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Derivatives (Tables)
 9 Months Ended
Sep. 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)September 30, 2021December 31, 2020September 30, 2020
Cash collateral paid$136,977 $208,670 $70,446 
Fair value of derivatives(14,100)(157,301)(58,495)
Net derivative asset position$122,877 $51,369 $11,951 
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:
September 30, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$380,391 $11,704 $27,035 $461 $419,591 
Commodity derivative liabilities(107,721)(370)(105,737)(7,645)(221,473)
Cash collateral paid136,977 — — — 136,977 
Balance sheet line item totals$409,647 $11,334 $(78,702)$(7,184)$335,095 

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 

September 30, 2020
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$159,553 $3,565 $7,323 $42 $170,483 
Commodity derivative liabilities(89,933)(508)(86,482)(490)(177,413)
Cash collateral paid70,446 — — — 70,446 
Balance sheet line item totals$140,066 $3,057 $(79,159)$(448)$63,516 
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 are included in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 are as follows:

 Three months ended September 30,Nine months ended September 30,
(in thousands)2021202020212020
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues$(11,353)$(52,047)$229,320 $(12,290)
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2021202020212020
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense), net$51 $357 $760 $(363)
Derivatives designated as hedging instruments
Interest rate derivative losses included in Other comprehensive income (loss)$(2,044)$2,373 $(12,520)$(18,284)
Interest rate derivatives losses included in Interest income (expense), net(1,746)(2,345)(5,020)(5,045)
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 September 30, 2021, December 31, 2020 and September 30, 2020:
September 30, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn687,177 — — — 
Soybeans96,061 — — — 
Wheat94,132 — — — 
Oats35,460 — — — 
Ethanol— 174,381 — — 
Corn oil— — 92,709 — 
Soybean Oil— — 41,322 — 
Other31,086 2,264 1,959 2,324 
Subtotal943,916 176,645 135,990 2,324 
Exchange traded:
Corn236,395 — — — 
Soybeans60,660 — — — 
Wheat101,087 — — — 
Oats1,290 — — — 
Ethanol— 96,894 — — 
Propane— 24,402 — — 
Other— 8 1,890 240 
Subtotal399,432 121,304 1,890 240 
Total1,343,348 297,949 137,880 2,564 
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 
September 30, 2020
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn527,924 — — — 
Soybeans121,248 — — — 
Wheat80,546 — — — 
Oats40,004 — — — 
Ethanol— 96,470 — — 
Corn oil— — 45,144 — 
Soybean oil— — 17,262 — 
Other42,235 3,655 350 2,237 
Subtotal811,957 100,125 62,756 2,237 
Exchange traded:
Corn250,445 — — — 
Soybeans62,785 — — — 
Wheat108,805 — — — 
Oats715 — — — 
Ethanol— 19,488 — — 
Propane— 31,962 — — 
Other— 7,140 16 183 
Subtotal422,750 58,590 16 183 
Total1,234,707 158,715 62,772 2,420 
Schedule of Fair Value of Interest Rate Derivative Liabilities
At September 30, 2021, December 31, 2020 and September 30, 2020, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)September 30, 2021December 31, 2020September 30, 2020
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$— $(589)$(879)
Interest rate contracts included in Other long-term liabilities(258)(430)(491)
Foreign currency contracts included in Other assets491 2,753 326 
Derivatives designated as hedging instruments
Interest rate contracts included in Other assets$4,431 $164 $— 
Interest rate contracts included in Accrued expenses and other current liabilities(6,892)(6,664)(8,431)
Interest rate contracts included in Other long-term liabilities(9,146)(18,539)(22,409)
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of September 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%
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%