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Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted or 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 noncurrent commodity derivative assets (or liabilities) in the Consolidated Balance Sheets:


(in thousands)	December 31, 2021		December 31, 2020
Cash collateral paid	$	165,250	$	208,670
Fair value of derivatives	(36,843)		(157,301)
Net derivative asset position	$	128,407	$	51,369

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, 2021
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	339,321	$	4,677	$	23,762	$	1,209	$	368,969
Commodity derivative liabilities	(93,758)		(105)		(152,673)		(2,578)		(249,114)
Cash collateral paid	165,250		—		—		—		165,250
Balance sheet line item totals	$	410,813	$	4,572	$	(128,911)	$	(1,369)	$	285,105


	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

Schedule of Company's Consolidated Statement of Income Gains and Location of Line Items

The net 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, 2021, 2020 and 2019 are as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues	$	151,058	$	(36,563)	$	1,939

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)	2021		2020		2019
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest expense, net	$	(844)	$	(11)	$	(718)

Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)	16,960		(11,497)		(12,398)
Interest rate derivative gains (losses) included in Interest expense, net	$	(6,733)	$	(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, 2021 and 2020:


	December 31, 2021
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	685,681	—	—
Soybeans	77,592	—	—
Wheat	109,547	—	—
Oats	31,627	—	—
Ethanol	—	192,447	—
Soybean meal	—	—	544
Dried distillers grain	—	—	507
Other	57,268	16,092	1,854
Subtotal	961,715	208,539	2,905
Exchange traded:
Corn	226,215	—	—
Soybeans	64,730	—	—
Wheat	65,020	—	—
Oats	1,300	—	—
Ethanol	—	100,884	—
Propane	—	31,542	—
Other	75	798	353
Subtotal	357,340	133,224	353
Total	1,319,055	341,763	3,258


	December 31, 2020
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	684,654	—	—
Soybeans	73,521	—	—
Wheat	109,661	—	—
Oats	27,482	—	—
Ethanol	—	124,795	—
Soybean meal	—	—	398
Dried distillers grain	—	—	319
Other	4,371	2,058	1,173
Subtotal	899,689	126,853	1,890
Exchange traded:
Corn	267,792	—	—
Soybeans	53,730	—	—
Wheat	80,733	—	—
Oats	1,800	—	—
Ethanol	—	73,584	—
Propane	—	17,094	—
Other	—	2,898	149
Subtotal	404,055	93,576	149
Total	1,303,744	220,429	2,039

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

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


	December 31,
(in thousands)	2021		2020
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities	$	(174)	$	(589)
Interest rate contracts included in Other long-term liabilities	—		(430)
Foreign currency contracts included in Other current (liabilities) assets	(1,069)		2,753
Derivatives designated as hedging instruments
Interest rate contracts included in Other assets	4,574		164
Interest rate contracts included in Accrued expenses and other current liabilities	(5,206)		(6,664)
Interest rate contracts included in Other long-term liabilities	$	(6,555)	$	(18,539)

Schedule of Open Interest Rate Contracts

The following table presents the open interest rate contracts at December 31, 2021:


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%
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	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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+ Details