 3,957 2,757 1,925 
Subtotal955,058 202,273 97,346 1,925 
Exchange traded:
Corn243,190 — — — 
Soybeans49,375 — — — 
Wheat80,004 — — — 
Oats1,430 — — — 
Ethanol— 112,812 — — 
Propane— 18,480 — — 
Other— 5 2,351 197 
Subtotal373,999 131,297 2,351 197 
Total1,329,057 333,570 99,697 2,122 
December 31, 2020
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn684,654 — — — 
Soybeans73,521 — — — 
Wheat109,661 — — — 
Oats27,482 — — — 
Ethanol— 124,795 — — 
Corn oil— — 36,015 — 
Soybean oil— — 26,510 — 
Other4,371 2,058 740 1,859 
Subtotal899,689 126,853 63,265 1,859 
Exchange traded:
Corn267,792 — — — 
Soybeans53,730 — — — 
Wheat80,733 — — — 
Oats1,800 — — — 
Ethanol— 73,584 — — 
Propane— 17,094 — — 
Other— 2,898 14 149 
Subtotal404,055 93,576 14 149 
Total1,303,744 220,429 63,279 2,008 
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 
Schedule of Fair Value of Interest Rate Derivative Liabilities
At June 30, 2021, December 31, 2020 and June 30, 2020, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)June 30, 2021December 31, 2020June 30, 2020
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$— $(589)$(1,174)
Interest rate contracts included in Other long-term liabilities(309)(430)(553)
Foreign currency contracts included in Other current assets1,523 2,753 791 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$3,849 $164 $— 
Interest rate contracts included in Accrued expenses and other current liabilities(6,944)(6,664)(8,806)
Interest rate contracts included in Other long-term liabilities(11,506)(18,539)(24,388)
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of June 30, 2021, 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%
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%
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 hedge
0.0% to 0.8%
Swap20202023$50.0 Interest rate component of debt - accounted for as a hedge
0.0% to 0.7%
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%