Other Income

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Income

Other Income, net

The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations:

	Three months ended March 31,
(in thousands)	2024		2023
Interest income	$	4,682	$	1,467
Gain on deconsolidation of joint venture	3,117		—
Patronage income	2,869		2,629
Property insurance recoveries	—		1,000
Other	860		2,908
Total	$	11,528	$	8,004

Individually significant items included in the table above are:

Interest income - In 2024 and 2023, the vast majority of interest income recorded by the Company was due to the amount of cash and cash equivalents on hand.

Gain on deconsolidation of joint venture - On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of these activities, the Company recognized a gain on deconsolidation in the second quarter of 2023. The Company recognized an additional $3.1 million gain in the first quarter of 2024 as the amount of cash distributed to the Company related to its receivables from ELEMENT exceeded management's estimate at the time of deconsolidation.

Patronage income - As a part of the Company’s normal operations it relies on short-term lines of credit to support working capital needs in addition to long-term debt. The Company receives patronage income from its lenders as a part of these programs.

Property insurance recoveries - In 2023, all property insurance recoveries presented relate to a fire at a Michigan grain asset.