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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023December 31, 2022March 31, 2022
Cash collateral paid$9,075 $64,530 $409,743 
Fair value of derivatives23,040 (10,014)(144,937)
Net derivative asset position$32,115 $54,516 $264,806 
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, 2023
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$284,879 $4,175 $13,431 $74 $302,559 
Commodity derivative liabilities(71,918)(1,024)(121,414)(2,384)(196,740)
Cash collateral paid9,075 — — — 9,075 
Balance sheet line item totals$222,036 $3,151 $(107,983)$(2,310)$114,894 

December 31, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$325,762 $1,796 $18,426 $686 $346,670 
Commodity derivative liabilities(94,704)(149)(116,945)(1,484)(213,282)
Cash collateral paid64,530 — — — 64,530 
Balance sheet line item totals$295,588 $1,647 $(98,519)$(798)$197,918 

March 31, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$637,947 $15,860 $34,798 $1,264 $689,869 
Commodity derivative liabilities(276,874)(848)(252,534)(5,759)(536,015)
Cash collateral paid408,843 — 900 — 409,743 
Balance sheet line item totals$769,916 $15,012 $(216,836)$(4,495)$563,597 
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 months ended March 31, 2023 and 2022 as follows:

 Three months ended March 31,
(in thousands)20232022
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$(27,568)$33,998 
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended March 31,
(in thousands)20232022
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)$(6,407)$16,540 
Interest rate derivative gains (losses) included in Interest expense, net2,105 (1,443)
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, 2023, December 31, 2022 and March 31, 2022:
March 31, 2023
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn572,079 — — 
Soybeans50,184 — — 
Wheat101,663 — — 
Oats31,658 — — 
Ethanol— 200,591 — 
Dried distillers grain— — 399 
Soybean meal— — 367 
Other10,237 44,120 1,966 
Subtotal765,821 244,711 2,732 
Exchange traded:
Corn184,766 — — 
Soybeans76,365 — — 
Wheat83,618 — — 
Oats1,125 — — 
Ethanol— 69,972 — 
Propane— 45,402 — 
Other— 1,134 551 
Subtotal345,874 116,508 551 
Total1,111,695 361,219 3,283 
December 31, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn567,405 — — 
Soybeans56,608 — — 
Wheat102,716 — — 
Oats24,710 — — 
Ethanol— 178,935 — 
Dried distillers grain— — 570 
Soybean meal— — 449 
Other10,054 44,547 2,029 
Subtotal761,493 223,482 3,048 
Exchange traded:
Corn170,280 — — 
Soybeans46,380 — — 
Wheat111,567 — — 
Oats365 — — 
Ethanol— 94,206 — 
Propane— 47,208 — 
Other— 588 581 
Subtotal328,592 142,002 581 
Total1,090,085 365,484 3,629 
March 31, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn722,719 — — 
Soybeans133,043 — — 
Wheat102,690 — — 
Oats45,967 — — 
Ethanol— 214,513 — 
Dried distillers grain— — 435 
Soybean meal— — 550 
Other8,697 24,565 3,078 
Subtotal1,013,116 239,078 4,063 
Exchange traded:
Corn267,135 — — 
Soybeans86,410 — — 
Wheat78,500 — — 
Oats1,815 — — 
Ethanol— 47,082 — 
Propane— 13,356 — 
Other110 1,470 547 
Subtotal433,970 61,908 547 
Total1,447,086 300,986 4,610 
Schedule of Fair Value of Interest Rate Derivative Liabilities At March 31, 2023, December 31, 2022 and March 31, 2022, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)March 31, 2023December 31, 2022March 31, 2022
Derivatives not designated as hedging instruments
Foreign currency contracts included in Other current assets (liabilities)$4,260 $(3,124)$1,330 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$8,265 $8,759 $805 
Interest rate contracts included in Other assets16,779 22,641 10,223 
Interest rate contracts included in Accrued expenses and other current liabilities— — (1,596)
Interest rate contracts included in Other long-term liabilities(61)— — 
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of March 31, 2023, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20192025$98.4 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$49.2 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$49.2 Interest rate component of debt - accounted for as a hedge2.4%
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%
Swap20222025$20.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20222029$100.0 Interest rate component of debt - accounted for as a hedge2.0%
Swap20222029$50.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20232024$50.0 Interest rate component of debt - accounted for as a hedge3.7%